Run Equilibrium Relationship Research Articles

Determinants of Bond Market Development in Nigeria

Capital market is of paramount importance in financing the activities of public and private sectors in both developed and developing economies. Consequently, this research analyzed the long run equilibrium relationships between bond market development (BMD) and a set of fiscal, macroeconomic and financial variables in Nigeria using Granger causality test and Johansen cointegration model. The findings reveal the importance of macroeconomic and financial variables in facilitating the development of Nigeria’s bond market. The study recommended that policy makers should ensure macroeconomic stability and financial soundness in order to develop bond market in the country.

EGG PRICE RESPONSE TO INCREASE IN THE PRICES OF MAIZE AND SOYBEAN MEAL IN NIGERIA USING ECONOMETRIC TOOLS

Poultry egg productionn depends greatly on maize and soybean meal which affect the price of egg directly. Egg has been confirmed as one of the cheapest sources of protein. This study was aimed at estimating the relationship between egg price (EP) response to maize price (MP) and soybean meal price (SBMP) changes in Nigeria from 1990 to 2021Time series data in respect of SBMP (N/Kilogramme), MP (N /Kilogramme) and EP (N /Crate) in local currency were obtained. Augmented Dickey Fuller (ADF) test and, the Johansen cointegration technique were employed to test for the stationarity of the variables and the long-run relationship between variables, respectively. Result of the study shows the presence of one co integrating long run equilibrium relationship between the variables. The Vector Error Correction Model (VECM) estimates showed that MP and SBMP had a negative influence on egg production which consequently transform to high price of egg. Policies on reduction of MP and SBMP should be implemented so as to reduce the EP and make the produce more available to the Nigeria populace.

Analysis of the effects of climate change on palm oil output in Nigeria

The study examined the effect of climate change on palm oil output in Nigeria from 1965-2015. It focused on the trend of oil palm output during the period, the effects of climatic factors on the output. Secondary data were used for the analyses using tables, graph and time series analyses. The result of the Augmented Dickey Fuller (ADF) unit root test showed that all the variables became stationary after the first difference was taken while the Johansen cointegration test indicated the existence of a long run equilibrium relationship among the variables. Error Correction Mechanism (ECM) result indicated that rainfall (t= 3.01), relative humidity (t=2.56), temperature (t=4.50) and solar radiation (t=4.23) were significant at 5% level (p<0.05): were significant climatic factors affecting palm oil output. This validates the alternative hypothesis one (Ha1), that climatic factors have significant effect on palm oil output in Nigeria. The study recommends that concerted effort should be made to reduce the level of solar radiation by mitigation in Nigeria.

Analysis of the Economic Effects of Defence Spending in Spain: A Re-Examination Through Dynamic ARDL Simulations and Kernel-Based Regularized Least Squares

ABSTRACT Spain’s economic growth over the last few decades constitutes a rather distinctive case in post-World War II Europe, which has attracted international academic interest. This paper examines the relationship between Spain’s military expenditure and economic growth during the period 1954-2021 to shed further light. Using the recently developed method of Dynamic Autoregressive Distributive Lag (DARDL) simulation proposed by Jordan and Philips (2018) and the Kernel-Based Regularized Least Squares (KRLS) technique which accounts for potential non-linearities, interactions, and heterogeneous effects, this paper tests the short and long – run equilibrium relationship between military expenditure and economic growth in Spain. Furthermore, with the cumulative sum (CUSUM) and cumulative sum of squares (CUSUMSQ) tests, we examine the stability of the above relationship. The results show that there is a positive short and long – run relationship between military expenditure and economic growth in Spain during the period under study. However, when we stratify our sample (before and after Spain’s democratization), the positive relationship is sustained only during the years of the non – democratic regime. This has further policy implications as policymakers in Spain need to carefully balance national security concerns with the need for sustained economic growth.

