Applied Journal of Economics, Management and Social Sciences https://nokspublishing.com/index.php/AJMSS <p>Applied Journal of Economics, Management and Social Sciences (AJMSS) is an international peer-review journal that publish high impact scientific research article both theoretical and empirical. The journal aims to improves and introduce best business and management practices, and sound policy formulation. The aim is to provide platform for discussing best business practices from industry top leaders and academician as well as encouraging organisation decision based on sound theoretical foundation. <span style="font-size: 0.875rem;">Authors interested in submitting to this journal should read <a href="https://nokspublishing.com/index.php/ajmss">About the journal</a> first and subsequently</span><em> <a href="https://nokspublishing.com/index.php/aemr/user/register">register</a> with the journal prior to submitting. If you encounter any challenge during submission kindly send article to editor through this email ajmss@nokspublishing.com.</em></p> <p><em><span style="font-size: 0.875rem;"><a title="Send Us WhatsApp Message" href="https://api.whatsapp.com/send?phone=447526110534&amp;text=Thank%20you%20for%20contacting%20us.%20You%20can%20drop%20your%20message/question,%20one%20of%20our%20team%20will%20respond%20to%20your%20question%20shortly."><strong>Click here to Send Us WhatsApp Message</strong></a></span></em></p> <p>Specific topics the journal covers include but not limited to:</p> <ul> <li class="show">General Economics,</li> <li class="show">Micro and Macro Economics,</li> <li class="show">Labour, International, Monetary, Health, Energy, Information Economics etc.</li> <li class="show">Human Resources Management Practices,</li> <li class="show">Business and Management studies, </li> <li class="show">Business and Financial Studies,</li> <li class="show">Accounting,</li> <li class="show">Marketing studies,</li> <li class="show">Corporate governance and conflict management,</li> <li class="show">Communication,</li> <li class="show">Marketing Theory and Applications,</li> <li class="show">Organizational Behavior and Theory,</li> <li class="show">Personnel and Industrial Relations,</li> <li class="show">Social and Political Studies,</li> <li class="show">Other Social Sciences Studies.</li> </ul> <p><strong>ISSN: 2811-1613</strong></p> en-US <p>Your article is protected under <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">Creative Commons CC BY 4.0 user licence</a>, copyright guide. </p> ajmss@nokspublishing.com (Prof Afred Joseph) faith@nokspublishing.com (Dr faith Adribigbe) Sat, 05 Oct 2024 20:13:40 +0100 OJS 3.3.0.7 http://blogs.law.harvard.edu/tech/rss 60 Effect of Foreign Capital Inflow on Economic Growth In Sub-Saharan Africa https://nokspublishing.com/index.php/AJMSS/article/view/107 <p><em>Foreign capital inflows have been judged to play a critical role in economic growth providing the necessary capital to fuel economic development. However, the effect of these capital inflows on economic growth in Sub-Saharan Africa (SSA) has been a subject of debate, with varying results across different studies. This study investigates the effect of foreign capital inflows on economic growth across 26 selected Sub-Saharan African (SSA) countries from 1998 to 2022. The study uses Foreign Direct Investment (FDI), Foreign Portfolio Investment (FPI), and Official Development Assistance (ODA) as proxies for foreign capital inflow, while real Gross Domestic Product (RGDP) is used to measure economic growth. Data was sourced from the World Bank Development Indicators (WDI), and the System Generalized Method of Moments (GMM) was employed for data analysis. The findings reveal that both FDI and FPI have a significant positive effect on economic growth in SSA at the 5% significance level. While ODA also shows a positive effect on economic growth, it is not statistically significant at the 5% level. The study concludes that Foreign Direct Investment and Foreign Portfolio Investment inflows enhance economic growth in SSA. The study recommends emphasizing local content in FDI to stimulate sustained economic growth, enhancing SSA’s capital market to attract more FPI through competitive international coupon rates, and reviewing SSA’s institutional framework for foreign aid utilization to address loopholes that may hinder short-term growth.</em></p> Salihu L. Mairafi, Mohammed Ibrahim , Zakariyau T. Abdullahi Copyright (c) 2024 Salihu L. Mairafi, Mohammed Ibrahim , Zakariyau T. Abdullahi https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/107 Wed, 16 Oct 2024 00:00:00 +0100 Human Resources Policies and Employee Performance: Evidence from Federal Neuro-Psychiatric Hospital, Yaba, Lagos. https://nokspublishing.com/index.php/AJMSS/article/view/105 <p><em>Employee performance is a fundamental driver of organizational success. Various factors influence performance, including the implementation of effective human resource policies that shape the management and development of employees to maximise their potential and contribute to organizational goals. This study aimed to investigate the effect of human resource