Faculty of Social Sciences

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An Empirical Investigation of Financial Inclusion, Poverty and Inequality in Nigeria
(Redeemer’s University Journal of Management and Social Sciences, 2022) Adeleke, Oluwayemisi Kadijat
The problem of poverty and inequality is a great challenge that has faced the world at large, especially developing countries like Nigeria. There have been several reforms which have led to minimal or no impact in reducing this problem. However, after the recession in 2008, financial inclusion as a policy was seen as a tool that could significantly increase growth, reduce poverty and inequality. Thereby, this study intends to examine three measures of financial inclusion and its effect in reducing poverty and inequality in Nigeria using the Vector Autoregressive model (VAR) and quarterly data from 2004 to 2018. The result revealed an insignificant relationship between all financial inclusion measures and poverty reduction. However, the domestic credit by banks to the private sector had a significant long-run relationship with inequality in Nigeria. Lastly, institutional quality and inflation had no impact on poverty and reducing inequality in Nigeria. Thus, it is recommended that government should undertake policy interventions that would be targeted towards providing accessible and easy to use financial services to the poor. This would go a long way to reduce poverty and inequality in Nigeria
Asymmetric Effect of Fiscal and Monetary Policies on the Stock Market Performance in Nigeria
(2021-02-25) Adeleke, Oluwayemisi Kadijat
This study investigated the asymmetric effect of fiscal and monetary policies on stock market performance from 2000:q1-2018q3 in Nigeria. The study used Auto Regressive Distributed Lag (ARDL) Bounds Test technique of cointegration to determine the equilibrium relationship among the series. After the long run relationship has been established, Vector Error Correction Model was used to analyse the data. The results showed that only anticipated fiscal policy had a negative and significant effect on the stock market performance in the third and fourth quarters of the year. In contrast, anticipated and unanticipated monetary policy as well as unanticipated fiscal policy did not exert effect on stock market performance in Nigeria. Government in Nigeria should reduce its expenditure which has the capacity to negatively influence the performance of stock market in Nigeria.
Can Non-Oil Exports boost Agriculture Sector Performance in Nigeria? A Tale for Oil Independency
(2013) Adeleke, Oluwayemisi Kadijat
The study examines the effect of non-oil export on the agricultural sector performance in Nigerian economy using empirical evidence and modern research analysis. The bulk of non- oil export of Nigeria comes from agriculture and pre-processed products. Hence, non-oil export from perspective of efficiency-seeking indicates that non-oil export always aim at taking advantage of poor-efficient production condition and boost the productive edge of resources. There is a general believe that non-oil exports commodities has nothing to do with sectoral growth in Nigeria, this role is therefore the major focus of this study. Modern econometric analysis is used to validate if there is any relationship between non-oil export and sectoral performance, we also conducted unit root test to detect the risk of non stationarity of any of the variables involve in the model specified. Having tested for unit root, the paper also considers cointegration test and a parsimonious result of the least square estimate is presented. Lastly, a causality analysis of the relevant variables was undertaken in order to verify the relevance of non-oil export on growth in Nigeria. Interestingly, non-oil export commodities fail to enhance growth of the economy in recent findings, while agriculture, openness and exports promote growth in both the short and long run in our dear country
Climate Change and Energy Consumption Impacts on Agricultural Value-added: Evidence from Nigeria
(2025) Adeleke, Oluwayemisi Kadijat
Digital Entrepreneurship and Sustainable Business Models amongst SMEs in Lagos State, Nigeria.
(Journal of Positive Psychology, 2022) Adeleke, Oluwayemisi Kadijat
Digital entrepreneurship is critical for developing the ever-changing business environment and economic growth. Existing literature has established how digital entrepreneurship could drive firm performance. However, how digital entrepreneurship could drive a sustainable business model in an emerging economy like Nigeria is an ongoing discussion in the existing literature. This study, therefore, investigates the effect of digital entrepreneurship and sustainable business models in small and medium enterprises in Lagos State, Nigeria. The survey research design was adopted in the study. Three hundred and eighty-seven small and medium enterprise managers were surveyed. The results were analysed using regression analysis. The analysis reveals that In addressing the study's first objective, the findings reveal that most of the digital entrepreneurs in Lagos State are ground-up digital entrepreneurs. The empirical result indicates that digital technologies provide unique combinations of sustainable business model components such as integrated value proposition, comprehensive value creation, and multifaceted value capture. This article describes the advantages and disadvantages of digital technologies and provides useful information for designing sustainable business models. The study concludes that there is no one-size-fits-all solution to sustainability via digital technology. A comprehensive but impartial approach to integrating digital technologies to boost the effect of sustainable business models is recommended in this context.
