Musibau Adetunji Babatunde

University of Ibadan · Department of Economics

The study analyses the impacts of foreign direct investment (FDI) and international trade on three variants of carbon dioxide (CO2) emissions. Secondary data that spanned from 1971 to 2019 are used, and the non-linear autoregressive distributed lag (ARDL) method is employed accordingly. The results reveal that inverse U-shape Environmental Kuznet C...

The study analyses the impacts of foreign direct investment (FDI) and international trade on three variants of carbon dioxide (CO2) emissions. Secondary data that spanned from 1971 to 2019 are used, and the non-linear autoregressive distributed lag (ARDL) method is employed accordingly. The results reveal that inverse U-shape Environmental Kuznet C...

The shared spreadsheet contains the data on variables including gross domestic savings (% of GDP), gross capital formation/gross domestic investment (% of GDP), real GDP growth, foreign remittances inflow (% of GDP), and the three indicators of financial sector development (liquid liabilities, private sector credit and bank deposits, % of GDP) coll...

In recent times, increasing attention is being paid to examine the developmental impact of remittances inflow, particularly due to the emergence of remittances as the fastest growing source of capital flows for developing countries. To this end, we contribute to the literature by analyzing the interactive effects of remittances and financial develo...

Africa is emerging as a rapidly growing region, still facing major challenges, but with a potential for significant progress—a transformation that necessitates vigorous efforts in research and policy thinking. This book series focuses on three intricately related key aspects of modern-day Africa: economic, social and political development. Making u...

In this digitally powered twenty-first century global economy, innovative policy solutions are being generated by leveraging on the role of technologies in unlocking trade relations, business opportunities, entrepreneurship and inclusive trade in Africa. One of the major goals of this book is to help economists, policy experts and business leaders...

Africa is seen today as a continent of enormous opportunity, a destination for investors and development actors seeking high-growth markets. However, Africa’s economic growth is being hampered by weak infrastructure especially on connectivity. The connectivity bias is, however, more profound for landlocked economies. As a result, the level of intra...

Over the last decades, commerce has continued to serve as one of the strategic enablers of the African economy. With the recent changes in its trade and international diplomacy, policies focusing on the strategic role of digital trade cannot be overemphasized as the African economy prepares itself for disruptive changes in selected sectors. This co...

In this paper, the oil price shocks and their effects on Mozambican economy is empirically analyzed for the time span covered by 1996:Q1-2012:Q4. The VAR methodology was used and the variables were Real Gross Domestic Product, Wages and Consumer Price Index. The results of the estimations, show a depressive impact on gross domestic product, increas...

This book discusses trade relations and facilitation issues at both the regional and the continental African level, highlighting the increasing business opportunities and challenges that confront Africa in the digital age. It also examines the effects of trade policies and other policy instruments on Africa’s economic development and presents worka...

The study examines the extent of exchange rate pass-through into import prices for Nigeria between 1980 and 2006. The recently - developed Unrestricted Error Correction Model (UECM) - Bounds test proposed by Pesaran et al. (2001), between 1980 and 2006 was adopted. A price model that recognized the developments in the tradable and non-tradable sect...

Against the background of rising tradability and the productive nature of services as a result of the revolution in information and communication technology (ICT), this study examined the impact of services exports on economic growth in Nigeria. Time series estimations established a positive relationship between services export and economic growth...

The objectives of the proposed 2017 Continental FTA are not impracticable. However, optimally realising them requires that Africa takes some strategic steps towards overcoming its inherent socio-economic and political obstacles.

This study examined the effects of oil price shocks on the external trade balances in Nigeria. The findings revealed the existence of long run relationship between real oil prices and external balances. In addition, the real oil price was found to improve the external balances. Positive oil price shocks, negative oil price shocks and net oil price...

This paper examines the existence of a significant long run relationship between relative price of nontradables, real income per capita and the real price of oil between 1980 and 2008 for Nigeria. We make use of the bounds testing approach to cointegration within an autoregressive distributed framework, suggested by Pesaran et al. (2001). There is...

The study analysed oil price shocks and external reserve in Nigeria between 1997 and 2014 using monthly data. Time series and structural analysis were employed. The analysis revealed the stationarity of the variables at the first difference and established the existence of long-run relationship among the variables. The findings of cointegration reg...

Sanitary and phytosanitary measures have continued to attract considerable attention from African governments, because they pose significant challenges to smallholder farmers and agro-processors. In an attempt to promote access to regional and international markets, most regulatory standards seem not to take due cognisance of smallholder farmers" c...

This study examined the liberalization of trade in renewable energy and the implications for the Nigerian economy. Renewable energy is considered a feasible solution to the energy challenges of Nigeria especially in the rural areas of the country and to the restrictions posed by the rising cost of conventional or traditional energy. Compared to oth...