policies and employee performance at the Federal Neuropsychiatric Hospital, Yaba, Lagos, by examining the relationship between employee engagement and employee efficiency, organisational culture, and teamwork and collaboration. The sample size for the study was 289, and a structured five-point Likert-type questionnaire was used for data collection. Regression analysis was used to determine the effects of study indicators. The results showed that both employee engagement and organisational culture had a significant effect on employee efficiency, teamwork, and collaboration, with coefficients of determination r=0.380 and r=0.318, respectively. The study highlights a notable impact of employee efficiency and engagement within the organisation, which indicates that well-designed human resource policies positively influence employee efficiency, leading to improved overall performance. This suggests that a strong and positive organizational culture coupled with effective teamwork and collaboration fosters higher levels of employee productivity and performance. Based on these findings, given the significant effect of employee efficiency and engagement on overall performance, organisations should focus on strengthening their employee engagement initiatives. This can be achieved by fostering a positive work culture that encourages open communication, the recognition of achievements, and opportunities for professional growth.</em></p> Adeyinka Antwi, Abayomi Olarewaju Adeoye, Ibukun Olorunisola Kolawole Copyright (c) 2024 Adeyinka Antwi, Abayomi Olarewaju Adeoye, Ibukun Olorunisola Kolawole https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/105 Mon, 21 Oct 2024 00:00:00 +0100 Revalidation of the impact of growth in Money Supply on Inflation in Nigeria https://nokspublishing.com/index.php/AJMSS/article/view/103 <p><em>This study examines the impact of money supply on inflation in Nigeria, using quarterly data series from 198</em><em>0</em><em> – 2023. The Johansen cointegration approach, Autoregressive Distributed Lag (ARDL), and Granger causality test are used to identify the long-run relationship, the short-run dynamic, transmission lag, and causal relationship among the variables respectively. The variables considered are inflation, broad money supply, and real GDP. The regression results suggest that money supply has a significant </em><em>impact on </em><em>inflation in the short and long run. However, money supply has a higher impact in the long run compared with the short run. The result </em><em>remained </em><em>consistent with the classical Quantity theory of money and the monetarist hypothesis on inflation. Furthermore, the study confirmed that in the long run, the money supply growth significantly and positively impacts inflation. Moreover, the causality test result reveals that money supply growth has a unidirectional causal relationship with inflation, and the causal relationship runs from money supply growth to inflation. By implication, the monetary authority can manage the money supply to affect the level of the level of general prices (inflation). </em></p> Oyebanji Olaoye, Professor Anyanwu O. Sarah Copyright (c) 2024 Oyebanji Olaoye, Professor Anyanwu O. Sarah https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/103 Sat, 05 Oct 2024 00:00:00 +0100 External Debt and Economic Growth in Nigeria https://nokspublishing.com/index.php/AJMSS/article/view/104 <p>Over the past few years, Nigeria has experienced a rapid increase in external debt, leading to widespread public concern about its potential effects on the country’s economic growth. This study employed an ex-post facto research design to examine the relationship between external debt and economic growth in Nigeria from 1983 to 2022. Data for the study were sourced from the World Bank Development Indicators (WDI) and analyzed using the Autoregressive Distributed Lag (ARDL) model. The findings indicated the existence of a long-run relationship among the variables. The long-run estimates of the variables employed in the study—external debt stock (EDS), debt service on external debt (DSED), inflation rate (INF), and exchange rate (EXR)—on economic growth were as follows: β = 0.0753, t = 0.8102, p &gt; 0.05; β = -0.0935, t = -1.7669, p &gt; 0.05; β = -0.0281, t = -9.0746, p &lt; 0.05; β = 0.1209, t = 4.6602, p &lt; 0.05, respectively. The study concluded that external debt has no significant effect on economic growth in Nigeria. It recommended that policymakers should ensure loans are properly monitored and eliminate leakages in the system. Additionally, loans should undergo a comprehensive cost-benefit analysis to ensure that the benefits of the investments exceed the costs associated with debt servicing.