Browsing by Author "Ajeigbe, Omowumi Monisola"

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    Covid 19, Poverty and Inequality: Implication on the Egyptian Economy
    (Perspective in Governance: Challenge in COVID-19 Era in Africa, Department of Public Administration and Economics Durban University of Technology, South Africa, 2022) Ajeigbe, Omowumi Monisola
    The adverse impact of COVID 19 pandemic in the year 2020 can be felt globally as it has affected almost all the continent with the impact being felt the most in many first World nations. The impact on Africa is still mild when compared, but despite the slight impact, the effect of the pandemic has plunge so many countries backward with the poor and the vulnerable at the receiving end. It is in the light of the occurrence of the pandemic that this study examined the dynamic interaction among COVID 19, poverty and inequality in Egypt taking into account the effect of the pandemic on some selected structural issues such as number of employed persons, price of gasoline and tourism. A vector error correction mechanism and other diagnostic test was employed to determine both the short run and long run effect of the pandemic on the number of poor people in Egypt and on the income inequality among the Egyptians. Findings revealed that on the short run, a 1% increase in the number of COVID 19 cases give rise to 28% increase in the number of poor people living in Egypt while on the other hand it gives rise to 90% increase in income inequality thereby widening the gap between the rich and the poor. In the long run, findings revealed that a 1% increase in the number of COVID 19 cases give rise to 2% increase in the number of poor people living in Egypt with inequality giving rise to 3% increase in income inequality. This has policy implication as the findings from the impulse response function and variance decomposition revealed a large impact on the short run to shocks from COVID 19 and a mild impact on the long run. The study therefore recommends that efforts should be made by the government and private individuals to curb and eradicate the virus in order to reduce and stop the number of daily cases of the virus in the bid towards the achievement of sustainable development goals of zero poverty and leaving no one behind.
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    COVID-19: Dynamics of Socio-Economic Shocks on Energy Sector Performance in Africa
    (Emerald Publishing Limited, Howard House, Wagon Lane, Bingley BD16 1WA, UK, 2022) Ajeigbe, Omowumi Monisola
    The resistance of the energy sector in recent time has been tried by COVID-19 as the occurrence has added to the dampening down demand for crude oil which has resulted in volatility in prices and dwindling production of crude oil at the global crude oil market. Dwindling demand and price decline can also be perceived as a trend in the electricity sector, the electricity price and consumption. The consequences of individual policy response by countries in relation to the socioeconomic impact of COVID-19 is yet to be known and recent studies conducted in the continent are yet to document the impact of the pandemic on the oil-producing African countries. It is in the light of this that this study determined the effect of socio-economic shocks activated through the COVID-19 pandemic on the energy sector performance and economic development of Africa. Monthly data were sourced from the United States Energy Information Administration, COVID-19 geographic distribution worldwide, World Development Indicator and Trading Economics from 2019 (m12) to 2020 (m10). Seventeen oil-producing African countries were selected across the region based on data availability. The structural panel vector auto regression (SPVAR) analytical technique was used in estimating COVID-19 pandemic and socioeconomic shocks on the energy sector performance proxied by oil production (OILP), Electricity price (ELECTP) and Economic Development proxied by Gross Domestic Product per capita (GDPPC) of the countries. Findings revealed that the COVID-19 pandemic transmits a negative shock to oil production and GDP per capita while a positive shock is transmitted to electricity price. The socioeconomic variables also transmitted both the positive and negative shocks to OILP, ELECTP and GDPPC. Therefore, the study recommended that policies should be directed towards putting in place a shock-absorbing mechanism so as to cushion the effect of the identified shocks on the performance of the energy sector and the economic development of the countries.
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    Dynamics of Oil Price, Exchange Rate and the Trade Performance of Quoted Industrial Sectors at the all Securities Market (Asem) In Nigeria.
