Nigerian Economic Society
Hi Guest,
Home | Paper Submission | Signup |
      
Providing intellectual leadership in economic management in Nigeria
IMPACT OF GOVERNANCE AND ROAD INFRASTRUCTURE ON INDUSTRIAL GROWTH IN NIGERIA

IMPACT OF GOVERNANCE AND ROAD INFRASTRUCTURE ON INDUSTRIAL GROWTH IN NIGERIA

 

Abstract: This study examined if any predictable relationship exists between industrial growth and infrastructure (governance and road) in Nigeria using data for the period 1980 to 2015. The study employed the vector autoregressive (VAR) model for the analysis. The estimated results showed that infrastructure (governance and road) has an important but restricted role to play in driving industrial growth. Specifically, the results indicated that own shocks constitute a significant source of variation in industrial output (IND) forecast errors in the short run, ranging from 66 per cent to 100 per cent over the 10 quarters horizon. Innovations to corruption (COR) and institutional quality (INQ) (all governance infrastructures) and innovations to road infrastructure explain 0 per cent variance of industrial output in the first quarter and these increase to 0.63 percent in the tenth quarter. The implications of these findings is that in the short-run, infrastructure does not significantly predict industrial output in Nigeria and industrial output seems to have a very strong prediction. The study, therefore, recommended appropriate governance framework (good institutional and corruption free framework) that would institutionalize best practices in policy formulation and implementation.

JEL Classification: L88, R42, O14

Price: N500.00 | Add to cart

Abstract: This paper empirically examines the influence of infrastructure (proxied by telephone density, energy consumption and capital expenditure in transport and communication) on industrialization (measured by industrial output) in Nigeria from 1981 to 2015. It synthesizes the production function and growth approaches to estimate the industrial output elasticity of infrastructure development using the dynamic ordinary least squares (DOLS) estimation technique that accounts for present and past effects of infrastructural development on industrialization. The Toda-Yamamoto modified Wald (MWALD)-based causality test that arbitrage between the results with and without structural breaks was used to define the direction of causality between infrastructure and industrial output. The unit root tests that account for break and without break were employed to ascertain the stationarity of the data, while the residual-based cointegration test with a structural break was employed to determine the cointegrating relationship among the variables. Findings suggest that all proxy of infrastructure except telephone density impacted positively on industrial output when structural breaks were not accounted for. Telephone density and energy consumption impacted on industrial output in the presence of structural breaks, while capital expenditure in transport and communication did not impact on industrial output. This suggests that fluctuations in infrastructural development, to a large extent, affected the magnitude of the impact of infrastructure on industrialization in Nigeria. The study recommends that government needs to look for other stable sources of financing infrastructure because reliance on oil revenue has brought about fluctuations in infrastructural development, which has affected the industrial drive of the nation.

JEL classification: O1, H4, H54, L9

Price: N500.00 | Add to cart

Abstract: This study assesses whether natural resource rents can enhance the positive association between human capital and industrial development using a sample of 14 sub-Saharan African (SSA) countries over the period 1995 to 2015. The dynamic approach was adopted through the use of the system generalized method of moments. The empirical findings reveal that the direct impact of natural resource rents on industrial development is negative and statistically insignificant. The study further confirms an insignificant impact of human capital on industrial development in the presence of natural resource rents. This implies that despite the huge amount of rents realized from natural resources, the industrial sector is yet to benefit substantially from this. In addition, a direct drag of education expenditure (one of the indicators of human capital) on industrial development was observed. Thus, the study recommends that governments in the SSA region need, as a matter of urgency, to efficiently utilize proceeds from the sale of natural resources by massively investing in meaningful human capital development.

JEL classification: I190, I150, L160, O32, O130, Q43

Price: N500.00 | Add to cart

Abstract: Empirical studies in Europe, America and Asia have shown overwhelming evidence in support of the view that more volatile financial development raises industrial output volatility. The pertinent question is, does this evidence hold in the context of a mono economy such as Nigeria, driven by exogenous oil prices and high macroeconomic policy volatility? Accordingly, this paper investigates whether industrial growth volatility is principally caused by volatility of financial sector development in Nigeria. Total industrial output volatility was decomposed into the effects of financial development volatility, fiscal volatility, trade openness volatility, and oil price volatility using the vector auto-regressive (VAR) mechanism. All volatility measures are standard deviations of the various variables. Results suggest that about 24 per cent of the variations in industrial output volatility are caused by industrial output volatility itself, about 5 per cent and 38 per cent by financial institutions and financial markets volatilities respectively, representing a sum of 43 per cent attributed to financial sector development volatility, while 28 per cent are caused by volatility in openness to international trade, 2 per cent by fiscal policy (government expenditure) volatility and about 4 per cent by oil price volatility. The estimates also suggest that, on the whole, about 32 per cent of volatility in Nigeria’s industrial sector was associated with exposure to external shocks while 68 per cent was attributed to domestic factors (especially domestic capital market development). The implication of these results is that industrial output instability is relatively determined more by volatility in the domestic financial sector, and less by oil price and other external related volatility. Hence, volatility in the domestic capital market raised a major concern. The consequence of high output volatility is underdevelopment, as evident in low investment and widespread poverty in Nigeria.

JEL classification: C23; E32, G2; O43

Price: N500.00 | Add to cart

Abstract: The performance of the industrial sector in relation to financial development is examined in this study using manufacturing index as a major industrial sector development indicator. A structural variance autoregressive (SVAR) model with structural breaks was formulated and applied to Nigerian data spanning 1970 to 2015. The results from the analysis revealed that with the continuous upward swings in the official lending interest rates as expected theoretically, shocked off investment and ultimately manufacturing output. This phenomenon was not restricted to the conventional deposit money banks (DMB), but also to the Bank of Industry (BOI) and allied financial institutions whose loan processes are fraught with bureaucratic bottlenecks and political intrigues. The level of financial deepening (M2/GDP) positively influenced manufacturing output though not statistically significant. This calls for more concerted efforts on the part of the monetary authorities to implement the recent cashless monetary policy to the letter in order to reduce the liquidity ratio in deposit money banks and make investible funds available for the manufacturing and allied subsectors in Nigeria. The radioactive decay syndrome exhibited by a lag of the manufacturing index is novel and a sine qua non for policymakers and executors and is a factor that must be considered by policymakers and executors. It implies that manufacturing output will continue to accentuate as long as industrialization policies and strategies are initiated, implemented and sustained in Nigeria. Exchange rates misalignment has the least influence on manufacturing output as shown in the analysis. The paper further recommends that for industrialization to be achieved and sustained, the yawning gap between interest rates on savings and lending — interest rates spread should be bridged to stimulate credit for the private sector for maximum manufacturing output and the exchange rates misalignment currently experienced in Nigeria will ultimately fizzle out.

JEL classification: E44, O16


Price: N500.00 | Add to cart

Abstract: The capital market plays a vital role in providing long-term funding for businesses to expand. If this role is efficiently performed with the aim of industrialization, the industrial sector is expected to obtain the required funds from the market for expansion. This fact has been established in most developed economies. However, the low level of industrialization in Nigeria raises questions on whether the capital market has met the expectation of providing funds to drive industrial sector growth. Employing a firm-level perspective, this study examined the relationship between capital market financing and the extent of industrialization of firms listed on the Nigerian Stock Exchange. Specific attempt was made to see if capital market financing (debt and equity) contributes positively to the growth of the industrial sector relative to other sectors in the Nigerian capital market. The study employed data of all publicly-listed firms on the Nigerian Stock Exchange from 1980 to 2016, with these firms further grouped into their relevant industries. The transcendental logarithmic (translog) production function that incorporates debt and equities alongside the traditional labour and capital inputs was used to examine the impact of capital market financing on the progress of industrialization in Nigeria. Results from the analysis support the positive contribution of the capital market to the progress of industrialization, and the study recommends further redirecting of capital market funding towards improved industrial sector growth.

JEL classification: E 62, O16

Price: N500.00 | Add to cart

Abstract: This study investigates the dynamic relationship between Foreign Private Investment (FPRI) and Stock Market volatility in Nigeria, using quarterly time series data from 1985 to 2013. FPRI was decomposed into Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI). After the preliminary stationarity test of the data series, the Granger causality test procedure was employed, and finally a GARCH process was used to determine the magnitude of impact of foreign capital flows on stock market volatility in Nigeria. The result from the Granger causality (dynamics) analysis reveals a unidirectional relationship running from FPI to stock market volatility, while FDI is found to have a feedback relationship with stock market volatility in Nigeria. The GARCH result reveals that FPI contributes to stock market volatility, while FDI helps to promote stability in the capital market. Against the backdrop of these findings, it is recommended that policy measures to stimulate and stabilize foreign private investment, particularly FPI be put in place in order to ensure the stability and growth of the stock market. Importantly, sound institutional and regulatory mechanisms, as well as stable macroeconomic policy environment are imperative to engendering market resilience during shocks, and the repositioning of the financial market as a pivot for domestic investment and rapid economic growth.

Price: N500.00 | Add to cart

Abstract: The progress of industrialization should be influenced by the level of savings and investment and should reflect on trade and influence the level of balance of payments. This paper examines the twin deficits, i.e., savings and foreign exchange gaps and their relationship with manufacturing output between 1981 and 2015. Hinged on the two-gap model, the study models the relationship within the vector autoregressive (VAR) model in evaluating the effect of these gaps on industrialization in Nigeria. Also, exploratory data analysis is used to assess the extent of disparities between savings-investment and exports-imports in Nigeria. The results reveal that both gaps are binding on the Nigerian economy. The effect of the foreign exchange gap is seen to be a stronger constraint on the manufacturing sector than the savings gap. Also, it is clear that foreign capital inflows have been high enough in the period to cover for the deficits, but the effect is still not satisfactory on industrial development. The study recommends an improvement on industrial policy for Nigeria in ways that seek to deliberately improve on domestic savings, strengthen the linkages of savings and investments, as well as organise foreign capital flows to deliberately support non-oil industrialization in Nigeria as a matter of urgency.

JEL Classification: E21, E22, F35, O14, F31

Price: N500.00 | Add to cart

Abstract: This study investigated the relationship between stabilization policies, infrastructural development and industrialization process in Nigeria. The study estimated a slightly modified form of the basic St. Louis equation with data ranging from 1981 to 2015. The main finding is that increase in electricity, gas and water infrastructure would facilitate industrialization process in Nigeria. The Johansen cointegration testing approach demonstrated a significant long-run relationship between these three variables. The study found that government revenue (fiscal policy), communication, electricity, gas and water infrastructures have significant effect on the development of crude petroleum and natural gas. The findings on solid mineral sector suggested that interest rate (monetary policy) has a significant inverse relationship with the development of solid minerals. The study also found that all the infrastructural variables have significant effects on solid mineral development. Also, the study found that transport infrastructure plays a significant role in the development of the manufacturing sector. It concluded that, with strong determination and positive actions, Nigeria will surmount its industrialization challenges.

JEL Classifications: E63, H54, O14

Price: N500.00 | Add to cart

Abstract: The study investigated how foreign portfolio investment responds to monetary policy indicators and vice-versa in Nigeria. It employed high-frequency data for the period 2014:01-2016:12 and used the vector error correction (VEC) approach to investigate the inter-relationship among the endogenous series. It found that there is a uni-causal relationship between monetary policy indicators and FPI. The cointegration results affirmed that there exists a long-run relationship between FPI and treasury bill, while VEC estimates suggested that short-run relationship exists between FPI and MPR. The impulse response function suggested that inflow of FPI responds to monetary policy shocks and vice-versa. The variance decomposition results affirmed that innovations due to monetary policy and FPI constitute sources of variations in the fluctuations of these two variables. It was concluded that there exists a short-run relationship between monetary policy and foreign portfolio investment, but that there is no long-run relationship between the two variables. It was recommended that monetary policymakers should take into account the pattern of inflow of FPI into Nigeria, especially in the short-run when fixing the monetary policy rate.

JEL Classification: F34, E52, C22, C51

Price: N500.00 | Add to cart

Abstract: In the face of recent economic upheavals, the need to feed an ailing and hungry society cannot be overemphasised. This was clearly seen in the economic tremors felt in the Nigerian economy when the government put a sledge on the importation of major food products. One of the products highly affected was rice paddy, which had a spiral pattern of consumption. With the recent rush in the demand of rice paddy and inadequacy in its supply, it became imperative to model the disequilibrium in the demand for and supply of rice paddy in Nigeria. In order to achieve this, a simultaneous equations model was adopted. Applying 3-stage least squares (3SLS) technique to time series data spanning 1980-2015, the study found that demand for and supply of rice were price inelastic. It suggested, therefore, that there should be policy that would stimulate sustained increase in domestic rice production capacity while maintaining the fragile and volatile market of the commodity.

JEL classification: D58, 013, 15

Price: N500.00 | Add to cart

Abstract: Adolescence is the crux of sexuality and a period of development marked by the establishment of intimate relationships with the opposite sex. The occurrences of abusive dating behaviours at this stage of development are on the rise. Although little attention has been placed on this, these behaviours could serve as risk factors for worse maladaptive behaviours later in life and even the manifestation of psychological distress which is not limited only to the victims but as well, the perpetrators. Hence, this study sought to identify the role of self-esteem, empathy, family background and peer influence in predicting the occurrence of abusive dating behaviour. A cross-sectional survey design was employed in the collection of data from a sample of 219 undergraduates of University of Ibadan, consisting of 156 females and 63 males. A self-administered structured questionnaire was used to measure patterns of abusive dating behaviour, self-esteem, empathy and resistance to peer influence while family background was measured as part of the demographic characteristics. Three hypotheses were tested using T-test and multiple regression analytical tools. Results reveal that self-esteem, empathy and peer influence had significant joint influence on abusive dating behaviour (F (3,206) = 8.796, p .05; R2 = .114). Self-esteem and empathy had significant independent influence on abusive dating behaviour (β = -.306, p .05) and (β = .156, p .05) respectively while peer influence had no significant independent influence on abusive dating behaviour (β = -.020, p >.05). This infers that an undergraduates self and empathy are major concerns for engaging in abusive dating, peer influence could only complement the influence of these two factors. It was also found that students from monogamous homes and polygamous homes did not differ in their abusive dating behaviour (t (213) = .519, p>.05) and that gender differences do not exist in abusive dating behaviour (t (213) = .500, p>.05). This also infers that neither experiences from family backgrounds nor undergraduates gender determine abusive dating. It was therefore recommended that clinical psychologists and counsellors help adolescents who have been involved in abusive relationships, either as perpetrators or victims to build their self-esteem and empathic ability to prevent future reoccurrence.

JEL Classifications: A13, D71

Price: N500.00 | Add to cart

Abstract: In Nigeria multiple forms of health care delivery are widely available to people, making health care increasingly complex. As the population of the country continues to grow, the provision of effective health services has remained a challenge causing low performance in service delivery in the entire health system. This study examined the nature of health care delivery in emerging communities of southwest Nigeria. A survey, comprised of 405 households was conducted across Magboro, Ibafo and Mowe communities of Ogun state. The study found that, as complex as the healthcare delivery system is in Nigeria, the communities exhibited much wider complexities, as multiple forms of treatment options were practised. These ranged from self-medication to group-prescribed medication (GPM) in the form of household-prescribed medication, neigbour-prescribed medication, and community-prescribed medication. The combined use of orthodox and traditional medicine remained high at 32.7% despite the high preference for orthodox medicine (59.2%) over traditional medicine (8.1%). There was significant difference (p-value=0.003)across the communities on the various types of health facilities (X2=19.652); but there was no significant difference (p-value=0.586) across communities on the practice of self-medication, household-prescribed medication, neigbour-prescribed medication and community-prescribed medication (X2=4.672). The study recommended increased health education and advocacy to educate people on their health and treatment options.

Price: N500.00 | Add to cart

Abstract: The paper empirically analysed the econometric dynamics of foreign and domestic investments for sustainable growth in Nigeria. In carrying out the investigation, expost research method, focusing on secondary sourced data on foreign direct investment (FDI), foreign portfolio investment (FPI) and domestic investment (DIN) inflows and real gross domestic product (GDP) were used. Econometric analytical procedure that involved descriptive statistics, stationarity test, granger causality test, cointegration test, vector error correction model (VECM) as well as impulse response to shocks was employed to answer research uestions and test stated hypotheses. The findings show that significant long run relationship exist between investment sources and economic growth in Nigeria; specifically, the effects of FDI and DIN are significantly positive, while that of FPI is negative. Also, FDI appears to exert significant shocks on Nigerias economic growth, though the level of shock does not seem to crowd out DIN. On the other DIN shocks does not seem to have significant effects on foreign investment inflows. Based on the findings, the study concludes that increased domestic investment is needed to provide the enabling environment that minimies the domestic investment risk profile of the Nigerian business environment. Collaborative (public and organied private sector) intervention efforts by way of policies, programmes and projects need to be made to develop critical infrastructure (roads, power and security) as this will ease the burden of doing business in Nigeria, thereby attracting private investors from both local and foreign sources.

JEL Classification: E22, E62, G11, O47

Price: N500.00 | Add to cart

Abstract: This study examined the feedback of inflationary recession based on its response to monetary and fiscal policies in Nigeria. This is against the postulation of A.W. Phillips in 1958 who assumed a negative relation between inflation and unemployment. The paper used data from 1971 2015 (the period underlying the emergence of stagflation) and adopted the Ordinary Least Suare (OLS) method to give empirical content to the theoretical postulations. The study found out that monetary and fiscal policies are not significant in curbing inflationary recession in Nigeria and needs to be re-examined. Also, the fairly strong relationship between the variables suggests that there is still weak complementarity between monetary and fiscal policies in Nigeria. Comparatively, fiscal policy seems more effective than monetary policy in reducing economic stagnation and inflation in Nigeria. Also, the Philips relationship appears to be inverse in the Nigerian economy and the response of stagflation to monetary and fiscal policies is still inconseuential. The study therefore recommends that, first; the fiscal authority should complement the monetary authority by providing a good regulatory environment that will encourage the appropriate conduct of monetary policy in Nigeria, second; to reduce inflationary recession, fiscal policies should be focused on the objective of easing labour market conditions and increasing productivity, and third; to buffer internal balance measures of monetary policy, the monetary authority should avoid rapid changes in the rate of monetary growth as this would lead to variations in the rate of inflation.

