FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES http://fjfci.fuoye.edu.ng/index.php/fjfci <p><strong>WELCOME TO FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES [FJFCI]</strong></p> <p><img src="https://www.fjfci.fuoye.edu.ng/public/site/images/simsind/fjfci-bdb087a4391f2c3c41bccd67bf5930b9.png" alt="FJFCI COVER" width="263" height="361" /></p> <div class="book_editor"><strong>Editor: <strong style="color: blue;">Fapetu Oladapo (PhD), FNSFR</strong></strong></div> <div class="book_issn"><strong>Print ISSN</strong>: 2805-3664</div> <div class="book_issn"><strong>Online ISSN:</strong>2814-1733</div> <div class="book_frg"><strong>Frequency: </strong>Half-Yearly</div> <p>The FUOYE Journal of Finance and Contemporary Issues (FJFCIs) is a double-blind, peer-reviewed journal published bi-annually by the Department of Finance, Faculty of Management Sciences, Federal University Oye-Ekiti, Nigeria. The journal is usually published in December and June. FJFCIs aims to promote and publish high quality, original research papers that inherently and significantly contribute to the knowledge and scholarship in the fields of finance, banking, accounting, insurance, marketing, management, business, social sciences, law and education.<br /><br />FJFCIs serves as a platform for academics, researchers, professionals, practitioners and students in the social and management sciences as well as the humanities to impact and share knowledge in form of high quality practical, empirical and theoretical research papers as well as case studies from all over the world</p> <p> </p> Horizon Print and Publishing en-US FUOYE JOURNAL OF FINANCE AND CONTEMPORARY ISSUES 2805-3664 The Impact of Financial and Internet Access on Insurance Penetration in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/100 <p>African countries have relatively low insurance penetration rate when compared with the<br>Asian market, this may be linked to the low level of financial and internet access in the<br>region. Therefore, this study assesses the impact of financial and internet access on Nigeria’s<br>insurance penetration for the period of 1990 to 2021. Secondary data was obtained from the<br>World Bank databases and the Heritage Foundation. Adopting the ARDL framework, the<br>results showed that financial access and internet access affect insurance penetration<br>positively and significantly. Financial freedom and remittances are also positively related to<br>insurance penetration. The study concludes that insurance penetration is driven by financial<br>access, internet access, financial freedom, and remittances. Decision-makers should<br>understand the crucial significance that internet penetration plays, therefore, insurance<br>providers can benefit from policies and programmes geared exclusively toward them with the<br>intention of promoting ICT adoption by helping insurers create innovative and robust<br>strategies. The Nigerian government should take steps to encourage financial access because<br>doing so will also result in a rise in insurance penetration. The catalytic role of remittances<br>for insurance penetration also suggests the need to develop more migrant transfer related<br>policies which could provide insurance against domestic output shocks.<br><br></p> Funso Tajudeen Kolapo Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Modelling Entrepreneurial Orientation and Strategic Capabilities on Competitiveness and Sustainability of Manufacturing SMEs: The Application of PLS-SEM Analysis http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/102 <p>At the moment, the majority of the world's firms are currently impacted by sharp monetary<br>tightening, easing inflation, and geopolitical tensions from Russia's ongoing invasion of Ukraine,<br>which resulted in a global recession that affected global capital income and investment growth.<br>Despite global financial challenges, small and medium-sized enterprises (SMEs) face difficulties<br>in promoting inclusive and sustainable economic policies, creating jobs, and promoting<br>sustainable industrialization in the domestic market. Furthermore, business globalisation is<br>accelerating around the world, and succeeding in a highly competitive environment necessitates<br>aggressive deployment of firms' business strategies, core competencies, resource allocation and<br>utilisation, and active entrepreneurial behaviour that results in the firm gaining a comparative<br>advantage over its competitors. The study adopts purposive sampling, a non-probability<br>sampling technique to select the participants for the study. The confirmatory factor analysis<br>(CFA) and partial least squares structural equation model (PLS-SEM) were used to test the four<br>hypotheses. The findings indicate that SMEs can achieve long-term competitiveness and<br>sustainability by taking a more creative, innovative, risk-taking approach and identify the most<br>important strategic capabilities for business strategy and decision-making. The study<br>demonstrates the significance of developing entrepreneurial behaviours characteristics and<br>strategic capabilities for improving the competitiveness and sustainability of manufacturing<br>SMEs.