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Osifo, Osagie
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Economics, Econometrics & Finance

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Re-evaluating Small and Medium Enterprises financial accessibility post COVID-19 pandemic in Nigeria Okuwhere, Mirhiga Peter; Osifo, Osagie
Journal of Enterprise and Development (JED) Vol. 4 No. 2 (2022): 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.v4i2.5857

Abstract

Purpose — This paper re-examined financial accessibility for Small and Medium Enterprises (SMEs) in Nigeria by considering the times we live occasioned by the pandemic.Method — The study adopts the cross-sectional survey research design. The primary data in this study were obtained via a questionnaire administered to 270 SMEs in Abia State, Nigeria, who had applied for credit from a bank within the last two years. The data were collected using a self-administered survey.Result — The study showed that collateral is still a significant determinant of access to credit, as an increase in the ability of SMEs to provide collateral will significantly impact their access to credit. SME size (SSIZE) was found to have a positive and significant effect on credit access, implying that large SMEs are better able to access credit. Though SME age (SAGE) had an insignificant effect on access to credit and Cost of Credit (CCR) was found to impair access to credit which is significant at 5%. This is in line with expectation as a high-interest rate will discourage SMEs from seeking credit from banks. Contribution — This study contributes to the emerging discourse on financial accessibility in Nigeria post COVID-19. It presented a useful insight into how the government, through its fiscal, monetary policy and direct intervention, could play a more active role in helping SMEs bounce back from the challenges brought in by the pandemic.
Government expenditure on key sectors of the economy and stock market performance in Nigeria Osifo, Osagie; Abusomwan, Success Osamede
Journal of Enterprise and Development (JED) Vol. 5 No. 2 (2023): 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.v5i2.6736

Abstract

Purpose — This study examines the effect of Government Expenditure (GE) on key sectors of the economy and Stock Market Performance (SMP) in Nigeria.Method — Statistics Bulletin published by the Central Bank of Nigeria (CBN) was utilized as source for time series data between 1980 and 2021. SMP is proxied with MCAP and ASI while expenditure on agriculture, defense, education, and health formed components of government expenditure. The FM-OLS and ARDL methodology were adopted to determine the GE's short and long-term impact on SMP in Nigeria. ADF unit root testing, correlation analysis, Engle and Granger co-integration analysis, and preliminary descriptive statistics testing were all carried out.Result — The outcome indicates that all through the long and short term, GE on education, defense and agriculture have significant influence of SMP in the long run via MCAP channel. GE on defense and agriculture significantly affects SMP in the short run via ASI channel. Hence, this study concludes that GE components are key determinants in explaining the effect of government spending on SMP in Nigeria. The magnitude of this effect is a function of stock market proxy used.Contribution — This study provides empirical evidence on the impact of government spending on key sectors of the economy on stock market performance in Nigeria using two proxies (market capitalization and all share index) in short run and longrun.
Re-evaluating Small and Medium Enterprises financial accessibility post COVID-19 pandemic in Nigeria Okuwhere, Mirhiga Peter; Osifo, Osagie
Journal of Enterprise and Development (JED) Vol. 4 No. 2 (2022): 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.v4i2.5857

Abstract

Purpose — This paper re-examined financial accessibility for Small and Medium Enterprises (SMEs) in Nigeria by considering the times we live occasioned by the pandemic.Method — The study adopts the cross-sectional survey research design. The primary data in this study were obtained via a questionnaire administered to 270 SMEs in Abia State, Nigeria, who had applied for credit from a bank within the last two years. The data were collected using a self-administered survey.Result — The study showed that collateral is still a significant determinant of access to credit, as an increase in the ability of SMEs to provide collateral will significantly impact their access to credit. SME size (SSIZE) was found to have a positive and significant effect on credit access, implying that large SMEs are better able to access credit. Though SME age (SAGE) had an insignificant effect on access to credit and Cost of Credit (CCR) was found to impair access to credit which is significant at 5%. This is in line with expectation as a high-interest rate will discourage SMEs from seeking credit from banks. Contribution — This study contributes to the emerging discourse on financial accessibility in Nigeria post COVID-19. It presented a useful insight into how the government, through its fiscal, monetary policy and direct intervention, could play a more active role in helping SMEs bounce back from the challenges brought in by the pandemic.
Government expenditure on key sectors of the economy and stock market performance in Nigeria Osifo, Osagie; Abusomwan, Success Osamede
Journal of Enterprise and Development (JED) Vol. 5 No. 2 (2023): 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.v5i2.6736

Abstract

Purpose — This study examines the effect of Government Expenditure (GE) on key sectors of the economy and Stock Market Performance (SMP) in Nigeria.Method — Statistics Bulletin published by the Central Bank of Nigeria (CBN) was utilized as source for time series data between 1980 and 2021. SMP is proxied with MCAP and ASI while expenditure on agriculture, defense, education, and health formed components of government expenditure. The FM-OLS and ARDL methodology were adopted to determine the GE's short and long-term impact on SMP in Nigeria. ADF unit root testing, correlation analysis, Engle and Granger co-integration analysis, and preliminary descriptive statistics testing were all carried out.Result — The outcome indicates that all through the long and short term, GE on education, defense and agriculture have significant influence of SMP in the long run via MCAP channel. GE on defense and agriculture significantly affects SMP in the short run via ASI channel. Hence, this study concludes that GE components are key determinants in explaining the effect of government spending on SMP in Nigeria. The magnitude of this effect is a function of stock market proxy used.Contribution — This study provides empirical evidence on the impact of government spending on key sectors of the economy on stock market performance in Nigeria using two proxies (market capitalization and all share index) in short run and longrun.
Co-Authors Abusomwan, Success Osamede Okuwhere, Mirhiga Peter