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This study examines the impact of automotive oil and gas prices on the performance of the manufacturing sector in major industrial countries of Asia and Africa, using a panel dataset from 1980 to 2020. The findings show that manufacturing performance in Asian and African countries responded positively to changes in automotive oil and gas prices. Specifically, an increase in automotive oil and gas prices was linked to improved manufacturing sector performance in these regions. However, the study also found no significant relationship between automotive oil and gas prices and manufacturing performance in Asian countries. This lack of effect could be attributed to the adoption of advanced energy technologies and alternative energy sources, which have made Asian countries more resilient to fluctuations in automotive oil and gas prices. On the other hand, the results for African countries indicated that their manufacturing sectors are negatively affected by changes in automotive oil and gas prices. This suggests that the manufacturing sector in Africa is vulnerable to price shocks due to its heavy dependence on automotive oil and gas, with limited access to energy alternatives. The study recommends that African nations explore renewable energy options to reduce their reliance on automotive oil and gas, ensuring the more stable operation of their manufacturing industries.

Keywords: Automotive oil and gas, fixed effects, Random effects, Manufacturing Performance

A dynamic Computable General Equilibrium (CGE) model is constructed to measure the impacts of tax reforms on the Nepalese economy, benchmarked on micro-consistent data set created from the input output table of Nepal for 2017 (ADB, 2017). Impacts of tax reforms on welfare of households and output levels of industries are very positive. The model also shows a dynamic process of economic growth with redistribution.

All households get a welfare increase, but rich households get more than poor households in our analysis. This gap means policy should promote equitable economic growth to increase overall welfare of households. Analysis of dynamic CGE model results from 2020 to 2040 show possibility of targeting redistribution adequately ensuring economic growth across all sectors of the economy.

Keywords: Dynamic CGE model of Nepal, tax policy, economic growth
JEL Classification: C6, D6, E2 and O21

The purpose of the study is to investigate whether credit and market risk disclosure affect the return on capital employed of deposit money banks in Nigeria. The study employed an ex-post facto research design, and data were retrieved from reports of the companies from the 2018-2022 financial years. The analytical technique used for this study was the panel regression method and correlation. The research results indicated that non- performing loans and advances, as a measure of credit risk, exerted a negative relationship with the performance of deposit money banks. The study further showed that market risk has a negative and significant relationship with the performance of deposit money banks. It was recommended that deposit money banks should continue to implement risk management strategies to enhance their resilience to credit and market risk, and to constantly monitor borrowing and lending rates to ensure that the cost of borrowing do not rise to the detriment of lending rates.

Keywords: Credit, market, risk and disclosure.

Taxation plays an important role in generating revenue for economic development and government expenditure finance in many developing countries. This study measures the efficiency of the tax system in Sub-Saharan Africa (SSA) through stochastic tax frontier analysis of tax capacity and tax effort based on Battese and Coelli's Maximum likelihood random effect time-varying inefficiency effects model. By using data from 2000 to 2020, the study finds that Value-Added Tax (VAT), Corporate Income Tax (CIT), Personal Income Tax (PIT) and International Trade Tax operate close to their frontiers. In addition, the efficiency of the tax system in terms of tax effort is adversely affected by institutional factors such as corruption and political violence, while Government effectiveness positively affects tax efficiency, especially international trade taxes. For specific country results, Cameroon has the highest tax effort and DR Congo has the lowest for VAT, while for CIT, Cameroon has the highest effort, while Zimbabwe has the lowest. Rwanda has the highest tax effort for PIT, while Zimbabwe has the lowest for international trade tax; Lesotho and Namibia have the highest effort, while Mauritius has the lowest. In respect of tax capacity, Namibia has the highest, while Ethiopia has the lowest. The study recommends that countries should improve their tax systems by broadening the base of their various tax handles and adopting digital technology to reduce human contact in tax collection.

The objective of this study is to analyse the effect of credit accessibility on the financial performance of small and medium-sized enterprises in Bamenda. The study used a mixed methods approach to collect and analyse data from sample of 185 SMEs in Bamenda, selected using a multistage sampling technique. Key informant was used to collect primary data, and a structured, pretested questionnaire was used to collect quantitative data. The study employed descriptive statistics and inferential statistics such as ordinary least squares (OLS). The findings revealed a significant and positive impact of loan approval rates on financial performance; the study underscores the positive relationship between loan size and financial performance. Larger loan sizes are associated with better financial performance for SMEs, while the study suggests a positive effect of collateral requirements on financial performance, the statistical insignificance result and the study confirms the significant and positive effect of the cost of credit on financial performance. As the cost of credit increases, SMEs' financial performance tends to improve, underscoring the importance of carefully considering the cost of credit when making financing decisions. The study recommends that policymakers should focus on implementing measures to improve the loan approval process for SMEs. This could involve streamlining procedures, reducing bureaucratic hurdles, and providing support and guidance to financial institutions to ensure efficient and timely loan approvals.

Keywords: Credit accessibility, financial performance, small and medium-sized enterprises.

