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Monetary policy transmission tools and private sector performance – the Nigerian experience
Get PDFCredit to private sector is considered vital for the stimulation of domestic investment, job creation, economic growth, and general improvement in the standard of living of the people. This is because the economic activity in the private sector significantly complements governments’ efforts in attaining macroeconomic objectives, globally. However, as laudable as the benefits of credit to private sector has been in catalyzing private sector performance in developed economies, the situation in most transitioning economies, particularly, Nigeria has been far from satisfying. Several studies in academic literature have identified political instability, poor institutional framework, absence of fiscal transparency, macroeconomic factors and frequent policy changes as having significant constraining influences on credit availability in Nigeria with plausible recommendations to private sector performance. However, the absence of noticeable improvement over the years, and its accompanying growth-retarding multiplier effects on domestic investment and productivity in Nigeria has instigated more concentrated studies on the direct impact of monetary policy framework in the determination of the performance of private sector through credit availability. Therefore, this study empirically evaluates the impact of key monetary policy toolkits on the availability of private sector credits and performance in Nigeria. To this end, annual time series secondary data from 1993 to 2023 were sourced from National Bureau of Statistics and Central Bank of Nigeria Statistical Bulletins for various years within the study period. The study adopts Autoregressive Distributed Lag (ARDL) estimation technique after carrying out pre-diagnostic tests such as ADF unit root test and Bound Cointegration test. Our result reveals that money aggregates (MAG) is positive and significant in explaining variations in private sector credit and performance. Further results reveal that monetary policy rate (MPR), open market operations (OMO) and inflation rate (INR) impacted negatively on the performance of private sector in Nigeria within the study period. Therefore, the study concludes that the performance of the private sector in Nigeria will improve with increased credit availability, which is positively influenced by systematic increase in money aggregates and efficiently expanded monetary policy framework. The study recommends adoption of a harmonious blend of a more relaxed monetary policy framework with purposeful compliant-based regulation that will free up liquidity for increased private sector credits and performance.
Keywords: Credit to Private Sector, Monetary Policy Rate, Open Market Operations and Money Aggregates
Analysis of some socio-economic factors affecting maternal health in Nigeria
Get PDFThis study examined socio-economic factors affecting maternal health in Nigeria. Mothers and children are at the highest risk of disease and death. Deaths of infants and children under-5 years are peculiar and closely related to maternal health, and the risk of death of children increases if their mothers die in childbirth. This study employed secondary data obtained from World Bank, CBN, and Nigeria Demographic and Health Survey from 1990 to 2022. Using the Error Correction Model (ECM), the data were subjected to regression analysis, where we estimated the relationship between dependent variable (maternal mortality) and independent variables (poverty rate, literacy rate, and level of government expenditure on health). The results show that poverty, literacy and government provision of healthcare facilities are major socio-economic factors affecting maternal health in Nigeria. This study therefore, recommended increase in budgetary allocation to the health sector, diversification of the economy aimed at poverty reduction, and the enforcement of free and compulsory basic education especially for the girl child, as the panacea for poor maternal health in Nigeria.
Keywords: Mortality, Poverty, Literacy
LEGAL IMPLICATIONS OF BLOCKCHAIN TECHNOLOGY FOR TAX COMPLIANCE AND FINANCIAL REGULATION
Get PDFBlockchain technology has emerged as a disruptive force in the realms of tax compliance and financial regulation, presenting both opportunities and challenges for governments, businesses, and regulators worldwide. This abstract explores the multifaceted legal implications stemming from the integration of blockchain technology into tax systems and financial frameworks. The decentralization and transparency inherent in blockchain networks offer promising avenues for enhancing tax compliance. Smart contracts, powered by blockchain, can automate tax calculations and payments, reducing errors and facilitating real-time monitoring of transactions. Additionally, the immutable nature of blockchain ledgers provides auditors with an unprecedented level of transparency and traceability, potentially reducing tax evasion and fraud. However, the adoption of blockchain technology also poses significant regulatory challenges. The anonymity afforded by certain blockchain implementations raises concerns regarding the identification and verification of taxpayers and transactions, potentially hindering enforcement efforts. Moreover, the cross-border nature of blockchain transactions complicates traditional tax jurisdictional boundaries, necessitating international cooperation and harmonization of tax policies. In the realm of financial regulation, blockchain technology introduces novel considerations for regulators seeking to ensure market integrity and investor protection. The proliferation of blockchain-based financial products, such as cryptocurrencies and tokenized assets, challenges existing regulatory frameworks designed for traditional financial instruments. Regulators must grapple with issues of investor disclosure, market manipulation, and systemic risk in this rapidly evolving landscape. Furthermore, the decentralized nature of blockchain networks challenges the efficacy of traditional regulatory mechanisms, such as centralized oversight and enforcement. Regulators face the daunting task of striking a balance between fostering innovation and safeguarding against potential risks, such as money laundering and terrorist financing, inherent in decentralized financial systems. The integration of blockchain technology into tax compliance and financial regulation presents a complex array of legal implications. While offering potential benefits in terms of efficiency and transparency, blockchain also necessitates adaptation and evolution of regulatory frameworks to address emerging challenges and risks in a rapidly evolving digital landscape. Effective collaboration between governments, businesses, and regulators is essential to harness the transformative potential of blockchain technology while mitigating its associated legal and regulatory challenges.
