Introduction: This study focused on the Child Rights Act and how relevant stakeholders, institutions and agencies have been able to guarantee the attainment of these rights through budgetary provisions. Therefore, the main objective of this study is to determine the effects of public healthcare expenditure on the attainment of these rights. To this end, the study employed the Grossman human capital development model and fitted a time series data obtained from World Development Indicators and CBN statistical bulletin using OLS and TSLS. In the process, we observed that public healthcare expenditure has been on the increase, while the under-five mortality rate has been falling but not in the same proportion. Secondly, we observed that public healthcare expenditure is statistically significant with under-five mortality rate but with an infinitesimal magnitude of 0.017% (OLS) and 0.035% (TSLS). Public education expenditure is positively but has no statistically significant relationship with primary school enrolment. It was discovered that the incidence of mortality is higher than the child school enrolment. The findings also show that location and accessibility to both health and education facilities are important in explaining under-five mortality and primary school enrolment respectively. We therefore suggest that more proportion of the public healthcare expenditure should be allotted to the welfare of the under-five, thereby fulfilling the Child Rights Act.
Introduction: Social network theory is an appropriate theory for understanding the relationships among the different parties in the supply chain. This article adopts the conceptual-theory framework to introduce arm's-length and close ties concepts into the field of supply chain risk management. The theoretical paradigm of social network theory is used to develop a framework and propositions for future empirical studies. Specifically, this conceptual article uses the idea of the social network theory to propose the need for firms to incorporate both the close and arm's-length ties in their supply chains. This approach of combining the two forms of ties as a composite tie within a supply chain could serve as an important supply chain risk management tool in relation to supply chain disruption and its mitigation, because of the synergistic benefits.
Introduction: This paper reviews the supply chain management literature to summarize best-practice guidelines for mitigating supply problems. Very few studies in the extant literature focused on matching a strategy for both the supply and demand perspective. Case studies of supply chain management have traditionally focused on single companies, and especially on successful organizations rather than on the demand-supply-chain relationships (which involve at least two companies). Therefore, this study considers the experiences of the author, and researchers several well-known profitable fortune 1000 supply chain companies, to determine which supply chain mitigation strategies work best in complex situations. International Journal of Risk and Contingency Management, 1(3), 45-58, July-September 2012 45
Introduction: This paper examines the Messe and Rogoff claim of the superiority of random-walk model in the determination of exchange rate in the light of more recent models and empirical results. Random walk model is the traditional model of exchange rate determination while the recent models include the purchasing power parity (PPP), the monetary model and portfolio model. Empirical evidence against the dominance of random-walk in forecasting the behaviours of exchange rate seems to be large or rather inconclusive, since the main thrust of some of the findings is that Messe and Roggoff used out-of-sample test with shorter time horizon which does not have a good econometric justification. Although it cannot be absolutely concluded that economic models are useless in the determination of exchange rate, the relevance of a model in the determination of exchange rate depends on the combination of different factors which vary with time and place.
Introduction: This study investigates the linkage between fiscal policy and poverty reduction in Nigeria using a descriptive analysis. It explores the effectiveness of fiscal policy tool, especially government expenditure, in addressing the level of poverty and economic growth in the country. The study found that government capital and recurrent expenditures have not significantly reduced the levels of poverty in Nigeria because of a weak linkage, which has not allowed fiscal policy to reflect its true opportunity cost. This gap created loopholes in the implementation of the various measures of fiscal policy in the country. The study therefore concludes that the level of government capital expenditures in Nigeria have weak impact on the level of poverty in the country over the period of time covered. The study therefore recommends the formulation of stable macroeconomic policies that are consistent with the peculiarity of poverty situation in the country. This would promote productivity from which both the poor and non-poor would benefit.
Introduction: Using a multiple regression analysis in the autoregressive distributed lag framework with ECM we include three major components of fiscal policy variables (Government capital expenditure, Government recurrent expenditure and Government Budget Deficit) as regressors and the rate of poverty in Nigeria as the dependent variable, this study explored the potency of fiscal policy in Nigeria in addressing the seemingly endemic poverty scourge from 1980-2011. Findings indicate that the level of government capital expenditures in Nigeria does not reduce the level of poverty in the country over the period of time covered by the study. Although the ECM result, which shows the speed of adjustment of the model from the short run to the long run equilibrium, is on the average, yet the economy did not show any sign of much potency in using the selected fiscal policy variables to tackle the menace of poverty in Nigeria. The study recommends that government should intensify action in implementing effective fiscal policies to ameliorate the level of poverty conditions in Nigeria.
Introduction: This study examines the exchange rate trends and export performance in Nigeria between 1970-2015 using a descriptive approach. Particularly, the study emphasizes the impacts of exchange rate volatility on export demand in the country. The choice of this period is underscored by the fact that the starting date predates the era of the structural adjustment program (SAP) which is often described as the good days where agricultural and non-oil exports tremendously increased. Again, this date coincides with period when the external trade and exchange rate were indeed liberalized. Findings from descriptive analysis show that despite the policy pronouncements in the period covered, exchange rate volatility greatly affected export performance in Nigeria, in particular, the volume of export demand. The study recommends a deliberate exchange rate policy action that will have good implication for export growth in Nigeria
Introduction: Most of the existing papers in Nigeria that address links between monetary policy management and banking sector
performance used various econometrics and inferential statistical measures, with little or no concern for readers that are not
quantitatively biased. Therefore, this paper characterized the trajectory paths of the dynamics of the performances of key
monetary policy tools and banking sector performance indicators spanning 1985-2011. We found that despite the various
financial sector reforms in Nigeria at the wake of global financial crisis, which has led to increase in the trends of some of
these indicators, the widespread in the interest rate margin (high lending rates given by banks to investors and low deposit
rates given to the depositors) has decelerate the pace of financial development and lower pace of economic growth as a result
of lack of incentives to depositors, hence, their preference for other informal savings arrangements. Strengthening the
monetary authority in Nigeria will therefore help in addressing these anomalies.
Introduction: This study examines the impacts of interest rates on private consumption behaviour in Nigeria
between the period of 1981 and 2013 using autoregressive distributed lag (ARDL) cointegrations
framework. The data were sourced from the World Bank development indicators and the
interest rate was augmented with other macroeconomic variables like per capita income, money
supply, and banking sector credit to the private sector as regressors in determining the
behaviour of private consumption in Nigeria. The results confirm the existence of a relationship
between private consumption and its determinants, except real interest rate and the dummy for
the impact of interest rate deregulation. The study, therefore, recommends an increase in
government capital expenditures that will create an enabling env
Introduction: As the subject of fatherhood continues to receive scholarly attention in the twenty-first century, evidenced by the mounting weight of academic discourse on the subject; it also becomes more appealing to contemplate how literature contributes to the discourse of the father through the genre of the novel. Terry Eagleton succinctly observes that all literary texts contain one or more sub-texts, and that there is a sense in which they may be spoken of as the “unconscious” of the work itself (155). By examining the emasculated father (due to racism) and his complement, the commodified father (as a result of slavery) in the selected narratives, Morrison’s imaginative vision of the enfeebled father is brought to the fore. Although Beloved and The Bluest Eye have been examined mostly as Sethe’s and Pecola’s stories respectively, they are read here as sub-texts of fatherhood. Therefore, by exploring the key father characters in these texts and employing Carl Jung’s psychoanalytical concept of Individuation and R.W Connell’s Marginalised masculinity as analytical tools, the paper delves into some of the challenges that confront father characters and how they respond to these challenges which, ultimately, engender their statuses as emasculated and commodified fathers. This paper thus, examines the resultant ruptures in the psyches of the father characters which may have triggered the crisis that precludes their uncomplicated transition from boys and men to husbands and fathers. The paper concludes that the characters’ failure to achieve individuation is significantly implicated in their status as enfeebled fathers in the two narratives.
