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Dr Raymond

Raymond Alenoghena

Economics Department
Raymond Osi Alenoghena Economics – B.Sc, MBA, MBF, M.Sc, Ph.D

Faculty / Department

Arts, Management and Social Science / Economics Curriculum Vitae Dr Raymond O Alenoghena CV

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Research Interest

  1. Ecoomic Theory
  2. Development Economics
  3. Monetary Economics
  4. Environmental Economics

Awards & Honours:

  1. First Position in Inter-University Debate on IMF Loan to Nigeria, March, 1983
  2. President, Nigerian Economics Students Association (NESA), BENSU Chapter, 1984 – 1985 Session, June, 1985
  3. Certificate of Honour (CYWON, St. Cyprian, Oko-Oba, Lagos) Sept. 2001
  4. Certificate of Merit (CYWON, St. Cyprian, Oko-Oba, Lagos) Dec. 2004
  5. Award of Excellence (CWO, St. Cyprian, Oko-Oba, Lagos) Oct. 2005
  6. Award of Excellence (Rotary Club of Ikeja South) Oct. 2012
  7. Award of Honour (Inspiration International) April, 2016
  8. Certificate of Recognition, Catholic Church of the Holy Spirit, Omole, November, 2022.

Membership of Professional Bodies:

  1. Member of the Nigerian Economic Society (MNES)
  2. Fellow of the Institute of Management Consultants of Nigeria (FIMC)
  3. Honorary Member of the Chartered Institute of Bankers (HCIB)
  4. Member, Economic Team of Lagos Chamber of Commerce and Industry (LCCI)
  5. Alumnus of the Lagos Business School (SMP 30)

Professional Consultancy:

  1. Certificate of Excellence in Reviewing (Journal of Scientific Res. & Rep.) May, 2020
  2. Certificate of Reviewing Five Research Articles (Heliyon Journal), February, 2021
  3. Certificate of Excellence in Reviewing (South Asian Journal of Social Studies and Economics) March, 2022.
  4. Editorial Board Member of the International Journal of Economy, Energy and Environment, July, 2022.

List of Academic Journal Publication Papers:

  1. Alenoghena, R. O., Amase J., & Aghughu, A. A. (2022). The Threshold Effect of Domestic Public Borrowing on the Nigerian Economy. Int’l Journal of Research and Innovation in Social Science (IJRISS), 6(5), 824-833. DOI:
  2. Aghughu, A. A., Alenoghena, R. O., & Amase J. (2022). Government Domestic Borrowing and Private Credit in Nigeria: Testing the Lazy Bank Hypothesis. Journal of Economics and Sustainable Development, 13(7), 52-62. DOI: 10.7176/JESD/13-7-07
  3. Alenoghena, R. O., Nwajei, J. I., & Ogbedebi, S. F. (2022). Oil Resource Earnings and the Nigerian Economy: Does Financial Development Matter? Developing Country Studies, 12(4), 36-46. DOI: 10.7176/DCS/12-4-03
  4. Alenoghena, R. O., & Aghughu, A. A. (2022). Oil Prices and Economic Activity in Nigeria: An Asymmetric Cointegration and Threshold Analysis, Acta Universitatis Danubius Œconomica, 18(1).
  5. Alenoghena, R. O., Saibu, O. M. & Adeoye, B. W. (2020). Financial development and economic growth in Nigeria: Asymmetric cointegration and threshold analysis. Forum Scientiae Oeconomia, 8(4), 43-63. DOI:
  6. Alenoghena, R. O. (2020). Oil Price Shocks and Macroeconomic Performance of the Nigerian Economy: A Structural VAR Approach, Facta Universitatis, Series: Economics and Organisation, 17(4), 299-316. DOI:
  7. Alenoghena, R. O. (2019). Fiscal Policy Determinants of Money Demand in Nigeria: ARDL Bound Testing Approach, Ovidius University Annals, Economic Sciences Series, 19(2), 13-22.
  8. Adeoye, B. W. & Alenoghena, R. O. (2019). Internet Usage, Financial Inclusion and Economic Growth in Nigeria, Ovidius University Annals, Economic Sciences Series, 19(2), 2-12.
  9. Nwaogwugwu, I. C. & Alenoghena, R. O. (2018). Government Size and Economic Growth in Nigeria, Actual Problems of Economics, 11 (209).
  10. Odior, S. E. & Alenoghena, R. O. (2018). Socioeconomic factors that determine fertility pathway in relations to sustainable development in Nigeria, Journal of Sustainable Development in Africa, 20(2).
  11. Saibu, O. M. & Alenoghena, R. O. (2017), Fiscal Deficit Financing and Financial Market Development Nexus in Nigeria, Journal of Economics and Policy Analysis, Department of Economics, University of Lagos, Nigeria, 2 (1), 113-139.
  12. Olaniyi, E. & Alenoghena, R. O. (2017). Financial Inclusion and GDP Per Capita in Africa: A Bayesian VAR Model, Journal of Economics and Sustainable Development, 8(18), 44-57.
  13. Alenoghena, R. O. & Nwokoma, I. N. (2016). Terrorism and its effects on Nigeria’s economic performance, Paper Presented at Economics Departments Seminar, University of Lagos, June, 2016.'s_economic_performance.
  14. Saibu, O. M., Alenoghena, R. O., Evans, O., & Tewogbade, S. (2016). Determinants of Stock Trading Volume in Nigeria: A Money Demand Approach, Journal of Empirical Economics, 5(2) 74-89.
  15. Odior, S. E. & Alenoghena, R. O. (2016). Empirical Verification of Milton Friedman’s Theory of Demand for Real Money Balances in Nigeria: A Generalised Linear Model Analysis, Journal of Empirical Economics, 5(1), 35-50.
  16. Alenoghena, R. O. (2015). Financial Market Development and Fiscal Deficit Financing in Nigeria, Paper Presented at Economic Society of South Africa (ESSA), Held in University of Cape Town, September 2 – 4, 2015.
  17. Alenoghena, R. O and Olaniyi, Evans (2015). Corruption Effects on Nigeria: Aggregate and Sectoral Estimates Using VAR, Journal of Economic and Financial Studies, 3(3), 41-48. DOI:
  18. Alenoghena, R. O., Osoba, E. C. & Mesagan, P. E. (2014). Financial Deepening and performance of the Nigerian Capital Market: Empirical Evidence, Global Journal of Commerce & Management Perspective, 3(4), 142-151.
  19. Alenoghena, R. O. (2014). Capital Market, Financial Deepening and Nigeria’s Economic Growth: Empirical Evidence, Journal of Economic & Financial Studies, 4(4), 43-52, DOI:
  20. Odior, S. E., & Alenoghena, R. O. (2014). Public Sector Financial Management and Output Growth in Nigeria: A Predictive Causality Test and Two-Stage Least Squares Approach, Journal of Economic & Financial Studies, 2(1), 1-13, DOI:
  21. Alenoghena, R., O. & Odior, S. E. (2013). A Weighted Least Squares Analysis of Globalisation and Nigerian Stock Market. Journal of Economic and Financial Studies, 1(1), 61-73, DOI:

