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Fisayo Fagbemi

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Fisayo Fagbemi holds B.Sc. & M.Sc. Economics from Obafemi Awolowo University, Ile-Ife, Nigeria. He is an independent researcher. His research work focuses specifically on development studies, finance and fiscal economics. He has published in reputable international journals. Fisayo is earnestly seeking admission to any reputable university for his PhD programme.
Phone: +2348067524045
Address: 3, Ogunsola Street, Ogba-Aguda, Lagos, Nigeria

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Oludamini Ogunnaike

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The University of Manchester

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University of the Basque Country, Euskal Herriko Unibertsitatea

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Papers by Fisayo Fagbemi

Effects of Business Intelligence, Organisation Learning and Innovation on the Performance of Small and Medium Scale Enterprises (SMEs) in South-West Nigeria

IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT, Jan 5, 2024

Business Intelligence (BI), both in process and product, is one of the methods used by organizati... more Business Intelligence (BI), both in process and product, is one of the methods used by organizations to develop and access useful information or intelligence that can help enhance their performance. This paper therefore evaluates the effect of business intelligence (BI), organizational learning (OL) and innovation (IN) on the performance of SMEs in the South West Nigeria. Ex-post facto design of descriptive survey was adopted for the study. Primary data were collected on SMEs from Southwest Nigeria. A structured questionnaire (r=0.77) was used to elicit information from selected respondents. The sample size of 400 was adopted as derived from Cochran sample size formula out of the population size of 299,401. The data obtained were analyzed using statistical and econometric techniques. The findings from the analysis through logistic regression showed that only Business Intelligent (organization learning and innovation) has a significant influence on firm performance. The study therefore concluded that firm performance could be boosted by the integration of business intelligence, organizational learning and innovation. Hence, it is suggested that Nigerian small and medium scale businesses that are yet to incorporate business intelligence-driven innovation into any part of their production and delivery processes should make a quick effort to do so.

Carbon emissions and food production: why climate change is a threat to Nigeria’s food security

Journal of environmental studies and sciences, Apr 13, 2024

Climate change vulnerability-foreign direct investment linkage: Why climate change preparedness matters in Sub-Saharan Africa

Research in economics, Mar 1, 2024

Efficiency of Microfinance Banks and Performance of Micro, Small and Medium Enterprises in South-West Nigeria

Journal of Banking and Finance Management, Dec 31, 2022

The study examines the relationship between the efficiency of microfinance banks and performance ... more The study examines the relationship between the efficiency of microfinance banks and performance of Micro, Small and Medium Enterprises (MSMEs) in SouthWest Nigeria during the first six years period of the commencement from 2012 to 2017 of regulatory reforms. Using panel vector autoregressive (PVAR) approach and Granger causality test, it is found that the present level of efficiency of microfinance banks has an insignificant impact on the performance of MSMEs, suggesting a negligible role in the activities of MSMEs. Put differently, the efficiency of microfinance banks does not significantly influence the performance of MSMEs. Further evidence indicates that no direction of causality found to be existing between the efficiency of microfinance banks and performance of the MSMEs. Put differently, past efficiency level of microfinance banks could not explain the present level of performance of small businesses (PSB) and vice versa, suggesting that low level of efficiency of microfinance banks contributes to the poor performance of MSMEs. It is therefore suggested that microfinance banks should adopt a suitable lending methodology such as proprietary lending technology and effective risk-based supervision to address the problem of high credit risks associated with business lending. Policy makers should also promote financial inclusion strategy and agent banking relationship more effectively.

The Moderating Role of Governance in the Globalisation-Life Expectancy Nexus: Implications for Socioeconomic Development

Economics and Culture, Nov 30, 2023

Research Purpose: One of the most recent global aims is to increase life expectancy since healthy... more Research Purpose: One of the most recent global aims is to increase life expectancy since healthy people are seen as human capital that may boost the economy. The study investigates the role of governance in the globalisation-life expectancy nexus using 39 African countries between 1996 and 2019. The study uses a Panel-Spatial Correlation Consistent augmented with the Least Square Dummy Variables (PSCC-LSDV) approach. The study uses a dynamic two-step system, the Generalised Method of Moments (GMM), as a robust model to solve the endogeneity problem. The results from the PSCC-LSDV approach reveal that globalisation increases life expectancy in the selected African countries.The approach is more efficient since it can be used with cross-sectional dependent variables when other techniques like fixed and random effects methods may be ineffective. Likewise, the result from the GMM estimator is consistent with the PSCC-LSDV approach. The effect of globalisation on the life expectancy nexus without the inclusion of governance is positive. Meanwhile, the moderating (interactive) effect of governance on the relationship between globalisation and life expectancy is negative, indicating that globalisation and governance are substitutes for each other. This means that globalisation positively influences life expectancy, but the governance conditions in Africa weaken this positive effect. Originality/ Value/ Practical Implications: Previous studies have shown that globalisation can have a negative, a positive or an insignificant effect on life expectancy in different countries. This discrepancy may arise from the use of different methods, different variables being measured, or different countries. None of these studies, to our knowledge, look at the moderating effect of governance on the globalisation-life expectancy nexus. Furthermore, unlike this study, most studies that look into the role of governance in the relationship between globalisation and life expectancy do not employ an aggregate index. The moderating role of governance from the two approaches confirms that governance interacts with globalisation to weaken the positive impact of globalisation on life expectancy. Put differently, the existence of poor governance in the African region drains the positive effect of globalisation on life expectancy in Africa. However, we expect life expectancy in African countries to improve in the face of good governance.