The discussion in the literature highlights the importance of both demand and supply-side factors. What determines the performance of exports varies across countries, regions and commodities. The inconclusive nature of the literature on the determinants of export performance has come up due to the use of dummy variables to measure trade liberalizat...

The basic objective of this is study is to identify the major determinants of household electricity demand in Nigeria. Previous studies on Nigeria have examined the issue at the aggregate level. Information from a total of 404 households was gathered for this empirical exploration between March and November 2010. We make use of ordinary least squar...

This paper examines the residential demand for electricity in Nigeria as a function of real gross domestic product per capita, price of electricity, and price of a substitute between 1970 and 2007. We make use of the bounds testing approach to cointegration within an autoregressive distributed framework, suggested by Pesaran et al. [2001. Bounds te...

This study yields a number of insights into the analysis of export performance in SSA. Empirical evidence shows that SSA countries have significantly liberalized their trade regimes over the past two decades or thereabout. Although the pace and patterns of trade policy reform varies among countries, the general trend tends towards lower barriers to...

This article examined the influence of different exchange rate regimes on the Nigeria's inflation performance between 1970 and 2012. The combined use of the de jure and the de facto classification regimes in this paper allowed us to test the relative value of announcements-words (de jure classification) as opposed to actual behavior-deeds (de facto...

The last two decades witnessed a significant fall in trade barriers in Nigeria in an attempt to boost trade and foster economic growth. The changes have been particularly marked in relation to the foreign trade regime. In spite of the significant trade liberalisation, considerably weak or sluggish non-oil export supply response still persisted in N...

Sanitary and phytosanitary measures have continued to attract considerable attention from African governments, because they pose significant challenges to smallholder farmers and agro-processors. In an attempt to promote access to regional and international markets, most regulatory standards seem not to take due cognisance of smallholder farmers" c...

This study examines the effects of energy consumption on manufactured exports in Nigeria. We make use of the Dynamic OLS estimation technique to examine the long run relationship between energy consumption and manufactured exports, Estimated results reveal that energy consumption have had a significant positive effect on manufactured exports. Thus,...

The study employed disaggregated data at bilateral level between Nigeria and her 12 trading partners and investigates the short-run and the long-run effects of real depreciation of Nigerian Naira on her trade balances. The bounds testing approach to cointegration and error-correction modeling was used in the estimation. Findings provided some evide...

ABSTRACT— This study investigated the propensity to consume higher education abroad by Nigerian students within the context of the General Agreement on Trade and Services. This was carried out to understand the extent to which different factors under certain rationale influence the decision of students to study abroad. Employing the factor analysis...

The objective of the study is to analyse the interaction between financial constraints and firms' exporting behaviour in Nigeria. The empirical framework is applied to the 2014 World Bank Enterprise Surveys Indicator Database for Nigeria. The findings revealed that the presence of financial constraints is detrimental to export activity which is mea...

This study investigated the effects of inward FDI on income inequality in Nigeria between 1980 and 2016. We applied the symmetric ARDL and the asymmetric NARDL methods to investigate the short-run and long-run relationships with and without structural breaks. The unit root tests revealed that the series are integrated of different order while the B...

Nigeria has experienced quite significant growth over the past one decade, but the incidence of poverty has also increased suggesting that the growth is immiserizing. The immiserizing nature of the growth was supported by the estimates from the growth elasticity of poverty, the employment elasticity of growth and the quality of the growth spells. T...

Despite the existence of many regional economic communities (RECs) in Africa, intra-regional trade remains dismally low compared to other RECs in Europe, Asia and Latin America. Hence, the need for a paradigm shifts to the Tripartite Free Trade Area Agreement (TFTA) to enhance and reinvigorate the African integration agenda. Consequently, this stud...

This study examined the relationship between inward foreign direct investment (FDI) and export performance in Nigeria at the aggregate and disaggregated level between 1980 and 2014. It employed time series analysis that incorporated the estimation of long run estimation for the specified export equations. Empirical analysis revealed a positive and...

This study examined the relationship between inward foreign direct investment (FDI) and export performance in Nigeria at the aggregate and disaggregated level between 1980 and 2014. It employed time series analysis that incorporated the estimation of long run estimation for the specified export equations. Empirical analysis revealed a positive and...

The objective is to identify the determinants of export propensity and intensity of small and medium enterprises (SMEs) in Nigeria. It estimated an export model for SMEs, comprising a system of two equations, one export propensity and the other for intensity. The analysis revealed that firm age, labor productivity, access to loan and infrastructure...

The study estimated the elasticity of trade in services to real exchange rates and income in Nigeria. Adopting the imperfect substitutes model, the empirical findings revealed an inelastic real exchange rate and income elasticities in export and import of services functions in the long and short run. However, the value of income elasticity signific...

