Papers by Tochukwu Okafor
Academy of Entrepreneurship Journal, 2020
Recent statistics show that the South-West geopolitical zone in Nigeria achieved 80% financial in... more Recent statistics show that the South-West geopolitical zone in Nigeria achieved 80% financial inclusion in 2016, ahead of the 2020 target set by the National Financial Inclusion Strategy Group (NFISG). This paper thus examines the factors behind the early success and also ascertains the sustainability of the success achieved. In a survey of 475 low-income earners randomly selected across the six states in the South-West geopolitical zone in Nigeria, 348 have a bank account with a formal institution, while the other 127 have no formal bank account. Descriptive statistics, sample t-tests and probit regression analysis were used to test hypotheses. The findings reveal that male adults, aged 20–40 years, urban dwellers with high Internet penetration in the state, in environments with active state government policy concerning financial inclusion, being salaried earner or self-employed are likely to own and use bank accounts more frequently than others. Other findings reveal that irregul...
Journal of Business Management & Economics, 2016
In recent past, there has been upward movement of bank frauds in Nigeria. For instance, the figur... more In recent past, there has been upward movement of bank frauds in Nigeria. For instance, the figure rose to N8 309.83billion in 2004 as against N 3399.39 billion in 1994 representing an increase of over 350%. This no doubt has lowered the confidence of the public and bank customers and hence the need for this research. The banking system is the medium through which funds flow into and out of the country. Some factors were identified as causes of fraud and illegitimate acquisition of wealth. This study empirically tested if there is no significant relationship between deposits on the one hand, and the following explanatory variables-fraud, actual/expected loss and MLA between 1989 -2004. The Ordinary Least Square method (OLS) was employed in the study. Furthermore, correlation coefficient, t-test, F-test and the standard error were used in testing the relationship between the variables formulated in the hypotheses. From the four tests carried on the fitted regression model, three of them show that the regression is very useful in explaining variability in deposits.
International Journal of Supply Chain Management, 2018
Over the last 50 years, Nigeria’s industrial sector has declined considerably in both productivit... more Over the last 50 years, Nigeria’s industrial sector has declined considerably in both productivity and contribution to economic growth in the country. Empirical evidence suggests that exchange rate fluctuations and rising inflation has impeded industry output growth in the country. This study examines the effect of exchange rate fluctuations and inflation on industrial output in Nigeria. The study covers the period between 1981Q1 and 2015Q4. The study adopted the SVAR econometric technique to analyses the impact of a shock to the independent variables on industry output. The study found that a positive shock to exchange rate has a negative impact on output growth and that a positive shock to inflation has a temporal negative effect on output and becomes positive after the fourth quarter. The forecast error variance decomposition technique showed that exchange rate and inflation account for about 2.6 percent and 10 percent of variations in industry output respectively. The study reco...
Journal of Contemporary African Studies
This paper examines financial inclusion penetration in two southwestern states (Lagos and Ekiti) ... more This paper examines financial inclusion penetration in two southwestern states (Lagos and Ekiti) in Nigeria. Lagos has a high concentration of financial Institutions, while Ekiti has few financial institutions. This paper uses survey research design and logit regression analysis to show evidence of a significant difference in financial inclusion penetration in the two states and its impact on the business performance and well-being of the citizens of the states. The study reveals that penetration is higher in Lagos at 81% and lower in Ekiti at 60%. Irregular income/job loss, unknown/hidden charges, long queues in the bank, and high maintenance fees constitute a top threat to 80% financial inclusion achieved in the Southwest zone. The study, therefore, recommends intervention policy that considers state-level characteristics. Also, government policy on employment generation should target low-income earners who are worse-off during an economic downturn.
Monetary Policy play special roles in any developing country and one of the special roles is to c... more Monetary Policy play special roles in any developing country and one of the special roles is to control the supply of money with the purpose of promoting economic growth and price stability. Monetary policy in a simplified analysis amount to the determination of the optimal quantity of money or in a "dynamic" sense, the optimal rate of growth money stock in an economy. But there is more to monetary policy than the impact of monetary policy on macroeconomic outcome in Nigeria, so as to draw useful lessons from her inception. In demonstrating the application of ordinary least square method, the multiple linear regression analysis will be used with gross domestic product, inflation rate while exchange rate, interest rate and money supply as the explanatory variables. The data for the study was therefore obtained form the Central Bank of Nigeria publications. The result gotten shows that while exchange rate, interest rate and money supply is significant in impacting the econom...
