JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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ECONOMIC FUNDAMENTALS AND NOMINAL EXCHANGE RATE IN AFRICAN OIL PRODUCING COUNTRIES: EVIDENCE FROM ASYMMETRIC COINTEGRATION
Get PDFThe role of exchange rates is very important in the international market, and the variability of exchange rates, in appreciation or depreciation, is directly connected with a country's economic performance. Exchange rate variations in oil-producing African countries have been too high, resulting in volatilities due to domestic and foreign shocks. High exchange rate volatility may translate into reduced. Several studies on the relationship between economic fundamentals and exchange rates focused more on Africa or country-specific countries, with limited focus on African oil-producing countries using asymmetric cointegration. Therefore, this study examines the relationship between some economic fundamentals and exchange rates in African oil-producing countries. The dynamic panel nonlinear autoregressive distributed lag and linear autoregressive distributed lag were used to investigate the relationship between economic fundamentals and nominal exchange rate (NER). The NARDL result shows that that there is evidence of both short and long-run asymmetric relationship between economic fundamentals and the nominal exchange rate. The study recommended that policymakers in African oilproducing countries should encourage strong and stable currencies that will stabilize each country's econom
NON-OIL EXPORT PROMOTION AND MANUFACTURING VALUE-ADDED IN NIGERIA AND SOUTH AFRICA: A TALE OF TWO COUNTRIES
Get PDFThis paper utilized the Non-Linear Autoregressive Distributed Lag (NARDL) cointegration technique to conduct a comparative analysis of the non-oil export promotion and manufacturing value-added nexus in Nigeria and South Africa from 1981-2022. Our results show that in the short run, positive and negative non-oil export shocks positively impact the manufacturing sector value added in Nigeria and South Africa, respectively, as the same feat was recorded in the long run. The Wald test affirmed an asymmetric association between the two countries' non-oil export and manufacturing value-added nexus. In the long run, manufacturing value added reacted negatively to Nigeria's lending rate, while it was a positive response in South Africa. Given the positive impact of domestic credit on Nigeria's manufacturing sector, policymakers should explore alternative funding options from international donor financial institutions like the African Export-Import Bank (AFREXIM) and Africa Development Bank (AfDB) as part of the Bank's intervention programmes. The governments of Nigeria and South Africa should support initiatives to broaden export sectors by reducing reliance on specific industries and enhancing resilience to global market change
AN ANALYSIS OF THE ROLE OF THE STATE IN NATURAL DISASTER MANAGEMENT IN NIGERIA: A STUDY OF KOGI STATE FLOODING
Get PDFFloods occur naturally, but human activities may contribute to the magnitude of the impact, damage, and losses. Floods are the most common hazard, and they can occur as a result of unusually heavy rainfall, Climate change, tropical cyclone storm surges, dam breaks, quick snow melts, or even broken water mains. The broad objective of the paper is to evaluate the impact of human activities on flooding in Kogi state, and to ascertain the flood disaster management role of the disaster management bodies in the state. The paper adopted the Maslow’s Basic Need theory as its theoretical framework. Both secondary and primary means of data collection. As drawn from the findings, it is evident that human activities such as; building on water channels, indiscriminate dumping of refuse, contributes to flooding in Kogi State. There is a low disaster management by NEMA which is visible in a flood disaster in Kogi State. The paper recommends; legislations should be made to tackle all Human activities that contributes to flooding as a punishable offense by law. As well, the Government should prepare a Flood Emergency Management Plan for Kogi State as a matter of urgency and lastl
ASSESSING THE EFFECT OF ENTREPRENEURIAL MARKETING STRATEGIES ON CUSTOMERS’ PATRONAGE OF RESTAURANTS IN DELTA STATE, NIGERIA
