JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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CHINA’S INVESTMENT AND AFRICAN TECHNOLOGICAL ADVANCEMENT: CHALLENGES AND PROSPECT
Get PDFThere are growing body of studies on the impact of Asian and European states’ businesses on Africa. These studies have informed policy makers and political analysts of certain narratives behind developed countries investment in Africa. These narratives have been instigated by some actors in the West as a ploy to devalued investors from the Asian countries especially Chinese’s investment. Evidently, the investment of China in Africa has given the continent another positive image and hope in area of technological transfer and emerging markets for other states. The negative narratives against Asian’s countries particularly China engagement in Africa seem to blindfold the positive effects of the Sino-investment in the continent. Against this thought, this piece investigates the positive impact of Sino-Afro engagement with the aim to intensify the relationship; and also, to downplay unnecessary anecdotes. This investigation relies on documentations, global statistics and extant literature that enveloped the subject matter. However, the paper revealed that there is huge technological transfer that has affected the level of businesses in Africa. On a general note, the paper recommends the need to strengthen institutions in Africa in order to maintain the Sino-Afro engagement towards attracting more investments; and intensify man power development
ASSESSMENT OF ROLES, STRATEGIES AND CHALLENGES OF DECENTRALISATION AND LOCAL GOVERNMENT ADMINISTRATION IN THE GAMBIA
Get PDFThe paper assessed the roles, strategies and challenges of decentralisation and local governance and how decentralisation improves service delivery to the public in The Gambia. The study used descriptive survey design through the administration of structured questionnaire of five-point Likert scale among the selected local government councils. Using random sampling, the sample size for the study was 325 respondents which comprised both administrative staff and service beneficiaries of sampled local councils in The Gambia namely, Kanifing Municipal Council, Brikama Area Council, Kerewan Area Council, and Mansakonko Area Council as well as the Ministry of Lands and Regional Government. A total of 325 copies of questionnaire were administered out of which 300 were retrieved from the field. This represents a response rate of 92 percent. Primary data were collected through questionnaire administration and conduct of interviews. The collected data were analysed using simple percentages and frequencies with the help of Stata version 13. Secondary data were obtained from policy documents, records, journals, relevant text books and the Internet. The study revealed that decentralisation and local government administration played a key role in local governance which impacted on the lives of beneficiaries of the local councils. The study concluded that decentralisation and local government administration faced formidable constraints which impede its efficient and effective implementation. These challenges include inadequate manpower and training of council staff, and ineffective communication and sensitisation among stakeholders on the roles and strategies of decentralisation. Added to that, political interference in the operations and administration of the internal affairs of local councils, created problems of inefficiency and bottlenecks in the smooth administration of local councils
EFFECT OF MONETARY POLICY ON FINANCIAL SECTOR DEVELOPMENT IN NIGERIA
Get PDFThe main objective of the study is to examine the effect of monetary policy on financial sector development in Nigeria from 2007-2020. Expost-facto research design was adopted for this study. Monthly time series data were extracted from the Central Bank of Nigeria Statistical bulletin based on the variables used in the study. Credit to private sector as the dependent variable, while liquidity ratio, Interest Rate and cash reserve ratio as independent proxies to measure monetary policy. The findings showed that monetary policy has significant effect on financial sector development in Nigeria. Based on the result, it was concluded that liquidity ratio, Cash reserve ratio and interest rate were significant on credit to private sector. Therefore, the effect of monetary policy on the Nigeria financial sector as an engine for controlling inflation, unemployment etc. is geared towards finding a positive and constructive role for the economy. Based on the findings, it was recommended that; the Central Bank of Nigeria should manage the interest rate 16.5% properly for attractive and affordable for investors to borrow money from the bank, Government should also minimize the 32.5 % Cash reserve ratio in order to influence the level of bank capacity to raise a volume of funds and also reduce the liquidity ratio from 30% to 25% to prevent the financial sector from folding up with keeping too much of cash idle
