Faculty of Management Sciences

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Anticipated Impact of Monetary Union on Bilateral Trade among Ecowas Members
(International Knowledge Press, 2017-03) Akinyede, Oyinlola
The pattern of growth of International Trade and Bilateral Trade among West African Countires has again brought to light the need for a common currency aimed at financial integration of the ECOWAS community. In this light, this study adopts the explanatory survey design and uses the questionnaire as a primary research instrument to solicit responses from experts in monetary policy, foreign exchange and international business with a view to examine and analyze the potential impact of the proposed ECO currency on Bilateral trade among the ECOWAS members. Data was analysed using the simple linear regression to determine the relationship between the dependent (bilateral trade) and the independent variable (monetary union). Findings from the study indicate there is a positive linear relationship between bilateral trade and monetary union; consistent with Akinyede (2014). The relationship is moderate and significant at 5% level of significance (pvalue =.001 < alpha value =.05). Therefore, we conclude that the development of monetary union has significant impact on bilateral trade in ECOWAS.
Assessing the Influence of Environmental Factors on Entrepreneurship Development in Nigeria
(International Knowledge Press, 2017-03-07) Akinyede, Oyinlola
The influence of environmental factors on entrepreneurship has been recognized as important in the entrepreneurship literature. This study aimed at identifying the environmental factors that affects entrepreneurship development as well as the overall effect of environmental factors on entrepreneurship development. Primary data was adopted to generate data from 87 managers and owners of business enterprise in Ago Iwoye. The data generated were analyzed using correlation and regression analysis. Findings revealed that environmental factors have an overall significant effect on entrepreneurship development in Nigeria. It was also discovered by the findings that all he environmental factors dimensions have a significant relationship with entrepreneurship development in Ago-Iwoye, Nigeria. Thus it is recommended that communities should identify aspect of their culture which hinder entrepreneurship development and make necessary adjustment. Finally, the issue of infrastructural facilities should not be seen as the sole responsibility of the government.
Banking Resilience and Government Response during the COVID-19 Pandemic: Evidence from Nigeria
(Banks and Bank Systems, 2023) Akinyede, Oyinlola
In a global pandemic, there is a need for banks to improve service delivery through financial technologies. Since the fight against COVID-19 is the community responsibility, the role of banks in channeling cash to all stakeholders is essential for the con temporary human race. This study investigated the impact of the government response to COVID-19 on the resilience of banks. A multivariate Structural Equation Model (SEM) was used to specify the links between the exogenous factors (government’s social and financial responses) and the endogenous variables (resilience of bank customers, employees and investors). A research survey approach was used where 543 respondents were sampled. A self-constructed online questionnaire was used to harvest responses from customers, employees and investors of the selected banks. The result of the analysis showed a significant relationship between government’s social response and the resilience of bank customers. However, such a relationship does not hold between government’s social responses and other resilience indicators (employees and investors). Furthermore, the result revealed that government’s financial responses do not affect the resilience of banks. The study concluded that the government’s social response during the COVID-19 pandemic influenced bank customers’ resilience in Nigeria. It was recommended that banks, as part of the policy, develop tools to complement government actions during the pandemic, thereby ameliorating its impact on their customers.
