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Exploring the interaction of trade openness, income inequality, and poverty in Nigeria Maku, Olukayode Emmanuel; Ogede, Jimoh Sina; Adelowokan, Oluwaseyi Adedayo; Oshinowo, Bamidele Olaitan
Journal of Enterprise and Development (JED) Vol. 3 No. 2 (2021): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v3i2.3966

The literature on the nexus between trade openness, income inequality and poverty appears conspicuously and of diverse outcomes. Perhaps, the mixed findings may be attributed to the methodology and economic structure of the country in view. The current study examines the trade openness on income inequality and poverty in Nigeria between 1981 and 2019 using Autoregressive Distributed Lags (ARDL) methodology. Our findings show that trade openness had different effects on inequality and poverty in Nigeria in the short and long run. While its relationship with inequality is a short-run phenomenon, it had a long-run relationship with poverty. Overall, trade openness had a declining effect on inequality and poverty. In the former, its impact was not statistically significant. However, the gains of trade openness on inequality and poverty were reversed when inequality influenced trade openness. In essence, with the influence of inequality, trade openness had an increasing effect on poverty. As a result, this study makes several recommendations to policymakers. To begin, a policy framework must be established to ensure that Nigerian trade is integrated with the rest of the world. Evidence from this study has suggested that policies such as restricting trade through border closures must not feature as a policy option as long as one of the goals of the economy is poverty reduction and reduction in inequality.

Unraveling the relationship between trade openness, economic growth, and financial development in Nigeria Atoyebi, Esther Olayinka; Oseni, Isiaq Olasunkanmi; Ogede, Jimoh Sina; Adegboyega, Soliu Bidemi
Journal of Enterprise and Development (JED) Vol. 6 No. 1 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i1.7651

Purpose — This study examines the impact of trade liberalization and economic growth on financial development and suggests policies to enhance financial stability.Method — The study utilizes an Autoregressive Distributed Lag Model to analyze the presence of co-movement within the context of trade openness and economic growth on financial development in Nigeria. Additionally, the technique allows for a dynamic assessment of the short and long term.Result — Our findings for Nigeria spanning from 1990 to 2021 demonstrate a positive long-term relationship between trade openness and financial expansion, while economic growth has a negative short-term impact on financial expansion.Contribution — This study contributes to the frontier of knowledge by uncovering the interplay among Nigeria's trade openness, economic prosperity, and financial development, which has been overlooked. Additionally, it offers insights into the specific dynamics and mechanisms operating within the Nigerian context by scrutinizing relevant economic indicators.

Trade openness, poverty, and sustainable development: Testing for causality using Dumitrescu-Hurlin approach Balogun, Adewale Musliudeen; Adelowokan, Oluwaseyi Adedayo; Ajayi, Felix Odunayo; Ogede, Jimoh Sina
Journal of Enterprise and Development (JED) Vol. 6 No. 2 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i2.8572

Purpose — This research paper explores the causal links between trade openness, poverty, and sustainable development, shedding light on the potential impact of trade policies on poverty reduction and sustainable development in the Economic Community of West African States (ECOWAS) region.Method — We utilize the Dumitrescu-Hurlin (DH) panel causality test, a robust econometric approach capable of discerning the direction and magnitude of causal relationships among variables. We employ a comprehensive dataset spanning from 1986 to 2020, covering ECOWAS countries, to conduct a rigorous empirical analysis.Result — The empirical findings from the DH causality analysis reveal a unidirectional relationship between trade openness, human capital investment, and both sustainable development and poverty. Additionally, bidirectional causality relationships are observed between human capital investment and poverty. The results also highlight the absence of a consistent and uniform pattern of Granger causality between poverty and sustainability across individual West African economies. This heterogeneity underscores the need for customized policy approaches based on empirical evidence derived from country-specific causality analyses, rather than adopting one-size-fits-all solutions.Novelty — This research stands out by exploring the causal connections among trade openness, poverty, and sustainable development within the Economic Community of West African States (ECOWAS) region. The adoption of the Dumitrescu-Hurlin (DH) panel causality test enhances the empirical analysis, offering a comprehensive understanding of both the direction and magnitude of these relationships.