</p> Babatunde Binuyo, King-Karshak Bitrus Duwong, Oluwabukola O Adesuyi, Iyabo M Okedina Copyright (c) 2024 Babatunde Binuyo, King-Karshak Bitrus Duwong, Oluwabukola O Adesuyi, Iyabo M Okedina https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/104 Sat, 05 Oct 2024 00:00:00 +0100 Agricultural Financing and Agricultural Output in Nigeria https://nokspublishing.com/index.php/AJMSS/article/view/101 <p>This study examined agricultural financing and agricultural output in Nigeria, focusing on the moderating effect of interest rates from 1978 to 2020. Using vector error correction model estimation, the results indicated that an increase in agricultural bank credit generally leads to an increase in agricultural output. This suggests that a rise in bank credit to agriculture will enhance productivity in the agricultural sector. To ascertain the effect of interest rates on agricultural bank credit and output, interest rates were interacted with bank credit to agriculture. It was observed that considering interest rates in relation to bank credit contributed 15.1% less to agricultural performance growth compared to non-consideration of interest rates. This indicates that agro-economic activities are significantly influenced by both interest rates and bank credit. Furthermore, the study found that bank credit to agriculture, when considered with interest rates, caused changes in agricultural output. This implies that monetary policies favoring bank credit to agriculture will boost agro-productivity in Nigeria. Among the policy recommendations, the CBN should adopt monetary policies and schemes, particularly those related to interest rates, that favor the supply of bank credit to agriculture. This approach will translate to more meaningful growth in agricultural performance.</p> Ubong. S Udoette, Udochukwu G. Nwachukwu, Tonuchi Joseph, Satumari A. Stephen, Adamu Idris, Samuel E. Etim Copyright (c) 2024 Ubong. S Udoette, Udochukwu G. Nwachukwu, Tonuchi Joseph, Satumari A. Stephen, Adamu Idris, Samuel E. Etim https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/101 Sat, 05 Oct 2024 00:00:00 +0100 Financial development and private investment on inclusive growth in Sub-Saharan African countries: A second generation PARDL approach https://nokspublishing.com/index.php/AJMSS/article/view/99 <p>The pursuit of inclusive growth necessitates a comprehensive strategy that addresses entrenched structural barriers curbing economic participation and overall well-being. At the heart of this endeavour lies the significance of a stable financial system. Such a system, by fostering financial inclusion, bolstering entrepreneurship, enabling long-term investments, and enhancing economic stability, holds the potential to bridge the disparities impeding inclusive growth. This study delves into the intricate interplay between financial development, investment, and the realization of inclusive growth. Utilizing data spanning 27 African countries from 2005 to 2021, this research employs the Augmented Group Mean (AGM). The findings illuminate the multifaceted impacts of financial development on gross domestic product per person employed, an indicator of inclusive growth. Importantly, the study underscores the pivotal role a stable financial system plays in fostering overall inclusive growth and creating a conducive environment for equitable economic participation and prosperity for all segments of society.</p> Sheriffdeen Tella, Enemona Joseph, Rowland Obiakor, Aliyu Akorede Rufai Copyright (c) 2024 Sheriffdeen Tella, Enemona Joseph, Rowland Obiakor, Aliyu Akorede Rufai https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/99 Wed, 01 May 2024 00:00:00 +0100 Interaction effect of institutional quality on the relationship between economic factors and unemployment in Sub-Saharan Africa https://nokspublishing.com/index.php/AJMSS/article/view/96 <h2 style="text-align: justify; line-height: 115%;"><span style="font-size: 9.0pt; line-height: 115%; font-family: 'Arial',sans-serif; color: windowtext;">The unemployment rate in Sub-Saharan Africa (SSA) has been steadily increasing over the years. This rise may be attributed to weak institutional quality. Although governments in SSA countries have adopted several policies to improve institutional quality, unemployment still remains a critical problem in SSA. Several studies on the determinants of unemployment have failed to consider the impact of institutional quality on unemployment. The study employed an ex-post facto research design to examine the determinants of unemployment and the role of institutional quality in SSA. Based on data availability, panel data between 1996 and 2021 from 24 selected countries were used for the analysis. Data were analyzed using the Dynamic Panel Autoregressive Regressive Distributed Lag. The study adopted a 5% level of statistical significance. Findings indicated the existence of long-run relationships among the variables. The study concluded that institutional quality affected unemployment in SSA. The study recommended that all countries in the region should strengthen their institutional quality by ensuring political stability and regulatory quality to reduce the rate of unemployment.