Economics Commons^™

Digital Financial Services And The Formalisation Of Informal Enterprises In Nigeria: A Policy Review, Mayowa Olawale Ogunsola, Helen Olubunmi Aderemi

Bullion

Nigeria's informal sector accounts for approximately 93% of employment (ILO, 2025; NBS, 2023) and, following the 2025 GDP rebasing, contributed 42.5% of GDP in 2019 (NBS, 2025). Digital Financial Services (DFS) are promoted as a formalisation pathway, yet recent evidence (2022–2026) shows that while DFS adoption enhances productivity and financial inclusion, it does not automatically trigger business registration or tax compliance. Drawing on institutional logics and gradualism, this policy review of 28 studies finds that Nigeria's current framework conflates digital inclusion with formalisation, suffers fragmented coordination among the Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), and Nigerian Revenue …

Food Insecurity, Economic Shocks, Poverty, And Inequality In Nigeria, Ibrahim Tijjani Salihu, Jahen F. Rezki

Jurnal Ekonomi dan Pembangunan Indonesia

Drawing on the 2018/2019 Nigeria General Household Survey — a nationally representative sample of 5,000 households across six geopolitical zones obtained using multi-stage stratified sampling — this study applied linear probability and probit models to examine poverty’s socioeconomic drivers. Findings show food insecurity and economic shocks worsen poverty, while remittances, credit access, employment, safety nets, and education help reduce it. Using poverty indices and the Gini coefficient, the analysis found rural households face greater poverty incidence, depth, and severity than urban households, despite urban areas showing marginally higher income inequality. Inequality among lower-income households, however, was nearly identical across both …

Investigating Household Non-Farm Enterprises In Nigeria: What Influences Their Survival And Function In The Face Of Droughts?, Anna Xochitl Settels Palacios

Economics Honors Projects

This paper examines whether household non-farm enterprises (NFEs) in Nigeria function as coping mechanisms during drought shocks. Using monthly panel data, climatic water balance measures, and survival, linear probability, and staggered difference-indifferences models, I find that drought exposure is associated with increased persistence in NFE activity, reflected in lower hazards of enterprise closure and reduced monthly exit probabilities. These findings suggest that NFEs may be used as a tool by agricultural households to cope with agricultural shocks by reallocating labor, smoothing income, and maintaining economic activity.

Intergovernmental Relations, Market-Preserving Federalism, And Digital Governance In Nigeria, Dhikru Adewale Yagboyaju, Jeremiah Oluwadara Omotayo

Bullion

This paper analyses intergovernmental fiscal relations in Nigeria using Barry Weingast’s theory of market-preserving federalism. It argues that excessive fiscal centralisation, weak subnational autonomy, and recurring disputes over revenue allocation, such as those involving value-added tax and oil derivation, undermine inclusive economic development. Using qualitative analysis of policy documents, legal frameworks, and audit reports, the study finds that embedding digital governance within a market-preserving federal framework could enhance subnational revenue generation, fiscal transparency, and competitive horizontal federalism.

National Security, Macroeconomic Stability, And The Future Of Nigeria's Development: Policy Priorities In A Volatile Global Environment, Suleiman Yusuf Usman Mr.

Bullion

Nigeria confronts a dual crisis: escalating domestic insecurity and intensifying global geopolitical volatility. Rising insecurity undermines productive capacity, diverts fiscal resources, and erodes investor confidence, whilst external shocks—including policy pronouncements from major economies and geopolitical tensions—threaten capital flows, foreign exchange reserves, and macroeconomic stability. This article examines the economic and developmental implications of these intertwined pressures, evaluates their impact on monetary policy effectiveness and financial sector resilience, and presents actionable policy recommendations to strengthen governance, restore stability, and safeguard Nigeria's long-term development trajectory. The analysis emphasises the urgent need for coordinated fiscal and monetary responses, institutional reforms, and strategic repositioning …

Industrial Parks And Domestic Power: Work, Industrialization, And Intimate Partner Violence In Nigeria, Faye X. Dingle

