AL-HIKMAH JOURNAL OF ECONOMICS
type: channel
description: AJEC
publisher: Department of Economics, Al-Hikmah University, Ilorin, Nigeria
language: en
publication name: AL-HIKMAH JOURNAL OF ECONOMICS
issn: 2734-2670
items: THE IMPACT OF SUBSIDY REMOVAL ON THE EFFICACY AND ADOPTION OFCASUAL CARPOOLING SCHEMES IN NIGERIA
items: THE IMPACT OF MONETARY POLICY AND CLIMATE CHANGE ON INCOME INEQUALITY IN NIGERIA
items: IMPACT OF INCOME INEQUALITY ON ECONOMIC GROWTH IN NIGERIA: LORENZ CURVE AND ARDL APPROACH
items: ASSESSING THE ROLE OF SOCIOECONOMIC FACTORS ON WILLINGNESS-TO- PAY FOR MALARIA INSURANCE WITH OUTDOOR MOSQUITOES COMMUNITY FUMIGATION IN KWARA STATE, NIGERIA
items: CAREER DEVELOPMENT AND ITS IMPACT ON THE PERFORMANCE OF EMPLOYEES IN THE BANKING INDUSTRY IN ILORIN METROPOLIS, NIGERIA
items: DOES GDP MATTER WHEN ASSESSING EXCHANGE RATE PASS-THROUGH TO INFLATION AND AGGREGATE IMPORT? EVIDENCE FROM ECOWAS REGION
items: THE IMPACT OF REAL INTEREST RATE ON INCOME INEQUALITY: EVIDENCE FROM NIGERIA
items: THE IMPACT OF FIRM’S INNOVATIVENESS ON SUSTAINABILITY REPORTING OF LISTED NON-FINANCIAL COMPANIES IN NIGERIA
items: IMPACT OF PUBLIC SECTOR REFORMS ON FINANCIAL ACCOUNTABILITY OF FEDERAL UNIVERSITIES IN THE NORTHCENTRAL NIGERIA
items: DETERMINANTS OF HAPPINESS AMONG RICE FARMERS IN NIGER STATE, NIGERIA: A COMPREHENSIVE ANALYSIS
items: EFFECTS OF TAXATION ON INDUSTRIAL SECTOR OUTPUT IN NIGERIA
items: DETERMINANTS OF AGGREGATE IMPORT IN NIGERIA
items: EFFECT OF ETHNIC FRACTIONALISATION ON INFORMALITY IN SUB-SAHARAN AFRICA
items: IMPACT OF MONETARY POLICY ON ECONOMIC PERFORMANCE: A NON-LINEAR ARDL APPROACH
items: GOVERNMENT SIZE AND ECONOMIC GROWTH IN NIGERIA: CAN THERE BE TOO MUCH OF A GOOD THING?
items: FISCAL DECENTRALISATION AND ECONOMIC GROWTH IN SUB-SAHARAN AFRICA
items: EFFECTS OF INSTITUTIONS ON ECONOMIC GROWTH IN AFRICA
items: QUANTITATIVE PERSPECTIVE OF THE IMPERATIVE OF CUSTOMER SERVICE DELIVERY ON CUSTOMER RELATION AND ATTRACTION IN NIGERIAN STORE-BASED RETAIL BUSINESS
items: IMPACT OF HERDER-FARMER CONFLICTS ON FOOD SECURITY IN FCT, NIGERIA
items: AN EMPIRICAL ANALYSIS OF THE IMPACT OF THE COVID-19 PANDEMIC ON THE NIGERIAN OIL INDUSTRY: EVIDENCE FROM IMPULSE RESPONSE AND VARIANCE DECOMPOSITION ANALYSIS
items: HOUSEHOLD OUTOF POCKET SPENDING,HEALTH OUTCOMES AND POVERTY IN NIGERIA(1988 2021)
items: ASSESSMENT OF THE IMPACT OF NON-OIL EXPORT ON ECONOMICGROWTH IN NIGERIA: 1990 – 2018
items: THE DETERMINANTS OF INTEREST RATE SPREAD IN SELECTEDDEPOSIT MONEY BANKS IN NIGERIA
items: DETERMINANTS OF HEALTH CARE UTILIZATION IN KWARASTATE, NIGERIA
items: FOOD INSECURITY IN NIGERIA: IMPLICATIONS ON POVERTYREDUCTION
items: FOREIGN EXCHANGE RATE DYNAMICS AND STOCK RETURNVOLATILITY IN THE NIGERIAN STOCK EXCHANGE MARKET
items: IMPACT OF FINANCIAL INCLUSION ON POVERTY REDUCTION INNIGERIA: (1985-2019)
items: IMPACTS OF VSLAS ON THE SOCIAL WELLBEING OF SMALLBUSINESSES OPERATORS IN KWARA STATE, NIGERIA
items: PUBLIC DEBT AND ECONOMIC PERFORMANCE IN NIGERIA: STOCKADJUSTMENT MODEL (1990-2019)

THE IMPACT OF SUBSIDY REMOVAL ON THE EFFICACY AND ADOPTION OFCASUAL CARPOOLING SCHEMES IN NIGERIA
type: item
description: This study analyses the impact of fuel subsidy removal on the adoption and effectiveness of casual carpooling schemes in Nigeria. Historically, fuel subsidies have provided short-term price stability at the cost of long-term fiscal, governance, and environmental challenges. The removal in 2023 led to a sharp increase in fuel prices, prompting commuters to explore cost-sharing options, such as carpooling. A cross-sectional survey was conducted to assess hypothesised relationships among economic factors, effectiveness, perception, subsidy removal, and carpooling adoption using Partial Least Squares Structural Equation Modelling (PLS-SEM). Results indicate that financial pressures and the withdrawal of subsidies have a positive and significant influence on carpooling behaviour, while effectiveness and perception did not have direct significant impacts, though their indirect effects were notable. The moderation analysis also shows that gender and income significantly influence the relationship between subsidy removal and carpooling adoption, whereas age and educational qualification are not significant moderators. These findings underscore the role of subsidy reforms in changing travel behaviours and positioning carpooling as a sustainable transportation option. The research recommends awareness campaigns, supportive policies, and technological platforms to boost carpooling adoption.
subject: Articles
  topic: section
subject: Carpooling behaviour; Energy subsidy; Structural Equation Model; Sustainable transport
  topic: keywords
creator: Saidat Oluwatoyin Onikosi-Alliyu
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-10-19
publication date: 2025-10-19