Effects of Business Intelligence, Organisation Learning and Innovation on the Performance of Small and Medium Scale Enterprises (SMEs) in South-West Nigeria

IIARD International Journal of Economics and Business Management, 2023

Business Intelligence (BI), both in process and product, is one of the methods used by organizati... more Business Intelligence (BI), both in process and product, is one of the methods used by organizations to develop and access useful information or intelligence that can help enhance their performance. This paper therefore evaluates the effect of business intelligence (BI), organizational learning (OL) and innovation (IN) on the performance of SMEs in the South West Nigeria. Ex-post facto design of descriptive survey was adopted for the study. Primary data were collected on SMEs from Southwest Nigeria. A structured questionnaire (r=0.77) was used to elicit information from selected respondents. The sample size of 400 was adopted as derived from Cochran sample size formula out of the population size of 299,401. The data obtained were analyzed using statistical and econometric techniques. The findings from the analysis through logistic regression showed that only Business Intelligent (organization learning and innovation) has a significant influence on firm performance. The study therefore concluded that firm performance could be boosted by the integration of business intelligence, organizational learning and innovation. Hence, it is suggested that Nigerian small and medium scale businesses that are yet to incorporate business intelligence-driven innovation into any part of their production and delivery processes should make a quick effort to do so.

THE MODERATING ROLE OF GOVERNANCE IN THE GLOBALISATION-LIFE EXPECTANCY NEXUS: IMPLICATIONS FOR SOCIOECONOMIC DEVELOPMENT

Economics and Culture , 2023

Research Purpose: One of the most recent global aims is to increase life expectancy since healthy... more Research Purpose: One of the most recent global aims is to increase life expectancy since healthy people are seen as human capital that may boost the economy. The study investigates the role of governance in the globalisation-life expectancy nexus using 39 African countries between 1996 and 2019. Design/Methodology/Approach: The study uses a Panel-Spatial Correlation Consistent augmented with the Least Square Dummy Variables (PSCC-LSDV) approach. The study uses a dynamic two-step system, the Generalised Method of Moments (GMM), as a robust model to solve the endogeneity problem. Findings: The results from the PSCC-LSDV approach reveal that globalisation increases life expectancy in the selected African countries.The approach is more efficient since it can be used with cross-sectional dependent variables when other techniques like fixed and random effects methods may be ineffective. Likewise, the result from the GMM estimator is consistent with the PSCC-LSDV approach. The effect of globalisation on the life expectancy nexus without the inclusion of governance is positive. Meanwhile, the moderating (interactive) effect of governance on the relationship between globalisation and life expectancy is negative, indicating that globalisation and governance are substitutes for each other. This means that globalisation positively influences life expectancy, but the governance conditions in Africa weaken this positive effect. Originality/ Value/ Practical Implications: Previous studies have shown that globalisation can have a negative, a positive or an insignificant effect on life expectancy in different countries. This discrepancy may arise from the use of different methods, different variables being measured, or different countries. None of these studies, to our knowledge, look at the moderating effect of governance on the globalisation-life expectancy nexus. Furthermore, unlike this study, most studies that look into the role of governance in the relationship between globalisation and life expectancy do not employ an aggregate index. The moderating role of governance from the two approaches confirms that governance interacts with globalisation to weaken the positive impact of globalisation on life expectancy. Put differently, the existence of poor governance in the African region drains the positive effect of globalisation on life expectancy in Africa. However, we expect life expectancy in African countries to improve in the face of good governance.

The role of governance in girl‐child education: Insights on the odds against Nigerian women in leadership

Sexuality, Gender & Policy

It is widely recognized that prioritizing female education is the global best investment. This is... more It is widely recognized that prioritizing female education is the global best investment. This is because the promotion of girls' access to education is essential for increasing women's formal economic opportunities and their participation in public decision‐making in the long term. Thus, understanding the nexus between governance and women empowerment becomes central for developing new thinking and addressing prevailing challenges. The study, therefore, examines the impact of governance effectiveness on school enrolment, primary, female (% gross) in Nigeria between 1996 and 2020, using autoregressive distributed lag (ARDL) bounds testing approach to cointegration and vector error correction mechanism (VECM) for the assessment of long‐run causality. Results show that governance effectiveness has a significant and positive effect on female primary school enrolment in the long run and in the short run. In addition, findings indicate that there exists bidirectional causality be...

Corruption: Governance challenge towards reducing unemployment in Nigeria

Journal of Public Affairs

The study examines the possibility of having a very low rate of unemployment in Nigeria, if there... more The study examines the possibility of having a very low rate of unemployment in Nigeria, if there is a reduced rate of corruption in the long‐term. While using cointegration regressions and Vector Error Correction Mechanism (VECM) over the period 1996–2020, it is affirmed that corruption could increase unemployment rate in the long run. The two corruption indicators employed (control of corruption and corruption index) are found to have a substantial effect on unemployment rate. Further evidence confirms that corruption and unemployment are cyclically interdependent. Findings indeed stress that a high level of corruption is harmful to employment growth. On the other hand, in the absence of sufficient job opportunities, rent‐seeking government officials would be more interested in collecting bribes from job seekers, which results in sustained unlawful practices among the public officials. Thus, adopting effective corruption‐control measures is critical. It is therefore suggested that...

