Hodo B. Riman

Bio: Hodo B. Riman is an academic researcher from University of Calabar. The author has contributed to research in topics: Industrial production & Variance decomposition of forecast errors. The author has an hindex of 6, co-authored 18 publications receiving 128 citations. Previous affiliations of Hodo B. Riman include Nnamdi Azikiwe University & Cross River University of Technology.

Healthcare Financing and Health outcomes in Nigeria: A State Level Study using Multivariate Analysis

Abstract: The study utilizes the multivariate analytical tool to describe the relationship that exists between health care financing, health facility utilization and health outcome in Nigeria. The focus of this research was on women who are of child bearing age and who had given birth to at least one child within the past five years. The study adopted the stratified sampling technique comprising of two rural Local Government Areas and one Urban Local Government Area in Cross River State, Nigeria. The study demonstrated that the high levels of infant mortality and morbidity rate was associated with the high incidence of out-of-pocket payment, and the wide disparity and inequality in income distribution. The study further observed a disproportionate disparity in the spatial distribution of health facilities, with concentration of health facilities at the urban areas rather than the rural areas, which of course contributed to the poor service demand. The studies therefore recommend among other things the review of the current Federation revenue distribution formula, with emphasis given to the Local Government Areas (who are the principal institution responsible for primary health care in Nigeria) and the speedy implementation of the National Health Insurance Scheme (NHIS).

Asymetric Effect of Oil Price Shocks on Exchange Rate Volatility and Domestic Investment in Nigeria

Abstract: Aim: The paper aimed at examining the asymmetric effect of oil price shock on exchange rate and domestic investment in Nigeria. Study Design: Country case study. Place and Duration of Study: Nigeria. Time series data ranging from 1970-2010. Methodology: This study utilised elaborate econometric analysis which tests the sensitivity of exchange rate, private investment, public investment, per capita income and industrial production to oil price shocks, using the Impulse Response Functions (IRFs) and Variance Decomposition (VDC) techniques within a Vector Autoregressive (VAR) framework. Results: The result clearly revealed that while government expenditure exhibited immediate positive response to oil price shock, public investment, private investment and industrial production exhibited negative response to oil price shock, further confirming the evidence of “Dutch disease” in Nigeria. The variance decomposition analysis further revealed that exchange rate, government expenditure and domestic investment were mainly affected by oil shock, particularly, in the short run. Conclusion: The study concludes that volatility in crude oil prices has negative impact on domestic investment and industrial development in Nigeria. It is recommended among other things in this study that the usual practice of sharing oil windfalls to the three tiers of government should be discouraged; rather, the central government should allocate these windfalls to priority sectors of the economy to enhance development.

Nexus between Oil Revenue, Non-oil Export and Industrial Output in Nigeria: An Application of the VAR Model

Abstract: The study had set forth to explore the intertwining relationship that exist between oil revenue shock, non-oil export and industrial output in Nigeria. In achieving this objective the study utilized data spanning the period 1970-2010. This period captured the major era of regime shift (changes in governance) and policy administration in Nigeria. Vector Autoregressive (VAR) model and cointegration technique were used to examine the long run relationship, while the Vector Error Correction Model (VECM) was used to analyze the short-run behavior of the variables. The Johansen cointegration analysis suggests that a long run behavior exist between oil revenue shock, non-oil export, policy/regime shift and industrial output in Nigeria. The short-run result showed that the speed at which industrial output will converge towards long-run equilibrium after experiencing shock from oil revenue is very slow. It therefore would take a very slow process for industrial output to recover from shock arising from variation in oil revenue. The long run result shows that oil revenue shock and policy/regime shift had negative impact on industrial output and non-oil export. The impulse response function and variance decomposition analysis suggest that the major drivers of industrial development in Nigeria are non-oil export, regime shift and oil revenue. Thus innovations from these variables impact severely on industrial growth in Nigeria. The study therefore suggest among other things that the panacea to industrial growth in Nigeria rest on diversifying the economy away from crude oil export and ensuring a stable government in Nigeria that

Industrial Production and Non-oil Export: Assessing the Long-run Implication on Economic Growth in Nigeria

Abstract: The aim of this paper is to identify the role industrial sector plays in driving the GDP of Nigeria. The paper further seeks to predict the long-run behavioral relationship between industrial production, non-oil exports and economic growth in Nigeria using data from 1970 – 2007. Vector Error Correction Mechanism (VECM) was utilized to establish the co-integrating relationship between industrial production, non-oil exports and GDP. The paper reveals the existence of a positive and significant uni-directional relationship that runs from industrial production to non-oil exports. It was further evident in the study that the current policies on industrial production in Nigerian do not sufficiently encourage non-oil export. The paper therefore predicts an imminent collapse of the Nigerian manufacturing industries in the nearest future if immediate remedial measures are not quickly taken to strengthen the ailing industries. The paper among other things encourages the government to strengthen the legislative and supervisory framework of the Agricultural Credit Guarantee Scheme in Nigeria.

The Role of Stock Market Development on Economic Growth in Nigeria: A Time Series Analysis

Abstract: This study investigated the role of stock market development on economic growth of Nigeria using a 15-year time series data from 1994 - 2008. The method of analysis used is Ordinary Least Square (OLS) techniques. The study measures the relationship between stock market development indices and economic growth. The stock market capitalization ratio was used as a proxy for market size while value traded ratio and turnover ratio were used as proxy for market liquidity. The results show that market capitalization and value traded ratios have a very weak negative correlation with economic growth while turnover ratio has a very strong positive correlation with economic growth. Also, stock market capitalization has a strong positive correlation with stock turnover ratio. This result implies that liquidity has propensity to spur economic growth in Nigeria and that market capitalization influences market liquidity. We should view with caution the notion that stock market size is not significant for economic growth since multicollinearity exists in the data used for this analysis. The government should make policies that boost the interest of domestic investors in Nigeria as this might spur investors’ interest and boost stock market activity. Keywords : Stock Market Development, Economic Growth, Time Series Analysis, Nigeria, Market capitalisation, liquidity.