Introduction: The current wave of globalization has unlimitedly shaped the global world economy with substantial evidence of increased output growth. In the twenty first century as well, there have been global trending issues on the extent to which such output growth have been compactable with sustainable development goals (SDGs) in terms of inclusiveness of growth outcomes that can engender significant reduction in inequality and poverty. In fact, many development experts assert that mere increase in the output (GDP) without transforming the citizens thereof is a condition of jobless growth- a situation where the growth of GDP and government expenditures (in both per capita and real terms) is associated with growing poverty levels (see Johnson, 1955 and Bhagwatti, 1958 for initial expression of such growth typology and Ojameruaye, 2014 and World Bank, 2018 for recent views).
Introduction: This study examines the impacts of interest rate on private consumption behaviour in Nigeria between the period of
1981 and 2014 using autoregressive distributed lag (ARDL) co integrations framework. The data were sourced from the
World Bank development indicators; interest rate was augmented with other macroeconomic variables like per capita
income, money supply, and banking sector credit to the private sector as regresses in determining the behaviour of
private consumption in Nigeria. The results confirm the existence of relationship between private consumption and its
determinants, except real interest rate and the dummy for the impact of interest rate deregulation. The study therefore
recommends increase in government capital expenditures that will create an enabling environment for the private sector
to thrive so that the welfare of the citizenry could be enhanced.
Introduction: This study examines the impacts of interest rate on private consumption behaviour in Nigeria between the period of
1981 and 2014 using autoregressive distributed lag (ARDL) co integrations framework. The data were sourced from the
World Bank development indicators; interest rate was augmented with other macroeconomic variables like per capita
income, money supply, and banking sector credit to the private sector as regresses in determining the behaviour of
private consumption in Nigeria. The results confirm the existence of relationship between private consumption and its
determinants, except real interest rate and the dummy for the impact of interest rate deregulation. The study therefore
recommends increase in government capital expenditures that will create an enabling environment for the private sector
to thrive so that the welfare of the citizenry could be enhanced.
Introduction: In the world over, the role of customer care and customer services in most organizations has become so important that the level of profitability or performances of firms are tied to it. Thus the place of customer relation management is necessary to be understood. It is in view of this reality that this study examined the link between customer relationship and banks' profitability using empirical data obtained through the use of questionnaire from employees across 12 branches of Ecobank Plc in Victoria Island area of Lagos state. Both purposive and random sampling techniques were employed to select 96 respondents for the study. Descriptive statistics such as frequency distribution, mean, standard deviation and factor analysis of principal component were applied for the analyses of the data. One of the major identified problems was that since satisfactions is relative and vary from one customer to another, it is difficult to measure the level of satisfaction of customers which could lead to increase in profitability of the bank. However, the major finding of the study based on the views of the employees of the bank is that there is significant relationship between customer services through efficient relationship management and bank's profitability. Based on this insider views, the study concluded that customer relationship is inevitably seen as the crucial organizational capability to enhance competitive advantage and to increase bank's total profit. On this note, the study recommended that banks should continue to embark on efficient methods through which customer care services could be enhanced for increased productivity to be achieved. Also, it is expedient that the customer care units should educate the customers on recent developments in the banks especially ICT related CRM strategies so that the level of customer loyalty and long term profitability of the bank would be achieved.
Introduction: This study examined the impact of financial inclusion on poverty inclusion on poverty reduction among low income workers in Ibadan metropolis of Oyo State, Nigeria. The study specifically identified the integral roles of access to microfinance as a proxy for financial inclusion on poverty reduction. A structured questionnaire was administered to a randomly selected number (200) low income civil servants in the study area. Descriptive analysis was used to describe the behaviour of some demographic characteristics of the respondents while inferential statistical tool of logistic regression was applied to estimate the logistic impact of microfinance on poverty reduction among the selected respondents for the study. the results revealed that microcredit was found to have a positive, but low impact on the standard of living of low income workers in the study area. the study recommended that the government should make policies that would encourage continuity and sustainability of microfinance credit scheme among the sampled participants.
Introduction: The phenomenon of Asian Tigers’ economic growth miracle, coupled with the current pace of globalization has particularly increased the spread of trade tentacles of China into the hinterland of many developing nations of the world. Indeed, the need to secure resources to meet the development aspiration of China made her to increasingly forged formidable trade ties with almost all African countries especially Nigeria in the area of manufacturing products. While these realities have been proved to be beneficial to the trading partners, there is still a perceived disproportional quantum of bilateral trade flows of manufactures between Nigeria and China. Therefore, this study examined these concerns by characterizing some basic stylize facts on the existing intensity of trade differentials between these partners for the period of 1995 to 2012. From the trend analyses, we found evidence of increasing trade imbalance as exports of China’s manufactures to Nigeria soared, while that of Nigeria outflow to them is of low magnitude. Therefore, strengthening the export capacity of manufacturing firms in Nigeria, as well as promoting a broad based diversification of Nigerian economy is crucial for more beneficial trade with China.
Introduction: This study examined the impact of the Agricultural Credit Scheme Fund (ACGSF) on agricultural output in Nigeria for the period 1981 to 2012. The study focused on the ACGSF loans granted to cash crop and livestock production subsectors and examined the impacts of these loans on the level of the outputs of each subsector. The order of the integration of the variables was tested using Augmented Dickey Fuller (ADF) and Philips-Perron (PP) unit root tests. The Johansen cointegration technique was also used to test the existence of a long run relationship between the variables. The regression results revealed an insignificant impact of loans to cash crop and livestock production on the level of outputs probably due to the misappropriation of the funds. The study concludes that the disbursement of the loans should be properly monitored by the ministry of agriculture to boost production in the sector.
Introduction: The misconception of services as being non-productive has led to the neglect of the service sector in both economic
theory and applied economic researches. The Nigerian economy highly depends on the oil sector to generate revenue for the entire economy. This study examines the response of economic growth to the dynamics of the service
sector in Nigeria from the windows of governance indicators. Using annual data series, endogenous growth model,
and auto-regressive distributed lag technique, transportation and communication service sub-sector is significant and
positively related to economic growth. Health service sub-sector and transportation and communication sub-service
sector are significant and positively related to economic growth when governance indicators were accounted for.
Interaction of the sub-service sectors with governance indicators shows that none of the service sub-sectors were significant but were positively related to economic growth. The study shows that the activities of the education sub-sector have not contributed significantly to economic growth. Thus, for education to contribute positively to economic
growth there is a need for increase in budgetary allocation to education sub-sector. Efforts made to control corruption
and promote government effectiveness should be reviewed frequently to checkmate the processes of governance, so
that bureaucratic processes would not hinder services from contributing significantly to economic growth
Introduction: The problem of debt overhang is becoming intractable in Nigeria. It is believed that the rising trend of domestic debt is determined by some factors. The paper empirically investigates the variables influencing domestic debt.