Efficiency of Microfinance Banks and Performance of Micro, Small and Medium Enterprises in South-West Nigeria

Journal of Banking and Finance Management, 2023

The study examines the relationship between the efficiency of microfinance banks and performance ... more The study examines the relationship between the efficiency of microfinance banks and performance of Micro, Small and Medium Enterprises (MSMEs) in SouthWest Nigeria during the first six years period of the commencement from 2012 to 2017 of regulatory reforms. Using panel vector autoregressive (PVAR) approach and Granger causality test, it is found that the present level of efficiency of microfinance banks has an insignificant impact on the performance of MSMEs, suggesting a negligible role in the activities of MSMEs. Put differently, the efficiency of microfinance banks does not significantly influence the performance of MSMEs. Further evidence indicates that no direction of causality found to be existing between the efficiency of microfinance banks and performance of the MSMEs. Put differently, past efficiency level of microfinance banks could not explain the present level of performance of small businesses (PSB) and vice versa, suggesting that low level of efficiency of microfinance banks contributes to the poor performance of MSMEs. It is therefore suggested that microfinance banks should adopt a suitable lending methodology such as proprietary lending technology and effective risk-based supervision to address the problem of high credit risks associated with business lending. Policy makers should also promote financial inclusion strategy and agent banking relationship more effectively.

Political violence: why conflicts can result from sub-Saharan African socioeconomic conditions

by Adeyemi Fajingbesi and Fisayo Fagbemi

Socioeconomic Condition, 2022

Purpose-This study investigates the extent to which, and in what ways and capacities, the inciden... more Purpose-This study investigates the extent to which, and in what ways and capacities, the incidence of adverse economic conditions burdening the masses, on the macro-level, increases the propensity for the generation of political instability/violence. Design/methodology/approach-Drawing on data from a cross-section of 25 Sub-Saharan African (SSA) countries for the period 2005-2019, fixed effects (FE) and generalized method of moments (GMM) estimations are used to determine the nature and significance of the independent variable (economic condition), complemented by three control variables, on the dependent WGI-defined variable political stability scored on the basis of a continuum from À2.5 (most unstable) to þ2.5 (most stable). For the link between political instability and socioeconomic conditions, the study employs a construct derived from frustration-aggression and relative deprivation theory. Findings-The study links socioeconomic adversity to political instability in the context of SSA. In addition, larger populated countries exhibit a greater propensity to political instability than smaller populated countries. In contrast, foreign direct investment (FDI) appears to have no real effect, positive or negative, on political stability. Practical implications-Poor living conditions seem to be strongly associated with a high risk of political violence in SSA. To buoy socioeconomic status, poverty alleviation needs be elevated into a key initiative in the decision-making agenda, at all levels of governance, with real targeted strides achieved in terms of enhancement of the standard of living of the masses. In addition, policies that control population need to be inaugurated hand-in-hand with welfare measures and a more equitable balancing of the distribution of resources in the society. Originality/value-Given the high regional incidence of civil strife and violence, combined with a dearth of research of an empirical nature on political risk in SSA, this study provides a largely ignored and useful context on SSA apart from studies on the incidence of violence that consider the developing countries as a monolithic whole.

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

by Adeyemi Fajingbesi and Fisayo Fagbemi

Future Foods, 2023

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

Unemployment and Decent Work in Nigeria

Springer International Publishing eBooks, 2023

Trade–Finance Nexus: The Centrality of the Quality of Institutions in Sub-Saharan African Leading Economies

Foreign Trade Review

The study examines the interaction effect of trade and institutional quality on financial sector ... more The study examines the interaction effect of trade and institutional quality on financial sector development in 20 leading economies in sub-Saharan Africa selected based on 2018 GDP per capita ranking (top 20 richest economies by GDP per capita released by the IMF) over the period 2005–2020. Using system-generalised method of moments estimation, the results indicate that the effect of the interaction term of trade and regulatory quality on financial development is positive and significant. Further findings show unidirectional causality running from the interaction term to financial development, implying that the likelihood of trade enhancing financial development depends on the soundness of the regulatory framework. It is confirmed that the magnitude and direction of the effect of trade on financial development are sensitive to the quality of institutions. Therefore, the poor quality of regulations on business activities and financial services could undermine the salutary impact of ...

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

Future Foods

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

Future Foods, 2023

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

West African Emerging Economies: Comparative Insights on Ghana’s and Nigeria’s Stock Market Development

American Journal of Economics and Business Administration

The burgeoning interest on the importance of stock market in modern economies has reinforced the ... more The burgeoning interest on the importance of stock market in modern economies has reinforced the growing notion that finance is paramount to economic growth and in particular the rising debate on the fledgling state of West African stock markets coupled with the implications for the sub-region&#39;s emerging economies which are worrisome. Hence, the paper examines the long run and causal relationship between stock market development and West African emerging economies in a comparative context of Ghana and Nigeria. Based on Autoregressive Distributed Lag (ARDL) bounds test approach, the findings support the evidence of long run cointegration between stock market development and economic growth in Ghana, whereas further evidence reveals an insignificant positive long run impact on economic growth. In contrast, there is no long run cointegration between stock market indicators and economic growth in Nigeria. Furthermore, in the context of Vector Error Correction Model (VECM) and Vector Autoregressive model (VAR) for Ghana and Nigeria respectively, Granger causality test indicates that the direction of causality only runs from economic growth to stock market development (i.e., unidirectional) in both countries. Nonetheless, the empirical evidence on growth-led finance is specifically feeble in Nigeria. In view of these results, the paper posits that stock markets could well play a crucial role in stimulating growth in West Africa. However, to attain this goal, there is need to launch reforms which entail the overhaul of legal and regulatory framework as well as principles underlying effective supervision. Also, Ghana and Nigeria should ensure that the stock markets are properly integrated into their respective economies and the strong integration of the two markets through robust institutional and governance structure. These could thus foster the development of stock markets in the two countries.