Dynamics of Manufacturing Sector Development and Youth Unemployment in Africa
(2021-07) Adeleke, Oluwayemisi Kadijat
The study examined the effect of manufacturing sector development on youth unemployment in Africa. The study made use of 33 African countries within the time frame of 2000-2018. Data was sourced from the world development indicators by the World Bank. The estimation technique used was the Panel Autoregressive Distributed lag which deals with the stationary series problem of different orders and allows us to study potential long term effects of structural economic policies. The variables used were in natural logarithms and they are Youth Unemployment, Manufacturing Value Added, Foreign Direct Investment, Gross Capital Formation and Domestic Credit to Private Sector. The result revealed a positive long run relationship among MVA, DCP FDI, GCF and YUEMP. In the short run, MVA and DCP showed a positive relationship to youth unemployment while FDI and GCF showed a negative relationship. The study recommended that to curb the menace of youth unemployment ravaging major African Countries, policy focal point should be directed towards the development of manufacturing sector, conducive economic environment to attract foreign direct investment, policies should be put in place to enhance capital formation with domestic credit being made available for new and existing entrepreneurs and industrialist.
Effectiveness of Financial Market as Economic Development Agents in Africa
(2019-10-25) Adeleke, Oluwayemisi Kadijat
The development in Africa’s financial sector in recent years has been remarkable. Though relatively underexplored and underinvested sector a mere decade ago, today, this sector is considered to be one of the continent’s brightest prospects. This is due to the fact that for some time now, financial sector development has been on front burners in the economic agenda of most African countries. This sector has the potential to transform the lives of millions of people across the continent. Low rate of economic development has created a lot of social stress in Africa, which is responsible for incidence and prevalence of poverty, and consequent social uprisings on a number of occasions. Various studies have examined the role of African financial market development on economic growth, but none have strictly generated a combined focus on the three major African groupings – the Southern, the Western and the Eastern African regions. This paper specifically address this void and it examines the determinant and impact of banking sector and stock market development on Africa’s economic growth and development. Various econometric techniques that include descriptive statistics, unit root tests and OLS were used to analyse data. The study finds out that local financial markets play crucial roles in economic development of Africa, albeit in varying magnitude. The study also observes that banking sector development and economic growth promote stock market development. In addition, this paper finds an interesting result in the fact that trade openness has a negative impact on stock market development, which is different from the findings of many other studies. Financial market size is also strongly related to the size of the economy. This paper has some policy implications. In order to promote banking and stock market development in the region, it is important to encourage savings by appropriate incentives, consider the possibility of one single currency for African countries in order to improve stock market liquidity and develop financial intermediaries. This paper shows an in-depth analysis of Africa financial markets in order to assess how they can improve and benefit the global investor. In addition, it is found that financial intermediaries and stock markets are complements rather than substitutes in the growth process.
Energy access, entrepreneurship and gender dynamics in food security in Sub‑Saharan Africa
(2025-05-20) Adeleke, Oluwayemisi Kadijat
This study delves into the intricate interplay of gender dynamics within the realms of food security, energy access, and entrepreneurship in Sub-Saharan Africa (SSA). Through a comprehensive analysis, it seeks to uncover the unique challenges and opportunities faced by women and men in these critical sectors. Data for the study was obtained from the Food and Agricultural Organization (FAO) and World Development Indicators (WDI). The system Generalized Method of Moments (SGMM) was used for the analysis. Results show that women entrepreneurs face unique challenges in accessing resources and markets, which can impact their ability to contribute to food security. Additionally, the study highlights the importance of gender-sensitive policies and programs that support women entrepreneurs in the food sector.
Ethnic, Educational, and Occupational Dimensions of Domestic Violence in Southern Nigeria
(International Journal of Research and Scientific Innovation, 2024) Adeleke, Oluwayemisi Kadijat
Purpose: This study examined the effect of a married woman’s ethnicity, education, and occupation on domestic violence in Southern Nigeria. The specific goals are to determine the impact of ethnicity, education, and occupation on domestic violence in Southern Nigeria, and assess the determinants of domestic violence in Southern Nigeria. Design/Methodology/Approach: The data from the 2018 Demographic Health Survey (DHS) was analysed using the logit and ordered logit regression techniques. The study considered married women aged between 15- 50 years in the Southern part of Nigeria. Findings: Our findings show that the Ethnicity of a married woman has a positive effect on domestic violence in Southern Nigeria, In the region, being Yoruba, Hausa, and Ijaw reduces the odds of a woman suffering domestic violence. Education has a positive impact on domestic violence, indicating that, the more educated the partner is, the lesser the odds of a woman suffering domestic violence. Gainfully employed women are more prone to suffer domestic violence in Southern Nigeria, that is, having a job increases the odds of a woman suffering domestic violence. Conclusion: At the end of the study, it was discovered that ethnicity and occupation have a positive effect on domestic violence, while education on the other hand is negatively related to domestic violence in Southern Nigeria.
