Malete Journal of Accounting and Finance
Malete Journal of Accounting and Finance (MAJAF) is an interdisciplinary publication of the Department of Accounting and Finance, Kwara State University, Malete Nigeria. MAJAF is a scientific platform for academic discourse and knowledge advancement for all researchers. The Journal is a double-blind peer review, conceived with a view to creating avenue for academics and professionals in the field of Management and Social Sciences spanning across the disciplines of Accounting, Finance, Economics, Management, Marketing, Entrepreneurship, Business Administration, Banking Operations among others, in the dissemination of conceptual, theoretical and empirical knowledge for betterment of humanity at large. The contributions add to the compendium of high-quality research works that do not only contribute to knowledge but also provide technical information and new developments in the fields. The journal is published biannually in June and December.
Department of Accounting and Finance, Kwara State University, Malete
IMPACT OF FINANCIAL SECTOR DEVELOPMENT ON ECONOMIC GROWTH IN NIGERIA
This study investigated the influence of financial sector development on economic growth in Nigeria, with particular focus on domestic credit to the private sector, inflation, interest rate spread, and broad money supply. The analysis was anchored on the McKinnon–Shaw financial deepening hypothesis and the supply-leading theory of finance. Annual time series data spanning 1990 to 2024 were sourced from the World Bank Development Indicators. The methodology combined descriptive statistics, unit root tests, Johansen cointegration, and the Vector Error Correction Model (VECM) to examine both the short-run and long-run interactions among the variables. The long-run estimates indicate that domestic credit to the private sector and interest rate spread significantly enhance economic growth, highlighting the importance of access to private credit and efficient intermediation margins. By contrast, broad money supply has a negative and significant impact, suggesting that excess liquidity may undermine productive activity and fuel macroeconomic distortions. Inflation remains statistically insignificant, reflecting inefficiencies in price stability mechanisms and weak monetary policy transmission. The short-run results show limited and insignificant effects across variables, with the error correction term revealing a slow adjustment speed of 3.9 percent towards equilibrium. This study concluded that financial development enhances economic growth. The study recommends improved credit channels to private sector, improving monetary transmission mechanisms, and managing liquidity so as to enhance financial sector deepening which will influence sustainable economic growth.
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IMPACT OF INTEGRATED FINANCIAL MANAGEMENT SYSTEMS ON GOVERNANCE IN DEVELOPING ECONOMIES
Corruption in Nigeria’s public sector remains a systemic challenge undermining governance, economic development, and public trust. This study investigates the effectiveness of Nigeria’s Integrated Personnel and Payroll Information System (IPPIS) and the Government Integrated Financial Management Information System (GIFMIS) in curbing corruption within the public sector. The study relies on primary data obtained through structured Likert-scale questionnaires administered to public sector employees. The population comprises Ministries, Departments, and Agencies (MDAs) of the Oyo State Government, from which a purposive (judgmental) sample of 10 MDAs was selected based on their strategic involvement in financial management and the implementation of IPPIS and GIFMIS. Out of 100 questionnaires distributed, 75 valid responses were retrieved and used for analysis. Ordinary Least Squares (OLS) regression was employed as the main method of data analysis. Regression results further reveal that IPPIS (–0.412, p = 0.011) and GIFMIS (–0.356, p = 0.014) exert statistically significant negative effects on corruption, jointly explaining about 43% of the variation in corruption reduction (R² = 0.428). These findings indicate that both IPPIS and GIFMIS significantly reduce payroll fraud and enhance expenditure transparency. Based on these results, the study recommends the deeper integration of IPPIS and GIFMIS into a unified financial management framework, strengthened institutional enforcement and auditing mechanisms, and sustained capacity-building for public sector personnel to enhance the long-term effectiveness of digital anti-corruption reforms.
BOARD CHARACTERISTICS AND TAX SHELTERING OF LISTED CONSUMER GOODS FIRMS IN NIGERIA
Tax is an important source of revenue to any government; however, the amount of tax paid by consumer goods firms in Nigeria is sometimes low due to firms’ tax sheltering activities. The study therefore investigates how board characteristics influence tax sheltering practices among listed consumer goods firms in Nigeria. The study adopts an ex-post factor research design because historical data were utilized. The population of the study comprised all 21 consumer goods firms listed in Nigeria as at 31 December 2024. Using a purposeful sampling technique and based on data availability, the study covered 13 firms. Secondary data covering a ten-year period (2015 to 2024) were sourced from the annual reports of the sampled firms. Descriptive and regression analyses were conducted using STATA 13 statistical software. The results show that board gender diversity has positive significance effect on tax sheltering (coeff. 0.411, P-value 0.038), board meetings have a positive and statistically significant effect on tax sheltering (coeff. 0.0512, P-value 0.018), board size exhibits a negative but insignificant effect (coeff. 0.004, P-value 0.619), while board independence shows a positive insignificant effect on tax sheltering (coeff. 0.122, P-value 0.301). Based on its findings, the study concludes that board characteristics exert a meaningful influence on tax sheltering practices among listed consumer goods firms in Nigeria. Based on its conclusion, the study recommends that listed consumer goods firms in Nigeria should complement increased female board representation and frequent board meetings with robust board-level tax governance, including clear tax planning limits, periodic compliance reviews, and transparent documentation of tax decisions, while regulators strengthen monitoring and enforcement of corporate reporting practices.
