La relación con los estudiantes posee los siguientes componentes:

139 Table 51 evidences of unidirectional relationship between insurance investment in government securities, stock and bonds and per capita income as it run from investment in government securities, stock and bonds to per capita income at 5% level of significance. This is indication that investment in government securities, stock and bonds have significant effect on per capita income in Nigeria. Finally, from Table 52, a unidirectional relationship exists between insurance investment in government securities, stock and bonds, and real estate and mortgage at 5% significance level. By implication, insurance investment in government securities, stock and bonds, and real estate and mortgage exert significant influence on employment level in Nigeria within the period studied.

Table 52: Granger Causality for Employment Level and Insurance Investment

Null Hypothesis: Obs F-Statistic Prob. Remarks

IIGS does not Granger Cause EMPL EMPL does not Granger Cause IIGS

20 8.90392 0.46994

0.0083 0.5023

Causality No Causality IISB does not Granger Cause EMPL

EMPL does not Granger Cause IISB

20 9.29414 0.47464

0.0073 0.5002

Causality No Causality IIREM does not Granger Cause EMPL

EMPL does not Granger Cause IIREM

20 11.5745 0.06216

0.0034 0.8061

Causality No Causality IIBOE does not Granger Cause EMPL

EMPL does not Granger Cause IIBOE

20 2.18338 2.47573

0.1578 0.1340

No Causality No Causality Source: Data output via E-views 9.0

140 Restatement of Hypotheses

Hypothesis One

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on economic growth in Nigeria.

H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on economic growth in Nigeria.

Table 53: Test of Hypothesis One

Estimated Model f-statistic P-value Decision RGDPGR →IIGS+IISB+IIREM+IIBOE

IIGS 1.25583 0.2780 Accept H0 and Reject H1

IISB 1.23893 0.2812 Accept H0 and Reject H1

IIREM 1.27762 0.2740 Accept H0 and Reject H1

IIBOE 1.10472 0.3079 Accept H0 and Reject H1

Source: Granger Causality Output in Table 47

Table 53 shows that the p-values of the f-statistic for insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange rate are insignificant at 5% level of significance. In effect, the null hypothesis that insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange rate have no significant effect on economic growth in Nigeria is accepted, while the alternate hypothesis rejected.

Hypothesis Two

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on gross capital formation in Nigeria.

H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on gross capital formation in Nigeria.

141

Table 54: Test of Hypothesis Two

Estimated Model f-statistic P-value Decision GCF →IIGS+IISB+IIREM+IIBOE

IIGS 3.64298 0.0733 Accept H0 and Reject H1

IISB 3.18549 0.0921 Accept H0 and Reject H1

IIRE 2.41707 0.1384 Accept H0 and Reject H1

IIBOE 0.00204 0.9645 Accept H0 and Reject H1

Source: Granger Causality Output in Table 48

As can be seen in Table 54, there is no causal relationship between insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange rate and gross capital formation in Nigeria.

There is no evidence of causality running insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange rate to gross capital formation. To this effect, the null hypothesis that insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange rate have no significant effect on gross capital formation in Nigeria is accepted, and the alternate hypothesis rejected.

Hypothesis Three

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on infrastructural development in Nigeria.

H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on infrastructural development in Nigeria.

Table 55: Test of Hypothesis Three

Estimated Model f-statistic P-value Decision IINFRD →IIGS+IISB+IIREM+IIBOE

IIGS 1.99274 0.1461 Accept H0 and Reject H1

IISB 1.83041 0.1938 Accept H0 and Reject H1

IIREM 1.11718 0.3045 Accept H0 and Reject H1

IIBOE 0.62283 0.4409 Accept H0 and Reject H1

Source: Granger Causality Output in Table 49

The causality result in Table 55 depicts that causality does not flows from insurance investment in government securities, stock and bonds, real estate

142 and mortgage, and bills of exchange to infrastructural development at 5% level of significance. By implication, insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on infrastructural development. In this regard, the null hypothesis that Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on infrastructural development in Nigeria is accepted, while the alternate hypothesis rejected.

Hypothesis Four

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on production index in Nigeria.

H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on production index in Nigeria.

Table 56: Test of Hypothesis Four

Estimated Model f-statistic P-value Decision PI →IIGS+IISB+IIREM+IIBOE

IIGS 2.50193 0.1321 Accept H0 and Reject H1

IISB 4.57988 0.0475 Reject H0 and Accept H1

IIREM 4.34273 0.0500 Reject H0 and Accept H1

IIBOE 2.12516 0.1631 Accept H0 and Reject H1

Source: Granger Causality Output in Table 50

From the causality output in Table 56, it is vivid that it is only insurance investment in stock and bonds, and real estate and mortgage that have significant effect on production index owing the fact that the p-values of 0.0475 and 0.0500 are less than 0.05. Therefore, the null hypothesis that insurance investment in stock and bonds, and real estate and mortgage have no

143 significant effect on production index is rejected, while that of insurance investment in government securities and bills of exchange are accepted.

Hypothesis Five

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on per capita income in Nigeria.

H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on per capita income in Nigeria.

Table 57: Test of Hypothesis Five

Estimated Model f-statistic P-value Decision PCI →IIGS+IISB+IIREM+IIBOE

IIGS 5.36312 0.0333 Reject H0 and Accept H1

IISB 5.66251 0.0293 Reject H0 and Accept H1

IIREM 3.81326 0.0675 Accept H0 and Reject H1

IIBOE 0.00019 0.9891 Accept H0 and Reject H1

Source: Granger Causality Output in Table 51

Looking at the result in Table 57, insurance investment in government securities, stock and bonds have significant effect on per capita income as the the p-values of 0.0333 and 0.0293 are less than 0.05. Consequently, null hull hypothesis that insurance investment in government securities, stock and bonds have no significant effect on per capita income is rejected, whereas that of insurance investment in real estate and mortgage and bills of exchange are accepted.

Hypothesis Six

H0: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have no significant effect on employment level in Nigeria.

144 H1: Insurance investment in government securities, stock and bonds, real estate and mortgage, and bills of exchange have significant effect on employment level in Nigeria.

Table 58: Test of Hypothesis Six

Estimated Model f-statistic P-value Decision EMPL →IIGS+IISB+IIREM+IIBOE

IIGS 8.90392 0.0083 Reject H0 and Accept H1

IISB 9.29414 0.0073 Reject H0 and Accept H1

IIREM 11.5745 0.0034 Reject H0 and Accept H1

IIBOE 2.18338 0.1578 Accept H0 and Reject H1

Source: Granger Causality Output in Table 52

The result in Table 58 depicts that insurance investment in government securities, stock and bonds, and real estate and mortgage exert significant effect on employment level in Nigeria. In the light of this, the null hypothesis that insurance investment in government securities, stock and bonds, and real estate and mortgage have no significant effect of on employment level in Nigeria is rejected, while that of null hypothesis insurance investment on bills of exchange is accepted.