ADSU International Journal of Applied Economics, Finance and Management
ADSU International Journal of Applied Economics, Finance and Management Overview The ADSU International Journal of Applied Economics, Finance and Management is a premier scholarly publication of the Department of Economics, Adamawa State University, Mubi, that disseminates advanced research and knowledge in the fields of applied economics, finance, and management. The journal caters to a global audience of academicians, researchers, and professionals, aiming to bridge the gap between theory and practice in these interrelated disciplines in order to facilitate economic development. History The journal was initially established in 2016 under the title ADSU Journal of Economics and Interrelated Disciplines. It was founded with the mission to explore and address the diverse aspects of economics and its related fields. Recognizing the evolving scope and the interdisciplinary nature of modern economic studies, the journal rebranded to ADSU Journal of Applied Economics, Finance and Management. This change reflected a more focused commitment to the practical applications of economic theories, financial management practices, and managerial strategies. In its continuous evolution and pursuit of academic excellence, the journal has now attained significant international visibility and prestige, leading to its current title, ADSU International Journal of Applied Economics, Finance and Management. This rebranding marks its established status in the global academic community and its commitment to fostering international collaboration and dissemination of high-impact research. Scope and Aims The ADSU International Journal of Applied Economics, Finance and Management aims to publish original, high-quality research articles, review papers, and case studies. The journal welcomes contributions that offer innovative insights, empirical findings, and theoretical advancements in areas including, but not limited to: Applied Economics: consumer behaviour, production theory, market structures, game theory, labour markets, welfare economics, economic growth, business cycles, inflation, unemployment, fiscal policy, international trade and finance, time-series, panel data analysis forecasting, poverty, inequality, human capital, microfinance, natural resource management, environmental policy, climate change economics, health economics, healthcare systems, health policy, cost-effectiveness analysis, Urban and regional economics, urbanization, regional development, housing, transportation economics, agricultural economics, agricultural policy, rural development, food security, food economics, food policy, supply chains, and nutrition economics. Tourism economics, economic impact of tourism, demand and supply of tourism, tourism policy, sustainable tourism, sport economics, economic impact of sports, sports finance, marketing, and policy. Industrial organization, market structure, competition, antitrust policy, and innovation. Labour economics, labour supply and demand, wage determination, employment, and labour mobility. Public economics, taxation, government spending, public goods, social insurance, and income distribution. International economics focusing on trade theory, policy, exchange rates, and globalization. Political economy covering governance, political behaviour, and institutional economics. Education economics covering the economics of education, policy, and human capital. . Law and economics analysing property rights and contract theory. History of economic thought exploring classical and modern economic theories. Energy economics examining energy markets and policy. Cultural economics covering the economics of arts, culture, and creative industries. Applied finance: Corporate finance including financial strategies, capital structure, dividend policy, and mergers and acquisitions. Investment analysis covering portfolio management, asset valuation, market analysis, and investment strategies. Financial markets research focusing on the functioning, efficiency, and regulation of stock, bond, and derivative markets. Risk management involving the identification, assessment, and mitigation of financial risks. Financial technology (FinTech) analysing technological innovations in finance, such as blockchain, cryptocurrencies, and digital banking. International finance examining exchange rates, global financial markets, international investment strategies, and the impact of global economic events. Behavioural finance exploring psychological factors influencing financial decision-making and market behaviour. Public finance involving taxation, government spending, public debt, and fiscal policy. Real estate finance covering property valuation, real estate investment, mortgage markets, and property management. Insurance and actuarial science focusing on risk assessment, insurance products, and financial planning for future uncertainties. Banking and financial institutions focusing on the role, regulation, and performance of banks and other financial entities. Personal finance involving budgeting, saving, investing, retirement planning, and wealth management. Corporate governance examining the systems, principles, and processes by which companies are directed and controlled. Financial ethics and regulation exploring ethical issues in finance and the impact of regulatory frameworks on financial practices. Applied management: Strategic management involving competitive strategy, strategic planning, and long-term direction for organizations. Organizational behaviour regarding the behaviour of individuals and groups within organizations, including motivation, leadership, and organizational culture. Human resource management focusing on recruitment, training, performance management, and the strategic role of human resources. Operations management covering the efficient production and delivery of goods and services, supply chain management, and process optimization. International business examineing global business strategies, cross-cultural management, and the challenges of operating in diverse international markets. Entrepreneurship and innovation focusing on the creation and growth of new ventures, innovation management, and the entrepreneurial ecosystem. Corporate governance investigating the systems, principles, and processes by which companies are directed and controlled. Marketing management including market research, consumer behaviour, branding, and digital marketing strategies. Project management involving the planning, execution, and control of projects, including methodologies and tools for successful project delivery. Information systems management focusing on the use of information technology to improve business processes and decision-making. Quality management covering quality control, quality assurance, and continuous improvement processes. Change management involving strategies and approaches for managing organizational change and transformation. Financial management including budgeting, financial planning, investment analysis, and financial control. Knowledge management focusing on the creation, sharing, and utilization of knowledge within organizations. Innovation management exploring the processes and practices that foster innovation and creativity within organizations. Editorial Standards The journal upholds rigorous peer-review standards to ensure the publication of high-quality and impactful research. Manuscripts are evaluated based on originality, relevance, methodological rigor, and clarity of presentation. The editorial board comprises esteemed scholars and practitioners from around the world, bringing diverse perspectives and expertise to the review process. Audience The journal targets a broad audience including academics, researchers, practitioners, policy-makers, and students who are interested in the practical applications of economic theories, financial strategies, and management practices. It serves as a valuable resource for those seeking to understand the complexities of the global economy and to apply this knowledge in various professional contexts. Publication Frequency The ADSU International Journal of Applied Economics, Finance and Management is published biannually, ensuring a regular flow of high-quality research to its readership. Access and Distribution The journal is committed to broad dissemination of its content and supports open access to ensure that research findings are accessible to a wider audience without financial or technical barriers. This approach enhances the journal’s reach and impact across the global academic and professional communities.