Citizen Welfare: the Effect of revenue on the Nigeria Economy
(Innovations, 2022) Akinyede, Oyinlola
Citizen welfare synonymous with state welfare provides stability and comfort in a country's social-economic index. This study used Nigerian citizens' economic and social factors as its foundation to analyse the impact of tax income on Nigerians. Secondary Data was sourced from relevant sources. Total tax revenue TAX is the independent variable. At the same time, citizen welfare is proxied by consumer prices (CON) and Unemployment (EMP) for economic welfare and health (HEA) and Education (EDU) for social welfare. In addition, there is a substantial correlation between tax income.The result demonstrates a significant correlation between tax revenue and the unemployment rate (0.000) and between tax revenue and government spending on education (0.00). In addition, there is a substantial correlation between tax and government spending on health (GSH) in Nigeria, with a significant rate of 0.012 and a significant association between tax and inflation (CPI).The study suggests the Nigerian government invest more in the economic and social wellbeing of its residents because improved citizen welfare directly affects taxes, which has a direct impact on the development
Corporate Social Responsibility and Financial Performance in Nigerian Quoted Oil and Gas Industry
(West African Journal of Business and Management Sciences Faculty of Business Administration, 2020) Akinyede, Oyinlola
The paper investigated the direction of causality between CSR and financial performance of the quoted oil and gas industry. The data set contains ten years from 2014 to 2018 of firm specification variables. Data were gathered from audited financial reports of 8 purposively selected firms from quoted companies in the Oil and Gas industry, Nigeria Stock Exchange (NSE) Factbook and statistical Bulletin of the Central Bank of Nigeria. Granger causality test model was employed to investigate the direction of causality between Corporate Social Responsibility and Financial Performance. The result indicated that there was no causal relationship between corporate social responsibility and Return on Assets (χ2 =3.479, p>0.05). Return on Asset does not Granger cause corporate social responsibility (χ2 =2.279, p>0.05). Also, corporate social responsibility does not granger cause Return on Asset. The study concluded that significant feedback did not exist in any direction of causality between corporate social responsibility and profitability, but there is a positive relationship between them
Covid-19 Pandemic and the Nigerian Financial Market
(2021) Akinyede, Oyinlola
The study empirically investigated the effect of the Coronavirus (COVID-19) outbreak on the performance and effectiveness of the Nigerian money market, capital market, and foreign exchange market. The study used time-series data for 120 working days after the first COVID-19 confirmed case in Nigeria and used both exploratory and multiple regression analysis to evaluate the effect of COVID-19 outbreak on the Nigerian financial market. Open buy back rate (OBRR), All Share Index Volume (ASIV) and Parallel Foreign Exchange Rate (PFXR) were used as variables for money market, capital market and foreign exchange market, respectively. The data representing these variables were subjected to econometric analysis, including the ADF-Fisher unit root test, Johansen co-integration test and Ordinary Least squares (OLS) regression technique. Results from the analysis show that the number of COVID-19 cases is inversely related to the interbank money market rate and the All Share Index Volume of the capital market but directly related to the foreign exchange rate. The study concludes that COVID-19 pandemic significantly affects the Nigerian financial market. Therefore, it was recommended that the government should take preventive steps against financial challenges resulting from health risk in order to ensure stability in the financial market. In addition, business owners should provide motivations that will allow their staff to work remotely, wherever they are. Furthermore, the government should, by way of policies, encourage domestic production of goods and services.
The Determinants of the Corporate Social Responsibility of the Quoted Nigerian Downstream Oil and Gas Industry
(Fuoye Journal of Accounting and Management, 2021-12-30) Akinyede, Oyinlola
The study examined the determinants of Corporate Social Responsible (CSR) of the quoted Nigerian downstream Oil and Gas industry. The study used secondary data, sourced from audited financial reports of selected quoted companies in the Oil and Gas industry, Nigeria Stock Exchange Fact book and Statistical Bulletin of the Central Bank of Nigeria on such variables like corporate social responsibility (donation), age of firms, profit after tax, and total assets. The regression model was used to achieve the objective. The result revealed that Age of Firm (t=5.103, p<0.05) and Firm Growth (t=3.289, p<0.05) were statistically significant as determinants of corporate social responsibility activities in the sector.