Dynamic modelling of Renewable Energy Consumption and Production on African Economic Growth and the Environment Using Vector Error Correction Models

Prior research has explored the influence of renewable consumption on economic growth and carbon emissions (CO2), but few studies have examined the impact of both renewable energy consumption (REC) and renewable energy production (REP) on economic growth and CO2 emissions in Africa. The objective of this work is to dynamically estimate the effects of both REC and REP on economic growth and CO2 emissions in Africa, based on empirical evidence and using a data set from the years 1965 to 2020. This research aims to determine how REC and REP affect the economies and ecosystems of Africa. The Error Correction Models (ECMs) were utilized in the analysis, focusing on howREP and REC influence economic growth and environmental carbon dioxide emissions (CO2). Vector Error Correction Models (VECM) and Johansen cointegration methods were used on the data set. The results demonstrated that economic forces existed between the variables and that there was a long run equilibrium relationship between GDP and CO2 emissions in Africa, from REC to REP. Additionally, the outcomes showed that both REC and REP slowed down environmental deterioration while promoting economic growth. Africa can lower the negative impacts of environmental pollution caused by the consumption of nonrenewable energy sources by adopting and aggressively promoting renewable energy production and utilization.

Pension Assets Investments in the Nigerian Economy

This study looked into pension assets investments and its impact in the Nigerian economy. The investments includes quarterly reports of corporate debt securities, government bond securities, mutual funds’ investments, money market instruments, private equity funds and real estate securities from 2004 – 2020, and was sourced from the statistics database of the National Pension Commission, the Central Bank of Nigeria and the World data bank. The statistical measures used to analyze the data are the descriptive test, Unit root test, Co-integration test, Vector error correction, Causality and Impulse response function. The outcome of the analysis show that the variables were stationary after first differences were taken; and were also co-integrated at 2 lags indicating that both short and long run equilibrium relationship exist among the variables. From the vector error correction model, previous years’ deviations from long run equilibrium had a 0.09% speed of adjustment; leading to a short run equilibrium. The Causality test reveal that changes in government bond securities lead to changes in real estate securities and changes in money market investments leads to changes in government bond securities. In addition, the impulse response demonstrates that a shock to the system produces more negative responses than positive ones. The study thus recommends that the pension industry should vigorously create more awareness on the importance of employee pension plan; develop more e-channels to help rake in investible funds as well as develop more innovative products to support diversification of pension fund in different assets classes among others.

Johansen model for photovoltaic a very short term prediction to electrical power grids in the Island of Mauritius

<abstract> <p>Sudden variability in solar photovoltaic (PV) power output to electrical grid can not only cause grid instability but can also affect power and frequency quality. Therefore, to study the balance of electrical grid or micro-grid power generated by PV systems in an upstream direction, predicting models can help. The power output conversion is directly proportional to the solar irradiance. Unlike time horizons predictions, many technics of irradiance forecasting have been proposed, long, medium and short term forecasting. For the Island of Mauritius in the Indian Ocean, and regards to key policy decisions, the government has outlined its intention to promote the PV technologies through the local electricity supplier but oversee the technical requirements of PV power output predicts for 1 hour to 15-minutes ahead. So, this paper is illustrating results of the Johansen vector error correction model (VECM) cointegration approach, from the author original and previous studies, but for a very short term prediction of 15-minutes to PV power output in Mauritius. The novelty of this study, is the long run equilibrium relationship of the Johansen model, that was initially determined in previous research works and from dataset in Reunion Island, is then applied to the PV plant in the Island of Mauritius. The proposed prediction model is trained for an hourly and 15-minutes period from year 2019 to year 2022 for a random month and a random day. The experimental results show that the performance metric R<sup>2</sup> values are more than 93% signifying that Johansen model is positively and strongly correlated to onsite measurements. This proposed model is a powerful predicting tool and more accuracy should be attained when associated to a machine learning method that can learn from datasets.</p> </abstract>

Determinants of renewable electricity development in Europe: Do Governance indicators and institutional quality matter?

To reduce the flow of greenhouse gas emissions in the twenty-first century in Europe, there is a need to promote renewable electricity development. It is to this end that we contribute to the literature by investigating the determinants of renewable electricity development for a panel of 35 countries in Europe over the period 2000–2018. The determinants were sub-divided into macroeconomic, socio-economic, governance indicators and institutional quality factors, which previous studies had failed to consider. We sub-divided the determinants because studies have shown that the renewable energy sector operates within the environment of these determinants. Therefore, investigating the role that they play in the process of renewable electricity development in Europe provides insight to area policies that need to be strengthened. A battery of econometric techniques was employed to achieve the objective of this study. The cointegration results suggest that there is a long run equilibrium relationship between renewable electricity development and its determinants. The main findings from the results of fully modified ordinary least squares and dynamic ordinary least squares reveal that the long-run coefficients of control of corruption, the rule of law, voice and accountability and institutional quality have a statistically significant and positive impact on renewable electricity development. A majority of the determinants have a bidirectional causal relationship with renewable electricity development (except for real gross domestic product per capita, land, gross fixed capital formation, foreign direct investment and voice and accountability, that differ. This implies a dependence between most of the determinants and renewable electricity development. The system-generalized method of moments results show that government effectiveness, regulatory quality, the rule of law and institutional quality do not have a statistically significant or positive/negative impact on renewable electricity development, while the impact of other determinants differ. Policy implications are discussed in the conclusion section of the study.

