In the last 37 years Nigeria has undergone several stages of financial reforms with different impacts on the economy. Hence, this paper empirically analyses the impact of financial reforms on credit growth in Nigeria using annual data from 1980 to 2016. The research work hinges on the theoretical underpinning of the McKinnon-Shaw hypothesis on the relevance of financial reforms in a lagging economy. Analysing the data with autoregressive distributed lag (ARDL) error correction representation and bounds testing techniques, we notably find evidence to this hypothesis and state that at higher real interest rate there is increased financial intermediation evidenced by credit growth. Other findings are that in the long-run, financial system deposits, inflation rate and per capita GDP are strong asymmetrical predictors of credit growth and real interest rate (the financial reform indicator) while the short-run relationships are indicator-specific. We further show that a long-run cointegration relationship exists between domestic credit and other covariates and likewise between the real interest rate and its regressors.

Background: Agricultural production is low in Nigeria as a result of low utilisation of farm inputs facilitated by farmers’ inability to save and invest. Therefore, credit is needed by farmers to enhance their productive capacity and efficiency in agriculture.Aim: Given the importance of credit to farmers, this study examined the nexus between households’ access to credit and agricultural production in Nigeria.Setting: The study made use of data from the Living Standard Measurement Study-Integrated Survey on Agriculture (LSMS-ISA) consisting of 4210 households across the 36 states in Nigeria, as well as the Federal Capital Territory, Abuja.Methods: The study employs the propensity score matching (PSM) technique.Results: The main result from the study suggests that households who had access to agricultural credit facilities had yields that are thrice those of their counterparts who did not benefit from such facilities. In the event of a shock, the farmers who did not have a source of credit are often forced to adopt measures such as lowering consumption and selling assets, which in the long run worsen their poverty levels.Conclusion: The study recommends that policymakers should address underlying factors that prevent access to credit for agricultural production, which is capable of raising the productive capacities of farmers.

Background: The problem of poverty eradication has been limited to the Economic Community of West African States (ECOWAS) region, which accounts for more than 40% of the world's poor population. The majority of these people are rural farmers who depend solely on agriculture for livelihood. Agriculture in West Africa remains the largest means of employment in which more than 60% of the sub-region’s active labour force is involved. Objective: This study examined the potentials of agriculture to generate employment for the people, thereby reducing the level of poverty in West Africa. Methods: The Generalized Method of Moments (GMM) econometric technique was employed in this study for the panel data covering the period of 17 years (2000 to 2016). Results: Results from the study showed that agriculture provides the opportunity for the poor to increase their earnings to escape the poverty trap, whether the poor can seize these agricultural opportunities depends on their human capital development. Conclusion: The study, therefore, concluded that effective policies (e.g. social protection) should be formulated in the agricultural development plans that will prioritize sustainable land and water management, access to markets, and the food security. To achieve this, the use of modern methods should be encouraged through farm incentives to boost agricultural production and increase farmer’s income which is earned through the sale of agricultural commodities, and thus; in the long run, increase the revenue accruing to the government and reduce the rate of poverty.

Foreign direct investment (FDI) is regarded as a critical determinant in the concept of development for Africa. However, institutional quality in the recipient countries is considered an essential factor that can be used to drive FDI flows inward. The study aims to establish the effect of institutions' challenges on the FDI inflow and how it impacts on economic development for host selected countries in sub-Saharan Africa (SSA). The study employed pooled data for 30 SSA countries for the period within the years 2000 and 2018. The analysis method used was the fixed and random effect regression model utilized to estimate the effect of foreign capital on economic development with considerations for the quality of institutions for developing SSA sub-region of Africa. This study reveals that foreign capital inflow is crucial for economic development in the SSA sub-region of Africa. Quality of institutions as determining factors also affected the level of inflow of FDI to the host SSA sub-region, which resulted in the underutilization of domestic resources and hence abnormal development of domestic sector investment. The study recommends that the government of host SSA subregion needs to consider the degree of institutional quality to encourage further FDI inflows. To afford the maximal benefit of FDI in the development of the host domestic sector and to guard the industry that foreign investment flows into carefully. It is expedient, thereby, that the domestic investment is enhanced to ensure that dependence on foreign capital inflow continues to decline as income increases. Until domestic investments are sufficient to generate advancement in technology and desired economic development for the selected countries, in the SSA sub-region.

This study examined the operational characteristics of MSEs and their contributions towards addressing the national challenge of unemployment. The research was based on Ado-Odo/Ota Local Government Area in Ogun State, Nigeria. The study employed descriptive analysis and Ordinary Least Square (OLS) regression technique in estimating the data obtained. The administration of questionnaire was applied to collect the data. The study found out that micro and small-scale enterprises contributed to economic growth through their operational activities, via the job creation in the economy. Thus, the study recommended that government policies should be put in place to encourage micro and small enterprises, and the provision of infrastructures, credit facilities, tax holidays, training program, amongst others, for MSEs. It was also recommended for funding agencies to consider the trends of practicing MSEs towards addressing critical economic and social issues such as job creation, in granting them funding facilities, in order to facilitate continuous participation in job creation among Nigerian MSEs. AcknowledgmentThe authors appreciate the Management of Covenant University for funding the publishing of this manuscript in this journal.