<br><br></p> Elohor Katherine Idolor Sunday Abayomi Adebisi Simeon E. Ifere Ben E. A. Oghojafor Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Covid-19 Pandemic, Lockdown Policy and the Economic Performance of a Developing Country http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/103 <p>The research examined how Covid-19 and lock down policy influenced the economic<br>performance of Nigeria from 27th February 2020 to 31st March 2022. The study used index<br>cases such as total covid-19 cases, daily new cases, the total number of infected people, the<br>number of daily new fatalities from covid-19 cases, and lock down policy, proxy with<br>stringency index. The study used the descriptive statistics, correlation matrix and the<br>ordinary least squares (OL) multivariate regression method to analyze the data. Findings<br>from the analysis showed that active covid-19 cases, and daily new death from covid-19<br>cases had a positive but significant impact on the economic performance of Nigeria in the<br>reference period. Daily new covid-19 cases, active covid-19 cases and lock down policy<br>exerted a positive and significant effect on the economic performance of Nigeria also. The<br>study therefore recommended that the government of Nigeria should put up proactive policy<br>measures to combat future outbreak of new variant of the pandemic.<br><br></p> Sunday Oseiweh Ogbeide Ayobami Kayode Adediran Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Effect of Working Capital Management on Performance of Listed Basic Materials Companies in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/104 <p>This study looked at how working capital affected the profitability of Nigerian listed basic<br>materials companies. The target audience for this study, which used a descriptive research<br>approach, consisted of ten public basic materials companies. For a ten-year period, from<br>2010 to 2019, the firms' public financials were the source of secondary data for the study.<br>The links between working capital management components and the firms' profit after tax<br>were examined using correlation analysis of the data. According to the study, there is a<br>correlation between current liabilities to total liabilities, current assets to total assets, and<br>current ratios for basic materials companies that is favorable. The hypothesis test conducted<br>on the slope of ROA against each working capital management indicator revealed that there<br>is no significant correlation between working capital management (WCM) and returns on<br>assets (ROA). The report so advises managers to concentrate on conservative policies, which<br>call for strong cash balances and high stock reserves. This is because for the listed Nigerian<br>materials companies, there is a positive correlation between return on assets and current<br>ratio.<br><br></p> Omoniyi Jacob Eniola Taiwo Olubunmi Depo-Mogaji Foluke Omowumi Yomi-Bello Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Monetary Policy and Capital Inflows in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/105 <p>This research centered on Nigeria and employed time series data covering 1981-2022. It utilized<br>time series data on interest rate, inflation rate, broad money supply and exchange rate. The time<br>series data were obtained from 2021 edition of the Statistical Bulletin of the Central Bank of<br>Nigeria while time series data on capital inflows was sourced from the bulletin of the World<br>Bank. The time series data were analyzed using descriptive and the auto-regressive distributed<br>lag approach. The outcomes of the ARDL established that monetary policy is an important driver<br>of capital inflows in Nigeria. Thus, the study concluded that monetary policy variables in Nigeria<br>are important in influencing capital inflows. The recommendation of this research is that the<br>government needs to curtail the persistent increase in inflation rate, which has adversely affected<br>the movement international capital into Nigeria.<br><br></p> Philip Ifeakachukwu Nwosa Saheed Adeolu Babawale Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Effect of Digital Payment on Sustainable Growth in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/106 <p>This paper covers the enormous influence of digital payment on sustainable growth and<br>investigates the dynamic interaction between digital payments and the Consumption<br>Expenditure of Households (CSP). The article begins by delving into the groundbreaking<br>advancements in digital payments such as mobile pay, point-of-sale, automated teller<br>machines, and web pay, highlighting how these breakthroughs drive financial inclusion,<br>encourage entrepreneurship, and promote sustainable growth, measured by Consumption<br>Expenditure of Households (CSP). Quarter Data of digital payment were acquired from the<br>NBS data warehouse, while CSP was obtained from CBN Statistical Bulletin for 2015-2021<br>and analysed using OLS multiple regression after carrying out the Unit Root Test and ADF.<br>The research reveals that ATM and Mobile Pay transactions assert a positive, although nonsignificant,<br>effect on the sustainable growth of Nigeria. Furthermore, POS and Web pay<br>transactions are found to assert a negative but not significant effect on the CSP. This effect<br>may not be distant from the reality that financial illiteracy and inadequate internet access<br>have hampered the utilisation of these payment options. By overcoming geographical<br>barriers and conventional banking systems, digital payments have opened doors for<br>underprivileged communities, allowing them to engage in economic activities and supporting<br>sustainable growth at the grassroots level. The report consequently advocates a strong and<br>resilient fintech ecosystem capable of unleashing new possibilities and constructing a future<br>where digital payments are at the forefront of sustainable growth.