Socioeconomic Development

This empirical study investigated the impact of non-bank financial institutions on economic development in Nigeria from 2003 to 2022. Specifically, the research aimed to determine the impact of Primary Mortgage Institutions Total Assets and Economic Development in Nigeria; the impact of Finance Companies Total Assets and Economic Development in Nigeria, and the impact of inflation rate on GDP per capita of Nigerians. Secondary data on gross domestic product (GDP), Primary Mortgage Institutions Total Assets (PMITA), Finance Companies Total Assets (FCTA) and Insurance Companies Total Assets (ICTA) were sourced from CBN Statistical Bulletins and statistical Directory of the National Insurance Commission from the period of 2003 to 2022. The methodology adopted was Auto Regressive Distributed Lag (ARDL) model. The findings reveal that there is a significant relationship between Primary Mortgage Institutions Total Assets and economic development in Nigeria; also, that there is a significant relationship between Finance Companies Total Assets and economic development. And finally, a significant relationship between Insurance Companies Total Assets and economic development in Nigeria. The study recommended that; the government should establish a conducive environment, potentially through tax holidays and concessions, to foster the swift growth of the Non-Bank Financial industry; there should be restructuring and consolidations implemented in the insurance industry; and finally, Nigerian Primary Mortgage Institutions (PMIs) should assume a more robust role to augment housing delivery.

This study investigates the influence of vocational skill acquisition programmes on the socioeconomic development of youths in Ika North East Local Government Area of Delta State, Nigeria. Anchored on the Human Capital Theory, the research examines the availability of vocational programmes, their impact on unemployment, crime involvement, living standards, and the challenges hindering youth participation. A descriptive survey design was employed, targeting a population of 57,659 youths, with a sample size of 100 respondents selected via simple random sampling using Yamane’s formula. Data were collected through a validated 20-item questionnaire (IVSAPSDYSQ) on a 4-point Likert scale and analyzed using mean scores and standard deviations. Findings reveal that programmes like tailoring, welding, ICT, and agriculture are widely available (Mean = 3.16, SD = 0.84) and significantly reduce unemployment (Mean = 2.84, SD = 0.96) and crime involvement (Mean = 2.76, SD = 0.93) while improving living standards (Mean = 3.05, SD = 0.88). However, challenges such as lack of awareness, inadequate facilities, financial constraints, and societal stigma (Mean = 3.16, SD = 0.89) impede participation. The study recommends enhanced programme accessibility, awareness campaigns, financial subsidies, and attitudinal change initiatives to maximize the socioeconomic benefits of vocational training for youths