JOURNAL OF ECONOMICS AND ALLIED RESEARCH
Not a member yet
565 research outputs found
Sort by
PROBLEMS FACING ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) INTEGRATION AND THE WAY FORWAR
Get PDFThis paper identified the problems facing Economic Community of West African States (ECOWAS) and made recommendations that would enhance integration in the sub-region of West Africa. The term integration was clarified, which means the process of coming into a community by different nations for the purpose of forming a common front for development. From the discussion, it was discovered that ECOWAS had been bedeviled with innumerable problems, such as insecurity, economic problems, political problems and so on. Hence, the efforts to integrate the sub-region are still moving at millipede pace. Based on these myriad problems militating against ECOWAS integration, some recommendations were made. Among others were that, there must be commitment of the leaders of ECOWAS, appreciation of democratic principles and involvement of the people. The implication of this therefore, is that if the ECOWAS member states are dedicated in line with ECOWAS integration policy, there would be advancement of integration in the West Africa sub-region
AGRICULTURAL INPUT-GOVERNANCE NEXUS AND FOOD SECURITY IN NIGERIA
Get PDFThis study examined the Agricultural input-Governance nexus and food security in Nigeria over the period 1981 to 2018. The Autoregressive Distributed Lag (ARDL) econometric technique was adopted and the results showed the presence of long-run equilibrium relationship among the variables of interest. Empirical evidence also noted that despite the negative attributes of corruption on food security, its spillover effects, although strong, does not cause certain agricultural inputs such as, agricultural machinery usage and agricultural credits to impact negatively on food security. However, the interaction between government expenditure and corruption showed its ineffectiveness on food security. As a result of this connection, the study advocates the promotion of the efficiency of agricultural machinery usage and agriculture credit scheme for farmers through banks to precipitate an increase in food production and attainment of food security. Furthermore, to serve as a deterrent to others, the nation’s anti-graft agencies should step up their activities in bringing corrupt contractors and bureaucrats to justice, especially, those involved in diversion and misappropriation of funds targeted to agricultural growth and sustenance of food security
THE EFFECTS OF EXTERNAL DEBT AND OTHER SELECTED MACROECONOMIC VARIABLES ON INVESTMENT IN NIGERIA
Get PDFForeign Loans can be a viable option for Nigeria to achieve developmental goals if optimally deployed into investment in the economy. However, if misused, it can lead to debt overhang. For this reason, the study assesses the impact of debt overhang and crowding out effects hypotheses on investment in Nigeria for the period of 1981 to 2018. In order to achieve that, a macro-econometric model with investment (IVT) as endogenous variable was estimated. The exogenous variables employed in the estimated model were Interest rate (INT), Gross Domestic Product (GDP), Debt-Export Ratio (D/X) and Debt-Gross Domestic Product Ratio (D/GDP).The Error Correction Mechanism estimation technique was adopted after the unit root test. The results obtained shown that all the variables were highly significant at the 5 per cent level. The coefficient of the ecm (-1) is negatively signed and statistically significant at 5 per cent level as expected. The estimated macro-model indicates that there was no autocorrelation in the equation. The direct relationship of gross Domestic Product (GDP) and Debt-Export Ratio (D/X) confirms expansionary effect of the aforementioned variables on investment. Therefore, the government should adequately mobilize the productive economy to enable a continuous increase in GDP and Export goods for investment expansion
ACHIEVING LIFELONG LEARNING IN NIGERIA THROUGH BUSINESS PRACTICES: A LITERATURE REVIEW
Get PDFLifelong learning and sustainable development are doubtless the key to empowerment, innovation and social change. The Sustainable Development Goals (SDGs) were formulated in the year 2015 by the United Nations (UN) General Assembly, so that UN member states will have a guiding framework for their national agenda. It behooves us in Nigeria to examine global best business practices that can foster the achievement of lifelong learning in Nigeria. A systematic literature review was conducted and various scientific articles have been examined for this purpose. It was discovered that there are eight (8) Business Practices adopted internationally between the year 2010 and 2020 that are capable of promoting lifelong learning in Nigeria. The implication of this study is that corporate organizations, Technical and Vocational Education and Training (TVET) centres and teachers and policy makers in Nigeria are enjoined to adopt these eight (8) global best business practices in fulfilment of SDGs4: Lifelong learning
OIL EXPORTS, FOREIGN RESERVES AND ECONOMIC GROWTH IN NIGERIA: A STRUCTURAL VAR APPROACH
Get PDFThis study examined the pass-through effects of oil exports to economic growth through foreign reserves in Nigeria within the framework of SVAR. The study is anchored on the Export-Led Growth Model (ELGM) and the macro-prudential theory of accumulated reserve. Annual time series data on oil exports, foreign reserves and gross Domestic Product (GDP) spanning from 1970 to 2018 were used and sourced from Central Bank of Nigeria (CBN) statistical bulletin. The study used Granger causality and Structural Vector Autoregressive (SVAR) model and established the presence of pass-through effect from oil exports to economic growth via foreign reserves. This pass-through effect was further validated by the impulse response functions and forecast error variance decomposition. Based on these findings, the study recommended among others that investment in the oil and non-oil sector should be encouraged so as to increase the accumulation of foreign reserves in the country. Also, it is recommended that the Central Bank of Nigeria should ensure that appropriate and prudential foreign reserves management policies are put in place to safe guide and conserve the reserves. This can be done, through interventions in the foreign exchange market by implementing flexible and floating exchange rate regime and liquidity management in support of the currency (Naira) in order to stabilize reserves. Furthermore, the economy should be diversified to increase the exports of non-oil products in order to increase the volume of reserves in the country and intensify the utilization of local content
