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All Journal JURNAL EKONOMI DAN BISNIS AIRLANGGA Journal of Applied Economics in Developing Countries
Ajayi, Felix Odunayo
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Economics, Econometrics & Finance

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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

Abstract

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.
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

Abstract

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.
CORRUPTION AND ECONOMIC GROWTH IN NIGERIA: DOES DATA SUPPORT “GREASE THE WHEELS” OR “SAND THE WHEELS”? Ajayi, Felix Odunayo; Oyelade, Aduralere Opeyemi; Olanrewaju, Gideon Olugbenga
Journal of Applied Economics in Developing Countries Vol 9, No 2 (2024): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v9i2.92595

Abstract

The study investigated the relationship between corruption and economic growth in Nigeria using data from 1996 to 2020. The research employed the Fully Modified Ordinary Least Squares (FMOLS) method and Granger causality tests. The FMOLS results indicated that both gross fixed capital formation and urbanization significantly and positively influence economic growth in Nigeria, whereas the corruption index has a negative and significant effect, aligning with the "sand the wheels" theory. The Granger causality analysis showed a unidirectional relationship, where gross fixed capital formation Granger-causes GDP growth rate, and GDP growth rate Granger-causes both the corruption index and the relative corruption ranking in Nigeria. Based on these results, the study recommends that policymakers prioritise transparency and good governance by implementing e-governance initiatives to reduce bureaucratic hurdles and opportunities for corruption. Furthermore, there should be consistent monitoring and thorough evaluation of the impact of anti-corruption strategies on economic growth and development to ensure their effectiveness.
NEXUS AMONG FISCAL SPENDING, MONEY INFLATION AND ECONOMIC WELFARE IN NIGERIA Ajayi, Felix Odunayo; Oyelade, Aduralere Opeyemi; Olanrewaju, Gideon Olugbenga
Journal of Applied Economics in Developing Countries Vol 10, No 1 (2025): Journal of Applied Economics in Developing Countries
Publisher : MESP–FEB UNS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/jaedc.v10i1.92727

Abstract

This study investigates the nexus among fiscal spending, money inflation, and economic welfare in Nigeria. The relationship between these macroeconomic variables is a long-standing topic of interest, as fiscal spending, inflationary pressures, and the economic well-being of citizens are intricately linked. Nigeria, as one of Africa's largest economies, faces a complex set of economic challenges that impact the welfare of its citizens. The country has grappled with mounting fiscal spending pressures to address critical development priorities, while simultaneously battling recurring inflation driven by factors such as fiscal deficits, fluctuations in global oil prices, and policy coordination issues. The study employs the Error Correction Model (ECM) to analyze the dynamics among the variables from 1990 to 2022. The findings revealed that fiscal spending has a positive impact on economic welfare, while money inflation exerts a negative effect. The results underscore the importance of balanced and coordinated fiscal and monetary policies to ensure sustainable economic growth and equitable distribution of welfare improvements. The study's recommendations emphasize the need for enhanced fiscal-monetary policy coordination, efficient allocation of public resources, and targeted interventions to mitigate the adverse impacts of inflation on the economic well-being of citizens.
Co-Authors Adegboyega, Soliu Bidemi Adelowokan, Oluwaseyi Adedayo Atoyebi, Olayinka E. Atoyebi, Olayinka Esther Balogun, Adewale Musliudeen Odusanya, Ibrahim Abidemi Ogede, Jimoh Sina Olanrewaju, Gideon Olugbenga Oyelade, Aduralere Opeyemi Siyanbola, Adedamola Akeem Yinusa, Olumuyiwa Ganiyu