Economics Honors Projects

This paper examines the effect of industrial zone openings on women's employment, relative earnings, and intimate partner violence (IPV) in Nigeria. I exploit variation in the timing of industrial zone openings to use a staggered difference-in-differences model. I compare women near industrial zones to women near not-yet-built industrial zones and capture the effect of the average treatment effect on the treated. I perform this analysis for women within 10, 15, 20, and 25 kilometers of an industrial zone. I find that being within all distances of an industrial zone increases a woman's relative earnings compared to women in non-industrialized zones. …

Effects Of Bureaucratic Corruption On Firms' Financial Constraints, Obinna Franklin Ezeibekwe

The Journal of Entrepreneurial Finance

This study provides the first empirical assessment of the causal impact of bureaucratic corruption on firms' financial constraints in Nigeria by calculating treatment effects using linear and non-linear estimators to account for potential heterogeneous treatment effects across firm groups. Formally, the theoretical framework models how corruption may facilitate or restrain firms' financial access by shaping their cost functions, which consequently influences their success or failure and ability to raise the collateral for borrowing. My analysis, using the bivariate probit method and two binary instruments, reveals that corruption significantly increases the probability of a representative MSME and firm being financially constrained …

Competition And Financial Performance Of Insurance Companies In Nigerian, Toluwa C. Oladele Phd

Bullion

Competition among Nigerian insurance companies has intensified following the consolidation exercise, which aims to strengthen the industry and enhance its performance. Nonetheless, the capacity of insurance companies in Nigeria to compete effectively remains challenging. Hence, this study analysed the impact of competition on the financial performance of insurance companies in Nigeria. Secondary data were obtained from companies' financial reports and analysed using OLS regression. The findings indicated that competition significantly influences the performance of insurance companies. Consequently, the study recommended that regulatory authorities and insurance companies implement measures to foster healthy competition.

Assessment Of Nigeria's Sectoral Gross Domestic Product (Gdp) Performance Using The Three-Stage Model, Umeokwobi Richard Phd

Bullion

Nigeria's economic structure has undergone an atypical transformation, resulting in a lack of sustainable growth. It has been deduced that developed countries move from an agriculture-dominant economy to an industrial-dominant economy and finally to a service-dominant economy. This shift can be seen through the lens of the three-stage model. This paper investigates whether Nigeria's Gross Domestic Product (GDP) follows the model. Motivated by this anomaly, the study examines the pattern and implications of Nigeria's sectoral transformation, utilising the Three-Stage Growth Model as a theoretical framework. The analysis employs trend and descriptive methods to examine sectoral contributions to GDP and structural …

Impact Of Covid-19 Pandemic On Performance Of Nigerian Stock Market, Shafiu Ibrahim Abdullahi

CBN Journal of Applied Statistics (JAS)

This study analyzes the effect of COVID-19 pandemic on the performance of Nigerian stock market. The study uses a number of models that include autoregressive distributed lag, vector auto regression, exponential generalized autoregressive conditional heteroskedasticity and multivariate generalized autoregressive conditional heteroskedasticity models. Findings show that reported cases of COVID-19 have causal effect on daily returns of the Nigerian stock market. The results also show that Nigerian stocks are good for portfolio diversification. The results of variance decomposition confirm the declining importance of COVID-19 cases and deaths as the pandemic slows down. Further results show that, for the duration of the …

Financial Exclusion, Gender, And The Lure Of Boko Haram (Chapter From Gender-Responsive Budgeting In Africa: Access And Future Measures), Vesna Markovic, Sven Botha

Justice, Law, and Public Safety Studies Department Faculty Books/Book Chapters

There is a large disparity in financial inclusiveness for those people living in northern Nigeria in contrast to those living in southern Nigeria. According to a 2019 report by the Central Bank of Nigeria and Enhancing Financial Innovation and Access (EFInA), Nigeria has more people living in extreme poverty than any other country in the world. Access to education and lower levels of income all contribute to the lack of financial inclusion for both men and women in the North, but particularly for women. These gender barriers have acted as an enabler for the recruitment of women into the Boko …