EFFECT OF ORGANISATIONAL CLIMATE ON ORGANISATIONAL CITIZENSHIP BEHAVIOUR AMONG EMPLOYEES OF UNION HOMES SAVING AND LOAN PLC
Due in large part to a lack of knowledge of important behavioural concepts and their importance for long-term organisational survival and success, many businesses continue to face poor employee engagement, high turnover rates, and diminishing productivity. Although organisational climate and organisational citizenship behaviour are acknowledged to be important, there is a crucial gap in the empirical understanding of how these factors interact within certain organisational contexts, which this study aims to fill. This study examined the effect of organisational climate on organisational citizenship behaviour using Union Homes Saving and Loan Plc as a case study. The study used a responses generated from respondents. However, a sample size of One Hundred and Seventy-Six (176) employees were selected for the study using a stratified sampling technique. The sample size was determined using Cochran's formula for sample size determination, considering a margin of error of 5% and a confidence level of 95%. The study used a survey, while mean distribution twas used to interprete respondents’ biodata, simple regression analysis and coefficient of correlation to analysed various research hypotheses developed for the study. The results showed that factors including autonomy, creativity, established guidelines, and clear communication significantly affected workers' propensity to act outside of their official job duties. The study concluded that fostering a supportive and flexible organisational climate can enhanced organisational citizenship behaviour thereby contributing to an improved firm effectiveness and employees’ job satisfaction. Therefore, the study suggested that Union Homes Savings and Loan Plc improve employee autonomy through decentralised decision-making and cultivate a creative work environment in order to strengthen its organisational climate
MICRO-FINANCE ANALYTICS AND CHALLENGES OF FINANCIAL INCLUSION AMONG UNDERSERVED POPULATION IN OYO STATE OF NIGERIA
Despite various global efforts to close the financial gap, millions of individuals and small business in rural communities remain excluded from formal financial system due to limited access, financial illiteracy and systemic inefficiencies. The study investigates the role of microfinance analytics in solving challenges of financial inclusion among underserved populations in Iseyin area of oyo state, Nigeria. The research employed survey research method. A population of one thousand (1,000) individuals from underserved rural community of Iseyin in Oyo state of Nigeria. A stratified random sampling of microfinancing clients was used to select three hundred (300) participants comprising of existing and potential clients as well as stakeholders. Data was collected through structured questionnaire. Analytical tools such as descriptive statistic and ordinary least square method were used to analyse the data. Findings revealed that Microfinance analytics significantly enhance financial inclusion by improving risk assessment, adapting financial products to clients needs and help optimize resources allocation. The study concludes that micro-finance analytics is a transformative tool for addressing financial exclusion. To maximise its impact, the study recommended the Integration of lightweight’s micro-finance analytics into MFIs loan processing workflow and make it the default decision support tool. These would include piloting a cloud based analytic engine, using the dashboard during clients’ interview and setting clear Key performance index (KPI). The expected outcome of the implementation is that it would increase financial inclusion and high portfolio quality is maintained.
DOES DIRECTOR REMUNERATION INFLUENCE GOING CONCERN IN SELECTED MANUFACTURING FIRMS IN NIGERIA
The Nigerian manufacturing sector is a critical driver of economic growth, employment, and GDP contribution. However, several high-profile corporate failures have highlighted concerns about financial instability and threats to the going concern of listed firms .It is against this backdrop that the inspiration to this study arose. Therefore, this study examines the impact of directors’ remuneration on the going concern of manufacturing firms listed on the Nigerian Exchange Group. Using an ex-post facto research design, secondary data were collected from the audited annual reports of 56 listed manufacturing firms spanning 2015 to 2024. Directors’ remuneration was proxies by the natural logarithm of total directors’ pay, while going concern was measured using the Going Concern Ratio (GCR). Multiple linear regression analysis using the fixed-effect model revealed that directors’ remuneration has a significant positive effect on going concern (β = 249,704; p = 0.010 < 0.05). This finding indicates that appropriate remuneration packages can enhance directors’ commitment to maintaining firm sustainability, particularly in financially stable firms. Based on these results, the study recommends that manufacturing firms should implement performance-linked remuneration structures that balance the interests of directors and other stakeholders, ensuring firm continuity without compromising shareholder value or operational efficiency.
RURAL FINANCIAL INTERMEDIATION AND PER CAPITA INCOME GROWTH IN NIGERIA
Nigeria continues to experience persistently low per capita income growth, a challenge that is especially acute in rural areas where the majority of the population resides. One major contributing factor to this stagnation is poor rural financial intermediation, characterized by limited access to credit, inadequate deposit mobilization, and insufficient banking services through rural branches of commercial banks. This financial exclusion constrains investment opportunities and entrepreneurial activities, thereby impeding income growth in rural communities. This study investigates the long-run effect of rural financial intermediation on per capita income growth in Nigeria, focusing on the role of rural branches of deposit money banks in improving income in underserved rural areas. Building on existing research linking financial inclusion to economic growth, this study disaggregates rural financial intermediation to specifically examine rural loans and deposits, addressing a gap in understanding their direct impact on income growth. Using an ex-post facto research design, time-series data are analyzed with an Autoregressive Distributed Lag model to estimate the long-term relationships between rural banking operations, population growth, interest rates, and per capita income growth. The study concludes that while rural financial intermediation shows positive signs of influencing per capita income growth in Nigeria, its current impact is statistically insignificant. However, the significant positive effect of interest rates indicates that access to credit continues to play a vital role in driving income growth despite borrowing costs. In light of these findings, it is recommended that policymakers should focus on expanding credit availability alongside financial education to promote productive borrowing.