Despite the existence of many regional economic communities (RECs) in Africa, intra-regional trade remains dismally low compared to other RECs in Europe, Asia and Latin America. Hence, the need for a paradigm shifts to the Tripartite Free Trade Area (TFTA) to enhance and reinvigorate the African integration agenda. Consequently, this study explores...

The nature and composition of a country’s economy is expected to change as it grows and the role of energy in this growth scenario is typically a subject of interest. While several analysts believe that energy plays no small role in the economic growth of a nation others are of contrary opinion and in this study we have attempted to examine the rol...

This study examined the future of banking system and economic development in Nigeria in the context of the demand-following hypothesis. Although, the Nigerian economy has witnessed steady growth, the productive base of the economy is narrow. This therefore requires that banks must engage in an effective financial intermediation process to aid the t...

Purpose – This study aims to examine the relationship between the oil price and the exchange rate for Nigeria between January 1997 and December 2012. Previous empirical studies revealed an ambiguous relationship between crude oil prices and exchange rates, a reason for exploring the differential effects of positive and negative oil price shocks on...

Purpose – The purpose of this paper is to examine the determinants of consumers preferences on textile materials and the impact of consumer preference on performance of textile industry. This is because as consumers have access to a variety of textile products, they strongly developed and shifted preference to foreign sources, which could lead to t...

The book discusses new macroeconomic policy frameworks for Africa. Emphasis is on macroeconomic policies focusing on sustainable and inclusive growth, especially by considering the employment targeting of macroeconomic policy frameworks in Africa. The responses of the macroeconomic policymakers in Africa to the Euro crisis and to the recent globali...

This study examines the global value chain analysis of cocoa and garment value chain in Nigeria in order to guide business practitioners and policy makers on how to improve the operations of their agribusiness supply chains if they are to compete on the global market place. Findings revealed that the governance relation in the cocoa value chain is...

Purpose The purpose of this study is to investigate the interactive relationships between oil price shocks and the Nigeria stock market. Design/methodology/approach The paper applied the multivariate vector auto‐regression that employed the generalized impulse response function and the forecast variance decomposition error. Findings Empirical evi...

Purpose Poverty reduction remains one of the main goals of development efforts, as evidenced by the adoption of the Millennium Development Goals by most developing countries and international agencies. The purpose of this paper is to explore the relationship between trade (exports) and employment and how the relationship reduces poverty through the...

Purpose – The purpose of this paper is to estimate Nigeria's audiovisual services import demand using foreign football transmitted through digital satellite television (DSTV) as a case study. The major focus is on whether such imports effectively replace local recreation in watching domestic football. Design/methodology/approach – The authors exam...

The main objective of this study is to evaluate the impact of the contributory pension on employee savings in Nigeria 2010 using Oyo state public workers as a case study. It seeks to determine the level of awareness of the public sector workers towards Contributory Pension Scheme and the impact of Contributory Pension Scheme on workers' savings. Em...

This study examines the nexus between movements in the real exchange rate and agricultural exports in Nigeria using the cointegration approach. An unrestricted error correction model was used to analyse the short-run dynamics departure from the long-run equilibrium relation under examination. The empirical evidence reveals that real exchange rate v...

At independence in the late 1950s and early 1960s, there were high hopes about the growth prospects of the new politically independent African states. Economic conditions, such as per capita real income, were comparable to other developing countries like South Korea and Taiwan. By the mid-1970s, the growth profile of most African countries had star...

This study explores the hypothesis that financial development can stimulate international trade. This is because adequate access to finance at a low cost can be important for export development for the simple reason that firms find it easier and less costly to finance working capital needs (including trade financing) and investments in technical up...

This study examined the argument that FDI spillovers were dependent on the host country's absorptive capacity such as the accumulation of a substantial amount of human capital in stimulating economic growth in SSA. Using a panel of 24 countries, over the period 1970 to 2005, the study estimated a fixed effect model on different levels of human capi...

This study examined the argument that FDI spillovers were dependent on the host country's absorptive capacity such as the accumulation of a substantial amount of human capital in stimulating economic growth in SSA. Using a panel of 24 countries, over the period 1970 to 2005, the study estimated a fixed effect model on different levels of human capi...

Purpose The purpose of this paper is to analyze the economic relation between China and Nigeria in the area of foreign direct investment (FDI). Design/methodology/approach The study employed the use of quantitative (descriptive analysis such as ratios, percentages and correlation as well as cross tabulations), qualitative (key informant interviews...

This paper estimates an inflation model for Nigeria by examining the existence of a significant long-run relationship between inflation and bank lending and to identify the main economic fundamentals that influence the relationship as well as other variables that determined inflation between 1980 and 2008. We make use of the bounds testing approach...