Get PDFThe study assessed the effect of entrepreneurial marketing strategies on customers’ patronage of restaurants in Delta State, Nigeria. The research design method that was adopted for this study is the cross-sectional survey research design. The population of the study was limited to customers of restaurants in Delta state Nigeria. The Cochran formula was used to determine the sample size of 384 participants for the study. The study employed the judgmental sampling technique. The data used for this study were basically obtained from the primary source using a structured questionnaire. The research instrument was tested using internal consistency reliability. Data collected were analyzed using descriptive and inferential statistical techniques. Findings indicated that when restaurants prioritise customer centricity, innovativeness, proactiveness, and resilience, they can stay competitive, adapt to changing market conditions, and thrive in an increasingly complex and dynamic market. The study concluded that restaurant owners can allocate resources confidently towards developing and implementing entrepreneurial marketing strategies, knowing that these efforts are likely to yield significant returns in terms of increased customer patronage. The study recommended amongst others that restaurants should develop a culture of resilience and adaptability, prioritize supply chain diversification and risk management. Stay flexible and willing to pivot in response to changing market conditions or customer preferences
SOCIO-ECONOMIC CONSEQUENCES OF MEDIOCRITY ON THE DEVELOPMENT OF THE NIGERIAN ECONOMY
Get PDFThis study explores the consequences of mediocrity on the development of the Nigerian economy and offers policy recommendations to combat its detrimental effects. Mediocrity manifests in various sectors, including education, governance, infrastructure, and innovation, leading to inefficiency, stagnation, and missed opportunities for economic growth. The lack of quality education hampers human capital development and innovation, while governance failures perpetuate corruption and undermine institutional capacity. Weak infrastructure further compounds these challenges, hindering productivity and competitiveness. To address mediocrity, policymakers must prioritize education reform, promote merit-based governance, invest in infrastructure development, foster innovation and entrepreneurship, and ensure inclusive growth. International collaboration and continuous monitoring are essential for implementing and evaluating policy interventions effectively. By tackling mediocrity comprehensively, Nigeria can unlock its potential for sustainable economic development, prosperity, and social well-being
EVALUATION OF THE LEVEL OF HEALTH, SAFETY AND ENVIRONMENT FACTORS COMPLIANCE IN MATERIAL SUPPLY CHAIN OF BUILDING CONSTRUCTIONS IN ABUJA, NIGERIA
Get PDFThe study aimed at identifying the level of health, safety, and environmental compliance as well as the challenges preventing effective safety compliance in the material supply chain in the construction industry. The study utilises purposive sampling to pick 22 construction sites for the investigation. 250 questionnaires were distributed among the construction professionals. The gathered data was analysed with the aid of frequency, percentages, mean index score, and ranking. The outcome of the study reveals a high level of health, safety, and environmental compliance among the construction professionals, with a mean index score of 2.6686. Also, the study findings showed that human error, stakeholder will, bribery, and corruption were the major challenges preventing effective compliance with health and safety practices in the building construction industry in Abuja. In conclusion, effective health and safety compliance is vital for the reduction of occupational hazards. The study suggested, among others, that the government, through her relevant agency checkmate, bribery and corruption in health and safety compliance in the industry
IMPACT OF FEMALE LABOUR FORCE PARTICIPATION ON ECONOMIC GROWTH IN NIGERIA
Get PDFThis study looked at how women's engagement in the labor sector affects Nigeria's economic growth, within the period 1990-2022. The study is anchored on the feminization U-shaped hypothesis. To determine if the variables were stationary, the study used the augmented Dickey-Fuller test and the Phillips Perron test. Autoregressive Distributed Lag (ARDL) bound test approach was employed in testing for cointegration among the series. The ARDL technique explores the impact of female labor force participation on economic growth in the short- and long-term. The series are of mixed order of integration. The coefficient of the error correction mechanism was negative and statistically different from zero. The study showed a positive and statistically significant impact of female labour force participation on economic growth in Nigeria for the reviewed period. There exists a unidirectional causation from female labour force to economic growth. This study suggests that women should explore the Nigerian economic environment with their male counterparts in order to empower themselves and shed the notion that they are the "weaker sex" group
POOR FUNDING OF RESEARCH AND DEVELOPMENT: AN ACHILLES HEEL TO TECHNOLOGICAL GROWTH IN NIGERIA