Financial Digital Inclusion and Women’s Empowerment in the Fourth Industrial Revolution: Evidence from Nigeria
(Sustainability Quest, 2024) Adeleke, Oluwayemisi Kadijat
The limited influence of African women on resources and decision-making has posed significant challenges to their capabilities and empowerment for decades. The purpose of this study is to investigate the role of financial inclusion in advancing women’s economic empowerment within the Nigerian context, drawing on data from the 2018 Nigerian Demographic and Health Survey (DHS). The analysis focuses on women’s empowerment in terms of their participation in decision-making related to their own earnings and healthcare. Key financial inclusion variables include the use of mobile money and account ownership. The findings reveal that the odds of women making decisions regarding their earnings and healthcare are approximately 36% and 25% higher, respectively, for those who use mobile phones for financial transactions compared to those who do not. Additionally, women without an account in a financial institution exhibit approximately 42% and 32% lower odds of making decisions about their earnings and healthcare, respectively. This research contributes to the literature on digital financial inclusion and highlights its pivotal role in enhancing women's empowerment and promoting gender equality in Nigeria.
Financial Openness and Poverty Level: The Empirical Investigation in Nigeria
(2021-02) Adeleke, Oluwayemisi Kadijat
This study examined the effect of financial openness on poverty level in Nigeria from 1981 to 2018, using Autoregressive Distributed Lag (ARDL) technique. The study found that the lagged value of poverty has a positive and significant relationship with itself. This buttresses the point that poverty in the previous period’s filters directly into the present period. Again, the study found that financial deepening has an inverse and significant effect on poverty, while financial openness was found to have a positive and significant impact on poverty. Finally, the lagged value of growth rate, investment, inflation and institutional quality has an inverse and significant effect on poverty.
Government Borrowing, Infrastructure, Human Development and Economic Growth in Africa: A Panel Threshold Approach
(2021) Adeleke, Oluwayemisi Kadijat
In this paper, we examined the effect of external borrowing on infrastructure, human development and economic growth in Africa. Using the panel threshold regression, we explored whether the threshold effect that often characterize the debt-growth nexus also applies to key drivers of economic growth, inequality and sustainable development such as infrastructure and human development. Data for the study covered the period 1990 to 2019 for 49 countries in Africa. Findings showed non-existence of a threshold effect between external public debt and infrastructure as well as human development. Finding from the fixed effects model for infrastructure and HDI showed insignificant effect of external borrowing on the index of infrastructure and significant negative effect on human development. The result support literature evidence of a threshold effect between borrowing and economic growth. Findings suggest less allocation of borrowed funds to improvement in infrastructure and use of deficit financing in areas that are not targeted at improving human devilment. Policy directive in this regard has implication for income potential, debt repayment and sustainable development.
Green economic growth, renewable energy and food security in Sub-Saharan Africa
(Energy Strategy Reviews, 2024) Adeleke, Oluwayemisi Kadijat
This study examines the impact of green economic growth and renewable energy on food security in Sub-Saharan Africa (SSA). The rationale for the study comes from the background that with a fast rate of growing population, there is a high pressure on natural resources, which often leads to resource depletion, being experienced across the globe. This study utilises panel data analysis consisting of 37 SSA countries that are members of the Official Development Assistance (ODA). Data was obtained from the Food and Agriculture Organisation (FAO) and World Development Indicators (WDI) for the period 2005–2022. To control for endogeneity, the study applies the system Generalised Method of Moments (GMM). The result shows that renewable energy and green economic growth have a positive significant impact on food security, though this impact is asymmetric across SSA subregions. On the other hand, industrialisation through its emissions, contributes negatively to food security. The implication is that SSA countries should focus on policies aimed at improving green economic growth and renewable energy consumption; while policies aimed at reducing the inefficient adoption of renewable electricity and discouraging industrialisation aimed at suppressing agricultural practices should be adopted.