    (Advances in Social Sciences Research Journal, 2022) Ajeigbe, Omowumi Monisola
    The study examined the dynamic interaction among oil price, exchange rate and the trading performance of quoted industrial sectors at the Nigerian stock exchange market from 1980 to 2020 used in a Panel Vector Error Correction Mechanism (PVECM) framework. Data were sourced from BP Energy Review, Central Bank of Nigeria Statistical Bulletin and Annual report of the Nigerian Stock Exchange Market. Findings showed that long run relationships were established for oil price, exchange rate and the stock market performance of the industrial sectors. The result revealed a long run negative relationship among oil price, exchange rate and the stock market performance of the industrial sector. In the absence of possibility of complete shift of the burden of oil price rise on to the consumers, the profits and dividends of companies are reduced which may result into decline in stock prices on the long run. The study suggested that variations in oil price and exchange rate are two strong macroeconomic factors which also stand as a risk factor to the performance of the Stock Exchange Market both at the aggregate market level and the disaggregated industrial sector level, therefore, government policies need to be redirected towards controlling for both the negative and positive effect of the risk factors as their impact on the Stock Exchange Market is revealing from this study.
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    Exchange Rate Volatility and Sectoral Analysis of Non-Oil Export in Nigeria
    (Zagreb International Review of Economics & Business,, 2021) Ajeigbe, Omowumi Monisola
    The paper seeks to assess the industry-based effect of exchange rate volatility on the export of non-oil sector in Nigeria. Theoretically and empirically, volatility-trade link is ambiguous. The paper employed bound test for co-integration between exchange rate volatility and exports of non-oil products. Empirically, the results show that we can accept the hypothesis of no co-integration between volatility and export of non-oil industries in most cases. Therefore, the study concludes that the exchange rate volatility can actually produce negative effect on non-oil export industries in the short-run especially the big industries (Agriculture, food and manufacturing) but this effect does not linger into the long-run and this suggests that most of these industries have been able to develop a mechanism to cope with exchange rate volatility problem in the long-run
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    Financial Openness and Poverty Level: The Empirical Investigation in Nigeria
    (International Journal of Research and Innovation in Social Science, 2021) Ajeigbe, Omowumi Monisola
    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.
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    Impact of Entrepreneurial Literacy on Sustainable Financial Growth of Small and Medium Enterprises (SMES) in Oyo State, Nigeria
    (OECONOMIA COPERNICANA, 2022-03-09) Ajeigbe, Omowumi Monisola
    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
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    International Migration and Labour Force Participation Rate: Evidence from Sub-Saharan Africa
    (Redeemer’s University Journal of Management and Social Sciences, 2021) Ajeigbe, Omowumi Monisola
    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.
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    Linkage between Oil Price and Migration in Nigeria
    (Centro Studi di Politica Internazionale, Mondopoli, Italy, 2019) Ajeigbe, Omowumi Monisola
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    Nigeria Ailing Industries and the Capital Structure Theory: A Need for Concern
    (Australian Journal of Business and Management Research, 2013-01-11) Ajeigbe, Omowumi Monisola
    It is necessary to identify that what are factors contribute to the firms’ capital structure composition in its operation. Hence the present study was undertaken with the objective of finding out the relationship between capital structure determinants and ailing manufacturing firms of the listed companies in Nigeria. Using a multiple regression analysis, ailing manufacturing companies in Nigeria stock exchange market was examined for the period of 2005-2010. The final sample consists of 14 manufacturing companies. In this study, dependent variable that is, leverage level of the companies, is measured by long-term debt ratio, short term debt ratio and total debt ratio. Capital structure determinants (independent variables) are measured by capital intensity, tangibility, profitability, firm size and non- debt tax shield. Findings showed that the direction of the explanatory variables such as tangibility, profitability, firm size and non-debt tax shields with total debt largely consistent with the explanations of trade-off theory and prove past empirical findings also
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    Sectoral Analysis of Employment Intensity of Growth in Nigeria
    (Global Business & Economics Anthology, 2021) Ajeigbe, Omowumi Monisola
    This study assessed employment intensity of growth (EIG) in the agriculture, industry and service sectors in Nigeria from 1991 to 2019 within the context of Okun’s theory/law. Data from the 2020 World Development Indicators were employed for analysis, using elasticity procedure after decomposing the scope into different periods and regimes. The findings showed negative EIG in the agriculture and industrial sectors while the service sector returned positive EIG. Therefore, government should invest significantly in the service sector while the agricultural sector should be mechanized to boost output and supply of raw materials to industries to enhance employment generation.
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    Trade Liberalization and Infrastructure Development: Evidence from the Economic Community of West African States
    (Ilorin Journal of Economic Policy, Department of Economics, University of Ilorin, 2021) Ajeigbe, Omowumi Monisola
    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.