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A Comparative Analysis of the Efficiency of Takaful and Conventional Insurance in Nigeria: A Data Envelopment Analysis Approach
No full textThe insurance industry is vital to the development of any nation's economy. To evaluate the performance of this industry, efficiency measurement is critical as it will determine the industry’s competitiveness, and companies that are likely to survive. As such, this study aims to compare takaful and conventional insurance efficiency in Nigeria. This study uses the Data Envelopment Analysis (DEA) method with input orientation to measure efficiency. The objects in this study were six (6) conventional insurance firms and two (2) takaful firms spanning from 2017 to 2021. The results showed that takaful insurance emerged on the efficient frontier in all years except 2019 and was more efficient in these years than the conventional counterpart. It concludes that regarding efficiency neither takaful nor conventional insurance firms clearly outperform the other. This study revealed the efficiency level and compared the efficiency of takaful and conventional insurance firms in Nigeria
Contributory Pension Fund and the Growth of Nigeria's Insurance Industry
No full textPension funds perform crucial roles in the various sectors of the economy, including the insurance industry, where they serve as a source of premium income. Thus, the effect of the contributory pension fund on the insurance industry's growth was investigated in this study. Twelve years (2010-2021) data was extracted from PenCom and NAICOM annual reports. The regression analysis’s findings showed that pension fund contribution and annuity premiums significantly impact the gross premium income of Nigeria's insurance industry. Though the findings of this study show that the Nigeria Insurance Industry has grown because of the contributory pension fund, economic experts believe that the contributory pension scheme has yet to maximise its capacity to stimulate the insurance industry's growth. The study recommends that the National Pension Commission (PenCom) and insurance companies educate people on the benefits of choosing the life annuity option for retirement benefits
ENHANCING CUSTOMER SATISFACTION IN AIR TRANSPORTATION IN NIGERIA: A CASE STUDY OF MURTALA MUHAMMED INTERNATIONAL AIRPORT.
Get PDFThe aim of this study is to examine customer satisfaction in air transportation in Nigeria. Thus, this study assesses the current level of customer satisfaction at Murtala Muhammed International Airport and identifies the key factors influencing customer satisfaction in air transportation. Also, this study evaluates the effectiveness of existing customer service initiatives at the airport and proposes strategies for improving customer satisfaction and service quality. A cross-sectional survey design was adopted for this study. The findings of this study shows that the current level of customer satisfaction at Murtala Muhammed International Airport is high and that the key factors influencing customer satisfaction in air transportation include the punctuality and reliability of flight schedules, the efficiency of check-in procedures, the ease of navigation and signage within the airport. Also this study reveals that the existing customer service initiatives at the airport in addressing passenger needs are vastly effective. As revealed by the study, the strategies that can be implemented to enhance customer satisfaction and service quality include increasing the number of staff at peak times, implementing more efficient security check procedures and providing more information and better signage. The study recommended that maintaining high standards of cleanliness and facility maintenance should be prioritized and also investing in comprehensive staff training programs. In addition, implementing and continuously upgrading advanced technologies can streamline operations and improve efficiency
Enhancing Land Governance in Nigeria through Land Pooling and Readjustment Options
No full textThis article examines advocacy for the introduction of Land Pooling and Readjustment (LPR) in Lagos in the bid to boost development in the urban fringes, leading to a reduction of tensions between the state and customary landowners over land acquisition matters. The article adopted a qualitative approach involving the snowball technique as it assesses narratives supplied by land bureau officials and members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), who are directly involved with compensation valuation. The interview excerpts reflect professionals’ dissatisfaction over developments in the built environment, especially regarding compulsory land acquisition. It is noted that LRP is a viable alternative strategy for anticipating or checking the conflicts often associated with project abandonment after land acquisition. Governments are therefore implored to adopt the LPR approach as a way to secure popular support for infrastructural development initiatives, thus reducing compensation burdens and increasing government revenue through betterment tax and neighbourhood improvement tax. The recommended advocacy approach should involve community development associations, traditional heads and the local governments
Investigating the Nature and Effects of Land Conflict at Construction Sites: Insights from Nigeria and South Africa
No full textConstruction work, like other activities, takes place on land, which is often subject to varying disputes, ranging from ownership tussle to full-blown interstate or secessionist conflict. The commencement of construction work is evidence that the site is in possession, thereby drawing the attention of other claimants to the site, possibly leading to dispute that exposesconstruction workers to hazards. Such situations could impact the health and safety of contractors and construction workers, especially when nonstate actors are involved. Considering the high level of conflict at construction sites in Nigeria and, recently, in South Africa, this study examines the nature of land conflicts on construction sites in Nigeria and South Africa, focusing on the activities of non-state actors that interfere with construction work. The study aims to provide insight that can help to reduce conflict at construction sites. Using a mixed-methods approach, the study collected primary data through interviews with 19 informants from Government Offices Providing Land Administrative Services (GOPLAS) and 23 purposively selected landowners who had experienced land disputes during construction in Lagos, Nigeria. For the South Africa context, the data came from desktop media analysis of publications innewspaper editorials, blogs, television news and government publications on non-state actors perpetrating conflict at construction sites (i.e., members of the so-called construction mafia). Following thematic analyses, the study found a similarity between the activities of non-state actors in the construction sector in Nigeria (the omo onile and the ajagungbale) andSouth Africa (the construction mafia). Among their activities are extortion, use of threats, violence, and disruption of construction work to enforce their demands. The two groups also enjoy some sort of social and legal legitimacy but differ in the range of construction sites where they perpetrate conflict. The study also discovered that the effects of the activities of non-state actors include physical injury and death, loss of investor confidence, and destruction of construction work and equipment, among others. Conflicts at construction sites frequently lead to resource limitations and uncertainty in the work environment. Thus, the study provides insights into the complex relationship between informal land governance and construction hazards. It highlights the urgent need for devising holistic strategies that address both the institutional and community dimensions of land conflict, thereby paving the way for safer, more inclusive urban development in African cities
