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Impact of Stock Market Indicators on Nigeria’s Economic Growth: 1991-2021 MUSA, IBRAHIM; A. B., El-Yaqub; MAGAJI, SULE
Journal of Indonesian Applied Economics Vol. 12 No. 2 (2024): August 2024 (IN PRESS)
Publisher : Department of Economics, Faculty of Economics and Business, Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jiae.2024.012.02.7

Purpose The study examined the impact of stock market indicators on Nigeria’s economy between 1991 and 2021. Design/Methodology/Approach It employed Johansen co-integration to check the long-run relationship among the secondary data: Real Gross Domestic Product (RGDP) as the dependent variable; Market Capitalization (MCAP), All Share Index (ASI), and Gross Capital Formation (GCF) represented the independent variables which were source from CBN Statistical Bulletin and World Bank Development Indicators. Pre-estimation test showed that all the variables were integrated of order one, I (1) through the Augmented Dickey-Fuller unit root test. Findings The co-integration test revealed the existence of a long-run relationship among the variables. An Error Correction Model (ECM) technique was adopted to analyze the short-run dynamics in the dataset. The ECM results showed that market capitalization and all share indexes had a positive impact on the RGDP in the short run. However, the gross capital formation was found to be negative but significant at a 5 per cent significance level. Moreover, the error correction term showed that equilibrium, in the long run, is reconciled at a speed of approximately 51 per cent aftershock. Further, the diagnostic test showed that the residuals are homoscedastic and efficiently distributed. Results are therefore appropriate for policy analysis. Research Limitations/Implications This research offers valuable insights but the findings have some constraints of limitations particularly with regard to available relevant materials and papers. Originality/Value This study is clearly original for it has filled some gaps by examining the impact of stock market indicators on Nigeria’s economy between 1991 and 2021. Giving limited existing research, this study contributes to knowledge by exploring impacts stock markets indicators have on Nigeria’s economic growth within the period under study. Recommendations The study recommended that there is a need for the Federal Government of Nigeria through the Nigeria Stock Exchange (NSE) to encourage private sector investment in the capital market. This can be done through educating and enlightening the public using experts who are competent in stock market dealings.

Effects of Climate Change on Environmental Security among Vulnerable Groups in Zango Kataf Local Government Area of Kaduna State MUSA, Ibrahim; OLUSOLA, Abiola Titus; MAGAJI, Sule
Loka: Journal Of Environmental Sciences Vol. 2 No. 2 (2025): Loka: Journal Of Environmental Sciences (April-June)-In Press
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/ljes.v2i2.251

Purpose:This study explores the impacts of climate change on environmental security among vulnerable populations in the Zangon Kataf Local Government Area of Kaduna State, Nigeria.Methodology:Using a cross-sectional survey design, data were collected through a combination of structured questionnaires, in-depth interviews, and the analysis of secondary data sources. The area under study lies within a tropical grassland zone, which has witnessed notable climatic changes in recent decades, particularly concerning temperature and rainfall patterns.Findings:Findings reveal a steady increase in annual surface temperature, showing a 12% average rise between 1989 and 2022. At the same time, the annual rainfall in the region has been on a downward trend, decreasing by approximately 4.88% over the same period. These climatic changes pose significant challenges to environmental security in the area, especially for groups that are economically and socially vulnerable.Implication:The study emphasizes the urgent need for climate adaptation and mitigation strategies focused on these populations. Policy recommendations include climate-smart agriculture, awareness programs, and the provision of support systems to build resilience and enhance long-term environmental security in the face of ongoing climate change.

Linking Agricultural Development Policies and Performance on Nigeria’s Economic Growth MUSA, Ibrahim; ISMAIL, Yahaya; MAGAJI, Sule
Loka: Journal Of Environmental Sciences Vol. 2 No. 1 (2025): Loka: Journal Of Environmental Sciences Loka: (January - March)-In Press
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/ljes.v2i1.278

Purpose:This study links agricultural development policies and performance on Nigeria’s economic growth, utilizing a quasi-experimental research design and employing statistical techniques such as simple tables, percentages, correlation analyses, the Johansen Cointegration test, and the ARDL bound test.Methodology:Using 34 years of secondary data sourced from the National Bureau of Statistics and the Central Bank of Nigeria, the study finds that government spending, particularly capital expenditure, recurrent expenditure, and loans to farmers, has a positive and significant effect on agricultural output.Findings:Capital investment emerged as a critical driver of productivity, while recurrent expenditure showed an inconclusive impact, signaling the need for further investigation. The coefficient of determination (R² = 86.3%) underscores the robustness of the model in explaining variations in agricultural output.Implication:Based on these findings, the study recommends increased capital investment, improved access to agricultural loans, continuous evaluation of recurrent spending, policy stability, and enhanced research and data collection.