THE IMPACT OF MONETARY POLICY AND CLIMATE CHANGE ON INCOME INEQUALITY IN NIGERIA
type: item
description: Income inequality in Nigeria persists despite decades of monetary interventions and growth policies, and is increasingly compounded by climate-related shocks. While these drivers are often examined separately, this study offers a novel perspective by jointly analyzing how monetary policy and climate change interact to shape inequality. Using annual data from 1986–2024 and the Autoregressive Distributed Lag (ARDL) model, the study assesses the short- and long-run dynamics among the Gini index, monetary policy rate (MPR), GDP growth, and climate indicators. Unit root tests show mixed integration orders, while ARDL bounds tests reveal no significant long-run relationship. Short-run estimates, however, indicate that a higher MPR significantly raises inequality, implying that monetary tightening disproportionately affects vulnerable groups. GDP growth also exhibits a marginally positive effect on inequality, reflecting “growth without inclusion,” while climate variables are insignificant in the short run. The findings suggest that monetary policies must integrate equity objectives. The Central Bank of Nigeria should expand targeted credit schemes and promote financial inclusion, while government authorities should invest in climate-resilient agriculture, irrigation, and disaster-risk reduction to cushion vulnerable populations. Coordinated policies are essential to ensure that macroeconomic stability does not exacerbate inequality.
subject: Articles
  topic: section
subject: ARDL Climate Change, Income Inequality, Kuznets Monetary Policy Rate
  topic: keywords
creator: Saheed Oluwaseun LAWAL
creator: Fatimah Yana MUSTAPHA
creator: Aliyu SAHABI
creator: Khadija ABUBAKAR
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-09-28
publication date: 2025-09-28

IMPACT OF INCOME INEQUALITY ON ECONOMIC GROWTH IN NIGERIA: LORENZ CURVE AND ARDL APPROACH
type: item
description: The United Nations' 2030 Leave No One Behind Sustainable Development Goal (SDG) is currently receiving significant attention. This has heightened awareness of the significance of reducing economic inequality in Nigeria. Mitigating inequality can foster economic advancement, harmonious collaboration, and more robust and enduring social connections. This study examines the relationship between Nigeria's economic growth and income disparity from 1986 to 2024. The research employed the Auto Regressive Distributed Lag (ARDL) Bound test approach to identify short-term fluctuations and a long-term relationship. The co-integration test indicates an absence of a long-term relationship between income disparity and economic growth. The Auto-Regressive Distributed Lag (ARDL) test indicates a robust and positive influence between income inequality and economic growth in the short term. Based on these results, the study recommends policies that channel short-term inequality-induced gains into long-term inclusive growth. Specifically, the government should strengthen progressive taxation to redistribute wealth fairly.
subject: Articles
  topic: section
subject: Income Inequality, Auto-Regressive Distributed Lag, ECM, Kuznets Curve
  topic: keywords
creator: Saheed Oluwaseun LAWAL
creator: Halima Sadiya YUSHAU
creator: Akeem Kemi MUKTAR
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-09-28
publication date: 2025-09-28

ASSESSING THE ROLE OF SOCIOECONOMIC FACTORS ON WILLINGNESS-TO- PAY FOR MALARIA INSURANCE WITH OUTDOOR MOSQUITOES COMMUNITY FUMIGATION IN KWARA STATE, NIGERIA
type: item
description: Malaria remains a significant public health challenge around the world, especially in sub-Saharan African countries. The high transmission rates of this disease contribute to a substantial economic burden in the form of out-of-pocket expenditure and health issues, which can lead to death, especially among children under five years old and pregnant women. Several methods have been employed to eradicate malaria and prevent mosquitoes; however, the eradication of mosquito breeding sources has not yet been explored. This study assesses the role of socioeconomic factors on willingness to pay (WTP) for malaria health insurance with outdoor mosquitoes’ community fumigation (MHI-OMCF) in Kwara state, Nigeria. Data was collected from one local government with the highest prevalence of malaria incidences in Kwara state. Random utility theory with expected utility theory was used to elicit 450 households' WTP for MHI-OMCF. Subsequently, probit regression was used to analyse the level of education, level of income, type of employment, age, premium amount, marital status, gender and residential area on WTP for MHI-OMCF. All the socioeconomic factors have a significant effect on WTP for MHI-OMCF except gender. The study recommended that the Nigerian government and private parastatals should improve and facilitate the establishment of MHI-OMCF with proper inclusion in the national malaria elimination program.
subject: Articles
  topic: section
subject: Contingent valuation, fumigation, health insurance, malaria, mosquitoes and willingness to pay
  topic: keywords
creator: Rahmat Bolanle TAOHEED
creator: Shehu Usman ADAM
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-14
publication date: 2025-08-14

