ABSTRACT : Employment generation has remained central to the policy goal of economic development in
Nigeria. In view of this, an empirical investigation into the link between international financial institutions loans
and employment rate was carried out in this study. Specifically, the effects of loans from the International
Finance Corporation (IFC), International Development Association (IDA), Paris Club and African Development
Bank on employment rate were examined. The data for the variables were obtained from the United Nations
Development Programme Human Development Report, National Bureau of Statistics, World Development
Indicators and International Debt Statistics. The empirical investigation followed an ex post facto research
design with the application of descriptive statistics, unit root and cointegration tests as well as error correction
model and Granger causality tests as the data analysis techniques. The unit root test results revealed that all the
variables are stationary at first difference, which justifies the test for cointegration using the Johansen method. It
was found from the cointegration test results that long run relationship exists among the variables in the model.
The parsimonious ECM revealed that IDA and African Development Bank loans have a significant positive
effect on employment rate. This highlights the substantial role played these funding sources in generating
employment in Nigeria. On the contrary, International Finance Corporation and Paris Club do not have any
significant effect on employment rate. Owing to the findings, it is recommended that loans available to Nigeria
from the international development association should be channeled to investments in critical infrastructure and
agriculture development to generate employment and achieve economic development.
KEYWORDS: Employment generation, institutions loans, International Finance Corporation, IDA, Paris Club
and African Development Bank
This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi-collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock over time.
DOES PUBLIC BORROWINGS CROWD OUT PRIVATE SECTOR CREDIT? EVIDENCE FROM NIGERIAAJHSSR Journal
ABSTRACT: The performance of the private sector in Nigeria has been declining,due to constrained financial
resources. Thisstudyemployed Autoregressive Distributed Lag Model (bounds) test to investigate the impact of
government borrowing on the availability of credit to the private sector in Nigeria, using quarterly data from the
period2000 to 2021.The findings from the study revealed that government borrowings crowds out private sector
credit in Nigeria.Therefore,the study recommended that, since the private sector is regarded as the engine of
growth in any economy, the government should uphold a fiscal policy framework and debt policy that will
continuously support the growth of the private sector in Nigeria. Government borrowings should be on need-basis
andshould embark on more capital projects that would create employment opportunities for the growing labour
force. This, in the short and long run would lead to increased economic growth.
KEYWORDS: Government, private sector, borrowings, fiscal deficit, expenditure, revenue,credit,economy, and
growth.
Developmental Effect of the Rising Debt Level in Nigeriaijtsrd
Background Nigerian economy is bedeviled by dwindling economy, low per capita income, poor infrastructural development, high unemployment rates, inadequate basic amenities, falling growth rates of GDP and recently, rated the poverty headquarters of the world which calls for empirical investigation as a way forward to resuscitate the economy.Aim The study investigated the effect of debt level on the economic development of Nigeria from 1999 to 2021. Materials and Methods Two research questions were developed to guide the study. Also, two hypotheses were formulated for the study. Ex post facto research design was adopted. The study used time series data to analyse public debt level trends in Nigeria compared to GDP growth rate over twenty three 23 years, spanning from the year 1999 to 2021. Ordinary least square regression, unit root test, and Johansen co integration test were used to analyse the data collected from Central Bank of Nigeria Statistical Bulletin. Results The results of the study showed that domestic debt level significantly and positively affects the gross domestic product performance in Nigeria. Also, the study found that external debt level significantly and negatively influences the gross domestic product of Nigeria. Conclusion The study concludes that debt level domestic and external have significant effect on Nigerian gross domestic product.Recommendation It was recommended that the government should resort to domestic debts up to sustainable debt levels that do not crowd out development and social programmes to prevent issues with debt overhang, government borrowing from international markets should be utilized effectively and concessionary loans rather than commercial loans should be sought after. Tochukwu Akaegbobi | Okeke Onyekachi, N | Onyeogubalu Ogochukwu, N "Developmental Effect of the Rising Debt Level in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd57480.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/57480/developmental-effect-of-the-rising-debt-level-in-nigeria/tochukwu-akaegbobi
Role of Development Finance Institutions in Developing the Nigerian Agricultu...AJHSSR Journal
ABSTRACT : This study investigates the role of development finance institutions (DFIs) in agricultural
sector development in Nigeria. African Development Bank (AfDB), World Bank and International Development
Association (IDA) were the underlying DFIs while agriculture value added formed the basis for measuring
agricultural sector development. Data on the variables were sourced from World Development Indicators (WDI)
and analyzed using error correction mechanism (ECM). The unit root test results indicate that all the variables
are not stationary. However, they become stationary after first differencing and as such they all integrated of
order one. The cointegration test results revealed that the variables have long run relationship. The result
showed that the first and second lag of agriculture value added impacted negatively on its current. One-period
lag of AfDB loan has significant positive relationship with current value of agriculture value added. The result
showed that agriculture value added increased by 0.079 percent due to 1 percent increase in lag of AfDB loan. It
was also found that the lagged values of World Bank and IDA loans exert significant negative impact on
agriculture value added. The Parsimonious ECM revealedthat the model has an adjustment speed of 59.2
percent. Based on the findings, it is recommended that policymakers should prioritize the allocation of AfDB
loans into productive sectors of the economy with particular emphasis on agriculture with a view to driving the
development process in the real sector.
Keywords:Development finance, agriculture sector, Institutions, African Development Bank, World Bank and
value addition
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This document summarizes a research journal article that investigates the long-run relationship between private investment and monetary policy in Nigeria from 1980-2009. It uses vector auto-regression techniques to test the relationship between private investment, GDP, money supply, and other factors. The results showed that money supply has a negative short-run impact on private investment, while GDP and other factors have a positive impact. In the long-run, all the variables became statistically significant. This implies that monetary policy in Nigeria has positively affected the growth of private investment and the economy over the long term. The document reviews several other studies on the relationship between financial development, private investment, and economic growth.
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi-collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock over time.
DOES PUBLIC BORROWINGS CROWD OUT PRIVATE SECTOR CREDIT? EVIDENCE FROM NIGERIAAJHSSR Journal
ABSTRACT: The performance of the private sector in Nigeria has been declining,due to constrained financial
resources. Thisstudyemployed Autoregressive Distributed Lag Model (bounds) test to investigate the impact of
government borrowing on the availability of credit to the private sector in Nigeria, using quarterly data from the
period2000 to 2021.The findings from the study revealed that government borrowings crowds out private sector
credit in Nigeria.Therefore,the study recommended that, since the private sector is regarded as the engine of
growth in any economy, the government should uphold a fiscal policy framework and debt policy that will
continuously support the growth of the private sector in Nigeria. Government borrowings should be on need-basis
andshould embark on more capital projects that would create employment opportunities for the growing labour
force. This, in the short and long run would lead to increased economic growth.
KEYWORDS: Government, private sector, borrowings, fiscal deficit, expenditure, revenue,credit,economy, and
growth.
Developmental Effect of the Rising Debt Level in Nigeriaijtsrd
Background Nigerian economy is bedeviled by dwindling economy, low per capita income, poor infrastructural development, high unemployment rates, inadequate basic amenities, falling growth rates of GDP and recently, rated the poverty headquarters of the world which calls for empirical investigation as a way forward to resuscitate the economy.Aim The study investigated the effect of debt level on the economic development of Nigeria from 1999 to 2021. Materials and Methods Two research questions were developed to guide the study. Also, two hypotheses were formulated for the study. Ex post facto research design was adopted. The study used time series data to analyse public debt level trends in Nigeria compared to GDP growth rate over twenty three 23 years, spanning from the year 1999 to 2021. Ordinary least square regression, unit root test, and Johansen co integration test were used to analyse the data collected from Central Bank of Nigeria Statistical Bulletin. Results The results of the study showed that domestic debt level significantly and positively affects the gross domestic product performance in Nigeria. Also, the study found that external debt level significantly and negatively influences the gross domestic product of Nigeria. Conclusion The study concludes that debt level domestic and external have significant effect on Nigerian gross domestic product.Recommendation It was recommended that the government should resort to domestic debts up to sustainable debt levels that do not crowd out development and social programmes to prevent issues with debt overhang, government borrowing from international markets should be utilized effectively and concessionary loans rather than commercial loans should be sought after. Tochukwu Akaegbobi | Okeke Onyekachi, N | Onyeogubalu Ogochukwu, N "Developmental Effect of the Rising Debt Level in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd57480.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/57480/developmental-effect-of-the-rising-debt-level-in-nigeria/tochukwu-akaegbobi
Role of Development Finance Institutions in Developing the Nigerian Agricultu...AJHSSR Journal
ABSTRACT : This study investigates the role of development finance institutions (DFIs) in agricultural
sector development in Nigeria. African Development Bank (AfDB), World Bank and International Development
Association (IDA) were the underlying DFIs while agriculture value added formed the basis for measuring
agricultural sector development. Data on the variables were sourced from World Development Indicators (WDI)
and analyzed using error correction mechanism (ECM). The unit root test results indicate that all the variables
are not stationary. However, they become stationary after first differencing and as such they all integrated of
order one. The cointegration test results revealed that the variables have long run relationship. The result
showed that the first and second lag of agriculture value added impacted negatively on its current. One-period
lag of AfDB loan has significant positive relationship with current value of agriculture value added. The result
showed that agriculture value added increased by 0.079 percent due to 1 percent increase in lag of AfDB loan. It
was also found that the lagged values of World Bank and IDA loans exert significant negative impact on
agriculture value added. The Parsimonious ECM revealedthat the model has an adjustment speed of 59.2
percent. Based on the findings, it is recommended that policymakers should prioritize the allocation of AfDB
loans into productive sectors of the economy with particular emphasis on agriculture with a view to driving the
development process in the real sector.
