Babcock Journal of Economics ISSN: 2734-2239

Volume: Volume 10

Babcock Journal of Economics

From the Editorial Board

Editorial Board of the Journal emphasises that the ideas, opinions, expressions and conclusions that constitute the material contents of the articles in this Volume 10 E/December 2022 are entirely those of the author(s) and do not in any way represent the views of the members of Editorial Board or the Publisher of the Babcock Journal of Economics (BJOE). In the same vein, the views represent neither the views of Veronica Adeleke School of Social Sciences nor those of the team of Babcock University Administration. Therefore, the authors assume all responsibility for the ideas expressed in the materials published.


Table of Content, and Comments from the Editorial Board

Volume 10 E/December 2022

Table of Contents

Articles in this Volume

Relative Magnitude of Fiscal Health and Inclusive Economic Growth in Nigeria                          PDF

ADEFABI Rasak Adetunji                                                                                                            1-14

Crude Oil Price Fluctuations and Macroeconomic Variables in Nigeria                                                    PDF

Odunuga Oluseyi E., Onakoya Adegbemi B. & Obiakor Rowland T.                                        15-36

Public Debt and Welfare in Nigeria                                                                                                            PDF

Agiri Moyosoreoluwa & Oyedele Ovikuomagbe                                                                                  36-53

The Law, The Banking Reforms, The Judicial System and Economy Growth: The Case of Nigeria        PDF

Ajibola Joseph Olusegun                                                                                                                                                       54-64




Editorial Objectives

The objective of the BJOE is to publish high-quality theoretical, empirical, and methodological research in the fields of economics. The articles published must meet high standards of scholarship. They should make significant contributions to the economic banking discipline, and stimulate interest in further research.

Editorial Policies

In line with the editorial objectives of BJOE, priority shall be given to the following

  • Theoretical research: Studies that are derived from conceptual or theoretical issues and provide additional insights into the issues.
  • Empirical research: Studies that re-examine important empirical work using alternative theoretical or empirical frameworks, or different data sets. These studies often involve experimental designs and multivariate techniques that examine relationships among variables, which yield numeric and synthesised outputs.
  • Methodological research: Studies that present new approaches to analysing data or addressing research problems.
  • Review articles: Surveys that review and critically evaluate the literature. A review article must go beyond summarising previous research. It must provide a critical and integrative evaluation of prior research, develop a conceptual framework to explain contradictory findings, and suggest directions for further research.

   The BJOE also encourages and welcomes papers that use an interdisciplinary approach in analysing issues as well as         those that use multiple research methods to support hypotheses.


Publication Details

The BJOE is published in frequency of two issues in a year. Unless otherwise noted, the ideas, opinions, and conclusions expressed in the BJOE are those of the authors and not necessarily those of the Editorial Board of the Journal or the Department of Economics or Veronica Adeleke School of Social Sciences or Management and staff of Babcock University.

Review Process

Papers are subjected to blind-peer review by selected expects in the fields of economics. The review process for each paper submitted to the Journal takes about three months. Review outcomes are always sent back to authors for revision as guides to improving quality of the papers. If major revisions and or restructuring are required, the papers are sent back to the authors for such revision and or restructuring as well as resubmission. Each author, or as the case may be the corresponding author, of a paper not accepted is given a written notice of the action and decision taken on the paper. The Editorial Board of BJOE reserves the exclusive right to keep copies of all papers submitted to the Journal, and their copyrights.

Paper Format

A manuscript must be prepared in MS word format with Times New Roman 12 pt. font, and margin of one inch (1”) on all sides, and double line spacing. The right-hand margin must have justified alignment. Where necessary, equations must be numbered. Footnotes should not be used for reference purposes. All references and/or content notes must be placed at the end of the paper. A paper must be a maximum of 18 pages in all (i.e., including tables, figures, references and appendices). All tables and or figures must be sequentially numbered and appropriately titled and, where necessary, sources should be placed at the base. The abstract of a paper must essentially summarise the objective of the paper, methodology employed, major findings and recommendations, and must be a maximum of 150 words in length. The abstract must be written in past tense, and no in-text citation must be contained in the abstract. Maximum of five key words must be provided underneath the abstract. Also, where necessary, maximum of five Journal of Economic Literature (JEL) classifications must be provided. All sources cited in the body of a paper must be fully listed in the references.

Referencing Style

The referencing must adhere strictly to the most current American Psychological Association (APA) style. The in-text citations must indicate only the surname(s) of the authors and year of publication. Where there are more than two authors, only the surname of the first author must be indicated, followed by et al., then the year of publication.



Journal Articles:

Abidemi, O. I. & Malik, S. A. A. (2010). Analysis of Inflation and its Determinant in Nigeria. Pakistan Journal of Social                       Sciences, 7(2), 97–100.

Thirlwall, A. P. (1997). Reflections on the Concept of Balance-of-Payments-Constrained    Growth. Journal of Post                               Keynesian Economics, 19(3), 377–385.


Schumpeter, J. A. (1912). The Theory of Economic Development: An Inquiry into Profits, Capital, Interest and the Business                Cycle. Cambridge: Harvard University Press.

