Godwin Esu

University of Uyo, Uyo, Nigeria, Economic, Faculty Member

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My Name is Godwin Essang Esu. I hold a PhD in Economics (Public Finance), with research interest in macroeconomic policies, public policy, environmental and ecological economics, maritime economics, marine resources and the blue economy, economic development and finance. I have more than seven (7) years teaching/consulting experience on these areas and related areas. I have a reasonable level of proficiency in data analytics and data management, with a substantial degree of proficiency in Econometrics and diverse econometric analyses software like E-views, Stata, Gretl, SPSS, and R. I also have a sizeable number of well researched articles, published in reputable local and international journals around the world, in my strategic areas of competence and research interest, and on topical issues of concerns on local, regional and global economies, to my credit.
Phone: +2348035515507
Address: Department of Economics, Faculty of Social Sciences, University of Uyo.

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Papers by Godwin Esu

Financial Inclusion, Economic Growth and Macroeconomic Stability in Nigeria

AKSU Journal of Social and Management Science, Mar 2, 2024

In the face of the present economic realities, the study investigated the impact of financial inc... more In the face of the present economic realities, the study investigated the impact of financial inclusion on economic growth and macroeconomic stability over the period of 40 years (1980-2020), with focus on basic macroeconomic indicators (poverty, output growth, price stability and unemployment). Using secondary data from Central Bank of Nigeria (CBN) Statistical Bulletin (various years) and World Development Indicators (WDI-2020), the study employed suitable cointegration technique viz: Autoregressive Distributed Lag (ARDL) technique. It was found that first,financial inclusion can reduce poverty in the long-run, if the inclusiveness is robust, progressive and sustained, second, the interaction between financial inclusion and output growth was inverse, and that outcome was found to be associated with some encumbrances within the financial system and the economy, third, financial inclusion can stabilize price level in the longrun if the process of inclusiveness is deepened and sustained, and fourth, unemployment can be greatly reduced vis-à-vis financial inclusion, especially if the inclusiveness is deepened and sustained. It was recommended, amongst other things, that a robust financial system should be developed, so as to deepen financial inclusion (like expanding credit and money supply, amongst other things) in a way that can encourage economic growth and stabilize the economy, ceteris paribus.

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Macroeconomic Drivers of Remittances and the Implication for Economic Growth in Nigeria

Applied Economics and Finance, Jun 4, 2018

Remittances have been one of the officially recorded sources of international flows, especially, ... more Remittances have been one of the officially recorded sources of international flows, especially, to developing economies like Nigeria, hence the need to encourage its consistent flow as well as defining ways and means of redeploying it for an improved economy. Following this line of reasoning, an attempt was made in this study, to see whether the macroeconomic environment in the domestic economy can actually play a role in stimulating international remittance inflows. To achieve this, average remittance data were tested against that of per capita income, real exchange rate, trade openness, government expenditure, inflation rate and the demographic variable (population density), and the data were all from secondary sources (WDI and CBN Bulletin, 2017/2018). Drawing from the type of gravity model suggested by Greenwood (1975) and Borjas (1987, 1989)as modified-for analyzing international migration, and exploring the two approaches to international remittances analysisaltruistic and investment approaches, the data were modelled and estimated. Error Correction Mechanism (ECM) was employed in estimating the model. The results indicated that the macroeconomic environment of Nigeria, plays a significant role in stimulating international remittance flows. Based on the outcome of this study, it is suggested that for consistent flow of remittances into Nigeria, especially for investment purposes, a conducive macroeconomic environment should be created and maintained, as this will not only stimulate inflows, but will aid effective redeployment of same for output growth.

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Fiscal Imbalances, Economic Growth and Macroeconomic Stability in Nigeria

International Journal of Research and Innovation in Social Science

The study was undertaken to assess the interaction between fiscal imbalances, economic growth and... more The study was undertaken to assess the interaction between fiscal imbalances, economic growth and macroeconomic stability in Nigeria, with emphasis on its impact on output growth, economic stability as well as its joint effect on the two frontline dependent variables – economic growth and macroeconomic stability. Amongst other techniques of analysis, the Dynamic Ordinary Least Squares (DOLS) was deployed for its features as one of the very unique cointegration techniques with special properties to take care of data-related issues, outliers and other encumbrances in the course of analysis. Employing data from secondary sources [CBN – Statistical Bulletin and World Bank’s World Development Indicators, all various years] to proximate and test fiscal imbalance, economic growth, macroeconomic stability and other controls, analyses were carried out, results obtained and findings, amongst others, was that fiscal imbalances in the Nigerian economy would stifle economic growth and deter macr...