ECONOMIC DIVERSIFICATION AND AGRICULTURAL PROGRAMMES IN KEBBI STATE
Get PDFThe paper investigates the role of local government and economic diversification on agricultural development. The data collection instrument used was a questionnaire which was administered to a total sample of 398 local settlement authorities of three Local Government Areas (Birnin Kebbi, Gwandu, and Jega) in Kebbi State of Nigeria. Sample selection was based on the purposive sampling technique. The demographic data was analyzed using mean, and standard deviation. The analysis involved statistical methods such as regression test between independent and dependent variables. The research findings supported the hypotheses that local government driving forces significantly impact on economic diversification. The study recommends that Local government administrators should adopt agricultural practices that will enhance transitioning away from dependence on one or a few commodities such as crude oil and mineral
COVID-19 PANDEMIC AND SUSTAINABLE SUPPLY CHAIN MANAGEMENT IN NIGERIA
Get PDFThe devastating effect of the yet-to-be-resolved COVID-19 pandemic permeated all spheres of human endeavor, basically every nation across the globe is still grappling with the solution to an exit plan from the global widespread cataclysm. The climax of the epidemic led to a global shutdown of all economic transactions globally in march 2020; leading to negative economic experiences such as depression and recession by many economies. Supply Chain Management (SCM) involves the layout, organization, execution, management and monitoring of the free flow of goods (raw materials, work-in-progress and finished goods) as well as services amongst individual or organization from origin to the final consumer. Empirical evidence has shown that the outbreak of the global COVID-19 pandemic is traced to Wuhan, China in late 2019. The main objective of this study is to examine the effect of the global pandemic on sustainable supply management in Nigeria. The foremost issues this study seek to clarify includes; shutdown in traditional export/import activities, increased demurrage on un-cleared goods and reduced capacity utilization. The study will elucidate on the basic conceptualization of Supply Chain Management, COVID-19 and Sustainability; specifically, the study will adopt the Network Perspective (NP) theory to comprehensively explain Supply Chain Management concept. Qualitative research methodology was adopted in conducting the study through comprehensive personal interviews to clarify SCM issues and the use of secondary data to obtain documented information as well. The outcome of the study will form the basis of the study discussion of the findings. Based on study objective and the discussion of findings, recommendations and conclusions will be deduced to ensure that all stakeholders make adequate input to eradicate terrorism in Nigeria
FOREIGN INVESTMENT, DOMESTIC INVESTMENT AND SUSTAINABILITY OF THE MANUFACTURING SECTOR OF THE NIGERIA ECONOMY
Get PDFThis paper examines the impact of foreign and domestic investment on the output of the manufacturing sector from 1980 – 2020. To achieve the objectives of the study, an econometric model of Vector Error correction Model (VECM) was specified and estimated. This was to determine the short and long run causality among the variables captured in the model. Stationarity check was conducted using the correlogram approach and all the variables were stationary at first difference. Appropriate lags for the model were selected based on the result of the Akaike and Hannan Quine information criteria. The Johansen cointegration was carried out to determine the long run relationship among the variables. In addition, the normalized Johansen equation was to establish the long run impact of the independent variables (foreign investment, domestic investment and exchange rate) on the dependent variable (manufacturing sector output). Findings revealed that, external investment inflow and domestic investment have long run positive impact on the manufacturing sector. Conversely, the real exchange rate shows a negative long run impact on the manufacturing sector but statistically significant. Also VECM test for causality revealed the existence of both short and long run causality among the variables. Based on the strength of findings, the study recommends that deliberate investment promoting policies capable of stimulating foreign and domestic investment should be sustained. For it will enhance growth in the manufacturing sector and by extension the economy. 
