JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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MACROECONOMIC EFFECT OF MONETARY AND FISCAL POLICY COORDINATION ON ECONOMIC GROWTH IN NIGERIA
Get PDFIn many countries, the crucial aims of macroeconomic policy are full employment, balance of payment equilibrium, price stability and sustainable economic growth of the population which can improve the quality of life. Fiscal and monetary authorities interact and coordinate in the designing and implementation of macroeconomic policies to facilitate joint decisions on issues in the economy. From the CBN Statistical Bulletin, a times series data were used to study the effects of monetary and fiscal policy coordination on economic growth in Nigeria from 1985 to 2021. The multiple regression analysis result revealed that the money supply (MS), government expenditure (GOVTEXP), government revenue (GOVTREV), inflation (INFL), and exchange rate (EXR) had a statistically insignificant and positive effect on Nigeria's economic growth. The only variable with a statistically significant impact on economic growth was monetary policy rate (MPR); additionally, coordination between fiscal and monetary policy had a substantial impact on economic growth in Nigeria. The study suggested that in order to achieve coordination between fiscal and monetary authorities, binding rules and procedures should be established
THE IMPACT OF TRADE LIBERALISATION AND CORRUPTION POLICY REFORM ON CAPITAL INFLOW IN NIGERIA
Get PDFDespite the implementation of the liberalisation policy, the level of aggregate investment in the Nigerian economy seems inadequate which has necessitated the drive for foreign capital inflows. The study examined the relationship between trade liberalisation, corruption, and foreign capital inflows in Nigeria from 1990 to 2022.The study relied on annual secondary data. Data on market size, inflation rate, trade openness and capital inflows came from the 2022 statistical bulletin of the Central Bank of Nigeria. Data on population growth was obtained from the World Development Indicator, Data on corruption control were from World Governance Indicator. Corruption perception index data from Transparency International. Autoregressive Distributive Lag (ARDL) was employed. The results from the ARDL estimates showed that controlling anticorruption policy reduced the significant effect of trade liberalisation on corruption in both the short-term (ΔACP = -0.536; p=0.0163) and long-term (ACP = -1.172; p=0.0017). This was evaluated at 5% significant level. Furthermore, the results demonstrated that in the short run at 5% critical value, trade liberalisation had a significant and positive impact on corruption (ΔTLP (-2)) = 0.7076; p=0.0031) while in the long run trade liberalisation (TLP) was insignificant in influencing corruption in Nigeria. In summary, the study found that both trade liberalisation and anticorruption policies have separate effects in reducing corruption in Nigeria. However, pursuing both policies simultaneously may not be effective in reducing corruption. The study recommended that the government of Nigeria should sustain its anti-corruption policy, a better corruption perception index can attract more capital inflows into the country
PRODUCTIVITY GROWTH OF THE NIGERIAN ELECTRICITY DISTRIBUTION COMPANIES POST-PRIVATIZATION
Get PDFSince the unbundling and privatization of the Nigerian Electricity Distribution Companies (DisCos) in 2014, there has not been a robust productivity growth assessment using the firms’ inputs and outputs in the estimation process and within the nonparametric approach. This research fills this gap as it deploys the Biennial Malmquist Productivity Index (BMPI) to estimate the productivity growth of DisCos from 2014 to 2020. In addition, it also uses the Ray and Desli (1997) three-part decomposition to identify the sources of productivity change in the industry. The result of the estimation showed that the industry had a marginal growth of about 0.03% over the period, mostly from pure technical change (PTC), that is, through technology and innovation. Pure efficiency change (PEC), which typifies change in managerial capability had a neutral impact on the slight growth; this shows that their managerial capabilities neither contributed to the productivity improvement nor productivity regress. Based on the findings, this research, therefore, recommends that: DisCos proceed on process automation since technology is a major productivity driver. Also, innovations and innovative ideas should be encouraged and nurtured by DisCos, beginning from the staff recruitment process which should throw up the best. Since the impact of management is not felt on the productivity improvement, training, and retraining of management staff by the respective DisCos should also take centre stage while the regulator, the Nigerian Electricity Regulatory Commission (NERC), ensures subsequent recruitments into managerial positions are based on the track record of performanc
HEALTH SPENDING AND LIFE EXPECTANCY DISPARITIES: A GENDER ANALYSIS IN NIGERIA
