College of Management and Social Sciences

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Author: search.filters.author.Olokoyo, Felicia O.Has files: Yes

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    Central Bank Autonomy and Stock Market Index in Nigeria: An ARDL and TYDL Granger Causality Approach
    (Sage, 2022) Olurin, Enitan Olurotimi; Olokoyo, Felicia O.; Adetiloye, Kehinde A.
    Following the trend of granting autonomy to monetary authorities around the world beginning from the mid-1900s, the Central Bank of Nigeria had its share of gradual autonomy from 1991 culminating in the 2007 legislation. This study investigated the effect of central bank autonomy (CBA) on the stock market index (SMI) in Nigeria with data on market index, foreign direct investment (FDI), gross domestic product per capita, inflation rate, terms of trade, trade openness and effective central bank autonomy index from 1985 to 2018. The study adopted the autoregressive distributed lag and Toda–Yamamoto and Dolado–Lutkepohl approach to Granger causal ity. The study finds that there is no long-run relationship between the variables estimated, though short-run relationships exist. CBA has a statistically negative impact on the SMI, while FDI has a positive significant relationship with the SMI only in the short run. The only significant causality runs from FDI to SMI. The study, therefore, recommends that the Central Bank of Nigeria should have a higher level of instrument autonomy and should endeavour to come out with monetary policies that encourage diversification of the economy and engender growth in the capital market.
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    Determinants of International Reserves Among Organisation of Petroleum Exporting Countries (OPEC)
    (Comparative Economic Research. Central and Eastern Europe Volume 25, Number 3, 2022) Bada, Oladejo Tokunbo; Adetiloye, Kehinde Adekunle; Olokoyo, Felicia O.; Ukporhe, Grace
    Member countries of the Organisation of Petroleum Exporting Countries (OPEC) are always in the news regarding the prices and supply of crude oil to the international market. One of the economic reasons for this is liquidity and the desire to accumulate international re serves by the respective countries. This paper examined the determinants of international reserves among the cartel against the backdrop of the motives for keeping reserves. With data from 2005 to 2018, the adopted variables that were tested with the system of gen eralised methods of moments (Sy‑GMM) are inflation, exchange rates, oil prices, crude oil dependence, economic crises and others. The results and outputs show that inflation was negatively impactful externally and internally, while FDI inflows recorded negative signifi cance. Economic crises and economic openness were positively significant, while oil prices and exchange rates were not significant determinants of international reserves accumula tion. The paper recommends the maximisation of opportunities available by members during economic crises to accumulate reserves that will enable them to diversify from depend ence on crude oil exports to include other products and a higher level of openness to open the economy up for competition to make the economies stronger.
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    Renewable Energy Financing and Sustainable Industrial Development in Nigeria
    (International Journal of Energy Economics a nd Policy 12(4), 2022) Asemota, Franklin Famous; Olokoyo, Felicia O.
    Due to the inability of renewable and non-renewable sources of energy to meet the ever-increasing industrial energy need in Nigeria, there is therefore need to explore various financing option available to execute renewable energy project that will contribute to the energy basket which will sustainably impact industrial development in Nigeria. Obtaining secondary data from World development indicator from 1980 to 2021, the study utilized the auto regressive distributed lag method to estimate the long run impact of renewable energy financing and sustainable industrial development in Nigeria. The findings reveal that the use of external debt for financing renewable energy as well the use of energy from Combustible waste source and alternate nuclear source significantly and positively determines the development of the industrial sector in Nigeria. While the use of taxation and donation to fund renewable energy as well as the use of energy source from hydroelectric were not contributing significantly to sustainable industrial development in Nigeria. The study further recommends that relevant framework that will make investment in renewable energy as well as the utilization of renewable energy to be attractive to various stakeholders in Nigeria should be established. The underlying downside risk in renewable energy utilization and financing must be address so as to mobilize sufficient private sector investment needed to drive sustainable industrial development in Nigeria.
