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All Journal ORGANIZE: Journal of Economics, Management and Finance Demagogi: Journal of Social Sciences, Economics and Education
NEJO, Femi MIchael
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Religion Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Stock Market Integration and Corporate Investment in Nigeria: A Critical Analysis NEJO, Femi MIchael
ORGANIZE: Journal of Economics, Management and Finance Vol. 2 No. 4 (2023): Economic Transformation and Development
Publisher : Perkumpulan Dosen Fakultas Agama Islam Indramayu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58355/organize.v2i4.63

Abstract

Low level of corporate investment in Nigeria coupled with poor financial base of a single stock exchange market system bring the need for the study to critically examined the effect of stock market integration on corporate investment in Nigeria from 1986 to 2022. The study adopted Augmented Dickey Fuller (ADF) unit root test and Auto-regressive Distributed Lag (ARDL). The data used for this study were collected from the Central Bank of Nigeria, Statistical Bulletin (2022). The ADF showed that the real exchange rate, lending interest rate, and trade openness were all integrated of order zero (∆ = 0); while, stock market integration and corporate investment were integrated of order one (∆ = 1). The ADF result showed that stock market integration exhibited a non-stability trend over the years, real exchange rate showed a negative sign but non-significant at 5%; while, lending interest rate and trade openness was negative and significant. The study concluded that stock market integration was volatile over the years which limited the rate of impacting corporate investment in Nigeria; while, lesser interest rate and trade liberation promote corporate investment. The study recommended that in order to fast ease stock market integration, which is crucial for economic progress, the Nigerian Exchange Group NGX should aim toward ensuring that each listed firm on the market have a strong market capitalization through encouraging different ownership structure to possess their respective stock value
Nigeria’s Output Gap: A Tool to Inform Economic Policy Nejo, Femi Michael; Falade, Abidemi Olufemi Olusegun
Demagogi: Journal of Social Sciences, Economics and Education Vol. 3 No. 5 (2025)
Publisher : Penerbit Hellow Pustaka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61166/demagogi.v3i5.127

Abstract

A vibrant economy is achieved when actual output and potential output grow at an equal proportional, resulting in a zero output gap. In Nigeria of today, actual output may sometime be below its potential capacity or above it, leading to under-utilisation or over utilisation of resources. Therefore, this study examined the growth pattern of actual output and potential output in Nigeria from 2006-2025. The study used secondary data which were collected from the International Monetary Fund, IMF (2025). Thereafter, the study employed Augmented Dickey Fuller (ADF) and Phillip Peron (PP) unit root tests, and Johansen Co-integration for pre-test; while, a ten-year Moving Average (MA) was used to achieve the stated objectives. The ADF and PP unit root test showed the stationary level of the variables at level and at first level difference, the Johansen co-integration established two co-integration relationships at 5% level of significance.  The MA technique showed that from 2006-2009, Nigeria’s actual output and potential output were closed aligned, with the country operating near full capacity in 2006 and 2009 respectively. Therefore, implies a zero output gap. From 2011- 2020, actual output was below the potential output; therefore, indicates a negative out-gap.  Also, there was high tendency that Nigeria’s actual output gap exceeded potential output gap from 2021-2025. This implies a positive output gap. The study therefore, concluded that the country operated efficiently in 2006-2009, experienced idle capacity from 2011 to 2020, while that of 2021-2025 was over-utilisation of resources. Therefore, recommended that Nigeria government should reduce her excessive borrowing of external or domestic source, in order not to pluck the economy to further overheating. Also, government should invest more on physical and human capital so that the present demand for more workers would not be tentative in nature.
Co-Authors Falade, Abidemi Olufemi Olusegun