Journal of Contemporary Research in Business, Economics and Finance

Sustainable development goals: Attaining sustainable living through financial inclusion in Sub-Saharan Africa

Dumani Markjackson — 2024-03-19

This study examines the effect of financial inclusion on sustainable living in 20 sub-Saharan African countries using the panel Autoregressive Distributive Lag (ARDL) model. The findings indicate that FII, the numbers of borrowers, depositors, bank branches and automated teller machines exert a significant effect on GDP per capita in sub-Saharan Africa. The Pooled Mean Group (PMG) estimates further indicate that FII (which captured the combined effect of financial access and usage) exerts a negative effect on gross domestic product (GDP) per capita in sub-Saharan Africa (SSA). However, the results of the individual measures of financial inclusion, that is, the numbers of borrowers, depositors and banking penetration exert a positive effect on gross domestic product (GDP) per capita in the long run in sub-Saharan Africa. This portends that financial inclusion is a significant contributor that can improve sustainable living conditions in sub-Saharan Africa. Based on these, the study recommends the need to improve access to and usage of financial products and services through user-friendly and service-fluent financial technologies in sub-Saharan Africa. This will help increase the number of households, smallholder farmers and businesses to access the formal financial system to meet their reoccurring and precautionary funding needs in sub-Saharan African countries.

Technical skills required by standard automobile mechanical workshop in Akure, Nigeria

Adetayo Olaniyi Adeniran — 2024-03-19

In recent time, unemployment has been identified as a major issue among the Nigerian youth. It fuels violent crimes, socially deviant behaviour, militancy, restiveness, and kidnappings. Youth unemployment is psychologically and economically destructive to both individuals and society as a whole. Hence, the role of automobile mechanical training cannot be overemphasized. This study delved into the technical abilities needed by an apprentice to graduate as an automobile mechanical artisan and build a quality mechanic firm. The study was conducted in Akure, Ondo state, Nigeria. The descriptive survey research design was used in this study. The sample included eight automobile mechanical artisans working in automobile workshops under the jurisdiction of Akure South Local Government Area, Ondo State, were chosen at random. The study found that current technical abilities in the repair of ignition systems, carburettors, including wheel balancing and alignment, are necessary for automobile mechanical apprentices to graduate as artisans and build a quality automobile mechanical firm in Akure. It was noted in the study that the establishment of modern automobile mechanical firms requires competent artisans that would apply electronic devices to diagnose the defective sections of automobile. This is a firm where youths can successfully acquire skills in automobile mechanics towards ensuring efficiency, safety and cost-effectiveness of automobile. Based on the findings, recommendations were suggested.

Impact of a free trade agreement on unemployment and productivity growth in Nigeria

Oluwaseun Adeniran Sunday — 2024-04-19

This research investigates the impact of a free trade agreement on unemployment and productivity growth in Nigeria over the period 1981–2019. Data was collected from the World Bank Development Indicators (WDI) online database as of 2020. The study employed various analytical methods, including unit root tests, autoregressive distributed lag (ARDL) bound tests, error correction models (ECM), and cumulative sum (CUSUM) and cumulative sum of squares (CUSUMSQ) tests to assess data stability. The ARDL bound test statistics (F-statistics) of 4.26914 and 7.680624 exceeded the critical values for both I(0) and I(1) bounds, indicating a meaningful relationship between the variables. In the long run, physical capital, human capital development, and economic growth were found to have a negative impact on unemployment, with statistical significance. Additionally, sectoral productivity growth negatively influenced aggregate productivity growth. The error correction model (ECM) indicated a weak speed of adjustment, suggesting that the disequilibrium takes around 13% of the time to return to equilibrium annually. Based on these findings, the study recommends the implementation of safeguards to protect vulnerable industries, particularly in manufacturing and agriculture. Additionally, the government should focus on fostering human capital development by ensuring the availability of suitable support measures.