Does Renminbi internationalization matter for petroleum security in China? Evidence from a disaggregate analysis

AbstractAs the largest oil consumer and sixth largest oil producer in the world, China's growing oil import is a premise to its energy security concerns. For China, petroleum security means supply security. The paper disaggregates petroleum security into three dimensions (domestic petroleum price—DOP, petroleum supply—PS and petroleum reserve—PR) and examines the impact of Renminbi internationalization (RMBI) on these dimensions based on linear auto regressive distributed lag (ARDL) procedure, and monthly data spanning from 2011M01 to 2022M03. The empirical results reveal evidence of long run equilibrium relationship between PR, PS and RMBI. On the long run and short run dynamics, RMBI is inversely related to DOP both in the short run and long run, but the impact is less than proportionately. However, RMBI and PS co‐move in the short run with 0.24% margin. In the same vein, RMBI and PR co‐move both in the short run and long run significantly. The impact of international oil price is positive on DOP but negative on PS and PR at least in the short run. Our finding signalled to the fact that increasing acceptance of the RMB in trade settlements and crude oil invoicing serve as a comparative advantage for China to engage in oil trade and complement the oil demand growth threatening the country's energy security drive. Therefore, we suggest diversification of crude oil import sources especially to regions/countries where RMB has been widely accepted. Prominence should be given to government controlled Strategic Petroleum Reserves (SPRs) and large oil companies should be compelled to raise the level of mandatory oil reserve for sustainable supply that keep pace with the growing demand for oil.

Effect of microfinance bank financial intermediation on agricultural output in nigeria: 1992 - 2018

This study examined the effect of financial intermediation by microfinance banks on the output of agricultural sector in Nigeria between 1992 and 2018. Data were collected in this study from the secondary sources and analyzed by means of inferential statistics. Specifically, the study employed Vector Error Correction model technique in data analysis after establishing the stationarity of the data series by means of Augmented Dickney-Fuller test and determined long run equilibrium relationship via Johansen cointegration technique.Findings from this study revealed that in the long-run, there was a positive and significant relationship between microfinance banks’ credits to agriculture and the output of agricultural sector in Nigeria as MCA was found to be positively promoting agricultural output by about 2.7%. Also, micro-finance banks’ gross saving deposit (MGSD) was found to have negative and significant relationship with agricultural output both in the short-run and in the long-run. Moreover, the deposit interest rate was found in this study to exhibit positive behavior in the short run but negative and significant relationship with agricultural output in the long-run. The lending interest rate by finding of this study negatively facilitated agricultural output in the short run but maintained positive relationship with agricultural output in the long run.Based on these findings, it was concluded that financial intermediation by microfinance banks was an insignificant determinant of agricultural output in Nigeria.Consequently, it was recommended that microfinance banks should be brought under close monitoring and supervision by the monetary authorities to ensure that significant portion of their deposits is not left fallowed and unproductive but optimally converted to credits for lending, especially to the grassroots farmers who lack investable capital for agricultural investment.

Factors influencing export performance of Ginger (Zinbiger officinale) in Nigeria