JEL Classification: 458, H5, P24, P44

Price: N500.00 | Add to cart

Abstract: This paper investigates the relationship between defence expenditure and economic growth in Nigeria 1970-2015 proxied by gross domestic product (GDP), social sector expenditure (SSE) and gross capital formation (GCF). Defence expenditure being a major concern to any economy world has become a major tool in accessing the level of economic growth, particularly in Nigeria where defence expenditure is higher than that of education and capital expenditure. The result indicated that the coefficient of interaction between social sector expenditures (SSE) and defence expenditure in the long run is negative and significant, given the coefficient of about -0.09 with corresponding p-values of 0.0372, which is less than 5% critical value. The implication of this is that the interaction of DEXP with SSE produced significant effect on the national output, GDP. It crowded out investment in the social sector, such as education and healthcare in the long run. In this case, the price of insecurity is the dearth of infrastructure. Based on the findings, the paper recommended government should reduce expenditures on the military to discourage the crowding out of funds for local investments.

JEL Classification: E62, H56, O47

Price: N500.00 | Add to cart

Abstract: Export diversification has become one of the most important economic policy objectives of growth and development strategies for many countries, including Nigeria. Export diversification is important for three main reasons, namely reducing macroeconomic instability, revenue expansion and improving value-added. This study is conducted with the broad objective of investigating both the short-run and the long-run impacts of export diversification on economic growth in Nigeria for the period 1970-2015. The 46-year period of investigation was bifurcated into two main periods: short-run periods of pre-SAP (1970-1985) and post-SAP (1986-2015), in order to ascertain whether there was a structural change in the relationship between export diversification and economic growth in Nigeria. Findings from this study show that the mean index of diversification prior to the implementation of SAP was 1.005 while that for the postSAP period was 0.945. On the average, the mean index of diversification for the entire 4-year period was about 0.98. This shows that in both time horizons, there was a high degree of export concentration – particularly primary product exports. Adopting an Error Correction Model (ECM) as a technique of analysis, the study exploits time series data to estimate both the short-run and long-run dynamic relationships between export diversification and economic growth in Nigeria for the period under investigation. It found the speed of adjustment (1 - l) at which per capita gross domestic product returns to its long-run equilibrium position to be about 66 per cent within a year, when the other variables wander away from their equilibrium values. In particular, the least squares estimates indicate that GDP per capita in the previous period, growth of non-oil sectors, the strength of institutions and the intensity of natural resources are critical determinants in explaining the export-growth process for Nigeria. The Herfindahl index and oil exports were found to have a negative impact on economic growth, while the real exchange rate variable was found to be less significant in explaining economic growth. The study concludes with far-reaching recommendations such as getting the “horizontal basics” right by way of sound macroeconomic management to contain the boom-burst cycle in periods of economic recession, sound trade and exchange rate policies to enhance the competitiveness of domestic output, strong institutions to drive the diversification process, and expanding the range of export goods to reduce overdependence on oil and to diversify the economy into non-oil exports, such as manufacturing and services, amongst others.

JEL classification: E32, F1, H30, L32, O11, Q32

Price: N500.00 | Add to cart

Abstract: Two foundational pivots define a developmental state: the national ethos or objectives of that state and the institutional mechanisms, structures, organizational configurations or characteristics in achieving those objectives. The quest by Nigeria to become one of the modern world’s developmental states is not in doubt; documents and policies abound evincing this desire. More than 50 years since independence, these objectives (this dream) of a developmental state remain elusive. Could it be that the second and equally significant pivot – the institutional mechanisms, the organizational configurations – have not been given the needed priority? This paper critically evaluates the varied but extant institutional dimensions in Nigeria and finds that Nigeria’s present political structure is a potent disincentive, an albatross, to achieving her dream of a developmental state. On this singular issue hangs many other institutional defects. Significantly, our findings indicate that Nigeria is currently robbed of the key ingredients of a developmental state, namely, autonomy and embeddedness. She is held hostage by particularistic interests: Boko Haram, Fulani herdsmen, mafias in the oil industry, Niger Delta Avengers, MASSOB, IPOB, etc. The paper recommends, among others, fiscal federalism and a political restructuring of the federal system along regional lines, where each region would be given the latitude to create as many states commensurate with their need but in tandem with the proposal contained in the Draft Report of the 2014 National Conference. This will ultimately reduce the cost of governance, free funds for development projects, make federating units less fiscally servile and lethargic, and promote national unity and integration.

JEL classification: E02

Price: N500.00 | Add to cart

Abstract: This paper examines the nexus among SMEs financing, diversification and long-term growth in Nigeria over the period 1995-2014 using quarterly data. On the basis of the diagnostic tests, the analysis was predicated on the Johansen Cointegration and the Vector Error Correction Mechanism (VECM). Feedback mechanism in the study was also examined using the popular Granger causality test. The result indicated a bi-causality between SMEs financing and long-term growth as well as between economic diversification and long-term growth. The positive relationship between SMEs financing and longterm growth both in the short and long runs clearly implies that appropriate SMEs financing would enhance long-term growth of the Nigerian economy. Therefore, policymakers should pursue policies that ensure modernization of the informal trading practices and provide adequate credit facilities for genuine SMEs in the country. This should be complemented with appropriate macroeconomic and supply-side policies.

JEL Classification: G32, L25, O47

Price: N500.00 | Add to cart

Abstract: With a population of about 173 million people, Nigeria is the largest country in West Africa and accounts for 47% the region’s population. It is also the biggest oil exporter in Africa, with the largest natural gas reserves in the continent. Thus, successive governments have vigorously pursued policies that would strengthen economic growth and development in Nigeria. However, despite the economic efforts of past and present governments, Nigeria is yet to achieve basic economic aspirations. The review of journals, newspapers, bulletins, magazines, blogs, internet sites, etc., done in this paper showed that the inability to perform adequately emanates from the apparent structural deficiencies in governance as well as the ineffective regulatory institutions that are weak in their operational mechanisms and fraught with controversies over the discharge of their responsibilities. If diversification has to be successful, this paper argues that a total transformation of the process of producing appropriate leadership is essential to elect credible leaders who will extend attention to sectors of the economy other than the oil sector, in order for the country to attain desirable and sustainable development. To achieve this, the public sector, private sector and civil society have strategic roles to play.

JEL classification: O11, O38, O43

Price: N500.00 | Add to cart

Abstract: Transportation infrastructure is indispensable for the diversification of an economy. This paper investigates the empirical link between transportation infrastructure and diversification of the Nigerian economy. Descriptive demonstrations are adopted to provide a situational focus to the study, while a generalized method of moment (GMM) model is specified and estimated. Findings reveal that economic diversification is a negative function of transportation concentration ratio. In the same vein, the result suggests that transportation infrastructure is a significant factor in diversifying the sectoral output share of the country and the export base of the economy from oil sector to non-oil sector. To address this, the study put forward policy suggestions to improve the effectiveness and efficiency of transportation infrastructure geared for rapid diversification of the economy.

JEL classification: L91; N7; R4

Price: N500.00 | Add to cart

Abstract: This study examined the effect of export diversification on pollution in Nigeria from 1981-2014. Based on the autoregressive distributed lag (ARDL) model, the results reveal that export market diversification has significant positive effect on total carbon emissions in the long-run. Further, while the effect of per capita energy consumption on total carbon emission is positive, that of trade openness is negative both in the long run and the short run. Long-run results show that both export product concentration and export market diversification produce significant negative effects on transport carbon emission. The results indicate that transport carbon emission elasticity with respect to export product concentration and export market diversification are 8.53 and 0.59 respectively. However, short-run estimates show that the impact of export product concentration and export market diversification on transport carbon emission is positive and significant. The results reveal that the transport carbon emission elasticity with respect to export product concentration and export market diversification are 3.03 and 0.22 respectively. The results also show that per capita energy consumption reduced transport carbon emission in the long run and in the short run, while trade openness increased this emission in the two periods. Based on the foregoing, some recommendations are articulated for policy.

JEL Classification: L25, F18, Q56

Price: N500.00 | Add to cart

Abstract: The Nigerian industrial sector performance has remained far from impressive despite efforts to advance it. Industrial clusters have however thrived in the face of deindustrialisation in the country. This study probes the link between cluster-based policy and industrialisation adopting Nnewi Automotive Component Industrial Cluster as the case study. A sample of 195 firms drawn from manufacturing, trade and services firms in the cluster were utilised. In addition to the descriptive analysis, micro-level cluster information identified from literature was estimated using binary and ordinal logistics regression techniques. Findings identify significant determinants of internationalisation, collaboration and innovation in the cluster that have guaranteed its collective efficiency and sustenance. The study posits that the cluster concept is capable of transforming the fortunes of the sector if properly mainstreamed into industrial policy.

JEL Classification: L14, L22, L60, O14


Abstract: In spite of its role in achieving sustainable growth, the manufacturing sector continues to perform abysmally in African countries, including Nigeria. This situation has resulted in a continued search for policy initiatives to address the problem of manufacturing deficit in the region. This study assessed the impact of logistics infrastructure, which has received very little attention in literature, on manufacturing sector performance in Africa. An unbalanced panel data for 32 African countries between 2007 and 2016 were analysed using system GMM estimation technique. The result showed that logistics infrastructure has positive and significant impact on manufacturing sector performance. An increase in logistics performance index (LPI) by 1 point or 20 would result in an increase in the performance of manufacturing sector by a range of 3.61- 7.48, depending on the component of logistics infrastructure used. Thus, logistics infrastructure improvement should constitute one of the industrialization strategies of African countries.

JEL classification: L90; O14

Price: N500.00 | Add to cart

Abstract: This study investigates the link among exchange rate, importation of key intermediate inputs and industrialization in Nigeria using data covering 19812016. It utilizes structural vector autoregressive (SVAR) model based on contractionary devaluation hypothesis. Decomposing the variance of industrialization (measured by share of manufacturing sector in GDP), the results show that oil prices, external reserves and exchange rates are important factors. The impulse of industrialization shows that positive shocks to industrialization come directly from shocks to importation of chemical products, as well as machinery and transport equipment, while shocks to these imported inputs come from shocks to foreign exchange. The study thus recommends the need for foreign exchange easing by providing special exchange rate windows for the importation of chemical and machinery and transport equipment. This will go a long way to enhance the much desired industrialization in Nigeria.

JEL Codes: F31, O14, O24

Price: N500.00 | Add to cart

Abstract: This paper extends and contributes to the literature on the drivers of structural components of manufacturing value added development in Africa. Given the problem of possible endogeneity, the estimation technique is the IV-SLS estimation procedure, with year fixed and sub-regional effects. It found that the key drivers of the sectoral MVA (as of total MVA) differed substantially across the sectors in their impact in terms of sign and significance. A key finding is that, apart from chemical manufacturing that is linearly and negatively affected by the level of economic development, food, beverages and tobacco; machinery; textiles and clothing; and other manufacturing were significantly affected by economic development to the third degree polynomial, with the first two with positive leading coefficient and the last two with negative leading coefficient. There was also a strong support for a non-monotonic, inverted U-shaped relationship between food, beverages and tobacco, textiles and clothing and other manufacturing MVA with tertiary education. Other drivers with differential impacts included primary and secondary education, natural resources dependence, FDI stock, science and technology proxy, ICT, social and political globalization, and energy use intensity. The paper thus offered some policy suggestions based on the conclusion.

JEL Classification: L16, L62, L64, L65, L66, L67, L69, O14, O55.


Abstract: Recently, the Nigerian government signalled a return to an explicit industrial policy regime by prioritizing the growth of selected manufacturing subsectors, such as the textile, apparel and footwear subsector through several support interventions and incentives. This study empirically investigated if this new industrial policy regime has significantly improved performance of the manufacturing sector, especially comparing prioritized sectors with less-prioritized sectors. Using the manufacturing subsectors performance data panel compiled by the National Bureau of Statistics and applying rigorous policy impact evaluation approaches, the study found no significant performance difference between prioritized subsectors and less prioritized subsectors or between the earlier regime of implicit industrial policy and the new explicit industrial policy regime.
JEL classifications: L78, L88, O55

Price: N500.00 | Add to cart

Abstract: This paper examined the causal relationship between the capital market and the performance of the industrial sector in Nigeria from 1985 to 2015. The paper derived its theoretical basis from the finance-led growth hypothesis and the endogenous growth theory. For empirical analysis, the Phillips-Perron unit root was adopted to determine the time series characteristics of the variables, while causality was examined by employing the Granger causality test approach. Findings revealed that there is a unidirectional causality running from market capitalization ratio and total value of shares traded ratio to industrial performance. The paper recommends improved publicity on the strategic role of the capital market as well as a strong regulatory mechanism for its efficient and smooth operation in order to mobilise long-term funds for industrial development in Nigeria.

Price: N500.00 | Add to cart

Abstract: Nigeria's persistent exchange rate crises are fundamentally linked to oil price shocks. The most recent oil bust of mid-2014 which ignited internal macroeconomic dislocations, including an economic recession, coupled with rising inflation, saw the country recording a double-digit decline in the value of the naira. This paper examines exchange rate management in Nigeria in the periods of oil boom and bust. Findings indicate that the oil price collapse of 2014 triggered a currency crisis in the country. The devaluation of the naira exacerbated the very problem it was meant to solve, which is the scarcity of foreign exchange and a widening gap between the official rate and the parallel market rate. While a currency float remains the most efficient policy option, the country must avoid ad-hoc interventions and manage its exchange rate transparently to curtail the dominance of speculation and arbitrage in the exchange market. Complementary measures are also needed to tackle structural challenges affecting currency inflows, including the high dependence on the petrodollar and the prevalent black market.
JEL Classification: E3, 024, P42


Abstract: This paper empirically explores the relationship between real exchange rate misalignment and export diversification in Nigeria over the period 1995q1 to 2014q4. The link between exchange rate misalignment and diversification is highly debated and the empirical evidence highly debated. Based on this lack of consensus, this paper used two different measures of real exchange rate misalignment (fundamental equilibrium exchange rate approach and behavioural equilibrium exchange rate approach) to substantiate the robustness of our conclusion. This paper seeks to contribute to the debate by using the Toda-Yomamato causality and bound testing approach to cointegration. The result of the cointegration test shows evidence of long-run relationship between our variables of interest. The findings show that export diversification Granger-cause exchange rate misalignment, this suggests that export diversification effort could reduce unwarranted movement in real exchange rate, thereby reducing exchange rate misalignment. The result also suggests that there is causality running from misalignment (feer) to export diversification, which provides ample evidence that deliberate effort to alter the equilibrium exchange rate (misalignment) could yield positive result in the export diversification effort. The policy implication of the result is that export diversification is a viable option for Nigeria to reduce unwarranted movement in exchange rate.
JEL Codes: O24, F10, 014


Abstract:


Abstract: This study investigated the impact of economic diversification on energy and carbon efficiency in Nigeria from 1981-2014. The study applied a two-stage approach to analyse the models articulated based on the standard theoretical and empirical literature on energy efficiency. Efficiency analysis indicates that the combination of inputs yielded a relatively higher output (good efficiency) during the 1998-2014 period compared to the earlier period of 1981-1997. However, an inputs mix generated a lower level of carbon emission (bad efficiency) in the periods, 1989-1991, 1995-1999 and 2009-2014. There was environmental inefficiency in the 1980s. However, apart from 1992/93, environmental efficiency was achieved in the 1990s. Similarly, besides 2000-2003, environmental efficiency was attained between 2004 and 2014. Positive net efficiency was higher during 1995-1999 and 2009-2014 compared to other periods. Output concentration (diversification) index rose from 0.32 in 1981 to between 0.4 and 0.5 in the subsequent years. Regression results confirmed that movement towards output concentration (and away from output diversification) will improve good efficiency. However, increase in GDP per capita and skill will promote bad efficiency; while increased output diversification and GDP per capita will also improve bad efficiency. In the same vein, results showed that increase in both GDP per capita and skill will lead to a reduction in environmental efficiency, while increase in GDP per capita and output diversification will improve environmental efficiency. The results show that movement towards output concentration will improve net environmental efficiency. It is concluded that economic (output) diversification is harmful for good, environmental and net efficiency, why it only helps abate the bad efficiency (increased carbon) in Nigeria. Some recommendations are made for future policy making.

JEL classification: L25; H21; O13; O47

Price: N500.00 | Add to cart

Abstract: The question of fair and equitable representation of indigenes of the component parts of Nigeria in the Federal Civil Service, Army, Police and paramilitary institutions necessitated the establishment of the Federal Character Commission. The federal character principle has been criticized as a means of accelerating the promotion of mediocre and incompetent civil servants, military and paramilitary officers into top positions. Some authors, however, have eschewed restraint and warned that since Nigeria is an egalitarian society, the federal character principle should be seen as a necessary evil Nigerians should endure for the peaceful existence of the heterogeneous configuration of the Nigerian state. This paper however reviews the guiding principles and formulae of federal character, and highlights its shortfalls. It examines how competent the formulae adopted by the Commission are for the implementation of the federal character principle. Cases were used in examining the mathematical arguments and applying simple arithmetic rules to the formulae. The formulae were found to be highly inconsistent and lacked the basic mathematical definition of a formula or statistical definition of a model. The formulae provided grounds for the criticism of the federal character principle. The author therefore proposes a model formulated using fiducial limit having studied the Canadian example. The model incorporates the population of individual states, the Federal Capital Territory (FCT) and local governments to ensure fairness and equity to all states, the FCT, local governments and geopolitical constituent units of the federation in matters of employment into federal or state establishments. The paper provides a quantitative comparison of the federal character adopted formulae and the one proposed by the author. The author’s model was more consistent and even proved to be applicable in all cases. The author therefore advocates its usage. If adopted, it would improve effective implementation of the federal character principle.

