A bi-annual publication of the Department of Economics, Yobe State University, Damaturu, Nigeria

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About YOJE

Yobe Journal of Economics is published by:
The Department of Economics
Yobe State University,
Damaturu – Nigeria.

ISSN: 2408-5103

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Kabod Limited
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All rights of this publication are reserved. No part of this Journal may be reproduced, stored in a retrieval system nor transmitted in any form by any means without the prior permission of the publisher, except for academic purposes.

The articles published in this Journal do not in any way reflect the views nor position of YOJE. Authors are individually responsible for all issues relating to their articles. Except for publication and copy rights, any issue arising from an article in this Journal should be addressed directly to the Author.

Editorial Team


Prof. Balami D. Hassan, Department of Economics, University of Maiduguri.

Editorial Advisory Board

Prof. Ummu Ahmed Jalingo, Department of Economics, Bayero University, Kano.

Prof. Isiaka Alimi Pedro, Department of Economics, Bayero University, Kano.

Prof. Njiforti Peter, Department of Economics, Ahmadu Bello University Zaria.

Journal Coordinator

Dr Louis Sevitenyi Nkwatoh, Department of Economics, Yobe State University, Damaturu.

Dr Ahmed Mallum, Department of Economics, Yobe State University, Damaturu.


Prof. Garba Ibrahim Sheka, Department of Economics, Bayero University, Kano.

Prof. Elwalied Nourelhu Ahmed, Department of Islamic Economics, Islamic University of al-Madinah al Munawarah, Kingdom of Saudi Arabia.

Prof. Kolawole Subair, Global Research Fellow, Center for Global Entrepreneurship and Sustainable Development, School of Liberal Arts, Indiana University –Purdue University, Indianapolis, United States of America.

Dr Nasreldin Atiya Rahamtalla, Department of Economics, Yobe State University, Damaturu.

Dr Hassan Hassan Suleiman, Department of Economics, Bayero University, Kano.

Dr Bhola Khan, Department of Economics, Yobe State University, Damaturu.

Dr Kwang Conerlius, Department of Economics, Umaru Musa Yar’adua University,

Call For Papers

Yobe Journal of Economics (YOJE) is peered review bi-annual socio-economic publication of the Department of Economics, Yobe State University Damaturu. It is calling for original researched paper from interested Academicians and professionals on socio-economic and development issues in the LDCs. Accepted papers are published both in hard copies and online. The details are as follows:

Publication Periods: March and September

Deadline for Submission of Articles: All round the year

Language: English

Article Submission Fees: N6000 payable on submission of article for review.

Article Publication Fees: N25,000 payable when an article has been accepted and corrected for publication.

Caution: Author(s) must ensure that articles are original and free from plagiarism. Articles already submitted for publication elsewhere should not be submitted to YOJE.

Format of Paper: All papers should be typed on A4 paper with 1.5 line spacing and not more than 18 pages including the abstract (which should not exceed 250 words) and references. All references should be in the current American Psychological Association (APA) format. (Authors’ guidelines should be in line with the Fliers sent out for call for paper).

Submission of Papers: Only soft copies of papers are accepted. Upon the payment of the article submission fees, all papers and proof of payment should be forwarded to: yojeeditorinchief@yahoo.com and copied to sevinkwatoh@gmail.com.

Bank Details: All payments should be made only into the following account: Banker: GT Bank, Account Name: Dept. of Economics (YOSU) Journal, Acc. No: 671958660111, sort code: 05831617

Inquiries: All enquiries should be directed to: yojeeditorinchief@yahoo.com and sevinkwatoh@gmail.com. Tel: 08062218765. URL link (Website): https://ysu.edu.ng/yoje


This study was on The Impact of Leadership Style on Employee Performance of SME’s in Nigeria a Case Study of Total Facilities Management Limited in Abuja. Three objectives were raised which included: To Identify the dominant leadership style(s) used by Adamawa Beverages Limited Yola, examining the relationship between leadership style and employee performance in, Adamawa Beverages Limited Yola, to Assess the factors that influence the choice of leadership style in Adamawa Beverages Limited Yola and to Evaluate the effectiveness of the leadership style(s) used by Adamawa Beverages Limited Yola, in enhancing employee performance. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from selected from Adamawa Beverages Limited Yola. The hypothesis was tested using Chi-Square statistical tool (SPSS).


