Research Article
Open Access
Effect of Financial Market Development on Nigeria’s Economic Growth
Mukolu M.O, Ajayi J E, Dombo V A
Abstract
This study examined the effect of financial market development on economic growth in Nigeria between 2013 and 2023. Financial market development was proxied using broad money supply (M2), savings, time deposits, and domestic credit to the private sector, while economic growth was measured using Gross Domestic Product (GDP). Secondary data were sourced from the Central Bank of Nigeria (CBN), World Bank, and other relevant financial databases. The study employed the Autoregressive Distributed Lag (ARDL) technique after conducting stationarity tests using the Augmented Dickey-Fuller (ADF) approach. Findings revealed that broad money supply exerted a negative but insignificant influence on economic growth, while domestic credit to the private sector and inflation exhibited positive but insignificant effects. The study further established the existence of a long-run relationship between financial market indicators and economic growth. The study concludes that financial market development remains a critical driver of economic growth; however, inefficiencies in financial intermediation and macroeconomic instability limit its effectiveness in Nigeria. The study recommends strengthening financial sector reforms, enhancing financial inclusion, and improving credit allocation to productive sectors.
Review Article
Open Access
Organizational Culture as a Bridge: Linking Governance to Enhanced Performance in Nepal’s Public Sector Enterprises
Bishnu Prasad Gyawali, Mahananda Chalise, Dilli Raj Sharma, Dhan Raj Chalise
Abstract
Public sector enterprises (PSEs) play an important role in economic development and public service delivery, especially in developing countries such as Nepal. However, many PSEs still experience challenges in relation to weak governance structures, inefficiencies and limited organizational performance. While corporate governance reforms have been introduced to enhance accountability and transparency, governance mechanisms alone may not be sufficient in explaining variations in organizational performance. Internal factors such as organizational culture and external strategic orientations such as market orientation may influence the governance practices translating into performance outcomes.
This study analyzes the relationships between corporate governance, organizational culture, market orientation and organizational performance. Specifically, it examines the mediating effect of organizational culture and the moderating effect of market orientation in the governance-performance relationship. The approach of this study is systematic literature review in which the synthesis of peer-reviewed studies published between 2010 and 2025 is carried out.
The findings show that corporate governance has a positive impact on organizational performance, while organizational culture serves as an important mechanism to translate the governance practices to advance organizational performance. In addition, market orientation can reinforce the relationship between governance and performance by making organizational behavior more responsive to stakeholder needs. This study adds to the existing literature by presenting an integrated conceptual framework for the relationship between governance, culture, and market orientation to explain the performance in the public sector enterprises.
Research Article
Open Access
Corporate Social Responsibility and Profitability of Quoted Oil and Gas Companies in Nigeria: Evidence from Environmental Initiatives, Community Development, and Employee Welfare
Emmanuel Babatunde Oyedele
Abstract
This study investigates the impact of Corporate Social Responsibility (CSR) on the profitability of quoted oil and gas companies in Nigeria for the period 2015 to 2024. Three dimensions of CSR are examined as independent variables, Environmental CSR Initiatives (EE), Community Development and Social Responsibility (CDE), and Employee Welfare and Engagement (EWE), while Return on Assets (ROA) serves as the proxy for firm profitability. The study is anchored on Stakeholder Theory, Legitimacy Theory, and the Resource-Based View (RBV). Adopting an ex-post facto research design, secondary data were extracted from audited and unaudited annual reports and sustainability disclosures of five purposively selected NGX-listed oil and gas companies, covering fifty (50) firm-year observations. Data were analysed using descriptive statistics, Pearson correlation analysis, and multiple regression via STATA 15.0. The regression results revealed that Environmental CSR Initiatives and Employee Welfare and Engagement exert positive and statistically significant effects on ROA, while Community Development and Social Responsibility is positively but insignificantly related to profitability. The study concludes that strategic CSR investments, particularly in environmental stewardship and employee welfare, enhance the financial performance of oil and gas firms in Nigeria, while community-based CSR, though vital, does not produce immediate accounting returns. The study recommends intensified environmental and employee-centred CSR investments, strategically aligned with corporate profitability objectives, and advocates for mandatory CSR disclosures by regulatory authorities.
Research Article
Open Access
Fiscal Policy and Income Distribution in West Africa: Does Governance Quality Matter?
Mgbomene, Chukunalu, Nnannah Jonathan Oghenekaro
Abstract
This study examines fiscal policy and income distribution in West Africa with due consideration to governance quality in the West African region. The independent variables were government revenue, government expenditure, fiscal borrowing, governance quality indicators while income inequality index (Gini coefficient) was the dependent variable. Data were sourced from World Bank Development Indicator for 14 countries in West Africa for the period 2000 through 2025. The data were analyzed using Panel random effect least square regression. The results showed that governance quality has profound effect on fiscal policy operation in West African countries. Given the presence of governance quality indicators as control variables, government revenue soared and decreased income inequality. Government expenditure and borrowing increased income inequality in West African economies. The research concluded that West African governments’ expenditure is concentrated on one particular segment of the population and is not evenly spread thus leading to uneven income distribution. It was recommended that government expenditure and revenue should be evenly spread with transparency in order to ensure expansionary monetary policy and an even income distribution.
Research Article
Open Access
Executive Education and Leadership Agility in Nigeria’s Public Sector: Implications for Adaptive Governance and State Capacity
Agboola, Oluwafemi
Abstract
Despite high levels of investment in attempts to strengthen the institution, the performance of the public sector continues to be weak in Nigeria. The aim of this study is to explore the level of contribution of executive education to add value to governance in Nigeria's public administration in terms of leadership agility. Based on the above theories, the study is grounded on the Human Capital Theory and the Adaptive Governance Theory, which is used to reflect on the role of leadership training in achieving the effectiveness of an organisation and institutional adaptation.
The study adopted a qualitative documentary research design, which involved a reflexive thematic analysis of 42 policy documents, government documents and reports, institutional publications and development partner reports that were purposely selected. The results demonstrate that Executive education enhances leadership agility in three dimensions: strategic decision making, digital readiness, and crisis-response. The National Primary Health Care Development Agency (NPHCDA) evidence reveals improved leadership development which facilitated increased coordination between State Primary Health Care Boards and increased use of responsive feedback mechanisms. But the findings of the ministries in the Anambra State government and leadership trainings conducted through the Lagos State Public Service Staff Development Centre (PSSDC) suggest that in practice, new leadership skills are sometimes stifled by poor accountability mechanisms and lack of supportive framework within the organisation. On this basis, the improvement of individual leadership ability does not necessarily lead to a better performance of the institutions.
The study contributes to the Capacity–Structure Paradox, which posits that an increase of leadership capability may not lead to better governance outcomes where institution structures are weak. Overall, the study shows that executive education is not enough to transform governance and should be supported by organizational process and accountability system reform and improvements in digital governance systems. The results provide important lessons to the public sector reform and leadership development in Nigeria and other developing countries with governance challenges.