Green Human Resource Management (Ghrm) and Sustainable Development in a Less Privileged Economy: Empirical Clarification from Nigeria
(2021-07) Adeleke, Oluwayemisi Kadijat
The Study Investigated The Effect Of Green Human Resource Management (GHRM) On Sustainable Development In A Less Privileged Economy With Empirical Clarification From Nigeria. The Study Sought To Determine The Impact Of Green Trainings And Development On The Nigerian Economy, Also, The Study Investigated The Impact Of Green Compensation Structure On The Sustainable Development On The Nigerian Economy. A Cross-Sectional Study Of Both Descriptive And Inferential Statistics Was Conducted Among Employees Of Different Companies In Nigeria. The Investigation Revealed That Green Trainings And Development, As Well As A Green Compensational Structure, Had A Substantial Impact On The Nigerian Economy's Sustainable Development. The Study Showed That Green Training And Development Practices Influences Sustainable Development In The Nigerian Economy, And Green Remuneration Structure Improves Supportable Advancement In The Economy More Relations Of Green Representative Have Feasible Advancement In Nigerian Economy. The Researcher Recommended That The Green Lifestyle Of The Employee Helps With Their Job Results Positively And Should Therefore Be Taken As A Priority By The HR Of Various Organizations
Growth Elasticity of Poverty in Nigeria: Empirical Analysis
(2021-12) Adeleke, Oluwayemisi Kadijat
This Study examined growth elasticity of poverty in Nigeria, using elasticity procedure with data from the 2020 world bank world development indicators and nigerian national bureau of statistics(2020), covering the period 1992 to 2019. the findings showed 77.1% of the GEP coefficients as positive; signifying failure of economic growth to alleviate poverty in the country. it is therefore imperative for Nigeria to initiate and implement policies covering employment generation, good governance, reduction in all forms of inequalities, functional education, among others for growth to engender poverty reduction among the citizens.
Impact of Entrepreneurial Literacy on Sustainable Financial Growth of Small and Medium Enterprises (SMES) in Oyo State, Nigeria
(OECONOMIA COPERNICANA, 2022) Adeleke, Oluwayemisi Kadijat
Entrepreneurial literacy in the whole world is a boost to the requisite competences in the twenty-first century for the small and medium enterprises (SMEs), and enhancing sustainable and inclusive development. Entrepreneurial literacy is equipping an individual with the mindsets, abilities, and knowledge necessary to recognize a chance and help it expand in a sustainable manner. Due to the high failure rate of new businesses, sustainability is tough to attain, but it is gaining attention, especially since it was revealed that there is a distinct connection between entrepreneurial literacy and long-term financial development. Hence, the need to assess the impact of entrepreneurial literacy on sustainable financial growth in Small Medium Enterprises (SMEs) in Oyo state, Nigeria. This study was designed to examine the various forms of entrepreneurial literacy, challenges in achieving sustainable financial growth and the impact of entrepreneurial literacy on sustainable financial growth in SMEs.In conducting this study, quantitative analysis was employed to ascertain the impact of entrepreneurial literacy on sustainable financial growth in SMEs. Descriptive statistics and chi square were used to achieve the purpose of this study. Descriptive statistics was used to summarize the characteristics of respondents, various forms of entrepreneurial literacy and challenges in achieving sustainable financial growth. Chi-square analysis was used to assess the significant impact of entrepreneurial literacy on sustainable financial growth in SMEs and test the null hypotheses at 0.05 levels of significance for accepting or rejecting the hypothesis. The study revealed that a good number of the entrepreneurs had high perceived level of the different forms of entrepreneurial literacy which includes good leadership and entrepreneurship skills, refresher courses on marketing, growth strategy, innovation and innovation management, good financial management practices and so on. Also, majority of the entrepreneurs admitted to the challenges faced in achieving sustainable financial growth in SMEs such as insufficient savings, difficulty in getting partners, high interest rate associated with lending to SMEs by banks, poor record keeping and accounting system, inability to generate sufficient returns on investments to pay off principal & interest and so on which affects sustainable financial growth in SMEs. The study has proven that entrepreneurial literacy has significant impact on sustainable financial growth in SMEs. Therefore, this study established that the importance of entrepreneurship literacy in the advancement of the financial system in SMEs is undeniable.