Poverty Incidence in Nigeria: The Centrality of Sustainable Natural Resource Management

Fagbemi F, Bello KM, Adeoye OG (2022) Poverty Incidence in Nigeria: The Centrality of Sustainable Natural Resource Management. Int Rev Eco Stu: IRES-109, 2022

This study explores the relationship between resource rents and poverty rate in Nigeria based on ... more This study explores the relationship between resource rents and poverty rate in Nigeria based on annual time series data between 1984 and 2016. The analysis is conducted with the use of Dynamic Least Squares (DOLS), Fully Modified Least Squares (FMOLS) and Canonical Cointegrating Regression (CCR), while the causal link is examined using Vector Error Correction Model (VECM) approach. With a focus on long-term effect, the study unravels the full potential of resource rents for lasting poverty reduction. Empirical findings establish that there is a long-term adverse and significant relationship between resource rents and poverty headcount. Evidence shows that increased resource rents could only lead to a substantial reduction in the number of poor people, if windfall revenues from natural resources are channelled towards pro-poor investments. Further evidence reveals that the effect of non-oil rents is more profound in reducing poverty compared with oil rents, suggesting that according considerable attention to non-oil sector other than oil sector could enhance poverty alleviation. Results also indicate that there is bi-directional causal relationship between poverty and oil rents and total natural resource rents, whereas for non-oil rents, it is unidirectional running from non-oil rents to poverty. Hence, the study suggests that strengthening the quality of governance for the enhancement of pro-poor investment strategies and effective management of natural resource windfalls is central for alleviating poverty in Nigeria.

West African Emerging Economies: Comparative Insights on Ghana's and Nigeria's Stock Market Development

American Journal of Economics and Business Administration, 2022

The study examines the long-run and causal relationship between stock market development and West... more The study examines the long-run and causal relationship between stock market development and West African emerging economies in a comparative context of Ghana and Nigeria. Based on Autoregressive Distributed Lag (ARDL) bounds test approach, the findings support the evidence of long-run cointegration between stock market development and economic growth in Ghana, whereas further evidence reveals an insignificant positive long-run impact on economic growth. In contrast, there is no long-run cointegration between stock market indicators and economic growth in Nigeria. Furthermore, in the context of the Vector Error Correction Model (VECM) and Vector Autoregressive model (VAR) for Ghana and Nigeria respectively, the Granger causality test indicates that the direction of causality only runs from economic growth to stock market development, unidirectional) in both countries. Nonetheless, the empirical evidence on growth-led finance is specifically feeble in Nigeria. Given these results, the paper posits that stock markets could well play a crucial role in stimulating growth in West Africa. However, to attain this goal, there is a need to launch reforms that entail the overhaul of the legal and regulatory framework as well as principles underlying effective supervision. Also, Ghana and Nigeria should ensure that the stock markets are properly integrated into their respective economies and the strong integration of the two markets through robust institutional and governance structures. These could thus foster the development of stock markets in the two countries.

The Fourth Industrial Revolution: Can Africa Hold a Place?

Africa Center for Strategy & Policy , Jul 2022

The Fourth Industrial Revolution (4IR) has come with huge opportunities and challenges for the Af... more The Fourth Industrial Revolution (4IR) has come with huge opportunities and challenges for the African continent. Given that the 4IR results in a complete societal shift, potential risks could lead to greater challenges. Proper awareness and understanding are vital as Africans increasingly embrace new technologies. Since African countries cannot afford to remain on the periphery of the international economic order, bridging education and skill gaps through the overhaul of African education systems is critical to helping Africa hold a meaningful place in the 4IR. Indeed, playing a fundamental role in this era is vital for Africa.

Effects of Business Intelligence, Organisation Learning and Innovation on the Performance of Small and Medium Scale Enterprises (SMEs) in South-West Nigeria

IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT, Jan 5, 2024

Business Intelligence (BI), both in process and product, is one of the methods used by organizati... more Business Intelligence (BI), both in process and product, is one of the methods used by organizations to develop and access useful information or intelligence that can help enhance their performance. This paper therefore evaluates the effect of business intelligence (BI), organizational learning (OL) and innovation (IN) on the performance of SMEs in the South West Nigeria. Ex-post facto design of descriptive survey was adopted for the study. Primary data were collected on SMEs from Southwest Nigeria. A structured questionnaire (r=0.77) was used to elicit information from selected respondents. The sample size of 400 was adopted as derived from Cochran sample size formula out of the population size of 299,401. The data obtained were analyzed using statistical and econometric techniques. The findings from the analysis through logistic regression showed that only Business Intelligent (organization learning and innovation) has a significant influence on firm performance. The study therefore concluded that firm performance could be boosted by the integration of business intelligence, organizational learning and innovation. Hence, it is suggested that Nigerian small and medium scale businesses that are yet to incorporate business intelligence-driven innovation into any part of their production and delivery processes should make a quick effort to do so.