CAREER DEVELOPMENT AND ITS IMPACT ON THE PERFORMANCE OF EMPLOYEES IN THE BANKING INDUSTRY IN ILORIN METROPOLIS, NIGERIA
type: item
description: Employees in the banking industry face significant challenges that have resulted in job dissatisfaction and low performance. These issues highlight the urgent need for highly skilled bank employees who are capable of meeting organisational objectives. The study examined the impact of career development on employee performance. The target population of the study is 197 employees of three selected branches of United Bank of Africa (UBA PLC) in Ilorin, Kwara State. Meanwhile, the study adopted a combination of stratified sampling and simple random sampling techniques. Taro Yamane's (1967) formula was used to obtain a sample size of 130. Data were collected with the aid of a questionnaire from the senior staff of the Bank. Both descriptive and inferential statistics were used as methods of data analysis, and regression was employed as an inferential statistic. Findings revealed that career advancement has a significant impact on employee performance. The study concludes that the relationship between career development and employee performance is positive in the banking industry in Kwara State, Nigeria. It is therefore recommended that management of banks should design and promote career development that can lead to optimum employee performance.
subject: Articles
  topic: section
subject: Career Counseling; Career development; Career Mentoring; Employee Performance
  topic: keywords
creator: Ibrahim Ayodeji WOLI-JIMOH
creator: Halima Sadiya IBRAHIM
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

DOES GDP MATTER WHEN ASSESSING EXCHANGE RATE PASS-THROUGH TO INFLATION AND AGGREGATE IMPORT? EVIDENCE FROM ECOWAS REGION
type: item
description: The study examines how aggregate import and inflation dynamics are affected by exchange rate pass-through in ECOWAS nations. The study's theoretical underpinnings are based on buying power parity, which holds that since imports are valued in US dollars, abrupt changes in import prices will impact the importing countries' currency exchange rates. The analysis made use of panel data from 2006 to 2023 from the four most populous West African nations: Nigeria, Ghana, Côte d'Ivoire, and Niger Republic. This study makes use of Non-Linear Autoregressive Distributed Lag (NARDL). The results of this study show that the exchange rate and total imports have an unequal pass-through. An uneven pass-through between inflation and exchange was also discovered by the study. An asymmetric pass-through between inflation and exchange was also discovered by the study. The study concluded that to properly examine exchange rate pass-through, GDP must be included as a distinct variable. To lower the level of total imports, the report advises policymakers in ECOWAS economies to develop import substitution policies. In order to lower the region's unfavourable inflation rate, the study also suggests that measures to lower inflation be implemented such as a reduction in government spending in administration and firm monetary policies.
subject: Articles
  topic: section
subject: Aggregate imports, ECOWAS, ERPT, Inflation, Purchasing power parity
  topic: keywords
creator: Adamu Muhammed OBOMEGHIE
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

THE IMPACT OF REAL INTEREST RATE ON INCOME INEQUALITY: EVIDENCE FROM NIGERIA
type: item
description: The study investigates the impact of real interest rates on income inequality in Nigeria from 1995 to 2022. This study adopts ARDL regression analysis to investigate the impact of real interest rates on income inequality in Nigeria. The study finds that the real interest rate has a strong significant negative impact on income inequality while per capita GDP and unemployment rate have no impact on income inequality in Nigeria. The study also reveals that there is no existing long-run relationship between real interest rates and income inequality in Nigeria. The study recommends that policymakers should design a policy that will lower the real interest rate which leads to higher income which benefits the poor and a reduction in income inequality.
subject: Articles
  topic: section
subject: Real interest rate, Income inequality, Unemployment rate, Per capita GDP, Interest rate
  topic: keywords
creator: Kehinde Johnson TOWOJU
creator: Olalekan Abibu HAMMED
creator: John Adedoyin TOWOJU
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

THE IMPACT OF FIRM’S INNOVATIVENESS ON SUSTAINABILITY REPORTING OF LISTED NON-FINANCIAL COMPANIES IN NIGERIA
type: item
description: As sustainability reporting pushes organisations to balance environmental and social responsibilities with profitability, many firms face substantial challenges in integrating these elements into their reporting practices. A key factor in addressing these challenges is firm innovativeness, which enables companies to adapt more seamlessly to corporate reporting systems that prioritise environmental, social, and economic accountability. Therefore, this study investigates the impact of a firm's innovativeness on sustainable reporting of non-financial listed companies in Nigeria. Using an ex-post facto research design, the study covers a period of 12 years from 2011 to 2022. The study examines key variables of firm complexity, technological infrastructure, research and development, managerial efficiency, and firm size. Findings indicate that firm complexity, research and development, and managerial efficiency positively impact sustainability reporting in Nigeria. On the other hand, technological infrastructure and firm size show no significant effect. The study concludes that firm complexity, research and development (R&D), and managerial efficiency are significant factors that influence sustainability reporting among non-financial companies in Nigeria. This study recommends, among others, that since R&D significantly influences sustainability reporting, management of non-financial companies in Nigeria should prioritise and increase investments in R&D activities.
subject: Articles
  topic: section
subject: Firm Innovativeness, Sustainability Reporting, Non-Financial Companies
  topic: keywords
creator: Baba Bida ISAH
creator: Olusegun Opeyemi ONI
creator: Hadiza GOJE
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

IMPACT OF PUBLIC SECTOR REFORMS ON FINANCIAL ACCOUNTABILITY OF FEDERAL UNIVERSITIES IN THE NORTHCENTRAL NIGERIA
type: item
description: Financial accountability is fundamental to promoting trust and transparency within public institutions. However, issues such as corruption and inefficiency continue to hinder these efforts. In response, various anti-graft initiatives and financial control reforms have been introduced, but the effectiveness of these reforms remains a key concern. This study evaluates the impact of public sector reforms on the financial accountability of federal universities in North-Central Nigeria. Using a survey research design, data were collected from bursary staff in eight federal universities within the region. The study employs Ordered Logistic Regression and Ordinary Least Squares (OLS) to assess the effectiveness of these reforms. The findings indicate significant positive effects of anti-graft legal frameworks and procurement laws on financial accountability respectively. However, the role of anti-graft agencies and financial reporting showed insignificant effects. The study concludes that anti-graft reforms, particularly legal frameworks and procurement laws, are crucial for ensuring financial accountability in Nigerian universities. Recommendations include strengthening collaboration between anti-graft agencies and university audit departments, mandating regular financial reviews, and instituting centralised procurement audits.
subject: Articles
  topic: section
subject: Anti-graft Reforms, Financial Accountability, Federal Universities, Regulatory Compliance
  topic: keywords
creator: Hadiza GOJE
creator: Olusegun Opeyemi ONI
creator: Baba Bida ISAH
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