This study examines how behavioral biases, such as the Gambler's Fallacy, Sunk Cost Fallacy, and Herd Mentality, affect the investment decisions made in the Nigerian Exchange Group. Regression analysis and correlation analysis were used in the data analysis on a sample of 305 respondents. The findings indicate that the Sunk Cost Fallacy and Herd Mentality have a significant positive influence on investment decision-making, but Gambler's Fallacy does not. These findings add to the body of knowledge on behavioral biases in financial decision-making, particularly in the context of Nigeria. The study emphasizes how crucial it is to recognize and correct these biases in order to make informed financial choices. The findings imply the need for investor education, regulatory interventions, and the incorporation of behavioral finance principles into advisory services and investment products. They also have practical consequences for investors, regulators, and financial institutions operating in the Nigerian market. It is advised to conduct more study to examine other biases and countermeasures in various financial markets.
Keywords: Behavioral biases, Herd Mentality, Gambler's Fallacy, Sunk Cost Fallacy, investment decisions, Nigerian Exchange Group, financial markets, investor behavior, decision-making, behavioral finance.


Cost information is critical for quality university education planning and decision making about the mode of programme delivery, budget and strategies. The study examines the relationship between the cost efficiencies of virtual and face-to-face teaching as well as what the University Education planners can do to control the cost of virtual teaching and its impact on quality education in Nigeria. Using the descriptive survey design and purposive sampling technique, a sample of 140 respondents was selected. This comprised undergraduate students studying different programmes in public and private universities in Nigeria. The programmes include Education, Botany, Engineering, Accounting, Economics, Philosophy, Computer Science, English Language, Journalism and Law. An online questionnaire tagged “Cost Efficiency of Virtual Teaching Questionnaire (CEVTQ) was used to obtain data on respondents’ perception on the relationship between the cost efficiencies of virtual and face-to-face teaching at the university and the likely roles of education planners. Data obtained from the questionnaire were statistically analysed using the correlation analysis. Findings revealed varied costs across the different programmes of study as well as a significant relationship between the private cost efficiency of Virtual and face-to-face teachings. Strategic planning of blended (hybrid) teaching based on students’ and the Institution’s needs was recommended amongst others for the achievement of the overall objectives of university education in today’s technology driven education system.
Keywords: Cost Efficiency, Virtual Teaching, Educational Planners, University, Nigeria


In this era of globalization, the relevance of efficient financial development and a sound institutional environment cannot be overstressed as these variables are important predictors of economic performance particularly in developing and emerging economies. In view of the above, this research examines the moderating role of institutional quality indicators in financial development (FD) and foreign direct investment (FDI) links in the Nigerian economy. The study adopts Fully Modified Ordinary Least Square (FMOLS) and Autoregressive Distributed Lag (ARDL) estimators based on the Johansen co-integration test from 1996 – 2021. The empirical results indicate that FD is positive and statistically significant in predicting FDI inflows through a sound and effective institutional quality environment in Nigeria. The results further demonstrate that real GDP is a relevant determinant of FDI influx in the Nigerian economy while population tends to weaken it. Furthermore, the robustness check of an alternative estimator; ARDL indicates positive and statistically relevant relationship between FD and FDI through the moderating impact of the institutional quality environment in Nigeria both in the short and long run. In order to reap the benefits of the FD-FDI nexus, this study suggests that policy formulators and other relevant stakeholders should put adequate measures in place for a sound and efficient institutional environment that will ultimately enhance economic growth.
Keywords: Financial development, FDI, ARDL, FMOL, Nigeria


The importance of tax in ensuring economic growth has long been recognized. However, little or no effort was made to examine the relationship between tax revenue and inclusive growth in Nigeria. This study, therefore, investigates the impact of tax revenue on inclusive growth in Nigeria. Using time series data on economic growth, tax revenue, Contract Intensive Money, and financial deepening for the period 1987 to 2022, sourced from the Central Bank of Nigerian Bulletin, the study employed time series econometric techniques. The techniques include Augmented Dickey-Fuller, Philips Perron unit root test, Johansen cointegration test and Vector Error correction model. Our finding reveals that there is a long-run positive and significant relationship between tax revenue and economic growth in Nigeria. Also, the control variables contract intensive money is negatively related to economic growth while financial deepening is positively related to it. We therefore conclude that tax is a major determinant of economic growth in Nigeria. Hence, the government should lay more emphasis on the improvement of tax revenue in order to achieve inclusive growth in the country.
Keywords: Tax revenue, inclusive growth, Vector Error Correction model