BUSINESS RISK CONTROL PRACTICES AND ENTREPRENEURIAL EDUCATION AMONG SELECTED STUDENTS IN LAGOS STATE OWNED TERTIARY INSTITUTIONS
Entrepreneurial education is core strategic development of any emerging nation whose aim is creating value addition environs for her people. Therefore, this study examines the relationship between business risk control practices and entrepreneurial education among students in selected Lagos State–owned tertiary institutions. The study adopted a structured questionnaire, with data collected from 267 respondents. The study employed a cross-sectional survey design cum double sampling comprised of purposive and convenience. The research utilised quantitative methods to gather evidence from selected final-year students in the Lagos State owned Tertiary Institutions. The data analytical techniques employed were descriptive and inferential statistics, which comprised of simple frequency percentages, Friedman Rank-Order Test, and simple regression techniques. Findings from the study confirmed the rank-order analysis of business risk control practices, entrepreneurial education, and a nexus between business risk control practices and entrepreneurial education. While the study showcased the rank-order of the individual metrics for business risk control practices and entrepreneurial education, a positive relationship was established between business risk control practices and entrepreneurial education, with R2 of 51.1 percent and p-value of 0.000. The study recommended that educational stakeholders in tertiary institutions make sure their students have the necessary understanding of risk management tools to support them in their varied enterprises. Additionally, higher education institutions should incorporate a variety of business risk control practices into their entrepreneurship curricula to encourage students' entrepreneurial attitudes, intentions, and behaviours. Higher education institutions ought to have companies that may act as incubators for their students while they pursue business development.
DETERMINANTS OF CORPORATE CASH HOLDINGS IN QUOTED MANUFACTURING FIRMS IN NIGERIA
To guarantee operational effectiveness and reduce financial risks, manufacturing companies require sufficient cash reserves. However, establishing the ideal cash holding level and its determinants can be difficult and lead to financial inefficiencies. This study investigated the factors that influence corporate cash holdings of manufacturing businesses in Nigeria, with a particular emphasis on important firm-specific elements such as capital expenditures, firm size, leverage, profitability, liquidity, and expansion potential. The study employed an ex-post facto research design and gathered data from financial records and yearly reports of a purposive sample of twenty-eight (28) manufacturing companies listed on the Nigerian Exchange from 2013 to 2023. The study used the Panel Generalised Method of Moments (GMM), correlation, and descriptive statistics to look into how these factors affect how much cash a company keeps on hand. The results of the GMM showed that cash holdings are significantly correlated negatively with capital expenditure (β=-0.073 at 1%), financial leverage (β=-0.0001at 1%), and profitability (β=-0.0007 at 1%), whereas firm size (β=0.035 at 1%) and liquidity (β=0.058 at 1%) have a significant positive association with corporate cash holdings. However, growth opportunities (β=-0.0001) showed a negative but negligible influence. Consequently, the study concluded that capital expenditure, financial leverage, profitability, liquidity and firm size are important factors determining the amount of cash and cash equivalents that listed manufacturing companies hold in Nigeria. The study then recommended that firms should optimise their cash holding policies by striking a balance between the expense of holding too much idle cash and the requirement for liquidity.
FINANCIAL REPORTING QUALITY AND TRANSPARENCY OF PUBLIC UNIVERSITY IN NIGERIA: EVIDENCE FROM LASUSTECH, LAGOS STATE, NIGERIA
This study examines the moderating role of Information Technology (IT) infrastructure on the relationship between financial reporting quality and public sector transparency at Lagos State University of Science and Technology (LASUSTECH). Although high-quality financial reporting is critical for transparency and accountability, LASUSTECH has experienced delays in financial disclosures and occasional budget inconsistencies, undermining stakeholder confidence. While IT infrastructure can enhance the accuracy, timeliness, and accessibility of financial information, its moderating influence in Nigerian public institutions remains underexplored. Employing a quantitative approach, the study surveyed 108 administrative and financial staff from a population of 150. Structural Equation Modeling (SEM) was used to test the moderating effect of IT infrastructure on the relationship between financial reporting quality and transparency. Findings indicate that robust IT infrastructure significantly strengthens this relationship, improving the transparency of financial operations. The study contributes to the literature by demonstrating the strategic importance of IT infrastructure in public sector financial governance and offers practical recommendations for policymakers and administrators seeking to leverage technology to enhance accountability and transparency.
