JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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PUBLIC EXPENDITURE AND INFRASTRUCTURAL DEVELOPMENT IN NIGERIA: A COMPARATIVE ANALYSIS OF DEMOCRATIC AND MILITARY REGIMES
Get PDFThe Nigerian government has over the past decades increased spending on infrastructure in the yearly budget but the level of infrastructural development does not seem to correlate with the rate of government spending. It on this account that we examined the effect of public spending on infrastructure and economic development in Nigeria with the view to compare the extent at which public expenditure on infrastructure influences economic growth during the military regime (1983 to 1999) and democratic government (1999 to 2018). Using the ARDL estimation technique, we discovered that public expenditure on education, public expenditure on transportation and communication (TCM) all have positive but insignificant effects on economic growth while public expenditure on agriculture has a significant positive effect on economic growth in the short run. Whereas both public spending on health services and public spending on road and construction has significant negative effects on economic growth in the short run. However, all these public expenditure variables have no significant influence on economic growth in the long run. This study concluded that public infrastructure expenditure during the democratic government era (1999 to 2018) is not significantly different from public expenditure on infrastructure during the military regime (1983 to 1999) due to widespread corruption and inconsistent reform policies in the economy and therefore recommended that infrastructural sector development should be prioritized at all levels of government by increasing spending on infrastructure to at least 25% of annual total spending
IMPACT OF COMMERCIAL AGRICULTURE CREDIT SCHEME ON TECHNICAL EFFICIENCY OF RICE FARMING IN KANO STATE, NIGERIA
Get PDFThe purpose of this study is to empirically evaluate the effect of commercial agriculture credit scheme on technical efficiency of rice farming in Kano State, Nigeria. Primary data was sourced from 394 beneficiary farmers of commercial agriculture credit scheme (CACS) through survey method in the period 2009–2020. Multi-stage sampling technique was used for the study across the existing agricultural zones. The study employed the stochastic frontier model. The model specified was estimated by likelihood estimates of stochastic frontier production function and inefficiency determinants of rice farming using STATA 14. The findings revealed that before CACS, the regression of the stochastic frontier estimates of technical efficiency revealed that 96.7% had technical efficiency (TE) of 0.75 and above while 3.3% of the farmers operate less than 0.75 efficiency level. After accessing CACS, the regression of the stochastic frontier estimates of technical efficiency level revealed that 92.9% of the farmers had technical efficiency between 0.50 and 0.74, while 7.03% of the farmers operate at less than 0.49 efficiency level. This means that most of the farmers are technically inefficient. The value of the amount borrowed was positive with a value of 0.3453. The implication is that, after accessing CACS, the loan increased the inefficiency of rice farmers. Also the age of farmer and education of farmer led to technical inefficiencies in rice farming. Therefore the result concluded that commercial agriculture credit scheme have led to the technical inefficiency of rice farming in the study area
INVESTIGATING THE CAUSAL RELATIONSHIP BETWEEN ENERGY CONSUMPTION AND ECONOMIC GROWTH IN NIGERIA
Get PDFThis study investigates the causal relationship between energy consumption and economic growth in Nigeria for the period of 1981-2018. Total energy consumption is disaggregated into four subcategories (i.e., electricity power consumption, fuel pump price, energy capital formation, coal energy consumption) in an attempt to examine whether the links between energy consumption, and economic growth differs among the various sources of energy consumption. The study after conducting unit root test and cointegration employs granger causality test. The results of unit root test and cointegration test show that all variables are stationary at first difference, while there exist long run relationship among the variables in the model respectively. The granger causality result revealed the absence of bi-directional causality between the energy consumption variables and growth. This means that causality does not run from energy consumption to economic growth as well as economic growth to energy consumption. Apparently, there is empirical evidence of unidirectional causality between Elect_P and GDPg not in reverse direction. In general, it can be safely concluded that there is an evidence of a long-run causality between energy consumption variables and growth in Nigeria but run from energy consumption variables (electricity power consumption) to economic growth. This result lends support to the electricity-growth hypothesis in Nigeria. It is therefore recommended that government should encourage more access to energy diversifications and consumption as a primary source of value for factors of production i.e. labor and capital which we cannot do without. 
