JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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ANALYSIS OF THE EFFECT OF SHOCKS OF GOOD GOVERNANCE ON EDUCATION OUTPUT AMONG SELECTED AFRICAN COUNTRIES
Get PDFGood governance is an essential component that drives better health outcome and education output required as a catalyst that will stimulate economic growth and this constitutes a vital social objective as a result of good level of human capital development. The study evaluated the effect of shocks of good governance on education output among selected African countries using panel data from 2000 to 2020. The Panel unit root tests indicated that real gross domestic product, indicators of good governance, and foreign direct investment are stationary at level while education output, primary school enrollment, and foreign aid are stationary at first difference. The Panel Vector Autoregressive result indicates that the shocks effect of education expenditure, Indicators of good governance, Primary school enrolment, and Foreign aid to education output were found to be positive. The study recommended that African Countries should ensure that indicators of good governance such as political stability, accountability and voice, and control of corruption are moving smoothly without any interruption, by so doing economic growth of African countries will increases. African countries should increase their expenditure on education, this will bring about an increase in economic growth of the contine
THE IMPACT OF MONETARY POLICY VARIABLES ON ECONOMIC GROWTH IN NIGERIA
Get PDFMonetary policies are undertaken to control the magnitude, price and credit availability in order to attain internal and external balances in the nation. This can reflect in adjusting the money supply, interest rates, exchange rate and provision of credit facilities to the private sector to boost business. Its main target includes price stabilization, encouraging investment, and fostering economic expansion. This study investigated the impact of monetary policy variables on Nigeria's economic growth from 1981 to 2021 adopting autoregressive distributive lag (ARDL) model employing secondary data. Results revealed that the interest rate had a significant and positive effect on Gross Domestic Product (GDP), the impact of the credit to private sector on GDP was insignificant. Money supply and exchange rate were found to have negative, yet significant effect on GDP. Additionally, the bound test highlighted the presence of a long-term association among the variables. The study suggested based on the findings of the research that Central Bank of Nigeria should maintain an interest rate that is low enough to encourage increased investment by all and sundry; Central Bank of Nigeria should ensure that there is an increase in money supply in order to bolster economic growth; Central Bank of Nigeria should ensure that exchange rate is not overvalued in order for the domestic currency to be competitive. This will to a large extent enhance economic growth; and lastly, Central Bank of Nigeria should ensure that credits allocated should be based on economic consideration as opposed to mutual gains from private sector
ANALYSIS OF THE FISCAL SYNCHRONIZATION HYPOTHESIS IN SELECTED SUB-NATIONALS IN NIGERIA
Get PDFPolicymakers in developing countries like Nigeria that operate a fiscal federalism system have increasingly become concerned about fiscal sustainability and deficit, especially at the subnational level. Unsurprisingly, while these issues have been largely researched at the federal level, they have been less discussed at the state level and this is primarily due to the paucity of publicly available fiscal data. The World Bank’s State Fiscal Transparency Accountability and Sustainability lending program (2019) which leans on the 22-point Fiscal Sustainability Plan of the Federal Government (2016) has reversed this development. The program which sought to improve transparency in public financial management at the subnational level has led to a remarkable improvement in the publication of audited financial statements by state governments. In this paper, the fiscal synchronization hypothesis and determinants of subnational fiscal deficit in Nigerian states are tested using panel data for 12 states from 2011 to 2021. Utilizing panel data analysis, the results show that the fiscal synchronization hypothesis holds in states. The results also show that state external borrowing and economic size are the major drivers of fiscal deficit at the subnational level in Nigeria. Two main policy insights are discernible from the findings. First is the need for state governments to urgently enhance state revenue mobilization efforts; and second, the preparation of realistic budgets that minimize the deviation between the approved budget expenditure and actual spending. We conclude that sound fiscal management and restraint by state governments would be required for sustainable revenue and expenditure management.  
DO MIGRANTS’ REMITTANCES DRIVE FINANCIAL INCLUSION IN NIGERIA?