JEL classification: D73

Price: N500.00 | Add to cart

Abstract: Export diversification has been the jingle of growth strategies in developing economies. This is due to dwindling oil prices in the global market which has led to instability and fluctuations in the income generation of these nations. This paper investigated the extent to which diversification can galvanize Nigeria’s economic growth. Theoretically, the augmented Solow model is adopted and empirically tested using data between 1981 and 2015. The empirical results show that Nigeria’s position in terms of GDP positively and significantly improved via export diversification; ceteris paribus, implying that export diversification grossly stimulated growth in the reviewed period and could serve as an important insurance against oil shocks. It is suggested therefore that government should diversify the export base through non-reliance on the crude petroleum sub-sector as major source of income generation to allow for a more robust economy. In addition, government should include semi-finished and finished goods in the country’s export portfolio in order to create a vibrant manufacturing sector that will attract local and foreign investors and boost her export earnings.

JEL classification: E62, O29, L25

Price: N500.00 | Add to cart

Abstract: This paper investigates the determinants of non-oil exports in Nigeria and how they are affected by changes in trade barriers. The study is hinged on Douglas C. North’s Export Base Theory. The study employs an econometric method of analysis, via a system of equations that enable simulations of dynamic scenarios from agricultural policy to key determinants of non-oil exports and economic growth. The results reveal a positive but non-significant relationship from non-oil exports to gross domestic product but a positive and significant relationship from gross domestic product to non-oil exports. This implies that in Nigeria non-oil exports are driven by increases in the gross domestic product. The simulations indicate that gross domestic product, investment and exchange rate respond positively to increases in agricultural output, whereas, non-oil exports do not. For this tide to turn, deliberate and concerted policy towards diversification of the Nigerian economy must be articulated, with proper focus on increases in agricultural and industrial output as both variables assume positive and significant relationship in the non-oil exports model.

Price: N500.00 | Add to cart

Abstract: Research on the nexus between export diversification (ED), financial development (FINDEV) and foreign direct investment (FDI) in Nigeria has received scant attention. The few existing studies have either focused on the determinants of ED but ignored the explicit role of FINDEV and FDI inflows or considered Nigeria as part of a crosscountry study, thereby ignoring its peculiarities. This paper therefore seeks to probe this linkage using the Toda Yamamoto causality test, the bounds testing approach to co-integration and error correction model to analyse data spanning 1970 to 2015. Findings indicate the existence of a causation running from FDI to ED but not the reverse as well as a causal link running from ED to FINDEV. This is similar to the results obtained when breaks were included as ED and FDI inflows were found to cause FINDEV. The long-run analysis revealed the existence of a stable co-integrating association between the variables and underscored the positive role of infrastructure development and FINDEV towards diversification. The parsimonious error correction models indicate 79 per cent (no break) and 75 per cent (break included) speed of adjustment to equilibrium in the event of a long-run disturbance to the system. Specifically, the contemporaneous coefficients of FINDEV, infrastructure and human capital development were found to exert a positive and statistically significant impact on ED. Our findings make a case for deepening the financial system, increasing human capital development efforts as well as creating incentives for infrastructure investments that can support the development of export-oriented sectors.

JEL classification: F10, F21, G00

Price: N500.00 | Add to cart

Abstract: The relationship between fuel energy consumption and income growth has attracted much attention in economic literature. The views on the direction of this relationship are divergent and empirical evidences vary, depending on the sources and pattern of energy consumption of the economy examined. Although alternatives exist, fossil fuel energy has been the major energy source in Nigeria. However, the environmental hazard associated with the use of this type of energy has manifested in diverse ways. This study therefore examined the interrelationship between fossil fuel energy consumption and income growth in Nigeria for the period 1970 to 2014. The study employed a standard Environmental Kuznets Curve (EKC) Model of Grossman and Kruger to examine the interrelationship between fossil fuel energy consumption and income growth in Nigeria, as well as tested the validity of the EKC hypothesis. In the findings, the study established a strong positive short-run and long-run relationship between fossil fuel energy consumption and attendant environmental pollution (CO2 emission) with income growth. Also found in the study is the existence of an N-shaped environmental pollutionincome growth relationship in Nigeria, which did not strictly follow the EKC hypothesized U-shape and inverse U-shape. The study recommends that income/economic growth policies in Nigeria should not be formulated in isolation, rather, policies relating to economic growth, energy consumption and environmental pollution should be integrated and adequate attention be given to environmental quality impacts of fossil fuel energy consumption.

JEL classification: O13, O44, Q56

Price: N500.00 | Add to cart

Abstract: This paper empirically analysed the spatial distribution and identified key determinants of foreign direct investments (FDIs) in Nigeria using data on the 36 states and the Federal Capital Territory. Unlike extant studies on FDI, the approach pursued here is not only disaggregated but also spatial to better reflect observed state-level disparities often masked by conventional aggregate-level analyses. Data from the Nigerian Capital Importation Report (2014) and other official sources were used. The spatial econometric analysis of the data was conducted using ordinary least squares (OLS) and the geographically weighted regression (GWR). Several interesting results ensued, chief among which are: marked variations in the geographical distribution of FDI in Nigeria with the largest volume in Lagos; access to transport infrastructure (in terms of access to airports and seaports) and their corresponding distances also significantly influenced FDI flows to states; and Lagos State appeared to be the only FDI cluster albeit surrounded surprisingly by relatively FDI poor states. In policy terms, therefore, concerted efforts have to be made by government to provide the necessary infrastructure in a more spatially balanced manner. This will make other states, apart from Lagos, more attractive for foreign investment and ultimately result in ameliorating the tensions that typically arise from marked regional discrepancies in access to economic opportunities.


Abstract: Illicit trading in new naira notes is a common practice in Nigeria despite the Central Bank’s Act of 2007 proscribing all forms of naira abuse. This study investigated the social organization of illicit trading in new naira notes, and the socio-economic factors sustaining it in Ibadan, Nigeria. The study was exploratory and cross-sectional in design. The neutralization theory was adopted as the theoretical framework. Data was generated through the combination of in-depth interview and key informant interview methods. The purposive sampling technique was utilized to select five illicit traders of new naira notes, 32 of their patrons and six bank officials. Findings revealed that the norm of cash spraying at social events is the major factor sustaining the illicit markets for new naira notes in Ibadan. Also, a chain of network comprising three principal actors is behind the illicit business. A strict enforcement of the law banning cash spraying is advocated as a means of arresting this phenomenon.

JEL classification: F22, J15, J61

Price: N500.00 | Add to cart

Abstract: This paper empirically examines the response of total factor productivity to energy use in Nigeria. The lack of access to substantial energy which has resulted in low productivity is the motivation behind this study. To carry out the empirical study, data was collected from CBN Statistical Bulletin and the World Bank data catalogue on energy consumption, labour, capital and economic growth from 1980 – 2015. Total factor productivity (TFP) was measured as the Solow residual, which is the constant in the Cobb-Douglas production equation. A VAR model was specified from which the impulse response function (IRF) and variance decomposition were computed to determine the response of TFP on energy use. The IRF shows that TFP responds positively to energy use. Furthermore, the Granger causality test was conducted and the test indicated a one-directional (one way) causality between energy use and total factor productivity, indicating that energy augments productivity in Nigeria. Finally, it is suggested that there is a need for policy cohesion and coordination on the management of energy generation and usage in Nigeria.

Price: N500.00 | Add to cart

Abstract: This study investigated the impact of human capital investment on school enrolment in two selected anglophone West African countries over the period 1986 to 2013. Dynamic heterogeneous panel data techniques were employed to analyse data for the study. The findings reveal that education and health expenditure had significant impact on school enrolment in the selected countries (Nigeria and Ghana). The study concludes that the role of human capital in school enrolment in the selected countries is significant. A major recommendation is that government in these countries should increase investment in education and health to ensure increase in school enrolment.

JEL classification: I12, I22, I23

Price: N500.00 | Add to cart

Abstract: One of the most viable sectors that is perceived to significantly improve the livelihood of the majority is the informal sector. It not only provides business opportunities but also means of livelihood and income and this has led to the rapid growth of the informal sector in Nigeria. Since independence, Nigeria has experienced numerous challenges such as high levels of unemployment, poverty, and political instability and these challenges have adverse effects on informal sector operators. This study examined the impact of the informal sector on economic growth in Nigeria from 1985 to 2015, using the Error Correction Model (ECM). The variables that were tested are unemployment rate, population growth, and informal sector activities such as hairdressing, barbing, vulcanizing, commercial motorcycling, blacksmithing and pottery. The results demonstrate that informal sector activities have a positive relationship with economic growth but are statistically insignificant. Population growth, however has a positive relationship with economic growth and is statistically significant, while unemployment is inversely related to economic growth but is statistically insignificant. The study concludes that informal activities in Nigeria are a source of income and livelihood but it is difficult to ascertain their contributions to economic growth and development in the short run. Based on these findings, the study recommends among others fiscal regulation to enhance the performance of the informal sector, the regulation of the operations of the informal sector in Nigeria and ease of registration. There is also the need to formulate employment policies, educate entrepreneurs, and for government to provide an enabling environment for accelerated growth of the sector.

JEL classification: E24, E26

Price: N500.00 | Add to cart

Abstract: This paper evaluated the impact of monetary and exchange rate policies on economic diversification in Nigeria using the ARDL approach for the period 1981-2014. The paper derived two distinct indices for diversification for with and without oil as benchmarks for quantifying and analysing the implications of monetary and exchange rate polices on achieving a diversified economy in Nigeria. The results show that the effectiveness of monetary policy and exchange rate is crucially dependent on how diversification and policy instruments are measured. Specifically, while money supply and bank credit had significant positive impact on economic diversification, exchange rate had significant negative impact on diversification, both in the short and long run. However, interest rates and loan to deposit ratio had no significant impact on economic diversification in Nigeria. However, when the oil sector was excluded from the diversification index, the evidence indicated significant impact of all measures of monetary and exchange rate policies on economic diversification in Nigeria. Monetary and exchange rate policies can therefore be seen as a potent force for accelerating economic diversification from oil to non-oil economic activities in Nigeria.

JEL classification: E44, E47, E52, E58

Price: N500.00 | Add to cart

Abstract:

Price: N0.00 | Add to cart

Abstract: Due to the focus on macroeconomic stability by policy makers and academia this paper is linked to the growing literature that incorporates banks into dynamic stochastic general equilibrium models. The paper demonstrates that the distribution of bank size is power-law distributed in Nigeria and links this heavy-tailed distribution with stability both in theory and empirics. The structure of the banking market can affect macroeconomic stability. The research questions posed by the paper are: “What has been the trend in the banking market structure in Nigeria?”, “What is the impact of the banking market structure on macroeconomic stability in Nigeria?” The paper focuses on the methodology of granular effects: if the degree of bank market structure in the banking sector is sufficiently high, idiosyncratic shocks emanating from large banks can impact on aggregate stability in the economy. Two major groups of variables were used: banking market variables and macroeconomic variables. The macroeconomic variables are to correct for the characteristics of banking structure. To depict the trend of banking market structure in the period under review, a graphical method of trend analysis was used. To investigate the impact of the banking structure on macroeconomic stability, the classical ordinary least squares regression model was used. The trend analysis shows that there are two phases in the banking market structure in Nigeria – the non-reform period 1981 – 1999 and the reform period 2000 – 2013. The non-reform period showed a steady trend in the concentration ratio of banks and the value showed moderate concentration, while the period 2000-2013 showed a rise and plummet in the concentration ratio which still maintains moderate concentration. The results of the impact of banking market structure on macroeconomic stability revealed that banking market structure proxied by concentration ratio tends to increase macroeconomic volatility in Nigeria. In terms of policy options for the macroeconomic policy makers in Nigeria, the paper suggests two different ways through which macroeconomic instability can be reduced: limiting excessive expansion of credit in Nigeria, via reducing idiosyncratic and thus bank-level instability, and reducing the degree of concentration in the banking industry. The degree of concentration can be reduced by preventing mergers and acquisitions that could lead to large banks that are “too big to fail”, preventing excessive acquisition of assets, deposits and capital, and preventing large credit expansion.

JEL classification: E2, D4, G21, L1

Price: N500.00 | Add to cart

Abstract: In recent times, the focus in growth literature has shifted from understanding how countries can achieve economic growth to understanding how they can attain sustainable inclusive growth. Hence, one contemporary interest is to understand why growth is not inclusive in a number of countries, including Nigeria. It is argued in this paper that inclusive growth can be achieved only if institutions (both political and economic) are inclusive. Using the tool of game theory, the paper shows how those who control political power (the political elite) use their power to set up exclusive institutions which put the society on an exclusive growth trajectory. The outcomes of the game show that exclusive institutions emerge and thus, exclusive growth when: (I) elite consumption depend largely on rent that comes mainly from natural resources (such as oil); (ii) elite consumption is a function of market profit; and (iii) the elite are afraid of political replacement. Once a society finds itself on a particular institutional path, there is a self-reinforcing feedback mechanism that persistently keeps the society in the vicious circle. However, the vicious circle of exclusiveness can be broken if: (a) there is broad base coalition among citizens; (b) there is significant increase in citizen de jure power; or © it becomes difficult for the elite to solve their collective problems, and (d) the elite are incentivized to choose inclusive institutions.

JEL classification: C70, D72, P16

Price: N500.00 | Add to cart

Abstract: Education is both a private and social investment that is shared by individuals – students, their families, employers; government; and other groups, including international agencies. The sharing arrangement varies considerably from country to country both in the proportion of public and private funds allocated to education and in the mechanism by which the cost of education is financed. The problem of adequate funding of education in Nigeria and its effect on the quality of education, combined with continued strong private demand for higher education have led policymakers and higher institution authorities to consider the possibility of alternative modes of financing. This study examines the alternative mode of financing higher education through cost recovery measures, specifically user fees and willingness of private households to pay for increases in fees for higher education. Multi-stage stratified sampling techniques were used to administer 2000 questionnaires among 40 households in 50 enumerated areas in Oyo State, Nigeria. Descriptive statistics and probit regression analysis were employed to analyse the data. The descriptive statistics reveal the mean value of the price of schooling, household income, household size and the sex of children in higher education. Further analysis indicates that in households where the parents have a tertiary education background (49% for fathers, 41% for mothers), there is a positive and increased effect on the willingness of the household to pay for higher education. The willingness to pay result shows that irrespective of the location (rural or urban) and school type (private or public), households are willing to share the cost of education. It also shows empirically the positive directions and high magnitude or importance of user fees as alternative mode of financing tertiary education in Nigeria.
The study, however, explains the policy implication of charging user fees as an alternative means of financing higher education in Nigeria. This will depend on three characteristics: the magnitude of the initial excess demand; the responsiveness of enrolment to fee increases and the unit cost of education; as well as the introduction of student loans or vouchers to eliminate access problem.

JEL Classification: I22, I23

Price: N500.00 | Add to cart

Abstract: This study examines the factors influencing public higher education spending in Nigeria with a view to deriving implications for the post2015 global development agenda. Most studies examine this issue with either the ordinary least squares or panel data analysis which does not reveal specific country characteristics. This study employed the GMM method of estimation with a set of instrumental variables (IV) estimators. The study revealed that both in the short run and steady state, per capita income, urbanization and the size of total population between 15 and 64 have positive effects and are significant in explaining public spending on education. However, unemployment and gross enrolment at the tertiary level, which is incorporated into the model to explain the effect of government funding of the tertiary sector, show a negative impact. The study recommends that policies aimed at enhancing education financing, particularly higher education, be implemented. This is necessary in view of the quest for Nigeria to become one of the 20 largest economies in the world by year 2020.

JEL Classification: I23, O18, O55

Price: N500.00 | Add to cart

Abstract: The imperative of effective regulatory governance in the context of deregulated energy markets has been an important policy issue on the global economic and political agenda in the past four decades. The main driver for an appropriate regulatory framework is the need to establish a well-functioning electricity market system that efficiently delivers adequate, reliable and affordable electricity services to end users. In Nigeria, as in other developing and developed countries, the debate on electricity market deregulation and restructuring and the institution of governance and regulation under the new market structure took place against the backdrop of significant inefficiencies in the delivery of adequate and reliable electricity to end users by state-owned monopolies. The paper examines relevant issues on the foregoing through some questions such as: What have been the challenges and what have been the positive outcomes of EPSRA? What lessons have we learnt and how do we incorporate the lessons learnt possibly in a revised or amended legislation? What are the appropriate regulatory measures in fixing emerging challenges and gaps in Nigeria’s electricity supply industry without creating additional constraints in the sector’s competitiveness and innovation? The paper emphasizes the need to focus on objective criteria for good governance for a credible learning process rather than ‘political solutions’ in a struggling economic landscape.

