Journal of Economics and Trade
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ANALYZING THE UNCONVENTIONAL MONETARY POLICY AND CORONA VIRUS (COVID-19) PANDEMIC IN NIGERIA: ITS IMPLICATION TO THE ECONOMY
No full textThe CBN\u27s reaction to the highly regarded COVID-19 pandemic had become unavoidable given its critical unfavorable ramifications for both the worldwide and the Nigerian economies. The advancement had prompted "remarkable disturbances in worldwide gracefully chains, a sharp decrease in unrefined petroleum costs, unrest in worldwide stock and money related markets, far reaching undoing\u27s in brandishing, amusement and business occasions, the lockdown of huge areas of developments of people in numerous nations, and intercontinental travel limitations across basic air courses on the planet. These results have had genuine antagonistic ramifications for key areas, including yet not restricted to oil and gas, carriers, assembling, exchange and customer markets. It is on this scenery that the CBN presented some unconventional monetary policy focused to impact macroeconomic results development, swelling, and conversion scale during this pandemic emergency. Its devices incorporates, resource buys (quantitative facilitating), broadened liquidity activities, negative financing costs and forward direction. The effect of the unconventional monetary policy incorporates, supporting budgetary soundness and financial action, staying away from a lot further downturns that would somehow have happened in Nigeria because of the COVID-19 pandemic. Discoveries from the investigation uncovers the need to corporate unconventional monetary policy measures with counterbalancing policy measures to sanctioning certain large scale prudential measures and fortifying the financial association, upgrading the structure of liquidity infusions with proper motivating force plans demonstrated helpful in diminishing unfavorable impacts and others. The examination presumed that CBN is as a rule proactive in adverting the effect of the COVID-19 and further suggested the expansion of the ban on the peak bank\u27s intercession, fortifying the CBN\u27s Loan to Deposit Ratio (LDR) policy and administrative self-control, augmentation of mediation offices to give advances to pharmaceutical organizations aiming to grow/open their medication producing plants in the nation
THE DYNAMICS OF REGIONAL INFLATION RATES IN NIGERIA
No full textThe absence of price control in Nigerian and the attitude of retailers have resulted in the inflation rates not showing any specific pattern. Consumers have relied on day to day price fixation by retailers who may at any point in time decide what price items are sold in the market. This has in turn caused differences in inflation rates in the regions of the country. The national government pays little or no attention since its main interest is concentrated on the national inflation rate. National Bureau of Statistics through its prices division collects prices data which is used to produce state price indices. In a bid to investigate the reasons for the fluctuations in the inflation rates, the state index series available at the National Bureau of Statistics are used to compute state inflation rates for all the states. The already existing regional structure of the country was used to compute average inflation rates of states under each region which was used to generate a multiple regression model of inflation rates for the regions which revealed that North West and South east have minimum contributions to the rising inflation rates in Nigeria. Notwithstanding the above result, the study was able to discover that the North dominate in contributing to the rise in inflation rates in Nigeria. Hypothesis tested using Analysis of variance however concluded that there is no significant difference in the means of inflation rates of the regions during the period under study
IMPACT OF COVID-19 ON WEST AFRICA INTRA-TRADE: EVIDENCE FROM BENIN’S CROSS-BORDER TRADE
No full textThe economic damages of the pandemic of COVID-19 due to measures adopted to control the spread of the virus continue to affect countries across the world and rise the need for scholars to provide adequate information to policymakers to guide the implementation of adequate responses. Meanwhile, the spatial heterogeneity of the spread of COVID-19 and the heterogeneity in countries’ resilience capacity support the relevance of country-level studies instead of cross-countries studies. This article aims to study the effect of the COVID-19 pandemic on Benin\u27s bilateral trade. Based on monthly data from January 2020 to March 2021, the Poisson pseudo maximum likelihood method was used to estimate a gravity model. Our results showed that the capacity of COVID-19 to harm Benin\u27s bilateral trade is much greater when apprehended by the restrictive measures than by the lethality of the pandemic, suggesting that restrictions on interactions are more harmful to trade than the risks of mortality linked to the spread of the disease. However, our results revealed the non-persistence of these effects, which are gradually absorbed over time, reflecting a better ability of economies to adapt to the pandemic
MODELING THE DYNAMICS OF CRUDE OIL PRICES AND ITS INTERACTION WITH EXCHANGE RATE IN NIGERIA
No full textThe advent of the coronavirus pandemic and the global recession that occurred has generated sincere interest from researchers and stakeholders on how the oil price dynamics affect Nigeria\u27s exchange rate performance. This interest is carved from the high volatility during this period and the failure of many countries to cope with this, plunging many, including Nigeria, into economic recession. Coronavirus disrupted the global supply of commodity goods and services which crashed significant markets, including the crude oil market. In the mild stage of the pandemic, the oil price, which stood at 12.22 on 22 April 2020 and became $40.91 as of 22 October 2020. As a result of these incidences, this study examines the dynamism of oil price on the crude oil market\u27s performance and exchange rate. Using the monthly data spanning from 2000m1 to 2020m6, the study employed Toda-Yamamoto model to derive the impulse response function, Variance decomposition, and granger causality. Implications from the findings reveal that Macroeconomic global fundamentals primarily control the Nigerian stock market. Specifically, when the oil price becomes volatile and unpredictable, investors prefer to hold cash rather than invest into the market during an uncertain time. The findings reveal that the exchange rate is also strongly influenced by oil price shock only and not oil price volatility. Besides, the exchange rate responds negatively to oil price shocks but positively to oil price volatility. However, the result of the granger causality shows that the oil price volatility control on the exchange rate is not significant
PERFORMANCE EVALUATION OF CROP INSURANCE SCHEMES IN HARYANA
No full textAgriculture sector performs a vital role in developing the Indian economy and it can be considered the backbone of the industry and service sector. Agriculture sector still depends upon the weather and climate conditions, which is always uncertain and unpredictable. Crop insurance is one of the ways through which the farmers may be protected from the financial loss of their crops against the natural disasters. The study is an attempt to assess the performance of the crop insurance schemes implemented in Haryana. Economic survey of Haryana and the annual reports of the Agriculture Insurance Company (AIC) for several periods were examined. The result of the study indicates that only few schemes are implemented in the Haryana in comparison to other states of India. The Pradhan Mantri Fasal Bima Yojana performs better continuously and proves beneficial for the farmers of Haryana. As a policy implication, policymaker should frame a provision of no claim bonus for the farmers to encourage them towards crop insurance scheme
PICTOGRAPHIC INTEGRAL OF CHALLENGES AND PROSPECTS OF CASHLESS FRUGALITY IN NIGERIA
No full textCashless frugality in Nigeria is an effort towards cashless transactions by reducing physical cash usage. The aim of the paper is to present the position of Nigeria being a cashless society and ascertain the challenges and prospects which are related with such transactions.