IMPACT OF MANAGERIAL ABILITY ON FIRM PERFORMANCE AND RISK-TAKING: EVIDENCE FROM THE GERMAN INSURANCE SECTOR USING A THREE-STAGE EFFICIENCY FRAMEWORK
Managerial ability is increasingly acknowledged as a critical determinant of firm performance, particularly in highly regulated and risk-intensive sectors such as insurance. This study examines the estimation of managerial ability within the German insurance industry through a comprehensive three-stage framework that integrates Data Envelopment Analysis (DEA), regression analysis, and residual-based evaluation. The panel dataset, spanning 2014 to 2023, isolates managerial ability by identifying deviations from predicted technical efficiency levels. Adopting a quantitative, explanatory research design, the study analyzes a balanced panel of 1,200 firm-year observations drawn from licensed German insurance firms over the period 2014–2023, selected using purposive sampling based on data availability and reporting consistency. The empirical results reveal substantial heterogeneity in both managerial competence and operational efficiency across firms, with firm size and market share emerging as significant positive contributors to efficiency. Specifically, second-stage regression results show that firm size (0.112, p < 0.001) and market share (0.067, p = 0.004) significantly enhance technical efficiency, while managerial ability exhibits a statistically significant positive effect on firm performance. The study identifies a robust and statistically significant positive association between managerial ability and firm performance, as proxied by return on equity (ROE), with Generalized Additive Model (GAM) estimates indicating a positive non-linear effect of managerial ability on ROE (s(MA) = 0.12, p = 0.002). The study concludes by recommending greater integration of managerial ability metrics into governance and supervisory frameworks, alongside targeted managerial development initiatives to sustain long-term performance improvements.
IMPACT OF GEOPOLITICAL CONFLICT AND CLIMATIC VARIABILITY ON GLOBAL FOOD SECURITY: EVIDENCE FROM POST RUSSIA-UKRAINE INVASION
The intersection of climate change, geopolitical instability, and food security has emerged as a critical area of global concern. This study investigates the complex interplay between climate change and food security in the context of the Russia–Ukraine war, employing a quantitative econometric research design based on high-frequency weekly time-series data spanning April 2022 to February 2025. The sample consists of approximately 150 weekly observations, constructed using purposive sampling of post-invasion weeks to capture periods of heightened climatic and geopolitical stress. Utilizing an econometric approach grounded in the Environmental Kuznets Curve (EKC) framework, the study applies Autoregressive Distributed Lag (ARDL) bounds testing, complemented by robustness checks using Newey–West HAC standard errors, Vector Error Correction Models (VECM), and instrumental variable (IV-2SLS) estimation to address dynamic effects and potential endogeneity. The analysis reveals the presence of statistically significant non-linear (inverted U-shaped) relationships between temperature and food security, and U-shaped effects of precipitation, confirming EKC dynamics in the climate–food nexus. The findings demonstrate that climatic variability, exacerbated by the ongoing conflict, has significantly disrupted food availability and access in vulnerable regions. The findings imply that policy responses should prioritize climate-resilient agricultural innovation, strengthened institutional frameworks, and diversification of food supply chains to reduce vulnerability to external shocks. It is therefore recommended that policymakers integrate climate adaptation strategies with governance reforms and conflict-sensitive food security planning, particularly in food-import-dependent developing economies affected by global geopolitical instability.
BALANCING ACCURACY AND INTERPRETABILITY IN CREDIT RATING MODELS: A COMPARATIVE ANALYSIS OF STATISTICAL AND MACHINE LEARNING METHODS IN NIGERIA
Credit rating remains one of the most critical mechanisms in financial markets, serving as a benchmark for investment decisions, borrowing costs, and regulatory compliance. This study investigates the predictive capacity of machine learning and traditional statistical methods for corporate credit rating in Nigeria, an emerging economy where reliable credit risk assessment remains central to financial stability and capital allocation. Adopting an explanatory research design, the study utilizes firm-level panel data from a purposive sample of 89 publicly listed companies operating across manufacturing, financial, and service sectors over the period 2015–2023. Using data from 89 companies across three major sectors, the study evaluates the performance of six models, including logistic regression, support vector machines, random forest, XGBoost, decision trees, and k-nearest neighbours, based on classification accuracy, sensitivity, specificity, precision, and Matthews correlation coefficient. Empirical results reveal that while advanced machine learning algorithms such as random forest and XGBoost perform competitively, logistic regression demonstrates consistent interpretability and regulatory suitability, particularly when applied to capital adequacy and profitability indicators. Sensitivity analyses and post-hoc Tukey HSD tests suggest that differences across models are not always statistically significant, underscoring the role of data quality and multidimensional indicators in determining predictive success. The study concludes that hybrid credit-rating frameworks that integrate interpretable statistical models with machine learning techniques offer the most practical balance between transparency and predictive power. It recommends that regulators and financial institutions in Nigeria prioritize data enrichment strategies, encourage explainable modeling approaches, and incorporate alternative data sources to enhance corporate credit assessment and support financial stability.
EMPOWERING WOMEN AND POWERING THE FUTURE: A DYNAMIC PANEL DATA EVIDENCE ON HOW GENDER EQUALITY DRIVES GLOBAL ENERGY
The urgent global challenge of climate change and environmental degradation has propelled the transition towards sustainable energy systems to the forefront of international development agendas. This study investigates the influence of women’s empowerment on the pace and effectiveness of energy transition across countries, employing dynamic panel data techniques to capture both short- and long-term effects while addressing endogeneity concerns. Using an explanatory research design and a balanced panel of developing countries observed over a multi-year period, the study relies on secondary data sourced from the World Development Indicators (World Bank), the United Nations Development Programme (UNDP), and the Worldwide Governance Indicators, selected based on data availability and consistency over time. Using multidimensional indicators of female labor force participation, secondary education enrollment, political representation, and gender inequality, alongside critical control variables such as GDP per capita, urbanization, government energy expenditure, and institutional quality, the analysis reveals that enhanced gender equality significantly accelerates sustainable energy adoption. Specifically, the results indicate that improvements in female labor force participation and female secondary education enrollment exert strong and statistically significant positive effects on renewable energy adoption, while reductions in gender inequality are associated with lower carbon intensity, even after controlling for macroeconomic and institutional factors. The results further suggest that the effects of women’s empowerment are partly transmitted through improvements in institutional quality and human capital, consistent with the study’s theoretical framework. The study concludes that strengthening women’s economic, educational, and political empowerment can serve as an effective catalyst for accelerating energy transition in developing countries and recommends the systematic integration of gender-responsive interventions into national energy and climate policies to enhance the effectiveness and sustainability of the transition toward low-carbon energy systems.