Carbon emissions and food production: why climate change is a threat to Nigeria’s food security

Journal of environmental studies and sciences, Apr 13, 2024

Climate change vulnerability-foreign direct investment linkage: Why climate change preparedness matters in Sub-Saharan Africa

Research in economics, Mar 1, 2024

Efficiency of Microfinance Banks and Performance of Micro, Small and Medium Enterprises in South-West Nigeria

Journal of Banking and Finance Management, Dec 31, 2022

The study examines the relationship between the efficiency of microfinance banks and performance ... more The study examines the relationship between the efficiency of microfinance banks and performance of Micro, Small and Medium Enterprises (MSMEs) in SouthWest Nigeria during the first six years period of the commencement from 2012 to 2017 of regulatory reforms. Using panel vector autoregressive (PVAR) approach and Granger causality test, it is found that the present level of efficiency of microfinance banks has an insignificant impact on the performance of MSMEs, suggesting a negligible role in the activities of MSMEs. Put differently, the efficiency of microfinance banks does not significantly influence the performance of MSMEs. Further evidence indicates that no direction of causality found to be existing between the efficiency of microfinance banks and performance of the MSMEs. Put differently, past efficiency level of microfinance banks could not explain the present level of performance of small businesses (PSB) and vice versa, suggesting that low level of efficiency of microfinance banks contributes to the poor performance of MSMEs. It is therefore suggested that microfinance banks should adopt a suitable lending methodology such as proprietary lending technology and effective risk-based supervision to address the problem of high credit risks associated with business lending. Policy makers should also promote financial inclusion strategy and agent banking relationship more effectively.

The Moderating Role of Governance in the Globalisation-Life Expectancy Nexus: Implications for Socioeconomic Development

Economics and Culture, Nov 30, 2023

Research Purpose: One of the most recent global aims is to increase life expectancy since healthy... more Research Purpose: One of the most recent global aims is to increase life expectancy since healthy people are seen as human capital that may boost the economy. The study investigates the role of governance in the globalisation-life expectancy nexus using 39 African countries between 1996 and 2019. The study uses a Panel-Spatial Correlation Consistent augmented with the Least Square Dummy Variables (PSCC-LSDV) approach. The study uses a dynamic two-step system, the Generalised Method of Moments (GMM), as a robust model to solve the endogeneity problem. The results from the PSCC-LSDV approach reveal that globalisation increases life expectancy in the selected African countries.The approach is more efficient since it can be used with cross-sectional dependent variables when other techniques like fixed and random effects methods may be ineffective. Likewise, the result from the GMM estimator is consistent with the PSCC-LSDV approach. The effect of globalisation on the life expectancy nexus without the inclusion of governance is positive. Meanwhile, the moderating (interactive) effect of governance on the relationship between globalisation and life expectancy is negative, indicating that globalisation and governance are substitutes for each other. This means that globalisation positively influences life expectancy, but the governance conditions in Africa weaken this positive effect. Originality/ Value/ Practical Implications: Previous studies have shown that globalisation can have a negative, a positive or an insignificant effect on life expectancy in different countries. This discrepancy may arise from the use of different methods, different variables being measured, or different countries. None of these studies, to our knowledge, look at the moderating effect of governance on the globalisation-life expectancy nexus. Furthermore, unlike this study, most studies that look into the role of governance in the relationship between globalisation and life expectancy do not employ an aggregate index. The moderating role of governance from the two approaches confirms that governance interacts with globalisation to weaken the positive impact of globalisation on life expectancy. Put differently, the existence of poor governance in the African region drains the positive effect of globalisation on life expectancy in Africa. However, we expect life expectancy in African countries to improve in the face of good governance.

Effects of Business Intelligence, Organisation Learning and Innovation on the Performance of Small and Medium Scale Enterprises (SMEs) in South-West Nigeria

IIARD International Journal of Economics and Business Management, 2023

Business Intelligence (BI), both in process and product, is one of the methods used by organizati... more Business Intelligence (BI), both in process and product, is one of the methods used by organizations to develop and access useful information or intelligence that can help enhance their performance. This paper therefore evaluates the effect of business intelligence (BI), organizational learning (OL) and innovation (IN) on the performance of SMEs in the South West Nigeria. Ex-post facto design of descriptive survey was adopted for the study. Primary data were collected on SMEs from Southwest Nigeria. A structured questionnaire (r=0.77) was used to elicit information from selected respondents. The sample size of 400 was adopted as derived from Cochran sample size formula out of the population size of 299,401. The data obtained were analyzed using statistical and econometric techniques. The findings from the analysis through logistic regression showed that only Business Intelligent (organization learning and innovation) has a significant influence on firm performance. The study therefore concluded that firm performance could be boosted by the integration of business intelligence, organizational learning and innovation. Hence, it is suggested that Nigerian small and medium scale businesses that are yet to incorporate business intelligence-driven innovation into any part of their production and delivery processes should make a quick effort to do so.