Impact of National Health Insurance Policy on Out-Of-Pocket Health Expenditure for Sustainable Development in Kano State, Nigeria
Globally, a health insurance scheme is set to ensure universal health coverage is accessible and affordable for all to ensure sustainable development. The National Health Insurance Scheme (NHIS) is not an exception. The increased quest for healthcare means an increased demand for healthcare complemented by healthcare utilization which is induced by reduction in catastrophic out of pocket payments on health. Empirical evidence using nonlinear econometric models revealed that demand for healthcare with endogenity of health insurance policy affects catastrophic health expenses. It is in view of this that the study seeks to identify factors responsible in explaining the extent and level of financial protection provided to users in Kano state, Nigeria amidst the NHIS policy since inception. The study collected data from a sample of 391 users and Logistic regression model was used to estimate out of pocket payments or NHIS to measure extent of financial protection provided to users. Findings from the study revealed that; socio-demographic, economic, individual specific and health specific factors determine the extent of financial protection among enrollees; aging population, the female and the severely ill are negatively affected by the policy; the enrollment criteria has left enrollees with healthcare burden that is settled out of pocket, in the same vein accredited public hospitals are ill-equipped which derives enrollees to accredited private hospitals and incur exorbitant healthcare costs. The model fit statistics have shown that the models fit the data set well. The study recommends that special consideration should be given to the old age, there should be a health insurance package for retirees and there should be closed monitoring and evaluation of the accredited centers (public and private) to ensure achievement of the desired goal of accessing healthcare at affordable cost among others.
Assessing The Role Of Rice Value Chain In Enhancing Women’s Economic Welfare In Northern Senatorial Zone, Adamawa State
This study examines the role of the rice value chain in enhancing women’s economic welfare in the Northern Senatorial Zone of Adamawa State, Nigeria. Employing a quantitative cross-sectional and explanatory research design, primary data were collected from women involved in rice production, processing, and marketing using structured questionnaires. The sample size was determined using Taro Yamane’s (1967) formula, and data were analyzed using descriptive statistics, Logit regression, Propensity Score Matching (PSM), and Ordinary Least Squares (OLS) regression techniques. The findings from the Logit model indicate that socio-economic and institutional factors including education, farming experience, access to credit, cooperative membership, land ownership, and extension services significantly increase women’s likelihood of participating in the rice value chain, while greater distance to markets reduces participation. The PSM and OLS results further reveal that participation in the rice value chain translates into substantial welfare gains. Participating women earn higher incomes (β = 38,450; ATT = ₦37,774.12), spend more on household consumption (β = 14,320; ATT = ₦14,422.56), and possess a greater assets index (β = 0.15; ATT = 0.14) compared to non-participants. Disaggregated analyses show that engagement in rice production and processing contributes most significantly to income, consumption, and asset accumulation, whereas marketing alone yields limited and inconsistent benefits. The study highlights the reinforcing roles of human capital, institutional support, and access to productive resources, while household size and poor market access remain constraints. Based on these findings, the study recommends targeted education and training programs, strengthened cooperative structures, facilitated access to affordable credit, improved rural infrastructure, and promotion of value-addition activities along the rice value chain. Implementing these measures can enhance women’s participation, improve short- and long-term welfare outcomes, and promote sustainable economic empowerment in the study area.
An Empirical Evaluation Of The Impact Of Agricultural Programs On Food Security In Adamawa State
This study empirically evaluates the impact of agricultural programs on food security in Adamawa State, Nigeria, focusing on the availability of staple food crops and household access to food. Despite government interventions including the State Subsidised Input Program, Fadama projects, and the Anchor Borrowers’ Program, food insecurity persists due to poverty, youth unemployment, climate variability, and conflict. Using a quantitative survey design, data were collected from 450 respondents across six purposively selected Local Government Areas. Regression analyses employing Ordinary Least Squares (OLS), robust OLS, and log-linear models were conducted. Results show that participation in agricultural programs significantly improves staple food availability (β = 0.284, p < 0.01) and household food access (β = 0.241, p < 0.01). Access to subsidised inputs (β = 0.219, p < 0.01) and agricultural credit (β = 0.182, p < 0.01) further enhance food availability, while household income (β = 0.318, p < 0.01) and education of household heads (β = 0.124, p < 0.01) positively influence food access. Larger household sizes, however, negatively affect food access (β = −0.067, p < 0.05). These findings support the Sustainable Livelihoods Theory by highlighting the role of financial, human, and physical capital in improving production, income, and resilience. The study recommends strengthening program implementation through expanded input support, improved extension services, enhanced credit facilities, and promotion of education and income diversification to ensure sustainable food security.
Effects Of Farmer-Herder Conflicts On Food Security Among Farming Households In Adamawa State Nigeria
This study investigates the effects of farmer–herder conflicts on food security among farming households in Adamawa State, Nigeria, and assesses the mitigation strategies adopted for managing these conflicts. Using a cross-sectional research design and multistage cluster sampling, data were collected from farming households and analyzed using descriptive statistics, a food security index, and a logistic regression model. The results show that about 63 percent of farming households are food insecure. Empirical findings indicate that cattle rustling, violent confrontation, crop damage by cattle encroachment, and interpersonal clashes significantly reduce the likelihood of household food security. The study identifies seven community-based mitigation strategies predominantly applied to resident (local) herders, including verbal warning, arrest and prosecution, alternative dispute resolution, compensation, relief provision, plot reallocation, and payment for loss of cattle. In addition, a state-led seasonal calendar (date-line) approach regulating harvesting periods and pastoral movement is identified as a complementary preventive strategy targeting migrating herders. While most households perceive these measures as effective, gaps remain in enforcement and institutional coordination. The study concludes that farmer–herder conflicts constitute a major constraint to household food security and recommends institutionalizing the seasonal calendar framework, strengthening community-based conflict resolution mechanisms, and integrating conflict-sensitive land-use planning and agro-pastoral practices to enhance sustainable food security outcomes.