JEL Classification: L32, L33, L51

Price: N500.00 | Add to cart

Abstract: Corporate governance has increasingly become a field of study arising from the increasing number of high profile corporate failures around the world. The main objective of this paper is to find out the relationships between certain board characteristics and chief executive officer (CEO) characteristics on firm performance. This is because the code of corporate governance for quoted companies in Nigeria is silent on certain variables that impact on firm performance and empirical studies in the area of corporate governance in Nigeria are concerned with how few board characteristics are related to performance, while studies on the relationship between CEO characteristics and firm’s performance remain sparse in developing countries. The research uses panel data sampled from 64 quoted companies drawn from various sectors of the Nigerian Stock Exchange for a period of 10 years, i.e. 2004 to 2014, using the availability sampling technique. The ROA, ROE and Tobin’s Q were used to measure the dependent variable, while gender of CEO, CEO ownership, CEO experience, board’s proportion in audit committee, board composition, board size are the independent variables while firm size is used as the control variable. The study applies panel regression models of pooled ordinary least squares (Pooled-OLS) as well as fixed and random effects estimators. The major findings of the study reveal a negative relationship between board size, gender of the CEO, number of directors in audit committee and firm’s financial performance. Based on the findings, recommendations were given on how firms should appoint CEO who are competent irrespective of gender and maintaining the number of directors sitting in the audit committee to three.

JEL classification: G32, G38

Price: N500.00 | Add to cart

Abstract: Equitable distribution of opportunities accruing to people from economic growth such as employment generation and poverty reduction brings about inclusive growth. This paper examines the impact of services exports on inclusive growth in Nigeria from 1980-2013. Both the fully modified ordinary least squares (OLS) regression and error correction mechanism (ECM) were used. A long-run relationship was found to exist among the variables used. Further, services export, as well as sits decompositions (mode 1– cross-border supply and mode 2 – consumption abroad), had significant impact on inclusive growth in Nigeria. Hence, government needs to further harness the opportunities in services for export diversification, employment and inclusive growth.

JEL classification: C22, O11, L74, L80, L90

Price: N500.00 | Add to cart

Abstract: Against the backdrop of a declining economy, occasioned by falling oil prices, factory closures, job losses, escalating prices due to surging exchange rate, waning GDP growth, weakening investors’ confidence, and the need for greater private sector involvement in growing the economy, this study evaluates the investment policy environment of one of Nigeria’s sub-national units (Cross River State) against one of the OECD’s Policy Framework for Investment (PFI) benchmarks. Within a theoretical and descriptive methodology, its findings indicate that though Cross River State has a long-term economic development objective of increased growth and employment, underpinned by private sector investment, its government, however, does not have a clearly articulated investment policy in place. It recommends the preparation of a coherent private sector investment policy which should address the state government’s policy position on foreign ownership, minimum investment requirements, and expropriation of assets, among many other critical gaps noticed in the state investment position and at the federal level.

JEL Classification: F21

Price: N500.00 | Add to cart

Abstract: Retirement decision is an important stage of the employment cycle under Defined Contribution (DC). In 2004, many employees believed that by switching from Defined Benefit (DB) plans to DC was a good deal for retirement income security in Nigeria. However, DC plans have begun to manifest some of its weaknesses that are of major concern to employees’ retirement decision. This study examined the impact of retirement determinants on pension contributions and what the pension money worth ratio implies for retirement decision and old age security. Data on employees’ contribution rates towards their retirement savings accounts (RSAs) and other relevant information were sourced from the respondents of the universities visited in South-West Nigeria. The contributions were averaged for all categories of employees and used to accumulate both past and future contributions based on the assumption that employees will remain in the present employment till retirement. The accumulated funds were used in proxy for annuity premiums by determining their money worth ratio. The result show that the present contribution rates are far below what can give a retiree a secure financial income at retirement due to escalating cost of living allowances (COLA). The study concludes that lack of access to contributed funds and low money worth, that subject retirees to abject poverty, are some of the dangers ahead of the present pension scheme. Consequently, the study recommends that government should adjust contribution rates based on the economic reality and provide inflation index for the employees’ contributions.

JEL Classification: G23, J26, H55

Price: N500.00 | Add to cart

Abstract: The current global sharp decline of oil price raises concern about the responses of monetary policymakers of oil export-dependent countries to the price decline. The paper reviews the monetary policy response and actions by Nigeria’s monetary authorities as gleaned from some macroeconomic indicators of the Nigerian economy. It argues that steep depreciation would not bring in the intended benefits as the economy is mono-culturally dependent on crude oil export for which the country is a price taker. The paper contends that there is a need to build some fiscal buffers to complement monetary policy which is largely effective only at the recovery stage of the business cycle.

JEL classification: E32, E52, E62, H30

Price: N500.00 | Add to cart

Abstract: With an estimated population of 186.5 million in 2016 and annual population growth rate in excess of 2.5 per cent, Nigeria is Africa’s most populous country, and the seventh most populous country in the world. The current population pyramid for the country is broad based, signifying its youthfulness, with 43 per cent of the population aged 0-14. Only 4.7 percent of the population is aged 60 and above, the segment of the population regarded as the elderly or aged. However, the proportion of the aged will continue to increase in future, reaching about 17 per cent in 2100. This is a function of the changing population dynamics as fertility continues its downward, even if slow, trend, while life expectancy tends upwardly. This will also be accompanied by an increase in the median age of the population from the present 17.9 years to 32.4 years in 2100. This shift in the structure of the population has far reaching implications for national policies and underscores the necessity for mainstreaming ageing in the national development and programmatic agenda. This paper discusses the impending demographic shift of Nigeria’s population, the conditions of the elderly, as well as the strategies that should be put in place towards the improvement of their well-being. Crucial policy issues related to the welfare of the elderly are discussed. As the family remains the main source of support for the majority of the elderly in Nigeria, how such support systems are sustained vis-à-vis changing social structures is of immense importance for the welfare of Nigeria’s elderly.

JEL classification: J14, J18

Price: N500.00 | Add to cart

Abstract: This paper revisits the relationship between risks, uncertainties and FDI inflows in Africa, using recent data and twelve different measures of risk and uncertainty. Empirical estimation involves the use of panel fixed and random effects estimation techniques, with annual data covering 2000 – 2012. The results show that economic openness and level of external reserves are important macroeconomic variables that attract FDI inflows on the continent. As regards the significance of some of the measures of risk and uncertainty, it was found that while sound public administration, good competitive environment and investment climate have a positive impact on FDI inflows, sound fiscal policy, improved infrastructure and better environmental policy discourage FDI net inflows. An important implication of the results is that African countries need to balance their policy objectives and make a choice between better welfare for their citizens through the provision of better infrastructure and environmental policies, and that of attracting more FDI inflows.


Abstract: This paper examines the damaging effects of corruption on the Nigerian economy. Corruption raises transaction costs, lowers efficiency of public expenditure, discourages foreign direct investment and undermines everything the law enforcement community works toward, among other things. It flourishes under situations of lax standards and controls as well as undue rent-seeking behaviour. The prevalence, historical growth and determinants of corruption are also discussed in the paper. Attempts by successive governments to address the challenges of corruption in Nigeria are highlighted. If anything, past efforts lacked both the resolute political will and focused enforcement drive necessary to ‘kill’ corruption. The study considered some country experiences and a range of policy options for taming the corruption menace. It became clear that the war against corruption must be focused, total and holistic to achieve the desired outcome. Against this backdrop some policy recommendations are made as the way forward.

JEL classification: A13, 14; E03, G28

Price: N500.00 | Add to cart

Abstract: This study examined the long-run and short-run effects of resource abundance and institution on inclusive growth (and its components) in Nigeria. Employing annual data spanning the period 1980-2013, the paper applied the Auto-regressive Distributed Lag (ARDL) approach to analyse models articulated based on standard theoretical and empirical literature on inclusive growth. The long-run results reveal that inflation dampens growth in GDP per capita, while government expenditure raises it. Further, resource abundance and human capital development promote growth in GDP per capita. Similarly, the short-run results show that inflation dampens growth in GDP per capita, while government expenditure raises it. Also, resource abundance escalates growth in GDP per capita, while corruption reduces it. The long-run results indicate that human capital development and compliance with law and order engender reduction in inequality in Nigeria. However, results suggest that decreasing efforts in the control of corruption (which implies high level of corruption) and high financial deepening have increasing effects on inequality in Nigeria. In the same vein, the short run results show that both financial deepening and resource abundance raise inequality in Nigeria, while human capital development reduces it. The long results show that, while compliance with law and order and financial deepening promote inclusive growth, government expenditure and resource abundance hinder it. Based on the foregoing, it is recommended that the activities of the law enforcement agencies be improved. There is also the need to further promote human capital development so as to promote growth; reduce inequality and foster inclusive growth in Nigeria.

JEL classification: F43, O13, O43, O47

Price: N500.00 | Add to cart

Abstract: Most studies on urban housing in Nigerian cities have intrinsically addressed its locational advantage to social amenities and its influence on social capital and the well-being of its inhabitants, including the growing population of the elderly. Limited studies profile how housing quality has influenced the health of the elderly in Nigeria. Analysis of population and housing census priority data of the UN Habitat 2014 and National Population Commission 2010 revealed that more than half (55.4%) of the houses in Lagos city have one room exclusively for sleeping, almost four (76.9%) in five households in Abuja have a maximum of two bedrooms and about half (50.3%) of households in Kano city did not have any bedroom. Almost one-quarter (24.1%) of houses in Onitsha have poor sources of water for domestic use, while slightly below half (48.4%) of households in Ibadan city and more than half (55.4%) of households in Ilorin, Kwara State disposed solid waste indiscriminately around their houses. This imbalance in the distribution of housing and housing facilities evident among households in Nigerian cities requires accelerated efforts in the era of growing population of the elderly in Nigeria. This study concludes that housing structure and how rooms and their facilities are shared have great potential for influencing the health of the elderly, who are a vulnerable group.

JEL classification: I12, I31, J14, O19, R21, R31

Price: N500.00 | Add to cart

Abstract: The positive effect of financial market development on economic growth is well documented in literature. Various studies in this regard tilt more towards the role of domestic savings via the commercial banking nexus. In most instances, a well-regulated and efficiently-supervised banking system provides the requisite platform for the unbanked to formally integrate into the financial market. Judging from the critical roles that domestic savings play in economic growth, it is puzzling that developing countries, especially countries in Africa, are not initiating regulatory interventions that are capable of promoting savings through improved banking outreach, in addition to broadening access to financial services. Such interventions include initiation of regulatory framework that enhances access to banking by the unbanked, which account for more than 25 percent in Nigeria and South Africa. Using data generated from 4000 structured questionnaires administered across the two countries with a 92.1 percent response rate, parametric estimations and correlational analyses reveal that high interest rate, high borrowing cost, required documents, and tight regulation associate with lower level of banking outreach while product pricing and supervision weakly correlates with access to financial services. The study recommends policy intervention to lessen the restrictions in the regulatory framework to improve both banking outreach levels as well as access to financial services in the interest of development of the financial market to enhance economic growth.

JEL classification: G2, G20, G21

Price: N500.00 | Add to cart

Abstract: Some economists are of the view that fluctuations in aggregate production in a market economy, which now appear to feature more frequently, are caused by the normal cyclical nature of the economic system comprising fluctuations of production, distribution and consumption. The real business cycle (RBC) models postulate that while real wage and the real interest rate are two prices that drive allocation process, studies on Nigeria have not extensively considered business cycles impact of interest rates despite its obvious theoretical role. Therefore, this paper attempts to provide an econometric analysis of the Islamic perspective on interest-based financial system, business cycles and inclusive growth in Nigeria. The paper deploys Vector Error Correction Model (VECM) econometric technique to Nigerian data covering 1981 to 2013 to single out the overwhelming significance of interest rates among other variables in the country’s economic fluctuations. The results from this study show that the Nigerian economy reacts negatively to any shock from the change in the interest rate and the CPI but reacts positively to the shock from the exchange rate. Due to its presence in the model, interest rate shock accounts for an average of 24 percent variability in the real GDP. Besides, the interest rate is counter-cyclical to the real GDP. The adoption of the interest-free financing mode can proffer solution to this problem.

JEL classification: E37, E39, E40, E43, Z12, Z19


Abstract: Africa is short of power and the poor performance of its electricity utilities undermines sustainable development. Over the past two decades, power sector reforms across the continent have sought to restructure utilities and increase private sector participation and competition in an effort to improve technical and commercial efficiencies and attract more investment in generation capacity and widened access to electricity. These reforms have progressed further in Nigeria than elsewhere in Africa and, although they are still a work in progress, the country provides a fascinating case study on the merits of unbundling and private investment, and whether the potential benefits are sustainable. Will the next generation of independent power projects (IPPs) be successful and lead to further investment in much-needed power generation capacity? Will risks be mitigated? Will sector reforms foster financial sustainability? These are some of the questions that will be answered in this article.

JEL classification: L94, O13, P48, Q4

Price: N500.00 | Add to cart

Abstract: The study investigates the role of exports, imports and foreign direct investment (FDI) in inclusive growth in Nigeria over the period 19862013. This study follows the recent theoretical and empirical literature on inclusive growth to articulate the models estimated with the autoregressive distributed lag (ARDL) technique. The long-run ARDL estimates suggest that exports worsen the growth of income per capita and income redistribution in Nigeria. Also, imports and FDI are found to promote inclusive growth as well as its components (growth in income per capita and equity), though the effect of FDI on growth in income per capita is negligible. The short-run results also reveal that exports are detrimental to inclusive growth. Moreover, while import and FDI significantly reduce inequality, they have no short-run effects on growth in income per capita. Also, FDI is found to worsen inclusiveness of growth in the short run. Policy should therefore focus on promoting linkages between the oil sector and the rest of the economy. A gradual shift in attention away from oil export to diversification into non-oil export will reduce income volatility and stimulate direct positive growth effect in terms of increased employment and income generating opportunities.

JEL classification: D63, O47, F14, F24

Price: N500.00 | Add to cart

Abstract: This paper seeks to identify the channels through which industrial policies and other micro and macroeconomic policies promote structural transformation on one hand, and the channels through which structural transformation impacts on and accelerates inclusive growth in Nigeria on the other hand. A 4-equation simultaneous equations model was specified and estimated using the two-stage least squares (2SLS) estimator and data for 1991-2013. The empirical results show that structural transformation, good industrial policy, and investment are significantly and positively related to inclusive growth in Nigeria. The coefficient of openness was found to be negative but very significant at the 1 percent level. A vital policy implication of the result is that the country should endeavour to implement an optimal mix of industrial policies that will facilitate structural transformation and accelerate inclusive economic growth in Nigeria. Some of these policies include an appropriate exchange rate policy, economic policies that would promote domestic production of industrial goods, increase employment opportunities, promote exports, and encourage increases in aggregate investment.

JEL classification: C3, L16, O25, F43, D63, O11, O12, O40, O47, O53

Price: N500.00 | Add to cart

Abstract: The notion of inclusive growth is a concept that encompasses equity, equality of opportunity and protection in market as well as employment transitions. In Nigeria’s agricultural sector, two noteworthy distributional aspects of programmes often targeted at farmers are that it is tax financed and sometimes subsidized for essential farm inputs and services. Given the cost and leakages regarding subsidy implementation, how equitably farmers are able to access farm input support continues to be debated. This study investigated changes in the level and equity of agro-input distribution using the social opportunity maximization framework. The panel data set for farm households collected by the National Bureau of Statistics was used for the study. Findings reveal that over the period investigated, the average level of subsidized fertilizer available to the entire population declined from 46.8 percent in 2010 to 30.5 percent in 2012. Equity of access was more pronounced in 2010 compared to 2012. Other factors beyond income determined the likelihood of farmers’ access to agro-input subsidy. If policy interventions succeed in ensuring equity of opportunities, then inequality in farm profitability would only reflect differences in farmers’ real effort and entrepreneurial skill.

JEL classification: D31 D63 D71 E23 E24 H2 I3 O1

Price: N500.00 | Add to cart

Abstract: Achieving sustainable growth in agricultural production that is inclusive of all generations is a policy issue in Nigeria. An agricultural production pattern that is efficient in its natural resource use ought to be a core strategy for inclusive growth to be sustained. Although trade liberalization is believed to promote economic growth, empirical studies have not sufficiently provided quantitative evidence of its effects on farmers\\\' production incentives. Therefore, this study analyses the response of agricultural land expansion to trade liberalization in Nigeria. Using a recursive model, an analytical model of the direct and indirect effects of trade policy on agricultural land demand is empirically examined in two stages. The result obtained from this model shows that trade liberalization directly increases the relative prices of tradable crops and thus, increases the production incentives of different categories of tradable crops relative to non-tradable crops. The production incentive for increased agricultural land demand depends on the price elasticity and land requirement of the crop category exported. To achieve efficient forest resource use and sustainable agricultural production with trade liberalization and exchange rate devaluation simultaneously, it is recommended that complementary resource sustainable policies, such as subsidies on agricultural input, that will improve yield per hectare in annual crops need to be implemented. Also, research and development of genetically-modified breeds for environmentally damaging crops that will be accessible to peasant farmers in rural areas should be encouraged.

JEL classification: C39, F18, Q17, Q37

Price: N500.00 | Add to cart

Abstract: This paper sets out to investigate and establish the role of microfinance banks in attaining inclusive growth through financial inclusion and poverty alleviation in Nigeria. The study employed utilitarian social welfare function and descriptive statistics to measure the viability of inclusive growth through financial inclusion and poverty alleviation in Nigeria. The study also developed a unified macro measure of inclusive growth, which integrates growth and income distribution into one single measure. Results show that there is low financial inclusion in Nigeria which suggests that financial inclusion in Nigeria plays almost insignificant role to economic growth. Results also show that Nigeria = s economic growth is not inclusive since the core indicators of poverty alleviation are found to be abysmally low. The paper also found that loan-to-deposit ratio and equity index have increased in the last two years. This implies that functional microfinance banks have the potential to alleviate poverty in the foreseeable future. As a result, it is a good strategy of financial inclusion and poverty reduction in Nigeria. It is this study = s believe that if microfinance banks discharge their duties very well by providing the poor with increased self-employment opportunities and making them creditworthy, then the issue of inclusive growth would be a thing of the past.

