Browsing by Author "Nageri, Kamaldeen Ibraheem"
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Item Impact of Agricultural Financing Policy and Deposit Money Bank Loan on Agricultural Sector Productivity in Nigeria(2017) Ajayi, Michael Adebayo; Nageri, Kamaldeen Ibraheem; Akolo, Christy SeyiAbstract In transforming the economic situation of Nigeria, the impact of agriculture cannot be overemphasized. Agriculture was the primary foreign exchange earner for Nigeria, until the mid-seventies when it lost its prime position to the mineral sector. One important factor affecting agricultural sector productivity is inadequate capital. The objective of the study is to evaluate the impact of agricultural financing policy and deposit money bank loans to agricultural sector on agricultural productivity. The study used time series linear regression model employing data covering the period of 1981 and 2015. The result revealed that deposit money bank loans (CBF) and agricultural financing policy proxy by Agricultural Credit Guarantee Scheme Fund (ACGSF) have significant positive impact on agricultural productivity in Nigeria while lending rate (LR) shows a significant negative impact on agricultural productivity. It is recommended that commercial bank should complement the agricultural financing policy of the government by making agricultural finance accessible, easier and at low rate of interest for farmers. Farmers should also be sensitized on the benefit of accessing funds from the policy and banks to enhance productivity. The study further recommends that government should encourage financial inclusion for the farmers.Item Measuring Leverage Effect on the Nigerian Stock Exchange in the Post Financial Meltdown TGARCH Vs EGARCH(Amity University Uttar Pradesh, India, 2016) Ajayi, Michael Adebayo; Nageri, Kamaldeen IbraheemThe specification of appropriate leverage measurement capturing volatility in stock returns is of significant policy relevance to financial economic managers. Reliable leverage effect model of asset returns aids investors in their risk management decisions and portfolio adjustments. Researches modeling leverage effects for the Nigerian capital market are a few in the literature and many of them have been conducted prior to the 2007-2009 financial crisis. This study employed the TGARCH and EGARCH models under the three error distributional assumptions for the period of January 2010 to March 2016 using the All Share Index to generate the stock exchange return series. Findings revealed that there is leverage effect in the Nigerian stock exchange but not statistically significant under the distributional assumptions except in the Gaussian distributional assumption of the EGARCH model which shows that there is no leverageeffect in the market. The EGARCH model under the student-t distribution provides the overall best estimates. This shows that the activities of rational investor to stock prices movement in expectation of future increase has not been able to drive the market in the direction of providing higher return for investors significantly. It is therefore suggested that the Nigerian Stock Market should be adequately equipped and given the necessary attention for the market to be attractive to rational and informed investors so that the leverage effect on the market can be significant and no investor will be able to earn abnormal profit or loss based on past information.