Financial Inclusion And Economic Development In Northern Nigeria: Empirical Evidence And Policy Implications
This study investigates the relationship between financial inclusion and economic development in Northern Nigeria using quarterly secondary data from 2012 to 2024, focusing on ten states with the highest multidimensional poverty rates. Financial inclusion indicators include bank branches per capita, ATM penetration, mobile money usage, and rural loans, while economic development is measured by GDP per capita, poverty rates, employment, and household income. Unit root tests reveal mixed orders of integration among the variables, justifying the use of the Autoregressive Distributed Lag (ARDL) approach. The bounds test confirms a stable long-run cointegrating relationship between financial inclusion and economic development. Long-run ARDL estimates indicate that bank branches, ATM penetration, and rural loans positively affect economic development but are statistically insignificant, suggesting limited impact of traditional financial inclusion channels, whereas mobile money usage has a negative and marginally significant effect, implying that it is mainly used for consumption rather than productive investment. Short-run results show that the lagged dependent variable is significant and the error correction term is negative and statistically significant, with approximately 50 percent of deviations from long-run equilibrium corrected within one quarter, indicating a relatively fast speed of adjustment toward a stable long-run relationship. Post-estimation diagnostics confirm model robustness, showing no serial correlation, heteroscedasticity, or non-normality. Based on these findings, the study recommends that policies not only expand access to financial services but also promote their productive use through entrepreneurship programs and investment incentives; enhance financial literacy for low-income and rural populations; and strengthen institutional and regulatory frameworks to improve transparency, credit allocation, and monitoring of financial services.
Moderating Effect Of Tax Expertise On The Relationship Between Corporate Tax Planning Strategies And Profitability Of Listed Consumer Goods Companies In Nigeria
This study examined moderating effect of tax expertise on the relationship between corporate tax planning strategies and the profitability of Nigerian consumer goods companies. The study employed ex-post facto research design. The study focused on 15 sampled companies from a population of 21, covering a 16-year period (2007–2022). Data was collected from the sampled companies and analysed using panel corrected standard error regression technique. The findings reveal that effective tax rate and tin capitalization both have a negative and significant impact on return on capital employed. Capital intensity positively and significantly affects return on capital employed. Tax expertise positively and significantly affects return on capital employed. Tax expertise also significantly moderates the relationships between effective tax rate, thin capitalization, capital intensity, and profitability, amplifying the positive impacts of tax planning strategies. However, its moderating effect on the relationship between firm size and profitability is positive but insignificant. Based on these findings, the study recommends that companies focus on strategies to minimize effective tax rate, optimize debt levels, and invest in capital assets while leveraging the expertise of tax professionals on their boards to enhance profitability. Further research should explore the long-term impacts of these strategies, consider other sectors of the Nigerian economy, and examine additional corporate governance factors.
Monetary Policy Variables And Inflation Rate In Nigeria (1986 – 2024)
Persistent inflation has continued to challenge Nigeria’s macroeconomic stability and the effectiveness of monetary policy. This study investigates the impact of key monetary policy variables, Monetary Policy Rate (MPR), Cash Reserve Ratio (CRR), and Exchange Rate (EXR), on inflation in Nigeria from 1986 to 2024. Using annual data from the Central Bank of Nigeria (CBN) and the World Development Indicators (WDI), the study applies the Auto-Regressive Distributed Lag (ARDL) model alongside unit root, cointegration, and Granger causality tests to examine both short- and long-run dynamics. Results reveal that a 1% increase in MPR raises inflation by 1.92% in the short run and 4.90% in the long run, indicating a strong positive relationship. The CRR shows an insignificant short-run effect but a long-run negative impact, where a 1% rise reduces inflation by 1.40%. Exchange rate movements exhibit mixed outcomes: a 1% depreciation lowers inflation by 2.20% in the short run but increases it by 2.66% in the long run. The error-correction term of -0.83 suggests rapid adjustment to the long-run equilibrium. The study recommends that the Central Bank of Nigeria apply cautious and coordinated adjustments to the MPR, utilize CRR strategically for long-term inflation control, and adopt integrated exchange rate and structural policy reforms to strengthen monetary policy effectiveness.
Firm Age, Firm Size And Environmental, Social And Governance Disclosure In Nigeria
This study examines the effect of firm-specific characteristics on Environmental, Social, and Governance (ESG) disclosure among companies listed on the Nigerian Exchange Group. Drawing on legitimacy and stakeholder theories, the study focuses on firm size and firm age as key explanatory variables, while controlling for profitability. Using panel data from 41 listed firms over the study period, panel regression techniques are employed, including pooled ordinary least squares (OLS), random effects (RE), and fixed effects (FE) models. Post-estimation diagnostics indicate that the fixed effects model, corrected using panel-corrected standard errors (PCSE), provides the most appropriate specification. The empirical findings reveal a strong and positive relationship between firm size and ESG disclosure, suggesting that larger firms are more responsive to stakeholder pressure and regulatory expectations. Conversely, firm age exhibits a negative and statistically significant effect on ESG disclosure in the fixed effects models, indicating that older firms may rely more on established reputational capital rather than expanding sustainability reporting practices. Therefore, the results highlight that while firm size aligns with global evidence as a key driver of ESG disclosure, firm age displays contrasting effect in the Nigerian context. The study contributes to the limited literature on ESG disclosure in emerging markets and provides relevant insights for policymakers, investors, and corporate managers seeking to strengthen sustainability reporting practices in Nigeria.