Introduction: In this paper, we model the relationship between oil revenue and current account balance dynamics in Nigeria using quarterly data from 1987Q1 to 2015Q4. We employ both the Linear ARDL and Nonlinear ARDL models and we also account for multiple structural breaks using a test that allows for multiple structural changes in regression models. The following were noticed from our analyses. First, we observe the existence of an asymmetric effect on the current account balance both in the short and long run. Second, accounting for structural breaks play an important role when modelling the relationship between oil revenue and current account balance. Third, the paper finds that oil revenue has a significant positive effect on current account balance, however, puzzling that both positive and negative shocks affect the current account balance in the same manner. Overall, the positive changes in oil revenue have considerably larger impact than negative changes. The implications for policy are designed based on gathered findings.
Introduction: There is growing evidence that the gender distribution of wealth matters especially considering the fact that asset ownership is related to wellbeing, women empowerment and poverty alleviation. Not much is known about the gender distribution of wealth in the rural areas in Ogun state, Nigeria. This study assessed gender and asset distribution in Ogun State, South-west Nigeria using cross-sectional data collected from a total of 260 households selected through a five stage sampling procedure. The data were analysed using descriptive statistics and ordinary least squares multiple regression analysis. The findings from the study shows that an average rural household in the sample was made up of six persons and households were predominantly headed by males (88%). The mean worth of households’ physical assets was ?1,402,791.00, about 15% of which was owned by women. The ordinary least squares multiple regression analysis revealed that women’s share of assets had a positive influence (P<0.05) on the number of years of formal education completed by children below eighteen years. The education of father and mother were also significant at (P < 0.05) and (P < 0.01) respectively and these show that children have longer access to education when parents have at least secondary school education. Some identified constraints to women asset ownership in the study area were lack of capital (67%), domestic challenges (65%), cultural barriers to female inheritance (56%), and unemployment (52%). Based on these findings it is recommended that women should be encouraged to own more assets so as to be able to positively affect their children’s welfare in terms of education. The economic situation of women can be enhanced by promoting their access to productive assets through indigenous savings and credit associations. The rural households should further be exposed to awareness talks through extension agents stressing the values of education to all in our contemporary world
Introduction: Examination of the characteristics and causes of poverty is an important input into the design of economic policy and poverty alleviation programmes. This study assessed the poverty status of rural households in Ogun State, using the Asset Index Approach due to shortcomings of the conventional methods in poverty analysis. Relevant data were collected from a total of 260 households using a four-stage sampling procedure. The data were analyzed using principal component and ordered probit regression analyses (OPRA). The results showed that the OPRA, which significantly (?2 = 135.20, p < 0.01) explained the probability of a household escaping poverty, revealed that the primary occupation of household heads and the educational status of household heads and their wives among others factors significantly affect the likelihood of escaping poverty. The study therefore suggested that the economic situation of rural households can be considerably enhanced by promoting member’s access to qualitative education and also by encouraging household heads who take up farming activities as their primary occupation to participate in credit associations, indigenous savings and micro financing so as to boost their farming. Therefore, rural development policies should be tailored towards developing these facilities.
Introduction: This research work focused on the determinants of off-farm labour participation decisions of farm households in Oyo Agricultural Developmental Zone (OYSADEP). Primary data were used mainly for the study. Questionnaires were administered to 110 respondents and this was supplemented by oral interview. Data was analyzed using descriptive statistics and logit regression model. Findings from the study revealed that the major off-farm activities in the study area are petty trading (48.2%), hair dressing (13.6%), selling of musical records (8.2%), blacksmithing (6.4%), and hand crafts (5.5%). The reasons for off-farm labour participation of the respondents showed that 84.5% participated to complement their income from farming, 12.7% participated because of self-interest while 2.7% participated because of seasonality in most of the agricultural activities. Majority (54.5%) of the farm households earned less than N20,000.00 and the mean value of their income was N23,608.00 per month. The factors that influenced off farm labour participation within farm households in the study area are year of formal education (P<0.05) of the respondents, household size (P<0.05) of the respondents, total off farm income (P<0.01) and area of farm land cultivated (P<0.01). The study concludes that, farmers should be encouraged to take up offfarm labour works to serve as a risk mitigating strategy. Participation in off farm labour is capable of regulating farmer’s returns in a risky environment such as obtained in agricultural production.
Introduction: This article examines the evidence available on the distribution of assets by gender in rural households in Ogun State, Nigeria. One of the contributions of feminist economics has been to demonstrate
that household and individual welfare are not necessarily the same. Relatively very little work has
been done to show gender disparity in ownership of assets in rural Nigeria though gender asset distribution have been found to impact household decisions, women’s wellbeing and poverty alleviation.
Primary data was collected from a total of 260 households selected through a multistage sampling
procedure. The data were analyzed using descriptive statistics. The study finds that an average rural
household in the sample was made up of six persons and households were predominantly headed by
males (88%). The mean worth of households’ physical assets was ? 1,218,308.20, about 15% of
which was owned by women. Based on these findings the study recommends that the economic situation of women should be enhanced by promoting their access to productive assets through indigenous
savings, credit associations and micro financing. This will enable our society attain the sustainable
development goals of gender equality and maternal wellbeing.
Introduction: This study examined maternal and child dietary diversity within farming households in north western Nigeria;
specifically in Sokoto and Kebbi States. Primary data on personal and socio demographic characteristics of
subjects were collected in 1,500 households with the aid of a well pre-tested and structured questionnaire. Methods
of analysis used were descriptive statistics and dietary diversity score. Maternal and child dietary diversity scores
(DDS) were created based on mother’s recall of her own consumption of 9 food groups and her child’s
consumption of 7 food groups, during the 24 h prior to the home survey. Specifically, children within the age range
of 6- 23 months and women within the range of 15 – 49 years were considered based on the FAO recommendation.
Results revealed that 46.52% of children received minimum dietary component. The mean household dietary
diversity score (HDDS) was 5.42 while that of the women’s dietary diversity score (WDDS) was 4.29. Overall,
60.4% of the households had HDDS ? 5 while 39.6% had HDDS >5. The values for WDDS were 65.8% (? 4) and
34.2% (> 4). The proportion of HDDS < 5 and WDDS < 4 for Kebbi State was greater at 69.02 and 75.74%,
respectively. The study concludes that majority of the children and the women had low dietary diversity. The
proportion of households and women with low dietary diversity was greater in Kebbi State than what was obtained
in Sokoto State. The study therefore recommends that vigorous intervention through extension agents should be
made to women in the study area and especially in Kebbi State to create awareness about consumption of food in
the right quantity and quality to ensure maternal and child health in the farming households.