EFFECTS OF CLAIM SPECIFICITY AND SOURCE CREDIBILITY ON CONSUMER TRUST AND PURCHASE INTENTION IN GREEN MARKETING
The effectiveness of green marketing messages may be conceptualised through several theoretical lenses that explore how consumers process environmental claims and the factors that influence trust and purchase decisions. This study investigates the effects of claim specificity and source credibility on consumer trust and purchase intention in green marketing, while examining the moderating role of perceived greenwashing. A sample of 260 environmentally conscious consumers was recruited using stratified random sampling to ensure demographic representativeness across age, gender, education, and geographic location. The study employs a experimental design and collects primary data through structured surveys featuring mock eco-friendly product advertisements. Specifically, claim specificity (0.703, p < 0.001) and source credibility (0.657, p < 0.001) individually increase purchase intention, while their interaction exerts nuanced effects on consumers’ decisions. Perceived greenwashing significantly undermines these effects by increasing consumer skepticism (-0.468, p < 0.001). The findings underscore the necessity for firms to adopt transparent, verifiable environmental claims supported by credible sources to build consumer confidence. Policy implications include stricter enforcement of green marketing regulations, promotion of third-party certification, and targeted educational initiatives to improve environmental literacy. Recommendations emphasize tailored communication strategies and verification mechanisms to mitigate skepticism and encourage sustainable consumption behaviors. In conclusion, combining high claim specificity with credible sources is essential for enhancing trust and purchase intention, while addressing demographic differences and perceived greenwashing enhances the effectiveness of green marketing interventions.
DETERMINANTS OF BANKS’ LIQUIDITY MANAGEMENT IN SUB-SAHARAN AFRICA
Liquidity management remains one of the most critical aspects of banking operations, as it directly influences financial stability, credit intermediation, and the resilience of the financial system. This study examines the determinants of liquidity management among commercial banks in Sub-Saharan Africa. Adopting a quantitative explanatory research design, the study utilizes balanced panel data from deposit money banks purposively selected based on continuous operation over the period 2010–2022. The analysis employed panel least squares regression and the results reveal that government securities exert a positive and statistically significant effect on reserve requirements (0.000; p < 0.05), underscoring their dual role as both yield-bearing assets and liquidity buffers. Vault cash holdings (−0.000; p < 0.05) and interbank credit (−0.000; p < 0.05) exhibit negative associations with reserve requirements, highlighting substitution effects and risk–return trade-offs in banks’ liquidity management decisions. Interbank lending shows a positive but weaker association (p < 0.10), reflecting its modest influence on regulatory liquidity buffers. The sensitivity model confirms liquidity persistence, with the lagged reserve requirement ratio remaining positive and significant (β = 0.374; p = 0.012), indicating path-dependent adjustment behavior among banks. Policy implications suggest the need for gradual reserve requirement adjustments, deepening of government securities markets, tighter regulatory oversight of interbank exposures, and enhanced fiscal–monetary coordination to balance financial stability with credit growth. In conclusion, the study recommends a balanced liquidity regulation framework that integrates market-based instruments with prudential supervision, ensuring resilience of the banking sector. These findings contribute to the literature on liquidity management by providing context-specific, statistically grounded insights into the Nigerian banking sector, with broader relevance for other emerging economies.
DIGITAL FINANCIAL INNOVATION, POLICY FRAMEWORKS, AND SUSTAINABLE ENERGY TRANSITIONS: A CROSS-COUNTRY STUDY ON THE DETERMINANTS OF GREEN INVESTMENT IN EMERGING MARKETS
The intersection of financial technology (fintech) and renewable energy investment has garnered significant academic and policy interest. This study investigates the relationship between digital financial inclusion (DFI), institutional quality, and renewable energy investment in developing countries. Using an unbalanced panel dataset comprising household-level and small-scale enterprise observations from 22 developing economies over the period 2010–2023, the analysis employs probit, logit, and linear probability model. To address potential endogeneity concerns associated with DFI, the study further implements an instrumental variable (IV) probit approach, using mobile network coverage growth as an instrument. The results reveal evidence on the role of DFI and institutional quality in shaping renewable energy investment. While logit and linear probability models indicate that DFI exerts a statistically significant positive influence on renewable energy investment, particularly when complemented by stronger institutional quality, probit and clustered GLM estimates suggest weaker or insignificant effects, underscoring the sensitivity of results to estimation strategy. The interaction between DFI and institutional quality is positive and significant in some specifications but attenuated or negative in others, suggesting diminishing marginal complementarities at higher levels of institutional development. In contrast, socio-economic and structural factors, such as income, education, urbanization, electricity prices, and physical infrastructure, emerge as consistently important determinants of renewable energy investment across most models. The findings highlight that digital financial inclusion and institutional quality are important but not sufficient conditions for accelerating renewable energy investment in developing countries. These results imply that policy efforts to leverage fintech for sustainable energy transitions should be embedded within integrated strategies that combine digital finance expansion, institutional strengthening, and investments in human capital and infrastructure, thereby enhancing the enabling environment for inclusive and sustainable renewable energy adoption.