Environmental Social and Governance (ESG) Disclosure
The Influence Of Organisational Communication And Leadership Styles On Employee Performance In Niger State Board Of Internal Revenue
This study examines the influence of organistional communication and leadership styles on employee performance in Niger State Board of Internal Revenue. The primary goal of the study was to determine how employee performance at the Niger State Board of Internal Revenue was impacted by organizational communication and leadership styles. The study adopted theories like situational/contingency theory of leadership, and adaptive structuration organizational communication theory as theoretical underpinning. A quantitative research approach was employed to accomplish the goal, and 159 (86%) of the 186 closed-ended questionnaires distributed were collected. The Multifactor Leadership Questionnaire, was used to collect the data, and it was adjusted to meet the needs of the research. The statistical methods employed for the analysis of the data were descriptive and inferential, with the aid of SPSS software. The results revealed that there was a high correlation between employee performance and leadership style. Consequently, it was recommended that companies use media and efficient communication techniques to help workers understand the intentions of the organisation. Furthermore, leadership philosophies ought to be flexible rather than rigid and unchangeable.
Institutional Quality And Foreign Direct Investment Inflows In ECOWAS
There is no doubt that several studies have examined the linkage between institutional quality and foreign direct investment, but the fact remains that institutional quality as a measure of governance effectiveness cannot on its own provide remedy towards facilitating capital inflow. It is on this note that this study examines the impact of institutional quality on foreign direct investment (FDI) in the Economic Community of West African States (ECOWAS) Sub-region, with an underlying focus on the mediating role of economic openness in the link between institutional quality and foreign direct investment (FDI) inflows. Using annual panel data covering 12 ECOWAS countries from 2010–2024, the study employed Structural Equation Modelling (SEM). Results reveal that rule of law exert a negative direct effect on FDI inflows, reflecting persistent instability, weak policy implementation, and investor concerns about political risk across the sub-region. However, trade openness provides a modest but significant mediation effect, suggesting that market access can partly offset the deterrent impact of governance challenges. The study concludes that legal and institutional reforms alone are insufficient to attract investment. ECOWAS governments should complement reforms with robust trade and commercialization policies to foster a more enabling environment for sustainable FDI.
Exchange Rate Pass-Through And Macroeconomic Drivers In Nigeria: Evidence From ARDL Analysis, 1986–2023
This study examines the determinants of Nigeria’s exchange-rate dynamics through the lens of the Exchange Rate Pass-Through (ERPT) theory. Using annual data from 1986 to 2023 sourced from the Central Bank of Nigeria and the National Bureau of Statistics, an autoregressive distributed lag (ARDL) framework is applied to capture both short- and long-run effects of key macroeconomic drivers: money supply, monetary policy rate, inflation, government capital expenditure, government recurrent expenditure, and real gross domestic product on exchange rates. The long-run results reveal that inflation and money supply exert statistically significant negative impacts on the exchange rate, implying that episodes of rising domestic prices and monetary expansion, when accompanied by credible policy tightening and real-sector growth, are associated with a mild appreciation of the naira. By contrast, the monetary policy rate shows a strong positive impact, indicating that sustained interest-rate hikes may signal fiscal or liquidity risks, thereby encouraging depreciation. Government capital and recurrent expenditures both contribute significantly to naira depreciation, with the recurrent component displaying the stronger impact, while real GDP growth remains positive but statistically insignificant once monetary and fiscal influences are controlled. Based on the findings, this study recommends that effective management of recurrent spending, targeted monetary expansion that supports productive sectors, and transparent policy communication are essential to moderating pass-through pressures and sustaining long term exchange-rate stability.
Assessment Of Household Water Demand And Supply Situation In Damaturu Metropolis, Yobe State-Nigeria: A Quest For A Sustainable Water Security Solution
Access to safe water which was declared as a fundamental human right by the United Nations General Assembly in the year 2000 that was expected to derive economic growth, reduce poverty, improves health security and indeed environmental sustainability. But as population, urbanization, industrialization and climate change severity increase, the underlying challenges facing most municipal authorities particularly in the underdeveloped and developing countries have also increased in scope, complexity and intensity. This is evident in the United Nation (UN) report that about 785 million people lack access to basic drinking water service and at least 2 billion people use a drinking water source contaminated with feces which further cause water borne disease such as cholera, diarrhea, typhoid, hepatitis, among others. Empirical evidence within the study area suggests that total water demand in Damaturu metropolis as at January, 2024 was 900 million litres per day (mld) and the available supply was just 250 mld. The difference stood at 650 mld as deficit. The study, deployed a blend of three theories- the Theory of Planned Behaviour (TPB), Time allocation, Cost-benefit analysis and utility maximization theories have been identified and adopted as the analytical framework for the study. A case study approach using mixed method research resign was used as the main methodology for the study. The quantitative data was analyzed using STATA version 17 of the both descriptive statistics data summary and estimation of Tobit or logistic regression models. Also, Nvivo and ATLAS-TI software was used for the analysis of the qualitative data. The finding revealed that most of the respondents (85.22%) relied on informal water vendors as the major source of water for domestic consumption. Furthermore, significant percentage (91.44%) of the respondents expressed willingness to pay for the improved water supply system and reported the sum ₦3,119.51K equivalent to $2.51 as mean willingness to pay per week. The Tobit regression result identified household income spent on water, average daily quantity of water consumed by household, and average income of head of household were found to be statistically significant in influencing households’ willingness to pay for improved private sector water supply within the study area. The need for more investment by organized private sector through Public Private Partnership PPP in the water industry, among others was recommended.
Agricultural Credit, Government Spending And Agricultural Productivity In Nigeria: An Empirical Analysis
This study examined the effects of agricultural credit and government spending on agricultural productivity in Nigeria from the first quarter of 1999 to the fourth quarter of 2023. Using secondary data obtained from the World Bank Database and the Central Bank of Nigeria Statistical Bulletin (2023), the study employed the Autoregressive Distributed Lag (ARDL) regression technique. The findings revealed that agricultural credit, climate variability, insecurity, and corruption significantly influenced agricultural output growth during the study period. The study recommends enhancing access to agricultural credit, increasing and efficiently managing government spending, implementing climate adaptation strategies, and strengthening anticorruption institutions to improve agricultural productivity.