</span></h2> Babatunde Binuyo, Olalekan B. Aworinde, Joseph O. Ajibola Copyright (c) 2024 Babatunde Binuyo, Olalekan B. Aworinde, Joseph O. Ajibola https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/96 Tue, 09 Apr 2024 00:00:00 +0100 Economic Globalization, Entrepreneurship and Welfare in African Oil Exporting Countries https://nokspublishing.com/index.php/AJMSS/article/view/95 <p>The desire of policymakers in developing countries is to achieve rapid and sustainable economic growth. This is because achieving such growth will open diverse opportunities for people to be creative and productive. The need for these policies to accelerate the level of growth is not unconnected to the high unemployment rates, ravaged poverty, and rising inequality that led to low inclusive growth. To achieve the needed growth, there is a need for a resurgence in entrepreneurial activities and increased economic globalization. On this basis, the study examined the effect of economic globalization and entrepreneurship on GDP per capita in oil-exporting African countries. The research used ex-post facto research design. The study comprised 16 oil-exporting countries in Africa. The sample period is from 2006–2021. The study revealed that there is evidence that economic globalization and entrepreneurship significantly influence GDP per capita (Wald-test (6, 249) = 18.32, p &lt; 0.05). The study concluded that economic globalization and entrepreneurship have a significant influence on GDP per capita in the selected oil-exporting countries in Africa. The study recommends that oil exporting African countries policy makers should change their centrally planned economies and hand more responsibility over to private sector players, with the government performing regulatory roles.</p> Kenneth Kemneti Olise, Olalekan Aworinde, Olusegun Ajibola Copyright (c) 2024 Kenneth Kemneti Olise, Olalekan Aworinde, Olusegun Ajibola https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/95 Wed, 17 Apr 2024 00:00:00 +0100 Measuring Sub-Saharan Africa Economic Resilience to External Shocks: The role of Adaptive Policy Space https://nokspublishing.com/index.php/AJMSS/article/view/91 <p>This study proposes a framework for assessing and improving the economic resilience of Sub-Saharan African (SSA) countries in the face of common external shocks. The study employed graph methodology, specifically the augmented Min-Max normalization approach to estimate the Economic Resilient Index (ERI). The ERI, an average of five sub-indices representing five major macroeconomic fundamentals that either help to dampen the effect of external shocks or facilitate the recovery from external shock. The study reveals that on an average, SSA economic resilience ranges between 0.48 to 0.54. The index is between 0 to 1 index scale, with the latter representing highest resilience. Furthermore, the study revealed that Southern Africa is the most resilient sub-region, with an average ERI ranging from 0.58 to 0.65, while East Africa emerges as the least resilient, albeit with significant variations among its constituent countries. Botswana consistently maintains its position as the most resilient country throughout the sample period (1998-2021), except in 2016 where it ranks second. Similarly, Southern African countries such as Mauritius, Namibia, and South Africa demonstrate robust resilience performance.</p> <p>Comparing the computed average ERI with inflation and output growth rates, the study observes a consistent correlation, highlighting the relevance of the ERI in tracking macroeconomic performance. The findings underscore the importance for SSA countries to establish frameworks for monitoring economic resilience, facilitating targeted improvements and ensuring a comprehensive understanding of comparative strengths and areas in need of enhancement.</p> Tonuchi Joseph, Awolaja G. Oladapo, Ajibola J. Olusegun Copyright (c) 2024 Tonuchi Joseph, Awolaja, Oladapo Gbenga, Ajibola, J. Olusegun https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/91 Sat, 16 Mar 2024 00:00:00 +0000 Human Capital Development and Inclusive Growth in Sub-Saharan Africa: The case for Health https://nokspublishing.com/index.php/AJMSS/article/view/90 <p>This study examined the effect of human capital development on inclusive growth in SSA with a focus on the health dimension of human capital. Panel data from 20 SSA countries between 2000 and 2021 were used for the analysis. The study employed the General Method of Moment (GMM) and the Feasible Generalized Least Square estimation method to analyze the relationship between the variables of interest. The result showed that life expectancy at birth had a negative and significant effect on the inclusive growth index while public expenditure on health had a positive and significant effect on inclusive growth index. The study concluded that human capital development health dimension has a significant impact on inclusive growth in SSA. The study recommended that policy efforts toward achieving inclusive growth should focus on substantially increasing government spending on health. Policy efforts towards achieving inclusive growth should not focus only on improving the health of the population but also ensure that such citizens have equal opportunities for empowerment and welfare support.</p> Abiodun Owopetu, Ovikuomagbe Oyedele, Sheriffdeen Tella Copyright (c) 2024 Abiodun Owopetu, Ovikuomagbe Oyedele, Sheriffdeen Tella https://creativecommons.org/licenses/by-nc/4.0 https://nokspublishing.com/index.php/AJMSS/article/view/90 Tue, 02 Apr 2024 00:00:00 +0100