Keywords: Blockchain, Regulators, Legal, Tax, Technology, Financial, Review
DIGITAL BANKING AND FINANCIAL INCLUSION: A REVIEW OF PRACTICES IN THE USA AND NIGERIA
Get PDFThis paper examines the role of digital banking in advancing financial inclusion in the United States and Nigeria, aiming to identify and compare practices and outcomes in these two distinct economic contexts. Through a comprehensive review of existing literature and analysis of case studies, the study explores how digital banking platforms and services have been implemented and their impact on underserved populations. The research methodology includes a comparative analysis of secondary data, policy documents, and interviews with key stakeholders in the banking sector of both countries.
Key findings reveal that digital banking has significantly contributed to financial inclusion by providing accessible, affordable, and convenient financial services. In the USA, technological advancements and a robust regulatory framework have fostered a competitive digital banking environment, leading to innovative solutions for reducing barriers to financial access. Conversely, in Nigeria, despite facing infrastructural and regulatory challenges, mobile banking and digital payment services have seen rapid growth, driven by the necessity to reach unbanked populations in remote areas.
The paper concludes that while both countries have made strides in leveraging digital banking for financial inclusion, the success and scale of implementation vary due to differences in economic development, regulatory environments, and technological infrastructure. It suggests that cross-country learning and adaptation of best practices could further enhance the effectiveness of digital banking in promoting financial inclusion globally. This study contributes to the understanding of digital banking's potential in bridging the financial inclusion gap and offers recommendations for policymakers and financial institutions in both developed and developing countries.
Keywords: Digital Banking, Financial Inclusion, Regulatory Frameworks, Policy Initiatives, Mobile Money, Digital Payment Systems, Regulatory Sandboxes, National Financial Inclusion Strategies, Consumer Protection, Financial Stability, Cybersecurity, Digital Literacy, Fintech Innovation
SOCIAL IMPACT OF AUTOMATED ACCOUNTING SYSTEMS: A REVIEW: ANALYZING THE SOCIETAL AND EMPLOYMENT IMPLICATIONS OF THE RAPID DIGITIZATION IN THE ACCOUNTING INDUSTRY
Get PDFThis study examines the social impact of automated accounting systems, focusing on the implications for employment, ethical considerations, and broader societal effects. Employing a systematic literature review combined with content analysis, the research draws on recent academic articles, industry reports, and regulatory documents published between 2015 and 2024. The methodology aims to capture a comprehensive view of how automation and artificial intelligence (AI) are reshaping the accounting profession. Key findings reveal that automation acts as a dual-edged sword: it enhances efficiency and accuracy, enabling accountants to focus on higher-value strategic roles, but also raises concerns about job displacement for roles centered on manual tasks. Ethical and privacy considerations emerge as critical issues, necessitating robust frameworks to ensure data protection and maintain trust. The future landscape of accounting is poised to be significantly influenced by ongoing technological advancements, with a transformation in employment patterns and a heightened focus on ethical standards. To navigate this transition, the study recommends strategic initiatives for stakeholders, including updating educational curricula to include relevant digital age skills, developing regulations to address ethical and privacy concerns, and fostering industry collaboration to establish best practices. Lastly, the study underscores the transformative potential of automated accounting systems, highlighting the need for a balanced approach that leverages technological advancements while addressing associated challenges. Future research is encouraged to explore the long-term impacts of automation on the profession, focusing on employment patterns, ethical standards evolution, and societal implications.
