The impact of agriculture being the principal source of employment for substantial sectors of the... more The impact of agriculture being the principal source of employment for substantial sectors of the population in most emerging countries, as well as the key to the countries' long-term economic growth has been an issue of discussion. Thus, this article looked at Nigeria's agricultural expenditure proxy by agricultural credit guarantee scheme fund and government expenditure on agriculture; and economic growth proxy by real GDP using secondary data from CBN Statistical Bulletin from 1981 to 2021, as well as Ordinary Least Square regression method to analyze the data. Various literatures were reviewed with conflicting results. However, the findings from the empirical analysis of the current study from the long run normalize equation showed that the variables government expenditure on agriculture and agricultural credit guarantee scheme fund have positive and significance impact on economic growth in Nigeria) for the period of study. Using the adjusted R square, the explanatory variables accounted for 71.3 per cent contribution to economic growth in Nigeria. Again, based on the conflicting results of the previous findings on the relationship between government expenditure and economic growth, this study empirically affirmed the findings of Asmau (2020), Akanbi and Onuk (2018) Cletus and Sunday (2018), and Dahun and Utpal (2018) that government expenditure on agriculture has positive and significant impact on economic growth in Nigeria. Thus, the study therefore recommended that government should evolve policies toward diversifying the economy and encourage the campaign for improvements in the non-oil sectors of the economy especially agricultural sector. More so, government should be more proactive in insisting on the private sector, especially, the financial sector to set aside funds annually for agricultural financing to compliment government efforts, as well as making efforts through its agencies to enlighten farmers of the availability of such credit facilities.
This study empirically analysed the impact of government expenditure on inflation rates in Nigeri... more This study empirically analysed the impact of government expenditure on inflation rates in Nigeria. The study adopts descriptive statistics, Augmented Dickey Fuller (ARDL) unit root test for stationarity, ARDL bound test for long run relationship and Autoregressive Distributed Lag (ARDL) model for the analysis. The data for the empirical analysis were sourced from CBN Statistical Bulletin and World Bank Development Indicators. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the results revealed that administrative expenditure by the government has negative and as well insignificant impact on inflation rate in Nigeria. In addition, exchange rate had negative influence on inflation rate in Nigeria. Finally, the result revealed that money supply had a positive and as well significant impact on inflation rate in Nigeria. Based on the findings, the study recommended as follows: Government needs to exercise due diligence in spending in order to check inflation rates. Furthermore, fiscal policy measures are required to be well coordinated so as to control excessive rise in the general price level in Nigeria. Finally, there is need for the government to efficiently engage monetary policy instruments that are adequate in ensuring a given level of money supply that stabilizes prices.
The impact of agriculture being the principal source of employment for substantial sectors of the... more The impact of agriculture being the principal source of employment for substantial sectors of the population in most emerging countries, as well as the key to the countries' long-term economic growth has been an issue of discussion. Thus, this article looked at Nigeria's agricultural expenditure proxy by agricultural credit guarantee scheme fund and government expenditure on agriculture; and economic growth proxy by real GDP using secondary data from CBN Statistical Bulletin from 1981 to 2021, as well as Ordinary Least Square regression method to analyze the data. Various literatures were reviewed with conflicting results. However, the findings from the empirical analysis of the current study from the long run normalize equation showed that the variables government expenditure on agriculture and agricultural credit guarantee scheme fund have positive and significance impact on economic growth in Nigeria) for the period of study. Using the adjusted R square, the explanatory variables accounted for 71.3 per cent contribution to economic growth in Nigeria. Again, based on the conflicting results of the previous findings on the relationship between government expenditure and economic growth, this study empirically affirmed the findings of Asmau (2020), Akanbi and Onuk (2018) Cletus and Sunday (2018), and Dahun and Utpal (2018) that government expenditure on agriculture has positive and significant impact on economic growth in Nigeria. Thus, the study therefore recommended that government should evolve policies toward diversifying the economy and encourage the campaign for improvements in the non-oil sectors of the economy especially agricultural sector. More so, government should be more proactive in insisting on the private sector, especially, the financial sector to set aside funds annually for agricultural financing to compliment government efforts, as well as making efforts through its agencies to enlighten farmers of the availability of such credit facilities.
The study empirically examines the economic impact of crude oil spills on cassava production in O... more The study empirically examines the economic impact of crude oil spills on cassava production in Olodiama Clan, Southern Ijaw Local Government Area of Bayelsa State. This research study employed a well-structured questionnaire as the main instrument in collecting data from the one hundred and seventy (170) respondents. In addition, this study employed two approaches in the analysis of data: descriptive and inferential analysis. Appropriate tables and figures were utilized in analyzing the data collected. From the results, it was concluded that oil spillage had given rise to unproductive soil, thereby killing the people's interest in cassava farming and other agricultural activities. It also came to light that the oil spillage had affected the socioeconomic activities of the people, thereby causing negative relationship between the oil companies and the host communities in the study area. Furthermore, the results of the regression analyses indicated that crude oil spills had a negative and statistically significant effect on cassava production in consonance with a priori expectations. Based on the results of the findings, some recommendations were made. One of the recommendations is that the government at all levels and oil companies must ensure realistic steps at enacting and enforcing strict environmental laws that will protect the oil pipeline from explosion and as well as guaranteeing the people a better means of livelihood.