Introduction: This study examined the determinants of meat consumption among students of the Federal University of Agriculture, Abeokuta, Nigeria. Primary data on personal and socio economic characteristics of respondents were collected among 150 students with the aid of a pre-tested and structured questionnaire. Methods of analysis used were descriptive statistics, bar chart and multiple regression analysis. The results revealed about 69.3%of the respondents were within the age range of 18-24 years and majorities (56%) of the students interviewed were female. The average amount of income spent on meat consumption was N 1,904 per month while the amount spent on substitutes such as egg, snail and cow hides was N 147.90. The result of the distribution of students by total monthly income revealed that 27.3% of the students received below N 5001 per month while 58% of the students received an allowance between N5001 and N15000 per month. The result of the monthly expenditure of the students on various meat types distributed by sex in the study area revealed that beef accounted for the highest percentage of 24.4% of the monthly expenditure among female students while it constituted 24.0% of the males. On the other hand, pork accounted for 7.0% and 6.0% of total monthly expenditure on meat in male and female students respectively. The result further revealed that four variables exert significant influence on the consumption of meat in the study area. The age (X1) of the students was positive and significant at P <0.01. The student’s sex (X3), amount spent on substitutes(X5) and place of residence (X7) of students were negative and significant at (P < 0.05) and (P< 0.01) respectively. The study concludes that female students spend more on meat than their male counterparts. The amount of money spent on meat substitutes decreases with increase in meat consumption and students living off campus spend more on meat than students living on the campus. The study therefore recommends that processed beef in small units should be made available to students in the hostel and outlets close to students’ residential quarters to facilitate easy availability.
Introduction: Geographical information system was applied to map health facilities in Ogun State. The objective is to improve health care delivery in the state. Geographic coordinates of 1,141 health facilities across the 20 local governments were obtained and utilized to develop a Health Service Information Systems. Spatial database was constructed for all health facilities using information as ownership structure, number of personnel, capacities and building photographs. The facilities were categorized by spatial analysis into primary, secondary and tertiary health facilities; pharmaceutical, medical laboratories and traditional birth attendants. Analysis by ownership structure revealed that over 70% are privately managed while the other 30% were managed by either federal, state or local government authorities. Simpler medical services such as drug dispensary, maternity, pediatrics, family planning, immunization, dental, pharmaceutical and medical tests were provided by many of these health facilities, only very few could handle special services as surgery and other intricate medical services. The study revealed that the distribution of health facilities in the state is not equitable; they are rather clustered within urban areas and many people do not have direct access to good health services. Socioeconomic indicators also unveil the gross inadequacy of health facilities in all the local governments. The GIS maps indicates possible areas of locating new health facilities, it provides decision for geographical targeting of interventions for existing ones. The paper recommends particular attention to some identified towns in the construction of new health facilities in order to address inequality in health facilities distribution in the state.
Introduction: The study examined the effect of asset ownership on the poverty status of rural households in Ijebu-Ode Local Government Area of Ogun State, Nigeria. Multistage sampling technique was used to select 109 rural households in the study area. The study utilized primary data collected with the aid of well structure questionnaire. Data were analyzed using descriptive statistics, Principal Component Analyses (PCA), Asset Incidence, Foster-Greer-Thorbecke (FGT) poverty index, and the logit regression model. Asset Incidence results revealed that transport assets, followed by agricultural production assets, domestic assets and animal assets showed wide gender asset gaps in favor of men while productive assets shows a wide gender asset gap in favor of women.. FGT results showed that 59.6% of the respondents were poor while 40.4% were non poor. The result of the logit regression shows that poverty incidence reduced with asset ownership (p<0.01), and a higher level of income (p<0.01). The study therefore concluded that good percentages of the respondents were poor and that poverty level reduced with ownership of assets and increase in income. The study therefore recommends that rural households be sensitized on the importance of asset ownership and engaged in activities that will increase their incomes
Introduction: In the past, the idea was prevalent that wealth for some people in a population will translate into
wealth for all. Today, evidence reveals that there is a wide gap between the richest and the poorest in
most economies especially Nigeria. This study was conducted to estimate the determinants of wealth
status among rural and urban households in Nigeria. Secondary data and sample design used for this
study was adopted from the 2013 Nigerian Demographic and Health Survey (NDHS) carried out in
Nigeria. The sample used for the study was nationally representative and a total of 8658 households
were sampled from the six geopolitical zones in the country. The data were analyzed using descriptive
statistics, principal component and ordered probit models. Results revealed that about 67.4% of the
respondents reside in the rural areas. Majority of household heads were male and their mean age was
about 38 years.The result of the ordered probit model revealed that significant variables determining
wealth status in the study area are age of household head, type of place of residence, literacy, number
of years of education,and number of household dependents among others. Based on these findings, the
study recommends that interventions in terms of good quality education and other basic amenities
should be provided for people residing in the rural areas as rural people form the lion share of
respondents in the study area. The economic status of households can be improved through access to
productive assets through credit associations and indigenous savings
Introduction: The paper undertook an economic analysis of Ofada rice production in five prominent rice growing
areas of Ogun State. A two stage purposive sampling technique was employed to select a total of 120
rice farmers from five local government areas which are major areas known for Ofada rice production
in the state. Primary data were collected for the study through structured questionnaire and Focus
Group Discussion (FGD) among rice farmers groups in the study area. Analytical tools adopted for the
study included frequency, percentages, gross margin analysis and profitability ratios. Results of the
analysis showed that majority of Ofada rice producers in the study area are male (73.33%). In terms of
age, more than half of the respondents fell within the age range of 41 -50 years (63.33%) these farmers were young and within their active productive lives. Results of the distribution of respondents by
annual income in the study area revealed that majority of the respondents (60.83%) obtained an income of between ?201,000 and ?400,000.00 per hectare. However, 22.50% of the respondents
obtained an income of less than ?200,000.00 per hectare. The gross ratio, operating ratio, return per
naira invested and profitability index were calculated to be 0.95, 0.80, 1.90 and 1.80 respectively. The
gross margin of rice production per hectare was also estimated to be ?222,020.00. All these indicate
overall profitability of the enterprise. However, an average low yield of 2.5 tonnes per hectare was
recorded due to constraints encountered during production. Some of the identified constraints in the
study area are lack of capital (25.83%), lack of tractor for land clearing (10.83%), lack of good farm
roads (16.67%), and inadequate processing and storage facilities (11.67%). It is then recommended
that access to adequate capital, mechanical equipment and other incentives through farmers’ cooperatives and government aid for construction of farm roads could help increase rice production in the area
and this will in turn help Nigeria to achieve a much desired self-sufficiency in rice production.
Introduction: This study examined the pattern and determinants of asset ownership among farm households in Odeda local government area of Ogun State, Nigeria. Primary data were used for the study which was sourced via a three stage sampling technique. A total of one hundred and twenty farm households were selected. The study models were the principal component analysis, asset index and the ordinary least squares regression analyses. Results revealed that most of the respondents (84%) were less than 50 years, with a mean age of 42 years. Most of them (70%) had over 5 years of formal education. Domestic assets owned by the respondents were radio, refrigerator, transport assets and agricultural productive assets including agricultural land and real estate. Substantial gender disparity in asset ownership was revealed. Wide asset wealth gap in the value of assets accruing to men was higher than that to the women. Inequality was highest for real estate and agricultural land, with an asset wealth gap of 0.32:0.06 and 0.41:0.10 respectively. The pattern of asset ownership showed that television had the highest scoring factor of 0.728 while grinding machine had the least scoring factor of -0.260. The result of regression analysis showed that age (p<0.01), gender (p<0.05), marital status (p<0.01), household size (p<0.10) and education (p<0.01), were the major factors influencing asset ownership among farm households in the study area. The study therefore recommends the need to avail farm households’ access to productive assets through micro financing, savings and credit associations’ activities. There is need to improve the level of education among the rural household heads. Government on its part should enable policies targeted at enhancing women literacy and their access to productive assets.
