IMPACT OF INTEREST AND EXCHANGE RATES ON STOCK MARKET PERFORMANCE IN SUB-SAHARAN AFRICA

This study investigated the impact of macroeconomic variables specifically, central bank policy rates (interest rates) and nominal exchange rates on stock market performance in Sub-Saharan Africa, focusing on Nigeria, South Africa, Ghana, and Namibia. Motivated by the need to understand how economic fundamentals influence financial markets in developing economies, the study employed quarterly panel data from 2010Q2 to 2025Q1. The analysis utilized a Fixed Effects Model to account for country-specific heterogeneity in assessing stock market performance, proxied by the All Share Index (ASI). The findings revealed that nominal exchange rates had a positive but statistically insignificant impact on stock market performance, suggesting a potentially weak but directional relationship. In contrast, interest rates showed a negative and statistically insignificant effect, indicating limited immediate influence on market behaviour. Other macroeconomic control variables including inflation and foreign direct investment also exhibited no significant impact. The results highlight the complex nature of macro-financial interactions in the region and underscore the need for cautious monetary policy calibration. The study concluded that while macroeconomic fundamentals do influence market trajectories, their effects may be moderated by structural and institutional factors unique to Sub-Saharan Africa. It recommends strengthening financial market infrastructure and deepening macroeconomic coordination to enhance resilience and investor confidence

EFFECT OF HOUSEHOLD POVERTY ON WOODFUEL CONSUMPTION IN SUB SAHARAN AFRICAN COUNTRIES: EVIDENCE FROM SYSTEM GMM MODEL

This study aims to investigate the effect of household poverty on woodfuel consumption in Sub-Saharan African countries by using a panel data set of 43 countries spanning from 2011 to 2019. Generalized Method of Moment (GMM) was employed to analyze the data. The finding of the study reveals a strong positive association between household poverty and woodfuel consumption, with a 1% increase in household poverty increasing woodfuel consumption by 65.1%. The study further reveals that clean fuel and technology, dependency ratio, and female labor participation were significant determinants of woodfuel consumption in Sub-Saharan African countries. These findings have significant implications for the health and economic well-being of the region's population. Sub-Saharan African governments, non-governmental organizations, donor agencies, and foundations are urged to make clean cooking energy, such as electricity, gas, and solar, more readily available and affordable to households, easing the transition from wood fuel to cleaner fuels

ANALYSIS OF THE TECHNICAL EFFICIENCY OF CENTRAL BANK OF NIGERIA ANCHOR BORROWER PROGRAMME RICE FARMERS IN KANO STATE, NIGERIA

Sustainable agriculture can be promoted through access to technologies, resources, land, water, education, knowledge and agricultural advice. This study analyzed the economic efficiency of Central bank of Nigeria Anchor Borrower Program rice farmers in Kano State, Nigeria. Multistage sampling technique was adopted for this study. Data were collected through the use of a well-structured questionnaire from 50 sampled small-scale rice farmer beneficiaries in the study area. The stochastic production frontier statistical and econometric tool was used to achieve the stated objectives. Evidence from the technical efficiency model revealed that the coefficient of seed (P<0.01), fertilizer (P<0.01), farm size (P<0.01) and labour (P<0.01) positively and statistically influenced rice production.. The study also showed that contact with age(P<0.01), education (P<0.01),farming experience (P<0.01) and household size (P<0.01) were positive and significant determinants of technical efficiency with the exception of household size which had a negative influence of technical efficiency. Based on the findings in this study it was recommended that that access to quality inputs, promote farmer education, and improve land use practices should be essentially enhanced. Additionally, supporting older and experienced farmers and improving the impact of extension services can play pivotal roles in reducing inefficiencies