DETERMINANTS OF HAPPINESS AMONG RICE FARMERS IN NIGER STATE, NIGERIA: A COMPREHENSIVE ANALYSIS
type: item
description: This paper examines the determinants of rice farmers' happiness in Niger State, Nigeria. Using a multi-stage sampling approach, the study selected a sample of 384 rice farmers from the Katcha, Shiroro, and Wushishi local government areas. The selection criteria for these areas were based on factors such as the intensity of rice farming activities and the diversity of farming practices. Data collection took place over a specified time frame (July 2024 to October 2024), utilising a structured questionnaire. The data were analysed using frequency distributions, mean scores, and probit regression models. Results indicate that rice farmers generally reported satisfaction with their well-being; however, key determinants like education level and farming experience were observed to be limited among the population. In contrast, attributes such as age, marital status, and household size demonstrated a significant and positive effect on well-being. To promote the happiness of rice farmers, it is recommended that government and agricultural stakeholders prioritise these impactful factors.
subject: Articles
  topic: section
subject: Farmers, Happiness, Rice, Specialization, Well-being
  topic: keywords
creator: Nasiru MOHAMMED
creator: Salihu Ewugi MUSA
creator: Baba Alfa ABDULMUMINI
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

EFFECTS OF TAXATION ON INDUSTRIAL SECTOR OUTPUT IN NIGERIA
type: item
description: This paper studies the connection between taxation and industrial output in Nigeria using time series data from the Central Bank of Nigeria (CBN) Statistical Bulletin (2022). The research employs the Augmented Dickey-Fuller (ADF) test to confirm stationarity, followed by the ARDL bounds test to assess cointegration among variables. A Non-Linear Autoregressive Distributed Lag (NARDL) model is then used to reflect the asymmetric effects of corporate income tax (CIT), value-added tax (VAT), and institutional quality (INSQ) on industrial output. The results reveal that in the long run, increased CIT negatively affects industrial output, while improved VAT and institutional quality positively impact output. In the short run, VAT and institutional quality are statistically significant in enhancing industrial performance. The error correction model (ECM) displays a 36% swiftness of change towards equilibrium. Based on these findings, the study recommends reforming corporate tax policies to reduce the burden on industries, which could include reducing the CIT rate for key sectors, offering tax incentives for industries with high growth potential, and simplifying tax administration to improve compliance. In addition, strengthening VAT collection and improving institutional quality are crucial steps to stimulate Nigeria’s industrial sector.
subject: Articles
  topic: section
subject: Taxation, Industrial Output, Corporate Income Tax, Value-Added Tax, Institutional Quality
  topic: keywords
creator: Yahaya Aliyu ALIYU
creator: Yelwa MUHAMMED
creator: Baba Alfa Abdulminmi
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

DETERMINANTS OF AGGREGATE IMPORT IN NIGERIA
type: item
description: While productive imports can boost the economy, excessive non-productive imports may negatively impact domestic industries and employment. The objective of this study is to identify the determinants of aggregate imports in Nigeria using an imperfect substitution model. This study analyses annual data for Nigeria that were obtained from 1981 to 2022 from the World Development Indicators and the CBN Statistical Bulletin. Key variables tested include foreign reserves, real effective exchange rate, real GDP per capita, import unit value, export per capita, foreign capital inflows to GDP and tariff rate. Using the autoregressive distributed lag (ARDL) Bounds test, findings reveal that import demand is positively impacted by real GDP per capita and foreign reserves, but not significantly by real effective exchange rates or tariff rates. Furthermore, exports per capita and foreign capital inflows when substituted for foreign reserves all have a positive impact on aggregate import per capita, while import unit value when substituted for real effective exchange rate and tariff rate does not affect real import per capita, all in the long. Based on these conclusions, the study recommends that authorities revise import policies to support local production, adjust foreign reserve holdings, and enhance export-led strategies to manage Nigeria’s import demand effectively.
subject: Articles
  topic: section
subject: Imports, Foreign reserves, Real effective exchange rate, Real GDP per capita, Tariff
  topic: keywords
creator: Tawakalt Abdulbaqi YUSUF
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-13
publication date: 2025-08-13

EFFECT OF ETHNIC FRACTIONALISATION ON INFORMALITY IN SUB-SAHARAN AFRICA
type: item
description: This study examined the effect of ethnic fractionalisation on informality in Sub-Saharan Africa, utilising two measures of informality (viz: Dynamic General Equilibrium (DGE) and Multiple Indicator Multiple Cause (MIMIC)) and employing a theoretical proposition on ethnic fractionalisation and economic dualism theory as the theoretical framework. Conducting a unit root test and then using the Kao panel test for the cointegration of data from 1993 to 2021, the paper aimed to establish a long-run relationship among the variables. Panel ARDL estimation technique was then utilised to analyse the data. Findings revealed a positive effect of ethnic fractionalisation on the informal sector, in line with the proposition advanced in the paper. Also, the control variables, comprising economic development, unemployment, educational attainment, and World governance combined indicators, were all found to have the expected effects on informality. The study concluded with recommendations for policymakers to formulate and implement policies aimed at reducing the rather undesirable effect of ethnic fractionalisation on the size of the informal economy and to also check the extent of informality effectively through other targeted interventions.
subject: Articles
  topic: section
subject: Ethnic Fractionalisation, Informality, and Sub-Sahara Africa
  topic: keywords
creator: Abdulhafis Olagunju ABDULKAREEM
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