An Analysis Of The Determinants Of Household Biomass Energy Demand And Willingness To Pay For Improved Energy Source In Michika LGA
This study examines the determinants of household biomass energy demand and willingness to pay (WTP) for improved energy sources in Michika Local Government Area (LGA) of Adamawa State, Nigeria. A cross-sectional survey design, complemented by descriptive, analytical, and contingent valuation approaches, was employed to collect primary data from 400 households across 13 electoral wards. The data captured socio-economic, demographic, and energy consumption characteristics of the respondents. The Multinomial Logit (MNL) model, grounded in Random Utility Theory, was used to analyze the determinants of household energy choices, while a Binary Logit model estimated the willingness to pay for improved energy sources. Descriptive analysis revealed that most respondents were male, within the 51–60 years age group, and had primary education. Access to modern energy was generally low, and reliance on traditional fuels such as firewood and charcoal remained high due to affordability and accessibility challenges. Regression results showed that household income and type of dwelling unit significantly influenced energy accessibility, indicating that wealthier households in better housing structures are more likely to use modern energy sources. In contrast, reliance on traditional fuels negatively affected access to improved energy. The logistic regression model further confirmed that the type of energy source significantly influenced the likelihood of having reliable energy access. The model demonstrated good fit and predictive accuracy, validating its suitability for analyzing household energy behavior. The study concludes that enhancing access to modern and cleaner energy sources is vital for reducing dependence on biomass fuels and promoting sustainable energy use in rural communities. It recommends that government, private investors, and development partners improve rural energy infrastructure, provide affordable clean energy alternatives, and promote awareness programs to facilitate equitable and reliable access to improved energy sources in Michika LGA.
Effect Of Monetary Policy And Financial Technology On Stock Market Performance In Nigeria
The study looked into the effects of monetary policy and financial technology on Nigerian stock market performance. Secondary data released between 2000 and 2023 was used in the research. This study examined the long-term relationships and effects of financial technology, inflation, the broad money supply, and the monetary policy rate on the performance of the Nigerian stock market using the Autoregressive Distributed Lag Model (ARDL) Bound test approach. There is a long-term association between the study's variables, according to the ARDL Bound test. Because the unit rise in the monetary policy rate (MPR) and inflation (INF) reduced the stock market performance in Nigeria by about 72% and 15%, respectively, the estimated ARDL model demonstrated that these two factors have a significant negative influence on stock market performance in Nigeria. According to the calculated ARDL model's long-run coefficient, financial technology (NIP) significantly and favorably affects Nigeria's stock market performance; a unit increase in NIP raises stock market performance by around 42. Granger causality was used to show that the money supply and monetary policy rate in Nigeria were causally related in a one-way fashion. According to the study's conclusions, in order to avoid prejudice and discrimination, Fintech businesses should prioritize data protection, consent, and fairness when using algorithms for decision making. Finding the ideal balance between innovation and moral behavior is essential to the long-term viability and success of the fintech industry. A strong monetary policy transmission mechanism that enhances capital market performance, steady money supply growth that corresponds with increased activity in the Nigerian stock market, and the implementation of policies that promote price stability in the economy are all necessary for the Central Bank of Nigeria
Autoregressive Distributed Lag (ARDL) Model
Role Of Microfinance Banks On Youth Entrepreneurial Intention: The Mediating Effect Of Entrepreneurial Self-Efficacy In Yola Metropolis, Adamawa State, Nigeria
This study investigates the influence of role to microloans, business training, and entrepreneurial self-efficacy on youth entrepreneurial intentions among Batch B National Youth Service Corps (NYSC) members in Adamawa State, Nigeria, during the 2024-2025 service year. The study was motivated by the need to fill an identified gap in the literature, as existing research scarcely examined, in one study, the combined effects of microloans and business training on youth entrepreneurial intentions, including the mediating role of entrepreneurial self-efficacy. A crosssectional survey research design was used, and the Taro Yamane (1973) formula was adopted to determine the sample size. A total of 340 questionnaires were distributed, with 300 valid responses obtained, yielding an 88.2% response rate deemed suitable for multivariate analysis. Stratified sampling was employed based on NYSC platoons, 34 respondents from each platoon were selected. Data were collected using a structured questionnaire based on validated scales adapted from previous studies. Analysis was conducted using confirmatory factor analysis (CFA) and structural equation modeling (SEM) via AMOS version 22. The findings reveal that ROLE to microloans significantly impacts youth entrepreneurial intention in Adamawa State (β = 0.62, p < 0.05) but does not significantly influence entrepreneurial self-efficacy (β = 0.12, p > 0.05). Business training programs, conversely, exhibit a substantial positive effect on both entrepreneurial intention (β = 0.78, p < 0.01) and self-efficacy (β = 0.68, p < 0.01). However, entrepreneurial self-efficacy does not directly affect youth entrepreneurial intention (β = 0.05, p > 0.05) and does not mediate the relationship between either role to microloans or business training and entrepreneurial intention. These results suggest that while financial support and skill-based training significantly foster entrepreneurial intentions, selfefficacy may play a less critical role as a direct mediator. It is recommended that policymakers and stakeholders prioritize microloan schemes and effective entrepreneurial training programs to enhance youth entrepreneurial activities and address unemployment challenges.
