Umar Ndako has over 20 years of experience in the academic and policy fields, specialising in macroeconomics and monetary policy. He is currently a senior research fellow at the Centre for Econometrics and Applied Research, Ibadan, Nigeria. Umar’s educational background includes a PhD in Economics from the University of Leicester and an MSc and a BSc in Economics from Bayero University, Kano. His primary research interests are macroeconomics, applied econometrics, monetary policy, and financial economics.
Umar spent 14 years at Bayero University, Kano, progressing from Assistant Lecturer to Senior Lecturer. He led and participated in academic and administrative duties, including supervising graduate research and serving as a Senate member, MSc Economics Coordinator, and Head of Seminar Committee. Umar published in journals such as Economic Modelling, Resources Policy, and Finance Research Letters.
Umar has over a decade of experience in central banking. He began his career at the Central Bank of Nigeria (CBN) in February 2014 and continued until May 2024. During this time at the CBN, he progressed from Principal Economist to Assistant Director and Head of the Economic Review Office in the Monetary Policy Department. Throughout this period, he provided expert support for the formulation and implementation of the Bank’s monetary and financial policies, towards achieving price stability and fostering inclusive and sustainable economic growth. Umar also took part in key policy meetings, such as the Monetary Policy Technical Committee (MPTC) and the Monetary Policy Committee (MPC), and attended annual meetings of the IMF/World Bank, as well as regional and sub-regional gatherings.
Some Selected Journal Articles
1. Olaniran A. O; Ndako, U. B. (2025) Independence of Central Banks in Non-Democratic Regimes: Implications for Price Stability Bulletin of Monetary Economics and Banking, Vol. 28 No. 3,
2. Salisu, A.A., Ndako, U.B., Vo, X.V. (2023) Oil price and the Bitcoin market, Resources Policy, 82, 103437.
3. Salisu, A.A., Ndako, U.B., Vo, X.V. (2023) Transition risk, physical risk, and the realized volatility of oil and natural gas prices, Resources Policy, 81, 103383.
4. Ndako, U.B., Salisu, A.A., Ogunsiji, M.O. (2021) Geopolitical Risk and the Return Volatility of Islamic Stocks in Indonesia and Malaysia: A GARCH-MIDAS Approach, Asian Economics Letters, 2 (3), 24843.
5. Salisu, A.A., Ndako, U.B., Gupta, R. (2021) Forecasting US Output Growth with Large Information Sets, Review of Economics and Finance, 19, 13-16.
6. Salisu, A.A., Ndako, U.B., Adediran, I.A., Swaray, R. (2020) A fractional cointegration VAR analysis of Islamic stocks: A global perspective, North American Journal of Economics and Finance, 51, 101056.
7. Salisu, A.A., Raheem, I.D., Ndako, U.B. (2020) The inflation hedging properties of gold, stocks and real estate: A comparative analysis, Resources Policy, 66, 101605.
8. Salisu, A.A., Ndako, U.B., Akanni, L.O. (2019) New evidence for the inflation hedging potential of US stock returns, Finance Research Letters, 37, 101384.
9. Salisu, A.A., Ndako, U.B., Oloko, T.F. (2019) Assessing the inflation hedging of gold and palladium in OECD countries, Resources Policy, 62, 357-377.
10. Salisu, A.A., Raheem, I.D., Ndako, U.B. (2019) A sectoral analysis of asymmetric nexus between oil price and stock returns, International Review of Economics and Finance, 61, 241-259.
11. Salisu, A.A., Ndako, U.B. (2018) Modelling stock price–exchange rate nexus in OECD countries: A new perspective, Economic Modelling, 74, 105-123.
12. Ndako, U.B. (2017) Financial Development, Investment and Economic Growth: Evidence from Nigeria, Journal of Reviews on Global Economics, 6, 33-41.
13. Tule, M.K., Ndako, U.B., Onipede, S.F. (2017) Oil price shocks and volatility spillovers in the Nigerian sovereign bond market, Review of Financial Economics, 35(C), 57-65.
14. Salisu, A.A., Ndako, U.B., Oloko, T.F., Akanni, L.O. (2016) Unit root modeling for trending stock market series, Borsa Istanbul Review, 16(2), 82-91.
15. Ndako, U.B., Hakeem, M.I. (2015) Real Exchange Rates and Real Interest Rates Differential: Evidence from Nigeria, International Journal of Economics and Financial Research, 1(5), 65-75.
16. Tule, M., Ogiji, P., Ndako, U.B., Ujunwa, A., Jimah, S.L., Ihediwa, C.C., Afiemo, O.O. (2015) Measuring the Depth of Liquidity and Efficiency of the Nigerian Capital Market, Economic and Financial Review, 53(1), Central Bank of Nigeria.
17. Ndako, U.B. (2013) Dynamics of Stock prices and Exchange rates Relationship: evidence from Five Sub-Saharan African Financial markets, Journal of African Business, 14(1), 47-57.
18. Ndako, U.B. (2012) Financial Liberalization, Structural Breaks and Market Volatility: Evidence from South African Stock Markets, Applied Financial Economics, 22(15), 1259-1273.
19. Ndako, U.B. (2010) Financial Development and Economic Growth: Evidence from Nigeria, The IUP Journal of Financial Economics, 8(4), 37-58.
20. Ndako, U.B. (2010) Stock markets, Banks and Economic growth: Time series evidence from South Africa, The African Finance Journal, 12(2), 72-92.
21. Mobolaji, H.I., Ndako, U.B. (2008) Financial development and globalization in Nigeria, The IUP Journal of Financial Economics, 6(1), 29-45.
22. Ndako, U.B. (2006) Macroeconomic implication of privatizing Nigeria National Petroleum Corporation (NNPC), in Topics on Nigerian Economy, edited by I.A. Pedro, I.A. Kiyawa, S.U.A. Rano, and U.N. Bida, Department of Economics, Bayero University Kano, 1(1), 40-63.
23. Ndako, U.B. (2006) New Partnership for Africa’s Development (NEPAD) and Nigeria: a critical analysis of capital flows’ initiative, in Proceedings of the National Conference on NEPAD, organized by International Center for Gender and Social Research, Jos, 295-309.
24. Ndako, U.B. (2005) Internationalization of the Nigerian Capital Market: Analysis of Performance and Challenges, in Corporate Survival, Performance and Satisfaction in a Competitive Nigerian Market, Department of Business Administration, Bayero University Kano, 29-47.
25. Ndako, U.B. (2013) The Day of the Week effect on stock market returns and volatility: Evidence from Nigeria and South Africa, MPRA Paper 48076, University Library of Munich, Germany.
26. Salisu, A.A., Ndako, U.B., Adediran, I. (2018) Forecasting GDP of OPEC: The role of oil price, Working Papers 044, Centre for Econometric and Allied Research, University of Ibadan.
27. Salisu, A.A., Ndako, U.B. (2017) Forecasting the return volatility of European equity markets under different market conditions: A GARCH-MIDAS approach, Working Papers 028, Centre for Econometric and Allied Research, University of Ibadan.
28. Salisu, A.A., Raheem, I.D., Ndako, U.B. (2017) A sectoral analysis of asymmetric nexus between oil and stock, Working Papers 033, Centre for Econometric and Allied Research, University of Ibadan.
29. Salisu, A.A., Ndako, U.B. (2017) A new look at the stock price-exchange rate nexus, Working Papers 031, Centre for Econometric and Allied Research, University of Ibadan.