IMPACT OF MONETARY POLICY ON ECONOMIC PERFORMANCE: A NON-LINEAR ARDL APPROACH
type: item
description: Monetary policy plays a significant role in driving the economy of any nation. This study aimed to examine the impact of monetary policy on economic performance in Nigeria from 2006Q1 to 2023Q4. The study utilized both Autoregressive Distributive Lag (ARDL) and Non-Linear ARDL (NARDL) models to investigate the asymmetric impact of monetary policy on economic performance in the short and long term. The study used real GDP as a proxy for economic performance and considered exchange rate and money supply as independent variables representing monetary policy. The findings showed an insignificant negative relationship between monetary policy variables (money supply and exchange rate) and economic performance in the short run using the ARDL technique. The NARDL results also demonstrated that money supply and exchange rate had a negative insignificant effect on economic performance in the long run. From these results, it was concluded that there is no relationship between economic performance and monetary policy in both short-run and long-run periods. Based on these findings, it is recommended to manage monetary policy to attract domestic and foreign investment by maintaining an appropriate quantity of money supply and the central bank should use other instruments aside from exchange rate to motivate the economic performance of the nation.
subject: Articles
  topic: section
subject: Economic Performance, Monetary Policy, Non-Linearity.
  topic: keywords
creator: Sulaiman ZUBAIRU
creator: Abdurrauf Babalola
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

GOVERNMENT SIZE AND ECONOMIC GROWTH IN NIGERIA: CAN THERE BE TOO MUCH OF A GOOD THING?
type: item
description: Regardless of the several studies, there is a dearth of studies assessing the effects of government size using Armey’s curve on economic growth in Nigeria. Hence, this study examines the effects of government size on economic growth in Nigeria from 1993 to 2022. The study employed time series techniques. Different combinations of 13 explanatory variables feature in the estimated equations. These 13 explanatory variables comprise 5 conditioning variables and 8 explanatory variables of primary interest because they serve as government expenditure measures. Drawing on data from CBN, IMF, and World Bank, the Autoregressive Distributed Lag (ARDL) estimation method was used in estimating all the models after ensuring the validity of the estimates through suitable diagnostic tests. The study found that government expenditure has a positive and significant effect on economic growth and any addition beyond the required threshold values of 14.089 per cent will retard growth. Accordingly, this study recommended that policymakers maintain a threshold level and encourage capital expenditure to foster economic growth in Nigeria.
subject: Articles
  topic: section
subject: Armey‟s curve, Economic growth, Government expenditure
  topic: keywords
creator: Mujidat Ahmed K. ALIAGAN
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

FISCAL DECENTRALISATION AND ECONOMIC GROWTH IN SUB-SAHARAN AFRICA
type: item
description: Fiscal decentralisation is often considered a vital policy tool, but its applicability and effectiveness across different economic frameworks remain an open question. Yet, empirical findings have failed to provide a consistent guide due to a lack of consensus. Hence, the study examined the effects of fiscal decentralisation on economic growth in sub-Saharan countries for the period 2000-2023. In this context, 45 sub-Saharan African countries were analysed, employing the panel OLS estimation method on data from the IMF, CBN, World Bank, ILO and UNI-WIDER data sources. The study found that sub national expenditure and revenue have positive economic growth effects while the federal government components have nil economic growth effects. The fiscal deficits have no economic growth effects. This implies that sub-national government expenditure and revenue are more pro-growth than the federal government counterpart. In this context, the study concludes that fiscal decentralisation on income and expenditure could be one of the key policy choice for sub-Saharan economies that are considering experimenting with or deepening their decentralisation processes for economic growth. Accordingly, this study recommends that policymakers encourage increased fiscal autonomy for the sub-national government to exercise their responsibilities to promote economic growth.
subject: Articles
  topic: section
creator: Mujidat Ahmed K. ALIAGAN
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

EFFECTS OF INSTITUTIONS ON ECONOMIC GROWTH IN AFRICA
type: item
description: The study examined the effects of institutions on economic growth in Africa by adopting the growth accounting equation as the core framework for the per capita GDP growth models that were estimated. These models comprised 7 equations, with the 7 forms of the World Governance Indicators (WGI) being made to feature one at a time in the 7 equations. The models were first estimated with the Random Effects estimation techniques and appropriate diagnostic tests were carried out and remedial econometric steps were taken by estimating the models with PCSE when the tests signalled the existence of problems, to ensure the validity of the estimates. Following the above methodology, the highlights of findings confirmed the relevance of those newly introduced factors and the continued relevance of a number of the existing factors as determinants of economic growth. Based on the findings, the study recommended that policymakers who have a quest to promote economic growth should focus on factors (i.e., voice and accountability, regulatory quality, rule of law, combined governance indicator, external conflict, religious tension, capital stock growth, financial depth, foreign direct investment, literacy rate, socioeconomic condition, and investment profile) that were found to have effects on economic growth.
subject: Articles
  topic: section
creator: Idowu Shola AJAYI
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