The Nigerian power sector has significantly been reformed over the past decade. Yet the country is still suffering from incessant power outages. In this study, the author noted that declining infrastructure investment in the power sector, corruption, insecurity, governance structure, and political considerations have made the power sector reform in...

This study tests Wagner's law (the tendency for government activities to expand along with economic expansion) for Nigeria using annual time series data between 1970 and 2006. It adopts the bounds test approach proposed by Pesaran et al. (200124. De Vita, G., Endresen, K. and Hunt, L. C. (2005) An empirical analysis of energy demand in Namibia. Sur...

The significant role small and medium-scale enterprises (SMEs) plays in growth and development is acknowledged universally. As a group, they generate more new jobs and introduce innovative ideas, products, and business methods. However, this important group is incapacitated by numerous factors militating against their growth, particularly in Third...

This study yields a number of insights into the analysis of agricultural export trade in SSA. Statistical evidence reveals that SSA countries have significantly liberalized their trade regimes over the past two decades or thereabout. This is evident in the significant reduction of tariffs and non-tariff barriers, removal of exchange rate control an...

This paper estimates a monetary growth model for Nigeria by examining the existence of a significant long-run relationship between money supply, capital stock, inflation and economic growth between 1975 and 2008. It makes use of an error correction mechanism in the bounds testing approach to cointegration within an autoregressive distributed lag fr...

The study examines the causes and negative externality effects of sachet water consumption in Nigeria. It traces the origin of sachet water production in Nigeria to 1990, and attributes the emergence and proliferation of sachet water production to the inability of the governments -federal, state and local -to provide their subjects with tap water s...

This study empirically examines aggregate tourism demand function for Nigeria between 1995 and 2005 using quarterly data. The total tourist arrivals into Nigeria are related to world income, relative prices, and transportation cost. The ARDL approach is employed to compute the shortand long-run elasticities of income, price, and transportation cost...

Purpose The purpose of this paper is to present an empirical analysis of the aggregated import demand behavior for Nigeria using annual data between 1980 and 2006. Design/methodology/approach The bounds test analysis was used to estimate the long‐run relationship between imports and its determinants. Findings Test results show that imports, incom...

This study examined the impact of AIDS on the prevalence of orphanhood and its implications for human capital development in SSA between 2000 and 2004 using data from the Demographic and Health Survey. The study found out that there was a significant negative relationship between school enrolment and being an AIDS orphan irrespective of gender cons...

This paper formulates and estimates petroleum products demand functions in Nigeria at both aggregative and product level for the period 1977 to 2006 using multivariate cointegration approach. The estimated short and long-run price and income elasticities confirm conventional wisdom that energy consumption responds positively to changes in GDP and n...

This paper examines the extent of pass-through of exchange rate into import prices for Nigeria between 1980 and 2006 using the recently developed UECM-Bounds test proposed by Pesaran et al. (2001). Empirical evidence reveals that world export prices has a dominant effect compared to exchange rate in explaining changes in Nigeria¡¯s import prices in...

This study empirically examines aggregate tourism demand function for Nigeria using the time series data for the period 1995:Q1-2006:Q4. The total tourist arrivals into Nigeria are related to world income, relative prices and transportation cost. Bounds testing cointegration procedure proposed by Pesaran et al. (2001) is employed to compute the sho...

This study empirically examines aggregate tourism demand function for Nigeria using the time series data for the period 1995:Q1-2006:Q4. The total tourist arrivals into Nigeria are related to world income, relative prices and transportation cost. Bounds testing cointegration procedure proposed by Pesaran et al. (2001) is employed to compute the sho...

There is a renewed interest on the need to strengthen mechanisms to ensure that managers and directors take measures to protect the interest of a firm's stakeholders. This study made use of panel data regression analysis between 2002 and 2006 for a sample of 62 firms listed on the Nigerian Stock Exchange to examine the relationship between internal...

Africa's development strategies since independence has focused on import substitution strategy and structural adjustment programme (SAP) with disappointing outcomes. However, since the late 1990s, growth has resumed due mainly to favourable primary commodity prices fueled by high demand by emerging economies. Nevertheless, the recent economic slowd...

This paper examines the residential demand for electricity in Nigeria as a function of real gross domestic product per capita, and the price of electricity, the price of substitute and population between 1970 and 2006. We make use of the bounds testing approach to cointegration within an autoregressive distributed framework, suggested by Pesaran et...

This study examines the response of merchandise export to real exchange rate-based trade liberalization in Sub-Saharan Africa between 1980 and 2005. This is because the last two decades have witnessed a significant fall in trade barriers across many SSA countries in an attempt to boost exports and foster economic growth. The panel least squares est...