THE MODERATING ROLE OF GOVERNANCE IN THE GLOBALISATION-LIFE EXPECTANCY NEXUS: IMPLICATIONS FOR SOCIOECONOMIC DEVELOPMENT

Economics and Culture , 2023

Research Purpose: One of the most recent global aims is to increase life expectancy since healthy... more Research Purpose: One of the most recent global aims is to increase life expectancy since healthy people are seen as human capital that may boost the economy. The study investigates the role of governance in the globalisation-life expectancy nexus using 39 African countries between 1996 and 2019. Design/Methodology/Approach: The study uses a Panel-Spatial Correlation Consistent augmented with the Least Square Dummy Variables (PSCC-LSDV) approach. The study uses a dynamic two-step system, the Generalised Method of Moments (GMM), as a robust model to solve the endogeneity problem. Findings: The results from the PSCC-LSDV approach reveal that globalisation increases life expectancy in the selected African countries.The approach is more efficient since it can be used with cross-sectional dependent variables when other techniques like fixed and random effects methods may be ineffective. Likewise, the result from the GMM estimator is consistent with the PSCC-LSDV approach. The effect of globalisation on the life expectancy nexus without the inclusion of governance is positive. Meanwhile, the moderating (interactive) effect of governance on the relationship between globalisation and life expectancy is negative, indicating that globalisation and governance are substitutes for each other. This means that globalisation positively influences life expectancy, but the governance conditions in Africa weaken this positive effect. Originality/ Value/ Practical Implications: Previous studies have shown that globalisation can have a negative, a positive or an insignificant effect on life expectancy in different countries. This discrepancy may arise from the use of different methods, different variables being measured, or different countries. None of these studies, to our knowledge, look at the moderating effect of governance on the globalisation-life expectancy nexus. Furthermore, unlike this study, most studies that look into the role of governance in the relationship between globalisation and life expectancy do not employ an aggregate index. The moderating role of governance from the two approaches confirms that governance interacts with globalisation to weaken the positive impact of globalisation on life expectancy. Put differently, the existence of poor governance in the African region drains the positive effect of globalisation on life expectancy in Africa. However, we expect life expectancy in African countries to improve in the face of good governance.

The role of governance in girl‐child education: Insights on the odds against Nigerian women in leadership

Sexuality, Gender & Policy

It is widely recognized that prioritizing female education is the global best investment. This is... more It is widely recognized that prioritizing female education is the global best investment. This is because the promotion of girls' access to education is essential for increasing women's formal economic opportunities and their participation in public decision‐making in the long term. Thus, understanding the nexus between governance and women empowerment becomes central for developing new thinking and addressing prevailing challenges. The study, therefore, examines the impact of governance effectiveness on school enrolment, primary, female (% gross) in Nigeria between 1996 and 2020, using autoregressive distributed lag (ARDL) bounds testing approach to cointegration and vector error correction mechanism (VECM) for the assessment of long‐run causality. Results show that governance effectiveness has a significant and positive effect on female primary school enrolment in the long run and in the short run. In addition, findings indicate that there exists bidirectional causality be...

Corruption: Governance challenge towards reducing unemployment in Nigeria

Journal of Public Affairs

The study examines the possibility of having a very low rate of unemployment in Nigeria, if there... more The study examines the possibility of having a very low rate of unemployment in Nigeria, if there is a reduced rate of corruption in the long‐term. While using cointegration regressions and Vector Error Correction Mechanism (VECM) over the period 1996–2020, it is affirmed that corruption could increase unemployment rate in the long run. The two corruption indicators employed (control of corruption and corruption index) are found to have a substantial effect on unemployment rate. Further evidence confirms that corruption and unemployment are cyclically interdependent. Findings indeed stress that a high level of corruption is harmful to employment growth. On the other hand, in the absence of sufficient job opportunities, rent‐seeking government officials would be more interested in collecting bribes from job seekers, which results in sustained unlawful practices among the public officials. Thus, adopting effective corruption‐control measures is critical. It is therefore suggested that...

Efficiency of Microfinance Banks and Performance of Micro, Small and Medium Enterprises in South-West Nigeria

Journal of Banking and Finance Management, 2023

The study examines the relationship between the efficiency of microfinance banks and performance ... more The study examines the relationship between the efficiency of microfinance banks and performance of Micro, Small and Medium Enterprises (MSMEs) in SouthWest Nigeria during the first six years period of the commencement from 2012 to 2017 of regulatory reforms. Using panel vector autoregressive (PVAR) approach and Granger causality test, it is found that the present level of efficiency of microfinance banks has an insignificant impact on the performance of MSMEs, suggesting a negligible role in the activities of MSMEs. Put differently, the efficiency of microfinance banks does not significantly influence the performance of MSMEs. Further evidence indicates that no direction of causality found to be existing between the efficiency of microfinance banks and performance of the MSMEs. Put differently, past efficiency level of microfinance banks could not explain the present level of performance of small businesses (PSB) and vice versa, suggesting that low level of efficiency of microfinance banks contributes to the poor performance of MSMEs. It is therefore suggested that microfinance banks should adopt a suitable lending methodology such as proprietary lending technology and effective risk-based supervision to address the problem of high credit risks associated with business lending. Policy makers should also promote financial inclusion strategy and agent banking relationship more effectively.

