Browsing by Author "Ajayi, Olu"
Now showing 1 - 2 of 2
Results Per Page
Sort Options
Item EFFECTS OF FINANCIAL INCLUSION ON PER CAPITAL INCOME IN NIGERIA(Faculty of Management Sciences, University of Ilorin, 2020-06) Kolawole, Kayode; Ajayi, Olu; Mustapha, Abdulkadri; Ibrahim, RahjiFinancial accessibility is an important strategy used for stimulating economic growth and efficiently allocate financial resources for productivity. Yet, Nigerians do not have adequate access to formal finance and are forced to rely on risky and expensive informal services thereby limiting their contribution to economic growth. Hence, the need to examine the effects of financial inclusion on per capital income in Nigeria. In line with this objective, the study employed time series data covering the period of 1987 to 2019. The method of data analysis used in the study was Autoregressive Distributed Lag Model. The study revealed that financial inclusion has significant impact on per capital income in Nigeria at 1% significance level with coefficient value of 6.528999. The study also revealed that interest rates negatively impact on per capital income in Nigeria at 1% significance level with coefficient value of -4.035544. The study concluded that financial inclusion is a significant determinant of per capital income in Nigeria. The study recommends that management of banks should managed interest rates in such a way that will encourage the usage of financial services.Item Nexus between Deposit Money Bank Facilities and Growth of Small and Medium Scale Enterprises in Nigeria(Department of Business Administration, Osun State University, 2020) Ajayi, Olu; Kolawole, Kayode; Haorayau, Bolaji; Ibrahim, WasiuThe role of small and medium scale enterprises as an engine of growth and promoters for economic development in the world cannot be overemphasized. The problems bedeviling the SMEs in Nigeria are numerous such as inadequate capital and inaccessible credit facilities. It is upon this, this study examined the impact of access to finance on growth of small and medium scale enterprises in Nigeria. The study employed secondary data obtained from the Central Bank of Nigeria Statistical Bulletin. Autoregressive distributed lags model and granger causality test were used to analyze the data obtained for the study. The study revealed that deposit money banks’ loans and advances are significantly related to growth of SMEs in Nigeria with coefficient value of 1.336 at 5% level of significance while the study revealed that deposit money banks’ lending rates are negatively related to growth of SMEs in Nigeria with coefficient value of 1.601 at 5% level of significance. The study concluded that access to finance from deposit money banks affect growth of small and medium scale enterprises in Nigeria. It therefore, recommended that relative low interest rate finances should be provided to small and medium enterprises in Nigeria so as to enhance economic growth. The study also recommended that a national policy review that will increase the amount of bank loans to SMEs should be pursed so as to realize the desired corporate and national goals.