A Case Study Analysis Of The Financial Structure Of Boko Haram In Nigeria, John O. Opara

Department of Conflict Resolution Studies Theses and Dissertations

This study examined the various techniques used by Boko Haram (BH) to source funds for its violent activities in Nigeria. The study also examined the reasons why the group maintains support from the locals and others despite the violence the group has caused in Nigeria. A case study qualitative research technique was selected by using Key Informant Interviews (KII) and relevant document review to gather data to address the central questions of why Boko Haram has support, and why it maintains a strong financial structure. Findings of the study revealed that Boko Haram has several sources of funding and support …

Three Essays On Externalities Of Energy And Agricultural Production, Taiwo Foluso Akinyemi

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation consists of three essays exploring the externalities that arise from energy production and development in a developing country, Nigeria, and agricultural production in a developed nation, the United States (US). The research examines the benefits of energy development in terms of its impact on local wealth and the associated costs, including the health effects on communities living near energy production sites. Additionally, the dissertation analyzes the opportunity costs of policies aimed at preventing the relocation of nutrients, particularly nitrogen fertilizers, within the agricultural sector and their impact on the producer and consumer surplus.

The first essay examines the …

Modeling And Forecasting Inflation Rate In Nigeria: A Comparison Of Regression With Arima Errors And Arima Method, Barthelomew I. Ugwuanyi

Bullion

The paper aimed to determine the most appropriate method for forecasting inflation rate in Nigeria between Regression with Autoregressive Integrated Moving Average (ARIMA) errors and Autoregressive Integrated Moving Average (ARIMA) method. This study uses annual data for the period 1990-2021 from World Bank. One response variable and three predictor variables are adopted. The best ARIMA method was selected from the competing ARIMA methods using Akaike Information Criterion Corrected (AICC), while the root mean squared error (RMSE) and mean absolute percentage error (MAPE) are used to select the best forecast method between the two methods of interest. The result of this …

Assessment Of Fuel Prices As Determinants Of Inflation In Nigeria: A Vecm Approach, Adekunle B. Alexander Dr., Pelumi A. Abdulmalik

Bullion

This study examines the effect of petroleum price on the direction of inflation in Nigeria - whether or not movement in prices of other goods and services responds to increase in pump price of premium motor spirit (PMS) otherwise known as petrol in Nigeria. The study employs the Vector Error Correction Model (VECM) and Granger causality tests to estimate the long-run relationship between petro! price and inflation as well as direction of causality for the 1991- 2021 period. Data for the study were sourced from the National Bureau of Statistics (NBS) and World Bank data indicators covering inflation, pump-price of …

Digital Technology And The Transformation Of The Nigerian Banking System: The Operators’ Perspective, Ireti Samuel-Ogbu

Economic and Financial Review

The rapid development of digital technology through the years, and the rails provided by the internet for connectivity remains the most important development that has impacted change and driven massive improvement in the operation of banking and financial services. It has brought in its wake huge disruptions in product roll-out and the way products are delivered. The entry of technology companies into financial services cannot be overlooked in discussing these changes. Nigeria has not been left behind in this evolution. Instead, the Nigerian banking industry has been the forerunner in digital initiatives in Africa that have transformed the banking and …

Estimation Of Disaggregated Import Demand Functions For Nigeria, Chekwube V. Madichie, Uche C. Nwogwugwu, Franklin N. Ngwu, Olisaemeka D. Mauka

CBN Journal of Applied Statistics (JAS)

This paper estimates disaggregated import demand function for Nigeria using annual data from 1970 to 2019. The study employs the Zivot-Andrews unit root and Gregory-Hansen cointegration tests to account for the role of structural breaks and the error correction mechanism for shortrun analysis, respectively. The results show that household consumption, industrial output and domestic investment are the major determinants of import demand for consumer, intermediate and investment goods, respectively. Furthermore, the import demand for investment goods is not sensitive to variations in relative prices. However, relative prices is negative and significant to import demand for consumer and intermediate goods. Exchange …