Get PDFThe capacity of any society to produce its material needs is determined by the extent of development and transformation of its productive forces. Among the triad of productive forces, namely, the object of nature, labor power and instrument of labor, the last two- human ingenuity and technology stand out in the procurement of societal needs from the gifts of nature. Investment in research and development (R&D) offers the most reliable pathway through which progressive societies harness their human and material resources to create relevant technologies and effectively exploit the prodigality of nature for sustainable development. Meanwhile, the nexus between poor R&D funding and slow technological growth in Nigeria is understudied in the existing literature. The objective of the study was to ascertain if poor R&D funding is implicated in the slow growth of indigenous technology in Nigeria. Methodologically, the study relied on the qualitative data collected through secondary sources such as textbooks, journal articles, official documents, media reports, etc.; and analyzed them using qualitative descriptive method. The study revealed, among others, that meager budgetary allocation to education and R&D is implicated in the slow technological growth in Nigeria. Thus, the study recommended, inter alia, increased funding of R&D through broad-based public-private partnershi
IMPORTANCE OF PORT-SUPPLY CHAIN INTEGRATION IN ENHANCING MANUFACTURING CAPACITY UTILISATION (MCU) IN NIGERIA
Get PDFThe utilisation of manufacturing capacity at 57% holds significant implications for Nigerian consumers. This paper explores the impact of integrating port supply chains on manufacturing capacity utilisation in Lagos and Ogun States, Nigeria. Secondary sources were employed to collect data on container port throughput (PT) and manufacturing capacity utilisation (MCU) from the Nigerian Port Authority and the Manufacturers Association of Nigeria between 2014 and 2021. The study reveals a positive relationship between Tin Can Port PT and Food and Beverages MCU, indicating that a unit change in Tin Can Island port throughput results in a 35.4% increase in manufacturing capacity utilisation. Conversely, a percentage change in Apapa port throughput only leads to a 0.08% increase in manufacturing capacity utilisation. The findings suggest that port supply chain integration can enhance MCU, provided the policy is tailored to specific ports. The study emphasises the pivotal role of effective policies in boosting Nigeria's manufacturing capacity utilisation, particularly in the food and beverages sector
ECONOMIC GLOBALIZATION, ENTREPRENEURSHIP AND INCLUSIVE GROWTH IN AFRICAN OIL EXPORTING COUNTRIES
Get PDFPolicymakers in developing nations espouse the objective of attaining expeditious and enduring economic expansion. This is because such expansion will provide individuals with a wide range of chances to be innovative and productive. The imperative for these policies to expedite growth is not unrelated to the elevated levels of unemployment, severe poverty, and widening inequality that have contributed to sluggish inclusive growth. In order to attain the requisite level of expansion, a renaissance in entrepreneurial endeavours and more extensive economic globalisation are required. The study investigated the impact of entrepreneurship and economic globalisation on the GDP per employed individual in oil-exporting African nations. The study employed an ex post facto research design. Participating in the study were sixteen oil-exporting African nations. Data were taken from the World Bank Development Indicators, the World Bank Entrepreneurship Survey, the KOF Globalization Index, the Worldwide Governance Indicators, the African Infrastructure Development Index, and the International Energy Agency for the sample period of 2006–2021. Using descriptive and inferential statistics, the data were analysed with a significance level of 5%. The study's purpose was specifically accomplished by the utilisation of a dynamic heterogeneous panel consisting of the following: pooled mean group, mean group, dynamic fixed effect, and augmented mean group. The study revealed that economic globalization and entrepreneurship significantly influenced GDP per person employed (Wald-test (6, 249) = 39.27, p < 0.05). The study concluded that economic globalization and entrepreneurship have a significant influence on GDP per person employed in the selected oil-exporting countries in Africa. The study recommends that that oil exporting African countries policy makers should implement policies that would encourage economic globalization and entrepreneurship so as to reap the benefits thereof. This is because economic globalization provides entrepreneurs access to new markets and promotes good quality and quantity of product