QUANTITATIVE PERSPECTIVE OF THE IMPERATIVE OF CUSTOMER SERVICE DELIVERY ON CUSTOMER RELATION AND ATTRACTION IN NIGERIAN STORE-BASED RETAIL BUSINESS
type: item
description: This study investigated the effect of customer service delivery on customer relationships in selected retail businesses in Lagos state, Nigeria. Quantitative technique was used as a research design; the population size was infinite. Survey means through a questionnaire was used to gather the primary data; Godden's (2004) model sample size was adopted and 246 were arrived as sample size, multistage sampling technique was employed in the study. Out of the 246 copies of the questionnaire that were administered, 150 were finally retrieved and coded for data analysis. Standard multiple regression (SPSS version 26) was adopted to analyze the data. The conclusion of the study shows that there is likelihood for retail firms to build enthusiastic customer relations that will undoubtedly lead to customer desirability and loyalty when the retail firms are able to devise a good and satisfactory customer service delivery pattern that is customer-oriented. The study suggested that service providers have to work on customer service delivery plan that will have the objective of generating lasting customer relations with the objectives of attracting new customers, maintaining the existing ones, build brand awareness and improve customer and employee retention.
subject: Articles
  topic: section
creator: Adeyemi Abdulwasiu ADEBAYO
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-08-12
publication date: 2025-08-12

IMPACT OF HERDER-FARMER CONFLICTS ON FOOD SECURITY IN FCT, NIGERIA
type: item
description: This empirical study focuses on the impact of Herder-Farmer conflicts in FCT. Data on herder-farmer conflicts indicators were obtained through a structured questionnaire from 394 residents in three Area Councils out of the six Area Councils in FCT, namely: Gwagalada, Kuje and Kwali. The study adopts a descriptive and inferential statistical analysis using Probit Regression Model. The impact of Herder-Farmer conflicts in FCT is evident as significant explanatory variable coefficients were statistically significant except for the residents' awareness, which was found to be insignificant. From the study's findings, the herder-farmer conflicts greatly affect food security in FCT. The study recommended that Security personnel should protect the lives and property of those impacted by herder- farmer conflicts, and provide adequate security for farmers and those working in the agribusiness to allow for the easy transportation of farm products to market. The anti- open grazing rule, which forbids herders from moving their livestock in public areas, should be put into practice to resolve the herder-farmer disputes. Given their proximity to the herder-farmer conflict's victims, state governments ought to be trusted with finding a solution.
subject: Articles
  topic: section
subject: Conflict
  topic: keywords
subject: Farmer-herder
  topic: keywords
subject: Food Security
  topic: keywords
creator: ABUBAKAR Orlando Ijoko
creator: AUWAL Abubakar Muhammad
creator: MAHMOUD Babawuro Ali
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

AN EMPIRICAL ANALYSIS OF THE IMPACT OF THE COVID-19 PANDEMIC ON THE NIGERIAN OIL INDUSTRY: EVIDENCE FROM IMPULSE RESPONSE AND VARIANCE DECOMPOSITION ANALYSIS
type: item
description: February 2020 to March 2021. Results indicated a significant decline in oil prices during the study period, with a slight recovery towards the end. The study found that oil prices responded positively to COVID-19 shocks, and remained low for the entire forecast horizon. COVID-19 cases had a 100% response rate to their shock, while deaths had a 69% response rate by the end of the forecast period. The study recommends that the Nigerian government should reduce its reliance on oil as the main source of foreign exchange due to its vulnerability to external negative impacts. Additionally, the study suggests that vaccination efforts be intensified to control the spread of the virus, and more research should be conducted to create an effective vaccine that would address the current controversies about vaccine effectiveness. The research highlights the importance of economic diversification as a means to prevent dependence on a single source of income.
subject: Articles
  topic: section
subject: COVID-19 pandemic
  topic: keywords
subject: Impulse Responce Function
  topic: keywords
subject: Oil Price
  topic: keywords
subject: Shocks
  topic: keywords
subject: Variance Decomposition.
  topic: keywords
creator: ABDALLAH Ahmad Abdulsalam
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

HOUSEHOLD OUTOF POCKET SPENDING,HEALTH OUTCOMES AND POVERTY IN NIGERIA(1988 2021)
type: item
description: This study examined the impact of household out of pocket spending and health shocks on poverty in Nigeria. Time series data were obtained from World Development Indicators (WDI) from 1988 to 2021. Poverty was proxied by Real Income Per Capita (RIPC) in one model and Secondary School Enrollment (SSE) in another model. The ind ependent variables were Maternal Mortality Rate (MMR), Malaria Incidence Rate (MIR), Life Expectancy (LEXP) and Out of Pocket Expenditure on Health (OOPEX). The study used the Least Squares Regression method to estimate both the short run error correction model and the long run estimates. The findings revealed a significant negative impact of OOPEX and MIR on both RIPC and SSE. LEXP also has a significant positive impact on RIPC and SSE. However, MMR has an insignificant impact on RIPC and SSE. Based on the findings, the study recommends that to reduce poverty, the government need to enhance financial protection, improve maternal health services, combat malaria and improve healthcare infrastructure.
subject: Articles
  topic: section
subject: Life expectancy
  topic: keywords
subject: Malaria incidence
  topic: keywords
subject: Maternal mortality
  topic: keywords
subject: Out of pocket health spending
  topic: keywords
subject: Secondary school enrollment.
  topic: keywords
creator: GODWIN, Friday Ojonugwa
creator: MOHAMMAD, Ndace
creator: ADAMS Omojo, Priscilia
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

ASSESSMENT OF THE IMPACT OF NON-OIL EXPORT ON ECONOMICGROWTH IN NIGERIA: 1990 – 2018
type: item
description: This study examined the impact of non-oil export on economic growth in Nigeria for the period of 1990 to 2018. The over reliance on oil sector as compared to the non-oil sector, which has resulted in growth instability, is the motivation for this study. The broad objective of the study is to examine the impact on non-oil sector on the Nigerian economic growth. The variables used were Agric export, solid mineral export, manufacturing export and economic growth. Time series data were collected on the variables in the model. The findings from the empirical analysis revealed that agricultural export has a positive and significant impact on economic growth in Nigeria. Manufacturing export has a positive and significant impact on economic growth in Nigeria. Solid Mineral export has a negative and significant impact on economic growth in Nigeria, which is attributed to exportation of large junk of extracted and unrefined minerals that are imported back to the country as finished goods at a high price far beyond what the country gets from her exportation. In line with the findings, the recommendations made, among other things, include encouraging government to, through its spending, invest more on agriculture, industry, exploration of solid minerals and manufacturing sector with to a view to enhancing production in these sectors which will in turn lead to increase in exportable goods and service.
subject: Articles
  topic: section
subject: Agriculture export,
  topic: keywords
subject: Economic growth
  topic: keywords
subject: Non-oil export
  topic: keywords
subject: Solid mineral export
  topic: keywords
subject: : C22, F43, O11
  topic: keywords
creator: Mohammed Yelwa
creator: Bukola Comfort Akinwolere
creator: Abdurrauf Babalola
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