Keywords:Development finance, agriculture sector, Institutions, African Development Bank, World Bank and
value addition
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This document summarizes a research journal article that investigates the long-run relationship between private investment and monetary policy in Nigeria from 1980-2009. It uses vector auto-regression techniques to test the relationship between private investment, GDP, money supply, and other factors. The results showed that money supply has a negative short-run impact on private investment, while GDP and other factors have a positive impact. In the long-run, all the variables became statistically significant. This implies that monetary policy in Nigeria has positively affected the growth of private investment and the economy over the long term. The document reviews several other studies on the relationship between financial development, private investment, and economic growth.
4.[30 39]long run relationship between private investment and monetary policy...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
FINANCIAL DEEPENING AND FOREIGN DIRECT INVESTMENT IN NIGERIAAJHSSR Journal
ABSTRACT : This study examined the impact of FDI on financial deepening in Nigeria from 1980 to 2022.
The research questions address the trend of FDI and financial deepening in Nigeria and the relationship between
the two variables. The study will used econometrics analysis basically cointegration and error correction model
to estimate the relationship between FDI and financial deepening . The findings of this researchrevealed that
foreign direct investment exert significant impact on financial deepening in Nigeria along the long run and short
run horizon. The findings have implications for policymakers, the Nigerian government, investors, and
businesses. Understanding the impact of FDI on financial deepening helpssuggests appropriate policy measures
and strategies to enhance Nigeria's financial sector and spur economic growth. Additionally, the study
contributes to the existing literature on FDI and financial deepening, providing valuable insights for future
research in this area.
KEY WORDS: Foreign Direct Investment; Financial Deepening; Relationship
Financial development and economic growth in nigeriaAlexander Decker
The document discusses the relationship between financial development and economic growth in Nigeria. It analyzes previous literature on the topic which shows mixed findings on the direction of the relationship. The study aims to contribute new evidence on how financial development impacts economic growth in Nigeria using time series data and econometric modeling. Preliminary results suggest a long-run relationship between financial development indicators like bank credit and economic growth as measured by GDP. However, some variables like lending rates did not have the expected effect. The paper concludes with recommendations for policies to strengthen this relationship and foster growth.
External debt and economic growth case of jordan (1990 2011)Alexander Decker
This document summarizes a study examining the relationship between external debt and economic growth in Jordan from 1990-2011. The study finds a positive relationship between external debt and economic growth, indicating that external debt has contributed to Jordan's economic development. However, debt servicing is found to have a negative relationship with economic growth, suggesting it hampers growth. The document provides background on Jordan's economic growth rates and trends in external debt levels over the period studied.
This study examined the impact of Bank credits to agricultural and manufacturing sectors on economic growth in Nigeria using annual time series data from 1970-2013. Using co-integration and error correction mechanism for the analysis, the study revealed that a long run relationship exists between Bank credits to agricultural and manufacturing sectors and economic growth. Given the error correction mechanism results, the study showed that Bank credits to agricultural sector exhibited an insignificant negative impact on economic growth while Bank credits to manufacturing sector exhibited a negative significant impact on economic growth in Nigeria. Based on these findings, the study recommends among others: Bank Credits to the Agricultural and Manufacturing Sectors should be properly monitored to ensure that funds meant for agricultural and manufacturing activities are not diverted for other purposes, Intending recipients of these Bank credits to the agricultural and manufacturing sectors should be made to undergo entrepreneurial training and how to pay back as at when due, so as to reduce the risks associated in giving out these Credits to the Agricultural and Manufacturing Sectors entrepreneurs.
Impact of Foreign Debt on Economic Growth in Zimbabweiosrjce
The study investigates the impact of foreign debt on economic growth in Zimbabwe. Time series data
covering the period 1980 -2013 is analysed using ordinary least squares regression. Labour force, capital
investment, and trade openness are used as control variables. The results show that external debt and trade
openness impact negatively on economic growth in Zimbabwe while capital investment and labour force growth
has a positive effect. The study recommends that the country should not heavily rely on foreign borrowing to
finance economic growth but should rather create a conducive environment for alternative sources of foreign
funds such as project finance and foreign direct investment. It is further recommended that the country should
curb excessive imports of consumables and encourage value-added exports by local manufacturers.
The effect of external debt on economic growthSanjida Sarafat
This document provides background information on external debt and its impact on economic growth. It discusses how developing countries often take on external debt to supplement domestic savings and investment. While borrowing can increase output if investments yield returns higher than borrowing costs, high debt levels that countries struggle to service can undermine growth. The document specifically examines Nigeria's large external debt from the 1970s onward, how debt relief initiatives have aimed to address unsustainability, and studies showing links between debt indicators and slowed economic growth. It outlines the objectives, significance and research questions for a study on external debt's effects on Nigeria's economy between 1980-2013.
Net External Liabilities and Economic Growth: A Case Study of pakistansanaullah noonari
This document discusses the relationship between net external liabilities and economic growth in Pakistan from 1973-2012. It finds that net external liabilities, education enrollment, exports, and gross capital formation are positively associated with GDP growth, while the relationship between debt service and growth was insignificant. The document also reviews previous literature on the impact of external debt on economic growth, discusses the variables and data used in the analysis, and presents the results of unit root tests of the time series data.
This document discusses the relationship between net external liabilities and economic growth in Pakistan from 1973-2012. It finds that net external liabilities, education enrollment, exports, and gross capital formation are positively associated with GDP growth, while the relationship between debt service and growth was insignificant. The document also reviews previous literature on the impact of external debt on economic growth, discusses the variables and data used in the analysis, and presents the results of unit root tests of the time series data.
Relative Potency of Internal and External Sources of Financing Nigerian Econo...iosrjce
The study is aimed at determining the relative potency of internal and external sources of financing
economic growth in Nigeria using time series data from 1983 to 2012. Ordinary least square regression method,
unit root test, Johansen cointegration test and error correction model were used for the purpose of analyses.
Gross national saving, internal debt, grants and foreign investment are stationary at level, gross domestic
investment at first difference and gross domestic product at second difference. From the over parameterized
ECM, none of the internal and external financing options is significant in explaining economic growth. In the
group of internal options, gross national saving, gross domestic investment and internal debt contribute
positively to growth in the short and long run, the only exception being gross national saving in the short run. In
the group of external options however, only grant contribute positively to growth in the long and short run.
Foreign direct investment appears like a wolf in sheep’s clothing given its long run negative impact. Finally,
growth is a decreasing and an increasing function of external debt in the short and long run respectively. It is
noteworthy that a very high constant coefficient implies that there are many factors that actually determine
Nigerian gross domestic product outside the model. While the variables of interest are theoretically expected to
play significant roles, they fail empirically. A comparison of the two modes shows that internal factors prove to
be more reliable in accelerating Nigerian economic growth.
Contribution of Financial Inclusion on the Economic Development of Nigeria 19...ijtsrd
Financial inclusion strategy was set up so that all people have access to banking and insurance services as well as financial literacy and capabilities that will help improve standard of living in the country. Therefore the study examined the contribution of financial inclusion on the economic development of Nigeria. Secondary data were collected from Central Bank of Nigeria statistical bulletin and UNDP Human Development Reports spanning from 1999 to 2020.The research work selected Nigeria as its sample and used the Error Correction Mechanism ECM to test the contribution of the explanatory variables Deposits from rural branches of commercial banks, Loans to rural branches of commercial banks, Number of Micro Finance Banks, Commercial Bank Loans to Small Scale Enterprise on the dependent variable Human Development Index .The findings from the study revealed that financial inclusion has not contributed significantly on the economic development of Nigeria for the period under review. The granger causality test also shows a unidirectional causality between financial inclusion and economic development of Nigeria. The results suggest that financial inclusion can help improve the standard of living of the country and reduce high unemployment rate in the country, if implemented effectively. The study therefore recommends that Central bank of Nigeria should approve the establishment of more micro finance banks in order to meet the financial needs of low income neighborhoods and rural dwellers. The Central bank of Nigeria should intensify efforts aimed at credit facilities to small and medium scale enterprises SMEs to boost financial inclusion in the economy by mandating banks to dedicate 10 of their net profit after tax to SMEs loans. Commercial banks should diversify their portfolios as this will help reduce various investment risks they face while extending financial service to the poor and rural dwellers in the country. There is need to improve the financial infrastructure in the country which will help banks in deposit mobilization especially the unbanked and rural dwellers in the country. Ogbonnaya-Udo, Nneka | Chukwu, Kenechukwu Origin "Contribution of Financial Inclusion on the Economic Development of Nigeria (1999 – 2020)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47748.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47748/contribution-of-financial-inclusion-on-the-economic-development-of-nigeria-1999-–-2020/ogbonnayaudo-nneka
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
A causality analysis of financial deepening and performance ofAlexander Decker
This study examines the causal relationship between financial deepening and economic performance in Nigeria from 1990-2013. Secondary data on gross domestic product (GDP), broad money supply (M2), market capitalization (MAC), and credit to the private sector (CPS) was collected from the Central Bank of Nigeria and National Bureau of Statistics. Unit root tests confirmed the variables were integrated of order one, or stationary after first differencing. The study aims to test for a long-run relationship between financial deepening and economic performance in Nigeria and investigate the direction of causality between the variables. The results will help inform government policies around manipulating the money supply and improving access to credit to facilitate economic growth and development.