Introduction: This paper investigates the effectiveness of sovereign wealth funds (SWFs) in reducing macroeconomic volatility occasioned by oil price shocks in oil?exporting African countries. The oil price boom?bust cycles complicate fiscal operations, distort budget implementation and trigger macroeconomic instability in oil exporting African countries. We formulate and simulate a dynamic stochastic general equilibrium model that features SWFs and the fiscal sector. We compare a baseline model without the SWFs to a model with the SWFs. The simulation analysis suggests that the establishment of SWFs can mitigate the vulnerability of oil?exporting African countries to oil price shocks. In particular, SWFs can reduce fiscal expenditure and real exchange rate volatility. Furthermore, SWFs can stabilise the level of external debt and reduce the level of money supply thereby sterilising the oil revenue. Since oil price shock is one of the important external shocks inducing economic instability in oil?exporting African countries, the creation of SWFs can insulate these economies from external shocks.
Introduction: The study investigates the effects of external shocks on economic growth dynamics in Nigeria. We employ structural vector autoregression (SVAR) technique. We consider six external shocks- external debt, foreign interest rate, foreign output, oil price, foreign input price and real interest rate shocks. Our findings indicate that external shocks impact economic growth in Nigeria. Among the external shocks, we find that foreign interest rate shocks, foreign input price shocks and external debt shocks are the most important shocks impacting economic growth in Nigeria. The importance of foreign interest rate shocks and foreign input price shocks suggest the significance of external financial shocks and foreign supply shocks on economic growth in Nigeria. The findings, however, show that oil price shocks, foreign output shocks and real exchange rate shocks have limited impact on economic growth in Nigeria.
Introduction: This paper develpos and estimates a small open economy dynamic stochastic genral equilirium (DSGE) model for the Nigerian economy using the Bayesian technique. We include a number of frictions, rigidities and shocks in our model. The results show a considerable evidence of price stickiness in Nigeria. Furthermore, the results suggest that the forward-looking component dominates price setting behaviour in Nigeria. Moreover, the findings indicate that external shocks such as external debt, exchange rate and foreign inflation shocks largely influence output fluctuation in Nigeria while inflation is driven by money supply, productivity, nominal exchange rate and domestic interest rate shocks. Lastly, the findings indicate that the monetary authority responds strongly to real exchange rate shocks.
Introduction: This paper estimates a New Keynesian Phillips curve (NKPC) model for the Nigerian economy. This is to identify the structural parameters determining inflation dynamics in Nigeria. Previous studies that examined the dynamics of inflation in Nigeria have largely estimated the traditional Phillips curve. This study employs quarterly time series data on six macroeconomic variables from 1990:1 to 2012:4. The study adopts the Generalized Method of Moments (GMM) technique to analyse the data. The findings indicate that both backward-looking and forward-looking behaviour are significant determinants of inflation dynamics in Nigeria. The results, however, suggest that backward-looking behaviour seems to be more quantitatively important in inflation dynamics. Moreover, the findings indicate that price of foreign input, money supply and the lending rate are the main drivers of inflation in Nigeria.
Introduction: We estimate a monetary DSGE model to examine the role of macroeconomic shocks in generating fluctuations in ten African countries. The model is estimated with the Bayesian technique using twelve macroeconomic variables. The findings indicate that both the internal and external shocks significantly influence output fluctuations in African economies. Over a four quarter horizon, internal shocks are dominant and over eight to sixteen quarter horizons, external shocks are dominant. Among the external shocks, external debt, exchange rate, foreign interest rate and commodity price shocks account for a large part of output variations in African economies. Money supply and productivity shocks are the most important internal shocks contributing to output fluctuations in African countries.
Introduction: The paper examines the role played by banks in the propagation of external shocks to African economies. We employ a general equilibrium model of a small open economy to analyse how the banking sector propagates external shocks. The study uses a vector autoregression (VAR) analysis to assess the impact of exchange rate and foreign interest rate shocks on bank lending spreads and output fluctuations in African economies. We use quarterly time-series data for 5 selected African countries for the period 1990-2011. The findings show that foreign interest rate and exchange rate shocks significantly affect output fluctuations in Africa. The results, however, indicate that banks play limited role in the propagation of shocks to African economies.
Introduction: This paper focuses on the return and volatility spillovers among the major agricultural commodities in Nigeria. Specifically, we examine the spillovers across wheat, rice, soybeans, groundnut and palm oil both in terms of returns and volatility using monthly data from January 1980 to June 2017. We employ the Diebold and Yilmaz (2012) spillover approach and consequently, we compute the Total Spillover, Directional Spillover and Net Spillover indices. In a bid to capture the inherent secular and cyclical movements in the Nigerian agricultural commodities market, we carry out the rolling sample analysis which complements the spillover results. We find evidence of interdependence among major agricultural commodities in Nigeria given the spillover indices. Interestingly, return and volatility spillovers exhibit both trends and bursts respectively. In addition, we recognize crisis periods that seem to have motivated the documented fluctuations in returns and volatilities of the Nigerian agricultural commodities market. Our results are robust to the VAR lag structure.
Introduction: This paper measures the return and volatility spillovers of crude oil and food prices in Nigeria using the Diebold and Yilmaz (2012) approach. It utilizes the monthly data of food prices and crude oil from January 01 1997 to June 30, 2017. This study also carries out rolling sample analyses to capture secular and cyclical movements in oil and food markets. The paper finds evidence of interdependence among crude oil and food prices based on the spillover indexes. In addition, the returns spillover exhibits trend but no burst while the volatility spillover exhibits both trend and burst over the period under consideration. By understanding the mechanisms behind these dynamics, better policy measures could be put in place to optimize and stabilize the markets. Finally, the results are robust to the VAR lag structure and rolling window width.
Introduction: This paper examines the return and volatility spillovers of different sectoral stock prices in Nigeria using monthly data from January 2007 to December 2016. We employ the Diebold and Yilmaz (2012) spillover approach and rolling sample analysis to capture the inherent secular and cyclical movements in the sector stocks market.We show that there is substantial difference between the behaviour of the sectoral stock return and volatility spillover indices over time. We find evidence of interdependence among sector stocks given the spillover indices. While the return spillover index reveals increased integration among the sectoral stocks, the volatility spillover index experiences significant bursts during major market crises. Interestingly, return and volatility spillovers exhibit both trends and bursts respectively
Introduction: This paper aims to model the relationship between oil price and six major agricultural commodity prices using monthly data from January 1997 to December 2016.
Introduction: This study examines the dynamic relationship between oil revenue, government spending and economic growth in Nigeria. Since the discovery of oil, oil proceeds have dominated the country's federation account and have improved public spending. In this paper, we analyse if the huge government spending has improved the rate of economic growth. To do this, the multivariate vector autoregression framework with special attention to Generalised Impulse Response Function is adopted in analysing the annual data of oil revenue, total government expenditure and real Gross Domestic Product from 1980 to 2015. We find evidence that oil receipts remain the major route which public spending is financed and the fundamental source for growth. Hence, there is need for the government to diversify the sources of foreign exchange inflow of the country. The diversification of the economy is required to insulate it from external shocks. It is recommended for Nigeria to explore ways of reviving its huge agricultural potential which has been neglected since the discovery of oil in addition to exploring its rich untapped solid minerals deposit in order to promote diversification of the economy away from a mono cultural product base.