Keywords: Automated Accounting Systems, Employment, Accounting Industry, Digital Transformation
Chief Executive Officer (CEO) attributes and the value of quoted firms in Nigeria
Get PDFThis study examined relevant CEO attributes and their influence on the value of quoted firms by obtaining empirical evidence from listed non-financial service firms in Nigeria. Anchored on the study’s conceptual and theoretical framework, alongside the study’s postulated hypotheses, models were specified to guide the analytical procedure adopted. The data used in this study are secondary in nature and were collated from the financial statements of 67 sampled firms, that were drawn from a population of 107 firms quoted on the Nigerian Exchange as at 31st December, 2021. The data used in this study covered a period of 11 years and spanned from 2011 to 2021. Tobins’ Q was used as the proxy for the dependent variable (firm value), while the independent variable (CEO attributes) was measured using CEO gender, CEO nationality, CEO tenure and CEO ownership. In the course of this study, Economic value added was adopted as a moderating variable. The variables were however subjected to diagnostic tests (unit roots, multicollinearity, heteroscedasticity and Hausman tests respectively). The overall results revealed that CEO attributes (gender, nationality, tenure and ownership) significantly affects the value of quoted firms in Nigeria. This study thus recommends to corporate boards and relevant stakeholders to pay particular attention to these key attributes of CEO especially with respect to decisions relating to the appointment, replacement and tenure consideration of CEOs.
Keywords: CEO Attributes, CEO Gender, CEO Nationality, CEO Tenure, CEO Ownership, Economic Value Added, Firm Value, Tobins’Q
Optimizing business loan and credit experiences through AI-Powered Chatbot integration in financial services
Get PDFArtificial Intelligence (AI) chatbots are revolutionizing customer interactions in the financial services sector, particularly in the realm of business loans and credit experiences. This review paper examines the role of AI chatbots in enhancing these crucial financial processes. It begins with an overview of the traditional landscape of business loans and credit experiences, highlighting existing challenges and the imperative for seamless customer interactions. The paper defines AI chatbots and explores their functionality, adoption trends, and benefits within financial institutions. Special attention is given to how AI chatbots personalize customer interactions, streamline loan application processes, and enhance efficiency and accuracy in credit assessments. Despite their transformative potential, challenges such as privacy concerns, integration complexities, and managing customer trust are discussed. The paper concludes by outlining future directions, including emerging trends and potential advancements in AI chatbots, underscoring their evolving role in shaping superior business loan and credit experiences.
Keywords: AI Chatbots, Ethical Considerations, Algorithmic Bias, Transparency, Financial Services
Strengthening corporate governance and financial compliance: Enhancing accountability and transparency
Get PDFIn today's complex business landscape, robust corporate governance and financial compliance are essential for maintaining organizational integrity, accountability, and transparency. This review examines the key components and strategies necessary to enhance these frameworks, ensuring sustainable success and stakeholder trust. Corporate governance encompasses regulatory compliance, risk management, ethical conduct, and stakeholder engagement. Adherence to laws and regulations, such as the Sarbanes-Oxley Act (SOX) and the General Data Protection Regulation (GDPR), is foundational in minimizing legal risks and safeguarding reputation. Effective risk management involves identifying, assessing, and mitigating potential threats to an organization’s financial health and operational integrity through strong internal controls and regular audits. Promoting ethical conduct within organizations is crucial for maintaining trust and reputation. Establishing codes of conduct, ethical guidelines, and whistleblower protections fosters a culture of integrity. Transparent communication and stakeholder engagement ensure that organizational activities align with stakeholder interests and expectations. Enhancing accountability and transparency involves several key strategies. Strong board oversight and independence, characterized by diverse and skilled board members, ensure balanced and objective decision-making. Regular internal and external audits verify financial accuracy and compliance, identifying areas for improvement. Leveraging technology and data analytics is pivotal in modern compliance efforts. Technologies like blockchain, artificial intelligence (AI), and machine learning automate processes, improve accuracy, and provide real-time insights into financial performance and risk management. Transparent regulatory reporting and disclosure practices, adhering to standards such as the International Financial Reporting Standards (IFRS), further enhance stakeholder trust. Continuous training and education for employees and board members on corporate governance principles, regulatory requirements, and ethical standards are vital for fostering a culture of compliance and accountability. Strengthening corporate governance and financial compliance is fundamental for enhancing accountability and transparency. By adopting comprehensive regulatory frameworks, leveraging technology, and promoting ethical conduct, organizations can build trust, mitigate risks, and ensure sustainable growth in a dynamic business environment.