THE DETERMINANTS OF INTEREST RATE SPREAD IN SELECTEDDEPOSIT MONEY BANKS IN NIGERIA
type: item
description: In Sub-Saharan Africa (SSA), financial intercessor is low and unmatched with other developed and emerging economies with high level of financial intermediaries. It is shown that there is high interest spread in Nigeria in spite of financial liberalization. The study investigated the determinants of interest rate spread. A panel regression analysis was employed to determine the effects of bank-specific, industry-specific, macro-economic and governance risk factors on interest rate spread involving 13 selected deposit money banks in Nigeria from 2009 to 2018. The Generalized Method of Moment (GMM) approach was employed. The study established that interest rate spread is determined by bank specific and macroeconomic factors mainly for risk aversion, interest risk and operating cost, monetary policy rate and inflation. The study recommends adoption of internal resolution discipline approach by the CBN and Federal Government in curtailing excessive risk taking of systematically important banks (highly capitalized banks) that translate into high interest spread
subject: Articles
  topic: section
subject: Bank-specific factor
  topic: keywords
subject: Governance risk factor
  topic: keywords
subject: Industry-specific factor,
  topic: keywords
subject: Interest rate spread and Macro-economic factor
  topic: keywords
creator: Sanni, M
creator: Kasali, R. K
creator: Fakunmoju, S. K.
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

DETERMINANTS OF HEALTH CARE UTILIZATION IN KWARASTATE, NIGERIA
type: item
description: Health care, like shelter, clothing and food, constitutes an important basic need for the survival of mankind. This explains why every citizen must enjoy quality and affordable health care. The main objective in this study is to examine the major factors that determine the utilization of health care facilities in Kwara State, Nigeria. We employed primary data that were generated through the administration of questionnaire and Focus Group Discussion (FGD). A sample size of 1,280 respondents was drawn through multi-stage sampling technique. The study employs descriptive and inferential analysis (logit regression analysis) for the analysis of the data. The findings from the study show that the respondents differed in the factors that determined their choice of health care facilities; and age, education, marital status, income level, means of transportation and attitude of the health personnel are significant factors that determine the use of health care facilities in Kwara State. Consequently, the study recommended that mass education should be intensified on the essence of utilization of appropriate health care facilities for both prevention and cure and national policies be strengthened by expanding the NHIS program to include all sectors of the society.
subject: Articles
  topic: section
subject: Health Care
  topic: keywords
subject: Kwara State,
  topic: keywords
subject: Nigeria,
  topic: keywords
subject: , Logit Regression.
  topic: keywords
subject: C25, I11, N37
  topic: keywords
creator: Noah, Oluwashina Afees
creator: Awolola, Felicia Olabisi
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

FOOD INSECURITY IN NIGERIA: IMPLICATIONS ON POVERTYREDUCTION
type: item
description: Despite an increase in food production in Nigeria, majority of the people, especially the rural Nigerians, are still not food secured. Therefore, this paper examines the factors responsible for food insecurity in Nigeria and its implications on poverty reduction. Vector Auto regression model along with its devices: Impulse Response Functions and the Variance Decomposition Device were used. The study found that food insecurity is determined by domestic food production and per capita income. It is, therefore, suggested that, to alleviate poverty in Nigeria, there should be self-reliance in food and strict control on food imports.
subject: Articles
  topic: section
subject: Food insecurity
  topic: keywords
subject: Hunger
  topic: keywords
subject: Malnutrition,
  topic: keywords
subject: Poverty
  topic: keywords
subject: : I31, I32
  topic: keywords
creator: Abdulmalik Iyabo B.
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

FOREIGN EXCHANGE RATE DYNAMICS AND STOCK RETURNVOLATILITY IN THE NIGERIAN STOCK EXCHANGE MARKET
type: item
description: Stock return volatility plays a vital role in mobilising long term finance for the private and public sectors of any economy. Despite the exchange rate stability policy by the Central Bank of Nigeria (CBN), the Nigerian Stock Market still experience high volatile stock return and loss of investors’ confidence. The study examined the effect of foreign exchange rate dynamics on stock return volatility in the Nigerian Stock Market. E-GARCH was employed using monthly data sourced from the CBN within the period of January 2008 to March, 2020 for All Share Index, Inflation and Exchange Rates. The study revealed that foreign exchange rate dynamics and inflation rateinversely affect stock return volatility in the Nigerian Stock Market and recommended that the CBN and other monetary authorities should employ stringent measures to control overvaluation of foreign currencies against Nigerian local currency so as totruncate level of volatility in stock return in the Nigerian stock market.
subject: Articles
  topic: section
subject: : EGARCH
  topic: keywords
subject: Foreign Exchange Rate Dynamics
  topic: keywords
subject: Inflation Rate
  topic: keywords
subject: Nigerian Stock Market and Stock Return Volatility
  topic: keywords
creator: Fakunmoju, S. K
creator: Kasali, R. K , Malik-Abdulmajeed, K. M
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