Indonesian overseas-debt-relationship-for-economic-development-in-sharia-econ...Anno Tsanjay
1) The document analyzes the relationship between foreign debt and economic development in Indonesia from 2010-2019, as well as perspectives on foreign debt from Islamic economics.
2) It finds that foreign debt in Indonesia has a strong correlation with economic growth and development over the period studied.
3) From an Islamic economics perspective, government foreign debt is permissible if the form and mechanisms of cooperation adhere to Sharia principles and are for the benefit of the people.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Macroeconomic Variables and Financial Sector Output in Nigeriaijtsrd
The study investigated the effect of selected macroeconomic variables on the financial sector of Nigeria from 1986 to 2018. The study employed monetary target variables, namely money supply, interest rate, inflation rate, exchange rate and credit to private sector as proxies for macroeconomic variables while the outputs from financial sector on as dependent variable. The data obtained from the Central Bank of Nigeria Statistical Bulletin, were tested subjected to Augmented Dickey Fuller ADF test of stationarity, descriptive statistics, and Autoregressive Distributive Lag ARDL . The results revealed that macroeconomic variables has 99 significant short run effect but no significant long run effects on financial sector output in Nigeria. Specific findings revealed that money Supply M2 and Exchange Rate EXR have significant positive relationships with growth of the financial sector at current and third lags, respectively but inflation rate has a significant negative effect on financial sector output in the current period, while Interest rate INT and Credit to Private Sector had no significant effect on financial sector output within the short run periods in Nigeria. It thus recommended that the government employ inflation stabilisation policies and encourage export, and close borders to import on financial services into Nigeria. Dr. Loretta Anayoozuah | Prof. Steve N. Ibenta | Dr. Ikenna Egungwu "Macroeconomic Variables and Financial Sector Output in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd37966.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/37966/macroeconomic-variables-and-financial-sector-output-in-nigeria/dr-loretta-anayoozuah
Domestic debt and the growth of nigerian economyAlexander Decker
Domestic debt in Nigeria has risen significantly between 1994 and 2008, averaging 114.98% of bank deposits which exceeds the recommended threshold of 35% and can crowd out private investment. The study found evidence that high levels of domestic debt negatively impact economic growth. The government should reduce the debt-bank deposit ratio to below 35% and increase tax revenue to finance projects in order to promote private sector growth and development.
The aim of this study is to examine the impact of international capital flows on the economic growth in Jordan during the period from 2005 to 2017, The study also examines trends and composition of capital inflows. The study used descriptive analytical research method which was appropriate for the purpose of research. By using time series data, the study found that Foreign Direct Investment (FDI), foreign portfolio investment (FPI), grants (Gr) and Worker remittances (WR) are positively affecting the economic growth direct contribution. Based on the research results, the study came with a several recommendations, the most important recommendation is; the government of Jordan should create and relax the rules and regulations to attract more investors, and also the government should work hand in hand with the developed countries to create economic and employment opportunities, improve the country’s competitiveness, and expand growth within the private sector so that everyone in Jordan has the opportunity to contribute to a brighter future.
Fund Mobilization and Sustainable Economic Growth the Nigerian's Experienceijtsrd
This study examined the extent of relationship that exists between fund mobilization and economic growth in Nigeria from 1990 to 2019 using secondary data obtained from published works and CBN Statistical Bulletin. Bank Deposit BDEP , Gross Domestic Savings GDS and Gross Domestic Investments GDI were used to proxy fund mobilization, while Gross Domestic Product GDP , Per Capital Income PCI and Employment Rate EMR were also used to proxy Economic growth. The formulated hypotheses were regressed using Ordinary Least Square method. The result revealed that fund mobilization has significant relationship on GDP, but insignificant relationship on PCI and EMR. That means that fund mobilization increased the National Wealth GDP , without having any significant increase on people's standard of living PCI and EMR . Based on that result, attainment of a sustainable economic growth is a mere dream. The study advocates for citizenship advancement policy that will create more jobs which will enhance the standard of living of the populace. Again public goods and Education investment programs that can give the citizens equal opportunity to self development can serve as a bailout. Amakor, Ifeoma Chinelo | Eneh, Onyinye Maria-Regina "Fund Mobilization and Sustainable Economic Growth; the Nigerian's Experience" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47568.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/47568/fund-mobilization-and-sustainable-economic-growth-the-nigerian's-experience/amakor-ifeoma-chinelo
STUDY ON THE DEVELOPMENT STRATEGY OF HUZHOU TOURISMAJHSSR Journal
ABSTRACT: Huzhou has rich tourism resources, as early as a considerable development since the reform and
opening up, especially in recent years, Huzhou tourism has ushered in a new period of development
opportunities. At present, Huzhou tourism has become one of the most characteristic tourist cities on the East
China tourism line. With the development of Huzhou City, the tourism industry has been further improved, and
the tourism degree of the whole city has further increased the transformation and upgrading of the tourism
industry. However, the development of tourism in Huzhou City still lags far behind the tourism development of
major cities in East China. This round of research mainly analyzes the current development of tourism in
Huzhou City, on the basis of analyzing the specific situation, pointed out that the current development of
Huzhou tourism problems, and then analyzes these problems one by one, and put forward some specific
solutions, so as to promote the further rapid development of tourism in Huzhou City.
KEYWORDS:Huzhou; Travel; Development
Enhancing Losari Beach Exploration: Augmented Reality for Immersive Visualiza...AJHSSR Journal
ABSTRACT: South Sulawesi, commonly known as Makassar, boasts rich cultural heritage and customs,
making it a prominent destination for tourism. Among its attractions, Losari beach stands out as a focal point for
visitors seeking to explore the city's natural beauty and cultural offerings. In this context, leveraging modern
technology such as augmented reality presents an innovative approach to showcasing Losari beach to potential
tourists. This research endeavors to introduce tourism assets in a more visually captivating manner through the
use of augmented reality. Utilizing software tools like Unity and Adobe Illustrator, the study focuses on creating
an immersive experience where tourists can interact with virtual representations of Losari beach. By simply
pointing their mobile phone cameras at designated markers or using barcode scanners, tourists can access
augmented reality features embedded within the application. The findings of this research aim to provide
valuable information, particularly for foreign tourists, about Losari beach, positioning it as a compelling
destination within South Sulawesi's diverse array of tourist attractions. Through this technological innovation,
the study seeks to enhance the visibility and appeal of Makassar city's tourism offerings on a global scale.
KEYWORDS: Visualizing, Losari Beach, Augmented Reality
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The document discusses the relationship between financial development and economic growth in Nigeria. It analyzes previous literature on the topic which shows mixed findings on the direction of the relationship. The study aims to contribute new evidence on how financial development impacts economic growth in Nigeria using time series data and econometric modeling. Preliminary results suggest a long-run relationship between financial development indicators like bank credit and economic growth as measured by GDP. However, some variables like lending rates did not have the expected effect. The paper concludes with recommendations for policies to strengthen this relationship and foster growth.
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A causality analysis of financial deepening and performance ofAlexander Decker
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Domestic debt in Nigeria has risen significantly between 1994 and 2008, averaging 114.98% of bank deposits which exceeds the recommended threshold of 35% and can crowd out private investment. The study found evidence that high levels of domestic debt negatively impact economic growth. The government should reduce the debt-bank deposit ratio to below 35% and increase tax revenue to finance projects in order to promote private sector growth and development.
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opening up, especially in recent years, Huzhou tourism has ushered in a new period of development
opportunities. At present, Huzhou tourism has become one of the most characteristic tourist cities on the East
China tourism line. With the development of Huzhou City, the tourism industry has been further improved, and
the tourism degree of the whole city has further increased the transformation and upgrading of the tourism
industry. However, the development of tourism in Huzhou City still lags far behind the tourism development of
major cities in East China. This round of research mainly analyzes the current development of tourism in
Huzhou City, on the basis of analyzing the specific situation, pointed out that the current development of
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solutions, so as to promote the further rapid development of tourism in Huzhou City.
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technology such as augmented reality presents an innovative approach to showcasing Losari beach to potential
tourists. This research endeavors to introduce tourism assets in a more visually captivating manner through the
use of augmented reality. Utilizing software tools like Unity and Adobe Illustrator, the study focuses on creating
an immersive experience where tourists can interact with virtual representations of Losari beach. By simply
pointing their mobile phone cameras at designated markers or using barcode scanners, tourists can access
augmented reality features embedded within the application. The findings of this research aim to provide
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affecting their motivation change toward English language learning of non-English-major students in the semester.