JEL classification: D63, G21, I32

Price: N500.00 | Add to cart

Abstract: The 2015 presidential election in Nigeria was held at a period when the level of unemployment, poverty, insecurity and corruption had become unbearable to most Nigerians. Many Nigerians blamed the deteriorating socio-economic conditions on the failure of the incumbent President Jonathan administration. The outcome of the election showed that the majority of voters preferred change to President Jonathan’s continuity. This paper examines the role of the prevailing socio-economic conditions, particularly the incidence of poverty and the unemployment situation in enhancing Buhari’s victory. The study employed descriptive statistical tools and multiple regression analysis. The results show that Buhari’s victory was largely due to ethnic, religious, political and regional factors. The paper concludes that the exacerbating socio-economic problems alone, without the combined influences of Buhari’s region, ethnic group, religion and political party spread, could not have made him victorious.

JEL classification: C21, D72, I30, J60

Price: N500.00 | Add to cart

Abstract:

Price: N500.00 | Add to cart

Abstract:

Price: N500.00 | Add to cart

Abstract: Introduction
Nigerian has been able to withstand the negative effects of the international financial and economic crisis rather well thanks to the country's sound macroeconomic conditions before the crisis and prudential macroeconomic management of the economy during the crisis. Economic growth has remained high at above 7 percent yearly since 2003 and inflation has remained relatively low.

Price: N500.00 | Add to cart

Abstract:


Abstract: This study examined the impact of capital inflow (foreign direct investment, foreign aid and international workers’ remittances) on economic growth in Nigeria for the period 1970 to 2014. The study employed the Vector Error Correction Modelling (VECM) technique. The VECM estimate showed that workers’ remittances had a positive and significant effect on economic growth while foreign direct investment had a negative and significant effect. The impact of foreign aid on economic growth was insignificant. Thus, the study concluded that the impacts of foreign direct investment, foreign aid and workers’ remittances on economic growth are different. Based on these findings, the study recommended the formulation of specific capital inflow policies rather than one-for-all capital inflow policies.

JEL classification: F21, F24, F35

Price: N500.00 | Add to cart

Abstract: This paper employs the Stock-Watson DOLS methodology to investigate the long-run effects of investment (domestic and foreign direct) and government final consumption expenditure on unemployment rate in Nigeria while controlling for the effects of other variables such as trade openness and inflation. The empirical analysis indicates that domestic investment, trade openness and inflation are key variables that significantly affect the unemployment rate in Nigeria. Specifically it was found that these variables help to reduce the unemployment rate in the country. The effects of foreign direct investment and government final consumption expenditure on unemployment rate were not statistically significant, though their coefficients had the expected negative signs. Policy recommendations of the paper include favourable tax regimes, low and affordable lending interest rate, infrastructural development and adequate security to enhance domestic investment, greater but cautious integration of the economy with the global market, and conscious efforts by the monetary authority to prevent deflation while taking care to maintain inflation at rates not detrimental to economic growth.

JEL classification: E22, E24, F21, H53, J64

Price: N500.00 | Add to cart

Abstract: This paper examines the factors that influence the energy-saving behaviour of households as regards electricity consumption in Ibadan metropolis. A survey of household energy-saving behaviour in the context of electrical appliances was conducted to analyse the types of energysaving behaviour and the influencing factors. Electricity generation and consumption in Nigeria between 1970 and 2005 has increased, but supply is still less than demand. Over 50 percent of electricity distributed is utilized in the residential sector. The empirical results from the survey of 2360 households indicate that residents of Ibadan received little information on government policies on energy efficiency and conservation. Respondents’ knowledge on how to save energy and the volume of electricity consumed in the home is limited. Households adopted energy-usage reduction behaviour more often than purchasing activities. Socio-demographic characteristics including level of education, income, type of meter, possession of information on energy saving, knowledge of energy prices and awareness of energy challenges and government policies on energy are important factors influencing energy-saving behaviour. The paper concludes with policy implications of the results for the formulation of strategies to encourage energy-saving behaviour in households.

JEL classification: L94, D10, Q40

Price: N500.00 | Add to cart

Abstract: The study examines the role of fiscal policy in inclusive growth in Nigeria using 1980-2013 as the sample period. It employs baseline growth regression model and the Granger causality test to ascertain the longterm impact and the causal relationship between fiscal policy and inclusive growth. Evidence from the study reveal that fiscal policy has a positive and significant impact on inclusive growth. The Granger causality test indicates that a unidirectional causal relationship runs from fiscal policy to inclusive growth in Nigeria. This implies that changes in fiscal policy variables, such as government expenditures, tax revenue and fiscal deficits, can be used to enhance variations in inclusive growth in Nigeria. Based on the findings, the study recommended that government expenditure should be directed to productive investments and infrastructural development with a view to accelerating inclusive growth. Also, government should intensify efforts at mobilizing tax revenue in the country by strengthening tax administration and collection to promote inclusive growth in Nigeria.

JEL classification: H3, H53, H2

Price: N500.00 | Add to cart

Abstract: This paper examines the relationship between foreign aid and income per capita using a simple augmentation of the neoclassical cross-country specification for Western African states. The study disaggregated aid into seven categories (agriculture, communication, industrial, engineering, education, health, and food security) and showed that in most cases, aid becomes significant when conditioned on sound macroeconomic policy whereas institutional quality and infrastructural development do not significantly influence the aid-growth relation. Similarly, the study established a decreasing return to aid, as the marginal impact of aid on growth appears negligible in all likelihood. Likewise, trade structure and financial depth do not meaningfully enhance economic development in the region. The study concludes by stressing the need to develop absorptive capacity, ensure sound pro-development policies and urge donors to systematically link aid to performance.

JEL classification: F35, C23, G18, O1, P48

Price: N500.00 | Add to cart

Abstract: This study examines how monetary policy can be tailored towards promoting inclusive growth in Nigeria. It also identifies the most effective monetary policy instruments that can bring about inclusive growth. The study utilizes the Structural Vector Autoregressive (SVAR) model for the analysis in the study. The estimated results show that monetary policy has an important but restricted role to play in driving inclusive growth and that this role largely emanates from the interest rate and money supply channels. These channels account for about 41.08 percent and 26.09 percent respectively of total variation of monetary policy contribution to inclusive growth in Nigeria. The results also indicate that one standard deviation shock to the monetary policy rate results in a peak in the unemployment rate, months after the shock. The study, therefore, recommends that monetary authority must combine both conventional and unconventional policies in order to achieve inclusive growth in Nigeria.

JEL classification: C32, E24, E52

Price: N500.00 | Add to cart

Abstract: In addition to analysing the characteristics of gender equality in primary education enrolment in Africa, this paper empirically studies the key drivers of gender equality in primary education enrolment, using crosssectional time series data from 1970 to 2010. The results show that the coefficient associated with the level of real GDP per capita is positive and statistically significant in both the overall Africa sample and in the sub-Saharan and North African samples. However, the quadratic term of real GDP per capita is negative in sign and significant in these estimates. These provide evidence of a hump-shaped relationship between real GDP per capita and gender equality in primary education enrolment in Africa. The results also suggest that higher number of primary school teachers, increased democracy, higher female share of the population, Christian dominance in a country, and being an oil-exporting country increase gender equality in primary education enrolment in the continent. Conversely, increases in gross government consumption expenditure (as share of GDP) tend to lower enrolment. The policy implications and lessons of these results are discussed.

Price: N500.00 | Add to cart

Abstract: The rationale for value chain development and global integration in Nigeria is premised on several grounds. First, it is a viable lever for guiding the country’s economic transformation based on the experiences of many developing Asian countries whose structural transformation was spurred by exporting more diversified and sophisticated value added products. Second, it offers a solution to the current weak growth inclusiveness facing the country by addressing the unemployment and poverty challenges through increased job creation linked to the spectrum of activities along the value chain. Third, it assures sustainability of growth by de-linking the economy from fluctuations in commodity prices and weather conditions. Hence, understanding how Nigeria should position itself with a view to benefiting from developing value chain and ensuring effective integration and participation in the global value chain system is imperative. Despite these benefits, however, the country remains at the bottom rung of the global value chain (GVC) ladder. This paper articulates how developing value chain and breaking into the GVC could help achieve the nation’s structural transformation aspiration. The paper explores the great potentials that provide the foundation for GVC development, analyses the challenges, and outlines a framework to achieve this.

Price: N500.00 | Add to cart

Abstract: This study examines the relationship between productivity growth and income inequality in Nigeria, using human capital as a dynamic linkage factor. A simultaneous equations framework is employed to investigate the relationships based on aggregate economy-wide data covering the period 1980 – 2012. The Generalized Method of Moments (GMM) technique is used for the estimation. Results from the study show that productivity growth clearly leads to reduced income inequality in Nigeria, but income inequality has a positive impact on productivity growth. The positive relationship is linked to the indirect effects of inequality on growth through the human capital channel. The results also confirm that income inequality can be reduced through higher human capital development, especially education, which in turn has a positive impact on productivity growth. If individuals are driven to acquire more education as a result of high income disparity among households, the resulting overall effect would be to increase productivity. Thus, human capital development is shown to be a critical linkage factor in the relationship between income inequality and productivity growth in Nigeria.

Price: N500.00 | Add to cart

Abstract: Adopting a multilevel approach, this study examines the impact of income and income distribution on population health in Nigeria. Data from the National Demographic and Household Surveys (NDHS) (2008) are used for empirical analysis. The results show that absolute income has significant impact on population health in Nigeria and that population health measured by infant mortality rate, would improve by about 0.15 percent when absolute income increases by 1 percent, at 95 percent confidence interval. However, there are significant variations in the effects of absolute income after controlling for the measure to prevent malaria using insecticide-treated nets, percentage distribution of the population by type of toilet facility, percentage distribution by type of refuse disposal facility and access to healthcare facility in Nigeria. The results also show that relative income has no significant impact on population health. Also, the Gini coefficient and the Pietra inequality indices mimic each other for both absolute and relative incomes. The Gini coefficient expresses a near maximum inequality for population health due to absolute income, and a near perfect equality of population health due to relative income. This empirical evidence thus reveals that income distribution has significant impact on variations in health across states in Nigeria. The conclusion, therefore is that there is a need for sustained implementation of sound income and health policies in Nigeria in order to boost the nation’s development strides and processes.

Price: N500.00 | Add to cart

Abstract: The question of fiscal-monetary policy nexus is widely documented in the literature, especially in studies that focus on developed economies. Studies suggest that inflation rate is an inevitable economic factor that contributes to economic instability and therefore warn against its uncertainty. Most developing countries including Nigeria have high inflation rates which is claimed to be one of the leading factors contributing to inflation volatility, however the role of fiscal policy has not been emphasized. To this end, this study examines the impact of fiscal policy on inflation volatility in Nigeria, using the framework of error correction mechanism. The results of the study show that discretionary fiscal policy has a transitory effect on inflation volatility in the short-run and a significant negative effect on inflation volatility in the long-run. The results further show that oil price volatility and exchange rate volatility have negative and significant effects on inflation volatility in the long-run while the fluctuations caused by the level of inflation to its volatility is minimal in the long-run compared to the short-run effect. The paper concludes that discretionary fiscal policy has a long-run negative and significant effect on inflation volatility in Nigeria.

Price: N500.00 | Add to cart

Abstract: Commercial motorcyclists often violate road traffic regulations where they operate. The traffic offences they commit include, but are not limited to carrying more than one passenger per trip, which is above the passenger capacity of a motorcycle as provided by law. The objective of this study is to examine the determinants of passenger capacity compliance among commercial motorcyclists in Kwara State, Nigeria. This study studied 1,178 randomly selected motorcyclists across the rural-urban divide of Kwara State. Logistic regression models were used as the tool for data analysis. Statistics showed that 62.19 percent of the motorcyclists operate on full-time basis while the rest operate on parttime basis. About 68 percent of the motorcyclists operate without a valid driver’s license. It was found that only 25 percent of the motorcyclists comply with the regulation of carrying one passenger per trip.. The rate of compliance with the passenger capacity regulation stood at 38.3 percent for the urban areas while that of rural areas was estimated at 13.8 percent. The regression results revealed that license holding, operation mode, age, location, education, and earnings are factors that determine compliance with the passenger capacity regulation among commercial motorcyclists in Kwara State. The study recommends that traffic law enforcement agents should educate commercial motorcyclists on road safety issues and also enforce compliance.

Price: N500.00 | Add to cart

Abstract: I. Background

Several development economics discourses and communications such as the World Economic Forum on Africa held in Nigeria in 2014, the study by the Mckinsey Group International (MGI) Nigeria Office on Delivering inclusive growth in Nigeria, the 2015 World Bank Report on Jobs, More Productive Jobs for Nigeria and the letter and spirit of the recently adopted Sustainable Development Goals suggest that Nigeria urgently requires structural transformation to deliver on inclusive growth. The elements of this transformation include: ample world class physical infrastructure; rapid agriculture-led industrialization; generation of ample decent productive employment opportunities for the teeming youthful population; supportive income redistribution and safety nets programmes and policies; and, careful de-concentration of markets and industry;
The current disconnect between high economic growth and widespread poverty requires that future aggregate and sectoral growths become more participatory and contributory, as well as ensure maximisation of high-productivity activities among the labour force, while optimally combining macroeconomic stability, human capital development and structural changes incorporating the poor, who have traditionally been left behind, by rendering them active participants in the growth process.
The prospects for inclusive growth have been constrained by inadequacies in the areas of infrastructure, governance, security, low level of skills of young Nigerian graduate workers, their job readiness and experience. The 2015 NES Annual Conference on “Attaining Inclusive Growth in Nigeria: Challenges and Prospects” is, therefore, a clarion call to adopt concrete measures towards the effective realization of inclusive growth in Nigeria. The conference, in line with its primary objective, assembled national and international intellectuals and professionals to identify, discuss and communicate contextually relevant and workable measures necessary to surmount the challenges and exploit the prospects of inclusive growth.

Price: N200.00 | Add to cart

Abstract:

Price: N200.00 | Add to cart

Abstract: This study examines the empirical relationship among growth, inequality, and poverty in Nigeria. The rise in income inequality has diminished the poverty-reducing effects of higher growth. Using data on national income and poverty incidence, the paper estimated the empirical relationship for Nigeria using the White Heteroscedasticity-consistent SEs and covariance procedure. The regression results showed that growth- poverty nexus in Nigeria is nonlinear. An increase of 10 per cent in income would be translated to an increase in poverty of 17.2 per cent, while a mean Gini value of 42.7 would reduce inequalityy by 67.8 per cent. Also, a 10 per cent rise in income would result in reduction of the head-count poverty ratio of between 0.2 and 6.8 per cent. It concluded that the benefits in poverty reduction from growth would vary among different policy regimes. The paper canvassed for a stable macroeconomic framework, optimal policy mix, low and stable inflation, pro-poor government expenditure, as well as anti-poverty policies that ensure that people who escape from poverty never return to it.

Price: N500.00 | Add to cart

Abstract: This study follows the modern portfolio theory on efficient portfolio diversification based on return-risk trade-off to analyse export diversification in the context of uncertainty in world market prices using Nigeria as a case study. It also examined the effect of world price uncertainty and other factors on export earning variability with respect to Nigeria. Three methods (vertical, horizontal and Herfindahl index) were used to analyse the extent to which Nigeria diversified her exports from 1970 to 2012. The results showed that Nigeria’s export was more diversified in the 1970s, became concentrated in the 1980s and 1990s, and became more diversified towards 2012. The M-V Optimizer was used to estimate the mean-variance efficient frontier of Nigeria’s export. The result showed that the location of Nigeria’s export structure is at a distance from the mean-variance efficient frontier. This indicates a sub- optimal export portfolio or diversification. The results also revealed that welfare will be doubled as Nigeria moves toward efficient export portfolio. The GMM estimator results indicated that world market price uncertainty, openness, export concentration, foreign income volatility, and output (GDP) supply shock are the major causes of Nigeria’s export earnings variability. Among the policy lessons are that Nigeria should strive towards optimal export diversification so as to maximize welfare gains. The results also suggest that Nigeria needs to manage the degree of openness of the economy and change the structure of output from primary to manufactured products so as to reduce the variability of her export earnings.

Price: N500.00 | Add to cart

Abstract: This study investigates hysteresis in unemployment in Nigeria and examines the role that monetary policy plays in the persistence level of unemployment in the country. The technique of analysis is the structural vector autoregression (SVAR), and the annual time series data set used spans 1970-2013. Monetary policy is accommodated within the backward-looking Phillip curve proposed by Friedman (1968) to relate the new forward-looking Phillip curve advanced by Ball (1999, 2009). Series of descriptive statistics are used coupled with unit-root and stationarity tests that suggest the persistence level of unemployment in Nigeria. The unemployment hysteresis is also confirmed within the SVAR framework, going by the effect that the actual unemployment rate has on its equilibrium level. The results from the SVAR models further show that better compensation packages will reduce the spate of unemployment in Nigeria, and thus a need for labour market reform. Also, it was observed that the inflation-targeting objectives of the Central Bank of Nigeria for the period under review have not hampered sustainable employment generation but that the spate of money supply, and consequently the aggregate demand have reduced the level of unemployment, albeit insignificantly. Hence, monetary policy is found to play a non-neutral but insignificant role in the long-run situation. This submission of money non-neutrality is confirmed by the Multivariate Block Exogeneity Wald test.