IMPACT OF FINANCIAL INCLUSION ON POVERTY REDUCTION INNIGERIA: (1985-2019)
type: item
description: Different Governments all over the world are making concerted efforts towards poverty reduction amongst its populace and financial inclusion has been identified as one of the instruments to fight poverty. This study explored the short and long-run impacts of financial inclusion on poverty reduction in Nigeria, using Autoregressive Distributive Lag Model on a time series data spanning from 1985 to 2019, which were sourced from the Central Bank of Nigeria Statistical Bulletin. The findings obtained from ARDL revealed the long-run nexus between financial inclusion and poverty reduction. The short-run results demonstrated that the lending deposit ratio has a negativeand statistically significant effect on poverty reduction in Nigeria whereas, loan to rural areas, bank branches, and lending to deposit ratios show a positive effect on poverty reduction, but not statistically significant except loan to rural area. Thus, the study recommended that monetary authority should ensure that there are adequate bank branches and continuous granting of loan facilities to the people in order to facilitate their businesses. Finally, the facility should be affordable to the low-income earners, and easy distribution channel should be guaranteed.
subject: Articles
  topic: section
subject: ARDL
  topic: keywords
subject: Financial Inclusion,
  topic: keywords
subject: Poverty
  topic: keywords
subject: C32, G2, P36
  topic: keywords
creator: Abubakar Orlando Ijoko
creator: Muhammad Aminu Umar
creator: Onimisi Musari Aliyu
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

IMPACTS OF VSLAS ON THE SOCIAL WELLBEING OF SMALLBUSINESSES OPERATORS IN KWARA STATE, NIGERIA
type: item
description: It has become a notable issue that availability of credit facilities to small businesses increases their level of productive activities and, thus, increases their wellbeing. This paper was, therefore, conducted to verify the true influence of VSLAs on education enrolment ratio of small businesses owners’ children and health status of operators. This study employed a survey data, which were analysed with both the descriptive and inferential approaches. A sample of 493 small businesses were used. Ordinary least squares and logit methods were employed as the estimation technique. The findings of this study revealed that financial services of VSLA, as well as the nonfinancial service, have counter-effects on the social wellbeing of small businesses operators in Kwara State. The study concluded that VSLAs’ financial and non-financial services greatly influence the performance of small businesses despite the fact that these services have contributed little or nothing to the social wellbeing of small business operators and their household members.The paper therefore, recommends that policy makers should take painstaking effort to enlighten small business operators to exercise caution in meeting the over ambitious saving target of VSLAs activities.
subject: Articles
  topic: section
subject: VSLA
  topic: keywords
subject: , financial, non-financia
  topic: keywords
subject: , small businesses and wellbeing.
  topic: keywords
subject: G21, I31.
  topic: keywords
creator: JimohOdunayo B.
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

PUBLIC DEBT AND ECONOMIC PERFORMANCE IN NIGERIA: STOCKADJUSTMENT MODEL (1990-2019)
type: item
description: Economic performance has become a challenge for most countries around the world with public debt becoming inevitable. Therefore, the main reason of this study is to examine the impact of public debt on future economic performance in Nigeria using the period from 1990 to 2019. Stock adjustment technique was employed in the analysis. Gross domestic product, which proxied economic performance, was made the dependent variable while public debt, broken into domestic debt and external debt, stood as the independent variable. The result showed that, in both short and long run periods, domestic debt had a positive and significant impact on economic performance while external debt also had a positive but insignificant effect on economic performance. The study therefore recommends that the government should not relent from its borrowings when the need arises, and priority should be given to domestic debt since it has significant impact on the performance of the economy at present and future periods. Prudent measures should be put in place to ensure that all externally borrowed funds are tailored to the right direction and purpose of obtaining them. Also, government should improve product development by encouraging the development of varieties of money and capital market instruments.
subject: Articles
  topic: section
subject: Domestic debt
  topic: keywords
subject: , External debt
  topic: keywords
subject: Public debt
  topic: keywords
subject: , Stock Adjustment Model
  topic: keywords
subject: C22, E62, H11
  topic: keywords
creator: Abdurrauf Babalola, Bilal Abdulrahim , Raji Solademi Tiamiyu , Mustapha Adam Oladipo
creator: BusariTajudeen Olayiwola
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23

FOREIGN EXCHANGE RATE DYNAMICS AND STOCK RETURNVOLATILITY IN THE NIGERIAN STOCK EXCHANGE MARKET
type: item
description: Stock return volatility plays a vital role in mobilising long term finance for the private and public sectors of any economy. Despite the exchange rate stability policy by the Central Bank of Nigeria (CBN), the Nigerian Stock Market still experience high volatile stock return and loss of investors’ confidence. The study examined the effect of foreign exchange rate dynamics on stock return volatility in the Nigerian Stock Market. E-GARCH was employed using monthly data sourced from the CBN within the period of January 2008 to March, 2020 for All Share Index, Inflation and Exchange Rates. The study revealed that foreign exchange rate dynamics and inflation rateinversely affect stock return volatility in the Nigerian Stock Market and recommended that the CBN and other monetary authorities should employ stringent measures to control overvaluation of foreign currencies against Nigerian local currency so as totruncate level of volatility in stock return in the Nigerian stock market.
subject: Articles
  topic: section
subject: EGARCH
  topic: keywords
subject: , Foreign Exchange Rate Dynamics
  topic: keywords
subject: , Inflation Rate
  topic: keywords
subject: Nigerian Stock Market and Stock Return Volatility
  topic: keywords
subject: E63
  topic: keywords
subject: G12
  topic: keywords
creator: Fakunmoju, S. K
creator: Kasali, R. K , Malik-Abdulmajeed, K. M
rights: Copyright (c) 2025 AL-HIKMAH JOURNAL OF ECONOMICS
date: 2025-05-23
publication date: 2025-05-23