The researcher used semi-structured interview at the first phase of choosing the participants and writing reflection
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(high motivation group; average motivation group; and low motivation group). The results of the present study
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use of cluster analysis. The study also indicated a diversity of factors affecting students’ motivation involving internal
factors as influencing factors (cognitive, psychology, and emotion) and external factors as social factors (instructor,
peers, family, and learning environment) during English language learning in a period of 15 weeks. The findings of
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quantitative approach, the study's objectives are descriptive and causal, adopting a positivist paradigm with a
deductive approach to theory development and a survey research strategy. Findings reveal that work stress
negatively and significantly impacts employee performance, while digital literacy positively and significantly
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performance. It is anticipated that company management will devise workload management strategies to
alleviate work stress and assess the implementation of more efficient digital technology to enhance employee
performance.
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The Settlement of Construction Disputes Through Dispute Councils From the Per...AJHSSR Journal
ABSTRACT:This research differs from the practice of business activity in the construction services industry,
which may lead to construction disputes. The settlement of construction disputes is a consensus based on the
basic principle of debate. If the discussions between the parties do not reach an agreement, the parties may take
measures to resolve the dispute through the dispute council. Because the standard governing the disputes
committee was not fully regulated, they did not comply with the principle of legal certainty. Therefore, further
research was needed to establish a theoretical basis for regulating the disputes committee in settling construction
disputes. This research is a standard legal research using a legal regulatory, conceptual, and comparative
approach. The research results show that the ideal concept of resolving construction disputes through a dispute
council based on the value of legal certainty is to establish that the position of the dispute council is a special
court that has the authority to resolve construction disputes under construction services agreements. To realize
the position of the Court of Disputation as a special court, it must be based on the creation of philosophical
values, the creationof legislative regulations, and the creation of the institutional structure of the Court of
Disputation.
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imagination in preliterate societies. It adopts the genres of literature: drama, prose and poetry in the oral milieu,
using performance as its hallmark. It thrives on the use of oral data because of its orality. This paper focuses on
the moral values or oral literature in the society using Ogba as a spring board. The study was carried out in
communities ofOgba. The population of the study consists of ten towns and village, in Ogba. The theoretical
framework used is Dell Hyme’s ethno-poetics because the works of oral literature relate to the society. This
paper concludes that oral literature serves to against all odds; communicate ideas, emotions, beliefs and
appreciation of life. The folktales in Ogba for instance, serve similar purpose through their
rendition/performance. Through the stories, the younger generation in Ogba society is familiarised with the
customs, traditions, and rituals prevalent in the society. This paper therefore recommends the use of oral
literature in all its genres to inculcate moral values and lessons to the teenagers and youths. Against this
background, Ogba (African) themselves must cease to regard oral literature as primitive and fetish.
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Pormalistikong Pagdalumat sa mga Tula ni Ron CanimoAJHSSR Journal
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pormalistikong dulog batay sa mga sumusunod na elemento: (a) Sukat at Tugma, (b) Talinghaga at
Simbolismo, (c) Imahen, (d) Tema, at (e) Diksiyon. Layunin din nitong mataya ang antas ng pagtanggap ng
ginawang pagsusuri gamit ang nabuong instrumento sa pagtataya nito. Sinunod dito ang Input-Process-Output
na balangkas ng pag-aaral at ginamitan ng kwantitatib-deskriptib-ebalwatib na pamamaraan. Sa pamamagitan
ng talatanungang ibinatay sa ginamit ni Morales (2014) na naimodipika ayon sa kahingian ng kasalukuyang
pag-aaral, tatlong (3) gurong eksperto ang nagsilbing tagataya dito na siyang tumiyak sa kahusayan ng nabuong
pagsusuri ng mananaliksik. Gamit ang Content Analysis, natuklasan na makabagong pamamaraan ang istilo na
ginamit ni Ron Canimo sa pagsulat ng mga tula. Lahat ng kanyang mga tula ay walang sinusunod na sukat at
tugma, may iba‟t ibang tayutay at simbolismong ginamit, magkaibang pandama ang pinagana dahil sa mga
imahe at paglalarawang ginawa, iba‟t ibang uri ng pag-ibig ang tinalakay at gumamit ng pormal, impormal o
kumbersasyonal na wika at makabagong istilo sa pagsulat ng tula. Gamit ang mean at standard deviation,
lumabas na “Mataas” ang antas ng pagtanggap sa kabuuan ng mga gurong eksperto na tumaya sa nabuong
pagsusuri. Lumabas din na “Mataas” ang antas ng kanilang pagtanggap sa nabuong pagsusuri batay sa mga
sumusunod na elemento: (a) Sukat at Tugma, (b) Talinghaga at Simbolismo, (c) Imahen, (d) Tema, at (e)
Diksiyon. Mula sa natayang pagsusuri at kinalabasan ng antas ng pagtanggap dito, naitala ang mga paksa sa
Junior High School Filipino na maaaring lapatan at gamitan ng nabuong pagsusuri.
KEYWORDS: Kumbensyunal, Pagdalumat, Pormalistiko, Ron Canimo, Tula
SCHOOL CULTURE ADAPTATION AMONG INDIGENOUS PEOPLES COLLEGE STUDENTS AT A PRIV...AJHSSR Journal
ABSTRACT: This qualitative study investigates the adaption experiences of indigenous college students at the
University of Mindanao, Matina-main campus. Eight major themes emerged, including difficulties with language
proficiency, online learning, classroom interaction, examination systems, grading procedures, school regulations,
resource accessibility, coping mechanisms, and future goals. Implications include the requirement for targeted
language proficiency and technology use support, an understanding of adaption processes, interventions to
improve resource accessibility, and equitable public administration policies. The study underlines the importance
of adaptation in various educational contexts, as well as the role of educators and legislators in creating inclusive
learning environments.
KEYWORDS: indigenous college students, adaptation, educational challenges, coping strategies
The effect of Institutional Ownership, Sales Growth and Profitability on Tax ...AJHSSR Journal
ABSTRACT: This research aims to test, analyze and obtain empirical evidence about the influence of
institutional ownership, sales growth and profitability on tax avoidance. The object of this research is
manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange (BEI)
in 2018-2022. This research used quantitative research methods and causal research design. The sampling
technique in this research used non-probability sampling with purposive sampling as the basis for determining
the sample so that a sample of 55 samples was obtained. The data used is secondary data obtained from the
official website of the Indonesia Stock Exchange (BEI) during the 2018-2022 period. The data analysis method
used was multiple linear regression analysis with several tests such as descriptive statistical tests, classical
assumption tests, and hypothesis testing using SPSS version 26 statistical software. The results showed that the
institutional ownership variable has no effect on tax avoidance, while the sales growth and profitability has a
negative and significant effect on tax avoidance.
KEYWORDS: Institutional Ownership, Sales Growth, Profitability, Tax Avoidance
MGA ESTRATEHIYA SA PAGTUTURO KAUGNAY SA PASALITANG PARTISIPASYON NG MGA MAG-A...AJHSSR Journal
ABSTRAK: Ang mga estratehiya sa pagtuturo ay mahalagang kasangkapan sa paghahatid ng mabisang
pagtuturo sa loob ng silid. Tinukoy sa pag-aaral na ito ang antas ng kagustuhan ng mga mag-aaral sa pagsasadula,
pangkatang talakayan at paggawa ng mga koneksyon sa tunay na karanasan sa buhay bilang mga estratehiya sa
pagtuturo ng panitikan sa Filipino at pasalitang partisipasyon ng mga mag-aaral sa Baitang 7 ng Misamis
University Junior High School, Ozamiz City. Ang ginamit na disenyo sa pananaliksik na ito ay deskriptivcorrelational. Ang mga datos sa pag-aaral ay nagmula sa kabuuang populasyon na 120 na mag-aaral at tatlong
mga guro na tagamasid sa pasalitang partisipasyon ng mga mag-aaral. Ang Talatanungan sa Kagamitan sa
Pagtuturo ng Panitikan at Checklist batay sa Obserbasyon sa Pasalita na Partisipasyon ay ang instrumentong
ginamit sa pagkalap ng datos. Mean, standard deviation, Analysis of Variance at Pearson Product-Moment
Correlation Coefficient ang mga ginamit na estatistiko na sangkap. Inihayag sa naging resulta na ang tatlong piling
estratehiya sa pagtuturo ng panitikan sa Filipino ay may pinakamataas na antas ng kagustuhan ng mga mag-aaral.
Ang antas ng pakilahok ng mga mag-aaral sa paggamit ng tatlong estratehiya sa pagtuturo ng panitikan ay
pinakamataas na nagpapahiwatig na aktibong nakilahok ang mga mag-aaral sa mga gawain. Inihayag din na
walang makabuluhang kaibahan sa antas ng kagustuhan ng mga mag-aaral sa mga estratehiya sa pagtuturo ng
panitikan sa Filipino. Ito ay nangahulugan na gustong-gusto ng mga mag-aaral ang pagkakaroon ng mga
estratehiya sa pagtuturo. Walang makabuluhang kaugnayan ang kagustuhan sa mga estratehiya at antas ng
pakikilahok ng mga mag-aaral. Hindi nakaapekto sa kanilang pakikilahok ang anumang estratehiyang ginamit ng
guro.