Price: N500.00 | Add to cart

Abstract: The paper empirically examined the impact of instability in exchange rate, stock market development and a battery of other control variables on the capital account component of Nigeria’s balance of payment. Data used covered the period 1970-2013. The empirical methodology entailed using co-integration and error-correction modelling techniques to estimate the parameters of the multivariate single-equation model that was specified. The control variables used include inflation rate, level of domestic output proxied by the country’s GDP, the country’s debt to income ratio and the differential between domestic and foreign interest rates, a measure of relative rate of return. The empirical results show that instability in exchange rate, stock market development, inflation rate and output levels are germane to explaining capital account balance. Specifically, the study found the effects of exchange rate instability, domestic output, debt income ratio and interest rate differential to be negative and significant although at different levels. The effects of inflation rate and stock market development were positive and significant.

Price: N500.00 | Add to cart

Abstract: Social network constitutes a valuable asset which transnational migrants typically rely on for survival and adaptation in their country of destination. However, it is increasingly becoming a tool utilized by some immigrants to engage in street begging in their host-country. This paper, therefore, examines the network of social relationship among transnational street beggars in South-West Nigeria. The study was anchored on the Migration Network Theory. Convenience and purposive sampling techniques were adopted for the selection of 398 respondents. Data were generated through the combination of survey questionnaire, in-depth interview and case-study methods. The results showed that the majority (81.2%) of transnational street beggars had a contact(s) in Nigeria prior to their arrival. Furthermore, their contacts, who were also involved in transnational street begging, accommodated them. The study recommends stringent immigration measures for Nigeria as a way of effectively controlling the activities of this category of beggars.

Price: N500.00 | Add to cart

Abstract: The study focused on demographics and coping styles among 237 (two hundred and thirty seven) young career women in both manufacturing and service organizations in Ibadan metropolis in Oyo State, Nigeria. The essence was to capture women who had not yet attained the mid-level career path and examine the relationship among demographics, social support and coping styles in a manner not previously studied in the competitive and challenging private sector. Data was collected with a structured questionnaire and results from a robust analysis of data denote among other findings that age of women and number of children are important in shaping young women’s social support experience and that significant difference exists between those in service and manufacturing organizations in the use of self restructuring, emotional, meaning and acceptance coping styles. These findings will assist in providing insight into the development of intervention strategies to enhance the coping skills of young career women and also bridge the gap between previous studies on demographics, social support and coping in stressful work environments.

Price: N500.00 | Add to cart

Abstract: This study extends the empirical literature on the effect of corruption and decentralization on public expenditure by using a panel of the 15 ECOWAS countries, for the period 1996 to 2011. The study in particular investigates the impact of corruption and decentralization on aggregate public expenditure, as well as on public health expenditure. Results from empirical analyses suggest that corruption does not matter in determining the level of aggregate public expenditure. However, corruption has a significant negative effect on health expenditure as a percentage of public expenditure. It is further revealed that corruption has differing effects in non-federal (centralized) and federal (decentralized) countries with regards to health expenditure. The results of the study also show that decentralization lessens the negative effect of corruption on health expenditure. The study also establishes that decentralization has no significant effect on corruption. Finally, it is found that country size (population) has a significant positive relationship with corruption.

Price: N500.00 | Add to cart

Abstract: Job creation is a central part of the policy of almost all African countries. The problem is particularly acute in Nigeria where over the period of the early 2000s, there was a substantial decline in the number of private wage jobs. While policy discussion focuses on the extent of unemployment, the unemployment rate, as measured in labour force surveys, is low in Nigeria. This is a common finding across a range of sub-Saharan African countries. To understand the nature of the employment problem it is argued in this paper that jobs need to be linked to the incomes those jobs generate. While wage jobs, on average, produce more income than self-employment, a critical issue is the extent of the distribution of incomes within occupational categories and the overlaps across these sectors. It is observed that in Nigeria, it is the very low incomes at the bottom of the distribution, for both wage jobs and the self-employed, that create high exit rates from the labour market – the jobs simply pay too little.
In this paper, the evidence is reviewed to assess how far the more rapid growth of recent years has translated into poverty reduction and how these poverty measures link to job creation. There is evidence that the headcount measure of poverty has fallen and has been associated with a rapid rise in rural employment over the period 1999 to 2006. It is this sector that has seen the largest increases in income. This was not due to investment in human capital, the return for which has fallen over the period, but to a general increase in the returns to the labour and land owned by the poor.

Price: N500.00 | Add to cart

Abstract: This study examines institutions and sustainable fiscal management in Nigeria for the period 1970-2011. In view of the proliferation of investigation techniques in the empirical literature due to the multi- dimensional nature of fiscal sustainability, we employed a series of tests such as descriptive statistics, threshold parameters, unit-root and co- integration tests to ascertain whether fiscal sustainability holds in Nigeria, and later employed the Granger causality test and the ordinary least squares technique to evaluate the relationship among institutional factors and fiscal sustainability indicators. The results show that fiscal policy is both strongly and weakly unsustainable in Nigeria. Although sustainability is attained between capital expenditure and government revenue, government has to contend with liquidity problems since the growth of capital expenditure is higher than that of revenue. Furthermore, policy changes and structural breaks impact significantly on fiscal policies in Nigeria because throughout the period of investigation, the fiscal operations of government remained cyclically intoned with changing policies and regimes. Despite the existence of fiscal rules as enunciated in the Fiscal Responsibility Bill (FRB) and various sections of the Constitution, poor implementation and weak institutions have been found to be strongly responsible for fiscal unsustainability in Nigeria. Therefore for fiscal policy to be sustainable in Nigeria, issues of institution must be properly addressed.

Price: N500.00 | Add to cart

Abstract: This study examined the annual profit after tax (PAT) generated by 22 December ending fiscal year firms quoted on the Nigerian Stock Exchange from the early 1970s to 2011. The stochastic processes of each firms’ PAT were examined with a view to determining whether they are stationary or nonstationary, using the Augmented Dickey-Fuller statistic. The Ljung-Box portmanteau statistic was also used to determine whether or not the error terms displayed by the correlogram of each of the firms are white noise. Examination of the pattern of PAT of the firms showed that less than a third of them could realize consistently positive profits during the study period. In determining the appropriate model for each firm’s PAT, the Schwartz’s Bayesian Information Criterion was used and it was found that the model obtained for most of the firms is autoregressive integrated (ARI) while a third of the models are autoregressive integrated moving average (ARIMA). Based upon the findings in the study, it is recommended that the federal government should endeavour to pursue good macroeconomic policies which would assist Nigerian quoted firms to increase the regularity of earning positive profits after tax over time.

Price: N500.00 | Add to cart

Abstract: The announcement for this conference raised a number of analytical and policy questions about the dynamics of institutions in Nigerian development. Three of these are of particular interest in this paper: What are the links between institutions and inefficient development outcomes in Nigeria? What is the nature of institutional failure and crisis in Nigeria, and why does it persist? What are the conditions for improvement in the institutional landscape?
This paper argues that corruption provides a large part of the answers. Specifically, it is suggested that corruption has become the main driver of institutional evolution in Nigeria. As such, managing corruption has to be at the core of institutional reform. Accordingly, an attempt is made to show how corruption has shaped institutional evolution in Nigeria and then to consider some of the implications of that for institutional reform.

Price: N500.00 | Add to cart

Abstract: The paper argues that distortions are deviations from marginal cost pricing and are measurable depending on the type of distortion and the nature of economic activities. Distortions are permanent features in market/capitalist type economies. An alternative view of distortions is examined with the contention that the implementation of a people- oriented economic framework would reduce or minimize distortions.

Price: N500.00 | Add to cart

Abstract: With a modified import demand framework, this study examines the role of institutions and product differentiation (PD) in the surge in imports into Nigeria from an emerging partner (China). The computed PD index shows that Chinese products imported by Nigeria are highly differentiated, and the degree of differentiation varies across sectors and sub-sectors. Empirical analysis shows that, beyond the traditional factors (income and prices), institutions and PD are major drivers of import surge, which produced both independent and joint effects. Results on the joint effect suggest that through PD, Chinese firms absorb the adverse effects of declining institution quality (such as waning level of compliance with law and order), and exploit the benefit of improved institution quality (such as better democratic accountability-choice freedom) in the importing nation to boost their sales. Some policy lessons were drawn for business and government.

Price: N500.00 | Add to cart

Abstract: This study examines the relationship as well as the contribution of capital inflows to domestic investment in Nigeria. Using annual data spanning the period 1981-2012, the study employs the Johansen and Juselius (1990) cointegration method and vector error correction mechanism (VECM) to test for the existence or otherwise of long-run equilibrium relationships and evaluate the static and dynamic interactions among growth and the various indicators. The normalized cointegrating equation follows theoretical a priori expectations. The coefficients are correctly signed and the standard errors indicate that the variables in the model are statistically significant. The result indicates that the short-run dynamics of the co-integration model is quite robust with VECM term being negative and significant. The VECM coefficient suggests that about 59 per cent of deviation in the long-run equilibrium level of investment is restored in a year. This shows that Nigerian domestic investment is sensitive to changes in the components of capital inflow. The findings of this paper suggest that the country does not have remarkable absorptive capacity for foreign portfolio capital, though particular types of foreign capital such as FDI may be useful. These findings are consistent with most empirical investigation in other jurisdictions. They also have implications for policymakers, investors and stakeholders. For the policymakers, domestic investment plays a crucial role in promoting economic growth, while for the investors it helps to predict profitability or risk-mitigating opportunities. It is expected that the results from the study will serve as a veritable tool for the conduct of monetary policy.

Price: N500.00 | Add to cart

Abstract: The ECOWAS region, over the past decades years, has been battling with poor economic performance and growth experts recently have opined that strengthening institutions as well as good governance are paramount in salvaging such economies. It is against this backdrop that the present study is premised empirically. Results show that making public office holders accountable is a sine-qua-non for increased per capita GDP growth in the region as the channel through which institutions affect growth is investment that is dominated by public investment. Weak institutional framework and poor governance account for the low per capita GDP growth in the region. Consequently, strengthening the region’s institutions and instituting a good governance system will put the region on the path of growth and development.

Price: N500.00 | Add to cart

Abstract: This paper examines the linkage between foreign direct investment, financial depth and economic growth in Nigeria for the period 1970Q1-2011Q4. Essentially, it employs the cointegration approach proposed by Gregory and Hansen (1996) (GH) within a neo-classical growth framework. Consequently, it modifies the Toda and Yomamoto (1995) multivariate causality test to account for structural breaks obtained from the GH approach. It finds evidence of structured breaks in 1991Q1, 1981Q1 and 1981Q3, and 1977Q4, which coincided with deteriorating economic conditions following the negative crude oil price shock of the late 1970s. Nevertheless, the breaks had no significant impact on growth and resulted in a stable model as indicated by the inverse roots of AR characteristic polynomial. Also, our findings lend support to the existence of a long-run relationship between FDI, financial depth and economic growth. However, it finds no evidence of causality running from FDI and financial depth to economic growth and otherwise. Therefore, a policy implication of these findings is the need to deepen the financial system and improve its regulatory framework in order to stimulate more foreign direct investments that will help create jobs and sustain inclusive growth in Nigeria.


Abstract: Neoclassical growth models attribute growth differentials across countries to differences in the level of technology, accumulation of physical and human capital, as well as research and development; while neglecting the role of institutions and states. This study therefore investigates the responsiveness of output to institutional and other variables, and explores the extent of growth drag among crude-oil producing African economies using a simple extended Solow growth framework. The model is estimated using a panel estimation technique with annual data from 1996 to 2011. The results show that what really explains output growth among the selected major oil-producing African economies is the amount of human capital they possess. However, regulatory quality, among the five selected institutional variables, was found to significantly influence output. Besides, growth drag among these economies is huge but decreases with increases in the share of physical capital. The study suggests that the ability of the governments of the selected economies to formulate and implement sound policies and regulations that permit and promote private sector development, within the framework of regulatory quality, is crucial to growth. Also investment in physical capital is very important in order to reduce growth drag among these economies.

Price: N500.00 | Add to cart

Abstract: This paper investigates the determinants of corruption and its impact on economic growth in 39 sub-Saharan African countries. The corruption index was obtained from the Worldwide Governance Indicators (WGI) and the data span the period 1996 to 2011. In a Barro-styled economic growth model, dynamic panel regressions were conducted for both corruption determinants and growth-corruption models. The panel unit root test following Im, Pesaran and Shin W-stats, model reliability tests and the cointegration test were also conducted. Empirical results from the model to find the determinants of corruption suggest that natural
resources (ore, fuel, food and agriculture), rule of law, and secondary school enrolment (level of literacy) are relevant in explaining corruption in SSA. On the other hand, corruption was important in explaining GDP
per capita. Overall, the results suggest that natural resource wealth, irrespective of the type (ores, fuel, or food and agriculture), tends to consolidate and conserve bad political regimes, which undermines appropriate social-cultural changes that in turn breed corruption as a result of institutional weakness, and in the process distorts economic growth dynamics in the long run. To this end, institutional arrangements should be strengthened to engender upward spiralling economic growth equilibria amongst sub-Saharan African countries.

Price: N500.00 | Add to cart

Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract:


Abstract: Prepaid meters are a relatively new innovation adopted by the Power Holding Company of Nigeria as part of its power supply programme for energy saving. It is a mechanism that changes the attitudes of users towards electricity usage. Studies have shown that a prepaid meter reduces electricity consumption. This study investigates the comparative advantage of the prepaid system over the conventional billing method using a survey technique to find out the preference of the households in Nigeria as a whole. Empirical evidence from the study shows that the adoption of the prepaid meter mechanism will reduce the electricity consumption of users. The study suggests the introduction and acceptance of the prepaid meter as a measure for the conservation of
energy.

JEL classification: Q4, Q41, Q55, D1, L68

Price: N500.00 | Add to cart

Abstract: Health care financing policy has a significant impact on the structure and organization of health care delivery. The choice of a particular health
care financing approach has implications for economic incentives to patients and the providers, variations in the extent of access to health
care for particular population groups, and the organization of health care delivery. This paper addresses the concept and various methods of
health financing, as well as the criteria for the choice of different health financing policies. It also analyzes Nigeria’s health expenditure based on two rounds of estimates from the National Health Accounts of Nigeria (NHA), 1995 to 2002 and 2003 to 2005.
While each of the major financing methods: government revenue, social and private insurance, user fees, and community financing has its own strengths and weaknesses, the choice a nation is largely dependent on its history, culture, and current institutions, and on whatever tradeoffs
regarding objectives that nation is willing to make.
The paper analysis health expenditure patterns in Nigeria, using the National Health Accounts, based on estimates from Soyibo (2005) and Soyibo et al. (2009). Total health expenditure, as a percentage of GDP over period 1998 to 2003 ranged between less than 5 per cent and 7.5 per cent, while the households account for the bulk (average of 66%) of financing health care in Nigeria, which is not sustainable. Government, who relies on tax revenue contribute less than 23 per cent of the country’s total health expenditure, while industrial private sector and the donor agencies play a minimal role. To ensure sustainability of the funding of health expenditure in the country, there is a need for a
gradual and progressive shift to risk pooling mechanism, which not only appears more viable and sustainable, but also tend to lighten the burden
on the households. Government in addition should wake up to her stewardship role in funding health care to improve the general welfare of Nigerians.

JEL classification: I18

Price: N500.00 | Add to cart

Abstract: Sourcing finance for quality universal health care remains a major challenge in Nigeria, despite the key role health plays in a nation's economic development. The often dysfunctional state of public sector health facilities and the high degree of consumer dissatisfaction with publicly-financed health care have resulted in the loss of a form of social protection for a large portion of the population, especially rural households and informal sector employees. This paper reviews the
economics of health insurance in Nigeria to determine the key research issues and review the established facts, while identifying the major
challenges for an accurate assessment of the economic impact of health insurance.
Nigeria operates a health insurance system which is a public-private combination. Although still small, the market for private health insurance
coverage is gradually expanding across the country. Due to recent developments in the system and resultant evidence regarding performance, policy goals for the health insurance sector in Nigeria may require reassessment. While the National Health Insurance Scheme (NHIS) has made progress in extending coverage, the issues of a
functioning regulatory framework and effective institutional arrangements require further improvement. Presently, various community-based health financing schemes are available in Nigeria, but the level of social capital in the community will determine the long-term impact. Other research issues include how to optimally use parallel public and private health insurance within the Nigerian context where health systems are weak, and how to design alternative health insurance strategies to improve financial protection and access to care in such settings. This paper highlights a range of empirical questions that need to be answered if the
economics of the current public-private health care combination, health insurance and health financing are to be properly assessed.

JEL classification: I13

Price: N500.00 | Add to cart

Abstract: Inequity in access to healthcare services is a topical issue, especially as there is a global movement towards ensuring that health systems are
equitable and guarantee equal access to all population groups. This paper describes critical issues related to the principles of access and
equity to health care. Based on a review of relevant literature, the economic methodologies guiding assessment of access and equity in
healthcare are critically examined. The paper also presents some key empirical findings in the subject areas. The information provided in the
paper is useful for understanding the key issues in design of health systems that will assure equitable access to health services.

