For over a decade now, various efforts have been put in place by various governments of the developing economies to promote economic growth, financial development and expand trade with mixed results. The ability of financial development and/or trade openness to influence economic growth in the developing economies has been a subject of hot debate and remains inconclusive. While a number of scholars are of the view that compelling cointegration exists among each of these constructs, another set of substantial authors have documented that economic growth, trade openness and financial development do evolve independent of each other. Drawing from four financial developments–growth nexus theories, this study used the ARDL bound estimation techniques to examine the existence of cointegration among economic growth, financial development and trade openness in Nigeria. We intend to know what policy instruments need to be manipulated so as to achieve economic growth and financial stability. Our results show that a two-way cointegration exists between economic growth and financial development, on the one hand, as well as between economic growth and trade openness, on the other hand. We therefore recommend that in order to achieve economic growth, policy-makers should pursue strong financial development and increase trade openness.

The adoption of renewable energy remains Sub-Saharan Africa’s best option to achieve sustainable growth and mitigate climate change. The essence of this study is to examine the factors that determine the adoption of renewable energy adoption in Africa by employing the System Generalized Methods-Of-Moment (GMM) to analyze data sourced from 1990 to 2019 on some selected African economies. The study examined the tripartite role of the economic, environmental, and socio-political factors on renewable energy adoption in Africa and noted that a positive relationship exists between economic and renewable energy adoption, supporting the validity of the feedback hypothesis. Hence, a policy that supports simultaneous growth of the economy and renewable energy could be adopted. The results further show that environmental factors such as carbon emission and ecological footprint negatively impact renewable energy (RE) adoption in Sub-Saharan African economies. The impact of socio-political factors is, at best mixed; for instance, the result of urbanization is positive and significant, suggesting that urbanization helps in the quick adoption of renewable energy in the studied economies, while the results of corruption show otherwise. To account for single-country dynamics, the study employed the full PMG and noted that the pollution haven hypothesis holds for a number of African economies. The results offer some policy implications.

There has been an increasing trend in the unemployment rate despite the growth rate witnessed. Monetary policy is presumed as one of the ways to improve the situation. Likewise, the relationship between monetary policy and employment has generated controversial debates in the literature. Though its connection has been extensively studied, however, the implications of monetary policy in respect to time frame perspectives on employment and output have not been widely addressed in the literature. This study provides evidence on shock effects, long and short-run impacts of monetary policy transmission through the credit channels on output and employment in Nigeria within the period of 1981 to 2016 using the Structural Vector Autoregression and Autoregressive distributed lags (ARDL). Evidence from the forecast error shock showed that variations in monetary policy indicators affect output more than employment in the first two periods; however, it affects employment more afterwards. The ARDL results show no evidence of co-integration when output is used as the dependent variable; conversely, cointegration exists when employment is used as the dependent variable. The monetary policy indicators: money supply, bank deposit liability and interest rate are statistically and economically significant with employment in the long run. In the short run, money supply and interest rate are economically and statistically significant. The findings revealed that the Nigerian government can maximize the long-run benefits of monetary policy through the credit channels on employment. Hence, there is a need for policymakers to look beyond short-run gain and promote long-run employment via monetary policy among others.

Education remains the weapon for upward stratification, social and economic development of any nation but the Nigerian government has not shown enough commitment to the educational sector. The manifestation could be seen in the shrinking government funding on education, decaying and lack of infrastructure in Nigeria’s universities which have led to demoralization of the academia. A major consequence of this is the frustration experienced by postgraduate students who are pursuing higher education and having to spend longer period than expected record time. This frustration in pursuing higher educational qualification often leads to stunted career progression. This has led to an alternative decision to migrate in search of higher education abroad. Consequently, in recent times, Nigerian postgraduate students have migrated more than ever before to South African Universities that are believed to have modern facilities for training and ensuring completion of programmes in record time. This study employed the use of structured questionnaire to investigate the determinants of this form of migration. Among other findings, this study found that the decision to migrate and pursue postgraduate student abroad is informed by the demoralization and frustration suffered in attaining postgraduate education in Nigeria. The study also found that many Nigerian postgraduate migrant students that desired to stay back in South Africa after the programme were discouraged from doing so because of the frequent hostilities between the bulging South African youths. Their hostility is associated with the shrinking capacity of the host government (South Africa) to create new jobs for them. In addition, the belief of the agitating South African youth that the migrant postgraduates are responsible for their unemployed status, by taking up their jobs especially in those areas where required skills among the South African are lacking further gingers hostilities. This study, therefore, suggests among others that the home country should increase budgetary allocation to improve the education sector as well as monitor such allocation to ensure that it is prudently utilized. It is also recommended that institutional processes and procedures to monitor and evaluate postgraduate studies in Nigerian universities be institutionalized.

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