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FOREIGN DEBT AND AFRICA'S GROWTH PROCESS
By Dipo T. Busari
Department of Economics
University of [badan [badon,
Nigeria
ABSTRACT
This paper examines the effects of external indebtedness on
Africa's growth process using two samples. The first sample consists of five heavily indebted
countries while the second sample consists of five countries with a low level of debt. The
study uses the extreme bound analysis (EBA) and dynamic panel external debt and growth
in the samples. The study found a robust negative relationship between the various debt
measures and growth in the two samples, suggesting that external debt depresses growth in
Africa. Furth
African ,countries. The study suggests that, for sub-Saharan African countries to resume
sustainable growth and development, the debt crisis in Africa would have to be urgently
addressed. Macroeconomic management needs to be improved and the international lending
institutions are required to playa prominent role in this regard. The study argues for debt
cancellation for African countries.
IMPACT OF MULTINATIONAL CORPORATIONS IN LABOURSURPLUS
UNDERDEVELOPED COUNTRIES:
General Equilibrium Approach
By Victor O. K. Bolodeoku Department of Economics University of Lagos, Lagos, Nigeria
ABSTRACT
The influence of international corporations on the world economy, particularly on
underdeveloped countries, has become a source of
controversy. Some critics argue that the activities of the multinationals have brought about
unprecedented growth in the underdeveloped host countries. Others disagree and assert that
the global profit maximization objective of these multinational corporations has brought
them into direct
conflict with the needs, aspirations and objectives of their host countries. The heavy capitalintensive
technology of the multinationals contributes to a loss of employment opportunities
and of real income.
Some suggestions are proffered jor consideration by the underdeveloped countries, which
will enable them to counteract the harmful effects of the multinational firms.
EXPLAINING CURRENT ACCOUNT BEHAVIOUR IN NIGERIA
By Louis N. Chete Nigerian Institute of Social and Economic Research Ibadan
ABSTRACT
A healthy current account balance has a crucial place in the
macroeconomy and so does its connection to critical variables like national savings and
investment, the exchange rate and competitiveness. There have not been many attempts to
understand current account dynamics in Nigeria.
This paper employs the co-integration and error correction technique together with the
vector auto-regression methodology to explore the factors driving current account
behaviour in Nigeria. The results are a mixed bag: while variables like the square of relative
income, inflation, the degree of openness and the growth rate of industrialized countries
are generally negatively correlated with the current account balance, others like net foreign
assets (liabilities), the budget deficit and exports show a positive association
FACTORS OF LABOUR MOBILITY IN THE
MANUFACTURING SECTOR IN NIGERIA
By A.A. Adebayo and S.I. Oladeji
. Department of Economics
Obafemi Awolowo University
ABSTRACT
In this paper we have conducted an analysis of the factors
of labour mobility in the manufacturing sector in Nigeria. This was done by examining
the forms of mobility among manufacturing workers, worker
job tenure, retrenchment and voluntary withdrawal (quitting) in relation to the prevailing
employment opportunities in the economy. The paper adopted a descriptive technique
that empirically draws on the mobility experience of manufacturing workers sampled
from firms in Lagos and Kaduna., Some form of mobility was found geographically, but
restricted regionally. The workers demonstrated significant adjustment of career
objectives. About 80 per cent of mobility among the workers from previous job to current
ones was largely voluntary and motivated by economic consideration (i. e., better pay,
better conditions of service and improved prospects for upgrading skills and promotion).
Analyzing mobility trends in relation to the impression of the workers shows that
employment opportunities have deteriorated. This perceived deterioration in employment
opportunities appears to have significant implications for adjustment of career
aspirations and increased length of job-tenure. In essence, the paper shows that labour
mobility is directly related to how employment opportunities are perceived by the
workers in the job market.
CAPITAL-LABOUR SUBSTITUTION AND ALLOCATIVE
EFFICIENCY IN RESOURCE-USE:
An Application of the CES
Production Function to the Nigerian Petroleum Industry 1992-2000
By M.A.Y. Rahji and B.T. Omonona Department of Agricultural Economics University of
Ibadan lbadan, Nigeria
ABSTRACT
The study estimated a constant elasticity of substitution (CES)
production junction for the petroleum industry during the period 1992 to 2000. The data
used for the study were obtained from the Federal Office of Statistics, the Central Bank of
Nigeria and the Nigerian National Petroleum Corporation. Multiple regression analysis
using the ordinary least squares method, was employed for the data analysis. The study
reveals that capital and labour are significant
factors that influence the output of petroleum. The results, based on the value of the
substitution parameter obtained indicate that substitution is possible between the two inputs.
The hypothesis tested tends to suggest that capital investment increases at a faster rate than
the number of workers. The test also indicates that there is allocative inefficiency in the use
of capital and labour in the industry as the null hypothesis is rejected. Recommendations
emanating from the results
include, substitution of capital for labour and the improvement of labour productivity
through training and re-training of the work force as investments on capital increase so as
to achieve increased output.
INDUSTRIAL SUBCONTRACTING LINKAGES IN THE LAGOS
REGION, NIGERIA
By Dickson 'Dare Ajayi Department of Geography
University of Ibadan,
Ibadan
ABSTRACT
This paper analyses the pattern of subcontracting linkages in
the Lagos region within the contemporary held views of integration and industrial linkages.
The paper shows that whether in terms of the number or volume, the spatial distribution of
subcontracting varied markedly amongst the industrial estates/areas. Whereas
subcontractors and subcontracting were found to be concentrated in just a few of the
industrial estates/areas, subcontracting was identified in both intra- and inter-estates/areas.
Considerable variation in production subcontracting linkages in terms of the number of flows
became more complex in successive years.
SMALL-SCALE INDUSTRY DEVELOPMENT AND
DECENTRALIZATION IN GHANA
By John V. Mensah Centre for Development Studies University of Cape Coast, Cape Coast,
Ghana
ABSTRACT
Since the early 1980s, there have been increasing efforts in
Ghana to support small-scale industries (SS1s). This is evidenced by the establishment of
institutions, credit schemes, technical and management services, and infrastructure
development under the decentralization policy. This article reviews the various SS1
promotion strategies and identifies the activities of important actors related to SSI
operations within the framework of the decentralization programme in Ghana. It
calls for more co-ordinated participatory planning and management of SSI development
programmes among the national and district authorities, traditional rulers, entrepreneurs,
researchers and support institutions.
EVOLUTION OF POVERTY IN RURAL CAMEROON IN
THE ERA OF GLOBALIZATION
By Francis Menjo Baye, Fondo Sikod and Samuel Fambon
Department of Economics and Managemellt .
ABSTRACT
This paper examines the evolution of poverty profiles in the
Cameroon in the era of globalization. Results indicate that poverty has become more widespread
in 1996 than in 1984, and the severity, depth and prevalence of poverty is greater in the rural
areas than in the urban areas. The implication is that poverty reduction and sustainable growth
cannot be achieved without sufficiently empowering the rural population,
especially via policies that protect their access to primary assets. The changes in the poverty
profiles were attributed to six factors, notably: fluctuations in the monetary and exchange rate;
public debt crisis; political pluralism and rent-seeking; openness of the economy; structural
adjustment measures, and NGO activities. Some policy recommendations emanated from
thea1ialysis.
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