IMPACT OF GOVERNMENT REVENUE ON ECONOMIC GROWTH IN NIGERIA
Revenue generated by government ought to reflect economic growth in any economy, unfortunately in Nigeria, there is insistent detach between huge revenue generation from both oil and non-oil which could not reflect sustainable economic development path. The study considered the impact of government revenue on economic growth in Nigeria Using an ex-post facto research strategy, this study looked at how public authority revenue affected economic growth in Nigeria. Information derived from secondary sources and published in the 2024 Statistical Bulletin by the Central Bank of Nigeria (CBN) covering the years 1981–2023. Government Revenue was used as an independent variable to represent both oil and non-oil revenue, while GDP was used as a dependent variable to represent economic growth. Preliminary analysis was carried out on the sourced data to ensure that the data are stationary and there is co-integration between the observed variables. The data was analyzed with the help of Fully Modified Ordinary Least Squares, Dynamic Ordinary Least Squares, DOLS and Canonical Cointegrating Regression. Meanwhile, Dynamic Ordinary Least Squares, (DOLS) was chosen because it produced the largest R-squared value among the three competing estimation methods. The outcome of the study showed that both oil and non-oil revenue impacted the economic growth in Nigeria. The study suggested that government should put to good use money derived from various sources such as to fund essential services, invest in infrastructures so as to impact economic growth
SUSTAINABILITY REPORTING AND CORPORATE REPUTATION OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
Growing stakeholder demand for transparency has pushed Nigerian banks to adopt sustainability reporting, yet questions remain about its real impact on how these banks are perceived. Inconsistent disclosure quality, limited ESG details, and doubts about credibility create uncertainty about whether sustainability reporting genuinely enhances corporate reputation. This study examined the influence of sustainability reporting on corporate reputation of quoted banks in Nigeria. The study used existing data to carry out the research. The period of study is 11 years from 2013 - 2023. The population of the study comprises of 21 DMBs listed on the Nigerian Exchange Group (NGX) out of which 10 Deposit money banks were selected for this study using purposive sampling technique. The study used statistical tools of regression. Sustainability reporting was proxy with environmental, social and governance disclosures while corporate reputation was proxy with market capitalization. The study found that environmental reporting has significant and favourable effects on corporate reputation at the 5% level (t= 2.66; p<0.05). The outcomes implies that environmental disclosures will lead to higher corporate reputation. social reporting and governance reporting do not have any noteworthy impact on corporate reputation ((t= -0.09, 0.11 p>0.05 respectively). The study concludes that stakeholders prioritize environmental performance over social and governance aspects when evaluating a company’s reputation. The study recommends that banks strengthen the quality and transparency of their environmental disclosures, as this is the only sustainability dimension that significantly enhances corporate reputation. By focusing on clear, credible, and stakeholder-relevant environmental information, banks can better meet stakeholder expectations and improve their reputational standing.
LIQUIDITY MANAGEMENT AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANK PERFORMANCE IN NIGERIA
This study investigates the impact of liquidity management on performance of deposit money bank in Nigeria. The study made use of ex-post facto research design. Secondary data were sourced on dependent as well as independent variables employed by the investigation were sourced from the reported annual accounts of fourteen (14) chosen DMBs for a period of 15 years, (2009-2023) which was downloaded from the Nigerian Group Exchange (NGX). Dependent variable was financial performance measured using Return on Assets while input variable was liquidity management measured using debt to equity ratio: loan to deposit ratio and liquidity coverage ratio. Firm size was employed as control variable. sourced was analyzed in three stages preliminary, model estimation and post estimation test using panel data regression on -View version 12. The outcome of the evaluation established that equity to debt ratio significantly and negatively impacted ROA, loan to deposit ratio negatively and insignificantly impacted ROA while liquidity coverage ratio negatively and weakly impacted ROA as revealed by the testing of hypothesis at five percent level of significance. The study concluded that the interaction between liquidity management and financial performance of selected financial institutions in Nigeria is complicated. Considering this fact, it was suggested that deposit money banks should adopt liquidity management policy that will make them to achieve efficiency and effectiveness with attention on: liquidity, debt to equity, loan to deposit as well coverage ratios
INFORMATION TECHNOLOGY USAGE, REGULATORY PRESSURE AND ACCRUAL ACCOUNTING COMPLIANCE AMONG FEDERAL MDAs IN KWARA STATE
Corruption remains a major challenge in government parastatals, with frequent cases of embezzlement and misappropriation of public funds, leading to inefficiencies and poor decision-making. To address these concerns, this study examines the impact of information technology usage and regulatory pressure on accrual accounting compliance among federal MDAs in Kwara State. A cross-sectional research design was adopted, and data were collected from a sample of 136 management staff selected from a population of 206 using simple random sampling. The data were analyzed using descriptive statistics and ordinary least squares (OLS) regression. The findings revealed that: (i) information technology usage has a positive and statistically significant effect on accrual accounting compliance (β = 0.650, p < 0.05), and (ii) regulatory pressure also exerts a positive and significant influence on accrual accounting compliance (β = 0.669, p < 0.05). The study concludes that both information technology adoption and regulatory pressure significantly improve accrual accounting compliance among federal MDAs in Kwara State. The study recommends that organizations should engage IT-skilled professionals to train staff on the effective use of accounting technologies for the preparation and presentation of financial statements. Also, relevant agencies should conduct regular inspections and maintain consistent monitoring to ensure compliance with accrual accounting standards.
