Application of Monte Carlo Simulation in Econometrics By Oduntan E. A.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria
In the last few years, rapid progress in information technology and usage of personal computers has contributed to the increasing popularity of the Monte Carlo method. Monte Carlo methods comprise the branch of experimental mathematics which is concerned with experiments on random numbers. Asymptotic theory fails most of the time to furnish enough useful information about estimators. Hence, studies on the power properties of alternative estimators seem to be prevalent with Monte Carlo Simulation Econometricians. This paper therefore discussed the application of Monte Carlo Simulation in econometrics. Meta-analysis of over 500 literatures from year 2000 to 2018 was conducted and it was revealed that application of Monte Carlo methodology in econometrics relates mostly to evaluation of small sample properties of estimators.

Keywords: Monte Carlo experiment, Econometrics.

Alleviating SME constraints: The role of networks By Owolabi O.A.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria
Small and Medium Enterprises (SMEs) are necessary for wealth generation, stimulating private ownerships and enhancing economic growth in developing countries. However, they are faced with several constraints. This study discusses the role that networks play in alleviating (SMEs) constraints, with focus on business networks. It further describes business networks as being capable of providing unrestricted access to information on government regulations, international and domestic products, raw materials at lower costs, public utilities and external finance. It concludes that the invaluable contribution of SMEs to economic growth and development will continue unabated on the account of business networks. It therefore recommends that business networks should be encouraged and promoted, especially for SMEs. However, networks need to be designed effectively to prevent inefficient outcomes.

Keywords: Small and medium Enterprises, Business networks, Economic growth and development.

Dynamics of Income Inequality and Violent Crime: Evidence from Africa By ADELEYE N.

Dept. of Economics and Development Studies, Covenant University, Ota, Nigeria
ORCID Number: 0000-0002-1274-714X
This study provides empirical evidence on the crime-inequality nexus in Africa using a panel data of the Gini index and intentional homicides for a sample of 38 countries from 2007-2012. With two estimation techniques: pooled ordinary least squares and difference-generalised method of moments, the major findings point to the fact that: the Gini index is a strong and positive predictor of crime rates, the rule of law has a crime-reducing effect, the death penalty is not a deterrent factor, increase in urban population contributes to rising homicides, primary education has a crime-reducing impact, unemployment aggravates crime rate and homicide rate is higher in Southern Africa while lower in North Africa relative to West Africa. However, crime does not seem to be counter-cyclical, and criminal inertia is not significant. Therefore, to achieve a drastic reduction in homicide rate, policy complementarities that will boost homicide-reducing indicators and control homicide-enhancing indicators are required for the region and developing economies in general.

Keywords: crime; homicide rate; Gini index

Household energy expenditures and gender analysis: Evidence from Nigeria By Akinyemi O.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

Gender was considered to ascertain determinants of household energy spending across various energy expenditure thresholds in Nigerian households. This is due to sparse representation of women which makes policy changes to affect women as workers and producers, differently from their male counterparts. Cross sectional and Causal comparative designs were adopted to analyse Integrated Household Survey of 2012/2013. Positive relationship was found for female headed households with lower education; for energy expenditure and income between 0-50 and 75-95, though declining energy expenditure existed for 50-75 and above 95 income quartiles. Households headed by females appeared to spend less on energy than males, aside very poor households. Meanwhile, urban households spend more on energy than rural areas. Varying degree of relationship existed based on age of household head and households’ building type. Hence, differentiated policy measures were recommended for policies that affect energy prices.

Keywords: Household energy expenditure, Income, Gender, Nigeria.

Finance-Growth Nexus in Nigeria: How Relevant is a Measure of Financial Development By Adediran O.S.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

The financial sector serves as a mediator between the surplus and deficit units of an economy which determines the level of financial development in an economy. However, there seems to be no agreed indicator for financial development. The study aims at addressing concerns accruing from doubts as to what is the accurate measure of financial development using time series econometric techniques as well as estimating the growth effects of a large number of indicators for financial development. Findings from this study will help for better understanding for conflicting results from other literature. Recommendation of the study is that the level of financial development in a country should be considered as a composite index derived from a possible large set of proxies.