THE RELATIONSHIP AND EFFECT OF CAPITAL STRUCTURE ON FINANCIAL DISTRESS OF PUBLIC QUOTED NON-FINANCIAL FIRMS IN NIGERIA
Get PDFThis paper focuses on capital structure and its relationship and effect on distress of public quoted non-financial firms in Nigeria. The study's major objective is to explore the effect of capital structure on the financial distress of publicly quoted non-financial firms on the Nigeria Exchange (NGX). Independent variables, financial leverage (debt to assets), short-term debt to equity, and long-term debt to equity, were considered to represent the capital structure. The Altman Z-score was used to measure financial distress. The assumptions of trade-off theory, pecking order theory, and agency theory guided this study. The study adopted an ex post facto research design. Secondary data from the financial statements of publicly quoted non-financial firms in Nigeria from 2011 to 2021 were used. A fixed-effects regression analysis technique has been employed to help answer the hypotheses. The study discovered that converting short-term debt to equity has an insignificant positive effect on financial distress. In contrast, long-term debt to equity has an insignificant negative effect on the financial distress of publicly quoted non-financial firms in Nigeria. As a result, this study recommends considering other factors such as the operating environment not included in the analysis, which could also influence financial distress. It also recommended that businesses should promote prudent financial management
ECONOMIC POLICY UNCERTAINTY AND REMITTANCE INFLOW IN SELECTED AFRICAN COUNTRIES.
Get PDFThe study examines the asymmetric impact of Global economic Policy Uncertainty (GEPU) on remittance inflows in selected African countries. The study explores a Nonlinear Autoregressive Distribution Lag (NARDL) in achieving the objective. The study examines both the short-run and long run impacts of GEPU on remittance inflows. Yearly data were observed for the study across 17 African countries from 1997 to 2022. The result suggests that GEPU has a negative and significant impact on remittance inflow in the short run. Specifically, the negative partial sum has an impact on remittance inflow in the short run. Additionally, the long run does not suggest a significant impact on remittance except for the negative partial sum that is significant at 5% under the mean group. The outcomes suggest a symmetric relationship in the short run but an asymmetrical relationship in the long run based on the PMG model. The findings of the study enrich existing knowledge and understanding of the role of GEPU on remittance inflow. The outcome of the study will be of great value to policymakers, and various stakeholders, as they are actively involved in decision making and policy formulation on remittance inflow
Managing a Multigenerational workforce in Nigerian firms amidst the transition to a digital economy.
Get PDFOrganisations around the world and Nigerian firms comprise five different generations of employees, and managing this multigenerational workforce is a big challenge. This study examines the challenges of managing a multigenerational workforce in Nigerian firms amidst the transition to a digital economy. To achieve this objective, the researchers conducted database searches mainly from Ebscohost, Emerald, Scopus database, PsycINFO, and Google Scholar, which indexes various online journals in human resource management. Out of the 220 related empirical papers reviewed, we found 30 papers relevant to this study. The common theme that the majority of the papers talked about is that managing a multigenerational workforce amidst the transition to a digital economy presents unique challenges and opportunities because each generation brings its unique set of values, work habits, perceptions, and technological competencies to the workplace. Effective management of these different generations is crucial for organisational success, as it serves as a potential source of innovation and creativity, and fosters an inclusive and productive work environment. Recommendations are made so that Nigerian firms can thrive in today's fast-paced digital landscape and build a strong foundation for future succes
THE INFLUENCE OF FOREIGN CAPITAL ON ECONOMIC GROWTH IN AFRICA
Get PDFThis study explores the influence of foreign capital on economic growth in Africa's ten largest economies from 1994 to 2023. Using the Feasible Generalized Least Squares (FGLS) estimation technique, the analysis assesses the influence of three key external financial sources: Foreign Direct Investment (FDI), Official Development Assistance (ODA), and Remittances on economic growth, measured by Gross Domestic Product per Capita (GDP per capita). The findings reveal that FDI significantly positively affects economic growth, underscoring its role in capital accumulation, technology transfer, and productivity enhancement. Conversely, ODA demonstrates a negative impact, suggesting inefficiencies in aid utilisation or potential dependency effects. On the other hand, remittances contribute positively to economic growth, highlighting their role in household income support and investment. These results provide crucial policy implications for African economies, emphasising the need to attract FDI, optimise aid effectiveness, and harness remittances to foster sustainable economic growth
AN INVESTIGATION OF THE EFFECT OF PENSION FUNDS ON THE INSURANCE INDUSTRY IN NIGERIA
Get PDFAsides from its primary role of ensuring a comfortable standard of living to retirees at retirement, pension also serves as source of premium income for insurance companies. This research set out to examine how Nigeria's insurance industry have been affected by pension funds. Through the use of an ex-post facto study design, data of sixteen (16) year period (2006-2021) was extracted from the PenCom and NAICOM annual reports, multiple regression analysis via the SPSS was used to analyzed the extracted data. The gross premium income of Nigeria's insurance market was found to be significantly impacted by both public and private pension funds. The study recommend that the Pension Commission (PenCom) should make sure that firms obtained the group life insurance policy as required by section 4(5) of the PRA 2014 as economic experts believe that the contributory pension scheme is yet to maximize its ability to enhance the insurance industry growth. The National Insurance Commission (NAICOM) as well as the insurance companies should also educate people on the benefit of choosing the life annuity option of retirement benefit