Economic Crisis and Personal Financing in Nigeria
(Archives of Business Research, 2022) Akinyede, Oyinlola
The study was carried out to find out the relationship between economic crisis and personal financing among Nigerian workers. The research work made use of both primary and secondary data. Primary data were collected through questionnaires and secondary data sourced from the Central Bank Annual Reports and Bureau of Statistics. Multivariate analysis was applied to determine the relationship between Economic crisis (proxied by inflation, exchange rate, unemployment and cost of living) and personal financing (proxied by spending, tax, savings and investment). Results from the analysis showed a significant positive relationship between economic crisis and personal savings of Nigerian workers. The results showed further that both workers' personal spending and taxes have a positive relationship with the economic crisis in Nigeria, and their relationships are statistically significant at a 5% significance level. It means all the proxied economic crisis variables jointly affect Nigerian workers' personal savings, spending and personal taxes. However, economic crisis had no significant effect on the investment of Nigerian workers. Economic crisis does not influence how Nigerian workers invest their meagre income. Therefore, the economic drivers (governments) are advised to pay more attention to tackling the problems of the high exchange rate, inflation rate, and unemployment rate bedeviling the country to reduce the overall cost of living in Nigeria.
Economic Policy and Economic Stability in Nigeria
(Eurasian Review of Business and Finance,, 2017) Akinyede, Oyinlola
The ability of an economy to support a defined level of economic production indefinitely and the country desire for minimal fluctuations in the macro-economy is a function of government policies and actions policy making institutions. Hence, this study examines the impact of economic policy (monetary policies, fiscal policies and trade policies) on economic stability. With the use ARDL approach to cointergration to analyze data 1981-2016, the study found that economic policy has a significant effect on economic stability therefore the usefulness of economic policy cannot be over-emphasized in the contribution to the Economic stability of the country.
Effect of Corporate Social Responsibility on Accounting Expenditure Conservatism in the Nigeria Banking Industry
(Hallmark University Journal of Management and Social Sciences (HUJMSS), 2019) Akinyede, Oyinlola
There has been ongoing debate on the role of CSR in organizational activities. However, there is lack of consensus on the usefulness of CSR among privately-owned establishments. This study examines the impact of corporate social responsibility (CSR) on accounting conservatism in the Nigerian banking sector. The study employed the quantitative research design, precisely the experimental research design. The major findings of the study revealed that CSR captured as societal expenditure, employee relations expenditure and environmental management expenditure had positive but negligible impact on accounting conservatism in selected deposit money banks in Nigeria. A million naira increase in societal expenditure, employees relation and environmental management expenditure would increase conservatism approximately by 0.01%, 1.1% and 0.04% respectively. To this end, the study concludes that although corporate social responsibility promotes conservatism in the Nigerian banking sector, it’s impact is not robust
Effect of Nigerian Mortgage Institutions on Semi-Urban Housing Development in Ogun State, Nigeria
(www.iiste.org, 2016) Akinyede, Oyinlola
The main objective of this research is to examine the operations of the mortgage institutions on housing development in semi urban area in Nigeria. The study is necessitated by the need to find solution to the lingering problem of housing development in Ado/ota local government and Obafemi-Owode local government Ogun State.The operation of the mortgage institution in Nigeria as revealed by respondents through our questionnaires is characterized by inadequate funding for effective implementation of housing programme. In this regard, concrete identification of the various problems facing the housing sector in the semi urban areas of Nigeria.. It is therefore important that the private housing institution should be encourage to provide funds for housing development and the government should emphasize in creating and enabling environment to stimulate private sector participation in long- term housing financing and is need to enhance the accessibility of mortgage funds by prospective individuals and encourage them to mobilize resources to meet varying housing demand.
Effectiveness of Economic Policies in Combating Inflation in Nigeria
(European Journal of Applied Sciences, 2022) Akinyede, Oyinlola
This study assessed the effectiveness of economic policies (monetary and fiscal policies) in fighting Nigeria's Inflation. Secondary data obtained over thirty-eight years (1981-2018) from the Central Bank of Nigeria (CBN)'s statistical bulletins were used. The econometric test was carried out on the data, which included the ADF-Fisher unit root test and the Johansen co-integration test. A Vector Autoregressive model was used to specify the relationship between the independent variables (Interest rate, Money supply and Liquidity ratio) and the dependent variable (Inflation rate), through the least squares technique. The result revealed that money supply and lending rate have direct and significant influence on inflation (p-values<0.05). However, external debt and government expenditure do not significantly influence inflation. The study concluded that monetary policy is more effective than fiscal policy in combating inflation. Therefore, it was recommended that financial institutions in Nigeria should comply with specified prudential guidelines on monetary policy implementations. Furthermore, the Central Bank of Nigeria should be allowed to carry out her functions without pressure or hinderance from any arm of government.