List of Courses Attended:

A. Management and Banking Courses
  1. Understanding Banking Business: Aug/Sept 1994 (Zenith Bank)
  2. Computer Appreciation Course: May, 1994 (Corp. Info Systems Ltd)
  3. Know your Bank products & Services: Sept, 1998 (Zenith Bank)
  4. Core Credit – Corporate Customers: May, 1998 (Agusto & Co. Ltd)
  5. Customer Service Excellence: Jan, 1999 (Zenith Bank)
  6. Professional Selling and Mktg Strategies: Sept, 1999 (Dale & Parker Ltd)
  7. Middle Level Management Development Course: Nov. 1999 (Zenith Bank)
  8. Controlling Runaway Overheads: Dec. 2002 (Don Mitchell & Co. Ltd)
  9. Building Strong Organisational Culture & Strategy: Feb. 2003 (Espera Incorporated)
  10. Credit Analysis Skills: March, 2003 (Malcolm Reade Ass.)
  11. Advance Lending/Credit Analysis Skills: Aug. 2003 (ICAN)
  12. Branch Operations Management: March, 2005 (H. Pierson)
  13. The Practicalities of Shipping/Maritime Business Under Local Content: Nov. 2005 (The Nigerian Chamber of Shipping)
  14. International Trade Finance: April, 2007 (Euromoney Training, UK)
  15. Performance Management, Best Practices: June, 2008 (Chyles Pathways)
  16. Project Finance Master-class: August, 2008 (Jeff & O Brien)
  17. Personal Mastery: August, 2008 (Visible Impact)
  18. Retail Banking: September, 2008 (Euromoney Training, UK)
  19. Negotiation Skills for Loan Recovery Managers: Feb. 2009 (Capstone Trainers)
  20. Credit Admin. and Debt Recovery: (S/Leone) April, 2009 (CIBN / WABC)
B. Academic Courses Attended
  1. E-Facilitation, Learning Management in Economics. September, 2014 (Unilag DLI)
  2. Basic Econometrics Training. August, 2015 (Integrated Brainwork Consulting Ltd)
  3. Computable General Equilibrium General Equilibrium (CGE) Training August, 2017 (CEAR, U I, Ibadan)
  4. Economic Integration and Financial Deepening in Africa, March, 2019, AfDB – WAIFEM