Impact of Climate Change on Human Security Among Vulnerable Indigenous Groups of Zangon Kataf Lga Area of Kaduna State, Nigeria MUSA, Ibrahim; OLUSOLA, Abiola Titus; MAGAJI, Sule
Loka: Journal Of Environmental Sciences Vol. 2 No. 2 (2025): Loka: Journal Of Environmental Sciences (April-June)-In Press
Publisher : PT. Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/ljes.v2i2.285

Purpose:This study examines the effects of climate change on human security among vulnerable groups in Zango Kataf Local Government Area, Kaduna State, Nigeria. It assesses trends in temperature, rainfall, and surface soil wetness (1989–2022) and their impacts on economic, food, health, environmental, personal, community, and political security.Methodology:The study adopted the cross-sectional survey research design. The design is suitable for collecting data through sampling when the population is too large to be investigated, as in the case of vulnerable groups in the Zango Kataf Local Government Area of Kaduna State. A cross-sectional survey design was used, combining climate data analysis with questionnaires administered to 400 residents in Zonkwa, Gora, Kamantan, and Madakiya.Findings:Findings revealed a 12% increase in average surface temperature from 1989 to 2022, with December being the coolest (21.83°C) and March the warmest (29.13°C). Rainfall decreased over the study period, with December (4.68mm) and February (6.15mm) recording the lowest levels. Surface soil wetness peaked in September (0.85m³) and was lowest in March (0.242m³). Statistical analysis demonstrated significant impacts of climate change on economic security (χ²(20) =100.076, p<.001, Cramer's V=0.500) and food security (χ²(8) =34.148, p<.001, Phi=0.292). Other security dimensions, including health and environmental security, showed strong associations with climate change, with Cramer's V values ranging from 0.292 to 0.705 (p<.001).Implication:The study recommends establishing climate monitoring stations to collect real-time data on temperature, rainfall, and soil wetness. These data will aid in developing adaptive strategies and early warning systems, mitigating climate-related risks and enhancing the resilience of vulnerable populations.

Relationship Between Financial Inclusion and Economic Growth: : Evidence From Ardl Modelling Musa, Ibrahim; Magaji, Sule; Salisu, Ali
International Journal of Indonesian Business Review Vol. 2 No. 2 (2023)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v2i2.377

This study examines the impact of financial inclusion on economic growth in Nigeria. The statistical properties of data were tested using Zivot-Andrew unit root test. The Zivot Andrew unit root test indicates that gross domestic product, commercial bank branches (CBB) and mobile phone-based transactions are stationary at first difference while Automated Teller Machines (ATM) and foreign direct investment (FDI) are stationary at level. ATM has negative impact on GDP product in Nigeria. The long run coefficient shows that CBB has positive impact on GDP. ATM has positive impact on GDP. Mobile phone-based transaction has positive impact on GDP. FDI has positive impact on GDP. The error correction term (ECT) meets all the theoretical and statistical requirements both in the sign and size. This indicates that at 52.26% of the disequilibrium due to the shock in the previous years is adjusted back to the long run equilibrium in the current year. The Granger causality test shows that CBB, ATM, domestic depositors’ money in banks and FDI granger causes GDP while mobile phone-based transactions do not granger cause GDP. The study recommends that Central Bank of Nigeria should compel commercial banks to add the number of ATM in each branch.

The Impact Of Agricultural Loans by Deposit Money Banks on Agricultural Output In Nigeria Magaji, Sule; Yisa, Samuel; Peter O, Achi
International Journal of Indonesian Business Review Vol. 2 No. 2 (2023)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v2i2.449

This study examines the impact of agricultural loan by deposit money bank credit on agricultural output in FCT Abuja, Nigeria. The study employed the Demand-following theory to explain the relationship between agricultural loan applicant access to deposit money bank credit and agricultural output. A sample of 295 (5 Agricultural loan desk officer from the five selected banks and 200 agricultural loan applicants) respondents were sampled using Multistage Cluster sampling technique. Data were analysed using descriptive statistic (mean Score) and logit regression analysis for inferential statistics. The results show that agricultural loan applicants' access to bank credit for deposits has a large direct impact on Nigerian agriculture. Based on the outcome of data analysis, the study recommends that the Apex bank should direct the deposit money banks to make credits available for agricultural loan applicants and upsurge the agricultural credits monetary base to farmers. This can be done by expanding and encouraging more farmers and also increasing the sum allotted to individual/cooperative units.