<br><br></p> Adebola Olubunmi Adebisi Sejoro Mauton Zannu John Olusola Dada Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Macroeconomic Determinants of Stock Market Performance in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/107 <p>This study analyses how macroeconomic variables affect the Nigerian stock market's<br>performance. The All-Share Index is the dependent variable, while the independent variables are<br>the gross domestic product growth rate, interest rate, inflation rate, and exchange rate. The<br>researchers used secondary time series data from 1999 to 2021 from the Central Bank of Nigeria<br>(CBN) Statistical Bulletin. The data analysis relied on the autoregressive distributed lag (ARDL)<br>technique. The study found that interest and exchange rates did not significantly affect the<br>Nigerian stock market's short- and long-term performance. In contrast, the inflation rate and<br>gross domestic product growth rate significantly and negatively affected the Nigerian Stock<br>Exchange's stock market performance in the short and long term. Therefore, the study<br>recommends that governments should implement appropriate measures by reducing money in<br>circulations to combat inflation and maintain price stability to enhance the Nigerian Stock<br>Exchange's performance.<br><br></p> Noruwa Ikponmwosa Abu Uche Ibekwe Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Agricultural Insurance Demand–side and Supply–side Barriers affecting Food Sustainability among Agricultural Insurance Providers in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/108 <p>Boosting agricultural insurance, as a financial instrument, can assist the sustenance of agrofood<br>demand and supply in order to cushion farmers’ income, and ensure adequate farm<br>property safety in Nigeria. This study examined the demand-side and supply-side barriers<br>affecting food sustainability, with empirical evidence from agricultural insurance providers.<br>The study employed a survey approach cum multiphase sampling technique. A descriptive<br>statistic was adopted in the data analysis. This study contributes to knowledge with the<br>graphical models that explain the patronage level gained by agricultural insurers from<br>farmers, agricultural insurance contributory impact towards food sustainability, demandside<br>and supply-side barriers confronting agricultural insurance in Nigeria. While a major<br>barrier, from the findings, to demand for agricultural was recorded due to low awareness of<br>agricultural insurance products among farmers, low profitability potential was recorded for<br>agricultural insurers, due to low premium generation, as a supply-side effect. The study<br>recommended that agricultural insurers should enhance and expand their value-chain<br>processes in a bid to bolster farmers’ production capacities. However, the government should<br>expand the subsidy net for more farmers to have access. With the simplicity of insurance<br>contract design, agricultural underwriters will gain attraction from farmers, which will, in<br>turn, generate improved premium and their potential profitability.<br><br></p> Samson Ifejionu Nwankwo Sunday Stephen AJEMUNIGBOHUN Copyright (c) 2023 2023-11-21 2023-11-21 5 1 Nurturing Students’ Well-being: An Empirical Assessment of Marijuana Use among Lagos State University Students http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/110 <p>This study investigates marijuana use among undergraduate students at Lagos State<br>University, Nigeria, shedding light on their demographics, experiences, and perceptions. A<br>survey was conducted using the convenience sampling technique, with a robust response rate<br>of 86.4%, revealing key insights into the student population's attitudes and behaviours<br>regarding marijuana. With the aid of the descriptive statistical technique, the findings<br>indicate that students' experiences with marijuana use varied widely, with a substantial<br>portion expressing neutral or positive attitudes, alongside those reporting negative<br>experiences. These results highlight the complexity of marijuana attitudes and underscore the<br>need for tailored education and intervention programs. Furthermore, motivations for<br>marijuana use were investigated, with peer pressure and stress reduction emerging as<br>primary drivers. In terms of academic performance, a considerable portion of students<br>perceived marijuana use as having a negative impact, emphasizing the need for mental health<br>support services and academic stress management programs. Fear of legal consequences<br>was a prominent deterrent, as was family support. Health concerns and participation in<br>prevention programs also played a role. The research culminates in a set of<br>recommendations for Lagos State University, which encompass enhancing drug education,<br>strengthening mental health services, legal awareness campaigns, family involvement, peer<br>support, health education, and prevention programs.<br><br></p> Tinuke Fapohunda Rasheed Olawale AZEEZ Sehilat Bolarinwa Copyright (c) 2024 2023-07-21 2023-07-21 5 1 Effects of Training and Development on Employees’ Productivity in the Nigerian Parastaltals: A Study of Lagos State Water Corporation http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/111 <p>In this study, the productivity of employees in Nigerian parastatals was investigated with reference<br>to the Lagos State Water Corporation. This investigation used a questionnaire as its approach.