This paper empirically examined the effect of public expenditure on inflation in Nigeria in Niger... more This paper empirically examined the effect of public expenditure on inflation in Nigeria in Nigeria from 1981 to 2018. The study adopts descriptive statistics, Co-integration and Error Correction Mechanism techniques for the analysis. The data for the empirical analysis were sourced from secondary sources like CBN Statistical Bulletin. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the paper revealed that government expenditure on transport and communication (XTCM) has a positive but insignificant relationship with inflation (CPI) at 5 percent level; government expenditure on defense (XDFS) is positive and an insignificant effect on inflation (CPI) in Nigeria; government expenditure on agriculture (XAGR) is negative and an insignificant effect on inflation (CPI) in Nigeria; government expenditure on education (XEDU) is positive and an insignificant effect on inflation (CPI) in Nigeria and government expenditure on health (XHLT) is negative and an insignificant effect on inflation (CPI) in Nigeria. Based on the above findings, the paper recommends as follows: Government should be effective in channeling public funds to productive economic activities, which will enhance price stability in Nigeria. Also, government consumption spending should be well coordinated by all arms of government to prevent "Crowd out" effect on government investment.
This paper empirically examined the effect of monetary policy on domestic private investment in N... more This paper empirically examined the effect of monetary policy on domestic private investment in Nigeria from 1981 to 2018. In other to achieve our objectives, annual time series data of the dependent variabledomestic private investment (DPI) and independent variablesmoney supply (MS), government domestic debt (GDD), government domestic savings (GDS), interest rate (INT) and consumer price index (CPI) were collected from secondary sources like CBN Statistical Bulletin and WDI. Thereafter, the data were analyzed using descriptive statistics and the econometrics technique of Vector Error Correction Mechanism (ECM) method of analysis. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the paper revealed that money supply (MS), government domestic savings (GDS). interest rate (INT) and consumer price index (CPI) have a negative and insignificant effect on domestic private investment in the long run but interest rate is significant at 5%, while government domestic debt (GDD), has a positive and insignificant effect on domestic private investment (DPI) in the long run in Nigeria within the period. Based on the above findings, the paper recommends as follows: Expansionary monetary policy should be formulated that will reduce interest rate, encourage borrowings and savings. This will expand commercial banks and other credit granting financial institutions which will encourage real investment in the economy.
The impact of agriculture being the principal source of employment for substantial sectors of the... more The impact of agriculture being the principal source of employment for substantial sectors of the population in most emerging countries, as well as the key to the countries' long-term economic growth has been an issue of discussion. Thus, this article looked at Nigeria's agricultural expenditure proxy by agricultural credit guarantee scheme fund and government expenditure on agriculture; and economic growth proxy by real GDP using secondary data from CBN Statistical Bulletin from 1981 to 2021, as well as Ordinary Least Square regression method to analyze the data. Various literatures were reviewed with conflicting results. However, the findings from the empirical analysis of the current study from the long run normalize equation showed that the variables government expenditure on agriculture and agricultural credit guarantee scheme fund have positive and significance impact on economic growth in Nigeria) for the period of study. Using the adjusted R square, the explanatory variables accounted for 71.3 per cent contribution to economic growth in Nigeria. Again, based on the conflicting results of the previous findings on the relationship between government expenditure and economic growth, this study empirically affirmed the findings of Asmau (2020), Akanbi and Onuk (2018) Cletus and Sunday (2018), and Dahun and Utpal (2018) that government expenditure on agriculture has positive and significant impact on economic growth in Nigeria. Thus, the study therefore recommended that government should evolve policies toward diversifying the economy and encourage the campaign for improvements in the non-oil sectors of the economy especially agricultural sector. More so, government should be more proactive in insisting on the private sector, especially, the financial sector to set aside funds annually for agricultural financing to compliment government efforts, as well as making efforts through its agencies to enlighten farmers of the availability of such credit facilities.
This study empirically analysed the impact of government expenditure on inflation rates in Nigeri... more This study empirically analysed the impact of government expenditure on inflation rates in Nigeria. The study adopts descriptive statistics, Augmented Dickey Fuller (ARDL) unit root test for stationarity, ARDL bound test for long run relationship and Autoregressive Distributed Lag (ARDL) model for the analysis. The data for the empirical analysis were sourced from CBN Statistical Bulletin and World Bank Development Indicators. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the results revealed that administrative expenditure by the government has negative and as well insignificant impact on inflation rate in Nigeria. In addition, exchange rate had negative influence on inflation rate in Nigeria. Finally, the result revealed that money supply had a positive and as well significant impact on inflation rate in Nigeria. Based on the findings, the study recommended as follows: Government needs to exercise due diligence in spending in order to check inflation rates. Furthermore, fiscal policy measures are required to be well coordinated so as to control excessive rise in the general price level in Nigeria. Finally, there is need for the government to efficiently engage monetary policy instruments that are adequate in ensuring a given level of money supply that stabilizes prices.