Macroeconomic Drivers of Remittances and the Implication for Economic Growth in Nigeria

Applied Economics and Finance, 2018

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Assessing the Resource Curse Question: A Case of Crude Oil Production in Nigeria

Journal of economic research, 2017

This research attempted to investigate the effects of oil production on the performance of the Ni... more This research attempted to investigate the effects of oil production on the performance of the Nigerian economy, with a view to either accepting or rejecting the resource curse hypothesis (which states that countries with abundance of natural resources, such as crude oil, tend to grow at a rather sluggish pace compared to their counterparts with fewer resources). In doing this, time series data spanning between 1980 and 2015 (which included gross domestic product [GDP], oil revenue, expenditure on health and education, gross fixed capital formation, net trade, political instability, corruption, etc., extracted from World Development Indicators [WDI], Central Bank of Nigeria [CBN] Statistical Bulletin, and World Governance Indicators [WGI]; used to proxy economic performance, crude oil production, human capital development, capital formation/accumulation, trade openness, and institutional qualities) were assessed. An econometric approach was applied, with emphasis on the Autoregressi...

The Coordination of Monetary and Fiscal Policy Interactions and Its Impact on the Performance of the Nigerian Economy

The International Journal of Business & Management, 2021

Fiscal Federalism in Nigeria: Implication for Growth

Nigeria has been a federation before 1963. This was expected to foster speedy growth and developm... more Nigeria has been a federation before 1963. This was expected to foster speedy growth and development, but military interferences seem to have bedevil this dream. However, an uninterrupted democracy for about 20 years should have produced a significant result, but not much has changed. Many have argued that the need is â€œtrue federalismâ€ which includes the re-engineering of the fiscal decentralization structure of the nation, as well as regional control of resources. The debate seems to a call for a paradigm shift from the first-generation theory (FGT) of fiscal federalism to the second generation theory (SGT) of fiscal federalism. This study therefore attempts to empirically assess the state of Nigeriaâ€™s fiscal federalism in terms of its impact on economic growth, so as to uphold or refute the claims of the defects in the present status quo. Time series data were employed from different secondary sources. The designed models were estimated using Autoregressive Distributed Lag (A...

Economic Diversification and Economic Growth: Evidence from Nigeria

In this work, the researchers examine and attempt an answer to the big question; to what extent c... more In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy? In doing this, the researcher employed time series data spanning about thirty-one years’ period (1980 – 2011). Using the error correction mechanism (ECM), the result points to the fact that, Nigeria could tap from her largely untapped trade potentials for sustained gains, both in the short run and long run. Our findings indicate the fact that this can greatly be achieved through conscious efforts at diversifying the economy, encouraging large-scale industrialization of the non-oil (real) sector of the economy, emphasizing deepening technology in every trade and investment discourse, sustaining the recent improvements in the agricultural sub-sector, amongst other factors. JEL Classification: B10, C33 F43, F10, L81, L98 Key w ords: Nigeria, Non-oil trade, Oil trade, Economic Diversification, Economic Growth, FDIs

Fiscal Decentralization and Economic Growth in Nigeria: New Evidences

Journal of Business and Economic Development, 2021

The debate regarding the role of fiscal decentralization in promoting economic growth and by exte... more The debate regarding the role of fiscal decentralization in promoting economic growth and by extension, improving the wellbeing of the people, has been at the front burner in macroeconomic policy discuss. Studies have attempted to establish the direct interaction for most countries and regions, but not many conclusions have converged, hence necessitating this study. This study, therefore, re-examined the effect of decentralization on economic growth in Nigeria. Using fiscal decentralization data, (which included expenditures for national, subnational and local government) and other control variables, sourced from mainly secondary sources (World Development Indicators [WDI] and Central Bank of Nigeria’s [CBN] Statistical Bulletin various years) and employing basic OLS technique and Error Correction Mechanism (ECM), the results showed, amongst other issues, that fiscal decentralisation may not directly impact on economic growth, but the effects can be transmitted through efficient eco...

The Philip’s Curve in Sub-Saharan Africa: Evidence from Panel Data Analysis

Journal of World Economic Research

In this study, we attempted the assessment of the validity of the Philip's curve hypothesis in th... more In this study, we attempted the assessment of the validity of the Philip's curve hypothesis in the Sub-Saharan African region. We employed a panel data technique of analysis, drawing data from twenty-nine countries in the region. The data spanned 24 years (1991 to 2015). The inflation rate was captured using the consumer price index (CPI-its log first difference), while unemployment rate was measured by total unemployment (as a percentage of total labour force, a national estimate). Using a panel data analysis technique, our result showed that there was no significant relationship between inflation rate and the rate of unemployment (based on Two-Way FE), but One-Way FE and RE showed a rather significant trade-off. Though the conflicting results suggest an inconclusive outcome, the Two-Way FE (that was the technique in focus in this study), seems to invalidate the existence of the common Philip's Curve (that is, unemployment-inflation trade-off) in the Sub-Saharan African region.

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Financial development and monetary policy effectiveness in Africa

Journal of Social and Economic Development

Economic Diversification and Economic Growth: Evidence from Nigeria

In this work, the researchers examine and attempt an answer to the big question; to what extent c... more In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy? In doing this, the researcher employed time series data spanning about thirtyone years' period (1980-2011). Using the error correction mechanism (ECM), the result points to the fact that, Nigeria could tap from her largely untapped trade potentials for sustained gains, both in the short run and long run. Our findings indicate the fact that this can greatly be achieved through conscious efforts at diversifying the economy, encouraging large-scale industrialization of the non-oil (real) sector of the economy, emphasizing deepening technology in every trade and investment discourse, sustaining the recent improvements in the agricultural sub-sector, amongst other factors.