Get PDFMigrants’ remittances have increased tremendously over the past years in comparison to other capital flows but the level of financial inclusion in Nigeria has been unimpressive. Therefore, this study analyzed the relationship between migrants’ remittances and financial inclusion in Nigeria for the period 1981 to 2021. The study employed secondary data which were analyzed using the auto-regressive distributed lag estimation techniques. The ARDL estimate showed that migrants’ remittances is a significant determinant of financial inclusion in Nigeria. Thus, the study concluded that migrants’ remittance played an important role in enhancing financial inclusion in Nigeria. Consequently, the study recommended the need for increase expansion of bank branches in the remote and rural regions of the country. This will contribute to the growth of financial inclusion in Nigeria. More so, provision of more stable power supply in the remote and rural areas would enhance mobile and internet banking thereby contributing to the growth of financial inclusion in Nigeria
FINANCIAL DEVELOPMENT, TRADE OPENNESS AND ECONOMIC GROWTH: EVIDENCE FROM NIGERIA
Get PDFThis study investigates the effects of financial development and trade on economic growth in Nigeria. The analysis is based on Auto-Regressive Distributed Lags (ARDL) Bound test approach. The empirical results confirm the existence of a long-run cointegration between financial development (FD), trade openness and economic growth. This implies that there is long run relationship between the variables. The study further reveals that both FD and trade openness have positive and significant effects on economic growth, but the effects of FD is in the short run, while the effects of the trade openness is in the long run. It is evident that both the extent of financial activity and the degree of free trade are important for growth of the economy. Therefore, the study recommends that there is need to formulate sound policies that would promote FD and trade openness for sustainable economic growth. The paper improves on previous research on finance-growth nexus in Nigeria by explicitly recognizing the effects of trad
NEXUS BETWEEN NATURE OF BUSINESS AND DELAYS EXPERIENCED IN CARGO CLEARANCE PROCESS IN LAGOS SEAPORTS
Get PDFThis study analyzes the relationship between nature of business and delays in container clearance process. It also examines major causes of delay in each of the identified seven stages of the cargo clearance process in Apapa and Tin Can Ports, Lagos, Nigeria. The identified stages include: e-Form M processing; Pre-Arrival Assessment Report (PAAR) processing; assessment of Duty; payment of Duty; Examination; Customs release and Delivery. The study’s population consists of 43 publicly quoted manufacturing companies listed on the Nigerian Stock Exchange and which regularly import containers through Lagos Seaports. Structured questionnaires were administered to the 41 firms selected, but only 23 were actually filled and returned. This number represents 56 percent of the sample size. Analysis of data was done with the aid of SPSS. The results show that major causes of delay include incomplete and poor documentation problem with a share of 68.4%, 88.2% and 37.5% for e-form M, PAAR and Assessment of Duty stages respectively. Other causes of delays include: network or server problems which account for 53.8% (Payment of Duty); delays related to physical examination of containers which covers 29.4% (Examination); network and valuation problems which stand at 30% (Customs Release). Port congestion and port logistics problems also constitute problems which account for 44.4% and 33.3% respectively (Delivery). This paper recommends that importers and exporters should use highly trained staff or outsource documentation to professional brokers to avoid delays resulting from incomplete or inaccurate documentation
COMPLIANCE DETERMINANTS OF MANDATORY DISCLOSURE OF CUSTOMER SERVICE COMPLAINTS IN QUOTED DEPOSIT MONEY BANKS IN NIGERIA
Get PDFThe inability of firms in the financial services sector to comply with the mandate of Central Bank of Nigeria (CBN) to disclose customer complaints in annual reports has undermined the confidence that key stakeholders have in banks. Consequently this study aimed to investigate non-performing loan ratio, share price and employee efficiency as compliance determinants of disclosure of customer service complaints. Twelve (12) deposit money banks quoted on the Nigerian Exchange were sampled from 2011 to 2021. Binary logistic regression analysis was used to test the hypotheses of the study which showed that; non-performing loan ratio has a negative insignificant effect, share price has a significant and positive effect and employee efficiency significantly and negatively impact the disclosure of customer service complaints in annual reports. It was concluded that disclosure was more likely when a company could afford to do so, to reduce agency costs and when employees were more efficient. It was recommended that relevant agencies should consider generating a modified disclosure format that could encourage smaller banks to disclose as much as they can. It was also recommended that banks should invest more resources in recruiting, training and maintaining employees that would provide more value for money and serve customers better