Key Words: Financial Sector, Financial Development, Economic Growth and Economic Development

Entrepreneurial Motivation in the Informal Street Trading Enterprise in Nigeria By Aderounmu B. and Olurinola I.O.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria;

Understanding the motivational factors behind entrepreneurship business in the informal sector requires a gender analysis of issues. This paper aims at examining the conjecture that the informal sector operates as an employer of last resort in which entrepreneurs among other workers are largely necessity-driven. Employing the purposive sampling technique, questionnaires were administered among street traders in three geo-political zones (North, South-West and South-East). The descriptive data analysis showed that men have more daily sales than women while women have more daily profits than men, amongst others. Recommendations from the study include more opportunities being given to women entrepreneurs since they portray better entrepreneurial traits and the repackaging of policy prescriptions to suite each subsector of the informal sector.

Key Words: Informal Sector, Gender, Entrepreneurship and Policy

Predictors of child mortality among women attending institutional healthcare: Implications for national health programme intervention in Nigeria. By Azuh D.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

Inadequate access to health facilities is one of the reasons for high child mortality rates in developing countries. This study examined the distal factors influencing child mortality among mothers attending antenatal care in Nigeria. The secondary data from the 2017 Covenant University Public health and Wellbeing Research Cluster on determinants of child morbidity in Nigeria was used. Focus Group Discussions, descriptive statistics and regression analysis were also used. The findings showed a significant relationship between the place of delivery and experience of child mortality. Also, the immunization status of a child was significantly related to the chances of living. There was also a strong relationship between the education of the mother and the chances of her child surviving till age five. This study recommends that health education and socio-economic empowerment are necessary for both mothers and their spouses, if a reduction in child mortality is expected.

Keywords: Child mortality, Healthcare.

Nigeria vs Africa: Any Scope for Agricultural Trade Expansion in a Continental Free Trade Area? By Okodua H.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

Nigeria’s delay to signing the Continental Free Trade Arrangement (CFTA) has gained lots of attention. Despite the economic and social benefits accruing to members of this arrangement, Nigeria has since refused to consent. This study argues that failure to conduct an evidence-based agricultural-specific sector study which is essentially to guide policy makers in suggesting reviews to the CFTA framework agreement will likely lead to making sub-optimal choices. Further arguments include the economic advantages that Nigeria will lose for not joining the take-off of this movement. The study employs the IFPRI framework using simple indicators across ECOWAS states to guide evidence-based strategic planning and policy making to support policy makers in Nigeria towards her African regional trade targets.

Key Words: CFTA, Agricultural Production, Export and Nigerian Economy

The Science & Art of Grant Winning/ Execution in Social Sciences By Osabuohien E.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

Overtime, there have been certain misconceptions of what grants are and the reasons for people not winning grants. Grants are not a sprint; neither are they an appeal for fund nor a one-off game. Grants can be likened to a marathon race; repeated game and the helping of funding bodies achieve their goals. This study explains exhaustively the areas of grant and grant proposals cutting across disciplines. It also expounds on its cycle beginning with an idea and ending in dissemination. Recommendations of this study include convincing grant agencies as to why the idea is worth their funds, starting on time and never relenting amongst others. Prospective funding agencies are also listed.

Key words: Grants, Funding, Agencies, Grant Proposal and Grant Winning

Dependency on use of solid fuel in the household and under-five mortality rate in Nigeria By Samuel G.

Department of Economics & Development Studies, Covenant University, Ota, Nigeria

Huge dependency exists on the use of Solid Fuel in Households and Under-five Mortality Rate in Nigeria. The study links clean energy and health status to SDGs, particularly the under-five children with greater vulnerability. It aims to identify factors influencing the use of solid fuel, various cooking fuels used as well as to determine the association and extent of solid fuel’s impact on under-five mortality in Nigerian households. Binary Logistic Regression technique was adopted via STATA software to analyse 2013 NDHS dataset. Assuming the poor will likely use solid fuel while the rich most likely uses non-solid fuel, significant determinants of under-five mortality in Nigeria included levels of education, wealth status and cooking fuel. The study recommends sensitizing women on the importance of education, promoting campaigns in local languages, and providing cleaner fuel at less cost with greater proximity to residential areas.

Keywords: Solid Fuel, Under-five mortality rate, Nigeria.