Political violence: why conflicts can result from sub-Saharan African socioeconomic conditions

by Adeyemi Fajingbesi and Fisayo Fagbemi

Socioeconomic Condition, 2022

Purpose-This study investigates the extent to which, and in what ways and capacities, the inciden... more Purpose-This study investigates the extent to which, and in what ways and capacities, the incidence of adverse economic conditions burdening the masses, on the macro-level, increases the propensity for the generation of political instability/violence. Design/methodology/approach-Drawing on data from a cross-section of 25 Sub-Saharan African (SSA) countries for the period 2005-2019, fixed effects (FE) and generalized method of moments (GMM) estimations are used to determine the nature and significance of the independent variable (economic condition), complemented by three control variables, on the dependent WGI-defined variable political stability scored on the basis of a continuum from À2.5 (most unstable) to þ2.5 (most stable). For the link between political instability and socioeconomic conditions, the study employs a construct derived from frustration-aggression and relative deprivation theory. Findings-The study links socioeconomic adversity to political instability in the context of SSA. In addition, larger populated countries exhibit a greater propensity to political instability than smaller populated countries. In contrast, foreign direct investment (FDI) appears to have no real effect, positive or negative, on political stability. Practical implications-Poor living conditions seem to be strongly associated with a high risk of political violence in SSA. To buoy socioeconomic status, poverty alleviation needs be elevated into a key initiative in the decision-making agenda, at all levels of governance, with real targeted strides achieved in terms of enhancement of the standard of living of the masses. In addition, policies that control population need to be inaugurated hand-in-hand with welfare measures and a more equitable balancing of the distribution of resources in the society. Originality/value-Given the high regional incidence of civil strife and violence, combined with a dearth of research of an empirical nature on political risk in SSA, this study provides a largely ignored and useful context on SSA apart from studies on the incidence of violence that consider the developing countries as a monolithic whole.

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

by Adeyemi Fajingbesi and Fisayo Fagbemi

Future Foods, 2023

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

Unemployment and Decent Work in Nigeria

Springer International Publishing eBooks, 2023

Trade–Finance Nexus: The Centrality of the Quality of Institutions in Sub-Saharan African Leading Economies

Foreign Trade Review

The study examines the interaction effect of trade and institutional quality on financial sector ... more The study examines the interaction effect of trade and institutional quality on financial sector development in 20 leading economies in sub-Saharan Africa selected based on 2018 GDP per capita ranking (top 20 richest economies by GDP per capita released by the IMF) over the period 2005–2020. Using system-generalised method of moments estimation, the results indicate that the effect of the interaction term of trade and regulatory quality on financial development is positive and significant. Further findings show unidirectional causality running from the interaction term to financial development, implying that the likelihood of trade enhancing financial development depends on the soundness of the regulatory framework. It is confirmed that the magnitude and direction of the effect of trade on financial development are sensitive to the quality of institutions. Therefore, the poor quality of regulations on business activities and financial services could undermine the salutary impact of ...

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

Future Foods

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

Climate-resilient development: An approach to sustainable food production in sub-Saharan Africa

Future Foods, 2023

Climate change is profoundly affecting many activities in the agricultural sector in almost all r... more Climate change is profoundly affecting many activities in the agricultural sector in almost all regions of the world. To adapt to the prevailing climatic conditions has translated into a cascade of risks for agro-ecosystems and agricultural production, ultimately impacting food security and nutrition. Hence, the study examines the effect of climate change on food production in 32 sub-Saharan African (SSA) countries between 2005 and 2019 using Fixed Effects (FE) and Two-Step System-Generalized Method of Moments (GMM) estimation. Findings help better understand the link resulting from climate change to adverse impacts on food production, as empirical analyses indicate that an increase in climate change (CO2 emissions) will result in a significant reduction in food production in SSA. This implies that climate change seems to have significantly contributed to the challenges associated with food insecurity in the region. Via changes in average temperature and rainfall patterns, climate change could be exacerbating existing threats and issues related to food production in the SSA region. It is therefore suggested that to mitigate the negative impacts of climate change on food production, policy makers should aim at encouraging and adopting good adaptation approach, primarily at the production stage of food supply.

West African Emerging Economies: Comparative Insights on Ghana’s and Nigeria’s Stock Market Development

American Journal of Economics and Business Administration

The burgeoning interest on the importance of stock market in modern economies has reinforced the ... more The burgeoning interest on the importance of stock market in modern economies has reinforced the growing notion that finance is paramount to economic growth and in particular the rising debate on the fledgling state of West African stock markets coupled with the implications for the sub-region&#39;s emerging economies which are worrisome. Hence, the paper examines the long run and causal relationship between stock market development and West African emerging economies in a comparative context of Ghana and Nigeria. Based on Autoregressive Distributed Lag (ARDL) bounds test approach, the findings support the evidence of long run cointegration between stock market development and economic growth in Ghana, whereas further evidence reveals an insignificant positive long run impact on economic growth. In contrast, there is no long run cointegration between stock market indicators and economic growth in Nigeria. Furthermore, in the context of Vector Error Correction Model (VECM) and Vector Autoregressive model (VAR) for Ghana and Nigeria respectively, Granger causality test indicates that the direction of causality only runs from economic growth to stock market development (i.e., unidirectional) in both countries. Nonetheless, the empirical evidence on growth-led finance is specifically feeble in Nigeria. In view of these results, the paper posits that stock markets could well play a crucial role in stimulating growth in West Africa. However, to attain this goal, there is need to launch reforms which entail the overhaul of legal and regulatory framework as well as principles underlying effective supervision. Also, Ghana and Nigeria should ensure that the stock markets are properly integrated into their respective economies and the strong integration of the two markets through robust institutional and governance structure. These could thus foster the development of stock markets in the two countries.