DO GLOBAL UNCERTAINTY AND RISK INFLUENCE ECONOMIC GROWTH IN NIGERIA? EVIDENCE FROM QUANTILE REGRESSION ANALYSIS

Uncertainties and risks have continued to play a significant role in shaping economic decisions and outcomes in many countries. Like many other countries, Nigeria is exposed to global economic policy uncertainty. Nigeria is vulnerable to geopolitical risk because of its strategic location in both sub-Saharan Africa and the West African subregion. However, the impact of economic policy uncertainty and geopolitical risk on Nigeria's economic growth has not received much research. Considering these circumstances, the study utilizes quantile regression analysis to explore the impact of global economic policy uncertainty and geopolitical risk on Nigeria's economic growth, utilizing monthly data for all variables from January 1997 to December 2023. The result indicates that economic growth is negatively related to global economic policy uncertainty at the lower quantile; however, the relationship turned positive at the middle and upper quantile. On the other hand, geopolitical risk has a negative relationship with economic growth across all the quantiles. The study recommends that policymakers make robust policies that will promote the diversification of the Nigerian economy to withstand any form of influence emanating from elsewhere. Similarly, human capital development should continue to be promoted with a view of having quality manpower capable of initiating local solutions to Nigeria’s problems, among other recommendations

MACROECONOMIC SHOCKS, INSTABILITY AND ECONOMIC GROWTH IN SELECTED ECOWAS COUNTRIES

 This study investigates macroeconomic shocks, instability, and economic growth in selected ECOWAS countries. Specifically, Benin, Carbo Verde, Côte d’Ivoire, Ghana, Guinea-Bissau, Nigeria, Senegal, Togo, and the Gambia were considered for the study based on data availability and a long history of macroeconomic instability. The study adopts panel structural Vector Auto Regressive (VAR) as a methodology to conscientiously account for the responses of variables of each country to idiosyncratic and common structural shocks. This is achieved by allowing full cross-member heterogeneity of the response dynamics. The data used is a panel that comprises nine ECOWAS countries from 1992 to 2023. The results of the impulse response functions revealed evidence of insignificant shock propagation and transmission among the macroeconomic variables, such as the countries' GDP, inflation, unemployment, and exchange rates. However, the results indicated that macroeconomic instability in the countries is attributable to internal rather than external shocks. This is because the diagonal impulse response functions were more significant than the off-diagonal impulse response functions. The policy implication of these results is that macroeconomic stability is achievable when the ECOWAS countries focus more on controlling inflation and unemployment through effective monetary and fiscal policies. Doing this will not only enhance the attainment of internal balance but also assist them in mitigating the effects of the shocks and foster higher economic growth

EFFECT OF CORPORATE GOVERNANCE ON FINANCIAL INFORMATION OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

This study investigates the effect of corporate governance attributes on financial information disclosure among listed Deposit Money Banks (DMBs) in Nigeria over a ten-year period (2014–2023). Adopting an ex post facto research design and utilizing secondary data from audited annual reports, the study employs a fixed effects panel regression model with robust standard errors to account for firm-level heterogeneity and endogeneity. Key governance variables examined include board financial expertise, board independence, board gender diversity, audit committee meetings, and managerial ownership, with firm size and profitability included as control variables. The findings reveal that board financial expertise, board independence, and audit committee meetings have significant positive effects on financial disclosure, while managerial ownership exerts a significant negative influence. Board gender diversity, although positively related to disclosure, was not statistically significant. The results underscore the importance of effective internal governance mechanisms in promoting transparency and accountability in the Nigerian banking sector. The study recommends strengthening board independence and financial expertise, enhancing audit committee functionality, and improving regulatory oversight on ownership structures to foster robust disclosure practices

ANALYSIS OF THE SOCIOECONOMIIC EFFECTS OF LAND RECLAMATION IN LEKKI, LAGOS STATE, NIGERIA.