KEYWORDS : estratehiya, karanasan, pagsasadula, pagtuturo, pangkatang talakayan
The Role of the Instruction of Reading Comprehension Strategies in Enhancing ...AJHSSR Journal
ABSTRACT :Throughout my studies and teaching English in different language centers and higher studies
institutions, I have come to conclude that students consider Reading comprehension as a nightmare that
frightens them and hinders their language acquisition in the Moroccan EFL Context. This may cause them to
develop an internal psychological obstacle that grows as their lack of the necessary instruments or tools to
overcome are not equipped with. They become lost and unaware about or unfamiliar with the necessary reading
comprehension strategies that could help them to face the problem of misunderstanding or non-understanding
of English texts. Respectively, this article which is only one part of my whole study aims at showing the effect
of teaching reading strategies in enhancing the S1 students‟ familiarity with reading strategies and raising their
frequency use. A sample of 283 University students in EFL context have been chosen randomly and have
attended the usual academic reading classes, yet only 76 are subject to this survey. 38 of them constitute the
experimental group who have attended the treatment regularly in one of the language centers and the other 38
participants are chosen randomly from the whole population to constitute the Control group. They all have
Psychosocial Factors and Deviant Behaviors of Children in Conflict with the L...AJHSSR Journal
ABSTRACT:This study aims to determine the relationship between psychosocialfactors and deviant
behaviors among children in conflict with the law (CICL) inDavao Region. The researchers want to discover the
prevalent factors thatdrive these children to their behaviors. Further, the study sought to determinethe
manifestation of psychosocial factors in terms of life satisfaction, emotionalsupport, self-esteem, and personality
traits. The study's data came from N-83children in conflict with the law (CICL) at the Regional Rehabilitation
Center forYouth (RRCY) in Bago Oshiro, Davao City; all respondents are male. This studyused a total
enumeration sampling technique due to the relatively smallpopulation size. The researchers adapted the
Psychosocial surveyquestionnaires by Zabriskie & Ward (2013) and by John and Srivastava (1999)as well as the
Deviant Behavior Variety Scale (DBVS) by Sanches et al. (2016).Through the use of a validated questionnaire,
the mean and standard deviationare determined. The researchers modified this questionnaire and translated itinto
the respondents' mother tongue (Cebuano) for them to comprehend itbetter. The study discovered no significant
relationship between psychosocialfactors and deviant behaviors of children in conflict with the law (CICL) in
theDavao Region
KEYWORDS :Children in Conflict with the Law (CICL), deviant behaviors, psychosocial factors
Entropy: A Join between Science and Mind-SocietyAJHSSR Journal
ABSTRACT: Entropy is join, intersection and interaction between natural science and human mind-society.
We proposed that if internal interactions exist in isolated systems, entropy decrease will be possible for this
system. Management in system is a typical internal interaction within the isolated system. The purpose of
management is to use regulating the internal interactions within the system, and to decrease the increasing
entropy spontaneously. We propose the principle of social civilization and the developing direction is: freedom
of thought, rule of action. Both combinations should be a peaceful revision and improvement of social rules and
laws. Different countries and nations, different religions and beliefs should coexist peacefully and compete
peacefully. The evolution of human society must be coevolution. Its foundation is the evolution of the human
heart and the human nature.
KEYWORDS: entropy, science, society, management, mind, evolution.
A Model of Disaster Resilience Among Colleges and Universities: A Mixed Metho...AJHSSR Journal
ABSTRACT :This research paper aimed to create a comprehensive framework for measuring disaster
resilience in colleges and universities. The study used a mixed method through Exploratory Factor Analysis
(EFA), which involved analyzing data from a survey questionnaire. The questionnaire was developed based on
in-depth interviews with 12 selected participants from the University of Mindanao, as well as relevant literature
and studies. It was reviewed and validated by 10 experts using a method called Content Validity Ratio (CVR).
This questionnaire was then administered to 400 students from 10 different colleges in University of Mindanao.
After conducting the Exploratory Factor Analysis and performing rotations and iterations, the researchers
identified five main constructs that characterize disaster resilience among colleges (1) disaster preparedness, (2)
disaster awareness, (3) community readiness, and (4) disaster management, (5) disaster resilience. The
researchers aimed to create an organization called “Council of College Disaster Volunteers (CCDV)” which
consist of student volunteers. These factors can be used to develop effective management strategies and
strengthen efforts in preventing and managing disasters and accidents.
KEYWORDS:content validity ratio, criminology, disaster resilience, disaster management, exploratory factor
analysis, and Philippines.
Environmental Struggles and Justice Among Lumad Farmers of Davao CityAJHSSR Journal
ABSTRACT : The study described the various environmental struggles experienced among the participants
and their status in accessing justice. The study followed a qualitative multiple-case study approach; the
participants are the Lumad farmers of Marilog, Davao City selected through a Critical sampling method and
aims to present the environmental violations experienced by the Lumad farmers in Davao City and how it
affected their families and sustenance further, their status in accessing justice is also explored. The study
concluded that the most common struggles the participant experience are Illegal logging and improper waste
disposal, which affect their farms, family, health, and income. Their preferred means to accessing justice is
through barangay settlement; the rigors of accessing courts, such as distance, expenses, fear of ruling, and the
hassle of being called to be present in court, are the most prevalent barriers that hinder the lead farmers from
accessing justice or seeking legal action. Nevertheless, the participants believed that the government would help
them in accessing justice.
KEYWORDS :access to justice, criminology,environmental justice, environmental struggles, lumadfarmers
CYBERBULLYING EXPERIENCES OF UNIVERSITY OF MINDANAO CRIMINOLOGY STUDENTSAJHSSR Journal
ABSTRACT:This paper explores the cyberbullying experiences among Criminology students at the
University of Mindanao. A simple random sampling method was used to distribute the study's online
questionnaire to the respondents and to survey the target population. This study has four hundred (400)
respondents, and the respondents are Criminology students at the University of Mindanao. The findings of this
study revealed that the level of cyberbullying experiences is sometimes manifested. On the other hand, the
cyberbullying experiences of the students indicate a moderate level, which indicates that the cyberbullying
experiences of the respondents are sometimes manifested. Also, the computations showed that among the
indicators presented, the highest mean is obtained in the psychological effect, which implies that there is a
significant effect of cyberbullying experiences of the respondents in terms of the Gender level of the
respondents. Therefore, respondents with a low level of cyberbullying experiences tend to have a moderate level
of cyberbullying experience. However, there is no significant effect in terms of age and year level of the
respondents according to the results regarding the psychological, emotional, and physical impact of
cyberbullying.
KEYWORDS :cyberbullying, emotional, experiences, psychological,physical effect, and simple random
sampling method.
A philosophical ontogenetic standpoint on superego role in human mind formationAJHSSR Journal
ABSTRACT: One of the most significant contributions of psychoanalysis to understand the human being is the
elaboration of a model about the mind from a topical and dynamic perspective. Freud explains the mind by the
constitution of the preconscious, conscious, and subconscious. Later, by three dynamic components: the id, the
ego and the superego. Such an organization of the psychic apparatus supposes not only individual elements, but
social influences along the process of hominization. In this paper, we recover the findings of the renowned
anthropologist Lewis Morgan, trying to link some of them to the psychoanalytic theory. Especially highlighting
the importance of superego in Haidt’s social intuitionism.
Keywords: evolutionism, intuitionism, psychoanalysis, Freud, Haidt, Morgan
Improving Workplace Safety Performance in Malaysian SMEs: The Role of Safety ...AJHSSR Journal
ABSTRACT: In the Malaysian context, small and medium enterprises (SMEs) experience a significant
burden of workplace accidents. A consensus among scholars attributes a substantial portion of these incidents to
human factors, particularly unsafe behaviors. This study, conducted in Malaysia's northern region, specifically
targeted Safety and Health/Human Resource professionals within the manufacturing sector of SMEs. We
gathered a robust dataset comprising 107 responses through a meticulously designed self-administered
questionnaire. Employing advanced partial least squares-structural equation modeling (PLS-SEM) techniques
with SmartPLS 3.2.9, we rigorously analyzed the data to scrutinize the intricate relationship between safety
behavior and safety performance. The research findings unequivocally underscore the palpable and
consequential impact of safety behavior variables, namely safety compliance and safety participation, on
improving safety performance indicators such as accidents, injuries, and property damages. These results
strongly validate research hypotheses. Consequently, this study highlights the pivotal significance of cultivating
safety behavior among employees, particularly in resource-constrained SME settings, as an essential step toward
enhancing workplace safety performance.
KEYWORDS :Safety compliance, safety participation, safety performance, SME
Psychological Empowerment and Empathy as Correlates of ForgivenessAJHSSR Journal
ABSTRACT: The study explores Psychological Empowerment and Empathy as Correlates of Forgiveness.
