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Non-Oil revenue buoyancy and elasticity: implications for revenue generation in Nigeria
No full textThe paper employs annual time series data on real government tax revenue components from 1981-2014 to endogenously determine the level of non-oil revenue buoyancy and elasticity and its implication for revenue generation in Nigeria. A partitioning approach to determining tax buoyancy and elasticity is employed to address these objectives. The study found that with the exception of the Company Income Tax, an inelastic tax structure exists in Nigeria for the period under review. The proxy bases had similar results in terms of their responsiveness to the tax system. There were also evidences that the discretionary measures taken during the study period were not effective as shown in the low discrepancies between the buoyancy and elasticity measures. Among others, we recommend that government should as a matter of urgency strengthen tax administration and curtail leakages associated with tax avoidance and evasion. In addition, there is need for stronger collaboration among the relevant fiscal authorities and to streamline the tax structure and rates, reduce tax waivers and bureaucratic bottlenecks in the tax administration
Economic growth, poverty and income inequality matrix in Nigeria: a further investigation
No full textThis paper examined the existing relationship among economic growth, poverty and income inequality in Nigeria. Using the Vector Auto-regressive (VAR) model and the Engle-Granger technique to test for the causality existing among the variables, the results revealed that economic growth had no impact on poverty reduction and income distribution in Nigeria due its non-inclusive nature. There was, however, evidence of a unidirectional causality, running from income inequality to increased poverty. This implied that inequality would lead to increase in poverty in Nigeria. Therefore, the paper recommended that govemment should develop stronger economic institutions that ore capable of reorganising the productive base and reward system in the economy so as to promote and guarantee economic efficiency, equity and macroeconomic stability and inclusive growth
Empirical Estimation of Optimal International Reserves for Nigeria: The Sudden Stop Model
No full textThe study examined the issue of optimum external reserves for Nigeria during 2010 – 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 billion
Issues in corporate communication and measurement.
No full textThis paper examines the concept corporate communications and measurement. After a definition of the concept and a brief review of related literature the paper identified three categories of communication namely management communication, organisational communication and marketing communication. This is followed by a literature review of corporate communication concepts which in also consists of 3 important elements: management instruments or tools; internal and external communication; and Stakeholders or audiences. The paper further examines implications of corporate of corporate communication; corporate communication process; and why measure corporate communications under which measurement and evaluation components and commons measure processes and the likely metrics are equally discussed. These methods include media content t analysis; publicity tracking or media evaluation; website analysis; trade/road shows and event measurement; and public opinion polls. The paper concludes by expressing optimism that corporate communication professionals will conduct more research in the areas of measuring processes, identifying and prioritizing techniques and methods that will help corporate communication departments, especially the nascent ones to support the communication strategy that will enhance the overall growth of organisations
Overview of development financing: the case of Central Bank of Nigeria
No full textThis study highlighted the functions of Central Bank under development finance and economic development, and it also went further to state the mandate of the development finance Department which is the development and implementation of policies, programmes and schemes aimed at the effective, efficient and sustainable delivery of financial services to the real sector of the Nigerian economy. The objective of the mandate are to increase the flow of financial resources to the real sector, create wealth and jobs, reduce poverty and so on
Is the discovery of oil a curse or a blessing to Nigeria?