PRODUCTIVITY, HUMAN CAPITAL DEVELOPMENT AND COVID-19 PANDEMIC IN NIGERIA
Get PDFThe Covid-19 pandemic resulted in lockdowns, loss of productivity, and a decline in economic growth. Africa and indeed Nigeria were adversely affected due to a lack of mechanisms such as adequate investments in health and education, and the absence of fiscal stimulus such as social safety net programs to withstand the shock. This study seeks to examine the nature of the structural break in labour productivity in the aftermath of the Covid pandemic, particularly given investment in health and education. The data for the study which covers the period of 1991-2022 were obtained from the World Development Indicators and the Central Bank Statistical Bulletin of various years. The Chow test was used in this study to test for the presence of structural breaks in the productivity model. Findings from the estimation of the model reveal the presence of significant structural breaks due to the pandemic. This implies that the period of the Covid-19 pandemic significantly impacted the level of productivity within the economy measured by the output per worker. Findings also revealed that mobile subscriptions which allow access to the internet had a significant positive effect on productivity. Government spending on health and education did not have a significant impact on productivity before and after the pandemic
SUPPLY-CHAIN QUALITY MANAGEMENT AND BUILDING MATERIAL INDUSTRY PERFORMANCE IN NORTH-CENTRAL NIGERIA PROJECTS: A SYSTEMATIC LITERATURE REVIEW
Get PDFConstruction materials are fundamental inputs to the activities and products of the construction industry worldwide. Over 70% of construction execution cost is spent on materials and equipment at aggregate economic level. The building materials manufacturing industry subsector of the Nigerian Construction industry unfortunately have a paltry market share of about 37% while the remaining 63% share of the market is based on importation. Studies show that the relatively poor share of indigenous building material manufacturers’ products is attributable to perceived poor quality, low demands for products, and poor commercial status, thus, leading to a higher patronage of materials from foreign counterparts. This study aims at evaluating the relationship between project supply-chain quality management and the performance of building material industry in selected states of North-central Nigeria. The study employed a systematic literature review approach to undertake global case studies using the requisite keywords. Study’s results revealed an existence of a strong positive relationship between project supply-chain quality management and building materials manufacturing industry economic performance, owing to improved customer satisfaction, increased patronage of locally manufactured building materials, enlarged knowledge sharing, enhanced profitability and overall economic/financial prosperity of Nigerian building materials manufacturing industries. The study concludes that supply-chain project quality management is a winning strategy and formidable tool for business competitive advantage in a post pandemic era. The study recommended the adoption of project supply-chain quality management for improved economic/ financial performance of Nigeria’s building materials manufacturing firms
IS GOVERNMENT EDUCATION SPENDING BENEFICIAL TO HUMAN CAPITAL DEVELOPMENT? THE NIGERIAN EXPERIENCE
Get PDFNigeria’s highest human development index rating is 0.539, indicating a low level of human capital development. Because of the need to improve the level of human capital development for better economic growth and development, this study investigates the impact of government education spending on human capital development in Nigeria for the period 2003q1 to 2021q4. Human capital development was proxied with the human development index, while the federal government's recurrent expenditure on education was used as a proxy for government education spending. A linear ARDL-bound test model was employed for the study. The unit root tests results show that all variables are integrated of order one. The cointegration test shows the presence of a long-run relationship between government education spending and human capital development. Government education spending has a positive and significant effect on human capital development in both the short and long run. Based on the findings, the study recommends increased government spending on education to increase human capital development to a level that will adequately enhance the growth and development of the Nigerian economy