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Financial integration in the West African Monetary Zone: towards a single insurance market
No full textintegration of financial markets is a process of unifying markets and enabling convergence of risk-adjusted returns on the assets of comparable maturity across the markets. The insurance markets of the WAMZ countries are relatively not efficient. Although, there are several small insurance companies competing for premiums, only one company within the entire WAMZ region has a gross premium base more than $100 million. The paper recommends that the insurance sector integration \u27quick wins should focus on: taking action to make the brown card scheme a more resounding success; increasing the minimum capital requirement of insurance companies in some of the WAMZ countries; developing a programme whereby insurance companies are required to be fair when paying claims to clients; as well as harmonizing insurance laws and regulatio
Corporate income tax and manufacturing sector performance in Nigeria: a panel data analysis
No full textThe study examined the impact of corporate income tax on the performance of the manufacturing sector in Nigeria from 2013 – 2017. The ex-post facto research design was adopted for this study. The population of this study covered all the 23 registered manufacturing firms dealing with consumable foods in Nigeria. The sample of five manufacturing firms, dealing with consumable foods in Nigeria which represent 35% of the quoted manufacturing firms on the Nigerian Stock Exchange (NSE) market was selected for the study. This study made use of the fixed and random effect regression technique. The result showed that company income tax had direct significant impact on net income and return on equity of manufacturing companies in Nigeria. It was recommended based on findings that company income tax receipt should be channeled by the government into judicious use such as the provision of social amenities like electricity and good road network
Estimating and Forecasting the Impact of Inflation on Economic Growth in Nigeria Using Threshold Analysis
No full textThis study examined the causal relationship between inflation and economic growth as well as estimating threshold and forecasting of inflation in Nigeria for the period of 1961 – 2016. The study employed Granger causality test, Autoregressive Distributed Lag (ARDL), Autoregressive Integrated Moving Average (ARIMA) and a multivariate time series Vector Autoregressive (VAR) models. Granger causality test result showed that inflation does not granger cause economic growth and neither does economic growth granger cause inflation during the period of study. Using broad money supply to GDP as control variable, an inflation threshold of 14% -15% both in the short run and long run was established for Nigeria. As for the forecasting of inflation, the findings showed that VAR (1) could forecast inflation rate in Nigeria with high degree of accuracy. Hence, this result is vital for monetary policy formulation and need to be taken into consideration as a complement to the approach currently employed by the Central Bank of Nigeria in the targeting of a single digit inflation rate
Impact of Energy Consumption on Poverty Reduction in Africa
No full textThis study investigates the impact of energy consumption on poverty reduction in a panel of 12 African countries over a period of 1981-2014. Using the Fully Modified Ordinary Least Square (FMOLS) method, the study shows that a long-run negative relationship exists between energy consumption and poverty level, which underscores the importance of energy in poverty reduction in the selected African countries. The result also indicates that other variables such as capital stock and political stability have significant effect on poverty implying that these factors play critical role in reducing poverty. Furthermore, the granger causality test shows that a short-run unidirectional causality runs from energy consumption to poverty. The findings clearly suggest that increasing energy consumption leads to a decline in poverty level. The study therefore recommends that the government in the selected countries should improve infrastructure and maintain political stability in order to maximize the effect of energy consumption on poverty reduction
Renewable energy consumption and economic growth in Nigeria: a co-integration and granger causality approach
No full textThe International Energy Agency (2017) reports affirmed that one in five people across the globe lack access to electricity and, about 2.8 billion people still lack access to clean cooking. The expected switch to liquefied petroleum gas (LPG), natural gas and electricity remains unimpressive. One-third of the world\u27s population –2.5 billion people – still rely on the traditional use of solid biomass while another 120 million people cook with kerosene and 170 million with coal. Household air pollution from these sources is currently linked to 2.8 million premature deaths per year, and several billion hours are spent collecting firewood for cooking, mostly by women, that could be put to more productive uses (World Energy Outlook, 2017)
Imperative of fiscal discipline in sustaining economic growth
No full textThe Nigerian economy technically exited a recession since the second half of 2017 but the growth in GDP has remained weak and fragile. The concept of fiscal discipline can be viewed from three perspectives. The first is by public finance theorist, Richard Musgrave, Another view by John Mikesell (cited in Musgrave and Musgrave, 1989), The third usage by Axelrod extends the coverage of fiscal discipline to legislators. This paper examines why fiscal discipline is essential for Nigeria, experiences of peer countries and imperatives of fiscal discipline for sustaining economic growt
State\u27s fiscal dependency and implications on monetary management in Nigeria
No full textThis study examines fiscal management by States in Nigeria and its potential to sustain growth and development. The study used secondary data from the Bank\u27s Statistical Bulletin and the Nigeria Bureau of Statistics. Information on monthly allocations to States, internally Generated Revenue, Debt stock, total Revenue, and Total expenditure were used to examine fiscal imbalance in the States. Data were collected on statutory allocations to States by the Federation Account Allocation Committee (FAAC), Internally Generated Revenue (IGR), States\u27 debt stock, capital and recurrent expenditure from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS). Descriptive statistics was used to analyze the collected data
An empirical analysis of the sacrifice ratio in Nigeria
No full textThis study empirically investigates the existence of a sacrifice ratio for Nigeria and to measure it, if one exists over the disinflation episodes. The study adopted the Ball (1994) methodology and the Hodrick-Prescott (HP) filter technique to examine the cost of disinflation to Nigeria. Six (6) disinflation episodes were identified over the 2000Q1 – 2018Q2 period and the results obtained indicated varying amounts of output losses over the different episodes under study. The findings suggested that a 1% disinflation resulted in output losses ranging from - 0.02% to 0.44% for the Nigerian economy. Both methods, however, suggested that the latest disinflation episode (2016Q3-2018Q2) promoted output growt
Fintech as a tool for promoting financial inclusion and economic development in Nigeria
No full textIn Nigeria, 67% of the population lives below the poverty line. Access to basic financial services can make a significant difference in reducing poverty and financial technology has been used to enhance the provision of financial services to the poor and unbanked in sub-Saharan Africa. This paper seeks to highlight the nexus between financial inclusion and financial technology as well as how it can help reduce poverty in Nigeria
Enhanced Mean Ratio Estimators of Auxiliary Variables Based on the Linear Mixture of Variances
No full textThis paper incorporates the variance of auxiliary variables to propose three improved ratio estimators of population mean. To enhance the efficiency of the proposed ratio estimators, a linear combination of the population coefficient of variation, kurtosis, skewness and the population variance of the auxiliary variable is harnessed. The properties relating to the suggested estimators are assessed using constant, bias and mean square error. We also provided practical study for illustration and corroboration using a population data consisting of the fixed capital, which is the supporting variable and output of 80 factories which are the study variables. The suggested improved ratio estimators performed better than other ratio estimators in the literature when compared using bias and mean square error