College of Management and Social Sciences

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ASSESSMENT OF GREEN FINANCE ON ECONOMIC GROWTH AND INCOME INEQUALITY IN NIGERIA
(Covenant University, Ota, 2026-05) Ojo, Abigail Victory; Covenant University Dissertation
This study examines the impact of green finance on economic growth and income inequality in Nigeria over the period 1990-2024. The motivation for the study arises from the increasing global emphasis on green finance as a tool to curb the effects of climate change and promotion of economic growth that is beneficial to all and this raises the need to understand its macroeconomic and distributional implications in a developing economy like Nigeria. Specifically, the study investigates the effect of green finance on economic growth and income inequality while incorporating key control variables such as inflation, unemployment, foreign direct investment, labour force participation, and Trade openness. The study employs annual time-series data and adopts the Autoregressive Distributed Lag (ARDL) bounds testing approach and a robustness test to confirm results. The empirical findings reveal that green finance has a significant but negative impact on economic growth in the short and long-run and also a positive and statistically significant effect on income inequality in both the short run and long run. The robustness test revealed that a higher level of renewable energy consumption reduces income inequality in Nigeria. Overall, the study suggests that the green finance sector in Nigeria is still at a developmental stage and may involve transitional costs, inefficiencies, and delayed returns. Additionally, the results indicate that macro-economic indicators have mixed effects on economic growth and income inequality, It recommends the promotion of inclusive green finance policies, strengthening of regulatory frameworks, and improved access to green funding for small and medium enterprises and low-income groups to ensure that green finance contributes to both economic growth and equitable income distribution.
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.
IMPACT OF CLIMATE CHANGE AND WAGE INCOME ON FOOD SECURITY OF FEMALE-HEADED HOUSEHOLDS IN SELECTED WEST AFRICAN COUNTRIES
(Covenant University Ota, 2025-09) ODE OMENKA, Loveth Chiduma; Covenant University Thesis
The critical relevance of food security in West Africa cannot be overemphasised due to the regional level of vulnerability which is driven by conflict, displacement, economic instability, and severe climate shocks. Food security in the West African region faces mounting challenges and climate change has emerged as one of the most significant drivers of the current food crisis. This study represents one of the few empirical investigations that analyzed the impact of climate change and wage income on food security, particularly by comparing households experiencing severe climate change to those without. The broad objective of this research is to examine how climate change and wage income affects food security across West African countries with a particular focus on Nigeria and Senegal. The study is supported by the Resilience Theory which explores household capacity to withstand environmental shocks and the Sustainable Finance Theory, which emphasises the importance of economic stability and inclusion in ensuring long-term food access. A mixed-methods approach was employed to capture both quantitative and qualitative dimensions of the research problem. Quantitative data were obtained from the Living Standards Measurement Study-Integrated Surveys on Agriculture (LSMS-ISA), while qualitative data were collected through fieldwork across selected rural communities. The study utilised Statistical techniques such as Logistic Regression and Propensity Score Matching (PSM) to estimate the effect of climate change exposure and livelihood factors on food consumption outcomes. Geospatial technique was also used to graphically represent the impact of Climate Change. The qualitative analysis complemented the statistical findings with insights from the field especially highlighting gendered dimensions of agricultural labour wage and food consumption. Findings from Nigeria revealed that households exposed to severe climate change experienced 11.1% reduction in food consumption adequacy. Households with female agricultural wage earners had significantly higher odds (55.3%) of achieving high food consumption levels. Climate change was associated with a 10.15% decrease in the likelihood of adequate food consumption (Coefficient: −0.102; T-statistic: −45.77, p<0.001), emphasising the negative impact of environmental stress on food access. Notably, the interaction between climate change and household wage (Coefficient: 0.724; z = 14.56, p<0.001) showed positive influence indicating that wage stability can moderate the adverse effects of climate disruptions. In contrast, findings from Senegal revealed a marginally positive relationship between severe climate change exposure and food consumption (Coefficient: 0.219; p = 0.056), likely due to the presence of food aid, adaptation strategies, and coping mechanisms. However, the absence of female agricultural wage earners significantly reduced food consumption (Coefficient: −0.485; p = 0.003), reinforcing the importance of gender inclusion in the agricultural sector economy. Food purchases emerged as a critical determinant of food consumption in both countries, linking market access and household income directly to food security. This study recommends that policymakers implement integrated strategies that promote climate resilience, increase household income through wage diversification and empower women in agriculture. Therefore, investment in climate-smart agriculture, social protection programs, market stabilisation mechanisms, and gender-sensitive employment policies are essential to ensure sustainable food security in West Africa. Keywords: Climate Change, Food Security,

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