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The study examines the long run relationship between public health expenditure and under-five mortality rate in 15 West African countries over the period of 1991-2015 with the use of panel fully modified least square (FMOLS). The empirical analysis is made up of both aggregate and disaggregated model. Based on the findings, long run relationship between per capita health expenditure and under-five mortality rate is confirmed. Further evidence indicates that public health expenditure has a significant impact on the rate of under-five mortality. Thus, it is revealed that an increase in health expenditure among West African countries would lead to a drastic reduction in infant mortality rate in the region. Furthermore, it is asserted that institutional quality, female literacy rate and immunization are central for reducing under-five mortality rate in the region. Hence, it is suggested that the quality of institutions, female literacy rate and immunizations which are often neglected in the literature should be accorded considerable priority in policy formulations. Also, governments of West African countries should increase the rate of health expenditure in their respective countries. Funding: This study received no specific financial support Competing Interests: The authors declare that they have no competing interests. Acknowledgement: Both authors are very grateful for the comments of anonymous referees, which have significantly enhanced the quality of the paper. We specially thank the editorial team of the journal for their exceptional support and guide. The usual disclaimer applies and views are solely expressed by the authors.

PurposeThis study explores the asymmetric linkage between public investment and private sector performance in Nigeria. This is due to the presence of nonlinear structures in the behavior of domestic investment series with evidences of structural time breaks, which fall within periods of global financial crises and oil shocks.Design/methodology/approachMain data on gross capital formation, gross fixed capital formation, domestic credit to private sector, domestic credit to private sector by banks are used for the study span through 1986 to 2017. Evidence of asymmetry spurs the study to adopt the nonlinear autoregressive distributed lag, asymmetric generalized impulse response and variance decomposition and asymmetric granger causality techniques.FindingsIt is shown that positive (negative) investment shocks exhibit a non-negligible and substantial stimulating (dampening) influence on the long-run performance of private sector in the economy. However, there is evidence that negative investment shocks portend a positive influence on the performance of private sector in the short run. This suggests that negative shocks to investment may not dampen the effectiveness of private sector in the short run, and this thus brings to bear the debate on the tenability of public investment as a potent counter cyclical tool in enhancing short-run private sector growth. The nonlinear granger causality also shows a unidirectional nonlinear causality from public investment to private sector performance. However, there is no evidence of bidirectional nonlinear causality.Originality/valueThis study provides quantitative evidence that Nigeria still depends exclusively on public investment, and as an oil-based rentier economy its economic diversification drive still remains bleak.

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In view of the indispensable role of financial sector in both emerging and developing economies, there has been a notable spotlight on the financial sector development over the years in most African countries. Nonetheless, there are only a few studies on this topical issue, particularly for Nigeria. Hence, this study examines the long – run and short – run dynamic relationship between institutional quality and financial development in Nigeria over the period of 1984 – 2015 using Auto-Regressive Distributed Lag (ARDL) bounds test approach to cointegration. Using two different indicators (Private credit and M2) of financial development, the results consistently show that institutional factors do not have significant effect on financial development in the long – run as well as in the short – run. Furthermore, the empirical evidence indicates that regulatory quality and governance system (institutions) do not necessarily contribute to financial development in a feeble institutional environment, specifically in Nigeria. Thus, our findings suggest that whilst weak institutions could increase the risk of limiting the functioning of financial system, good governance and strong institutions are the essential ingredient of financial development in Nigeria. As a consequence, policies aimed at strengthening the quality of institutions and governance should form the major policy thrust of government (policy makers). These could help improving financial sector development in Nigeria.