EFFECTS OF INNOVATION LEADERSHIP ON ORGANIZATIONAL EFFICIENCY (A STUDY OF ACCESS BANK PLC UMUAHIA)
Get PDFThe study examines the effect of innovation leadership on organizational efficiency. The study aimed at determining the effects of innovation leadership on organizational efficiency. The study adopted survey research methods and sourced its data from both primary and secondary sources. The study focused in Umuahia the capital city of Abia State using Access bank Nigeria Plc as a case study. Data collected were analyzed using descriptive statistics, regression analytical technique and ANOVA. The result of the analysis shows that there is a positive effect of innovation leadership on organizational effect at a statistically significant level of 0.05. Following the empirical result of the analysis the study recommends the need for leaders to be creative and innovative at all time in carrying out their duties sequel to the effect of innovation leadership on organizational productivity
MILLENNIAL GENERATION AND DEMAND FOR INSURANCE SERVICES IN NIGERIA
Get PDFIn many countries, insurers are now redesigning their promotional activities to reach outto a special cohort, the millennials, who are believed to have huge resources at their disposal. This exploratory study aims at establishing what considerations influence the millennials in buying insurance coverages in Nigeria. Survey data obtained from 331 respondents were analysed in order to determine which insurance policies are common with the millennials, what mode of payments are preferred by them, which promotional channels of the insurers do they prefer and what specific factors influence their insurance buying decisions. Among other findings, the most popular insurance protections held by the millennials in Nigeriaare pension plans, health insurance and life insurance. Findings also show that the millennials prefer shopping on line, and that they will more likely purchase an insurance product if their peers say good things about that product and if the product has a social media presence. Insurers will need to consider investing more in digital technologies so as to make their presence felt on the social media
AGRICULTURE: A PANACEA TO ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA
Get PDFEconomic growth and development is critical to every economy, therefore making it imperative to understand why government policies fail or succeed, in other to learn on best ways to spur economic growth and development. According to Maslow’s hierarchy of need, food is one of the basic needs of man, thereby making food security first a priority for every economy, while export of excess provides a source of foreign earning for a country like Nigeria which export primary products. With double digit food inflation, balance of payment necessitated from sub-optimal export from the non-oil sector. This study examined agriculture: a panacea to economic growth and development in Nigeria in relation with GDP growth, towards understanding causal relationship, if any, between agricultural sector GDP growth and development. Scholars have diverse views on how to rehabilitate the Nigerian economy. The paper utilized documentary methods to source for materials and analyzed using content analysis technique. In doing this, Basic Resource Theory was used as a framework of analysis to address the issue. The paper also examined the various challenges facing Nigerian state in achieving this economic growth and the core is the oil. The findings among others found out that agriculture is a solution to economic growth and that the discovery of crude oil served as the major contributor in neglecting Agriculture as a means of economy in Nigeria. Thus, based on the findings of this paper it recommended among that there is need for effective monitoring of allocated funds, to ensure that there is no shortfall in remittance and to equally conduct an audit overtime to ensure judicious management of allocated funds until the project is completed. This will see to the lasting solutions to sustainable economic growth and development in Nigeria
POWER, LIBERTY AND AUTHORITY IN A CONTRACTUAL SOCIETY
Get PDFThe stability of a bank is said to be a function of its Capital adequacy which in turn influences its performance. Commercial Banks in Nigeria operate under different levels of capital adequacy. This study therefore sought to examine the effect of capital adequacy ratio on the performance of listed commercial banks in Nigeria proxied by return on capital employed from 2014-2019. Data for this study, collected from the sampled commercial banks annual financial reports for the period covered, were analysed using panel regression. The study found that capital adequacy ratio had significant and positive effect on return on capital employed of listed commercial banks in Nigeria. Based on this finding, the Central Bank of Nigeria is advised to increase the Capital Adequacy Ratio of commercial banks and ensure that they are complied with. This is expected to bring about improved performance of the banking sector
POVERTY REDUCTION, GOVERNMENT EXPENDITURE AND ECONOMIC GROWTH IN NIGERIA
Get PDFThis Study examines the relationship between poverty reduction, government expenditure, and economic growth in Nigeria. It aims at proving that there is a bi-directional causal relationship between these variables. A Vector Error Correction Model was specified, and variables included in the model were Poverty Reduction (POVRd), Total Government Expenditure (TGEXP), Real Gross Domestic Product Per Capita (RGDPpc) as a proxy for Economic Growth, and Natural Resource Rents (NRENT). Time series data was analyzed for a period of thirty eight (38) years. The Study employed the Block Exogeneity Wald Test to check for causality between variables, the Vector Error Correction Model (VECM) to analyze the speed of adjustment process and short run transmission mechanism among the variables, the Forecast Error Variance Decomposition to examine total variability in variables due to shocks in itself and in other variables of the model, and the Inverse Roots of AR Characteristics Polynomial to check the state of impulse responses in the estimated model. Findings indicate that there exists a bi-directional relationship between variables. Each variable explained to different percentage levels, variations in shocks in itself and in other variables of the model at different periods. In general, there exists a bi-directional causality between total government expenditure and poverty reduction in Nigeria. The study concludes with recommendations for increase in government expenditure to bring about reduction in poverty, the adoption of pro-growth and pro-poor policies and a transparent and corruption free governance
TESTING THE LONG RUN RELATIONSHIP BETWEEN NATURAL GAS UTILIZATION AND ECONOMIC ACTIVITIES IN NIGERIA
Get PDFThis study investigated the long run relationship between natural gas utilization and economic activities in Nigeria using quarterly data from 2001 – 2017. The result showed that there are two cointegration equations implying that there exists a long run relationship between Natural Gas and its determinants. The finding suggests that investing in gas supply infrastructure will enhance gas utilization via power generation, LNG production and Gas-based industrial utilization and also reduce gas flaring while encouraging national growth. A policy implication with respect to this finding is that, stimulating power generation through gas, which constitutes about 60% of power generation mix in Nigeria will help in addressing a lot of our macroeconomic problems like poverty and unemployment because it will stimulate the manufacturing sector and also improve the service sector with much needed electricity supply. As a recommendation, the Federal government should encourage investment both local and foreign in the gas industry so as to harness the abundant gas reserves available in the country and also improve on exploration activities to increase available reserves