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Öğe Does the twin growth catalyst of oil rent seeking and agriculture exhibit complementary or substitute role? New perspective from a West African country(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2019) Osundina, Olawumi Abeni; Bekun, Festus Victor; Kırıkkaleli, Derviş; Agboola, Mary OluwatoyinOver the last 3 decades, oil rent seeking has emerged to be a key driver of most economies around the globe. Prior to the oil boom, agriculture remain main stay of most economies especially developing economies. This present study seeks to revisit the contribution of both oil and agriculture sector in Nigeria by augmenting the neoclassical growth model by the inclusion of agriculture and oil rent as growth drivers. To do this, recent time series data from 1990 to 2017 is employed. This study adopts the use of contemporary econometrics test to investigate the theme holistically. First, stationarity test was conducted with a battery of both stationarity and unit root tests. Subsequently, Pesaran’s auto regressive distributed lag bounds testing traces long-run equilibrium relationship between agriculture, oil rent, capital, labor and economic growth over the sampled period. Empirical piece of results validate the agriculture induced economic growth hypothesis, which aligns with the physiocracy school of thoughts ideology. This is against previous study; the resource curse hypothesis was not validated for this current study. Our study results show statistical signifcant relationship in both long- and short-run between oil rent and economic growth. These outcomes are quite revealing for decision makers and stakeholders since both sector contributes to economic growth. Based on these results, policy mix strategies were suggested in the course of the main text. Among such policies are reinforcing government and private sector participation in both sector given they show complementary role and not substitute to economic output.Öğe Rethinking electricity consumption and economic growth nexus in Turkey: environmental pros and cons(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2020) Etokakpan, Mfonobong Udom; Osundina, Olawumi Abeni; Bekun, Festus Victor; Sarkodie, Samuel AsumaduThe critical role of electricity consumption in influencing and reshaping the economic and environmental landscape of the global economy cannot be underestimated. Electricity is the most beneficial and commonly transformed energy source; however, the strength, weakness, opportunities and threat of its consumption require scientific scrutiny. This study investigates electricity-led growth hypothesis vis-à-vis its impact on economic growth and environmental quality of Turkey. The annual time series data set from 1970 to 2014 were employed in the analysis with a battery of unit root and stationary tests. The equilibrium relationship in the study is explored using Maki and Bayer-Hanck combined cointegration tests under multiple structural breaks along with the Pesaran’s ARDL bounds test procedure for robust check. The study confirms the existence of cointegration relationship between electricity consumption, economic growth, capital, labour and ecological footprint. To detect the direction of causal relations, the VECM Granger causality test is employed. The causality analysis provides empirical evidence that supports the electricityinduced growth hypothesis in Turkey. This implies that embarking on conservative energy-efficient policies will slow down Turkey’s economic growth. Thus, precautionary measures that ensure adequate policy on energy mix to guarantee availability and accessibility to modern electricity will sustain economic growth and improve environmental sustainability.Öğe Revisiting the economic growth and agriculture nexus in Nigeria: Evidence from asymmetric cointegration and frequency domain causality approaches(WILEY, 111 RIVER ST, HOBOKEN 07030-5774, NJ, 2022) Agboola, Mary Oluwatoyin; Bekun, Festus Victor; Osundina, Olawumi Abeni; Kırıkkaleli, DervişThe contribution of different agricultural subsectors to economic growth in Nigeria is investigated and further suggests policy implications for investing in each of these subsectors. To this end, Johansen cointegration test and Gregory–Hansen test for cointegration with regime shift, vector error correction model (VECM), dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), Granger causality, and frequency domain causality test are employed for data from 1981 to 2016. This paper further highlights the long and causal dynamics between the selected agricultural subsector, namely forestry, crop production, fishery and livestock, and economic growth. Findings from time and frequency domain causality tests indicate a one-way causality running from various subsectors of agriculture to economic growth in Nigeria, meaning how various subsectors of agriculture are important for predicting economic growth. In addition, there is 54% speed of adjustment from the error correction model, suggesting a need for diversification of the economy into the agricultural sector as a means for sustainable economic growth in the face of the continuous plunge in the global oil price. In the long-run, the effect of forestry, crop production, and fishery on economic growth is statistically significant and positive. These outcomes have inherent policy implication(s), which are elucidated in the concluding section.