Introduction: This paper examines the return and volatility spillovers of different sectoral stock prices in
Nigeria using monthly data from January 2007 to December 2016. We employ the Diebold
and Yilmaz (2012) spillover approach and rolling sample analysis to capture the inherent
secular and cyclical movements in the sector stocks market.We show that there is substantial difference between the behaviour of the sectoral stock return and volatility spillover
indices over time. We find evidence of interdependence among sector stocks given the spillover indices. While the return spillover index reveals increased integration among the
sectoral stocks, the volatility spillover index experiences significant bursts during major
market crises. Interestingly, return and volatility spillovers exhibit both trends and bursts
respectively.
Introduction: This paper examines the Balance-of-Payment (BOP) constraint growth model in Nigeria for the period of 1980 to 2012 using the bounds testing Auto regressive Distributed Lag (ARDL) approach. The ARDL test suggests that the variables in the framework have a long run relationship. The empirical findings reveal that import is cointegrated with relative price and income, and the equilibrium growth rates coincide with actual growth rates, hence, the result shows that the Thirlwall’s law, of actual growth rate being equal to the predicted growth rate by the balance of payment current account equilibrium holds in Nigeria. This reason may be due the fact that the economy of Nigeria depends mainly on international trade even though oil dominates the export. This Thirlwall’s BOP-constrained growth approach provides some significant policy prescriptions for Nigeria’s development policy. Achievement of potential growth can be stimulated by making exports more competitive through macroeconomic stability, sound institutional qualities, improvement in human and physical capital development, reducing access problems to external market, among other factors.
Introduction: This paper examines the Balance-of-Payment (BOP) constraint growth model in Nigeria for the period of 1980 to 2012 using the bounds testing Auto regressive Distributed Lag (ARDL) approach. The ARDL test suggests that the variables in the framework have a long run relationship. The empirical findings reveal that import is cointegrated with relative price and income, and the equilibrium growth rates coincide with actual growth rates, hence, the result shows that the Thirlwall’s law, of actual growth rate being equal to the predicted growth rate by the balance of payment current account equilibrium holds in Nigeria. This reason may be due the fact that the economy of Nigeria depends mainly on international trade even though oil dominates the export. This Thirlwall’s BOP-constrained growth approach provides some significant policy prescriptions for Nigeria’s development policy. Achievement of potential growth can be stimulated by making exports more competitive through macroeconomic stability, sound institutional qualities, improvement in human and physical capital development, reducing access problems to external market, among other factors.
Introduction: Empirical work on modelling stock price volatility in the agro-allied sub-sector of the Nigerian Stock Exchange is scarce despite the importance of agriculture to the Nigerian economy, the need to encourage investment in the sector and the importance of volatility patterns to investment decision. This study modelled conditional variances (volatility) of specific but well-known agro-allied companies in Nigeria using daily closing prices from 1st September, 2015 to 31st August, 2016. The study adopted both the symmetric and the asymmetric modifications of the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model to model the series’ volatilities. The results showed no evidence of leverage effects on stock prices except in the case of two firms and therefore based on the appropriate model selection criteria, the symmetric models appeared to be superior to the asymmetric models. It was concluded that investors needed to consider the nature and characteristics of stock price behaviour when taking investment decisions. In addition, policy makers should be careful not to make statements with potential to generate bad news for the capital market. The regulatory agencies should continue to strengthen measures to develop the capital market in order for it to be resilient and able to cope better with bad news when they occur. Finally, more research, based on a wide variety of alternative models is called for to produce more empirical evidence on volatility especially in the agro-allied sector of the Nigerian capital market.
Introduction: In the Nigerian economy using monthly time series data over the period January 2008 to May 2017. The short-run and long-run asymmetries were analysed using nonlinear autoregressive distributed lags (NARDL) framework. The empirical results suggest the presence of cointegration as well as asymmetric relations. Specifically, positive changes in oil price tend to have no significant effect on the Nigerian stock performance. This paper examines the asymmetric effect of oil price shocks on stock market performance. However, negative developments turned out to have positive and significant effect on stock performance in both the long and short runs. This implies the need for the regulatory agency to continue to strengthen its effort aimed at promoting the development of the capital market and making it better able to cope with external shocks such as adverse movements in crude oil prices. The current efforts of the SEC in spearheading the implementation of the capital market master plan are part of such measures. Fresh data when it is available is therefore required to enable newer research to gauge whether or not these efforts by the SEC are making the market more resilient to falls in crude oil prices on the world market.
Introduction: This study compares the performance of GARCH-Type models in
modelling inflation volatility in Nigeria covering the period 1995M01 to
2016M10. In the paper, we provide two main innovations: (i) we analyze
inflation rate of two pronounced consumer prices indices namely
headline and core consumer price indices using the Augmented DickeyFuller break point test which allow for structural breaks in the data
series; and (ii) the method is modified to include both symmetric and
asymmetric volatility models. The empirical examination observes
evidence of volatility persistence in the consumer price indices, but only
headline is consistent with leverage effects. Thus, applying one-modelfits-all approach as well as discarding the role of structural breaks for
inflation rate volatility in Nigeria will yield misleading and invalid
policy prescriptions
Introduction: This paper examined the fiscal response of government to oil price volatility in Nigeria during the period 1970-2013. This is because no study has analysed the peculiar fiscal behaviour of the government given the unpredictable nature of oil prices. Yet, government fiscal activities had significantly determined and shaped the growth path of the economy. The multivariate vector Auto regression model was explored for the empirical analysis. Our findings showed that real oil prices had driven government expenditure dynamics and a long run relationship between real oil prices and government spending, non-oil growth, inflation and discount rate differential exist; and no asymmetric effect of oil price shocks on the government spending. However, these results are robust to different non-linear transformation of the real oil prices and inclusion of additional variables. Since oil price is highly volatile, it is advised that the government diversify the sources of foreign exchange inflows.
Introduction: The theoretical obligation of the managers in the agency theory is to safeguard the interest of the shareholders, and this study is targeted at investigating the impact of corporate governance on the performance of nine selected banks in Nigeria. The study performs a pooled Ordinary Least Square (OLS) regression analysis of the data from 2006 to 2010. The findings suggest that both size of the board and its ownership structure have positive significant effects on the Return on Equity (ROE). However, the influence of governance indicator on the assets of the companies is significantly negative. Further, the board composition is found to be insignificant as a predictor of profitability measures. The regulatory influence and economic conditioning factors also show no significant effect on Return on Assets (ROA) as well as ROE, suggesting that the banks have developed the ability to absorb or conceal domestic shocks in the economy. The results generally support the hypothesized fact that the banking industry suffers from asset management and poor governance malaise. The study recommends that the regulatory authorities, including the Asset Management Company of Nigeria, be involved in the screening and monitoring of debt assets beyond the current salvage practice.
Introduction: This paper analyzes the fiscal response of the government to aid inflows in Nigeria during the period 1961 to 2009. This is against the backdrop of the fact that no study has analyzed the peculiar fiscal response/behavior of the government in Nigeria vis-à-vis aid flow over time. Yet, the fiscal response of the government had significantly determined and shaped the growth path of the economy. The empirical analysis is anchored on the Heller type fiscal response modeling analytical framework and combines several procedures in modern econometric analysis/estimation techniques. The findings show that aid inflows had significant impact on the fiscal reactions of government in Nigeria: government expenditure, particularly capital (development) expenditure, increased in response to aid flows, tax efforts were relaxed, while domestic borrowing declined. Aid flows also provide free resources to increase recurrent (routine) spending, thus confirming the aid fungibility hypotheses. Since aid inflows cannot be permanently relied upon, it is advised that the government place a premium on improving its tax efforts as well as cut down recurrent expenditures.