The target of every government across the globe particularly underdeveloped and developing nations is to empower their SMEs to drive economic growth and development and this is what called for this paper as an area of interest. This paper is set to examine the effect of empowerment programs and specifically, anchor borrower programs on the performance of SMEs in Gombe state. To achieve this objective, the survey uses a sample of 260 SMEs as respondents through a convenient sampling technique. Data was collected using a structured questionnaire. Regression analysis was carried out using the SPSS version 23.0 to test the hypothesis. Although there are many empowerments existing in literature that encourage the SMEs to source for capital in order to expand or diversify. This paper shows the explanatory variables employed were capable enough to explain the effects of empowerment programs on the performance of SMEs in Gombe State. The study covers six local government Areas of Gombe state, two LGAs from each of the senatorial districts of the state (Billiri and Balanga from the south, Akko and Yamaltu Deba from the central, Gombe and Dukku from the north). The study finds out that, the Anchor Borrower Program within the period covered in this paper has a positive and significant effect on the performance of SMEs in Gombe State and further recommends that, effort should be made by the government through the central Bank of Nigeria to improve the access of empowerment grant by SMEs for effective sharing among all the economics sector. There should be a campaign by the Gombe State government to their residential SMEs to educate them on how to access the empowerment packages.
Keywords: Small and Medium Enterprises Performance, Government Empowerment Program, Anchor Borrower Programme.


If the capital structure of the economy can encourage the best use of the resources available for economic growth and development, the efficiency of the financial system is endogenously attained. This study's goal is to investigate how non-financial enterprises' capital structures impact economic expansion in Nigeria from 1991-2022. This study was conducted using a quantitative research design, regression analysis, and ordinary least squares. According to the study's findings, the capital structure of Nigerian non-financial businesses has a long-term impact on the country's economic expansion. This finding has the implication that, if properly managed, a firm's capital structure will eventually contribute to greater economic growth. Therefore, it is advised that Nigerian businesses try to match their capital structures with actual activities that will contribute to raising the level of economic growth in Nigeria; that non-financial businesses choose long-term financing over short-term debt, which makes up most of their leverage; and that businesses concentrate on creating internal strategies that will promote economic growth.
Keywords: Capital Structure, Economic Growth, Non-Financial Firms, Nigeria


This study assesses the impact of equity-based funds on the Capital Market in Nigeria. In order to achieve the set objectives the study was guided using four research questions. The study was based on data covering the monthly performance of operators of Equity-Based Funds, Bond Funds, Real Estate Funds, and Ethical Funds from 2015 - 2019. The study used multiple regression analysis (OLS) as a tool for data analysis at a 0.05 significance level. The results from the analysis showed that the collective investment fund significantly influenced the development of the capital market in Nigeria. Specifically, the results showed that the ethical fund (ETFund), the equitybased fund (EBFund), and the real estate fund (REFund) contributed significantly toward the development of the capital market in Nigeria, Meanwhile, the bond fund (BFund) does not contribute toward the growth of capital market development in Nigeria. The study recommended that in order to strengthen the financial market through Equity-Based Funds (EBFund), investible funds on new equities should be regulated by the Security and Exchange Commission as a means of encouraging small investors. Also, it was recommended that the Nigerian government regulation should be redirected to upscaling Real Estate Fund (REFund) capitalization as this will have a spillover effect on the development of Real Estate.
Keywords: Equity-based fund; Capital market development; Collective investment fund: OLS


This study tested the hypotheses that product innovation, process innovation, marketing innovation, and organisational innovation are associated with the performance of SMEs in Yobe State, Nigeria. Using PLS-SEM, results of the tests, based on data collected in a cross-sectional survey of 142 SMEs owners across the three senatorial zones of the state, provide evidence for positive and statistically significant relationships between product and process innovations as predictors and SMEs performance as the outcome. However, similar evidence could not be found when marketing and organisational innovations were factored in as predictors of SMEs performance. Also, the results of the importance-performance analysis confirm the hypothesis test outcomes, showing that product and process innovations are strategic to SMEs performance, while marketing and organisational innovations, though having positive effects, failed to exert corresponding importance vis-à-vis SMEs performance. Recommendations were thus given towards utilising innovation as an important tool in promoting the growth and development of SMEs in Yobe State.
Keywords: Product innovation, Process innovation, Marketing innovation, Organisational innovation, SMEs.