INTERMEDIATING ROLES OF INSTITUTIONAL INFRASTRUCTURE IN THE TRADE OPENNESS-INCLUSIVE GROWTH NEXUS: NEW EMPIRICAL EVIDENCE FROM NIGERIA Ajayi, Felix Odunayo; Ogede, Jimoh Sina; Siyanbola, Adedamola Akeem; Atoyebi, Olayinka Esther; Yinusa, Olumuyiwa Ganiyu
Jurnal Ekonomi dan Bisnis Airlangga Vol. 34 No. 1 (2024): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V34I12024.20-45

Introduction: Inclusive growth (IG) is a revolutionary method for generating and sustaining macroeconomic stability through economic development, social equity, and prosperity. There has been little theoretical and empirical study in Nigeria on analyzing the effects of trade openness on inclusive growth and exploring its determinants. Methods: This study examines the intermediating roles of institutional infrastructure in the trade openness-inclusive growth nexus in Nigeria spanning from 1985 to 2021. The study employed the Johansen Cointegration methodology to confirm the existence of the long-run association while fully modified ordinary least squares (FM-OLS) and dynamic ordinary least squares (DOLS) techniques are used to elucidate the uncertainty in the trade openness-inclusive growth nexus. Results: Consequently, the results of the Johansen Cointegration confirmed the long-run association among variables. The FM-OLS and D-OLS indicate that trade openness enhances growth in Nigeria, suggesting that greater trade openness would foster inclusive growth and remain a focal point for both direct and indirect relations with inclusive growth. The interaction effects of trade openness and institutional infrastructure on inclusive growth show negative and insignificant effects on inclusive growth, demonstrating that institutional infrastructure plays a mitigating influence in the relationship between trade openness and inclusive growth, albeit insignificant at a 5% level. Conclusion and suggestion: The study recommends that Nigeria should pursue policies aimed at improving institutional infrastructures with a way of reducing transactional costs and risks related to trading.

Exploring the interaction of trade openness, income inequality, and poverty in Nigeria Maku, Olukayode Emmanuel; Ogede, Jimoh Sina; Adelowokan, Oluwaseyi Adedayo; Oshinowo, Bamidele Olaitan
Journal of Enterprise and Development (JED) Vol. 3 No. 2 (2021): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v3i2.3966

The literature on the nexus between trade openness, income inequality and poverty appears conspicuously and of diverse outcomes. Perhaps, the mixed findings may be attributed to the methodology and economic structure of the country in view. The current study examines the trade openness on income inequality and poverty in Nigeria between 1981 and 2019 using Autoregressive Distributed Lags (ARDL) methodology. Our findings show that trade openness had different effects on inequality and poverty in Nigeria in the short and long run. While its relationship with inequality is a short-run phenomenon, it had a long-run relationship with poverty. Overall, trade openness had a declining effect on inequality and poverty. In the former, its impact was not statistically significant. However, the gains of trade openness on inequality and poverty were reversed when inequality influenced trade openness. In essence, with the influence of inequality, trade openness had an increasing effect on poverty. As a result, this study makes several recommendations to policymakers. To begin, a policy framework must be established to ensure that Nigerian trade is integrated with the rest of the world. Evidence from this study has suggested that policies such as restricting trade through border closures must not feature as a policy option as long as one of the goals of the economy is poverty reduction and reduction in inequality.

Unraveling the relationship between trade openness, economic growth, and financial development in Nigeria Atoyebi, Esther Olayinka; Oseni, Isiaq Olasunkanmi; Ogede, Jimoh Sina; Adegboyega, Soliu Bidemi
Journal of Enterprise and Development (JED) Vol. 6 No. 1 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i1.7651

Purpose — This study examines the impact of trade liberalization and economic growth on financial development and suggests policies to enhance financial stability.Method — The study utilizes an Autoregressive Distributed Lag Model to analyze the presence of co-movement within the context of trade openness and economic growth on financial development in Nigeria. Additionally, the technique allows for a dynamic assessment of the short and long term.Result — Our findings for Nigeria spanning from 1990 to 2021 demonstrate a positive long-term relationship between trade openness and financial expansion, while economic growth has a negative short-term impact on financial expansion.Contribution — This study contributes to the frontier of knowledge by uncovering the interplay among Nigeria's trade openness, economic prosperity, and financial development, which has been overlooked. Additionally, it offers insights into the specific dynamics and mechanisms operating within the Nigerian context by scrutinizing relevant economic indicators.