International Migration and Labour Force Participation Rate: Evidence from Sub-Saharan Africa
(Redeemer’s University Journal of Management and Social Sciences, 2021) Adeleke, Oluwayemisi Kadijat
In recent time, the development of international migration as a simple essential feature of nearly all developed countries gave an indication to the strength and stability of the fundamental issue. Previous studies also established that migrant workers play a significant role in the labour market and contribute to the economies and societies of both their homes and destination countries. It is in the light of this that the study examined the interaction between international migration and labour force participation rate in sub-Saharan Africa (SSA) from 1990-2018. The study employed system Generalized Method of Moment to analyse a panel data of 46 SSA countries using variables such as net migration, international migrant stock (total), net remittances, labour force participation rate (total) and other control variables. Data were sourced from World Bank Development Indicator (2018). Results showed that net migration in the receiving countries has a significant positive relationship with labour force participation rate while the number of international migrant in the countries of origin revealed a significant negative relationship with the labour force participation rate. The findings further revealed that net remittances inflow has a significant negative relationship with labour force participation rate of the countries of origin. The study based on the findings, recommended that policy should be put in place to control the number of immigrants’ job seekers entering the sub-region which can spur unemployment for the receiving countries. Also inflow of remittances should be discouraged as a means of reducing migration outflow as the long run effect can trigger reduction in the labour force participation rate in sub-Saharan African countries.
Realities Versus Rhetorics: Focus Shift in Investment Decisions on the Capital Market
(2019) Adeleke, Oluwayemisi Kadijat
This study focuses on investigating whether historical accounting data (fundamental analysis) can be totally responsible for stock performance and companies return on the Nigerian Stock Exchange. It portrays the extent to which shareholders of listed firms are influenced by various criteria in their investment decisions including reliance on the companies’ annual financial reports provided by the accounting system. The paper tries to show the impact of Behavioural finance in Nigeria Stock Market. This paper use indicators from different areas of financial Statements and Market Capitalisation such as; profitability, EPS, Book and Market value of equity, and Share prices. Also primary data from investors and stake-holders in the market was collected. Data were selected for five year period from 2013 to 2017. The sample of the study consists of five different sectors of companies listed on Nigerian Stock Exchange having five years consecutive data available. For data analysis the study used Pearson correlation technique. The study noted investors’ limited knowledge and understanding of published accounts, which consequently placed limitation on its usefulness to inform their investment decisions. The study therefore concluded that fundamental analysis alone cannot predict stock returns nor determine investors’ decision of the Nigerian listed companies. It was discovered that though relegated to the background, behavioural biases has profound significant relation with Nigerian stock market performance and listed companies on the stock exchange, hence influence investors’ decision.
Revamping agricultural sector and its implications on output and employment generation: Evidence from Nigeria
(Open Agriculture, 2022) Adeleke, Oluwayemisi Kadijat
The Nigerian government has implemented a comprehensive spectrum of policies and programmes to diversify the economy and encourage broad-based growth through investment in the agricultural sector. However, the steady increase in the poverty and unemployment rate has raised controversial issues among scholars. In light of this, the study investigates the impact of selected macroeconomic variables on Nigeria’s agricultural performance using two models for output and employment. The Error Correction Model (ECM) approach was used to establish the short and long-run behaviours. In the first model, output in the agricultural sector was used as the independent variable, while in the second model, employment in the agricultural sector was used as the independent variable. The study’s findings showed that output positively relates to credit to the agricultural sector and exchange rate. However, it was depicted that output and employment in the agricultural sector in both the short-run and the longrun are not statistically significant. The implication drawn from the study is that credit granted to the agricultural sector can foster aggregate output in the sector, which will promote long-term employment. The study suggests considerable investment in the agricultural sector and the need to strengthen institutions for proper management of resources to ensure effective evaluation of funds disbursed for improving the agricultural sector, among others.
Trade Liberalization and Infrastructure Development: Evidence from the Economic Community of West African States
(2021-06) Adeleke, Oluwayemisi Kadijat
Not much is known in the literature concerning the role of trade-oriented policies in promoting infrastructural development particularly for African countries. This study examines the role of trade liberalization on infrastructural development in Africa using data from 15 member-countries in the Economic Community of West African states (ECOWAS) over the period 1993 to 2018. Data was obtained from the World Bank’s World Development Indicators and the African Development Bank. Measures of infrastructure considered include transport, energy, telecommunication and the composite infrastructure index. Findings are provided with use of the PARDL model. The results showed no significant effect of trade liberalization on all measures of infrastructure except for telecommunication where significant positive effects were observed but only in the long run. Long run estimates also showed negative effect of increase in tax revenue on infrastructure development specifically for transport. Findings further showed positive effects of increase in real income on energy and the composite index on infrastructure in the long run with short run results depicting negative effects. Evidence provided suggests the key role of trade liberalization in boosting infrastructure development mainly for telecommunication. In pursuing trade-oriented programs, governments in the region should focus on promoting infrastructure in the areas of transport and Energy as the region will continue to lag behind in these key areas in the advent of trade policies. Efforts should also be made to increase budgetary allocations to infrastructure investment in the attempt to maximize trade benefits and ensure sustainable development. This again is important as governments in the African region seek to pursue larger trade bloc operations in the AfCFTA.

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