JOURNAL OF ECONOMICS AND ALLIED RESEARCH
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THEORIES AND THE IMPACT OFGLOBALIZATION ON EXCHANGE RATE IN NIGERIA
Full text linkThe paper contributes to the pro and anti-globalization arguments Nigeria. Specifically its objectives are to assess the impact of trade openness and FDI, as measures of globalization on exchange rate in Nigeria and to propagate some theories of globalization as well as determine which of them is relevant in Nigeria. It employs the Error Correction Model econometrics technique with secondary data from Central Bank and the Bureau of National Statistics, of Nigeria between 1981 and 2014. The long run result reveals that while openness has a negative and weak impact on exchange rate in Nigeria, Foreign Direct Investment has a positive but insignificant impact on exchange rate. It recommends among others that Nigeria should pursue policy to stimulate FDI so that it can benefit from globalization in ensuring exchange rate stability while it will be wise for Nigeria to engage in some levels of protectionism in the pursuit of exchange rate stability, since openness is negative.It concludes that internal policy remains the panacea. The study conforms Nigeria to the transformationalists theory of globalization
TESTING THE VALIDITY OF KEYNESIAN LIQUIDITY PREFERENCE THEORY AND VELOCITY OF MONEY DEMAND FUNCTION IN NIGERIA
Full text linkThe essence of this study is to test the validity of Keynesian Liquidity Preference theory as well as the velocity of money demand in Nigeria using annual time-series data covering between 1970 and 2014. The stationarity of the data was ascertain using both Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests, and the result reveal that apart from interest rate, all the variables are stationary at first difference. Data were analyzed using Ordinary Least Squares (OLS) estimation technique. Cumulative Sum (CUSUM) and Cumulative Sum of Recursive Residuals Squares (CUSUMSQ) were also employed to test the velocity of money demand function. The result shows that interest rate, inflation and official exchange rates significantly influence the demand for money while income has no significant effect. All the variables conform to a priori expectations thereby validating the Keynesian liquidity preference theory in Nigeria. The result from the stability test shows a constant velocity of money demand function in Nigeria. Monetary authorities should therefore adopt appropriate policies that place interest rate, inflation and official exchange rates at an acceptable level to ensure optimal demand for money to spur income through private investments in the real sector
APPRAISING THE ECONOMIC BENEFITS OF VOCATIONAL SKILLS ACQUISITION PROGRAMME ON PRISON INMATES IN KADUNA STATE, NIGERIA.
Full text linkThis study seeks to evaluate the economic benefits of Vocational Skills Acquisition (VSA) programme on prison inmates in Kaduna State using descriptive survey research design (tables and percentages). The population of the study comprised 571 prison inmates in the Kaduna Central Prison out of which 420 respondents were randomly selected. Data collection was via self-constructed questionnaire with reliability index of 0.81. The results show that the prison inmates in Kaduna Central Prison have benefited from the VSA programme. Many of them have acquired skills to make them useful to themselves and society at large. Sequel to the findings, it was recommended among other things that the Nigerian government should introduce and extend more similar programmes to other prison facilities. Also the government and other stakeholders should provide the much needed support for discharged inmates so as to hasten their integration into the society.  
NEOLIBERALISM AND INTERVENTION PHILOSOPHY IN AFRICA: MYTH OF UNDERDIFFERENTIATION
Full text linkA plethora of topics has been examined within the neoliberal discourse.In Africa, most of these bear, in one way or another, on the adverse consequences of the neoliberal turn. But the neoliberal impact can never be understood separate from contextual and socio-historical configurations. Through a critical reading of both empirical and theoretical literature on neoliberalism, this paper shows that, ultimately, it is the same old intervention philosophy– motivated by the same old social evolutionary thinking –that still drives the neoliberal policy thrust. We lean on the complexity theory to contend that the failures of neoliberalism in Africa are neither due to lack of adequate knowledge of how to implement it nor the political will to do so, but tothe fact that the programme is being deployed, without due modification, to social settings for which it is not suited. Development anthropologists are convinced that the best strategy for change is to base the social designs on the local social form in each target area. There is no alternative tobasing the plans and policies for progress across African societies on theeconomic peculiarities of the different local settings. One-size-shoe-fits-all short cuts have never worked anywhere