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Does rising inflation affect the tourism industry? Evidence from Nigeria

The rising spate of inflation in Nigeria has become worrisome in recent years, considering its implications on the quest for tourism development in the country. This study, therefore, empirically evaluates the effect of inflation on the Nigerian tourism industry. Two tourism indicators (tourism arrivals and tourism receipt) are employed in this study for robustness and quarterly data on relevant variables for the period between 1995Q1 and 2020Q4 were analysed using different econometric approaches. The results of all the estimation methods unanimously revealed a trade-off between inflation and the two tourism indicators, signalling that inflation dissuades international tourist arrival and lower tourism revenue in Nigeria. Hence, the Nigerian monetary authority must ensure price stability by keeping the inflation rate at a desirable level in a bid to foster tourism development in the country.

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Authors: Isiaka Raifu Akande and Joshua Adeyemi Afolabi

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Simulating the Inflationary Effects of Fuel Subsidy Removal in Nigeria: Evidence From a Novel Approach

This study simulates the effect of fuel subsidy removal on different categories of inflation in Nigeria using the novel dynamic simulated autoregressive distributed lag framework. Findings revealed heterogeneity in the inflationary effect of an increase in premium motor spirit price across locations, and that the recent fuel subsidy removal in Nigeria will have long-lasting negative inflationary effects.

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Authors: Isiaka Akande Raifu, Joshua Adeyemi Afolabi
 

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Does Access to Clean Fuel and Technology Improve Health Outcomes? A Comparative Analysis of Africa and Asia

This study examines the effect of access to clean fuel and technology on health outcomes, drawing a comparison between Africa and Asia over the period 2000–2021. Using Generalised Least Squares, our findings revealed that access to clean fuel and technology improves health outcomes in both regions, suggesting that having access to clean fuel and technology is indispensable to improving health outcomes in Africa and Asia. Thus, governments in the two regions should prioritise and invest in technology that provides access to clean energy.

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Authors: Isiaka Raifu Akande and Nantap Rejoice Ditep

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Simulating the effect of counterfactual changes in religious tourism on economic growth in Saudi Arabia

With the widening saving-investment gap and the limited domestic financial resources to drive development imperatives in Sub-Saharan Africa (SSA), foreign direct investment (FDI) is considered a viable and sustainably promising option for boosting employment generation and closing gender gaps in employment. This paper provides critical insights into the gender and age-based employment effect of FDI in SSA and the role of institutional quality in shaping the relationship. The two-step generalized method of moments modelling framework was adopted to analyse relevant data of 29 SSA countries over the 2000-2021 period. The results revealed that FDI has a significant employment-enhancing effect irrespective of gender and age considerations. We also find that institutional quality amplifies this effect. Efforts should, therefore, be concentrated on improving institutional quality, the success of which will appeal to foreign investors and attract more foreign investments.

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AUTHORS:Isiaka Akande Raifu, Joshua Adeyemi Afolabi, Abdulkhalid Anda Salihu

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On the effect of military spending on education in Africa: what role does institutional quality play?

Abstract 

Purpose – This study explored how institutional quality influences the relationship between military spending and education in Africa. 

Design/methodology/approach – This study used data from 43 African countries spanning the years 2000–2021. Two estimation methods were employed to address various issues: Fixed Effects with DriscollKraay standard errors and the Two-Step System Generalised Method of Moments. The Fixed Effects with Driscoll-Kraay standard error method was used to obtain reliable standard errors and inferences from the estimated coefficients of the fixed effects model. Meanwhile, the problem of endogeneity between military spending and education was addressed using the Two-Step System Generalized Method of Moments (GMM). 

Findings – The results indicated that military spending negatively impacts both the quality and quantity of education. However, both institutional quality and the interaction term (institutional quality*military spending) have positive effects on both measures of education, suggesting that better institutional quality mitigates the negative effect of military spending on education outcomes. 

Practical implications – This study shows that institutional quality dampens the negative effect of military spending on education, especially the quality of education. Hence, African countries should prioritize strengthening their institutions to ensure optimal allocation and utilization of government funds for the benefit of their citizens

READ MORE  - https://www.emerald.com/insight/content/doi/10.1108/jbsed-10-2023-0081/full/html

AUTHORS: Isiaka Akande Raifu, Damian Chidozie Uzoma-Nwosu and Alarudeen Aminu

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