JEL classification: I1

Price: N500.00 | Add to cart

Abstract: Global market conditions and unsustainable fiscal deficits show that Nigeria’s government can no longer sustain a high level of fuel subsidy. These partly informed the policy shift towards the removal of fuel subsidy. This shift generated tension in both the fiscal sector and social
environment due to uncertainties about the economic and welfare cost of the policy. Using a recursive dynamic computable general equilibrium
framework (CGE) consistent with the peculiarities of the Nigerian economy, this paper analyses the potential benefit-loss tradeoffs associated with domestic response to a 60 per cent increase in the
international price of petroleum: the first option is where the increase was not passed on to domestic consumers, implying a corresponding
increase in domestic fuel subsidy; second, is a gradual removal of the fuel subsidy; and finally, a sudden and complete removal of the fuel subsidy. It was found that subsidizing domestic fuel consumption brings about reductions in GDP, government revenue, investment, aggregate
exports and imports, and households income by 4.3 per cent, 2 per cent, 27.2 per cent, 2.7 per cent, 9.6 per cent, and 5 per cent respectively.
However, the negative impacts on the macro economy are less with a gradual reduction of fuel subsidy, and smallest with a one-shot complete removal of fuel subsidy. It was observed that rural poor households are the worst hit in all the case scenarios, and as such any intervention by
government should ensure that any money saved as a result of the policy reform be devoted to activities that would strongly benefit the poor.

JEL classification: H31, E20, E13

Price: N500.00 | Add to cart

Abstract: The role of health in an economy cannot be underestimated and its link to poverty reduction and economic growth has been investigated
comprehensively in the literature using various approaches. These approaches include: (a) micro level studies with emphasis on health inputs, and these studies found that poor health has an economic effect through several channels and that this effect is less evident at a macrolevel;
(b) macro level studies which examined the extent to which differences in health contribute to differences in income by focusing on health outcomes rather than health inputs, and conducting a macroeconomic rather than individual level analysis; (c) cost of illness (COI), disease burden approaches which examined the link between cost of illness, poverty and economic growth; (d) the causality approach which examined the issue of causality between health, poverty and income bearing in mind that the direction of causality goes a long way in determining whether or not policy makers should focus on economic growth first or health. This paper provides a survey of these studies with their associated empirical issues and its implications for the Nigerian
economy.

JEL classification: I1, I3, O1, O4

Price: N500.00 | Add to cart

Abstract: This paper traces the evolution and development of health economics as a research and academic discipline in Nigeria. The emergence of research in health economics as a discipline in Nigeria in the 1980s through the international funding agencies’ activities predates its teaching. The funding was basically channelled to support capacity building in health policy research and training in the country. The subsequent critical mass of trained health economists produced went on
to initiate the teaching of the discipline in Nigerian universities, from which Masters and Ph.D graduates have been produced. The course is
mainly taught at the postgraduate level in the few Nigerian universities offering the discipline. Furthermore, the estimation of the two rounds of
NHAs for the country has been facilitated by the domestic capacity in health economics, with domestic and foreign financial support. The paper
identified two classes of health economics research in Nigeria: the research type, based on university or research institute, and the demand driven research or consultancies. These are anchored by two main axes of university and/or research institute-based health economics research
in Nigeria: Ibadan axis and Enugu axis. As a follow-up to the global and regional associations of health economists, the paper points to the
emergence at national level of the Nigerian Health Economics Association which provides a platform for collaboration among health economists in the country. Despite the progress thus far, a number of challenges confront the research landscape of health economics in Nigeria, which include poor data availability, and reluctance to release
data, as well as limited number of trained health economists. There is therefore the need for the political will to fully implement the health
management information system project, enforce the Freedom of Information Act; and the provision of funds needed to support postdoctoral research in health economics.

JEL classification: I18

Price: N500.00 | Add to cart

Abstract: The Nigerian Economic Society (NES) added the Special Panels on the Teaching of Economics to its annual conference at the 44 edition th which held in Port Harcourt in 2001. The Executive Council of NES introduced the Special panels on teaching of economics as a platform for (i) substantially improving the quality of economics education, economics research and policy analysis in Nigerian
universities and (ii) closing the skills gap in the job market. Through the panels, the Nigerian Economic Society provides its members with a platform to discuss a broad range of issues on teaching, research, academic publishing and policy
analysis as well as an interface between Faculty and employers. While the special panels have become a major part of the annual conferences, very few of the presentations have been published.

Price: N0.00 | Add to cart

Abstract: Reading Nasar’s Grand Pursuit: The Story of Economic Genius reminds me of a
dialogue I had with a Nigerian medical student when I arrived in Poland in the
early 1970s to study economics. He told me that I made a wrong choice by
coming to Poland to study economics, because ‘you cannot do anything
meaningful with economics and economists always argue among themselves.’ I disagreed and reminded him of the Polish proverb: Dla chacego nie ma nic
trudnego, which literally means, ‘for those who want, there is nothing difficult,’ or ‘where there is a will, there is always a way.’ After almost 40 years, I have proved the medical student wrong because of my will to succeed in life as an economist.

Price: N500.00 | Add to cart

Abstract: Sexism seems to persist in Nigeria and is a perceived barrier to the advancement of women as a result of discriminatory practices in hiring
decisions. Such discrimination is informed by the gender belief system that ascribes men greater power and status. This study explored the effects of hostile and benevolent sexism on evaluation and hiring decisions of male and female candidates applying for a high status or low status job. The participants (N=300) were asked to respond to Glick and Fiske’s (1996) Ambivalent Sexism Inventory, following which they were randomly assigned to assess self profiles of agentic, communal or androgenous male and female applicants. The study was a quasi experiment, using scenarios. The results showed that hostile sexists were more conservative in evaluating women for the high status job than benevolent sexists. Male participants who scored high on hostile sexism perceived male applicants to be more suitable for high status jobs (Ms=3.09 and 2.14) t(72)=4.24, p<.001. The results further showed
that female participants who scored high on hostile sexism also perceived male applicants to be more suitable for high profile jobs than female
applicants (Ms=3.30 and 2.113) t(74)=6.52, p<.001. The results suggested that, despite global measures for gender equality, sexism is still an issue in the workplace for women, who are perceived as violating the prescriptions of traditional gender stereotypes by aspiring to high
status jobs.

JEL classification: J71

Price: N500.00 | Add to cart

Abstract: The problem of youth unemployment and poverty is global. Since the ‘Arab Spring’, many initiatives at global, regional and national levels have been taken to deal with the problem of youth unemployment. Yet, it has persisted. This paper demonstrated why Nigeria must accelerate youth employment creation beyond its current efforts, and that despite that the country had many plans, policies and proposals to accelerate youth employment creation, these were largely unimplemented. The paper outlined a framework of policies and programme actions that need to be undertaken to accelerate youth employment creation in Nigeria, and offered suggestions on how to improve the effectiveness of implementation.

JEL classification: E61, J24

Price: N500.00 | Add to cart

Abstract: Unemployment and poverty are major indicators of underdevelopment. In spite of the enormous material and potential human resources in Nigeria, the country has over the years been plagued by the two problems. Many researchers hold that the employment status and nature of employment of the household head have significant impact on household poverty incidence. This study employs the binary logistic regression technique in analysing the impact of the employment status
and nature of employment of the household head on household poverty incidence based on available Nigerian data. Various occupational groups and occupational status of household head are added to major correlates of poverty such as household size, age of household head, sex of household head, region and sector of residence, access to regular remittances, access to credit, ownership of housing unit and educational level of household head to form the regressors, while the poverty status of the household is the regressand.
The results of the study show, among other things, that the employment status and nature of employment of the household head in general have significant impact on household poverty incidence.
Arresting poverty through adequate employment generation is a major way to obliterate underdevelopment. Thus government should focus on
employment generation to pave the way for rapid and sustainable development in the country.

JEL classification: D10, E24, I32, J60, R20


Abstract: The scourge of soaring youth unemployment is global, afflicting not only the developing countries of sub-Saharan Africa (SSA) but also the
advanced countries of Europe and North America. Africa’s population explosion has inevitably resulted in a labour force explosion. It is
estimated that 10 million youth are pushed into the labour market each year but only a small percentage of them can obtain meaningful employment. Consequently, in spite of some progress in reducing poverty in sub-Saharan Africa, 71 percent of the youth in SSA live on less than $2 per day. Some African countries, such as Nigeria, report high real GDP growth but low job creation partly due to highly capital- intensive production techniques. Unemployment has remained one of the most stubborn problems facing macroeconomic policy makers in Nigeria since
independence. Today the problem of youth unemployment has become acute, jumping to 37.7 percent in 2011. This paper addresses the
question of why unemployment has been rising, refusing to respond to the ministrations of policy makers and the massive injection of public
investment funds. In particular, econometric techniques are brought to bear on the issue of the impact of public investment spending on
employment and on poverty reduction in Nigeria. The latter is done by estimating the impact of aggregate investment and public sector investment on per capita income growth and hence on poverty reduction. The paper ends with recommendations including one that future public investment projects and programmes should be designed so that they effectively generate employment and reduce poverty.

JEL classification: J64, I32, C01

Price: N500.00 | Add to cart

Abstract: Youth unemployment and underemployment are global problems. The rising world-wide unemployment has hit young persons hard, especially young women. Those who can find work often face long working hours, short term informal contracts, low pay and little or no social protection such as security or other benefits. The paper examines the state of
joblessness, underemployment and poverty among young persons in Nigeria from a gender perspective. It provides a brief profile of young
persons in Nigeria and undertakes a gender analysis of the experiences of young people in the Nigerian labour market. The analysis confirms the
findings of gender studies that young women face additional disadvantages in the labour market, have lower labour force participation rates and they find it more difficult to find and to keep jobs. They are concentrated in the low-status and low-paying sectors of the labour market. The paper argues therefore, that young women should be
treated as a disadvantaged group in any scheme designed to assist the youth. Further, that it is important that the gender dimension is incorporated into all job creation and poverty reduction programmes.

JEL classification: E24; J16, J71

Price: N500.00 | Add to cart

Abstract: Keynes was right when he concluded in The General Theory of Employment, Interest and Money that the outstanding fault of society is its failure to provide full employment and equitable distribution of wealth and income. While the global financial crisis and its associated problems of unemployment and inequalities have drawn renewed attention to
Keynes, the problem of jobless young and poor in Nigeria predates the global financial crisis and needs better understanding of its nature, pattern, causes and possible remedies. This is important because the problem has economic, social, health, political and security implications. This paper used conceptual, empirical and systems analyses to identify the jobless young and poor, their geopolitical locations, gender structure, duration of unemployment and causes of joblessness and poverty, as well as the options for addressing the problems. The data indicated that (1) the jobless young and poor spread across Nigeria but with greater concentration in the Northeast and Northwest, which also had the highest poverty rates; (2) the disadvantages linked to the problem of the jobless young and poor are multi-dimensional (age, education, class and gender) and systemic; and (3) the causes include demographic factors, external shocks, the employment elasticity of economic growth, poverty, geopolitical economy and gender structures. The paper framed the evaluation of remedies in terms of a choice between policy reform and transformation of thinking, values, relations and systems. It concluded that transformative thinking and values are fundamental to resolving the problem of the jobless young and poor.

JEL classification: E12; E24; E31

Price: N500.00 | Add to cart

Abstract: The unresolved debates on the precise link between health, employment and income stimulated the interest of this paper to examine the simultaneous and specificity effect of labour participation rate and income on health outcomes in sub-Saharan Africa (SSA), while controlling for the effect of population growth and the working age dependency rate. This paper examines how the simultaneous and specific effect of labour participation rate and income on health outcomes in sub-Saharan Africa (SSA) stems from the unresolved debates on the precise link between health, employment and income. Utilizing panel data for 16 SSA countries cutting across Central, Eastern, Southern and West Africa between 1980 and 2010, the findings indicate that excessive labour participation by women leads to more incidences of death during pregnancy and child-birth; higher per capita income reduces the incidence of maternal mortality rate and prevalence of under-five mortality rate; increase in per capita income enhances overall health status, while labour participation deteriorates health status. It is suggested that government should create better welfare packages that will enhance per capita income; legislate maximum working hours required of female workers; and increase public health investment.

Price: N100.00 | Add to cart

Abstract: The main objective of this study is to investigate the role the level of development of some infrastructure has played in promoting job creation and economic growth, employing the ordinary least square methodology. The study used data covering the period of 1981 to 2010 for the Nigerian economy and found that various forms of transportation matter for unemployment at different degrees and with different effects. Pipe line, water and air transport activities reduced unemployment with only water transport activity being significant. Surprisingly, road transport which is the most developed and broad was found to have fueled unemployment significantly in the economy. We found transport and electricity outputs to have significant effects on aggregate economic activities in the Nigerian economy with air transport and electricity having positive effects while road and water transport had negative and significant effects. Communication and capacity utilization had negative and positive, as well as insignificant effects on aggregate economic activities respectively. It was found that the non-oil production activities (represented by manufacturing output) not generating employment as expected. This brings to bear the need for the government and other stakeholders in the economy to channel more resources into the development of economic infrastructure particularly power generation and transportation, and reposition the non-oil sector to create jobs and wealth for the teaming unemployed youth in the country. The adequacy and efficiency of economic infrastructure have implications for industrial output growth and, by implication, job creation and poverty reduction.

Price: N100.00 | Add to cart

Abstract: This study examines empirically via two channels the impact of real exchange rate on sectoral employment in Nigeria between 1970 and 2010. The study focuses on three main sectors of the economy – agriculture, manufacturing and services. The results of the empirical analysis indicate that among the three sectors, the manufacturing sector feels the greatest effect of real exchange rate adjustments. Specifically, the results show that the rate of adjustment of manufacturing sector employment to changes in real exchange rate is faster than those of the agricultural and services sectors. The findings of the study have important implications for employment generation in Nigeria thereby suggesting the need for proper management of the naira exchange rate, and the need for a well developed manufacturing sector.

Price: N100.00 | Add to cart

Abstract: With a minimum wage increase in Nigeria recently, the unemployment rate has increased from 19.7 percent in 2009 to 21.1 percent in 2010. The efforts of the government to upgrade the skills, confidence and experience of the unemployed appear to have yielded little success. Many youths still find it difficult to secure jobs or earn the minimum wage. This paper argues that the key issues in minimum wage policy is the assumption that both private and public labour markets in Nigeria can adjust seamlessly to increases in minimum wages without quantity adjustments. Using a survey data which purposively targeted graduates from two states in the North West which has some of the highest levels of unemployment, that is Kaduna and Kano, this paper investigated unemployment rates among various demographic groups, at state levels to assess the possible existence of discouraged worker effect and unemployment and underemployment linked to minimum wage legislation. The result shows that many youths are either unemployed or underemployed. They earn below the minimum wage. Some are discouraged from searching for jobs, and other highly skilled individuals have resorted to low skilled jobs for survival. The increase in unemployment and underemployment are indications of a significant output gap and the potential source of social conflicts and crisis. The paper recommends that for the minimum wage policy to be effective, the federal government must plan for expansions of economic opportunities through major infrastructural development programmes.

Price: N100.00 | Add to cart

Abstract: The majority of Nigerians live in poverty. Many do not have sufficient income to guarantee good food, water, shelter, medical care and schooling. Given the nation’s rich endowment of natural resources, its poverty profile presents a picture of a rich nation in decline Unemployment is another major economic problem confronting both developed and developing countries of the world. In Nigeria, the rate of unemployment is high and this has taken increasing turn in the form of youth unemployment. Indeed, Nigeria presents a paradox. The country is rich but the people are poor. The
per capita income today is around the same level that it was in 1970. This study therefore, intends to determine the nature of the relationship between poverty and unemployment over the period 1977 – 2010 in Nigeria, and to ascertain the causal link (if any) between poverty and unemployment. In achieving this, the co-integration, error correction modeling and causality test were employed. The study discovered that each and all of the explanatory variables
significantly affect poverty and that a long run relationship exists among the variables of the model that, unemployment has a positive influence on poverty while government investment on infrastructures and human investment has a negative influence on poverty. Furthermore, there is no causal link between poverty and unemployment. The study recommended that government should intensify the provision of infrastructures and make appropriate polices which will create a conducive environment needed for
investment to thrive. The government should also provide good education, training and the acquisition of skills required in this modern age as this will generate employment opportunities, increase income, promote higher standards of living and reduce poverty.

Price: N100.00 | Add to cart

Abstract: The ability of the formal sector (public and organized private sectors) in Nigeria to generate employment and provide means of livelihood has been truncated by the economic crisis that dates back to the 1980s. The informal sector therefore, serves as alternative means of survival and provides jobs to the teeming unemployed population in the country. This paper therefore, examines: job creation; income earning capacity, and poverty reduction in the informal sector. A total of 100 structured questionnaires were distributed to informal sector operators in Ilorin metropolis, and data was analyzed using descriptive statistics and regression analysis. A multi-dimensional
poverty index was computed using three dimensions and seven indicators. The results show that informal sector activities are an important source of employment and income. The operators employ between one minimum and fourteen people maximum, while the mean apprentice per operator was estimated at three. Most of the informal sector operators earn an average income of x8,468.42 per day. The study finds further, that the level of multi-dimensional poverty reduces with increase in daily savings and as operation becomes full time. The characteristics of multi-dimensional poverty is not different across different types of business in the informal sector. The paper therefore recommends that informal operators should be given more support so that they can operate on full time basis and be able to save more in order to combat unemployment and poverty through the informal sector.

Price: N100.00 | Add to cart

Abstract: Labour theory classifies unemployment by its causes. One of them is that unemployment could be frictional. The search theory of unemployment is applied to analyze frictional unemployment
resulting from “job hunting”. Job hunting is the act of looking for employment due to unemployment or discontent with a current position. The search theory gives an insight into what makes for an
optimal decision on how much time and effort to spend searching. This study investigates the job seeking behaviour of unemployed graduates in Makurdi metropolis, Benue State, thereby contributing to theoretical interpretation. The questions addressed by the study are: What is the nature of job seeking behaviour of unemployed graduates in Benue state? Is there any correlation
between the job seeking behaviour of unemployed graduates and the courses studied? And, is there any correlation between the job seeking behaviour of unemployed graduates and the classes of degrees earned? The study adopts a survey, uses descriptive tools, a correlation analysis as well as the logit regression to help shed light on the nature of this behaviour among the graduates while
investigating the determinants of job search. The results of the study show that getting a degree is more relevant than the class of degree earned in terms of finding employment. Also, employing
more search methods reduces the probability of being unemployed. Further discussions lead us to recommend that policy makers should proceed with caution in applying the search theory in our
environment.