Financial Development and Economic Growth: Global and African Evidence

Abstract: This paper aims to survey existing research on financial development and economic growth, highlighting the theoretical models and evidence from recent empirical work. Emphasis is placed on the flow-of-funds story (finance matters for economic growth). It is noted that recent evidence is weighted in favour of the argument that financial development, in terms of financial institutions and markets and their role in reducing information asymmetry and pricing risk, is crucial for economic growth. Also, new evidence offers important insights into the mechanisms by which finance induces economic growth, including emerging work on corporate finance as well as work that teases out an implication for inter-generational income distribution and poverty reduction (the finance-and-growth opportunity argument). However, there are some cautionary tales, as well, not least because of financial crises and contagion effects and the threat to sustainable growth and income convergence. Evidence specific to African economies is highlighted and implications for policy are drawn. The paper concludes by proposing the way forward for further research.

Health care expenditure, health status and national productivity in Nigeria (1999-2012)

Abstract: The major challenge facing policy makers is how to allocate limited resources across the range of preferences that contribute to poverty reduction and economic development; including capital expenditures on health, education, infrastructure and recurrent expenditures. The aim of this study is to establish the relationship between healthcare expenditure, the health status and national productivity in Nigeria. The motivation for this study is the relevance of the subject matter. Most of the studies in this area have treated the impact of government’s expenditure on health in Nigeria, without linking such expenditure appropriately to productivity. This study is situated in applied economics and the relevance of applied research cannot be overestimated. Since the public and private health care sectors are broad, we focused on the public healthcare expenditure from 1999-2012 for objective analysis. We reviewed several literatures and also used secondary data to run regression. We also used questionnaires to elicit responses. Public health care expenditure is considered as the explanatory variable for health status, productivity and poverty reduction. However, the causal relationship is weak in the Nigeria scenario. If people are a country’s principal asset, then their health status defines the course of development, and their health characteristics determine the nature and direction of sustainable human development. Nigeria needs investment in health research and innovation. We recommend a universal healthcare coverage; a system that everyone can access healthcare. More so, in an increase ngly globalized world, it is recognized that high levels of investment in research and innovation are essential, both for economic competitiveness, and to yield innovation in areas such as healthcare and environmental technologies. These make tangible improvements to quality of life. The challenges and prospect of the primary healthcare delivery for rural development need further study. Key words: Federal Government of Nigeria, productivity, health status, reproductive health, sustainable development, primary healthcare.

Financial Development and Economic Growth: Global and African Evidence

Abstract: This paper aims to survey existing research on financial development and economic growth, highlighting the theoretical models and evidence from recent empirical work. Emphasis is placed on the flow-of-funds story (finance matters for economic growth). It is noted that recent evidence is weighted in favour of the argument that financial development, in terms of financial institutions and markets and their role in reducing information asymmetry and pricing risk, is crucial for economic growth. Also, new evidence offers important insights into the mechanisms by which finance induces economic growth, including emerging work on corporate finance as well as work that teases out an implication for inter-generational income distribution and poverty reduction (the finance-and-growth opportunity argument). However, there are some cautionary tales, as well, not least because of financial crises and contagion effects and the threat to sustainable growth and income convergence. Evidence specific to African economies is highlighted and implications for policy are drawn. The paper concludes by proposing the way forward for further research. Copyright 2012 , Oxford University Press.

Assessment of Health Budgetary Allocation and Expenditure Toward Achieving Universal Health Coverage in Nigeria

Abstract: Context: The implementation of the Universal Health Coverage (UHC) promotes access to quality health care delivery through cost-effective initiatives to ensure good health and wellbeing without discrimination. This study examines government finance, budgetary allocation, and expenditure as key health development indicators towards achieving the UHC in Nigeria. Evidence Acquisition: Data analyzed in the study were gotten from journal articles, reports and other secondary sources. Searches were conducted in PubMed, Google Scholar, and WHO Library Database with pre-determined search terms. Further publications were identified through snowballing of citations and references. We reviewed only papers written in English with no date restrictions placed on searches. Results: Within the period of analysis, the annual national health budgetary allocation in Nigeria has been below the 2001 Abuja declaration of allocating 15% of the national budget to health. Our analysis also revealed that if the Abuja declaration was implemented, additional allocations of NGN 4.99 trillion should have been injected into the health sector between 2014 and 2020. In addition, Nigeria also lags behind relative to some other low-and middle-income countries in terms of government expenditure to the health sector in achieving the UHC. Conclusions: The inadequate budgetary allocation in Nigeria to healthcare has significantly influenced recurrent and capital health expenditure. It is worthy to note that the insufficient allocation will continue to significantly affect capital expenditure which is a large determinant of the development of any health system. With the current state of healthcare budget allocation in Nigeria, efforts need to be intensified to ensure the achievement of UHC. In the face of achieving UHC, reviewing the system of healthcare financing and ensuring prudent allocation of resources while shifting the focus from out-of-pocket payments for health is essential. We also recommend increase in political commitment towards improving the health of the populace so as to ensure health systems goals of efficiency, equity, quality of care, sustainability, financial risk protection for all citizens are achievable.