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    Attaining Sustainable Development in Africa through Renewable Energy Financing
    (International Journal of Energy Economics and Policy, 2025) Asemota, Franklin Famous; Olokoyo, Felicia O.; Adetiloye, Kehinde A.; Ehikioya, Benjamin Ighodalo
    Finding a sustainable solution to climate change based on the unique attributes of Africa requires some well-structured bespoke green financial vehicles that will spur development not only from economic standpoint but also in the quality of the environment and social wellbeing of the populace. This study therefore examines the role renewable energy financing in harnessing sustainable development in Africa. The study thus employed the panel ARDL estimation technique to analyse this relationship while limiting the sample size to limited to Nigeria, South Africa, Kenya and Egypt representing countries with significant renewable energy investment from 1990 to 2023. Findings depict that in the short run, insignificant relationships were found between renewable energy utilisation and economic sustainability as well as between renewable energy utilisation and environmental sustainability. However, in the long run, the relationships are revealed to be both negative but statistically insignificant for economic sustainability but significant for environmental sustainability. The substantial negative effect of renewable energy usage on carbon emissions follows worldwide expectation and reflects clean energy as a solution to environmental deterioration. This study recommend that government should utilize both fiscal and monetary instrument to encourage renewable energy investment in Africa. This can be in the form of tax incentive and grant on green project that are executed in Africa. Foreign direct investment should be channelled to green project that promote skill enhancement and sustainable workforce. The use of tailored regulation to create a renewable energy market for local and foreign investor and at the same time creating an unfavourable environment for investment in fossil fuel in Africa.
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    Financial System Theory: Banker-Customer Relationship and Nigerian Deposit Money Banks' Performance: An Empirical Investigation
    (WSEAS TRANSACTIONS on SYSTEMS and CONTROL, 2020) Olokoyo, Felicia O.; Isibor, Areghan; Adegboye, Folasade; Adesina, Tolulope; Osuma, Godswill; Adebayo, Mercy
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    Financial literacy, financial capabilities, and sustainable business model practice among small business owners in Niger
    (2021) Babajide, Abiola; Osabuohien, Evans; Tunji-Olayeni, Patient; Falola, Hezekiah; Amodu, Lanre; Olokoyo, Felicia O.; Adegboye, Folasade; Ehikioya, Benjamin
    The study investigates how financial literacy and financial capabilities influence small firms’ sustainability in Lagos and Ogun States, Nigeria. It employs a survey research design to collect data from 300 small business owners across the two States. Data collected were analysed using Structural Equation Modelling (SEM) technique. The study shows that environmental sustainability, financial sustainability and social responsibility are significant determinants of small firms’ sustainability in Nigeria. Financial literacy and financial capabilities practices also have a significant positive impact on firm sustainability. However, the use of savings product shows a significant adverse effect on firms’ sustainability. The findings imply that financial literacy knowledge and practice in small business operations enhance firms’ sustainability. The study recommends that small firms should incorporate sustainability models into their business operations and improve their financial knowledge to maintain sustainability. Small business owners should also invest their savings in an appropriate investment product that suits their risk tolerance.
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    BANK DIVERSIFICATION STRATEGY: A POLICY MEASURE FOR A SUSTANABLE BANKING SYSTEM IN POST COVID-19 FINANCIAL CRISES
    (1st INTERNATIONAL CONFERENCE ON INNOVATION AND SUSTAINABLE DEVELOPMENT, 2023) Olokoyo, Felicia O.; Ighosewe, Felix E.; Agbogun, Oghenekparobo E.; Adegboye, Folasade B.; Isibor, Areghan
    The Nigerian banking industry acknowledges diversification as a strategy for ensuring financial sustainability. However, the major question is: if this assertion is true to life even with the advent of the COVID-19 pandemic? Hence, the present study aimed at eliciting information from the research respondents on their perception on the contributory role of product, service, marketing, and internal growth oriented diversification strategy in ensuring a financially sustainable banking system with a view to formulate strategic policy to address Post COVID-19 financial crises. Accordingly, we shared 600 questionnaires distributed across selected deposit money banks situated in three (3) metropolitan cities of Delta State; the study area. However, 485 questionnaires were retrieved. Data derived from the filed survey was analyzed using the Pearson’s product-moment correlation (PPMC) while the hypotheses were tested using the 95% Pearson Correlation critical value. The result reaffirmed that, the more banks diversify their products, services, marketing activities, and internal dynamics, the more financially sustainable they become. To this end, the study advocate that for Nigerian banks to be financially sustainable in the Post COVID-19 financial crises, they have to shield themselves with product, service, marketing and internal growth oriented strategies as enunciated in this study. Again, bank management should uphold good corporate governance principles as well as frown against all forms of corrupt tendencies, which can inhibit best banking practices in Nigeria.