Price: N100.00 | Add to cart

Abstract: Gender is one of four cross-cutting or mainstreaming areas, along with education, human resources development, environment and poverty that are critical for development planning. Given that a key objective of macroeconomic policy is to promote economic growth, it is necessary to
integrate all the important factors that inhibit or promote growth into macroeconomic analysis. This paper highlight why it is important to
integrate gender dimensions into economic analysis, and examines previous efforts to integrate gender into economic analysis. The paper reviews the conceptual issues, previous efforts to integrate gender into economic analysis. The paper reviews the conceptual issues, previous efforts to integrate gender into economic analysis and their findings and offers a guide on how gender could be integrated in ways that make economics accessible to a wider audience.

Price: N100.00 | Add to cart

Abstract: Most of the time, social scientists talk to people they know will largely agree with
them. Rarely do they try talking to others who start from very different
assumptions, or who use fundamentally different methods. This reassures social
scientists they are on the right track, and it avoids too many daily squabbles.
This is particularly the case when it comes to economists and sociologists. The former are good at simplifying and modelling complex issues, even if the end result appears somewhat distant from the world we live in. The latter are good at making complex issues even more complex, by describing the context and the conditions that give rise to them – again the relevance may not be obvious to outsiders to the discipline. (Miller, 2008: 16)

Price: N100.00 | Add to cart

Abstract: This paper argues that regional economic integration remains an essential part of Africa’s development strategy. The need for regional
integration in Africa is rooted in the Continent’s geography, geology, demography, history, and economy. The current modest achievements with regional integration can be further built upon and accelerated with a developmental approach emphasizing regional public goods, regional
infrastructure development, regional policy harmonization, market enlargement, and private sector engagement. Given their size, scale, and
scope, the SANE—South Africa, Algeria, Nigeria, and Egypt—have the potentials to serve as the Continent’s growth poles for unlocking Africa’s
potential for economic integration and prosperity.

Price: N100.00 | Add to cart

Abstract: The paper reviews developments in the Nigeria’s economic from 1960 to 2008 and observed that the precipitous de-industrialization of the economy which started with the oil crisis of the early 1980s was in fact sustained and accelerated by the SAP policies. This accounted for the high rate of unemployment, poverty and inequality that caused the nation to be tagged a rich country with poor people as she was no able to leverage on her abundant human and natural resources to achieve economic transformation.
With the aid of case studies, the paper identified lack of a proper institutional framework for adequate cooperation, collaboration and partnership between government and the private sector as a major cause of the failure and recommend the establishment of institutions to carry out industrial extension services at both the federal and state levels to facilitate private sector development for sustainable, pro poor growth and economic development.

Price: N100.00 | Add to cart

Abstract: Developing countries can be said to be at disadvantage in the contemporary global trade and financial architecture. Therefore, this paper offers a discussion on rethinking this architecture so as to enable these countries benefit fully from the world trading and financial systems. It is argued that the current world trading system that emphasizes openness to trade is based on the primary concern of developed countries regardless of differences in the level of development and capacity of the low-income countries. Also, the international financial system’s recommendations and stringent “conditionality” are accompanied by huge costs. However, the current global financial crisis now offers some developing countries a rare window of opportunity to reconstruct these economic institutions in ways which more closely reflect their own interests. This paper identifies and discusses likely areas of reconstruction that developing countries can use to address market distortions, relieve supply-side constraints and pursue social and equity objectives. Others include rethinking the practice of investing their reserves in developed countries’ assets, the use of a national currency as the de facto international unit of payments and the need for structural changes in the international financial institutions with a view to giving developing countries larger say in their management. In order to seize this opportunity, developing countries will need to develop their capacity for the analysis, articulation and negotiation of their interests.

Price: N100.00 | Add to cart

Abstract: The current global financial crisis has its roots in the subprime mortgage crisis which started in 2007 in the US mortgage sector and subsequently spread to virtually all financial institutions worldwide. The crisis is the worst since the financial crisis of the 1930s and there are fears that it could cause an economic recession on the scale of the Depression of the 1930s if measures are not put in place to save the banking system from total collapse. Initially, it was felt that developing countries would not be affected by the crisis. But this view has since changed, as more African countries are being affected by it. This paper analyses the implications and policy issues of the global financial crisis on the Nigerian economy. It identifies the transmission channels through which the crisis has affected the Nigerian economy, such as capital flows, trade and financial markets channels. Thereafter, it highlights the effects and implications of the crisis for the Nigerian economy and then suggests policy issues and lessons for Nigeria.

Price: N100.00 | Add to cart

Abstract: The global economy witnessed food and fuel price shocks in 2007. These were followed by financial shocks in September/October 2008, triggered by the collapse in the mortgage lending market in USA. Due to the interconnectedness of financial systems of advanced countries, this soon spread to Europe and some emerging countries. Nigeria, being a frontier market, despite its limited integration with global financial markets, suffered some of the effects associated with the global financial crisis. This is reflected in low and declining growth rate, declining capital inflows and export earnings, exchange rate depreciation, collapse of stock prices, and manifestation of structural weaknesses in the economy, particularly its banking and financial system and overdependence on the oil sector. In response, government implemented fiscal and monetary stimulus packages as well as capital and banking sector reforms. Some of these are beginning to have positive effects, particularly on the stock market, where stock prices are recording some improvement. It is early yet to assess the impact on other key economic indicators.

Price: N100.00 | Add to cart

Abstract: Ranging beyond its subtitle this paper also covers the causes of the global crisis. While the proximate cause is traced to the subprime mortgage debacle in the USA, the remote causes range from excessively loose monetary policies in the USA and Europe through inadequate regulation of financial markets to global macroeconomic imbalances. The global impacts identified include a decline in economic growth, increasing vulnerability of the banking sector and financial markets, decline of equity markets, reduction in all categories of capital flows,
collapse of commodity prices, contraction of trade and rising unemployment. Being global the crisis is being responded to globally although national and regional responses are afoot. Three key issues are germane to the global response:
• Should the world economy be regulated or left to return to a self-correcting system?
• If it should be regulated, what weights of regulatory authority should rest with national and international institutions?
• Shouldn't Africa and other developing regions be treated as an integral part of the world economic system and empowered by the capital-rich countries to boost their economic growth which, in turn, will augur well for the economies of the North.

Price: N100.00 | Add to cart

Abstract: Against the backdrop of several development challenges and policy goals, various development strategies and policies have been formulated and implemented in Nigeria since the return to democratic governance in 1999. In the light of this, this paper reviews the economic management experiences in the country from the commencement of the present democratic dispensation till towards the end of the twentieth century. Key
economic management strategies and initiatives are reviewed along with their outcomes for the economy. The review finds that against the backdrop of the poor macroeconomic performance of the economy in the 1980s and 1990s, with average GDP growth rates of 1.95 and 2.87 per cent respectively, the Nigerian economy achieved marked improvement in GDP growth and some other macroeconomic variables in the 2000s, thus suggesting a positive impact of the various economic management strategies and policies. But per capita income is still low, and the realized growth rates are very much below the economy's potential and the expected double digit growth that would make a significant dent on poverty. The structure of output is still dominated by primary production while social indicators and infrastructure are not inspiring. Based on the trends observed, Nigeria would not achieve most of the MDGs by 2015.

Price: N100.00 | Add to cart

Abstract: This paper deals with the part that economics and economists have played in the current global financial crisis and the implications of the crisis for the future of the subject. It examines the practices in the financial markets that triggered the crisis, including subprime lending, securitization and transactions in derivatives, the role of the market system of economic organization in the behaviour of the financial markets, and the need to rethink economics as the world searches for solution to the crisis. It draws attention to some important aspects of
economics that need to be re-examined, which include the teaching of the ideas that define the subject, the content and delivery of economics programmes in institutions, research agenda and methods, and the basic definition of the subject.

Price: N100.00 | Add to cart

Abstract: This paper investigates monetary policy transparency at the Central Bank of Nigeria (CBN) using the index of Central Bank transparency developed by Eijiffinger and Geraats (2006) and used by Malik and Din (2008) in their measurement of the monetary policy transparency of the State Bank of Pakistan. The results show strong performance in political transparency linked to recent institutional changes such as prompt announcement and clarity about the operational targets of policy and, about the future directions of policy. However, overall performance is weakened by performance in economic transparency linked to lack of timeliness in the dissemination of economic data relevant for monetary policy analysis and the non disclosure of the formal macroeconomic model (s) used for policy analysis. The paper thus, recommends time lines in the dissemination of a comprehensive set of economic data relevant to effective monetary policy and, the publication of economic models deployed by the Central Bank.

Price: N100.00 | Add to cart

Abstract: The aim of this quantitative research was to gather the perceptions of SME owners on assessing funds in the Gauteng area. While SMEs can be linked to substantial job creation, small enterprises are much more likely to fail within the first five years of start up, eliminating jobs from the economy as observed by Khoza (2004) and Van Scheers and Wiid (2010). Acquisition of funds has always been a major challenge for SMEs. There are several reasons for the failure of small enterprises to develop and grow, one of them being financial constraints. This study exposes and evaluates the financial challenges that small enterprises face, as well as whether SME owners are aware of alternative funding institutions. The research established that recommendations to small business developers from government agencies include more financial knowledge and training, better communication and a suggestion that there should be one particular organization to help small business developers to meet these demands. Small business developers are also encouraged to have a good business plan, to do research in terms of the viability of the product to be promoted and follow correct procedures when applying for financial assistance.

Price: N100.00 | Add to cart

Abstract: Fear of ethnic domination has shaped Nigeria’s political history. It gave birth to and has sustained the federal system of government, which provides for a measure of self-rule for ethno-regional groups in the constituent states of the Nigerian federation. It has remained a factor in the access to the highest executive office. Elite based perspectives on the fear of ethnic domination, which has denied the Igbo access to presidential office, focused the posturing and utterances of Igbo elites and mentioned the Igbo ethnic mass only as choristers of hate speech and not as creators of messages of fear of ethnic political domination. Conversely, economic creativity based perspectives present the fear of ethnic domination as the result of sheer envy of other Nigerian ethnic groups of the entrepreneurship of the Igbo. This article advances a perspective based on stereotypes from Igbo marketplace culture, arguing that the experiences of people of other ethnic groups in this culture could be a veritable source of fear of the emergence of an Igbo-speaking president of Nigeria in the near future. The basis of the conclusion is the proven effect of stereotypes on political choices.

Price: N100.00 | Add to cart

Abstract: Substance use is a serious problem in tertiary institutions in South Africa. Students use substances for many reasons: dealing with depression, celebrating social events, imitating role models and getting relief from loneliness and/or self-doubt, among others. Substance use has a lot of negative effects including injury, assault, rape, poor academic performance and even death. It becomes problematic when students are distracted from their studies as a result of substance abuse. South Africa does not have reliable data concerning substance use except cross-section research studies and information on police arrest seizures. In a survey conducted at the University of Venda (Univen) concerning substance use on campus, 209 randomly selected students were interviewed and the results show that 63 per cent use alcohol and 35 per cent use drugs, 49 per cent of which abuse the drugs. Chi-square tests showed the following variables as correlates of substance use: sex, religion, family’s monthly income, staying on campus, age and peer pressure, while logistic regression analysis reduced the variables to three: peer pressure, religion and staying on campus for alcohol; peer pressure, family’s monthly income and religion for drugs. The study recommended that students be wary of the type of friends they keep because while some students are academically conscientious, others are distracted and not committed to their studies, thus destroying their families’ hopes and expectations. Given that the study found that the religious students were less prone to abusing substances, the study recommends that School authorities encourage students to be religious.

Price: N100.00 | Add to cart

Abstract: This study investigated the sources of inflation persistence in SSA countries, using a simple model of accommodating monetary policy framework. The model was estimated using a dynamic panel estimation technique with annual data covering 1985 to 2010. The results showed that the current level of inflation is significantly affected by its past level,
suggesting evidence of inflation persistence. Real interest rate, nominal exchange rate and imported inflation (measured by US inflation) were also found to be important factors influencing inflation. But real GDP, deficit to GDP ratio and money supply had little effect on inflation. Based on the findings, the need for monetary authorities to design policies that accommodate inflation was suggested.

Price: N100.00 | Add to cart

Abstract: The Splash Theory of Wealth Distribution and Creation, presented in a book of six chapters, is a very valuable addition to the body of literature on employment promotion in general, especially in Africa. The book also presents a lucid and rich review of recent literature on development and wealth creation and distribution, to which the Splash Theory can be applied to accelerate the pace of development in African countries, and Nigeria in particular.

Price: N100.00 | Add to cart

Abstract: The agricultural potential of any region depends on both the climatic factors and level of infrastructural development of the area. In Southeastern Nigeria, rainfed agricultural production will experience high risks of crop failure under the present changing climate, especially where some measure of stability to availability of water is threatened. Since water serves as a catalyst for agricultural development and, therefore, ensures food security, there is need to understand the seasonal distribution of water among the hydrologic components of a region and water consumptive use of crops. Thus this study examined the water budget of the Aboine basin and its implications for agricultural development. Maize, rice and tomatoes, which served as major sources of food and income for the teeming population, were selected as crops for the study. The results showed that the study area was undergoing water stress; that even during the rainy season, supplementary irrigation was needed in the area for sustained and improved crop yield. The results provided farmers with guidelines on period and quantity of water required for supplementary irrigation on monthly and seasonal basis to prevent the wilting of plants before the application of needed water. The study recommended more research on rainfall variability prediction and adaptation mechanism in the study area as well as introduction of early warning systems that aid timely remedial measures and training of farmers in water conservation practices.


Abstract: This study examined the perceived challenges to the adoption of urban renewal as a strategy for improving housing quality in indigenous African cities, using Akure, Nigeria as a case study. Both primary and secondary data were used for the study. Relevant secondary data were obtained from previous publications and research. Primary data were obtained through pre-tested questionnaire randomly administered to 236 households selected from 7,850 buildings in Akure. Descriptive statistics were used to analyse the data collected. The results showed that 65.5 per cent of the respondents accepted urban renewal as a strategy for improving housing quality in the study area. With regard to the preferred urban renewal strategy, more than two-thirds (68.1%) preferred upgrading, 20.4 per cent favoured rehabilitation, and 11.5 per cent favoured total clearance. The respondents identified eight main challenges to the strategy of upgrading housing in Akure with economic stress, psychological trauma and security as the top three challenges.

Price: N100.00 | Add to cart

Abstract: A common narrative on Africa’s development process is that specific country policies of income growth and redistribution are necessary for poverty reduction. This study investigated the relative contribution of economic growth and redistribution on poverty changes over time in Nigeria. The study made use of the national household survey data sets collected by the National Bureau of Statistics. Three poverty indices (FGT) and the Shapley decomposition methodologies were applied. For
robustness, complementary analyses, such as the stochastic dominance test and growth incidence analysis were applied. The results revealed a higher poverty incidence in 1996 than in 2004. It was robust across various levels of poverty lines for the whole country and across sectors. The gains from growth and redistribution for the country were respectively 16% and 5%. Although poverty reduced, the incidence level for the whole country, rural and urban sectors were respectively 60%, 65% and 50%. A deeper reduction in poverty depended on how effectively and efficiently markets and the distributional systems were working. The analysis suggested better targeting services for the poor.

Price: N100.00 | Add to cart

Abstract: The paper investigates two questions as a means to a better understanding of the informal sector in Nigeria and more successful development trategies. The first question was: how should the Nigerian
informal sector be conceptualized and analysed, given that informal economic agents are gender-constructed, geo-ethnic and religiously heterogeneous and have incomplete information? The second was: how do informal economic agents perceive and respond to government policies? The paper observed that when informal economic agents are gender-constructed and their geo-ethnic and religious circumstances are non-homogeneous: the knowledge problem is non-uniform; rationality is
to be established, not assumed; relations are asymmetrical; choice situations are strategic; and behaviour of agents is better understood by
observation than by abstract analysis. Given incomplete knowledge for analysis, the tentative view deduced from empirical literature and some
preliminary analyses of a network of interrelations is that perception and response of informal agents to government policies are non-uniform and may depend on geo-ethno-religious factors, while the information set may be spatially non-uniform and relationally asymmetric. Therefore, the paper argued for an experimental research approach as a means of relaxing the knowledge problems identified in the paper.

Price: N100.00 | Add to cart

Abstract:

Price: N50.00 | Add to cart
 

 

 

Login

Forget password? | Signup for Free!
Note: You must signup your email and create a password before you can register as an NES member
 

Latest News

60th Annual Conference of the Nigerian Economic Society: Call for Abstracts

The Executive Council of NES has the pleasure to announce 60th Annual Conference with the theme "ECO...read more


Winners of The Nigerian Economic Society PhD Thesis Prize Award in Economics for 2018

The Executive Council of the NES is pleased to announce the Winners of The Nigerian Economic Society...read more


Communique of the 59th Annual Conference of the Nigerian Economic Society, held at the NICON Luxury Hotel, Abuja from September 25-27, 2018

Theme: Optimizing Value Chain in the Agricultural Sector in Nigeria The Nigerian Economic Society i...read more


2018 Nigerian Economic Society Annual Public Lecture Announcement

The Executive Council of NES has the pleasure to announce it's 2018 Annual Public Lecture with the t...read more


E-Mail Subscription

VoguePayVisaMasterCard