Trade openness, poverty, and sustainable development: Testing for causality using Dumitrescu-Hurlin approach Balogun, Adewale Musliudeen; Adelowokan, Oluwaseyi Adedayo; Ajayi, Felix Odunayo; Ogede, Jimoh Sina
Journal of Enterprise and Development (JED) Vol. 6 No. 2 (2024): Journal of Enterprise and Development (JED)
Publisher : Faculty of Islamic Economics and Business of Universitas Islam Negeri Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20414/jed.v6i2.8572

Purpose — This research paper explores the causal links between trade openness, poverty, and sustainable development, shedding light on the potential impact of trade policies on poverty reduction and sustainable development in the Economic Community of West African States (ECOWAS) region.Method — We utilize the Dumitrescu-Hurlin (DH) panel causality test, a robust econometric approach capable of discerning the direction and magnitude of causal relationships among variables. We employ a comprehensive dataset spanning from 1986 to 2020, covering ECOWAS countries, to conduct a rigorous empirical analysis.Result — The empirical findings from the DH causality analysis reveal a unidirectional relationship between trade openness, human capital investment, and both sustainable development and poverty. Additionally, bidirectional causality relationships are observed between human capital investment and poverty. The results also highlight the absence of a consistent and uniform pattern of Granger causality between poverty and sustainability across individual West African economies. This heterogeneity underscores the need for customized policy approaches based on empirical evidence derived from country-specific causality analyses, rather than adopting one-size-fits-all solutions.Novelty — This research stands out by exploring the causal connections among trade openness, poverty, and sustainable development within the Economic Community of West African States (ECOWAS) region. The adoption of the Dumitrescu-Hurlin (DH) panel causality test enhances the empirical analysis, offering a comprehensive understanding of both the direction and magnitude of these relationships.

DISAGGREGATED TRADE OPENNESS ON SHADOW ECONOMY IN NIGERIA: DOES INSTITUTIONAL QUALITY MATTER? Adegboyega, Soliu Bidemi; Ogede, Jimoh Sina; Odusanya, Ibrahim Abidemi; Ajayi, Felix Odunayo; Atoyebi, Olayinka E.
Jurnal Ekonomi dan Bisnis Airlangga Vol. 32 No. 2 (2022): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V32I22022.187-203

Introduction: It is likely that enterprises and entrepreneurs will be encouraged to engage in the formal sector as economies integrate more fully into the global economy. Thus, we begin our investigation by looking at the relationship between Nigeria's shadow economy and disaggregated trade openness. Based on Nigeria's inadequate institutional quality, our second purpose is to conduct further research on the role institutional quality plays in moderating the relationship between its shadow economy and disaggregated trade openness between 1991 and 2018. Methods: The fully modified ordinary least squares (FMOLS) and Granger causality methods are used in this paper to investigate the nexus and causal effect in time-series analysis. Results: The coefficients of institutional quality, import-to-GDP ratio, government expenditure, and financial development all have an adverse impact on Nigeria's shadow economy. The inflation proxy with the consumer price index, economic growth, and the export-to-GDP ratio all improve Nigeria's shadow economy. The findings of interaction between the import-export ratio and the quality of institutions positively affect the Nigerian shadow economy. The pairwise Granger causality exercise comes after the regression analysis. Conclusion and suggestion: The study concludes that the size of Nigeria's shadow economy is influenced by institutional quality, import trade, government expenditures, and financial development. Similarly, we find no causal relationship between disaggregated trade openness in Nigeria and institutional quality. As a result, policymakers and the country's government must act quickly and decisively to reduce the impact of informal activities on the country's economy.

Domestic Credit and Inflation Rate Shock: A New Empiric Evidence from Nigeria Adegboyega, Soliu Bidemi; Odusanya, Ibrahim Abidemi; Ogede, Jimoh Sina; Atoyebi, Olayinka Esther
EkBis: Jurnal Ekonomi dan Bisnis Vol. 7 No. 1 (2023): EkBis: Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Islam, UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/EkBis.2023.7.1.1649

The study evaluates the relationship between domestic credit and Nigeria's inflation rate analysing data spanning from 1986 through 2020. The research is ex-post in nature, hence the study employed statistical analysis models to build a predictive assessment for inflation, leveraging on the Autoregressive distributed lag model (ARDL) and the Granger Causality test to ascertain the magnitude of the association and the direction of causation, separately. The study confirms the complexities of Nigeria's relationship between domestic credit and inflation, with economic growth maintaining a positive and insignificant relationship with inflation (INF), while credit to the private sector (CPS) and interest rates have a negative and insignificant relationship with inflation in the long run. Furthermore, in the short run the coefficient of error correction model showed a negative sign, suggesting a short run effect between inflation rate and domestic credit. The findings reaffirm the one-way relationship between inflation and private sector domestic credit. It is advised that funding tools be used efficiently and effectively to fulfil desired investment, competitiveness, and economic growth drives.

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