Socio-Economic Determinants and Implication of Crime Rates in Lagos State, Nigeria, West Africa

This study examines the socio-economic determinants and implications of crime rates in Lagos State, Nigeria in West Africa. The study is quantitative in nature. As a constituent of the sampling, the researchers distributed a questionnaire to over 800 respondents and analyzed 600 responses by using Cluster-random sampling techniques. Also,  multinomial probit analysis was applied by using respondents ‘participation in white-collar crime as dependent variable, and attitudinal-predisposition statements (dealing with age, ethnicity, gender, education, unemployment, loss of sovereign, economic hardship, political orientation and aspiration to become rich overnight) as the independent variables resulted in significant interactions and effects. The study revealed that age, race, gender, education, unemployment, loss of sovereignty, economic hardship and aspiration to become rich overnight have influenced the behavior of individuals to engage in crime. Furthermore, the study illustrated that high crime rates discourages investors, foreign direct investments, grants, stable economic systems, which threaten the strength of state security. The study recommended that the Government of Nigeria, Non-Governmental Agencies and other stakeholders should strengthen security efforts and security systems through the development and implementation of effective policies that can generate better security outcomes for the citizens and the country. Keywords: Socio-economic factors, Crime rates, Probit analysis, Sovereignty, Investors and Educatio

Policy Effect of Financial Deepening on Economic Augmentation in Ghana: A Co-Integration Analysis

Following the deterioration of the Ghanaian economy in 1983, the nation struggled with employment, food insecurity, and other travails. The Ghanaian government introduced the Structural Adjustment Program (SAP) as part of economic recovery program. The economy went through several economic reforms such as: Financial Sector Adjustment Program (FINSAP) in 2003.  The FINSAP in its operation, set-up a Strategic Plan for development and augmentation known as Financial Sector Strategic Plan (FINSSP) in 2003 to ascertain economic augmentation (i.e. growth). In view of that, the study sought to find out whether these reforms have facilitated economic growth and development in Ghana. The study followed Johanson co-integration regression procedures with a sample size of 31 from a time series annual data between 1983 -2013. The study found out that financial deepening has a significant impact on economic growth in Ghana as far as the study period is concerned. The study therefore recommended that authorities must put in place a stringent measures and mechanisms in order to remove any unnecessary restriction in the financial sector for the sector to grow which will in effect brings entire growth and development to the nation. Keywords: Co-integration, Financial Deepening, Financial market, Economic Growth and Development.