Get PDFGender gap in life expectancy remains a crucial issue in Nigeria. The study examined the long run relationship between health spending and life expectancy of males and females in Nigeria. Health spending was disintegrated into public and private spending. The data which include public expenditure on health, private expenditure on health, public expenditure on health per capita, and private expenditure on health per capita were collected from World Development Indicators from 2000-2021. The stationarity properties of the data series were tested using Augmented Dickey Fuller unit root test. Dynamic Ordinary Least Square (DOLS) was adopted to obtain the long-run estimates with four models varying proxies for robustness checks. Public expenditure on health regardless of proxy was negatively associated with both life expectancy of males and females. However, life expectancy was sensitive to the proxy of private expenditure used. Per capita private health spending was positively related to life expectancy of males and females while private health spending showed a negative but insignificant relationship. These results suggest that private health spending is a notable contributor to life expectancy in Nigeria irrespective of gender. Based on the findings, it is recommended that government re-evaluate healthcare financing to identify inefficiencies in order to address the current negative trends. Also, private sector investment in health should be encouraged using appropriate schemes and incentives
DOES REMITTANCES ACTUALLY IMPROVE THE WELFARE OF NIGERIAN’S HOUSEHOLDS?
Get PDFThe paper employed ARDL regression method to investigate the impact of remittances on the welfare of average Nigeria household for the period 1986–2022. The results show that remittances increases household consumption expenditure in the shortrun, reduces the rate of inflation both in the shortrun and the longrun. However, the result shows negative effect of remittances on the household welfare both in the shortrun and the longrun when measure as real consumption through interaction of inflation and household consumption. These findings suggest that the remittances inflow increases the cash available to the household for consumption but not the welfare of the household in Nigeri
MANUFACTURING OUTPUT AND ECONOMIC GROWTH IN NIGERIA: A DISAGGREGATED ANALYSIS
Get PDFThe thrust of this study was to analysed the existing relationship between the manufacturing sector and economic growth in Nigeria between the period, 1990 to 2023. Specifically, the study quantified the contribution of manufacturing output to economic growth in Nigeria; the effect of food, beverages, and tobacco on economic growth in Nigeria; and the effect of textile, apparel and footwear output on economic growth in Nigeria. The findings demonstrate that manufacturing sector output positively impacts economic growth in Nigeria both in the short run and long run, with statistical significance evident mostly in the short run. From the food, beverages, and tobacco equation, it was found that; in the long run, Food, Beverages, and Tobacco output has a positive but non-statistically significant relationship with economic growth in Nigeria. In the short run, the current period of food, beverages, and tobacco output revealed a positive and statistically significant impact on economic growth in Nigeria. From the Textile, Apparel, and Footwear equation, it was found that, in the long run, Textile, Apparel, and Footwear output has a positive and statistically significant relationship with economic growth in Nigeria. 'In the short run, textile, apparel, and footwear, revealed a positive non statistically significant impact on economic growth. It’s recommended that the Nigerian government support and Invest in the Manufacturing Sector. Increased investments in the production of garments, such as shirts, pants, and dresses from fabrics like cotton and silk, should be encouraged to drive sustained economic growth in the country
ASSESSMENT OF THE PROBLEM OF FINANCE AND SERVICE DELIVERY IN YOLA NORTH LOCAL GOVERNMENT OF ADAMAWA STATE
Get PDFThis paper aims to assess the problem of finance and service delivery in local government in Nigeria with specific reference to Yola North local government of Adamawa State, 2015-2020. It utilizes both secondary and primary methods of data collection and their contents are analyzed qualitatively. The findings of the paper revealed that Local government is the closest government to the people in Nigeria, yet the people are deprived of the benefits of its existence. This is evident in the deteriorated state of education, health, roads, electricity, pipe-borne water, markets, transport systems, etc. as in some states attributed to poor service delivery of local governments in those states that are regarded as the poorest states in Nigeria since the commencement of democracy in 1999. It concludes that local government is ostensibly meant to have prudent and effective management of finance/funds for efficient and effective service delivery. Local governments are created to fulfill and facilitate grassroots development. Unfortunately, the problems of finance and service delivery are thwarted by corruption, a narrow revenue base, inadequate finance/funding, and constitutional lacuna, among others. It therefore recommended among others that there is a need for re-strengthening the institutions and mechanisms saddled with ensuring integrity and accountability in local government. This would go a long way to lessen resource mismanagement, plunder, and outright conversion of public funds to private advantage