Market Risk Factors And Stock Returns In The Nigerian Bourse, Omorose A. Ogiemudia, Osagie Osifo, Igbinovia L. Eghosa

CBN Journal of Applied Statistics (JAS)

This study examines the link between market risk and equity return in Nigeria between 1980 to 2019. It employs the vector error correction model (VECM) to determine the short run dynamics and long run effect of market risk factors on stock return. The findings revealed that a dynamic relationship exists between market risk factors and stock returns in Nigeria. Also, exchange rate risk and oil price risks have significant influence on stock return, while inflation and interest rate risk, and political instability risks have a non-significant impact on stock return. Finally, a unidirectional relationship was detected between interest rate, oil …

Torn Between Two Pandemics: Poverty Pandemic And Coronavirus Pandemic In Nigeria, Tope Shola Akinyetun

Southern African Journal of Policy and Development

The wave of coronavirus pandemic that hit the world coincides with Nigeria’s struggles with her newly attained position as the poverty capital of the world. This paper argues that prevalent poverty is a pandemic that the world has learnt to live with, and that Nigeria is struggling to overcome. The agony of poverty in the country coupled with the coronavirus pandemic subjects the country to a quandary of a dual-pandemic scourge. The paper relies on secondary data and adopts a descriptive and analytic approach. It concludes that multidimensional poverty in Nigeria is pervasive and has become deepened by the pandemic …

Impact Of Covid-19 Pandemic On The Nigeria Stock Market: A Sectoral Stock Prices Analysis, Peter A. Adekunle, Yakubu A. Bello, Udochukwu G. Nwachukwu

CBN Journal of Applied Statistics (JAS)

This study examines the impact of the COVID-19 pandemic on sectoral stock prices in Nigeria stock market using daily data covering from February 28, 2020 to June 26, 2020. Applying the autoregressive distributed lag (ARDL) bounds test, the study finds that COVID-19 pandemic had adverse impact on the stock market indices in the short run. Furthermore, the study documents negative response of sectoral stock prices to the pandemic while the stock prices of the banking sub-sector are the worst hit. Compared to the consumer goods, and industrial subsector indices, the speed of adjustment to long run equilibrium is faster for …

Implications Of The African Continental Free Trade Area For Nigeria’S Economic Growth, O. S. Aigheyisi, M. A. Iyoha

Economic and Financial Review

The objective of this paper is to examine the effect of intra-African Trade on Nigeria’s economic growth from 1981 to 2019. To achieve this, the ARDL modeling technique is employed to investigate the short-run and long-run effects of intra-African trade on Nigeria’s economic growth. The study finds that though the short-run effect is positive but not significant; the long-run effect is significantly positive, and robust to alternative estimation techniques. This suggests that expansion of trade among African countries, which is expected to result from the full implementation of the African Continental Free Trade Agreement (AfCFTA), would have positive growth effect …

Environmental Accounting And Financial Performance Of Listed Family-Owned Companies In Nigeria, Charles Segun Ilelaboye, Muyiwa E. Alade

International Review of Business and Economics

This study examines the effect of environmental accounting on the performance of family-owned companies in Nigeria using restoration cost, community development costs and health & security costs as surrogates. The study used ex-post facto research design. The population of the study consisted of all 12 family-owned companies across industrial and oil & gas sectors that were quoted on the Nigerian Stock Exchange (NSE). Purposive sampling technique was used to select six (6) family-owned companies that disclosed environmental information. Data were gleaned from the annual reports of the sampled companies covering 2012-2020. The study used descriptive statistics, correlation and Ordinary Least …

The Treasury Single Account System And Financial Stability In Nigeria, Olusola Esther Igbekoyi