DIGITAL PAYMENT SYSTEMS AND PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
The contemporary banking industry in Nigeria is increasingly defined by the adoption and integration of Information and Communication Technology in operational processes, fundamentally transforming traditional banking practices. This study investigates the impact of Information Technology (IT) adoption on the performance of deposit money banks in Nigeria, focusing on Automated Teller Machines (ATMs), Point of Sale (POS) systems, Mobile Payment (MP) platforms, and NIBSS Instant Payment (NIP) systems. Utilizing secondary data from 13 Nigerian banks spanning 2014 to 2023 and employing panel regression analysis, the study finds that ATM, POS, and Mobile Payment transactions positively and significantly enhance bank performance, measured by Return on Assets (ROA), while NIP transactions exhibit a negative effect. Specifically, ATM transactions (0.008, p = 0.013), POS transactions (0.046, p = 0.004), and mobile payment transactions (0.003, p = 0.026) exert positive and statistically significant effects on ROA at the 5% level, whereas NIP transactions show a negative and significant relationship with bank performance (β = −0.001, p = 0.010). The study concludes that electronic payment channels, particularly ATMs, POS, and mobile payment platforms, play a critical role in enhancing the profitability and operational efficiency of Nigerian deposit money banks, while the negative impact of NIP transactions highlights potential operational and settlement challenges associated with instant payment systems. The study recommends that banks should continue to strengthen investments in ATM, POS, and mobile payment infrastructure, while regulators and bank management should implement robust risk management and monitoring frameworks for NIP transactions to mitigate associated risks and improve their contribution to bank performance.
INFLUENCE OF TAX REVENUE ON SELECTED ECONOMIC PERFORMANCE INDICATORS IN TANZANIA
This study assessed influence of tax revenue on selected economic performance indicators in Tanzania, explicitly focused on inflation, unemployment and Nominal Gross Domestic Product. It employed a quantitative descriptive design where secondary data was used. Time series data for a period covering 2010 to 2022 was gathered from the Tanzania Revenue Authority (TRA), Bank of Tanzania (BOT), the National Bureau of Statistics (NBS), IMF and World Bank data bases. Data was analyzed quantitatively through descriptive statistics and linear regression model. Study findings revealed a strong positive and significant relationship of tax revenue and country’s GDP where R2= 0.9972 and increase in 1 unit of tax revenue collected led to increase in 0.67 unit of GDP. Further findings revealed a significant positive relationship between tax revenue and inflation where R2 =0.9762 and increase in 1 unit of tax revenue collected led to increase in 0.61 unit of inflation. It was revealed that tax revenue and unemployment have negative but statistically significant relationship (R² = 0.9835; p = 0.0000) where increase in 1 unit of tax revenue collected led to 0.5unit decrease in unemployment. This study recommends to the government of Tanzania to design and institute best and feasible mechanisms such as digital transformation through its tax revenue authority to ensure efficacy of collections and stimulate positive multiplier effect on economic performance indicators which accelerate country’s economic growth and employment generation. It is further recommended that, Investment in socio-economic services such as generation of cheap power, subsidization of key economic sectors including agriculture, technical education and infrastructure development will greatly suppress both production and transaction costs that ultimately suppress cost-push inflation from taxation.
DETERMINANTS OF SUSTAINABLE PERFORMANCE OF COOPERATIVE SOCIETIES IN LAGOS STATE, NIGERIA
Despite the strategic role of cooperatives in facilitating financial inclusion and socio-economic development in Lagos State, their sustainability remains a major concern. This study investigates the factors that influence sustainable performance among cooperative societies in Lagos State, Nigeria. Employing a quantitative design, data were collected via structured questionnaires from registered cooperatives and analysed using multiple regression. Findings indicate that governance structure, trust among members, membership participation, regulatory framework, and market access significantly enhance sustainable performance. Training and development show a marginally positive effect, while financial management has a significant negative impact, suggesting implementation gaps. Inflation is negative but insignificant, suggesting that robust internal and institutional structures can mitigate macroeconomic pressures. The study concludes that sustainable performance depends on strong governance, trust, stakeholder participation, and enabling institutions. Policymakers such as Lagos State Ministry of Cooperatives and cooperative leaders should focus on capacity-building, governance reforms, and effective financial management to ensure resilience and long-term success
ENHANCING INTERNET NETWORK INFRASTRUCTURE IN NIGERIAN ISLAMIC BANKS: A CONCEPTUAL REVIEW OF STRATEGIES FOR IMPROVED CUSTOMER SATISFACTION
In the digital era, robust internet network infrastructure is fundamental to delivering efficient and satisfactory banking services. This paper presents a conceptual literature review exploring the intersection of internet infrastructure development and customer satisfaction within Nigerian Islamic banking. Despite the steady growth of Islamic financial institutions, the sector continues to face significant technological and infrastructural challenges that undermine service quality and customer experience. Drawing upon established frameworks such as the DeLone and McLean Information Systems Success Model and SERVQUAL, the study identifies how improvements in internet reliability, speed, accessibility, and security can enhance digital service quality and customer satisfaction. A conceptual model is proposed to link infrastructure quality, service delivery, and Shariah compliance to customer outcomes. The review reveals that customer satisfaction in Nigerian Islamic banks is highly dependent on the quality of internet infrastructure and the integration of Shariah-compliant digital practices. Sustainable improvement requires both technical and ethical alignment in service delivery. As such, Islamic banks should establish service-level agreements (SLAs) with multiple internet providers to ensure redundancy and reliability; strengthen cybersecurity measures in compliance with Shariah ethical standards; and collaborate with regulators such as the NCC and NITDA to expand affordable broadband access, especially in underserved areas.