The Monetary Policy Shocks and Economic Growth: Evidence From SVAR Modelling Musa, Ibrahim; Magaji, Sule; Salisu, Ali
International Journal of Indonesian Business Review Vol. 1 No. 1 (2022)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v1i1.170

ABSTRACT This study assesses the effect of monetary policy on economic growth in Nigeria. It used quarterly time series data from 1986Q1 to 2017Q4. SVAR analysis was used to assess the effects of monetary policy following the framework of Inflation Targeting (IT) on economic growth in Nigeria. Findings reveal that monetary policy has a positive shock on economic growth. The monetary policy rate (MPR) positively affects growth. Its effect was however minimal only accounting for a maximum of 3 percent. Also, the broad money supply (M2) had a positive shock but only accounting for a maximum of 7 percent. The study concludes that the inflation targeting (IT) framework is a good monetary policy tool but not sufficient. There is need for other supplementary instruments.

Impact of Market Capitalization on Gross Fixed Capital Formation In Nigeria : 1985-2020 Musa, Ibrahim; Magaji, Sule; Adewale, Adesoji Titus
International Journal of Indonesian Business Review Vol. 2 No. 1 (2023)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54099/ijibr.v2i1.338

This study examined impact of market capitalization on capital formation in Nigeria for the period of 1985-2020. Data were collected from secondary sources. The model was estimated with ARDL-ECM technique. The variables analyzed are Gross fixed capital formation (GFCF), Market capitalization (MCAP), Number of deals (NOD), change in Value of transaction (CAT), All share index (ASI) and Total listed equities and government stocks (TLE). The unit root resultindicates that CAT, ASI and TLE are stationary at level I(0) while GFCF, MCAP and NOD arestationary at first difference I(1). The ARDL bound test for co integration confirms the existence of co integration among the variables under consideration. The ARDL_ECM parameter is negative(-) and significant which is-0.570142, this shows that 57% percent disequilibrium in the previous period is being corrected to restore equilibrium in the current period. Finally, in the long run all the variables have significant impact on gross fixed capital formation except TLE. It was noted that MCAP, NOD and ASI have negative statistically significant impact on gross fixed capital formation. However, CAT and TLE have positive statistically significant and negative statistically insignificant impact on gross fixed capital formation respectively in Nigeria. The study concluded that market capitalization had negative significant impact on gross fixed capital formation in Nigeria. Hence, recommended that there is need for government to create enabling environment to enhance market participation through transparent and accountability by regulatory authority. This will attract investors to invest in Nigeria capitalmarket and market capitalization will increase as well and capital formation becomes inevitable.

IMPACT OF MISMANAGEMENT AND EMBEZZLEMENT OF PUBLIC FUNDS ON GOVERNMENT PARASTATALS Yaqub A.B, EL; Musa, Ibrahim; Magaji, Sule
Indonesian Journal of Accounting and Governance Vol. 8 No. 1 (2024): JUNE
Publisher : School of Accountancy, University of Agung Podomoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36766/6mwbe003

This study examines the impact of mismanagement and embezzlement of public funds in government parastatals using Federal Inland Revenue Service (FIRS), Abuja as a case study. The study employs the survey descriptive research design. A total of 85 respondents were selected as the sample size comprising staff of Federal Inland Revenue Service (FIRS), Abuja. Seventy-one (71) responses were validated from the survey. The findings reveal that the nature of mismanagement and embezzlement of the funds in the public sector is prevalent at (β = 0.912, R2 = 0.948, P = .000) and show that there are factors that enhance mismanagement and embezzlement of the fund in the government parastatals at (β = 0.892, R2 = 0.937, P = .000). It is found that mismanagement and embezzlement have a significant effect on the public fund in government parastatals (β = 0.887, R2 = 0.936, P = .000). It is also found that the extent to which financial irregularities and corrupt practices affect public service delivery (β = 0.896, R2 = 0.952, P = .000). Therefore, the study recommends the establishment of a strong penal code system to enforce laws and rules as sternly as the need for adequate punishment for offenders on corruption and related matters on fund embezzlement is paramount and germane.

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