The impact of agriculture being the principal source of employment for substantial sectors of the... more The impact of agriculture being the principal source of employment for substantial sectors of the population in most emerging countries, as well as the key to the countries' long-term economic growth has been an issue of discussion. Thus, this article looked at Nigeria's agricultural expenditure proxy by agricultural credit guarantee scheme fund and government expenditure on agriculture; and economic growth proxy by real GDP using secondary data from CBN Statistical Bulletin from 1981 to 2021, as well as Ordinary Least Square regression method to analyze the data. Various literatures were reviewed with conflicting results. However, the findings from the empirical analysis of the current study from the long run normalize equation showed that the variables government expenditure on agriculture and agricultural credit guarantee scheme fund have positive and significance impact on economic growth in Nigeria) for the period of study. Using the adjusted R square, the explanatory variables accounted for 71.3 per cent contribution to economic growth in Nigeria. Again, based on the conflicting results of the previous findings on the relationship between government expenditure and economic growth, this study empirically affirmed the findings of Asmau (2020), Akanbi and Onuk (2018) Cletus and Sunday (2018), and Dahun and Utpal (2018) that government expenditure on agriculture has positive and significant impact on economic growth in Nigeria. Thus, the study therefore recommended that government should evolve policies toward diversifying the economy and encourage the campaign for improvements in the non-oil sectors of the economy especially agricultural sector. More so, government should be more proactive in insisting on the private sector, especially, the financial sector to set aside funds annually for agricultural financing to compliment government efforts, as well as making efforts through its agencies to enlighten farmers of the availability of such credit facilities.
The study empirically examines the economic impact of crude oil spills on cassava production in O... more The study empirically examines the economic impact of crude oil spills on cassava production in Olodiama Clan, Southern Ijaw Local Government Area of Bayelsa State. This research study employed a well-structured questionnaire as the main instrument in collecting data from the one hundred and seventy (170) respondents. In addition, this study employed two approaches in the analysis of data: descriptive and inferential analysis. Appropriate tables and figures were utilized in analyzing the data collected. From the results, it was concluded that oil spillage had given rise to unproductive soil, thereby killing the people's interest in cassava farming and other agricultural activities. It also came to light that the oil spillage had affected the socioeconomic activities of the people, thereby causing negative relationship between the oil companies and the host communities in the study area. Furthermore, the results of the regression analyses indicated that crude oil spills had a negative and statistically significant effect on cassava production in consonance with a priori expectations. Based on the results of the findings, some recommendations were made. One of the recommendations is that the government at all levels and oil companies must ensure realistic steps at enacting and enforcing strict environmental laws that will protect the oil pipeline from explosion and as well as guaranteeing the people a better means of livelihood.
This paper empirically examined the effect of public expenditure on inflation in Nigeria in Niger... more This paper empirically examined the effect of public expenditure on inflation in Nigeria in Nigeria from 1981 to 2018. The study adopts descriptive statistics, Co-integration and Error Correction Mechanism techniques for the analysis. The data for the empirical analysis were sourced from secondary sources like CBN Statistical Bulletin. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the paper revealed that government expenditure on transport and communication (XTCM) has a positive but insignificant relationship with inflation (CPI) at 5 percent level; government expenditure on defense (XDFS) is positive and an insignificant effect on inflation (CPI) in Nigeria; government expenditure on agriculture (XAGR) is negative and an insignificant effect on inflation (CPI) in Nigeria; government expenditure on education (XEDU) is positive and an insignificant effect on inflation (CPI) in Nigeria and government expenditure on health (XHLT) is negative and an insignificant effect on inflation (CPI) in Nigeria. Based on the above findings, the paper recommends as follows: Government should be effective in channeling public funds to productive economic activities, which will enhance price stability in Nigeria. Also, government consumption spending should be well coordinated by all arms of government to prevent "Crowd out" effect on government investment.
This paper empirically examined the effect of monetary policy on domestic private investment in N... more This paper empirically examined the effect of monetary policy on domestic private investment in Nigeria from 1981 to 2018. In other to achieve our objectives, annual time series data of the dependent variabledomestic private investment (DPI) and independent variablesmoney supply (MS), government domestic debt (GDD), government domestic savings (GDS), interest rate (INT) and consumer price index (CPI) were collected from secondary sources like CBN Statistical Bulletin and WDI. Thereafter, the data were analyzed using descriptive statistics and the econometrics technique of Vector Error Correction Mechanism (ECM) method of analysis. The results of analysis indicated that a long run relationship exists among the variables. Furthermore, the paper revealed that money supply (MS), government domestic savings (GDS). interest rate (INT) and consumer price index (CPI) have a negative and insignificant effect on domestic private investment in the long run but interest rate is significant at 5%, while government domestic debt (GDD), has a positive and insignificant effect on domestic private investment (DPI) in the long run in Nigeria within the period. Based on the above findings, the paper recommends as follows: Expansionary monetary policy should be formulated that will reduce interest rate, encourage borrowings and savings. This will expand commercial banks and other credit granting financial institutions which will encourage real investment in the economy.
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