International Review of Business and Economics

This study investigates the effect of the treasury single account system on financial stability in Nigeria. Specifically, we hoped to find out if speculation of government regarding government debt and stock market performances are met. The study utilized data published in the Central Bank of Nigeria statistical bulletin for a period of 2011-2020. The time series data collected were analyzed using descriptive and inferential statistics. The findings revealed that the TSA system had a negative impact on government debt performance, with significant negative impact on advances from commercial banks and external debt finance charges. However, it had an insignificant negative …

Food Security, Economic Growth And Price Stability Nexus And Conceptual Issues, Park O. Idisi

Economic and Financial Review

A strong argument that encourages analysing food security and food price stability issues is importance to economic well-being. Nigeria is one of the most food insecure countries and highly affected by all three drivers. For one, the country is vulnerable to price instability and successively hit by environmental disasters, that impact people’s livelihoods. Furthermore, its economy is thriving, but around 48.0 per cent of its population lives below the poverty line (World Bank, 2020; World Poverty Clock, 2020). In addition to that, since 2009 northeastern Nigeria is struck by insurgency. Essentially, sustainability in economic growth is dependent on achievement of …

Keynote Address, Godwin I. Emefiele Con

Economic and Financial Review

The theme for this year’s edition, “Food Security in Nigeria: Options for Policy” is apt and in tune with the existing realities of both the global and domestic economies, which have suffered heavily from the impact of the COVID-19 pandemic. In fact, the theme could not have come at a better time than now when issues of insecurity, climate change, and COVID-19 related disruptions are challenging food production and supply, not only in Nigeria but also globally. As a matter of fact, food security is critical for national security, economic stability and sustainable development.

Special Remarks, Kingsley Obiora

Economic and Financial Review

The theme of this year’s Seminar, Food Security in Nigeria: Options for Policy, is apt, timely and consistent with the current efforts of this administration and the Bank in finding sustainable solutions to the food security challenges confronting us as a nation. As we all know, food is a basic need of every man and key to socio-economic stability. The ability of a country to feed its people, and perhaps extend the surplus to other countries, is one of the key indicators of good standing in the comity of nations. The World Food Summit (1996), defined food security as a …

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Kabir Ibrahim Mnia, Fnim, Acc

Economic and Financial Review

This paper seeks to advise on how to tackle the skyrocketing prices of food being experienced today all over the nation and to get the Government to take urgent and proactive actions to avert the pain being experienced by the entire Nigerian people.

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Alwan A. Hassan

Economic and Financial Review

Nigeria suffers from food insecurity and poverty. It is estimated that the number of hungry people in Nigeria is over 53 million, which is about 25.0 per cent of the country’s total population of about 212 million. Also, about 43.0 per cent of Nigerians live below the poverty line. These statistics are worrisome, given that Nigeria, in the 1950s and 1960s, was not only self-sufficient in food production, but was also a net exporter of food to other regions of the continent (Ajayeoba, 2010). A nation is food secure when food is available and accessible in sufficient quantity and quality …

Welcome Address, Itohan M. Ogbomon-Paul

Economic and Financial Review

The theme of this year’s Seminar is tagged “Food Security in Nigeria: Options for policy”. The central focus of the Seminar is to discuss policy options for tackling the challenges of food insecurity, with the resultant outcomes on poverty reduction, job and wealth creation, as well as overall growth and development of the Nigerian economy. This year’s Seminar provides a unique opportunity for us all, because food holds the key to quality human existence. Indeed, food security is at the core of every nation’s development agenda. The quantity and quality of food available to the citizenry is correlated with the …

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Adeleye O. Oyebade Mni

Economic and Financial Review

Food is defined by Britannica, a web-based encyclopaedia, as any substance consisting of protein, carbohydrate, fat, and other nutrients used in the body of an organism to sustain growth and vital processes, and to furnish energy.8 In a similar definition, Wikipedia described food as any substance consumed to provide nutritional support for an organism; adding that food is usually of plant, animal or fungal origin, and contains essential nutrients. The above definitions explain why food is viewed as an essential need of life. However, the production of food has been declining in recent times for some reasons, including the adverse …