Food insecurity remains a pressing challenge in Africa, directly impacting the achievement of the United Nations Sustainable Development Goal 2, which aims to end hunger and ensure food access for all. In this context, financial technology (fintech) has emerged as a potential tool to enhance food security by improving financial inclusion and economic resilience. In this struggle, the present study examines the effect of fintech adoption on food security across 27 African countries from 2012 to 2021, employing fixed effects Driscoll and Kraay estimation and IV-GMM regressions. The results indicate that fintech significantly reduces food insecurity, a relationship that remains robust across multiple robustness checks. Furthermore, industrialisation and trade openness contribute to improved food security, while inflation and rising population density exacerbate food insecurity. Based on these findings, the study recommends expanding digital financial services, integrating fintech into agricultural value chains, fostering industrialisation and trade, and implementing policies to control inflation and manage population growth to enhance food security outcomes in Africa.

Keywords: Fintech, Food Security, Financial Inclusion, Industrialisation, Africa
JEL Classification: G20, O14, O55, G20

Despite substantial government expenditure on education, scholarships and financial aid to students to provide affordable education, the household education expenditure on children is sizable and varies widely on account of gross differences in the socio-economic, demographic, religious and cultural factors. This paper attempts to identify such determinants and analyse the differential effects of the determinants of household education expenditure on children in India using the 2014 NSSO 71st round survey data, applying the quantile regression method. Unlike the standard regression method, the quantile regression method allows estimation beyond the average effects, at different points of the distribution of household expenditure on education. The quantile regression estimates reveal that low-income households are more sensitive to changes in household income and government programmes than upper-income households. The proportion of household income spent on the education of children increases more in the lower quantiles than in the higher quantiles. Gender bias exists at the lower quantiles and is considerably less at the higher quantiles. The SC/ST households spend less than the non-SC/ST communities at the lower quantiles, and the difference gets reduced at higher quantiles. Compared to scholarships, the provision of educational materials has a higher impact on household education expenditure. More children from lower quantiles attend government institutions, and a substantial difference exists in household education expenditure between the students attending government and private educational institutions. Despite government policies and programmes for affordable education, lower-income households still incur a considerable proportion of their income on the education of their children.

Keywords: Household educational expenditure, socioeconomic determinants, differential effects, gender bias, quantile regression

This study assessed how capital importation affected economic growth in Nigeria. Although previous research has examined the connection between capital importation and economic growth in Nigeria, few current studies have taken into consideration the most recent data and new developments. Specifically, the effects of foreign direct investment, foreign portfolio investment, and external borrowing on real gross domestic product were determined. Secondary data from the Central Bank of Nigeria (CBN) were diligently obtained for a period of thirty-eight (38) years, from 1986 to 2023. The study used the Autoregressive Distributed Lag (ARDL) technique. The result of the analysis revealed that there is a negative relationship between foreign direct investment (significant), external borrowing (insignificant), and real gross domestic product, while a positive (insignificant) relationship exists between foreign portfolio investment and real gross domestic product. Also, capital importation variables: foreign direct investment, foreign portfolio investment, and external borrowing have no significant effect on real gross domestic product. The study concludes that capital importation has not significantly contributed to economic growth in Nigeria. In reminisce to the conclusion therein, the Federal Government of Nigeria is urged to strengthen institutional frameworks, build out infrastructure, and enact sensible economic policies.

Keywords: capital importation, economic growth, Nigeria.
JEL Codes: C8, C32, E01, F21, G11

To achieve more sustainable and inclusive economic growth, Nigeria needs a consistent, long-term human capital investment. Thus, this paper examines how government investment in human capital affected the economy of Nigeria between 1981 and 2023. By employing the autoregressive distributed lag model, the research demonstrates that public investment in the educational sector does not substantially affect the growth of the Nigerian economy in the long term. This phenomenon is due to the inadequate funding of the sector, which constrains the quality of infrastructure and curriculum in the sector. Likewise, public health investment has no significant contribution to the economic prosperity of Nigeria. This result shows that health budgets have been inadequate to provide quality health services or meet the needs of the people in the long term. Inadequate funding of both sectors reduces productivity and hence, the growth of the economy. Also, employment has a significant enhancing effect on economic prosperity in the long run for Nigeria. This significance is due to the labour population leveraging technological advancement for employment, as well as the growth of the informal sector in the country, since white-collar jobs are increasingly difficult to find. Various policy measures were recommended by the study.

Keywords: Human capital, Government spending, Education, Health, Employment rate, Economic prosperity.
JEL Classification: H5, I0, J6.

This study aims to assess the specific effect that sustainability rating has on the profitability of ESG Exchange Traded Funds. To achieve this, we selected the 67 sustainable ETFs issued by iShares of BlackRock and their performance during an overall timespan of five years, but segmented into three years, 2015, 2017 and 2020. For the analysis, we made use of the ARDL approach. Despite the continuous expansion of the ETF industry as a whole, there is an inattention regarding sustainable ETFs and, more precisely, their performance. Also, sustainability is not reserved for the private sector, as many suggest; it requires the input of society as a whole in order to be more impactful. Therefore, this study also tried to shed light on ESG ETFs and their characteristics and returns to both investors and society. The finding of this study provides an objective insight and are useful not only for investors but also, authorities and regulators for a more tangible level of satisfaction on both ends.

Keywords: Exchange-traded funds, iShares, sustainability, ESG