The paper investigates the effects of land reclamation in Lekki area of Lagos state. The objectives of the study include the extent of the reclaimed land in the study area, examination of the factors for relocation to the study area, livability and satisfaction of the residents, the implication of the reclamation exercise and the examination of the control measures put in place to mitigate possible effects of such reclamation exercise. The study adopts survey research design and multi-stage approaches. Data collection were done using questionnaire survey and personal observation instruments. The study uses descriptive and inferential statistical tools for data analysis and interpretation. The study reveals the portion of wetland and ocean based has been transformed to human settlement and that the occupier placed high premium on home ownership than shelter in their decision for relocation to the study area, they are satisfied with the level of infrastructure in the study area and that the perceived disadvantages of the reallocation was consider too insignificant to reckon with in their decision to relocate. The study recommends among others formulation of policy for the maintenance and preservation of the quality of the reclaimed environment

IMPACT OF OIL PRICE FLUCTUATIONS ON NIGERIAN ECONOMIC GROWTH AND SECTORAL PERFORMANCE: AN ANALYSIS OF DIVERSIFICATION EFFORTS

This study explores the impact of oil price fluctuations on Nigeria's economic growth and sectoral performance from 1995 to 2024. Employing a Vector Error Correction Model (VECM) and variance decomposition analysis, the study assesses how changes in oil prices impact overall economic growth, the performance of the agricultural and manufacturing sectors, and government revenues. The findings indicate that oil prices have a modest but increasing influence on Nigeria's economic growth, accounting for 2.36% of real GDP variations in the long term. The agricultural sector demonstrates resilience to oil price changes, with a decreasing sensitivity over time. Conversely, the manufacturing sector shows growing vulnerability, with oil prices contributing to 9.49% of output variations by the end of the period. Government revenues are notably affected by oil price fluctuations, particularly in the medium term, where they explain up to 38.17% of variations. These results underscore the complex and varied impacts of oil price shocks on different sectors of the Nigerian economy. The study concludes by advocating for targeted policies to enhance economic diversification, bolster sector-specific resilience, and improve fiscal management to mitigate the effects of oil price volatility on Nigeria's economy

DOES TECHNOLOGICAL PROGRESS COMPLEMENT THE IMPACT OF CARBON EMISSIONS ON POVERTY RATE? EVIDENCE FROM VECM APPROACH

This study examines the relationship between carbon emissions, technological advancement, and poverty reduction in Nigeria. Using a combination of Johansen cointegration and Vector Error Correction Model (VECM) techniques and 1990-2023 annual data, the study analyzes both long-run and short-run relationships among key economic and environmental variables. The findings reveal that while technological advancement significantly reduces poverty, increased carbon emissions, infrastructure expansion-measured through access to electricity-, and economic growth exacerbate poverty levels. These results underscore the importance of integrating technological innovation with environmentally sustainable policies to achieve meaningful poverty alleviation. The study recommends targeted policy interventions to enhance digital access, improve renewable energy adoption, and mitigate the adverse effects of carbon emissions on vulnerable populations. Further research should explore regional disparities and household-level impacts of technology and environmental factors on povert

DISAGGREGATED HOUSEHOLD CONSUMPTION EXPENDITURE AND ECONOMIC GROWTH IN NIGERIA

The study empirically analyzed the disaggregated household consumption expenditure on economic growth in Nigeria for the period of 1981-2023. The dependent variable is gross domestic product growth rate (GDPGR) while the explanatory variables are Final Consumption Expenditure of Household (FCEH) and Final Consumption Expenditure of Non-ProfitInstitution Serving Household (FCEN). The data were all sourced from Central Bank of Nigeria Statistical Bulletin 2023. The preliminary analysis was carried out using Augmented Dickey Fuller Unit Root test and Johansen Cointegration while the main estimation technique is Vector Error Correction Method and Granger Causality/Block Exogeneity Wald Tests. This study revealed that the Final Consumption Expenditure of Households (FCEH) significantly drives Nigeria's GDP growth, with a short-term impact of 9.35 percentage points and a stronger longterm effect of 17.80 percentage points. The Final Consumption Expenditure of Non-Profits Serving Households (FCEN) shows short-term benefits with a 1.91 percentage point rise but a long-term decline of 2.78 percentage points. The Granger Causality Test indicates that FCEH and FCEN Granger-cause GDP growth. This study concluded with emphasize on the importance of promoting household consumption while optimizing public expenditure to support long-term economic growth. To foster economic growth, Nigeria should implement policies to increase household disposable income and boost consumer spending, while also expanding social welfare programs to reduce regional disparities