Work-Life Balance And Employee Engagement Among Private Hospitals In Minna, Niger State
Employees especially those in private sectors are mostly tied down and occupied entirely by work making them unable to make adequate balance between their work and outside work affairs which leads them to be disengaged at the work place there by affecting their productivity and organizational performance at large. Various studies revealed reciprocal relations as well as bidirectional rather than a clear results regarding the relationship between work-life balance and employee engagement and as such this study expand on the current literatures by examining the effect of work-life balance on employee engagement using spillover theory as the foundation. The study employed a quantitative survey by administering a structured questionnaire to 194 employees of 9 private hospitals in Minna using census based sampling technique. Formulated hypotheses were tested using multiple linear regression and the results revealed R2 of 0.685 and R value of 0.741 indicating that work-life balance accounted for a high variations in employee engagement and that the variables are strongly correlated as well. Findings revealed that flexible work arrangement and leave policy have a positive significant effect on employee engagement while career development opportunity have a positive but insignificant effect on employee engagement. The study concluded that work-life balance is a predictor of employee engagement within the context. Recommendation was made that the management of the hospitals should introduce and strengthen flexible work arrangements by implementing shift flexibility policies and also design a comprehensive and fair leave policies that will suits the needs and circumstances of employees.
Assessing Digital Financial Inclusion And Rural Livelihoods In Shendam Local Government, Plateau State: Prospects For A Sustainable Digital Transformation
Digital Financial Inclusion (DFI) has become a vital tool for improving financial access and enhancing livelihoods, particularly within underserved rural communities. This study examines the effect of DFI on household consumption patterns and financial well-being in Shendam Local Government Area (LGA), Plateau State, Nigeria. Using a mixed-methods approach, data were collected from 400 rural households across four districts through structured questionnaires, interviews, and focus group discussions. Analytical techniques including descriptive statistics, chisquare tests, and regression models were employed to assess the relationships between DFI, income, education, household size, and employment status. Findings reveal that while awareness of digital financial services is moderate, actual usage remains limited due to low digital literacy, inadequate infrastructure, and affordability challenges. Notably, DFI exerts a negative direct influence on consumption, suggesting that access alone does not ensure financial improvement without adequate literacy and responsible usage. However, the interaction between DFI and income is positive and significant, indicating that digitally included higherincome households experience more diversified and stable consumption. The study further identifies disparities by age, gender, employment status, and household headship, with male-headed and self-employed households showing higher inclusion levels. It recommends financial literacy initiatives, gender-inclusive financial products, and expansion of agent banking networks to strengthen digital access and consumer protection. Overall, the study underscores DFI’s potential as a catalyst for inclusive rural development and supports progress toward relevant Sustainable Development Goals (SDGs) in Nigeria.
Nexus Between Audit Quality And Financial Reporting Quality Of Listed Insurance Company In Nigeria
This study investigated the nexus between audit quality and financial reporting quality among listed insurance companies in Nigeria over a twelve-year period (2012–2023). The target population consisted of 24 insurance firms listed on the Nigerian Exchange (NGX) as of December 31, 2023, out of which 18 were purposively selected based on the availability of complete data. Secondary data were extracted from the annual reports and accounts of the sampled firms. Employing a correlational research design, the study utilized multiple regression analysis to assess the data. The results revealed that audit independence exerts a positive and significant effect on financial reporting quality, thereby enhancing the reliability of financial statements. Conversely, audit type exhibited a negative and significant influence, indicating that the structural characteristics of the audit firm may shape reporting outcomes. Joint audits were found to have a positive and significant effect, contributing to enhanced credibility and reduced reporting errors. Similarly, audit tenure demonstrated a positive and significant impact, suggesting that longer auditor engagements foster a deeper understanding of company operations and thus improve reporting quality. Overall, the findings underscore the critical role of audit quality in strengthening financial reporting practices within Nigeria’s insurance sector. The study recommends that the independence of external auditors should be safeguarded and reinforced through robust regulatory frameworks to ensure credible and transparent financial reporting.
Impact Of Foreign Aid On Economic Growth In Nigeria: Role Of Corruption
This study investigates the impact of foreign aid on Nigeria's economic growth, explicitly accounting for the moderating role of corruption. Despite decades of substantial aid inflows, Nigeria continues to face entrenched socio-economic challenges, raising critical questions about aid effectiveness. Employing the Autoregressive Distributed Lag (ARDL) model on annual data from 1993 to 2023, the findings reveal a weakly positive relationship between foreign aid and growth. Corruption exhibits a significant negative impact, confirming its role as a major impediment to development. Crucially, the interaction term between foreign aid and corruption is positive, suggesting that aid can foster growth even in a corrupt environment when coupled with oversight mechanisms. Contrary to theoretical expectations, Foreign Direct Investment (FDI) negatively impacts growth, likely due to its concentration in the extractive sector with limited local linkages. The study concludes that while foreign aid has a potential growth-enhancing effect, its efficacy is critically contingent on robust governance and anti-corruption measures. Policy recommendations are offered to strengthen institutions, diversify FDI, and enhance the efficiency of domestic investment to ensure external resources translate into sustainable economic development.
Relationship Between Money Supply And Interest Rate In Nigeria 1990 – 2023
This study investigates the relationship between money supply and interest rate in Nigeria from 1990 to 2023. The specific objectives were to examine the pattern of money supply and interest rate, assess the effect of Narrow Money (M1) on interest rate, determine the impact of Broad Money (M2) on interest rate, and evaluate the direction of causality between money supply and interest rate. Using the Autoregressive Distributed Lag (ARDL) model and Granger causality tests, the results reveal a long-run relationship among broad money supply (BM), exchange rate (EXR), gross domestic product (GDP), inflation (INF), and interest rate (INR) at the 5% significance level. The ARDL estimates indicate a long-run positive relationship between broad money supply and interest rate (0.521919), consistent with the Irving Fisher effect, and a long-run negative relationship between narrow money supply and interest rate (-6.81E-08). Granger causality analysis shows that interest rate Granger-causes broad money supply, inflation Granger-causes exchange rate, and a bidirectional causality exists between interest rate and inflation. The study recommends a balanced expansion of broad money aligned with real sector productivity, targeted liquidity interventions via narrow money to reduce interest rates, coordinated interest rate inflation policies, and inflation control measures to enhance exchange rate stability.