Introduction: This paper examines the relationship between capital market development and Nigeria's economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.
Introduction: In this paper, we provide two main innovations: (i) we analyze oil prices of two prominent markets namely West Texas Intermediate (WTI) and Brent using the two recently developed tests by Narayan and Popp (2010) and Liu and Narayan, 2010 both of which allow for two structural breaks in the data series; and (ii) the latter method is modified to include both symmetric and asymmetric volatility models. We identify two structural breaks that occur in 1990 and 2008 which coincidentally correspond to the Iraqi/Kuwait conflict and the global financial crisis, respectively. We find evidence of persistence and leverage effects in the oil price volatility. While further extensions can be pursued, the consideration of asymmetric effects as well as structural breaks should not be jettisoned when modelling oil price volatility.
Introduction: This study examines the effect of oil discovery on sectoral performance in Nigeria, using the time series data from 1975 to 2010. The empirical analysis rests on the Dutch Disease (DD) hypothesis and also combines several procedures in modern econometric estimation techniques. The findings show that oil discovery in Nigeria affects both the agricultural and industrial sectors. However, the effect on the agricultural sector is larger than that on the industrial sector, thus, confirming the existence of DD in Nigeria. The study therefore recommends that the government should give priority to the agricultural sector through the provision of infrastructures, incentives in the form of subsidies, and general modernization of agricultural activities.
Introduction: This paper examines the impact of oil price movements on real output growth in Nigeria during the period 1970 to 2011 making use of annual time series data. The empirical analysis rests on dynamic VAR analytical framework. To capture the possible channels reflecting the fluctuations in the oil prices, the model includes money supply, real exchange rate, government spending and inflation. Our findings indicate the lagged effects of the VAR model are not able to capture any significant impact of changes in oil prices, and oil price shocks are therefore not found to contribute directly to output, exchange rate or inflation in the short run but show a positive significant relationship to output growth in the long run. Following the VAR model results, the generalized impulse responses reaffirm the direct link between the net oil price shock and growth, as well as the indirect linkages.
Introduction: The inflexibility of poverty is being met with increasing impatience from governments of diverse ideologies, donors and other international agencies. Recent data compilations show that many poor and non-poor people in many developing countries face a high degree of financial exclusion and high barriers in access to finance. Therefore, financial inclusion plays a critical role in reducing poverty. Hence, this paper examines the relationship between sustainable financial services and poverty reduction in Nigeria from 1965 - 2010 using Error Correction Model (ECM). It was observed that total value prime lending rate, financial savings, credit to private sector and rate of inflation all have significant impact on the financial deepening. In the final analysis, the study concludes that financial inclusion tends to strengthen financial deepening and provide resources to the banks to expand credit delivery thereby leading to financial development. The study therefore recommends that these findings, in turn, will inform the policy makers and stakeholders to build more inclusive financial systems
Introduction: his study examines the impact of financing small scale enterprises on economic growth in Nigeria, using a quarterly time series data from 1992 to 2009. The study combined several econometric estimation techniques. The findings shows that loan to small scale entrepreneurs have a positive impact on the economic performance while interest rate has a negative impact on economic growth. The study thereby concludes that the greatest or worst problem confronting SMEs in Nigeria is managerial capacity. Access to capital or finance is necessary but not a sufficient condition for successful entrepreneurial development.
Introduction: This study examines the impact of monetary policy on economic growth in Nigeria.The study uses time-series data covering the range of 1975 to 2010.The effects of stochastic shocks of each of the endogenous variables are explored using Error Correction Model (ECM). The study shows that Long run relationship exists among the variables. Also, the core finding of this study shows that inflation rate, exchange rate and external reserve are significant monetary policy instruments that drive growth in Nigeria .It is therefore recommended that the establishment of primary and secondary government bond markets that can also increase the efficiency of monetary policy and reduce the government’s need to rely on the central bank for direct financing.
Introduction: This paper examines the impact of Corporate Social Responsibility (CSR) on Financial
Performance of Firms in Nigeria. This study utilizes both primary and secondary data. The questions
were structured in such a way as to gather pertinent and specific information on how effective
Corporate Social Responsibility (CSR) has improved the financial viability of firms in Nigeria. This
paper employs both descriptive and quantitative techniques in which chi-square technique and content
analysis was used to test the significance relationship among the frequencies. The study reveals that
proper and effective CSR goes a long way in improving the trend of firms’ financial performance in
Nigeria using Cadbury Nigeria Plc. as the study area. It was observed that CSR could be a key
instrument to the financial development of any organizations through the process of giving back to
the community.
Introduction: This paper examines the concept of micro credit as a tool for alleviating poverty in Nigeria. Micro credit is about providing
specialized credit savings and other financial services of small amount to micro entrepreneurs to enable them expand their
business opportunities, increase their income and their living standards. This study utilizes primary data that were obtained
through the use of structured questionnaires. The questions were structured in such a way as to gather pertinent and specific
information on how micro credit has enhanced the quality of life of rural dwellers of the Ijebu North Local Government Area
of Ogun state, Nigeria. This paper employs both descriptive and quantitative techniques in which chi-square technique was
used to test the significance difference among the frequencies. The findings indicate that micro credit to some extent
enhances the general welfare of rural dwellers thereby reducing the level of poverty in the economy if they are properly
financed and managed.
Introduction: : In this paper, we compare the performance of volatility models for oil price using daily
returns of WTI. The innovations of this paper are in two folds: (i) we analyse the oil price across three
sub samples namely period before, during and after the global financial crisis, (ii) we also analyse the
comparative performance of both symmetric and asymmetric volatility models for the oil price. We
find that oil price was most volatile during the global financial crises compared to other sub samples.
Based on the appropriate model selection criteria, the asymmetric GARCH models appear superior to
the symmetric ones in dealing with oil price volatility. This finding indicates evidence of leverage
effects in the oil market and ignoring these effects in oil price modelling will lead to serious biases and
misleading results
Introduction: This paper examines the impact of informal sector on employment generation in Nigeria during the period 1970 to 2010 making use of annual time series data. The empirical analysis rests on the augmented Solow growth analytical framework. Our findings show that informal sector activities have significant impact on absorbing the large pool of labour force in Nigeria. The study contends that human capital formation is positively related to unemployment rate which reflects the dearth of government expenditure on education in the country. Therefore, there is an urgent need for the government to re-examine its policies on informal sector.