<br>The questionnaire was sent using the convenience sampling approach. Tables and percentages<br>were used to assess the bio-data that were obtained using this instrument. Regression analysis and<br>the percentage were used, respectively, to assess the hypotheses and research issues. The<br>effectiveness, revenue, job satisfaction, and productivity of employees in the Corporation were<br>found to be significantly impacted by training and development. Therefore, it was advised that<br>training and development be provided to the right workers in order to increase productivity in all<br>contexts.<br><br></p> Julius Olatoye Adeleye Olusoji James George Copyright (c) 2024 2023-11-21 2023-11-21 5 1 The Impact of Mission Statements on Organisational Performance http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/112 <p>This study investigated the impact of mission statements on organizational performance using<br>selected small and medium scale enterprises (SMEs) to show how various mission statements<br>and models affect organizational performance in Nigeria. The descriptive survey method was<br>used in estimating the model and the primary data was generated with the aid of distributed<br>questionnaire to two hundred SMEs respondents in Lagos State, which were selected through<br>judgemental sampling technique. From the mean, standard deviation analysis and paired<br>sample test, the study showed that there is a great impact of mission statements on<br>organizational performance. From a conceptual perspective the variables that were analysed<br>include motivation, employee commitment and direction of the organization to the future. The<br>research was therefore able to find out that mission statements impacted these variables<br>positively which in turn greatly improved organizational performance. The study then<br>recommended that since mission statement is key to organisational performance;<br>management should ensure that factors that improve quality of mission statements like key<br>stakeholders, components, and objectives of the organization should be put in place. It was<br>also recommended that mission statements should be crafted in such a manner so as to<br>motivate the employee, elicit their commitment and show a direction for the future progress<br>of the organization.<br><br></p> Owolabi Lateef Kuye Kelechukwu Nodirim Ezebuiro Copyright (c) 2024 2023-11-21 2023-11-21 5 1 Economic Growth and Dimensions of Mortality in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/116 <p>The study examines economic growth and dimensions of mortality in Nigeria, with<br>focus on the period spanning from 1989-2022. The article begins by delving into the<br>relationship between economic growth and dimensions of mortality such as under-five<br>mortality, infant mortality, adult mortality, and highlighting the behaviour of their<br>association overtime. Annual data on economic growth proxied by real gross domestic<br>product (RGDP) was acquired from the NBS warehouse, while under-five mortality<br>(UFM), infant mortality (IFM), adult male mortality (AMM) and adult female mortality<br>(AFM) were obtained from the World Bank Development Indicators. The data were<br>analysed using the ARDL approach after carrying out stationarity test with the ADF unit<br>root test. The findings indicated that economic growth and the dimensions of mortality<br>in Nigeria are cointegrated in the long run. Moreover, the research findings also revealed<br>that under-five mortality, adult male mortality, infant mortality and adult female mortality<br>exert a negative but statistically insignificant influence on RGDP in the long run. In<br>addition, infant mortality has a negative and significant influence on RGDP in the short<br>run, while the other dimensions of mortality exerted a negative and statistically<br>insignificant effect on RGDP in the short run. The paper concludes that the findings are<br>suggestive of the rising impact of mortality on productive loss in the country. The paper<br>therefore advocates that the gains of economic growth should be translated by the<br>government to the enhancement of socio-economic development of the country and the<br>betterment of the conditions living of the people so as to reduce the rate of mortality<br>and its effect on economic growth.<br><br></p> Owudumopu Alex Koginam Anthony Abraham Copyright (c) 2024 2023-12-26 2023-12-26 5 1 Foreign Direct Investment, Domestic Capital Formation and Economic Growth in Nigeria http://fjfci.fuoye.edu.ng/index.php/fjfci/article/view/117 <p>In recent times, most developing countries have been struggling for better ways to improve their<br>economies, enhance their living standard, and attain the economic status advanced by developed<br>countries of the world. However, these aspirations have been denied due to low domestic<br>savings, which result in low capital formation. On this note, this study examined foreign direct<br>investment, domestic capital formation, and economic growth of Nigeria. Data from 1986 to<br>2021 were obtained from the CBN Statistical Bulletin analysed with Granger causality coupled<br>with ARDL tests. From the results, a direct but insignificant impact was found between domestic<br>capital formation and economic growth while the impact of FDI is inversely related to economic<br>growth. Interest rate, exchange rate, and inflation rate are insignificant and indirectly induce<br>economic growth. Arisen from this, it was advanced that government at all levels should<br>encourage investment culture among Nigerians as this will further facilitate savings and<br>domestic capital formation thereby promoting economic growth.<br><br></p> Oluwabunmi Dada Dada Joel Sylvester Ahmodu Kehinde Omolade Daramola Taiwo Temitayo Adetan Copyright (c) 2024 2023-12-26 2023-12-26 5 1