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CONSEQUENCES OF GLOBALIZATION FOR NIGERIA'S
GROWTH AND DEVELOPMENT
Abiodun S. Bankole
Trade Policy Research and Training Programme
Department of Economics, University of Ibadan
THE PATTERN OF ANIMAL PROTEIN
CONSUMPTION BY HOUSEHOLDS
IN OGUN STATE, NIGERIA
A Spatial Analysis
Oluwafemi S. Enilolobo and Adebayo B. Aromolaran
Department of Agricultural Economics and Farm Management
University of Agriculture, Abeokuta
ABSTRACT
This study of animal protein consumption in low income rural and urban dwellers in two LGAs in Ogun State shows that over 75 per cent (urban) and 83 per cent (rural) of the protein intake came from plant sources. The demographic characteristics that significantly influence the per caput daily animal protein intake in the urban area included household monthly income, the age and sex of household members, and the educational status of the household head. In the rural areas, the age of household members and livestock rearing by households significantly contributed to individual daily animal protein intake. The marginal propensity to consume animal protein was found to be very low in both urban and rural households; moreover as the household size increases, the daily animal protein intake level of each member decreases in both urban and rural households. Correcting this low response of animal protein intake to income changes especially in the rural areas should be a major focus of national nutrition policy. Efforts to increase animal protein intake should include, mass consumer enlightenment programed, backyard animal production, and a reduction in the price of animal products relative to other products in the consumer food basket.
FINANCIAL DEVELOPMENT AND ECONOMIC
GROWTH: Empirical Evidence from Nigeria
Douglason G. Omotor
Department of Economics
Delta State University, Abraka
ABSTRACT
The paper examines the causal relationship between financial development and economic growth in Nigeria using a multivariate vector auto-regression (VAR) model and Granger causality tests. The empirical results show that the direction of causality between financial development and economic growth is demand-following. This means that economic growth leads to financial development and not the other way round. The economic implication of this is that growth-enhancing policies should be vigorously pursued in Nigeria.
SOCIAL CAPITAL AND LABOUR PRODUCTIVITY
OF SMALL AND MEDIUM ENTERPRISES (BAKERIES)
IN IBADAN, NIGERIA
O.A. Oni, O.F. Shonibare and P.M. Dontsop Nguezet
Department of Agricultural Economics
University of Ibadan, Ibadan
ABSTRACT
This paper examines the relationship between social capital and labour productivity of small and medium enterprises (bakeries) in Ibadan metropolis in Oyo State, Nigeria. Data was collected from 148 randomly-sampled bakery owners with the aid of a structured questionnaire. The data was analyzed using descriptive statistics, principal component analysis and regression analysis.
The average age of the bakery owners interviewed was about 47 years, and 97.9 per cent of the bakery owners were male. The mean household size of the bakery owners was about 5 members per household. About two-thirds (67.6%) of the respondents had secondary education and above. The majority (70.9 per cent) of the bakery owners sampled owned their bakeries. The mean number of employees and bakery age were 8.4 and 6.6 years respectively. The regression analysis revealed that 58.8 per cent of the variation in labour productivity was explained by the independent variables. Variables such as social network, social support and social interaction; perception of community; trust, reciprocity and social cohesion; household size and education significantly affect labour productivity.
Based on the findings, it was recommended that entrepreneurs should ensure that they nurture a cooperative climate within the work force and build trustworthy relationships. It was also recommended that government and related institutions should help mobilize small and medium enterprises into groups. This would make it easier for them to relate with one another.
DO BOARD CHARACTERISTICS AFFECT FIRM
PERFORMANCE? Empirical Evaluation of Some Corporate
Governance Mechanisms in the Nigerian Stock Exchange
A.U. Sanda, Tukur Garba and A.S. Mika'ilu
Department of Economics
Usmanu Danfodiyo University, Sokoto
ABSTRACT
The board of directors and the features that characterize them have been said to have significant effects on firm performance. In this paper, we examine a number of characteristics of the board of directors of the firms listed in the Nigerian Stock Exchange (NSE) in order to assess their impact on firm performance. To achieve this objective, data were obtained from the firms listed in NSE from 1996 to 2004. Over the nine-year period of the study, a database of 13,267 directorships was developed. It was found that the listed firms were characterized with a fairly small board size (averaging 8.4 persons), and a quarter of the firms that were studied had members of the same family on their boards of directors. Furthermore, regression results show that such a pattern of family control of boardrooms tend to reduce shareholders value and tends to foster long CEO tenures that may not be justified by improved firm performance. Whatever its shortcomings as an estimator, our OLS technique has provided results that seem to offer a reassuring conclusion that membership of boards of directors should be based on performance, and that the current wave of family affiliation in Nigerian boardrooms is not congenial to sound corporate governance and firm performance.
A VECTOR ERROR-CORRECTION ANALYSIS OF THE RELATIONSHIP BETWEEN EXCHANGE RATE VOLATILITY, CURRENCY SUBSTITUTION AND
MONETARY POLICY IN NIGERIA: 1970-2004
D.O. Yinusa and A.E. Akinlo
Department of Economics
Obafemi Awolowo University, Ile-Ife
ABSTRACT
This study presents an empirical analysis of the relationship between exchange rate volatility, currency substitution and monetary policy in Nigeria. It adopts the unrestricted portfolio balance model of currency substitution, incorporating exchange rate volatility within the framework of the vector error correction (VEC) technique for the period 1986-2004. The first issue addressed concerns the relevance and effectiveness of monetary policy in controlling exchange rate volatility and currency substitution episodes. Two possibilities were considered: when interest rate is used as a policy instrument and when exchange rate is used as a policy instrument. Results suggest that currency substitution complicates monetary policy management. The study considered other feasible policy options for managing currency substitution in developing countries like Nigeria and concludes with policy guidelines to reduce currency substitution and its negative effects.
EMPIRICAL EVALUATION OF GOVERNANCE
IN NIGERIA IN RELATION TO POVERTY,
GROWTH AND DEVELOPMENT
Rex O. Aruofor
Benson Idahosa University
Benin City, Nigeria
ABSTRACT
Out of the forty-five years since Nigeria's independence in 1960, nine different regimes have presided over the country's affairs. Of these, five have been military, and three civilian. What is worrisome is that military leaders are clamouring to be given another chance by the Nigerian electorate. It is believed that the Nigerian electorate will be in a better position to make this decision if, indeed, they can evaluate objectively the performance of such past military leaders. This paper evaluates the relative performance of the regimes from 1980 to 2002. Their impact on growth and development, as well as their measures to alleviate poverty are assessed. The level of response of the different regimes to national issues and their policies are measured in empirical terms. Such a study could serve as a check on these leaders if given another chance as well as a postmortem evaluation of performance in governance. It was found that the Obasanjo-Atiku regime performed relatively better than the other regimes and that governance under a civilian democracy was preferred to a military dictatorship.
PANEL DATA ANALYSIS OF DETERMINANTS
OF TRADE IN AFRICA AND ASIA1
Basil A. Chukwu
Department of Economics
University of Ibadan, Ibadan, Nigeria
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