ASSESSMENT OF COMMUTERS PERCEPTION ON SERVICE QUALITY FOR AVAILABLE MOTOR PARKS FACILITIES IN MINNA, NIGER STATE
Get PDFMotor Parks facilities are very important in the operation of public transport. Motor Park serves as a center for travelers and freights collation. It also provides shelter, safety and comfort to commuters as they wait for other commuters to fill the vehicle seat capacity. The purpose of this study is to assess commuters’ perception on service quality for available motor park facilities in Minna, it formulated one null hypothesis stating, there is no statistically significance relationship between service quality and commuters’ satisfaction on five key available facilities in the Motor parks. Need assessment was used to pick 9 major public motor parks in Minna. Taro Yemani’s formula was utilized to determine the sample size, 400 copies of questionnaires were administered to commuters in motor parks. Component factor analysis was used to reduce the variables into 5 key variables (i.e., Garbage/Disposal bin, Available Seats, Clean waiting Area, Updated information Board and readable Information board). The collated information was analyze using descriptive and inferential statistics; correlation analysis was utilized to test the hypothesis. The result shows that overall service quality indicates a very bad service with a service quality score of (M= -13.18). the results of the hypothesis shows that there exists a statistical significance relationship between service quality and commuters’ satisfaction on garbage/disposal bin (P-value = 0.001), available seats (P-value = 0.000), clean waiting area (P-value= 0.003), updated information board (P-value = 0.000), and readable information board (P-value= 0.029). The study recommends that the government of Niger state should upgrade the entire facilities in the motor parks in Minna
PUBLIC DEBT, INSTITUTIONAL QUALITY AND ECONOMIC GROWTH: EVIDENCE FROM NIGERIA
Get PDFThe rising stock of public and lack of steady improvement in macroeconomic indicators continued to generate disagreement among academics, policy makers and public analysts. This study examined the effects of public debt and institutional quality on the growth of Nigerian economy. Secondary data spanning 1981 to 2021 sourced from World Development Indicators, World Governance Indicators, Debt Management Office and Central Bank of Nigeria statistical bulletin. Autoregressive distributed lag was employed with real gross domestic product as the dependent variable while public debt, gross capital formation, labour force, exchange rate and institutional quality were the independent variables. The results showed evidence of long run equilibrium relationship among the variables. Also, findings revealed that in the long run domestic public debt established a positive significant influence on economic growth whereas external public debt had a negative significant impact on economic growth. Furthermore, institutional quality had significant negative effect on economic growth in the long run with no such evidence shown in the short run. Therefore, the study recommends that government should consider alternative sources of funding to external debt while institutional quality should be strengthened.  
FINANCIAL DEVELOPMENT, EXTERNAL FINANCING AND HEALTH EXPENDITURE: EVIDENCE FROM SELECTED SUB-SAHARAN AFRICAN COUNTRIES
Get PDFSustainable healthcare financing is key to achieving the third sustainable development goal of good health and well-being. However, relatively low levels of health expenditure and poor financial sector development still characterize most sub-Saharan African (SSA) countries. This study examined the effect of financial development and external financing on health expenditure. Decomposing health expenditure and using a randomly selected sample of seven SSA countries for 2000-2019, the seemingly unrelated regression estimator was employed. For further robustness, an interaction model was estimated and the causal relationship was examined. Domestic credit to the private sector and external financing through borrowings significantly reduced the impoverishing effect of high out of pocket expenditures, but they significantly increased public health expenditures, which is very important for improving population health. The robustness check revealed that the positive effect of external debt holds only when the growth of GDP is rising but this is only significant for public health expenditure. A panel granger causality test revealed that out of pocket expenditures and domestic credit to the private sector had a bidirectional causal relationship. The study recommends that policy reforms towards strengthening the financial sector should be adopted for achieving sustainability in health expenditure