The data sets of all thirty-six (36) states and the Federal capital territory (FCT) was used. Secondary data was gathered from Central Bank of Nigeria (CBN) statistical database/website as well as the Nigeria Interbank Settlement System (NIBSS) website. The data were analysed and symbolised graphically. The outcomes exhibited the introduction of cashless frugality in Nigeria is a step in the right direction which propelled frugality growth and development. In addition, the challenges, and prospects of cashless Nigeria in promoting electronic cash instruments and improving automated economic facilities was emphasized
DIRECTORS’ REMUNERATION AND FINANCIAL PERFORMANCE: MODERATING ROLE OF BOARD ATTRIBUTES OF LISTED INSURANCE COMPANIES IN NIGERIA
No full textThis study investigates the moderating effect of selected board attributes on the relationship between directors\u27 remuneration and financial performance of listed insurance companies in Nigeria. Data was generated from annual reports and accounts of listed Insurance companies in Nigeria from 2012 to 2017. The study comprises of all 28 insurance companies listed on the floor of the Nigerian stock exchange market, out of which 19 insurance companies were randomly selected as sample for the study. Data was analyzed using pooled OLS, fixed and random effects regression. It was found that directors\u27 remuneration is positively and significantly related to financial performance at 10% level of significance. On the interaction variables, it was found that the presence of more independent directors on the board strengthens the positive impact of directors\u27 remuneration on firm performance. The study recommends that remuneration of directors\u27 be given priority by insurance companies, as shown that it affects performance. Also, strict compliance should be enforced regarding board attributes by the regulatory bodies on the insurance companies to enhance the interaction effects
DOES FOREIGN DIRECT INVESTMENT MATTER FOR NIGERIAN ECONOMY?
No full textForeign direct investment has always been acknowledged as one of the sources of economic growth of a country as it has been noted to have a positive and significant relationship with economic growth. However, the FDI inflow and the economic growth of Nigeria seem to be operating inversely in the current decade. This study examines the impact of foreign direct investment in the economic growth of Nigeria between 2007 and 2017 as it is believed that the impact of FDI is location and period-specific. Regression analysis was carried out using time series secondary data. The model specification for the regression analysis was derived from the Solow growth model. The results of the analysis revealed all independent variables having a positive relationship with economic growth for the scope of the study but with only FDI being statistically insignificant to the economic growth of the country during the period. The R2 of the model was 0.96 implying that 96% of the variations in economic growth can be explained by the model. The study, therefore, recommends that to make sure foreign direct investment trickle down Nigeria’s economy; the flow of FDI into the economy has to be monitored and influenced to direct it into sectors that need massive investment in the country such as the Agricultural sector which has been noted over the years for its failure or inability to attract foreign direct investment and whereas the sector is the first point of contact if Nigeria is to enjoy sustained economic growth
IMPACT OF SPECIAL ECONOMIC ZONES ON INDIAN ECONOMY
No full textIn the present study, an effort is made to study the current status of Special Economic Zones (SEZs) along with the investment in SEZs and employment generated by SEZs in India. The findings of the study reveal that there are 223 operational SEZs in India as on 31st March 2018. In the case of employment generation, SEZs have generated employment for around 18,42,512 persons during the period of February 2006 to 31st March 2018. Apart from these, SEZs have attracted a huge amount of investment due to several incentives and facilities offered to the units in SEZs. In brief, the results reveal that SEZs have been playing an important role in FDI attraction and employment generation in the country
EVALUATING THE ADOPTION FACTORS OF COMPUTERIZED ACCOUNTING SYSTEMS IN GOVERNMENT SCHOOLS
No full textThe research intended to explore why government schools had not adopted computerised accounting systems despite the high availability of computers in the Zimbabwean economy. The study took a quota sample of 36 respondents from 30 schools selected from a total of 100 schools each with a minimum of one(1) accounts clerk or one(1) bursar from Goromonzi District, Mashonaland East Province. A questionnaire survey was used to collect data from the chosen research subjects. The study established that most government schools had computers, electricity resources, sufficient and experienced human resources for smooth adoption of computerized accounting system, and that administration attitudes and costs were delaying adoption of computerized accounting system. The Ministry of Primary and Secondary education should take the leading role of pushing for implementation of computerised accounting systems in government schools. Government schools should be allowed to finance the acquisition of computer hard-wares and soft-wares for computerizing their accounting systems. A step by step approach in adopting the usage computerized accounting systems that allows invoicing, receipting and reporting of school financial activities is also recommended for government schools