The objective of this study is to examine the effect of exchange rate behaviour on economic growth in Nigeria covering the period 1980-2022. The technique of analysis employed in the study is the Vector Error Correction Model. The unit root tests show the stationarity of the variables at the first difference and Cointegration was established using the Johansson cointegration technique. The results showed that nominal exchange rate, terms of trade, foreign direct investment and interest rate are significant determinants of growth. The interaction models show that exchange rate overvaluation impacts negatively on economic growth while exchange rate undervaluation impacts positively on economic growth. The ECM or convergence term has the correct sign (negative) and a 36% adjustment rate to equilibrium. The study suggests that increased investment in the domestic market is required to encourage local production thereby taking advantage of a period of undervaluation to achieve an increase in export that will bring about rapid economic growth. To ensure sustainable growth in a more diversified economy and improve the terms of trade appropriate incentives should be provided in both tradable and non-tradable sectors of the economy.
Keywords: Exchange rate misalignment, economic growth, VECM, Nigeria


The study examines whether employment status, educational attainment, family size, age and gender have any influence on family stability. The study used survey results of 150 married respondents. The study confirms the proposition that unemployment is detrimental to family stability. It is found that unemployment is one of the major factors leading to family stability. The evaluation also indicates that other factors: educational attainment and family size, also have a significant impact on family stability. However, the age and gender of the respondents have no significant effect on family instability. Unemployment and poor education could lead to family instability, hurting children’s development and employment prospects. Policy to provide access to education and employment creation are recommended to reduce unemployment and, by extension, family instability. This will go a long way in reducing society's social-economic problems and crime.
Keywords: Unemployment, Family stability


Poverty is pervasive in Nigeria and the populace is faced with poor health outcomes. However, there is a dearth of evidence on the nature of the relationship that exists between health and poverty in Nigeria. Against this backdrop, this study empirically examined the effects of poverty on the health status of Nigeria for the period 1988-2018. Life expectancy at birth was used to proxy health outcomes. Poverty was proxy by poverty headcount rate, while three health indicators were used; public health spending (% GDP), and Life expectancy rate at birth (LER). Per Capita Income (PCY) and Inflation rate (INFL) were used as controlled variables. The data used for the analysis was obtained from World Development Indicators, and analyses were carried out with e-views 9.0. the method of analysis is co-integration and Error Correction Model (ECM). The data was analyzed using e-views 9.0. The empirical results attained showed that both in the long run and short run, poverty and inflation rates have a significant negative impact on the life expectancy rate at birth. The study recommends that the Nigerian government should intensify its fight against poverty and implement policies that will curb the inflation rate. Improving health outcomes will necessitate improving the access of households to economic resources.
Keywords: Health, poverty, economics, development, Nigeria.


Despite a significant increase in the number of stock exchanges in the African region, they did not promote investment in the region as most of them are at their early stage of development. This paper investigates the moderating role of financial development on the relationship between industrial production and stock market development in selected African economies for the period spanning 1996 to 2021. To achieve the objective of this paper, the fixed effect regression model was used and the result reveals that financial development is an important interaction variable as it exerts a positive moderating effect on the industrial production-stock market development nexus. A policy that strengthens financial institutions to support domestic firms through access to credit at an affordable lending rate is needed to reduce the dependence of the African financial market on foreign investment, promote local investor participation and boost the productivity of domestic firms.
Keywords: Africa, Financial development, Fixed effect, Stock Market, Investment.


The study empirically examines the influence of selected macroeconomic variables on stock market returns in Nigeria. The study employed the error correction mechanism on the annual time series data covering the period of 1980 to 2020 being the sampled years to test the hypotheses. Contrary to expectations, the outcomes suggest that gross domestic product has no significant positive influence on the stock market returns. However, the outcome of money supply enhances stock market returns but that of the exchange rate lagged by two years and the inflation rate by one year is significant at the 5 per cent level. The findings recommend the need for the government to have sound macroeconomic policies that will enable the stock exchange market to experience improvement in its performance(s) as this will guarantee a continuous increase in the stock market returns. In addition, the study also recommends stability in the exchange rate as this will allow the monetary policies more effective in improving the performance(s) of the Nigerian stock exchange market.
Keywords: Stock market, error correction mechanism, unit root test, all share index and Nigeria



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