An Empirical Analysis of Ecowas Labour Mobility and its Effect on the Regional Economy
(2018) Akinyede, Oyinlola
This study empirically investigate ECOWAS labour mobility and its effect on regional economy on a cross sectional analysis. Seven countries of the ECOWAS regional data were analyzed on a multiple regression analysis from 1991-2015 (25years). It was deduced that net migration has not accounted appropriately for labour mobility when subjected to an appropriate test on gross net income. One percent increase on average of net migration (NM) will lead to about 0.34 percent increase on gross national income. However, the positive coefficient of unemployment of 0.72 shows that, as labour mobility tend to stretch out from the ECOWAS region unemployment tends to decline on arithmetic progression which positively affect gross net income (GNI). The coefficient shows that about 73 percent of the total variations are explained by the independent variables. Consequently the study recommends that ECOWAS mobility should be frequently checked by Government to enhance growth within ECOWAS regions.
Financial Deepening and Market Stability in Nigeria
(Journal of Business School, 2019) Akinyede, Oyinlola
The study examined the contribution of financial deepening to Nigeria market stability by evaluating the influence of financial deepening on financial market (Money, Capital and foreign exchange) and commodity market (energy market and agriculture).. The research employed multivariate regression in order to confirm the existence of relationship that exists between the dependent variables (financial market and commodity market) and the independent variable (financial deepening) from January 2007 to August 2017. The study empirically tested hypothesis “financial deepening has no significant effect on market stability”. The results from this study shows a positive significant relationship between financial deepening, foreign exchange market, money market, energy market and the agricultural market in Nigeria while the capital market has a positive but no significant relationship.
Financial Literacy and Entrepreneurship Performance
(International Journal of Novel Research in Marketing Management and Economics, 2023) Akinyede, Oyinlola
The study investigated the level of awareness of financial literacy among selected SSEs in south western Nigeria. The Study made use of primary data collected through the use of a structured questionnaire. Necessary sampling method was adopted in the study and snowballing method was used to administer both physical and electronic questionnaire. The result showed that the t-statistic probability strongly suggests that all three coefficients, Manager’s Literacy (ML), Technical Competence (TC) and Firm size (FS) have a positive and significant effect on Entrepreneurship performance (EP) with P-value of 0.0226, 0.0372 and 0.0316 respectively. In conclusion the success of a company can be significantly impacted by financial literacy. Employees in businesses that are financially literate are more likely to react to changes in the market and make choices that will boost the company's performance. The necessity of money management, investing, and adhering to a budget can be made clear to Entrepreneurs, who will then be better able to contribute to the company's financial security and growth. Last but not least, financial literacy can aid workers in making wiser choices regarding their own financial health, which can boost job satisfaction and corporate loyalty.
Financial Literacy and Financial Inclusion for Entrepreneurship Development in Nigeria
(2017-10) Akinyede, Oyinlola
The study was conducted to determine the importance of financial literacy and financial inclusion on entrepreneurship development with the aim of accessing the knowledge of Nigerian entrepreneurs in respect to financial literacy and the availability of financial services available. Primary data was generated from the use of questionnaire. The survey covered educated entrepreneurs with the minimum of O’levels. A total sample size of 385 respondents were randomly selected from an infinite population. The study employed an ordered probit regression model for the analysis with the help of STATA (14) because both dependent and independent variables in the study are ordered in the context of multivariate latent structural model. The result with Prob > chi2 = 0.0000 showed that both financial literacy and financial inclusion influences the growth and development of entrepreneurship in Nigeria. Also, the size of Nigerian businesses and their locations have significant positive impact on the entrepreneurship growth and development in Nigeria. Hence, we conclude that increase in the financial activities in order to ensure financial literacy and financial inclusion of the Nigerian populace will have direct effect on entrepreneurship development in the country. The study identified areas of inadequacies and proposed recommendations to improve the financial literacy level and availability of financial services for entrepreneurs.