Keywords: Corporate Governance, Global Corporations, Harmonization. 
THE ROLE OF ROBOTIC PROCESS AUTOMATION (RPA) IN MODERN ACCOUNTING: A REVIEW - INVESTIGATING HOW AUTOMATION TOOLS ARE TRANSFORMING TRADITIONAL ACCOUNTING PRACTICES
Get PDFThis study investigates the transformative impact of Robotic Process Automation (RPA) on modern accounting practices. The primary objective is to analyze how RPA is revolutionizing traditional accounting methods, focusing on its integration, challenges, and future prospects. Employing a systematic literature review and content analysis methodology, the study draws on a range of academic journals, industry reports, and white papers, published between 2013 and 2023. The findings reveal that RPA significantly enhances operational efficiency, accuracy, and compliance in accounting processes by automating routine tasks. This automation allows accounting professionals to shift their focus towards more strategic and analytical roles. The study identifies key challenges in RPA adoption, including integration complexities, workforce adaptation, and privacy concerns. It also highlights the evolving role of educational institutions in preparing future accountants for a digitalized environment. Looking forward, the study predicts further advancements in RPA, driven by the integration of AI and machine learning, offering sophisticated applications in predictive analytics and decision support. However, these advancements come with challenges that need balanced management. Strategic recommendations for industry practitioners emphasize the importance of continuous learning and effective integration strategies. Policymakers are advised to develop regulatory frameworks guiding the ethical use of RPA in accounting. The study suggests future research directions, including the long-term impacts of RPA on the accounting profession and the integration of RPA with emerging technologies. Finally, RPA stands as a pivotal technology in the accounting sector, offering significant benefits while presenting challenges that require careful navigation as the field continues to evolve.
Keywords: Robotic Process Automation, Accounting Practices, Modern Accounting, Automation
SECURING THE SMART CITY: A REVIEW OF CYBERSECURITY CHALLENGES AND STRATEGIES
Get PDFIn the era of rapid urbanization and technological advancement, the emergence of smart cities promises innovative solutions to urban challenges. However, the integration of various technologies into urban infrastructures also exposes cities to unprecedented cybersecurity threats. This review presents a comprehensive review of the cybersecurity challenges faced by smart cities and explores the strategies to mitigate these risks. Smart cities leverage interconnected networks of sensors, devices, and systems to enhance efficiency, sustainability, and citizen services. Yet, this interconnectedness creates a complex attack surface vulnerable to cyber threats. One of the primary challenges is the diverse range of IoT devices deployed across smart city infrastructures, often lacking robust security mechanisms. These devices are susceptible to exploitation by cybercriminals for malicious activities, such as data breaches, sabotage, and surveillance. Moreover, the interconnected nature of smart city systems amplifies the potential impact of cyberattacks, posing significant risks to critical infrastructure, public safety, and privacy. Threat actors can exploit vulnerabilities in interconnected systems to disrupt essential services, manipulate data, or even cause physical harm. As smart cities rely on data-driven decision-making, the integrity and confidentiality of data become paramount concerns. To address these challenges, various cybersecurity strategies have been proposed and implemented. These strategies encompass a multi-layered approach, integrating technical solutions, regulatory frameworks, and collaboration among stakeholders. Technical measures include encryption, authentication mechanisms, intrusion detection systems, and secure software development practices. Additionally, implementing robust access controls and network segmentation can limit the scope of potential attacks. Furthermore, regulatory initiatives play a crucial role in enhancing cybersecurity standards and promoting compliance among smart city stakeholders. Establishing clear guidelines for data protection, privacy rights, and incident response protocols is essential to safeguarding citizens' interests. Collaboration among government agencies, private sector partners, academia, and cybersecurity experts fosters information sharing and collective defense against emerging threats. Securing smart cities against cybersecurity threats requires a concerted effort to address the multifaceted challenges posed by interconnected technologies. By implementing comprehensive strategies encompassing technical measures, regulatory frameworks, and collaborative approaches, smart cities can mitigate risks and foster a resilient and secure urban environment for all citizens.
Keywords: Smart City, Cybersecurity, AI, Technology, Security, Review