FREE TRADE DYNAMICS AND EXPORT-IMPORT COMPETITIVENESS IN ENGLISH SPEAKING WEST AFRICAN COUNTRIES (ESWACS)
Get PDFThe dwindling performance of African countries on the global competitiveness scale has remained an issue of concern; even when the countries take part in international trade. This concern is heightened by the recent 2019 global competitiveness index report where none of the African countries is in the top 100 countries. Bothered by this, the study aims at examining free trade dynamics and export-import competitiveness in ESWACs (Nigeria, Ghana, Gambia, Liberia and Sierra Leone). Specifically, its aim is to determine the impact of trade openness (TROP), terms of trade (TETR) and free trade benefits (FTRB) on export-import competitiveness (XMCO). Theoretically, the study relies on Ricardo-Heckscher-Ohlin, Global Strategic Rivalry and Porter’s National Competitive Advantage theoretical framework and makes use of balanced panel data sourced on the variables from the five countries. Descriptive statistics, correlation, Im, Pesaran and Shin (2003) unit root, Panel-ARDL Bounds cointegration and Error Correction Mechanism, Fixed, Random and Hausman, Wald Unrestricted Coefficient tests, residual diagnostic and impulse tests are the analytical techniques used. The key finding is that TETR significantly impacts on XMCO as revealed by the Hausman test; while other explanatory variables do not. On the strength of the result, the study concludes that free trade has not made expected impact on export-import competitiveness in ESWACs. The study recommends that the governments of member countries of ESWACs should give more attention to trade regional blocs by investing massively on the real sector, so as to be able to contribute to economic growth - which will lead to higher degree of trade openness and better competitiveness in ESWACs
GOVERNMENT CAPITAL EXPENDITURE IN ECONOMIC SERVICES’ SECTOR AND ECONOMIC GROWTH IN NIGERIA
Get PDFThis study examined the impact of government capital expenditure in economic services’ sector on Nigeria’s economic growth between 1981 and 2020, using ARDL model. The data obtained were secondary sources, CBN Statistical Bulletin, National Bureau of Statistics. The dependent variable of the study is Gross Domestic Product (GDP), proxy as economic growth, while Capital Expenditure on Agriculture (AGEX), Capital Expenditure on Manufacturing, Mining and Quarrying (MGEX), were the independent variables. The results of the findings reveal that both AGEX and MGEX have positive relationship with GDP and at the 5% significant level, are statistically significant. The study therefore recommends that since spending in the areas of infrastructural facilities is a good determinant of output growth, government should ensure that basic infrastructural facilities needed in these sectors (agriculture and manufacturing, mining and quarrying) such as good roads, storage facilities stable electricity and so on, are provide
FOREIGN DIRECT INVESTMENT AND CAPITAL FORMATION: POLICY IMPLICATIONS TOWARDS ACHIEVING PRO-POOR GROWTH IN NIGERIA
Get PDFThis study examines the links between foreign direct investment (FDI) and capital formation in Nigeria within the period of 1981-2020. The estimation approaches used are augmented Dickey Fuller test for stationarity level of our data sets and the autoregressive distributed lag (ARDL) model for short- and long- run relationship between the FDI and capital formation. The unit root test result indicated that interest rate and inflation rate were stationary at levels while other variables - FDI, government expenditure, gross domestic product, exchange rate and capital formation were reported to be stationary at first difference. Using the autoregressive distributed lag model, it confirmed that there is a long-run relationship between FDI and capital formation in Nigeria. The results further show FDI has positive and significant impact on capital formation in Nigeria. Other factors that positively influenced capital formation are government expenditure, gross domestic product and interest rate. However, exchange rate and inflation rate have negative impact on private investment in Nigeria. The study suggests the need for government to continue attracting foreign investment as it stimulates the capital formation channel towards enhancing output growth that is capable of promoting poor. Also, the financial sector most especially the apex bank, should ensure proper mobilization of investible fund in the economy through high saving deposit rates and accessibility of such fund by private investors through low lending rate
CULTURAL DIVERSITY AS A PILLAR FOR SUSTAINABLE DEVELOPMENT
Get PDFSystematically, integrating cultural specificities in the conception, measurements and practice of development is imperative as it ensures the involvement of the local population and a desirable outcome of development efforts. In the transition to green societies, dialogue and tolerance will be key for mutual understanding and the building of bridges among nations and countries, leading to a culture of peace, which is a prerequisite for sustainable development. In that context, we must make the most of the world’s cultural diversity, as it fosters development and social cohesion. Culture is more than the arts and literature. In its widest sense, culture embraces everything from your choice of what to wear each day to the traditions, beliefs, and values of your family and community. Of course, this includes all forms of artistic expressions and creativity. It is also the language one speaks, place of worship, the things that move one emotionally, and the sources of meaning in one’s life. Cultural diversity plays an important role in sustainable development, because it fosters economic growth, helps individuals and communities to expand the life choices, therefore, it is important to adapt to change and raising the resilience of social-ecological systems. It creates a rich and varied world, which increases the range of choices and nurtures human capacities and values, and therefore, it is a mainspring for sustainable development for communities, people and nations. Cultural diversity and cultural participation strengthen democracy, tolerance and social cohesion. It is an investment in the future as well as a driving force of sustainable development, since enhancing people’s choices and responsibilities is key to human development