DETERMINANTS OF ILLICIT FINANCIAL OUTFLOWS IN NIGERIA
The persistence of illicit financial flows (IFFs) in Nigeria poses a significant challenge to fiscal stability, governance integrity, and long-term economic growth. Despite reforms, the scale of IFFs remains alarming, with Global Financial Integrity estimating losses of over $134 billion between 2003 and 2022. This study examined the macroeconomic and institutional determinants of IFFs in Nigeria, focusing on corruption, political risk, exchange rate, and external debt, while controlling for inflation and interest rates. Adopting a descriptive and correlational research design, the study utilised annual secondary data sourced from the Central Bank of Nigeria (CBN), Global Financial Integrity (GFI), Transparency International (TI), and the Polity IV Index, covering the period 1986 to 2023. The correlational design looks at the connections between key variables, including political risk, corruption, exchange rates, and external debt, whereas the descriptive design examines trends and patterns in IFFs. The analysis employed the Autoregressive Distributed Lag (ARDL) regression technique to capture both short- and long-run dynamics. The results show that corruption reduces IFFs in the short run (β = –1689.19, p < 0.01) but sustains them in the long run (β = –2298.09, p < 0.01), while political risk significantly increases IFFs (β = 66048.75, p < 0.01). Exchange rate depreciation exerts a negative short-run effect (β = –17400.38, p < 0.01), and external debt produces a substantial long-run adverse effect (β = –10762.76, p < 0.01). The study concludes that institutional weaknesses and macroeconomic instability jointly drive IFFs in Nigeria. Consequently, the study recommends stronger anti-corruption frameworks by completing the National Anti-Corruption Strategy (NACS) and improving interagency collaboration between the EFCC, ICPC, and NFIU, exchange rate stabilization, and debt management reforms, which should include transparent loan contracting, stringent parliamentary control over borrowing from outside sources, and improved political accountability as policy measures to curb IFFs and strengthen fiscal sustainability.
ROLE OF ACCOUNTING INFORMATION SYSTEM DIGITALIZATION ON OPERATIONAL EFFICIENCY OF SMEs IN ILORIN
This study examines how the operational efficiency of small and medium-sized businesses (SMEs) in Ilorin, Nigeria, is affected by digitalized accounting information systems. Drawing on the Technology Acceptance Model and contingency literature, the paper tests how AIS adoption, AIS automation, and employee competency influence operational efficiency, and whether government policy moderates these relationships. Using a descriptive survey, data were collected from 359 registered SMEs in Ilorin and analysed with Partial Least Squares Structural Equation Modelling (PLS-SEM). Results indicate that AIS adoption (β = 0.237, t = 5.09, p < 0.001), AIS automation (β = 0.274, t = 6.72, p < 0.001) and employee competency (β = 0.364, t = 8.25, p < 0.001) significantly and positively predict operational efficiency. Government policy showed no significant moderating effect. Robustness checks (Harman’s single factor, multicollinearity, and bootstrapping with 5,000 samples) confirm result stability. Digitalizing AIS significantly enhances SME performance in Ilorin, principally when employees are competent. Policymakers should finance targeted AIS training and subsidized cloud accounting packages for SMEs in order to enhance performance. Equally, SMEs are advised to prioritize staff upskilling and adopt affordable cloud accounting to realize immediate efficiency gains. The study contributes locality-specific evidence for Ilorin and actionable policy prescriptions for SME digital.
Digitalized Accounting Information System
DESIGNING ISLAMIC FINANCIAL PRODUCTS FOR MUSLIM FEMALE DOMESTIC WORKERS IN NORTHERN NIGERIA: A HUMAN-CENTERED APPROACH
Financial exclusion remains a significant challenge for Muslim female domestic workers in Northern Nigeria, driven by socio-economic, cultural, and religious barriers. This study adopts a human-centered design (HCD) approach to propose Shari’ah-compliant financial products integrated with digital financial services (DFS) that align with women lived realities. Using a qualitative and conceptual methodology, the study synthesizes evidence from literature, policy documents, and empirical findings to explore user needs, access barriers, and financial behavior among this underserved group. Guided by an HCD framework, empathize, define, ideate, prototype, and test, the paper outlines product models anchored on Islamic finance principles such as Mudarabah, Musharakah, and Qard al-Hasan. Findings reveal that financial inclusion and empowerment are enhanced when products leverage female agent networks, USSD and voice-based platforms, and Islamic social finance instruments like Zakat and Waqf to deliver interest-free, trust-based financial solutions. The study concludes that the integration of Islamic finance ethics, human-centered innovation, and digital technology presents a viable pathway for advancing equitable, sustainable, and faith-aligned financial inclusion among marginalized Muslim women in Northern Nigeria.