Dwivedi, D. N. (2013). Macroeconomics: Theory and Policy, Third Edition”, New Delhi: Tata McGraw Hill Education                         Private Limited.

Becker, G. (1993). Human capital: A Theoretical and Empirical Analysis, with Special Reference to Education”. (3rd Ed.),                    Chicago: University of Chicago Press.

Edited Books:

Soukiazis, E. & Cerqueira P. A. (2012). Models of Balance of Payments Constrained Growth. In Soukiazis, E. & Cerqueira P.                 A. (eds.), History, Theory and Empirical Evidence. Basingstoke, UK: Palgrave Macmillan.

Presented Papers:

Olatunji, G. B. Omotesho, O. A., Ayinde, O. E. and Ayindo, K. (2010). Determinants of Inflation in Nigeria: A Co-integration                 Approach. Paper presented at the Joint 3rd African Association of Agricultural Economists, 5-6 November, Lagos.

Conference Proceedings:

Okwu, A. T. (2016). Migrants’ Remittances and Economic Growth in Africa: A Longitudinal Data Analysis. Proceedings of                   37th International Business Research Conference, 1-2 August 2016, Las Vegas, USA.

Working Papers:

Khan, A. A., Bukhari, S. K. H. and Ahmad, Q. M. (2007). Determinants of Recent Inflation in Pakistan. MPRA Working                          Paper Number 16254.

Vargas-Silva, C., Jha, S. and Sugiyarto, G. (2009). Remittances in Asia: Implications for the Fight against Poverty and the                        Pursuit of Economic Growth. Asian Development Bank Working Paper Series (WPS) Number 101409.

Oleg, D; Kajurova, V. and Stavarek, D. (2013). Testing Rational Speculative Bubbles in Central European Stock Markets.                        MPRA Paper No. 46582. Accessed 1 October 2014.

Institution Papers:

Catrinescu, N., Leon-Ledesma, M. Piracha, M. and Quillin, B. (2006). Remittances, Institutions, and Economic Growth.                          Discussion Paper Series (IZA), No. 2139. Bonn, Germany: Institute for the Study of Labor.

Unpublished Works (e.g., research projects, theses, dissertations):

Okwu, A. T. (2013). Business Environment and the Performance of Small and Medium Enterprises in Lagos State, Nigeria.                  Unpublished Thesis submitted for the award of Doctor of Philosophy (PhD) degree, Babcock University, Nigeria.

Dissou, Y. Didic, S. and Yakautsava, T. (2012). Government Spending on Education, Human Capital Accumulation and                         Growth. Unpublished research work submitted for award of Bachelors of Science (BSc,) degree, University of                          Ottawa, Ontario, Canada.


WHO (2005). Achieving Universal Health Coverage: Developing the Health Financing System. Technical Briefs for Policy                    Makers. Geneva: Department of Health System Financing, WHO.

Xu, K., Evans, D. B., Carrin, G. and Aguilar-Rivera, A. M. (2005). Designing Health        Financing Systems to Reduce                       Catastrophic Health Expenditure. Technical Briefs for         Policy Makers. Geneva: World Health Organisation                         (WHO).

Onoka, C. A., Onwujekwe, O. E., Hanson, K. & Uzochukw B. (2010). Measuring             Catastrophic Health Care                               Expenditures in Nigeria: Implications for Financial Risk       Protection. Nsukka: Research Brief, Health Policy                         Research Group, College of Medicine, University of Nigeria.

Internet Sources:

Le Goff, M. and Salomone, S. (2013). Remittances: A Lifeline for Developing Countries?                                                            Accessed 15 July 2016.

Oleg, D., Kajurova, V. and Stavarek, D. (2013). Testing Rational Speculative Bubbles in Central European Stock Markets.                MPRA Paper No. 46582. Accessed 1 October 2014.

Submission of Initial Manuscript

Manuscripts must not have been published or accepted for publication elsewhere. Author(s) or the corresponding author, as the case may be, must email their submissions to the Editorial Board of the Journal at, and The author(s) of the submitted manuscript must be prepared to pay the necessary processing fee (where applicable) as prescribed by the Editorial Board from time to time.

Submission of Final Manuscript

The author(s), or corresponding author as the case may be, of a manuscript that has been accepted for publication must send the final version of the paper as an email attachment to the Editorial Board at and The author(s) of the submitted manuscript must be prepared to pay the necessary processing and publication fees (where applicable) as prescribed by the Editorial Board from time to time. An official Acceptance Letter will be issued to the author(s) upon receipt of publication fee payment proof.


Journal Issues


All Articles in Volume 10


Adetunji Rasak Adefabi,

KeyWords: Keywords: Fiscal Policy, Health, Inclusive Growth, Fully Modified Ordinary Least Squares, Nigeria

  • 1
  • -
  • 14


Emmanuel Oluesyi Odunuga,

KeyWords: Keywords: Real GDP, Interest rate, Exchange rate, Oil price, Kydland-Prescott-Hansen RBC model, ARDL, Midas.

  • 15
  • -
  • 35


Moyosoreoluwa Agiri, Ovikuomagbe Oyedele,

KeyWords: Keywords: Welfare, Domestic Public Debt, Foreign Public Debt, ARDL Model.

  • 36
  • -
  • 53