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Determinants of Economic Growth in Nigeria: Population Perspective

Journal of World Economic Research, 2016

There has been intense debate in the literature on what determines growth in an economy. Some sch... more There has been intense debate in the literature on what determines growth in an economy. Some scholars believe that increases in the population of a nation tantamount to economic progress, in that, it provides a huge base of labour force. However, others have argued that these increases could be a curse rather than a blessing, because if the increase in the number of people in the economy is not supported with conscious efforts at training and holistic development of human capital, then disaster is eminent. But a few scholars also believe that population assumes a neutral position in economic growth process, that is, population does not directly impact growth directly, but it interaction with other growth determinants (such as human capital development, research and development, technology and so on) is what actually determine growth or otherwise in the economy. This paper therefore sought to assess the role of these growth determinants in economic growth performance in Nigeria. The study employed time series data for the period 1981-2013. Using Augmented Cobb-Douglass Production Function (gleaning from Solow Growth Model), and relying on error correction modelling framework, the econometric results established the fact that population growth has the potentials of fostering economic growth in Nigeria, but underlined the fact that this and other benefits would depend on, not only the chunk of the entire population that is active, but the quality of the population. Amongst other policy options suggested, it was advocated that policy measures that will foster target-oriented and skill-enhancing education and training should be designed and implemented. Provision of accessible and affordable healthcare for a healthy population was also advocated if Nigeria's population growth must be advantageous.

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economic diversification and economic growth: evidence from nigeria

In this work, the researchers examine and attempt an answer to the big question; to what extent c... more In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy? In doing this, the researcher employed time series data spanning about thirtyone years' period (1980 -2011). Using the error correction mechanism (ECM), the result points to the fact that, Nigeria could tap from her largely untapped trade potentials for sustained gains, both in the short run and long run. Our findings indicate the fact that this can greatly be achieved through conscious efforts at diversifying the economy, encouraging large-scale industrialization of the non-oil (real) sector of the economy, emphasizing deepening technology in every trade and investment discourse, sustaining the recent improvements in the agricultural sub-sector, amongst other factors. JEL Classification: B10, C33 F43, F10, L81, L98

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Financial Inclusion, Economic Growth and Macroeconomic Stability in Nigeria

AKSU Journal of Social and Management Science, Mar 2, 2024

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Macroeconomic Drivers of Remittances and the Implication for Economic Growth in Nigeria

Applied Economics and Finance, Jun 4, 2018

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Fiscal Imbalances, Economic Growth and Macroeconomic Stability in Nigeria

International Journal of Research and Innovation in Social Science

Macroeconomic Drivers of Remittances and the Implication for Economic Growth in Nigeria

Applied Economics and Finance, 2018

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Assessing the Resource Curse Question: A Case of Crude Oil Production in Nigeria

Journal of economic research, 2017

The Coordination of Monetary and Fiscal Policy Interactions and Its Impact on the Performance of the Nigerian Economy

The International Journal of Business & Management, 2021

Fiscal Federalism in Nigeria: Implication for Growth

Economic Diversification and Economic Growth: Evidence from Nigeria

Fiscal Decentralization and Economic Growth in Nigeria: New Evidences

Journal of Business and Economic Development, 2021

The Philip’s Curve in Sub-Saharan Africa: Evidence from Panel Data Analysis

Journal of World Economic Research

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Financial development and monetary policy effectiveness in Africa

Journal of Social and Economic Development

Economic Diversification and Economic Growth: Evidence from Nigeria

In this work, the researchers examine and attempt an answer to the big question; to what extent c... more In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy? In doing this, the researcher employed time series data spanning about thirtyone years' period (1980-2011). Using the error correction mechanism (ECM), the result points to the fact that, Nigeria could tap from her largely untapped trade potentials for sustained gains, both in the short run and long run. Our findings indicate the fact that this can greatly be achieved through conscious efforts at diversifying the economy, encouraging large-scale industrialization of the non-oil (real) sector of the economy, emphasizing deepening technology in every trade and investment discourse, sustaining the recent improvements in the agricultural sub-sector, amongst other factors.

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Determinants of Economic Growth in Nigeria: Population Perspective

Journal of World Economic Research, 2016

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economic diversification and economic growth: evidence from nigeria

In this work, the researchers examine and attempt an answer to the big question; to what extent c... more In this work, the researchers examine and attempt an answer to the big question; to what extent can Nigeria gain from diversifying the economy? In doing this, the researcher employed time series data spanning about thirtyone years' period (1980 -2011). Using the error correction mechanism (ECM), the result points to the fact that, Nigeria could tap from her largely untapped trade potentials for sustained gains, both in the short run and long run. Our findings indicate the fact that this can greatly be achieved through conscious efforts at diversifying the economy, encouraging large-scale industrialization of the non-oil (real) sector of the economy, emphasizing deepening technology in every trade and investment discourse, sustaining the recent improvements in the agricultural sub-sector, amongst other factors. JEL Classification: B10, C33 F43, F10, L81, L98

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Godwin Esu

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