The two variables are regarded to have influence on the decision one makes to forgive another. The study aimed
at examining the relationships between psychological empowerment and forgiveness, empathy and forgiveness
and to identify which one of the two,Psychological Empowerment or Empathy, is the more powerful predictor of
forgiveness. The study took a survey design with a sample of 350 drawn from a population of university students
using a self-administered questionnaire with four sections: Personal information, Psychological empowerment
scale, Toronto Empathy questionnaire, and the Heartland Forgiveness Scale (HFS). Data analysis employed
Pearson’s product moment correlation and regression analysis to test hypotheses. The results show significant
relationships between psychological empowerment and forgiveness as well as empathy and forgiveness.
Empathy was found to be the more powerful predictor of forgiveness.
KEY WORDS: Psychological empowerment, empathy, forgiveness
The Evolution of SEO: Insights from a Leading Digital Marketing AgencyDigital Marketing Lab
Explore the latest trends in Search Engine Optimization (SEO) and discover how modern practices are transforming business visibility. This document delves into the shift from keyword optimization to user intent, highlighting key trends such as voice search optimization, artificial intelligence, mobile-first indexing, and the importance of E-A-T principles. Enhance your online presence with expert insights from Digital Marketing Lab, your partner in maximizing SEO performance.
Project Serenity is an innovative initiative aimed at transforming urban environments into sustainable, self-sufficient communities. By integrating green architecture, renewable energy, smart technology, sustainable transportation, and urban farming, Project Serenity seeks to minimize the ecological footprint of cities while enhancing residents' quality of life. Key components include energy-efficient buildings, IoT-enabled resource management, electric and autonomous transportation options, green spaces, and robust waste management systems. Emphasizing community engagement and social equity, Project Serenity aspires to serve as a global model for creating eco-friendly, livable urban spaces that harmonize modern conveniences with environmental stewardship.
Your LinkedIn Success Starts Here.......SocioCosmos
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Lifecycle of a GME Trader: From Newbie to Diamond Handsmediavestfzllc
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Ramen noodles become your new best friend. Every spare penny gets tossed into the GME piggy bank. You're practically living on fumes, but the dream of a moonshot keeps you going. Your phone becomes an extension of your hand, perpetually glued to the GME ticker. It's a roller-coaster ride - every dip a stomach punch, every rise a shot of adrenaline.
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Using Google Teams (G-Teams) is simple. Start by opening the Google Teams app on your phone or visiting the G-Teams website on your computer. Sign in with your Google account. To join a meeting, click on the link shared by the organizer or enter the meeting code in the "Join a Meeting" section. To start a meeting, click on "New Meeting" and share the link with others. You can use the chat feature to send messages and the video button to turn your camera on or off. G-Teams makes it easy to connect and collaborate with others!
This tutorial presentation provides a step-by-step guide on how to use Facebook, the popular social media platform. In simple and easy-to-understand language, this presentation explains how to create a Facebook account, connect with friends and family, post updates, share photos and videos, join groups, and manage privacy settings. Whether you're new to Facebook or just need a refresher, this presentation will help you navigate the features and make the most of your Facebook experience.
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Economic Development Implications of the International Financial Institutions Loans: A Focus on Employment Generation in Nigeria
1. American Journal of Humanities and Social Sciences Research (AJHSSR) 2022
A J H S S R J o u r n a l P a g e | 21
American Journal of Humanities and Social Sciences Research (AJHSSR)
e-ISSN :2378-703X
Volume-6, Issue-3, pp-21-28
www.ajhssr.com
Research Paper Open Access
Economic Development Implications of the International
Financial Institutions Loans: A Focus on Employment
Generation in Nigeria
BOZI, Rosemary Chioma, EWUBARE, D. B. and EKINE, D. I.
1&2
Department of Economics, Faculty of Social Sciences, Rivers State University, Port Harcourt.
3
Department of Agricultural and Applied Economics, Faculty of Agriculture, Rivers State University, Port
Harcourt.
ABSTRACT : Employment generation has remained central to the policy goal of economic development in
Nigeria. In view of this, an empirical investigation into the link between international financial institutions loans
and employment rate was carried out in this study. Specifically, the effects of loans from the International
Finance Corporation (IFC), International Development Association (IDA), Paris Club and African Development
Bank on employment rate were examined. The data for the variables were obtained from the United Nations
Development Programme Human Development Report, National Bureau of Statistics, World Development
Indicators and International Debt Statistics. The empirical investigation followed an ex post facto research
design with the application of descriptive statistics, unit root and cointegration tests as well as error correction
model and Granger causality tests as the data analysis techniques. The unit root test results revealed that all the
variables are stationary at first difference, which justifies the test for cointegration using the Johansen method. It
was found from the cointegration test results that long run relationship exists among the variables in the model.
The parsimonious ECM revealed that IDA and African Development Bank loans have a significant positive
effect on employment rate. This highlights the substantial role played these funding sources in generating
employment in Nigeria. On the contrary, International Finance Corporation and Paris Club do not have any
significant effect on employment rate. Owing to the findings, it is recommended that loans available to Nigeria
from the international development association should be channeled to investments in critical infrastructure and
agriculture development to generate employment and achieve economic development.
KEYWORDS: Employment generation, institutions loans, International Finance Corporation, IDA, Paris Club
and African Development Bank
I. INTRODUCTION
Because of the need to avoid the negative effects of unemployment, many developing countries, including
Nigeria, have made addressing unemployment issues a priority in their development plans. Many of these
countries' economies would seek external finance in the form of foreign loans from international financial
institutions to invest in key infrastructure if they were short on cash. These organizations provide loans on both
hard and soft terms, depending on the country's credit rating (Benedict, Rina &Toan, 2003). This is projected to
raise the level of goods and service production and, as a result, create more jobs. As a result, many politicians
believe it is self-evident that there must be a direct link between productivity and job creation. External debt
buildup is a regular occurrence in developing countries where domestic savings are low, current account
payments deficits are significant, and capital imports are required to supplement domestic resources in order to
drive economic growth and reduce poverty. This works as long as borrowed funds are used effectively for
productive investment and there is no macroeconomic instability or regulations that distort economic incentives
(Amakom, 2003).
Nigeria's unemployment rate has also been shifting, not following a regular pattern with the country's public
debt. Loans from international financial institutions are thought to be a way to bridge the domestic savings gap,
particularly when government revenues from internal sources are dropping. This is especially true in light of
shifting primary commodity export prices and, as a result, diminishing foreign exchange profits. In addition to
boosting economic growth, a foreign loan is seen as a way to help developing countries increase their rate of
real investment. As a result, loans from international financial institutions are a source of capital and, by
extension, a way to improve job prospects through more investment and job creation.
2. American Journal of Humanities and Social Sciences Research (AJHSSR) 2022
A J H S S R J o u r n a l P a g e | 22
Despite the fact that Nigeria has extensive access to loans from international financial institutions for the
implementation of its annual budget, the conditionality associated with these loans has remained a source of
concern for policymakers and other major economic stakeholders. The terms of the loans frequently conflict
with fiscal aims, such as capital investment or recurrent spending targets, limiting the overall goal of budget
implementation and international institution loans. Apart from the loan terms imposed by international financial
institutions, the systemic corruption that appears to have engulfed the public sector has provided a huge
impediment to the proper execution of budgets in Nigeria, where public service is regarded as a goldmine. As a
result, borrowed money has been diverted into personal accounts, and essential budget components have been
pushed to the background (Sanusi, 2017). An examination of Nigeria's loan inclination in light of her
infrastructural and human growth, as well as the overall standard of life of the Nigerian people, raises serious
concerns about what the government has actually accomplished with the massive foreign loan inclination over
the years. In this context, the goal of this study was to see how the execution of international financial institution
loans contributes to the creation of jobs in Nigeria.
II.LITERATUREREVIEW
2.1Neoclassical Theory
According to neoclassical growth theory, debt has a direct impact on economic growth. This is because the
amount borrowed is expected to increase investment if used properly. Butt (2009) argues that growth should
increase and allow for prompt debt repayment as long as governments use borrowed funds for productive
investment and do not suffer from macroeconomic instability, policies that distort economic incentives, or large
unfavorable shocks (Akpomi & Kayii, 2021; Butt, 2009). The indirect consequence of debt, on the other hand, is
its impact on investment. Debt servicing reduces the resources available for investment, which has a
transmission mechanism that affects growth. Furthermore, public debt can operate as an implicit tax on a
country's resources, imposing a cost on future generations in the form of a lower flow of revenue from a
decreased stock of private capital. As a result, long-term interest rates may rise, private investments critical for
productivity development may be crowded out, and capital accumulation may suffer (Benedict et al., 2003).
2.2 Empirical Literature
Afolabi et al. (2017) looked into the long and short-term relationships between foreign institutional loans and
Nigerian economic growth. The study encompassed the years 1980 to 2014 and used an error correction model
and a granger causality test to establish the association between the variables empirically. As a result, the
research revealed that foreign loans had a detrimental impact on Nigeria's economic growth. The idea is that
foreign loans should be used sparingly for infrastructure and projects that will result in economic development
and expansion, as well as increased employment generation. Onakoya and Ogunade (2017) employed the OLS
technique to gather evidence on how foreign loans affect Nigeria's economic growth. According to the study,
which covered the years 1981 to 2014, external debt does not influence economic growth at a 5% level of
significance, according to the study. This means that Nigerians aren't using foreign loans for development
projects, which is the primary reason for borrowing.
