College of Management and Social Sciences

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The Effect of Financial Development on Economic Growth in Nigeria
(Academy of Strategic Management Journal, 2022) Omankhanlen, Alexander Ehimare; Samuel-Hope, Chinyere Divine; Ehikioya, Benjamin
Investigating the Dynamic Nexus between Non-Oil Taxes and Economic Growth in Nigeria: An ARDL Approach
(International Journal of Energy Economics and Policy, 2022) Oghuma, Richard Iyere; Eluyela, Damilola Felix; Iyoha, Francis O.
This paper examines the dynamic nexus between non-oil taxes and economic growth in Nigeria. The volatile nature of oil prices has threatened the balance and stability of public expenditure and the budgetary system as a tool for stimulating growth in Nigeria, hence the motivation to look into the prospects of the non-oil sector as a driver of growth. Secondary data covering the period 1994-2019 was used for this study. This period is selected to ensure that there are no missing data especially for VAT which began in 1994, therefore, using earlier periods will introduce missing data into the estimation. Standard time series econometric techniques were utilized in the study such as descriptive analysis, unit root testing, co-integration test and granger causality testing. The Autoregressive distributive lag model (ARDL) was then employed in the model estimation. The long-run results show the effect of non-oil taxes on economic growth in Nigeria and observed that the effect of log (VAT) on economic growth is negative. Specifically, the result indicates that an increase in VAT revenue by 1% results in decline in GDP by about 0.21% and the result is significant at 5%. In the case of CED, the result shows that the economic growth is impacted positively. Specifically, a 1% rise in CED revenue stimulates growth by 0.113%, and the result is significant at 10%. Also, the effect of PIT revenue on growth is negative and significant at 5% and specifically, a 1% increase in PIT revenue results in decline in economic growth by 0.599%. The result shows that CIT has a positive impact on economic growth, and it is significant at 5%. This implies that a 1% increase in CIT revenue increases economic growth by 0.5757%. The findings of the above have the following implications. First, the negative effect of PIT and VAT on growth suggests that there is a need for fiscal authorities to re-examine these taxes and hence high VAT and PIT rates may be counter-productive for growth. Secondly, CIT and CED show positive growth effects and hence there is a need for effective and accountable expenditure framework that will ensure optimization of public expenditure in this regards.
EFFCTS OF DIGITAL PAYMENT AND FINANCIAL INCLUSION ON ECONOMIC GROWTH IN SELECTED WEST AFRICAN COUNTRIES
(Covenant University Ota, 2025-04) ADEKOYA, Oluwasegun Ayomide; Covenant University Dissertation
This study examined the effect of digital payment and financial inclusion on economic growth in selected West African countries. The financial sector remains a key driver of economic growth globally, especially as countries employ more technology-driven systems; this shift has profound effects across all sectors, including the financial sector. Meanwhile, despite the ongoing policy efforts to promote digital transactions, West Africa still lags behind in financial inclusion as compared to the global standards. Hence, the study examined the interactive effect of digital payment and financial inclusion on economic growth in selected West African countries. This study employed the Pooled Ordinary Least Squares (POLS) estimation technique to analyse data for ten (10) West African countries from 2014 to 2022. The data was sourced from the World Bank’s World Development Indicators. The explanatory variables used in the model were; mobile transfer payment, mobile money, account ownership at a financial institution or with a mobile-moneyservice provider, labour force and gross fixed capital formation, the dependent variable was real gross domestic product. The findings of the study revealed that both digital payments and financial inclusion independently contribute positively and significantly to economic growth. However, the interaction of digital payments (proxied by mobile transfers) and financial inclusion had a negative and statistically significant impact on economic growth. In contrast, the interaction of mobile money and financial inclusion showed a positive and significant effect on economic growth. The study concludes thus, that the interactive effect between digital payment and financial inclusion has a positive impact on economic growth in the selected West African countries. Based on the findings, this study recommended that mobile money offers a stronger economic potential, and should therefore, be used more as a preferred digital payment channel to enhance financial inclusion and economic expansion in West Africa. The study concluded that economic growth will be boosted if digital payments is strengthened more in financial inclusivity

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