IMPACT OF THE NIGERIAN CAPITAL MARKET ON THE OUTPUT OF QUOTED MANUFACTURING FIRMS
Get PDFUsing a micro-level approach and firm-level data, this paper assesses the role of the Nigerian Capital Market in the provision of funds to the manufacturing sector, by examining the relationships between the mobilization and allocation functions of the capital market and the output of the 24 manufacturing firms included in the study. The results showed that there was a positive but insignificant impact of funds raised on output and a positive and significant impact of funds supplied on output. This implies that the manufacturing firms did not access fresh funds from the capital market, even as the market showed the potential to supply funds to the manufacturing firms during the period under study. The negative but insignificant relationship between the capital market allocation function and output shows the market was generally illiquid and points to the inefficiency of the market to provide the information to effectively allocate funds to the manufacturing firms. The policy implication of these findings is that efforts should be geared at removing all identified impediments to capital market operations to make it more attractive and accessible to entrepreneurs
ENERGY STORAGE AND MARKET IMPLICATION FOR POWERING AFRICAN COUNTRIES
Get PDFThis study examines energy storage and market implication for powering 54 African countries. The study employed traditional pooled OLS methodology and levelized cost of energy model using secondary data from 1986 to 2018. Aggregating the results on a national level results in a levelized cost of electricity (LCOE) range of 80-200 USD/MWh (on a projected cost basis for the year 2020) in this very decentralized approach. As a continental average, 142 USD/MWh are found, this represents an upper limit for the electricity cost in a fully renewable energy storage. Results also suggests that battery technology has the potential to give countries their own self-sufficient, twenty-four-hour electricity generation systems. That in turn will have a huge impact on the price of energy and the region’s economy in a wider context. The specific implications are that energy storage has huge market potential for powering African countries, that access to energy by Africans is critical to the consumption of stored energy and opening up the energy storage market for investment, and that there exists untapped market for energy storage and could be exploited for powering African countries. The study equally found that the advancement of storage technologies, particularly in the context of use with solar, is going to lead to a huge transformation of the way we approach energy in the next few years ahead. The study concludes that there is money to be made from energy storage and the introduction of supportive policies could make the market much bigger and faster
ANALYSIS OF THE IMPACT OF AGRICULTURAL SECTOR ON ECONOMIC GROWTH IN NIGERIA: AN ARDL APPROACH
Get PDFThis paper empirically analyzed the impact of agriculture on economic growth in Nigeria using ARDL technique. The technique has been applied to analyze the data to examine both the short-run and long-run relationship that exist between the variable over the period 1980-2017. The result of the ARDL Bound test shows the existence of the long-run positive significant relationship between agricultural sector output, government spending on agriculture, Foreign direct investment and economic growth while unemployment and inflation rate has a negative significant relationship with economic growth in Nigeria during the period under review. The findings of the study further revealed that over the years the agricultural sector has been neglected and as such its contribution to GDP has been dwindling since the discovery of crude oil. Therefore, the study recommends that government should provide incentives to farmers in form of loan and also subsidized the cost of farm inputs, they should ensure effective utilization of both monetary and fiscal policy tools to regulate the economy to control inflation and job opportunities should be created for the jobless youths
FOREIGN DIRECT INVESTMENT, FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN KEY EMERGING MARKETS
Get PDFThis paper investigated the impact of foreign direct investment on economic growth and the role of financial development in absorbing the positive effects of foreign direct investment in key emerging markets using the fixed and random effects regression models. The study analysed data from twenty-four emerging markets from 1990 to 2018. The empirical results revealed that foreign direct investment was a major driver of growth in the emerging markets as the coefficient of FDI was positively and significantly related to economic growth in the emerging markets. The results further showed that financial development and an interaction term between FDI and financial development had negative influence on growth in the emerging markets. The paper recommended that governments should make effort to formulate and implement investment friendly policies in the emerging markets to attract high inflows of FDI. The paper further recommended that governments in the emerging markets should strive to formulate and implement financial development policies capable of promoting economic growth and development
EFFECT OF INVESTMENT IN INFORMATION AND COMMUNICATION TECHNOLOGY ON FINANCIAL PERFORMANCE OF LISTED INSURANCE COMPANIES IN NIGERIA
Get PDFHuman activities have been greatly enhanced by the development of science and technology, however these innovations in Information and communication technology (ICT) come at a cost to the firm. Therefore, this study evaluates the effect of investments in ICT on financial performance of listed insurance companies in Nigeria. The population of this study is made up of 25 listed insurance companies on the Nigerian Stock Exchange from year 2012 to 2018. Insurance companies that have complete data set for the periods of 2012-2018 were selected purposively for this study, the sampled insurance companies were 16 in number. Secondary data in the form of panel data are used for this study. The data are collected from the 16 selected insurance companies annual financial reports and accounts. Based on the result of the Hausman specification test, the study adopted the Random effect regression and it revealed that Investment in ICT Hardware and software have significant positive effect on financial performance of listed insurance companies in Nigeria. The study concludes on a general note that investment in ICT improves the financial performance of listed insurance companies in Nigeria. The study therefore, recommends that listed insurance companies in Nigeria should be proactive in adoption of ICT as investments in ICT does not erode profitability