Ndubuisi (2017) used the ordinary least squares approach and other statistical tools to extend the study on the
influence of foreign loans on Nigerian economic growth from 1985 to 2015. The currency rate and external
reserves were used as control variables, while the foreign loan stock and external debt servicing were the
primary independent variables.The GDP was also included as a dependent variable in the study. As a result of
the findings, debt service payments had a negligible negative impact on economic growth, whereas the foreign
debt stock had a considerable positive influence on Nigeria's economic growth and, by extension, job creation.
External reserves and the exchange rate, both of which are control variables, had a significant impact on
GDP.As a result, the report advocated the use of debt from foreign organizations to fund infrastructure
development.
To analyze the influence of institutional loans on economic growth in Nigeria from 1970 to 2013, Mbah et al.
(2016) used an error correction model and an ARDL bound testing approach. The analysis discovered a long-run
association between the variables and showed that external debt has a considerable negative impact on Nigeria's
economic growth. The analysis suggested sensible borrowing that was induced by exports. In a study by Udeh et
al. (2016), GDP was a function of external debt stock, external debt service, and a control variable, the exchange
rate. This is how the study found that the exchange rate had a positive relationship with GDP, while the external
debt stock and external debt service payment had a negative relationship with GDP.
Using ordinary least squares regression using secondary data, Ajayi and Oke (2012) evaluated the impact of
foreign institutional loans on Nigerian economic growth and development over a 27-year period. The findings
revealed that Nigeria's external debt burden has a negative impact on the country's national income and per
capita income. The report also indicated that Nigeria's massive external debt caused the devaluation of the
country's currency, a substandard educational system, frequent industrial strikes, a rise in worker layoffs, and
3. American Journal of Humanities and Social Sciences Research (AJHSSR) 2022
A J H S S R J o u r n a l P a g e | 23
unsettling economic stagnation. Sulaiman and Azeez (2012) used the ordinary least squares (OLS) technique
and other relevant statistical tools to analyze data from the Central Bank of Nigeria Statistical Bulletin and the
Debt Management Office from 1970 to 2010 to investigate the impact of foreign institutional loans on Nigerian
economic growth. The study also discovered evidence that foreign institutional loans helped Nigeria's economic
development. Despite the fact that this conclusion isn't true in the real world, the authors said that borrowing
money from other countries should only be done for economic reasons, not for political reasons.
Adedoyin et al. (2016) used auto-regressive distributed lag (ARDL) to examine a period from 1981 to 2014 and
discovered a substantial association between foreign institutional loans and economic growth in both the long
and short run, but no causality between the variables. This study recommended, among other things, that a debt
limit be imposed and maintained. Ijirshar et al. (2016) examined the link between external debt and economic
development in Nigeria from 1981 to 2014 using a combination of descriptive statistics and econometric
methods. The study found that the stock of external debt has a considerable favorable impact on economic
growth in both the short and long term. When Nigeria had to pay off its debts from outside the country, this had
a big effect on its economic growth.
Mbanasor and Okere (2012) investigate whether foreign borrowed funds are a tool for or a threat to Nigerian
economic growth. Data was obtained from the CBN statistical bulletin and analyzed using OLS estimating
techniques for this research. According to the findings, foreign borrowed funds are positively associated with
economic growth. Therefore, the government should ensure appropriate debt management in order to encourage
future growth. Shehu Usman and Aliyu (2013) looked into the impact of foreign borrowed funds on the
Nigerian economy's growth. The data for the study came from the CBN statistical bulletin and spanned the years
1970 to 2010. Five other variables were employed as proxies for debt indicators, while GDP was utilized as a
proxy for growth. Three different methods were used in the study, and the results show that money that Nigeria
gets from other countries goes right into the country's economy.
Kasidi and Said (2013) used data series from 1990 to 2010 to evaluate the influence of external debt on
Tanzanian economic growth. The study found that external debt and debt service had a considerable impact on
GDP growth. Debt service payment has a negative effect of around 28.517, whilst total external debt stock has a
positive effect of about 0.36939. Using the ordinary Least Square approach (OLS) to co-integration, Atique and
Malik (2012) looked at the influence of domestic and external debt on Pakistan's economic development
independently from 1980 to 2010. The results showed that there was a big inverse relationship between
domestic debt and economic growth, as well as a big inverse relationship between overseas debt and economic
growth.
III. METHODOLOGY
3.1 Research Design
An ex post research design was followed in this study given that for each of the variables used for the
investigation are already in existence.
3.2 Model Specification
This study employed a dynamic model with the selected key International Financial Institutions loans such as
Paris club loan, International Development Association loan, International finance cooperation loan and Loan
from African development bank as the explanatory variables while employment rate is the dependent variable.
The specification of the model in its functional form is as follows:
EMP = (IFCL, PCL, IDA, ADB) (3.1)
EMP = Employment rate, IFCL = International financial corporation loan, PCL = Paris Club Loans, IDA =
loans from International Development Association and ADB = African Development Bank Loan.
The formal specification of the ECM with the underlying notations for each of the variables is as follows:
a
i
a
i
i
t
a
i
i
t
i
t
a
i
i
t InIDA
m
InPCL
m
InIFCL
m
InEG
m
InEMP
1 1
4
1
3
2
1
1
0
a
i
i
t
InIML
m
1
5 +
a
i
t
t
i
t ECM
InADB
m
1
1
6
(3.2)
Where: 0
= constant parameter
m1 – m6 = short-run dynamic coefficients of the lagged explanatory variables
a = optimal lag length
Δ = first difference operator
= ECM parameter which captures the speed of adjustment t
t u
and 5
1
= Stochastic term (error term)
4. American Journal of Humanities and Social Sciences Research (AJHSSR) 2022
A J H S S R J o u r n a l P a g e | 24
3.2 Data Collection Procedure and Sources
The data sets for the underlying variables spanned from 1981 to 2020 and cover various aspects of budget
implementations in Nigeria economy with a focus on the sources of foreign institutional loans and HDI.
Specifically, the data were obtained from the World Development Indicators (WDI) and UNDP Human
Development Report.
3.4 Methods of Data Analysis
The error correction mechanism (ECM) was adopted as the model estimation technique to explore the dynamic
relationship between employment rate and foreign institutional loans as well estimate the speed of adjustment.
In addition, it was also applied in estimating the coefficients of each of the differenced lagged dependent and
explanatory variables. Notably, the ECM provides the empirical standpoint for gaining deeper insight into the
speed at which each of the models returns to equilibrium after being influenced by an economic shock. In
addition, the Augmented Dickey Fuller (ADF) by Dickey and Fuller (1981) approach to unit root was used to
test for stationarity in each of the variables. The general expression of the unit root in an algebraic form is
displayed as:
∆(Xt = 𝑚0 + 𝑚1(Yt−1) + 𝛽𝑖∆(Xt−i ) + Et
𝑞
𝑖=1
(3.3)
Where: Xt= variable being tested for unit root, 𝑚1 and βi= parameter estimates, q = maximum order of lag, ∆=
notation for first difference and Et = Error term
The Johansen and Juselius (1990) cointegration procedure, a multivariate-based methodology for differenced
integrated variables was also employed in this study. The model for the cointegration test is specified as:
n
r
i
i
trace N
r
F
1
1
log (3.4)
1
1
log
1
,
max r
N
r
r
F (3.5)
Where:
r
Ftrace
and
1
,
max
r
r
F
denote Trace and Max-Eigen statistics respectively,
=
coefficients of the characteristic roots, N = sample size, r = cointegrating vectors and n = lag length.
IV. RESULTS AND DISCUSSION
4.1 Descriptive Statistics
The descriptive statistics of each of the variables ranging from the mean distribution of the variables, standard
deviation to normal distribution are presented in Table 1.
Table 1: Summary of the descriptive statistics
EMP IFCL PCL IDA ADB
Mean 14.89 0.003 12.59 2.951 0.004
Median 14.29 0.000 9.109 1.967 0.0007
Maximum 25.00 0.051 35.69 11.907 0.043
Minimum 10.32 -0.030 0.000 0.580 0.00014
Std. Dev. 3.73 0.017 13.39 2.771 0.0082
Jarque-Bera 1.58 11.039 4.863 23.51 264.01
Probability 0.45 0.004 0.0879 0.000 0.000
Observations 39 39 39 39 39
Source: Researcher’s computation using E-views 10
The descriptive statistics showed that the mean value of the employment rate stood at 14.89 per cent while loans
from the International Finance Corporation, Paris Club, IDA and African Development Bank averaged 0.003,
12.59, 2.95 and 0.004 per cent of GDP respectively during the study period. This indicates that Nigeria has
substantially borrowed from the Paris Club compared to other bilateral and multilateral sources. As observed
from the standard deviations, the observations for all the employment rate and IDA loans clustered around their
respective mean values while the other variables do not. In addition, the probability values of the Jarque-Bera
statistics for employment rate and Paris Club loans indicate that they are normally distributed at 5 per cent level.
However, the other variables for the investigation were not normally distributed given that the probability values
of their respective Jarque-Bera statistics are above 0.05.