No full textThe discovery of oil in commercial quantity in Oloibiri in Niger Delta in 1955 opened a new chapter in the economic landscape of Nigeria. Before the discovery of oil resources, agriculture was the main source of government revenue. Over the years however, revenue from oil export become the backbone of the economy. The annual budget, which defines economic direction the country charts, is solely based on crude oil revenue. This situation can be likened to one putting his eggs in one basket. And it is exactly this situation that has become the major source of agitation by oil producing areas of Nigeria for resource control; put in other words, fiscal federalism. lt is over dependence on oil as the only major source of revenue for the function of government that has been the major cause of instability, lack of meaningful progress and dysfunctional government we have in Nigeria. The unpredictability of international oil price which can drastically increase or reduce oil revenue with its immediate effect on the economy, a case in point is the fall of oil price in the international market in November, 20l4. This has led to a situation that many states government in Nigeria cannot pay salary for many months. Also, the phenomenon called Dutch disease may hove terrible effect on the economy; this is a situation where the resource sector drives up the value of the local currency, thereby hurting the competitiveness of manufacturing sector, which con kill domestic production. Because of this and for reasons thot we will look of later in this study, one can safely say that the discovery of oil in commercial quantity for from being a blessing has become a curse to the economic development of Nigeria. ln this study, we found that oil revenue and government expenditure (budget) are significant variables to measure economic progress. lt was against this background that the researchers argued that the discovery of oil in Nigeria in commercial quantity, instead of being a blessing has become a curse to the development aspiration of the country. The Ordinary Least Square (OLS) method for data analysis was employed
The role of the Nigerian institutional environment on foreign direct investment inflows
No full textLiterature on the determinants of foreign direct investment has focused on the influence of macroeconomic conditions and market size, with research on the role of institutions on foreign direct investment especially in developing economies remaining inconclusive This paper seeks to study the Nigerian institutional environment how its positions may affect the inflows of foreign direct investment activity. The study employs the use of time series regression analysis of data sourced from the World Bank governance indicators and the Heritage Foundation index and finds that some institutional factors positively influence the level of foreign direct investment inflows
A Dynamic Stochastic General Equilibrium (DSGE) Model of Exchange Rate Pass-Through to Domestic Prices In Nigeria
No full textThis paper employed a Bayesian framework of DSGE model to estimate the pass-through effect of exchange rate to domestic inflation in Nigeria, using quarterly data for the period 1990 to 2011. The response of inflation rate to exchange rate shocks was found to be positive and statistically significant in the short-run. The pass-through was small and incomplete with almost zero in quarter 1 (0.09), rose to 0.18 in quarter 2 and declined to 0.07 and 0.01 in quarters 3 and 4, respectively. These findings were lower than those obtained elsewhere by other authors. The low pass-through reported in this study was attributed, in part, to the low, stable, and predictable inflation rate arising from the improved credibility of monetary policy environment
Real Effective Exchange Rate Misalignment in Nigeria
No full textThe study analyzed the relationship between relevant macroeconomic variables and the real effective exchange rate (REER) in Nigeria based on the Behavioural Equilibrium Exchange Rate (BEER) approach. An Autoregressive Distributed Lag (ARDL) model was estimated to obtain the equilibrium REER while the resultant levels of misalignment were computed for the period 1990 - 2014. Model results indicated that terms of trade and degree of trade openness are significant determinants of the REER, implying that trade policies matter for Naira REER movements. The error correction model indicated that 3.3% of disequilibrium error is corrected within a quarter. On the average, the REER was found to be overvalued by 1.40 per cent during the study period. In view of the possible adverse consequences of REER misalignment on the economy, we recommend a regular assessment of the country’s trade policy with a view to ensuring that episodes of large and prolonged misalignments are avoided
Inflation and Inflation Uncertainty in Nigeria: A Test of the Friedman’s Hypothesis
No full textThis paper examines the relationship between inflation and inflation uncertainty in Nigeria. It attempts to test whether the Friedman’s hypothesis – that a rise in the average rate of inflation leads to more uncertainty about future rate of inflation - holds for the country. The monthly inflation data spanning the period 1960:1 to 2014:07 was used. Inflation uncertainty was modeled as a time varying process using a GARCH framework. Exponential Generalized Autoregressive Heteroscedasticity (EGARCH) complemented by seasonal ARIMA (2, 0, 2) (0, 0, 1) was employed to model the inflation uncertainty. Given that inflation series display structural breaks, this was tested and found to be significant which was accounted for in the model. The EGARCH fitted our data better than the symmetric GARCH model. The bivariate Granger Causality test was performed on inflation and its uncertainty; it showed that inflation causes inflation uncertainty in Nigeria. The fitted EGARCH model found strong support for the Friedman’s hypothesis