This study evaluated factors influencing export performance of ginger (Zinbiger officinale) in Nigeria. Specifically, the research study was designed to achieve the following objectives: examine the short run equilibrium relationships between test variables; evaluate the long run equilibrium relationships between test variables; and determine the linear – interdependence between factors influencing export of ginger. The test variables under considerations were export quantity of ginger (Zinbiger officinale), exchange rate, interest rate, ratio of producer price to domestic price, and ratio of producer price to export price. Data were of secondary sources covering 1995 -2020.The statistical and econometrics tools used to achieve the stated objectives were: Augmented Dickey Fuller (ADF), Phillips-Perron (PP), Johansen Co-Integrating Test and Vector Error Correction Model (VECM). The results of Augmented Dickey-Fuller (ADF) unit root test shows that all test variables were non-stationary at level. All test variables were statistically significant at first difference at 5% level of probability. Phillip-Perron (PP) unit root test shows that all test variables were stationary at first difference and were statistically significant. Johansens co-integration test revealed the presence of co-integration among variables and long-term relationships among variables. Vector Error Correction Model (VECM) shows that exchange rate (EXR), interest rate (INR), had negative coefficients and was statistically significant in influencing export performance of ginger (Zinbiger officinale) in Nigeria in the short run. Ratio of producer price to domestic price (PP), producer price to export price (PX), quantity of ginger exported (Y) had positive coefficients and were statistically significant in influencing export performance of ginger (Zinbiger officinale) in Nigeria in the short run. In the long run, exchange rate (EXR), interest rate (INR), ratio of producer price to domestic price (PP), ratio of producer price to export price (PX) were statistically significant in influencing export performance of ginger (Zinbiger officinale) in Nigeria. The coefficients of error correction model (ECM) was negative, this measures the speed of adjustment towards the long run equilibrium. The coefficients of multiple determinations (R^2) was 0.6710. This confirmed presence of goodness of fit. The F-statistics of 43.06 was significant at 1% level of significance. This confirmed the explanatory power of the entire model. The RESET value of VECM was 1.510 (P < 0.01) shows no evidence of misspecification of functional form. The research study recommends policy formulations and implementations that will stabilize exchange rate. Interest rate should be single digit. Export market should be developed along the ginger (Zinbiger officinale) value chains and other crops to expand export market base and earn foreign exchange

Dynamic Causal Relationships among Import Price, Import Quantity, and Ocean Freight Rate Index in the Chemical Pulp Market

This study investigates the dynamic causal relationships among import price, import quantity, and ocean freight rate index in the chemical pulp market. The Johansen cointegration test was applied to determine the cointegration among the three time series variables in this study, demonstrating their long run equilibrium relationship. Results of the vector error correction model (VECM) indicated that the pulp import quantity has an error correction mechanism that leads to convergence toward the long run equilibrium level or steady state. Furthermore, the Granger causality test results revealed a unidirectional causal relationship between the ocean freight rate index and quantity of wood pulp imported, implying that ocean freight rates influence the quantity of wood pulp imported. Moreover, the results of impulse response analysis revealed that an increase in ocean freight rate index shock has a notably negative impact on pulp import quantity, leading to the general decrease in import quantity in both the short and long run.

Disaggregated Government Expenditure and Economic Development in Nigeria: An Econometric Analysis. (1981-2020)

This study empirically examined disaggregated government expenditure and economic development in Nigeria using data spanning between the periods 1981 to 2020 by employing the use of Augmented Dickey Fuller test, Co integration test and Vector Error Correction technique (VECM) as the statistical techniques of analysis. From the study, the error correction model is -0.709 and it shows that about 70.9 percent of the short run shocks in Human Capital Development (HDI) in Nigeria are adjusted annually and such high speed of adjustment is very fundamental in the process of policy conception, formulation and implementation. This aforementioned finding revealed that there is a long run equilibrium relationship between human development index and various government expenditures variables as shown by the error correction model which is very high, rightly signed and significant. Also, the results show that in the long run that government expenditure on social security, government expenditure on education, health expenditure and agricultural expenditure have a positive and significant impact on human development index while government expenditure on infrastructure has a negative but significant effect on human development index in Nigeria. Furthermore, the short run estimates show that government expenditure on infrastructure (GEI) has a significant effect on HDI at lag period one and two while government expenditure on education and government expenditure on agriculture were found to be significant at lag period one respectively. Conversely, government expenditure on social security and government expenditure on health have a direct and insignificant effect on human development index in Nigeria. By implication, the findings indicate that government spending play a crucial role in the development of human capital in Nigeria. The study therefore concludes that there is need for federal government to be consistent in allocation and redistribution of government spending to various key sectors of the economy such as education, health, agriculture and defence which will invariably contribute positively and significantly to the human development in the country. Finally, there is need to ensure that federal government appropriate more funds to these key sectors annually.