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4.2 Pairwise Correlation Coefficients
As an integral aspect of the pre-estimation tests, the correlation between each pair of the explanatory variables
was examined and the results are reported in Table 2.
Table 2: Summary of the correlation matrix
HDI POV EMP IFCL IDA PCL ADB
HDI 1
POV 0.248 1
EMP 0.594 -0.175 1
IFCL -0.018 0.088 0.007 1
IDA -0.381 -0.0359 -0.513 -0.095 1
PCL -0.655 -0.1190 -0.450 0.081 0.578 1
ADB 0.093 0.220 0.057 0.070 -0.323 -0.241 1
Source: Researcher’s computation using E-views 10
As observed from Table 2, the correlation coefficients between a pair of the explanatory variables ranged from a
minimum value of -0.323 to a maximum value 0.578. This implies that there is no evidence of perfect or near
perfect correlation between each of the explanatory variables. In other words, the correlation coefficients
between each pair of the explanatory variables do not pose any threat of multicollinearity. For this reason, the
explanatory variables were regressed together in each of the models.
4.3 Unit Root Test
The ADF method of unit root test was applied in this study to determine if the variables are stationary or not and
the order of integration of integration of each of the variables. The results of the tests are presented in Table 3.
Table 3: Unit root tests results based on ADF method
Variable Levels test results First difference test results Order of integration
t- statistic 5 %
Critical value
t- statistic 5 %
Critical value
EMP -1.531 -2.94 -6.029 -2.94 I(1)
IFCL -0.911 -2.94 -7.511 -2.94 I(1)
IDA -1.521 -2.94 -5.299 -2.94 I(1)
PCL -1.442 -2.94 -4.837 -2.94 I(1)
ADB -1.695 -2.94 -4.558 -2.94 I(1)
Source: Researcher’s computation using E-views 10
The results of the ADF unit root test reported in Table 3 revealed that all the variables are not stationary at levels
given that the computed t-statistics are less than the corresponding 5 per cent critical values. Thus, the null
hypothesis of unit root cannot be rejected. The evidence of non-stationarity in the variables necessitated the
differencing and they are found to be stationary at first difference. This implies that they attain stability by first
differencing. In other words, all the variables are integrated of order one [I(1)], which is consistent with the
findings of Sulaiman and Azeez (2012), Akram (2016) and Bamidele and Joseph (2013). With evidence of first
difference stationarity in all the variables, the Johansen method was considered appropriate for the cointegration
test to determine if the linear combination of the non-stationary variables will lead to long run relationship
among them.
4.4Cointegration Test Results
The cointegration test for the variables was conducted at 5 per cent level using the Johansen method. The results
are presented in Table 4.
Table 4: Johansen cointegration test results
Series: EMP IFCL IDA ADB PCL
Trace test results
Hypothesized Trace 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.821106 125.2200 69.81889 0.0000
At most 1 * 0.650733 66.70731 47.85613 0.0003
At most 2 * 0.437152 30.94210 29.79707 0.0368
At most 3 0.238598 11.40078 15.49471 0.1880
At most 4 0.060797 2.132601 3.841466 0.1442
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Maximum Eigenvalue test results
Hypothesized Max-Eigen 0.05
No. of CE(s) Eigenvalue Statistic Critical Value Prob.**
None * 0.821106 58.51268 33.87687 0.0000
At most 1 * 0.650733 35.76520 27.58434 0.0036
At most 2 0.437152 19.54133 21.13162 0.0822
At most 3 0.238598 9.268176 14.26460 0.2645
At most 4 0.060797 2.132601 3.841466 0.1442
Source: Researcher’s computation using E-views 10
* denotes rejection of the hypothesis at the 0.05 level
In furtherance of the pre-estimation tests, cointegration test for the employment model was equally conducted at
5 per cent level. The trace test results revealed that three cointegrating equations exist in the model. This
indicates that at least three variables can adjust to the long run equilibrium position. In addition, the maximum
eigenvalue test results showed evidence of two cointegrating equations in the model. In other words, at least two
variables can adjust to the long run position. Overall, the results provide the empirical condition for rejecting the
null hypothesis of no cointegrating, which implies that employment rate has long run relationship with the
selected institutional loans. This finding is consistent with the results of Iwuoha (2020);
Cahyadin&Ratwianingsih (2020) and Saad, & Ahmad (2020) among others.
4.5 Model Estimation
The evidence of cointegration in the model necessitated the choice of the ECM in accordance with the
proposition of Engle and Granger (1987). The results are presented in Table 5.
Table 5: Parsimonious ECM
Source: Researcher’s computation using E-views
As observed from the results, employment rate lagged for one period has a significant positive effect its current
value. This implies that employment generation in the previous period can relied upon in forecasting future
changes in the employment rate. The findings further revealed that IDA loans impacted positively on
employment rate. This is in tandem with the findings of Haiss& Steiner (2020) and Mensiet.al. (2020), but
disagreed with the results of Eke &Akujuobi (2021). It further highlights the substantial role played by the
World Bank Group in providing concessional loans and grants to boost economic growth and stimulate
productive employment. It is also evident from the results that loans from the African Development Bank
contributed positively to employment rate. This finding is very impressive as it corroborates with the results of
Nyadera, Asal&Agwanda (2021). The implication of this finding is that funding available to the government and
private sector from the Bank promotes the process of employment generation in Nigeria. On the contrary,
Dependent Variable: D(EMP)
Method: Least Squares
Variable Coefficient Std. Error t-Statistic Prob.
D(EMP(-1)) 0.530043 0.146926 3.607553 0.0020
D(IFCL) -7.025750 12.54014 -0.560261 0.5822
D(IFCL(-1)) -32.93440 16.53065 -1.992323 0.0617
D(IDA) 1.470558 0.330388 4.451002 0.0003
D(IDA(-1)) 0.638225 0.301427 2.117343 0.0484
D(IDA(-2)) 0.679343 0.228284 2.975866 0.0081
D(PCL) -0.069291 0.043344 -1.598627 0.1273
D(PCL(-2)) 0.040285 0.043434 0.927498 0.3659
D(ADB) -40.81066 33.02944 -1.235584 0.2325
D(ADB(-1)) 102.5895 45.30291 2.264523 0.0361
ECM(-1) -0.395678 0.134206 -2.948284 0.0086
C -0.110837 0.265347 -0.417706 0.6811
R-squared 0.792822 Mean dependent var 0.005588
Adjusted R-squared 0.620174 S.D. dependent var 2.463873
S.E. of regression 1.518484 Akaike info criterion 3.978490
Sum squared resid 41.50430 Schwarz criterion 4.696777
Log likelihood -51.63433 Hannan-Quinn criter. 4.223447
F-statistic 4.592133 Durbin-Watson stat 2.189351
Prob(F-statistic) 0.001420
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International Finance Corporation and Paris Club do not have any significant effect on employment rate. This
finding could be attributed to the challenges that undermine the effectiveness of foreign institutional loans which
cut across systemic corruption, poor institution and governance, high debt servicing obligations among others
Table 6: Post-estimation diagnostics test results
Test type Test statistic Probability Decision
Breusch-Godfrey Serial Correlation LM Test
H0: No serial correlation in the residuals
1.197 0.5496 Accept H0
Normality Test
H0: Residuals are normally distributed
2.687 0.2609 Accept H0
White’s Heteroscedasticity Test
H0: No heteroscedasticity in the residuals
15.769 0.7405 Accept H0
Ramsey RESET Test
H0: No misspecification in the model
0.417 0.6663 Accept H0
Source: Researcher’s computation using E-views
The outcomes of the post-estimation tests showed that the residuals are serially independent and normally
distributed at 5 per cent level. This is based on the fact the associated probability values of the Breusch-Godfrey
serial correlation LM test and normality test results are greater than 0.05. Accordingly, the null hypotheses of no
serial correlation and normal distribution of the residuals were accepted. The results further showed that
residuals are homoscedastic given that probability value of the White’s heteroscedasticity test result is above
0.05. Thus, the null hypothesis of no evidence of heteroscedasticity in the residuals is accepted. In addition, the
outcome of the Ramsey test indicates that there is no misspecification in the model. It, therefore, follows from
the post-estimation test results that the employment model is very reliable for policy formulation and forecast.
V. CONCLUDING REMARKS
This study offered some insights into the empirical relationship between International Financial Institution loans
and economic development in Nigeria. This followed the growing recognition of the importance of the
international financial institutions loans in unlocking private investment and creating opportunities for long term
growth and employment generation. Loans from the Work Bank Group, especially IFC and IDA in addition to
loans from the Paris Club and African Development Bank were used as proxies for International Financial
Institution loans. On the other hand, employment rate served as the proxy for economic development. The
findings revealed that IDA loans contributed meaningful to promoting employment generation in Nigeria.
However, contrary to expectations, Paris Club loans do not have any significant contribution to employment
generation. Based on the findings, it is concluded that loans from the IDA are important for creating
employment opportunities in Nigeria. Thus, it is recommended that loans available to Nigeria from the
international development association should be channeled to investments in critical infrastructure and
agriculture development to increase production of goods and services and by extension generate employment
and achieve economic development.
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