Introduction: This paper analyses the impact of foreign aid on economic growth in Nigeria during the
period of 1970-2010. The empirical analysis rests on the neo-classical modelling analytical framework
and combined several procedures in modern econometric analysis/estimation techniques. Our findings
shows that aid flows has significant impact on economic growth in Nigeria: domestic investment
increased in response to aid flows and population growth has no significant effect on aid flows. Aid
flows also provides free resources to increase domestic investment, thus confirming the aid-policygrowth hypothesis. Therefore, donor governments should be aware of the political situations in
recipient countries, and work with international bodies to ensure as much stability as possible. Finally,
foreign aid transfers should henceforth pledge to abide by the oath to of doing no harm
Introduction: This study examines the impact of trade openness on manufacturing sector performance in Nigerian economy, using a times series data from 1975-2010
Introduction: Using real interest rate parity (RIP), this paper evaluates the extent of African financial market integration into the global market selecting the U.S, EU and China as reference countries. To test for RIP, we apply the linear, non-linear and panel data unit root and stationary tests. The findings show that RIP condition holds in African countries, indicating that African financial markets are integrated into the global market. The results, however, suggest more integration with China than the U.S and EU. While the findings from the linear unit root tests confirm RIP in 9 out of 10 countries with respect to the U.S. and EU, it supports RIP condition for the 10 countries using China as the base. The non-linear
KSS tests result show that RIP conditions hold in 8 of the 10 Africa countries. Lastly, the results from panel data unit root tests also validate the RIP condition in Africa JEL Classification: F36; G15; Keywords: Real interest parity; financial integration; real interest rate differential; African countries; unit root tests
Introduction: Using real interest rate parity (RIP), this paper evaluates the extent of African financial market integration into the global market selecting the U.S, EU and China as reference countries. To test for RIP, we apply the linear, non-linear and panel data unit root and stationary tests. The findings show that RIP condition holds in African countries, indicating that African financial markets are integrated into the global market. The results, however, suggest more integration with China than the U.S and EU. While the findings from the linear unit root tests confirm RIP in 9 out of 10 countries with respect to the U.S. and EU, it supports RIP condition for the 10 countries using China as the base. The non-linear
KSS tests result show that RIP conditions hold in 8 of the 10 Africa countries. Lastly, the results from panel data unit root tests also validate the RIP condition in Africa JEL Classification: F36; G15; Keywords: Real interest parity; financial integration; real interest rate differential; African countries; unit root tests
Introduction: This study tests the response of trade balance of Nigeria and South Africa to symmetric and asymmetric change in oil price and exchange rate using disaggregated monthly data for the period of 1995M01 to 2018M12 within the framework of Autoregressive Distributed Lag (ARDL) model and found that increases in oil price significantly produced symmetrical negative effects on trade balance of Nigeria in the long run and insignificant negative effect on trade balance of South Africa in the short run. Also, exchange rate depreciation significantly affected trade balance of Nigeria but showed insignificant effects on trade balance of South Africa. Finally, accounting for asymmetry in oil price and exchange
rate may be implausible in predicting the dynamics of trade balance of the two countries within the time span of the study. We therefore recommend increased diversification of the economy and pursuant of exchange stability policy to achieve favorable balance of trade.
Keywords: Trade balance; Oil price; Exchange rate; Asymmetries; ARDL
Introduction: This study tests the response of trade balance of Nigeria and South Africa to symmetric and asymmetric change in oil price and exchange rate using disaggregated monthly data for the period of 1995M01 to 2018M12 within the framework of Autoregressive Distributed Lag (ARDL) model and found that increases in oil price significantly produced symmetrical negative effects on trade balance of Nigeria in the long run and insignificant negative effect on trade balance of South Africa in the short run. Also, exchange rate depreciation significantly affected trade balance of Nigeria but showed insignificant effects on trade balance of South Africa. Finally, accounting for asymmetry in oil price and exchange
rate may be implausible in predicting the dynamics of trade balance of the two countries within the time span of the study. We therefore recommend increased diversification of the economy and pursuant of exchange stability policy to achieve favorable balance of trade.
Keywords: Trade balance; Oil price; Exchange rate; Asymmetries; ARDL
Introduction: The study investigates the determinants of manufacturing sub-sector output growth in Nigeria between 1981 and 2020 with time series data extracted from Central Bank of Nigeria data base. The analysis was carried out using the ARDL technique in view of the fact that all the variables were not stationary at the same order. Anchoring on AK-type neoclassical growth frameworks, the short run Cointegration results
revealed that manufacturing industries capacity utilization rates and commercial banks credit to themanufacturing sub-sector positively influenced manufacturing output, while inflation rate and exchange rate had negative coefficients. The study also revealed that increase in capital expenditure, credit to manufacturers and electricity consumption positively spurred manufacturing output in the long run. The
authors therefore recommend that increased capital expenditure by the government to revamp the power sector and enhanced access to affordable credit from banks by manufacturers would guarantee Nigerian manufacturing sub-sector long term development.
Introduction: The study investigates the determinants of manufacturing sub-sector output growth in Nigeria between 1981 and 2020 with time series data extracted from Central Bank of Nigeria data base. The analysis was carried out using the ARDL technique in view of the fact that all the variables were not stationary at the same order. Anchoring on AK-type neoclassical growth frameworks, the short run Cointegration results
revealed that manufacturing industries capacity utilization rates and commercial banks credit to themanufacturing sub-sector positively influenced manufacturing output, while inflation rate and exchange rate had negative coefficients. The study also revealed that increase in capital expenditure, credit to manufacturers and electricity consumption positively spurred manufacturing output in the long run. The
authors therefore recommend that increased capital expenditure by the government to revamp the power sector and enhanced access to affordable credit from banks by manufacturers would guarantee Nigerian manufacturing sub-sector long term development.
Introduction: Nigeria and China have had a long bilateral trade relation. Outside the Middle East, Nigeria is a major export destination of China. This study investigates the response of Nigeria’s trade balance to the dynamics of China’s trade balance using monthly time series data spanning
1995M01 to 2019M12. We employed the linear and nonlinear Autoregressive distributed lag models and discovered that China’s trade balance significantly affects Nigeria’s trade balance in the short run and long run. Also, the lag values of China’s trade balance significantly explain
current value of Nigeria’s trade balance in the long run. While we found changes in Nigerian exchange rate having increasing effects on the country’s trade balance in the long run, China’s exchange rate appreciation and depreciation appeared to hurt Nigeria’s trade balance in the
short run. We further found no evidence of asymmetric effects of oil price, the Nigeria exchange rate, and China’s exchange rate on Nigeria’s trade balance in the short and long run. We therefore, suggest that Nigeria’s investors and the government should consider China’s trade balance and exchange rate behaviours in trading decisions.
Introduction: This study investigated the contributions of the four agricultural sub-sectors in Nigeria to economic growth and poverty reduction using time series data from 1981 to 2020. It is based on the premise that agriculture is the engine of growth and a potent vehicle for poverty reduction
particularly in developing countries where most of the populace earn their living directly or indirectly from the sector. The Fully Modified Ordinary Least Square (FMOLS) model was adopted for data analysis. The variables used include: Nigeria’s real total gross domestic product
(RGDP), the contributions of the different sub-sectors of agriculture (livestock, crops, fishery and forestry) to total gross domestic product, poverty headcount, and total loans guaranteed to the agricultural sector by commercial banks in Nigeria. Findings from this study validated the above claims as all the four sub-sectors of agriculture contributed positively and significantly to growth in real GDP, and reduction in poverty headcount with the exception of the livestock subsector. The authors believe that increased effort to grow the livestock sub-sector, will further increase the capacity of the agricultural sector to reduce poverty in Nigeria. Agricultural credit was also found to contribute to poverty reduction and real output growth in Nigeria thereby, justifying the need for increased access to credit by farmers.