Poverty Incidence in Nigeria: The Centrality of Sustainable Natural Resource Management

Fagbemi F, Bello KM, Adeoye OG (2022) Poverty Incidence in Nigeria: The Centrality of Sustainable Natural Resource Management. Int Rev Eco Stu: IRES-109, 2022

This study explores the relationship between resource rents and poverty rate in Nigeria based on ... more This study explores the relationship between resource rents and poverty rate in Nigeria based on annual time series data between 1984 and 2016. The analysis is conducted with the use of Dynamic Least Squares (DOLS), Fully Modified Least Squares (FMOLS) and Canonical Cointegrating Regression (CCR), while the causal link is examined using Vector Error Correction Model (VECM) approach. With a focus on long-term effect, the study unravels the full potential of resource rents for lasting poverty reduction. Empirical findings establish that there is a long-term adverse and significant relationship between resource rents and poverty headcount. Evidence shows that increased resource rents could only lead to a substantial reduction in the number of poor people, if windfall revenues from natural resources are channelled towards pro-poor investments. Further evidence reveals that the effect of non-oil rents is more profound in reducing poverty compared with oil rents, suggesting that according considerable attention to non-oil sector other than oil sector could enhance poverty alleviation. Results also indicate that there is bi-directional causal relationship between poverty and oil rents and total natural resource rents, whereas for non-oil rents, it is unidirectional running from non-oil rents to poverty. Hence, the study suggests that strengthening the quality of governance for the enhancement of pro-poor investment strategies and effective management of natural resource windfalls is central for alleviating poverty in Nigeria.

West African Emerging Economies: Comparative Insights on Ghana's and Nigeria's Stock Market Development

American Journal of Economics and Business Administration, 2022

The study examines the long-run and causal relationship between stock market development and West... more The study examines the long-run and causal relationship between stock market development and West African emerging economies in a comparative context of Ghana and Nigeria. Based on Autoregressive Distributed Lag (ARDL) bounds test approach, the findings support the evidence of long-run cointegration between stock market development and economic growth in Ghana, whereas further evidence reveals an insignificant positive long-run impact on economic growth. In contrast, there is no long-run cointegration between stock market indicators and economic growth in Nigeria. Furthermore, in the context of the Vector Error Correction Model (VECM) and Vector Autoregressive model (VAR) for Ghana and Nigeria respectively, the Granger causality test indicates that the direction of causality only runs from economic growth to stock market development, unidirectional) in both countries. Nonetheless, the empirical evidence on growth-led finance is specifically feeble in Nigeria. Given these results, the paper posits that stock markets could well play a crucial role in stimulating growth in West Africa. However, to attain this goal, there is a need to launch reforms that entail the overhaul of the legal and regulatory framework as well as principles underlying effective supervision. Also, Ghana and Nigeria should ensure that the stock markets are properly integrated into their respective economies and the strong integration of the two markets through robust institutional and governance structures. These could thus foster the development of stock markets in the two countries.

The Fourth Industrial Revolution: Can Africa Hold a Place?

Africa Center for Strategy & Policy , Jul 2022

The Fourth Industrial Revolution (4IR) has come with huge opportunities and challenges for the Af... more The Fourth Industrial Revolution (4IR) has come with huge opportunities and challenges for the African continent. Given that the 4IR results in a complete societal shift, potential risks could lead to greater challenges. Proper awareness and understanding are vital as Africans increasingly embrace new technologies. Since African countries cannot afford to remain on the periphery of the international economic order, bridging education and skill gaps through the overhaul of African education systems is critical to helping Africa hold a meaningful place in the 4IR. Indeed, playing a fundamental role in this era is vital for Africa.

Finance-Growth Nexus: The Primal Case for the Role of Governance in Nigeria

American Journal of Social Sciences and Humanities, 2019

Over the years, divergent views on finance-growth nexus have shaken the confidence of policymaker... more Over the years, divergent views on finance-growth nexus have shaken the confidence of policymakers in developing the essential blueprint of financial sector policies fundamental for overhauling the economic structures in most African countries. In view of this, this paper largely evinces the critical development challenge plaguing Nigeria in terms of building effective regulatory framework that could engender a developed and well-functioning financial system. With the use of ARDL bounds test approach and the pairwise Granger causality test, the joint effect of financial development and the quality of institutions on Nigerian economy is examined between 1984 and 2017. In the long run as well as in the short run, the study establishes that financial development has no substantial effect on economic growth in Nigeria. Further findings indicate that the quality of institutions in the country does not significantly affect the economy. Regarding the interaction term, evidence reveals that the joint effect of financial development and governance on the growth of the economy is adverse and insignificant. The implication of this is that pervasive weak institutions and ineffective financial system could be harmful to economic performance. The study suggests that building a robust structure through sustainable policy and regulatory measures would enhance the potential role and effectiveness of the financial sector in the economy, and thus engender entrenched modern finance frontier in Nigeria. Highlights of this paper:  The study assesses the long run and short run joint effect of financial sector development and governance on economic growth in Nigeria.  It calibrates governance indicator into the model of finance-growth linkage.  How the growth path is determined by the quality of institutions is empirically analysed in the study.