Cryptocurrency And Digital Assets: Transforming The Financial Landscape
The rise of cryptocurrency and digital assets marks a transformative shift in the global financial ecosystem, driven by blockchain technology's ability to decentralize, enhance transparency, and improve efficiency. These innovations challenge traditional financial institutions and regulatory frameworks, reshaping how value is transferred and stored. This paper examines the core principles and technological foundations of cryptocurrencies and digital assets, exploring their potential to revolutionize financial systems while addressing issues of financial inclusion, cross-border transactions, and asset tokenization. Furthermore, it discusses the regulatory, security, and environmental challenges that accompany widespread adoption. By analyzing the evolving landscape, this study provides insights into how digital assets are poised to redefine the future of finance.
Effect Of Fuel Subsidy Removal On Standard Of Living Of Staff In Adamawa State University, Mubi
This study investigated the effects of fuel subsidy removal on the standard of living of academic and non-academic staff at Adamawa State University, Mubi. The objectives were to examine the extent of the impact on household expenditure, analyze changes across welfare indicators such as food, healthcare, transportation, children’s school fees, electricity, and water and sanitation, explore coping strategies adopted by staff, and assess the effectiveness of government and institutional cushioning measures. The study employed a survey research design, with data collected through a structured questionnaire administered to 386 staff members selected from both academic and non-academic categories. Descriptive statistics, including frequencies and percentages, were used to summarize the socioeconomic characteristics of respondents, while ranking techniques and inferential methods, including Structural Equation Modeling (SEM), were applied to establish relationships among constructs. Findings revealed that fuel subsidy removal significantly increased household expenditure across all welfare indicators, with the sharpest rise recorded in food, transportation, and healthcare costs. Respondents reported various coping strategies, including reducing household consumption, cutting back on transportation expenses, and seeking alternative income sources. Although government and university management provided cushioning interventions, such as wage awards, cash transfers, and subsidized transport services, these measures were rated as insufficient in addressing the magnitude of the hardship experienced. The SEM analysis further confirmed strong linkages between fuel subsidy removal and declining living standards, with cushioning measures offering only partial moderation of the adverse effects. The study concludes that fuel subsidy removal has imposed considerable economic pressure on university staff, substantially reducing their welfare. It recommends the introduction of sustainable and broad-based social protection programs by government and institutions, capacity building for staff to diversify income, and continuous stakeholder engagement to ensure that welfare considerations are prioritized in future policy reforms.
Exchange Rate Volatility And Inflation Dynamics In Nigeria
The study provided analysis of the effect of exchange rate volatility on inflation in Nigeria. The study used quarterly time series secondary data covering the period from 2000Q1 to 2023Q4. The study disaggregated the period into two to assess the extent of volatility for exchange rate during period of broad-based sustained growth (2000Q1- 2014Q4) and period when growth rates decreased (2015Q1-2023Q4) in Nigeria. The study employed statistical and econometrics techniques for data estimation and analysis. The study employed E-GARCH model to assess volatility clustering in exchange rate, generate a series for exchange rate volatility and examine the effect of exchange rate volatility on inflation in Nigeria for the period of the study. The study further employed Granger causality test to establish causal relationship among the variables of the study. The result obtained from E-GARCH model estimates indicated that, both ARCH coefficients and GARCH coefficients captured meaningful relationship between short-term past shocks and current volatility as well as long-term past and current volatility indicating time varying volatility of exchange rate persistence over the two periods studied with the persistence been higher in the period 2015Q1 to 2023Q4. The E-GARCH estimated model further indicated a positive and significant effect of exchange rate volatility on inflation. The period 2000Q1 to 2014Q4 have witnessed improved inflation performance against the period 2015Q1 to 2023Q4 by differential of 20%. The result of the estimated E-GARCH model however showed a mixed relationship for money supply, given that a negative effect of money supply on inflation is attained for the period 2000Q1 to 2014Q4 and a positive effect of money supply on inflation is attained for the period 2015Q1 to 2023Q4. The result obtained from granger causality indicated uni-directional causality from exchange rate (EXR) to inflation (INF), exchange rate (EXR) to money supply (M2) while bi-directional causality between exchange rate volatility (EXRV) and exchange rate (EXR). On the bases of these findings, the study recommended for diversification of the economy to enhance greater integration of the economy into the global market, and government should commit more investment in infrastructure projects.
Impact Of Boko Haram Insurgency On Migrants’ Poverty Level In Southern Borno, Nigeria: A Study Of Some Selected Local Government Areas
This study investigates the impact of Boko Haram insurgency on the poverty levels of internally displaced persons (IDPs) in Southern Borno, Nigeria, with a focus on selected Local Government Areas (LGAs). The research was informed by the challenges experienced by the IDPs over the long period of insurgency within the region with most of them losing their means of livelihood thereby, reinforcing their poverty level. Mixed method was deployed where a cross sectional survey was adopted to collect data for the quantitative data and Focus Group Discussions (FGDs) was used to collect qualitative data. Both descriptive and inferential statistics were used to analyze the quantitative data. While as, thematic analysis was used for the qualitative data. The research reveals the profound socio-economic challenges faced by IDPs, including a significant reduction in income, with the average monthly income dropping from ₦103,426.81 (before displacement) to ₦55,650 (after displacement), highlighting severe economic vulnerability. The findings show an increased reliance on external support from Non-Governmental Organizations (NGOs), government agencies (NEDC, NEMA, SEMA), and faith-based organizations, as well as assistance from host and neighboring communities. Vulnerabilities related to climate change, household dependency, educational attainment, and limited adaptive capacity were also identified as major contributors to the poverty levels among IDPs. The study emphasizes the need for targeted interventions, including economic support programs, vocational training, climate adaptation strategies, infrastructure development, and strengthened policy frameworks to mitigate the negative effects of displacement and improve the livelihoods of affected populations.