Financing Options and Entrepreneurship Growth in Nigeria
(Fuoye Journal of Management, Innovation and Entrepreneurship, 2022) Akinyede, Oyinlola
The study investigated the nexus of Formal and informal Financing to entrepreneurship growth in Nigeria". The purpose of the study was to assess how the various formal financing and informal financing sources of finance affect the growth of entrepreneurship. Despite the various financing options available for the growth of entrepreneurial firms, some entrepreneurs may need to be aware of most of them and, therefore, may not be able to access them. 255 internet questionnaire were distributed using snowball and random sampling techniques. Data from The questionnaires were coded and analysed using Simple Linear Regression. The findings of this study showed that the sources of finance for the growth of entrepreneurial businesses might be derived from other sources aside the formal and informal finance sources. To this end, therefore, there is a need for awareness of the various sources of finance available to entrepreneurs because increased productivity in entrepreneurship leads to overall economic growth
Gamification and Firms Competitiveness: An Analysis of Deposit Money Banks
(Market-Tržište, 2021-12-30) Akinyede, Oyinlola
gamification on the competitiveness of financial sector companies. The dimensions of gamification related to financial services are premised on product development, marketing and sales activities, and customer services. Design/Methodology/Approach – Employing the survey research design, 662 bank employees of Nigerian banks forming the sample took part in the research by filling out structured questionnaires. The partial least square structural equations model was utilised in the analysis of data in the study. Findings and Implications – The result reveals that gamification dimensions positively affect competitiveness. The findings further indicate that product development, marketing and sales activities, and customer service positively and significantly affect the firm’s competitiveness. The practical implication of this is that deposit money banks should pay attention to gamification to maintain competitiveness. More attention should also be paid to credit sourcing, referrals and lead generation, and selfhelp application in order for firms to achieve and maintain competitiveness. Limitations – This study examined the gamification impact on competitiveness using the banking sector as atheatre of the study. The study employed non-financial measures of competitiveness in arriving at conclusions. Originality – The study provides an insight into how gamification can be significantly put into practice in real-life scenarios and businesses to achieve competitiveness.
Impact of a Monetary Union on Trade in the West Africa Monetary Zone
(Redeemer's University Journal of Management and Social Sciences, 2014) Akinyede, Oyinlola
Impact of Environmental Factors on Foreign Exchange Fluctuations in Nigeria
(Academic Research Publishing Group, 2017) Akinyede, Oyinlola
The study tried to examine the effect of environmental forces on foreign exchange market in Nigeria. The PEST- Political variables such as change in government (CIG) and democratic rule (DMR); Economical variables such as interest rate spread (IRS) and inflation in consumer prices (ICP); Social variable like population growth (PGR); and Technological variables such as fuel exports in merchandise (FEM) and technology export (TEX) were used to evaluate the impact these environmental factors have on foreign exchange market (official exchange rate). This study employed a time series data with the time frame 1973-2015. A multiple regression model was developed and analyzed using the ordinary least square method (OLS) with the help of E-views, a statistical package. The result showed that in isolation, IRS, FEM and DMR significantly influenced dealing rates in the Nigerian foreign exchange market while ICP, CIG, PGR, and TEX did not show any significant influence on foreign exchange market in Nigeria. However, the overall result showed a significant positive relationship between the environmental forces and the foreign exchange market in Nigeria with a p -value of 0.000000. We therefore concluded that environmental factors have significant influence on the Nigerian Foreign Exchange market. Hence, we recommended that relevant stake holders should pay proper attention to those environmental factors with significant impact on our Foreign Exchange Market in Nigeria.

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