DOES TRADE LIBERALIZATION AND FOREIGN DIRECT INVESTMENT INDUCEENVIRONMENTAL DEGRADATION IN SELECTED WEST AFRICAN SUB-REGIONS?

This study examined the ef ect of trade liberalization and foreign direct investment onenvironmental degradation within the selected West African sub-region. The data employedinanalyzing the result covers the period 1996 to 2022. Fully modified ordinary least squares anddynamic ordinary least squares were employed in estimating the models. The study's findingsindicate a negative and insignificant influence of trade liberalization and foreigndirectinvestment on environmental degradation, indicating that trade liberalization and foreigndirectinvestment reduced environmental degradation. Again, the interaction of trade liberalizationandforeign direct investment reduced environmental degradation. Other results confirmed that fossilfuel energy consumption positively enhanced environmental degradation, although renewableenergy consumption significantly reduced pollution. Based on the empirical findings, sincetradeliberalization and foreign direct investment reduce environmental degradation as fossil fuelenergy consumption increase environmental degradation, implies that ECOWAS governmentsinstitute environmental laws following the race to the top theory to discourage fossil fuel energyusage and push for more renewable energy as it reduces incessant pollution within the region

Long-Run Effects of Exchange Rate Policy on Economic: A Case of Nigeria

Very few erudite scholars of economists realised with conviction the intensely unusual, unstable, complicated, unreliable, temporary shock of exchange rate fluctuation in the economy. This study investigates the long run effects of exchange rate fluctuation on economic growth with particular emphasis on Nigeria between 1970-2012.The study identify the gap between recent economy theory and current economic reality in Nigeria using the Ordinary Least Square (OLS) regression techniques to draw out inferences on the exchange rate dynamics and growth. The Overall, finding, reported that real output is negatively influenced by exchange rate, gross capital formation and positively influenced by broad money supply and fiscal balances, suggesting that fiscal discipline exists but currency depreciation persist. In all, appropriate policy towards boosting the national output require stabilization of currency as well as encouraging investment. JEL Classification: F31, F40, F49 Keywords: Long-run effects, exchange rate, macroeconomic indicators, economic growth in Nigeria

Investigating Okun's Law in Nigeria through the Dynamic Model

 Unemployment is a persistent challenge for countries, especially the developing ones. Nigeria as a developing country faces a herculean task reducing the increasing spate of joblessness amongst her citizens. Okun’s law explains the relationship between unemployment and economic growth in an economy. This study therefore investigates Okun’s law in Nigeria between 1985 and 2015 through the dynamic model. The generalized method of moments estimation result reveals that that present and past output growth are negatively related to unemployment rate. However, only past output growth has a significant effect on unemployment rate. It also shows that past unemployment rate is significantly and positively associated with present unemployment rate. The Toda-Yamamoto Granger non-causality test finds that there is no causality between unemployment and economic growth. This study presents evidence to partially support Okun’s law of inverse relationship between unemployment and output growth and suggests that promoting economic growth can be a policy tool for reducing unemployment rate in Nigeria.&nbsp

(R1523) Abundant Natural Resources, Ethnic Diversity and Inclusive Growth in Sub-Saharan Africa: A Mathematical Approach

The sub-Saharan African region is blessed with abundant natural resources and diverse ethnic groups, yet the region is dominated by the largest number of poor people worldwide due to inequitable distribution of national income. Existing statistics forecast decay in the quality of lives over the years compared to the continent of Asia that shares similar history with the region. In this paper, a-five dimensional first-order nonlinear ordinary differential equations was formulated to give insight into various factors that shaped dynamics of inclusive growth in sub-Saharan Africa. The validity test was performed based on ample mathematical theorems and the model was found to be valid. The model was then studied qualitatively and quantitatively via stability theory of nonlinear differential equations which depended on the policy success ratio and classical fourth-order Runge-Kutta scheme implemented in maple respectively. The results from the analysis showed that inclusive growth from abundant natural resources and ethnic diversity in sub-Saharan Africa was a function of policy reform whereby an increase in both equitable distribution of national income and accessibility of common man to the goods and services provided by the state to narrow inequality gap was accompanied with a low level of nepotism

GOVERNANCE PRACTICE AND DIVIDEND PAYOUTS: THE ROLE OF SECTORS

Corporate governance (CG) safeguards shareholders’ portfolios and ensures optimal returns in terms of dividend payouts (DPs) on their investment.  The association between CG and DPs could be significant in relation to risk exposure, operational and financing activities across firms and sectors. The relationship between the two has been well documented, however; the role of industry classification on the relationship has not been given adequate consideration in the literature. Agency theory underpins the model which captures the effects of CG on DPs.  This study, therefore, examines the moderating roles of industry on the relationship in Nigeria between 1995 and 2012; and utilised system generalised method of moments technique in its analysis. Empirical findings of the study indicate that the relationship between CG and DPs is positive in few subsectors while it is negative in some subsectors respectively. Therefore, it is suggested that the Security and Exchange Commission (SEC) in connection with the Nigerian Stock Exchange should provide needed interventions to the subsectors showcase negative relationship so that their CG could be enhanced