Impact Of Exchange Rate Volatility And Inflation on Economic Growth In Nigeria
This study investigates the impact of exchange rate volatility and inflation on economic growth in Nigeria over the period 1986 to 2023. Annual time series data were obtained from the World Bank Development Indicators (WDI). The study employed the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration, alongside short-run and long-run estimations. The findings reveal evidence of a long-run relationship among the variables. In the short run, inflation exerts a negative and statistically significant effect on economic growth, while exchange rate volatility also shows an adverse impact, though largely insignificant in the long run. Foreign direct investment (FDI) exhibits mixed effects, being negative in the current period but positive at lagged levels, whereas interest rate demonstrates an insignificant influence. the study recommends that policymakers adopt coordinated monetary and exchange rate management strategies to curb inflationary pressures, stabilize exchange rate fluctuations, and create a more conducive environment for sustainable growth and investment inflows.
Audit Characteristics And Financial Reporting Quality: Evidence From Listed Non-Financial Companies In Nigeria
This study examines the effect of audit characteristics on the financial reporting quality of listed non-financial companies in Nigeria, focusing on how audit firm size, auditor type, audit tenure, joint audit, and audit committee independence influence the credibility and transparency of corporate financial reports. Using a causal (explanatory) research design with a quantitative approach, the study analyzed secondary data from the audited annual reports of 53 non-financial firms listed on the Nigerian Exchange (NGX) between 2012 and 2022. Panel data regression techniques, including fixed and random effects models, were employed, and diagnostic tests were conducted to ensure model adequacy and reliability. The results reveal that audit firm size, auditor type, and audit committee independence have positive and statistically significant effects on financial reporting quality, indicating that larger and more reputable audit firms and independent audit committees promote transparency and enhance reporting credibility. Conversely, joint audit has a negative and significant effect, suggesting coordination inefficiencies among multiple auditors, while audit tenure is positive but statistically insignificant, implying that the length of the auditor–client relationship exerts limited influence on reporting outcomes. Based on these findings, the study recommends that the government, through the Financial Reporting Council and Securities and Exchange Commission, strengthen audit regulations by enforcing stricter standards on auditor independence, firm rotation, and transparency to align with international best practices. Companies should engage reputable audit firms and maintain independent, competent audit committees, while non-governmental organizations should collaborate with professional audit bodies to promote awareness, training, and advocacy that enhance ethical compliance. Collectively, these measures will foster transparency, integrity, and accountability in Nigeria’s financial reporting environment.
Impact Of Government Agricultural Policy On Agricultural Output In Nigeria: The Role Of Institutional Quality
This study investigates the impact of government agricultural policy on agricultural output in Nigeria from 1980 to 2023, utilizing the ARDL model. The focus was on agricultural credit guarantee schemes, agricultural lending rates, government agricultural expenditure, and institutional factors such as corruption control, political stability, and rule of law. The result shows, In the short run, agricultural credit guarantee schemes, agricultural lending rates, and government agricultural expenditure showed no significant effects on agricultural output. However, institutional factors such as corruption control, political stability, and rule of law displayed marginally significant positive effects, suggesting that better governance enhances the effectiveness of agricultural credit schemes and improves agricultural output. In the long run, agricultural credit guarantee schemes showed a marginally significant positive impact on agricultural output, with a coefficient of 0.224, while agricultural lending rates had a marginally significant positive effect of 0.182, although both effects were relatively weak. Government agricultural expenditure, despite being positive, had no significant long-term impact. The result also indicates that, the interaction of Corruption control, political stability, and rule of law with agricultural credit guarantee schemes had significant long-run effects on agricultural output, with coefficients of 0.654, 0.752, and 0.663, respectively. The study therefore, recommends that, efforts to reduce corruption, improve political stability, and strengthen the rule of law should be prioritized to create a conducive environment for agricultural growth.
Socio - Economic Effect Of Drugs And Substance Abuse In Adamawa North Senatorial District
The increased insecurity in urban cities lead to the study on socioeconomic effect of drug and substance abuse in Mubi North and South and Maiha Local Government Area of Adamawa State. Primary data with closed ended questioner was used to collect data from 373 respondents; the data were analyzed using Descriptive statistics and Ordinary Least Square Method (OLS). The study shows that single male that falls from the age bracket of 26-35 engage more on drugs and substance abuse, CRIME, YIND,KINDD and EFFD are statistical significant at 5% in Mubi North, EFFD, KINDD and YIND are statistical significant at 5% in Mubi South and CRIME,YIND and EFFD are statistical significant at 5% in Maiha. The study recommend that; Government should give more attention to individuals that falls from the age bracket of 25 – 40 by engaging them with skill acquisition program that will be able to put food on their tables. The Government, religious leaders and families should educate Individual about the risk and consequences of drug and substance abuse, this is essential because it will help reduce crime rate, violence and unproductivity.
Impact Of Irrigation Farming On The Socioeconomic Status Of Households In Adamawa State, Nigeria
This study investigates the impact of irrigation farming on the socioeconomic status of rural households in Adamawa State, Nigeria. Using a sample of 375 respondents drawn from Demsa, Fufore, Numan, and Yola North Local Government Areas, data were collected through structured questionnaires, interviews, and field observations. Analytical tools included descriptive statistics and ordered logit regression models. Findings show that irrigation farming significantly improves household income, educational attainment of farmers’ children, and food security. Key determinants of benefits include land size, access to irrigation infrastructure, farming experience, and educational level of household heads. The study concludes that irrigation farming reduces rural poverty, enhances resilience, and strengthens livelihoods. It recommends strategic investments in irrigation infrastructure, capacity building for farmers, and innovative financing models tailored to irrigation adoption.