Effect of Management Efficiency on Financial Performance of Commercial Banks in Kenya

Performance of commercial banks has critical implications for economic growth of countries. The Kenyan banking sector remained resilient on the backdrop of turbulence, characterized by interest rate capping in 2015 and the prolonged electioneering period in 2017 which brought uncertainties in the banking sector. This study investigated the effect of management efficiency on financial performance of commercial banks in Kenya. Efficient market hypothesis and modern portfolio theory guided the study. The study adopted an explanatory research design. The study used 2009-2018 secondary consolidated panel data of 40 commercial banks from Central Bank of Kenya and International Monetary Fund. Time series econometric procedures of co-integration and Vector Error Correction model (VECM) were used so as to determine nature of the time series data and equilibrium relation between the variables. The VECM estimation results identified a significant short run and long run equilibrium relation between coefficient of management efficiency and financial performance of commercial banks in Kenya. The Coefficient of Management Efficiency was 0.2359, p=0.008 < 0.05. The coefficients of management efficiency were positive and significant at 5% level. This implied that for every unit increase in coefficient management efficiency would increase by 0.2359 units of financial performance of commercial banks in Kenya respectively in the long run. The findings indicated a significant co-integration relation between management efficiency and finance performance of commercial banks in Kenya. The VECM results also indicated that management efficiency and financial performance have a long run equilibrium during the study period. Managerial policies and strategies that are cost effective and productive efficient could raise the managerial efficiency and financial performance of banks. Based on the findings the study recommended that banks put a lot of focus on their own internal processes since management efficiency, had positive influence on their profitability policies.

Modeling Electricity Consumption for Growth in an Open Economy

The purpose of this paper is to analyze the long run equilibrium relationship of electricity consumption in Italy from a unique perspective, taking tourism expansion as a proxy for exogenous growth. The sample used is annual data covering the period 1990-2018. The Autoregressive Distributed Lag (ARDL) bounds testing approach and the causality method of Toda and Yamamoto (1995) are applied, as the most appropriate for the integration of the variables and the sample size. The ARDL results, as well as additional cross checking test, reveal a long run relation between electricity consumption, foreign tourist arrivals and economic growth in the country. Foreign tourist arrivals and economic growth have significant impact on electricity consumption, both in the short and in the long run. Τhe causality results support unidirectional causalities running from foreign tourist arrivals and economic growth to electricity consumption. In addition, foreign tourist arrivals influence electricity consumption both directly and indirectly through economic growth. Policy implications are further discussed.

Infant Mortality Rates and GDP Per Capita in Kenya: An Empirical Investigation Based on Fractional Integration.

This paper deals with the analysis of the relationship between the infant mortality rates and the GDP per capita in Kenya using fractional integration and cointegration techniques. The results show that the two series are highly persistent, with the effects of the shocks persisting forever. However, the multivariate work reveals that the two series are fractionally counteracted, showing a long run equilibrium relationship that tends to persist and disappear slowly in the long run. This relationship is important for public policy implying a synergy of development outcomes since it suggests that the current emphasis in Kenya’s Vision 2030 on raising per capita income is likely to have positive and long-term effects on the vital health outcome of infant mortality. Our analysis therefore provides additional support for the growth approach to reducing infant mortality. It reinforces the view that growth in per capita income is considered as necessary for sustaining infant mortality improvements although not necessarily sufficient.

GLOBALIZATION AND REAL SECTOR PERFORMANCE IN NIGERIA

The need to provide a level playing field for national economies has necessitated the integration of the economies through cross flow of goods, services, technologies and capital. These goods and services are produced by key sectors of the economy which represents the real sector. Over the years, the competitiveness of the real sector in the international market has raised concerns on the link between globalization and real sector performance. Consequent upon this, this study examined the impact of globalization on real sector output in Nigeria for a 39 year time period spanning from 1981 to 2019. The time series datasets used in this study were adapted from the Central Bank of Nigeria’s Statistical bulletin. The Ordinary Least Squares and Error Correction Modeling were used as the main analytical tools. The Augmented Dickey Fuller unit root test showed that all the variables attained stationary after first difference. The Johansen cointegration test further showed that the series have long run equilibri um relationship at 5 percent level of significance. The result from the errorcorrection model confirms that about 38 percent of the short run shocks in real sector output is corrected annually. From the estimates, a positive and statistically significant relationship exists between real sector output and foreign direct investment. Trade openness also was significant in impacting real sector output positively while a negative and significant linkage was observed between exchange rate and real sector output in Nigeria. The study therefore concluded that openness to trade broadens real output growth. Based on the findings, the study recommends amongst others that in the quest to maximize the benefits from trade openness, the relevant authorities should ensure that the nation’s exports are competitive and meet international standards by leveraging on modern technol ogies and innovation. Also, favourable industrial policies and strong institutional framework should be set up by the government to attract the right foreign direct investments.