This study assesses the impact of government expenditures on the economy (GDP) based on secondary... more This study assesses the impact of government expenditures on the economy (GDP) based on secondary data from 1970 to 2012. Variables considered relevant indicators of economic growth and public expenditure from literatures were used. The data were subjected to the instrumental variables two-stage least squares regression. The result showed that both capital expenditure and lagged-two capital expenditure positively and significantly impacts GDP. For the second equation, only internal debt positively impact GDP. The study thus recommends among others more budgetary allocations to public expenditures while the Public Private Partnership model was encouraged for capital projects in order to minimize corruption
The problem of housing affordability and the provision of quality services by the mortgage indust... more The problem of housing affordability and the provision of quality services by the mortgage industry which includes financing have always being a major concern to the public as a whole. This research is therefore aimed at discovering the activities, achievements and limitations of the mortgage industry especially in the primary mortgage institutions using mrion homes and loans as a case study. The study is focused on the operations of mrion homes savings and loans PLC because it is one of the most prominent PJ'v:li's in Nigeria. The study involves the distribution of questionnaires to the staff ofmrion homes. It was discovered that Union homes has contributed a great deal to housing finance sector in Nigeria as a result of frmding several housing estate and granting of both social and commercial loans to individuals for housing pwposes. The study also looks into the problems affecting PJ'v:li's and problems associated with mortgage sector in Nigeria. It was fwther dis...
The study aims at investigating the impact of capital market on economic growth in Nigeria. The r... more The study aims at investigating the impact of capital market on economic growth in Nigeria. The research adopts a time-series research design depending comprehensively on secondary data with coverage from 1983 to 2013. The study employs regression analysis as data analysis method including unit root test using Augmented Dicker Fuller (ADF). The findings from this study suggest that three exhibit positive while one exhibit inverse relationship with economic growth. Also, two variables were statistically significant while the other two were statistically insignificant. We recommend that there should be an improvement in the negativity of All Share Index by encouraging extension of long term funds to investors in the capital market rather than short term funds as it will help to boost the economic growth as more funds would be invested in the economy. Also, there should be an increase in the availability and sufficiency of investment instruments such as options, derivatives, future and...
Cogent Social Sciences, 2020
This study examined the relationship between financial stability and entrepreneurship development... more This study examined the relationship between financial stability and entrepreneurship development in Sub-Sahara Africa, thereby scaling up the achievement of SDGs 1, 5, 8, 9, 10 and 12. The study made use of pooled data from 24 sub-Sahara Africa countries covering the period from 2004 to 2017. The method of analysis utilised is the pooled ordinary least squares (OLS) and random effects techniques. The findings revealed that financial stability (which measures the financial strength of the banks, real economic stability and the level of financial market development in the region) have a significant positive effect on entrepreneurship development at one per cent (1 per cent) significance level in the study period. The findings of the study suggest that stability in the financial environment facilitates the provision of credit facilities for entrepreneurship and promotion of new business start-up in the study area. The result also shows that East African countries make a significant positive contribution to entrepreneurship development in terms of responsiveness to changes in financial stability, governance, strong institutions, economic development and human capital development than other regions in the continent. The policy implication of the study highlights the need to Abiola Babajide
WSEAS TRANSACTIONS ON SYSTEMS AND CONTROL, 2020
The financial sector has witnessed several policy initiatives that have shaped the Nigerian finan... more The financial sector has witnessed several policy initiatives that have shaped the Nigerian financial system into what it is today. However, little study has been done on long-term effect of previous policies initiatives on the current loan access by firms, and this is the main objective of the study. The ARDL technique and error-correction model was used to check the long run effect of policy initiatives on loan in Nigeria utilizing data derived from the CBN statistical bulletin and world development index (1986-2019). Findings revealed that lending portfolio of deposit money banks has a negative and statistically significant relationship with domestic credit given to the private sector. In addition, the study recommended, amongst others, that regulatory authorities initiate policies that will create a platform for long term sustainable relationship with bankers and customers.
WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS, 2020
Attempt at analyzing banks profitability informed this study. For sound and robust reviews of end... more Attempt at analyzing banks profitability informed this study. For sound and robust reviews of end report, the study took at comparing commercial banks across countries in Africa with emphasis on Nigeria, Ghana and South Africa owing to presumed position they occupy in the continent. To achieve its aims and from data provided by World Bank Group – International Monetary Funds, the study mirrored commercial banks profitability with total income (TI) hence, the dependent variable. The independent variables were proxied by total loan (TL) and customer deposits (CD). Data sets covers a ten (10) year period across cross –sections. Panel Autoregressive Distributed Lag (ARDL) regression of pooled ordinary least square, fixed effect model (FE) and random effect (REM) models, with Hausman Test of acceptance were specified. Similarly, Panel descriptive statistics and Panel Unit Rootstest were also tested and confirmed. Analysis was done with the aid of E-views statistical software v9. Results ...
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Papers by Tochukwu Okafor