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All Journal International Journal of Economics, Social Science, Entrepreneurship and Technology (IJESET)
Akeem Oladeinde Raji
Federal Polytechnic, Ilaro.Ogun State, Nigeria
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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Reviving Economic Recession and The Role of Insurance Companies in Nigeria Akeem Oladeinde Raji; Ayodeji Najeem Isiaka; Olufawo Henry Siji
International Journal of Economics, Social Science, Entrepreneurship and Technology (IJESET) Vol. 2 No. 1 (2023): FEBRUARY 2023
Publisher : Pusat Riset Manajemen dan Publikasi Ilmiah Serta Pengembangan Sumber Daya Manusia Sinergi Cendikia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55983/ijeset.v2i1.379

Abstract

The persistent reoccurring of poor economic conditions during the economic recession has put the policymaker on the appropriate approach to tackle the economic problem. Despite the efforts to curb the menace, the economy is still vulnerable to shocks; therefore, this study investigated the role of insurance companies in reviving the economic recession in Nigeria. The study covers the period of 25 years from 1996 to 2020. Data on economic recession was proxied with dummy when 0 represents the period of positive economic growth rate while 1 represent the period of negative growth rate. Data on insurance investment, insurance asset, number of insurance companies and insurance contribution to GDP that measured with insurance performance were considered as independent variables. Ordinary Least Square method was employed and the result revealed that insurance asset does not capable of reducing economic recession while insurance investment, insurance performance and number of insurance companies proven to be sufficient to reduce economic recession. Based on the findings, the study concluded that insurance companies played a significant role in reviving economy from recessionary issues. The study recommended that adequate attention should be given to insurance companies in to fulfill their full potential
Co-Authors Ayodeji Najeem Isiaka Olufawo Henry Siji