An Empirical Analysis of the Effects of Population Growth on Economic Growth in Ethiopia Using an Autoregressive Distributive Lag (ARDL) Model Approach

Between 1980 and 2020, the study looks at “An Empirical Analysis of the Effects of Population Growth on Economic Growth in Ethiopia Using an Autoregressive Distributive Lag (ARDL) Model Approach.” The appraisal coefficient of population growth (POP) and the implication is positive and significant, according to the findings of this study. However, in response to the long‐term association between population expansion and economic growth in Ethiopia, the macroeconomic variables were subjected to a limit test and a broader causality test. From the finding of bound test, since the value of F‐statics is greater than the upper boundary line, there are long run equilibrium relationships among RGDP, population size, foreign direct investment, personal remittance, population growth rate, rate of inflation, and gross capital formation. According to the findings of the Granger causality test, real gross domestic product can cause Ethiopian population size (POP), but population number (POP) cannot cause real gross domestic product at the same time. The motivation of doing this research was to know the sign and effects of population growth on economic growth. Finally, in order to boost Ethiopia’s economic growth, the government should implement policies that would attract foreign investors. The government should also establish a benchmark to ensure that the economy increases faster than the population.

Sustainable Malaria Control Policy and Infant Mortality in an Agrarian Economy: Evidence from Nigeria

Sustainable implementation of policy to control malaria is sine qua non to reduce the infant mortality rate especially in agrarian economies like Nigeria where malaria is common. This study examined the relationship between infant mortality rate and government expenditure on malaria (GEM) (proxy for health policy as explanatory variable), per capita income, infrastructure development index (IDI), government expenditure on education and health (as control variables) using data from 1990 to 2019 obtained from the World Bank and African Development Bank database. The unit root test conducted showed that all the variables were not stationary at first difference. The co-integration test established a long run equilibrium relationship between the variables which suggested the use of the Error Correction Model. The analysis of the estimated coefficients in the model showed that IDI and GEM significantly reduce infant mortality rate at P<0.05. Improvement in government funding to control malaria and efforts to develop infrastructure especially in the rural agrarian communities is recommended.

Impact of Credit Channel of Monetary Policy Transmission Mechanism on the Nigerian Economy

This study is predicated on the long age debate among scholars and Theorists with respect to monetary policy transmission mechanism. Some schools of thought believe that money does not matter and monetary policy is ineffective in influencing real economic variables such as employment and real output. While other schools claim that money matters and monetary policy can influence real economic activities at least in the short run. The last school of thought is those in between these two opponents who believe that the link between money and output is actually reverse causation not the other way round. These controversies revolve on the issue of ascertaining the channel of transmitting monetary policy actions into the economy. Therefore, using the Vector Autoregressive (VAR) Model, this study sought to empirically analyze credit channel of monetary policy transmission mechanism in Nigeria. Applying the time series data spanning the periods of 56 years 1960-2016, the empirical analysis found four interesting results as follows: firstly, all the credit channels variables were non stationary at levels but appears stationary at first difference. Secondly, there is a short run link between credit channel and Nigeria economic growth. Thirdly, there exists a long run equilibrium relationship between credit channel and economic growth in Nigeria. Fourthly, there is evidence of causality running from credit channel to economic growth in Nigeria. Thus, the study came out with one stylized fact about monetary policy transmission mechanism in Nigeria as follows: that the credit channel of monetary policy transmission mechanism are fully effective, operational and promote economic activities in Nigeria and that the effective propagation of monetary policy in Nigeria are done through the credit channel. Based on the findings above, the study recommends that the policy approach of encouraging, emphasizing and arousing the good management of credit channel of the transmission mechanism in Nigeria should be vigorously pursued. This has the ability to trigger up growth in various sectors of the Nigerian economy.