- Nigeria
Nigerian government over the years had reliably set out on different macroeconomic policy options in order to straight the economy on the way of growth and development. One of the policy options the government frequently utilized is the... more
Nigerian government over the years had reliably set out on different macroeconomic policy options in order to straight the economy on the way of growth and development. One of the policy options the government frequently utilized is the fiscal policy. Fiscal policy alludes to a deliberate effort by the government to operate its expenditure, taxes and public debts to complete macroeconomic goals of the governments among which are economic growth. Several factors have militated against the development and growth of the economy which include high rate of unemployment, inflation, poor infrastructures and a host of other issues which required the regular government mediation in the management of the economy through its fiscal policies. Fiscal policy is indisputably one of the profoundly admired policies utilized by the government to monitor and accomplish 'macroeconomic stability of the economy of most developing nations (Siyan and Debayo, 2005)
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This study examined the determinants of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) volatility in Nigeria. The study used annual data covering the periods 1986 to 2016 and the EGARCH approach was employed. The... more
This study examined the determinants of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) volatility in Nigeria. The study used annual data covering the periods 1986 to 2016 and the EGARCH approach was employed. The study observed that trade openness and world GDP were the significant determinants of FDI volatility, while domestic interest rate and stock market capitalization were significant determinants of FPI volatility in Nigeria. Other variables were insignificant in influencing volatility in FDI and FPI. Consequently, the study recommends the need for the prudent management of these determinants (with particular reference to indigenous variables) to ensure reduced volatilities in these capital flows which are essential for the growth of the domestic economy, particularly at this time when the Nigerian economy is in great need of foreign investment owing to the continuous variation in international crude oil price.
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The test for correlation matrix shows a positive correlation between budget deficit and private savings. Also, the regression result shows a positive relationship between budget deficit and private savings in the economy of Nigeria which... more
The test for correlation matrix shows a positive correlation between budget deficit and private savings. Also, the regression result shows a positive relationship between budget deficit and private savings in the economy of Nigeria which follows the Ricardian equivalences that increase in budget deficit leads to a rise in private savings which is against the Keynesian and Neo-classical view which supports the point that increase in budget deficit will increase aggregate demand and offset private savings. The study recommends that the mindset of people should be change so that the citizens will see budget deficit as injection to the economy and not as a future burden to them through fiscal discipline
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The paper investigates fiscal policy and macroeconomic shocks in Nigeria. It was motivated by the non - existence of consensus on the nature and levels of interactions between fiscal policy variables and macroeconomic variables. The study... more
The paper investigates fiscal policy and macroeconomic shocks in Nigeria. It was motivated by the non - existence of consensus on the nature and levels of interactions between fiscal policy variables and macroeconomic variables. The study utilizes quarterly data from 1980 Q1 to 2015 Q4 which are analyzed using Structural Vector Auto - Regression (SVAR) to examine the responses of fiscal policy to some macroeconomic shocks and vice versa. The results indicate that exchange rate is the major macroeconomic medium through which external shocks influence fiscal policy variables in Nigeria. The level of interaction between fiscal policy variables and exchange rate, among other macroeconomic variables in the model, appears to be the most significant. Also, among all other macroeconomic variables the contributions of the exchange rate to the behavior of Nigeria’s economic growth is the highest. All these are pointers to the significant role played by exchange rate in transmission of macro...
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The study examined the nature and structure of alternative supply of electricity in Nigeria. It has been observed that all the efforts of the Nigerian government to improve electricity supply and promote access to electricity have been... more
The study examined the nature and structure of alternative supply of electricity in Nigeria. It has been observed that all the efforts of the Nigerian government to improve electricity supply and promote access to electricity have been proving abortive and households at various levels are confronted with the challenge of searching for alternative supply of electricity. Also, state government and some private organizations are interested in solving this challenge, but they lack appropriate empirically grounded information on the choice of alternative source of electricity. The study, which is a pure exploratory one, used primary data through well-structured questionnaire from a sample of 4,758 households across 16 local governments in Ekiti State of Nigeria. Applying descriptive statistics, the strengths and weaknesses of various alternative sources of electricity supply among households were analyzed. The results indicate that rechargeable appliances, electricity generating set, inv...
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Research Interests: Business and Electricity
The study analyzed the impact of monetary policy shocks on economic growth in 12 countries of the Economic Community of West African States (ECOWAS), using quarterly data from 1980(1) to 2017(4). We employed a Panel Structural Vector... more
The study analyzed the impact of monetary policy shocks on economic growth in 12 countries of the Economic Community of West African States (ECOWAS), using quarterly data from 1980(1) to 2017(4). We employed a Panel Structural Vector Autoregressive (Panel SVAR) for the modeling of monetary policy transmission shock in the segregated sub-regions of WAMZ and WAEMU. The key results suggest that fluctuations of the monetary policy do not have significant effects on the economic growth but significantly impact the general price level. Moreover, the study finds that the exchange rate is persistently a vital mechanism that significantly influences the variables of the real economy. Our estimates further suggest that there is idiosyncratic evidence found in the results, which is the anomaly of the Price puzzle.
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The study investigated the impact of financial market development on the Nigerian economy. Based on growth theory and other empirical findings a model expressing gross domestic product GDP as a function of exchange rate (Exr), money... more
The study investigated the impact of financial market development on the Nigerian economy. Based on growth theory and other empirical findings a model expressing gross domestic product GDP as a function of exchange rate (Exr), money supply growth rate (Msgr), market capitalisation (Mcap) and stock traded turnover ratio (Stck). Ordinary least square estimating technique is adopted particularly multiple regression analysis. The results show that market capitalisation and exchange rate have positive and significant impact on the growth of Nigerian economy. While inflation rate, money supply and stock traded turnover which is arguably seen to be a better indicator of stock market performance than market capitalisation. It appears that the gains from stock market have not been felt significantly in the Nigerian economy due to the non-significance of the stock traded turnover. It is recommended that effort is more geared toward development of the financial market by increasing more patron...
The study examines the impact of oil revenue on the growth of the manufacturing sector in Africa’s oil-exporting countries. It focuses on six major net oil-exporters in Africa, namely: Nigeria, Algeria, Sudan, Gabon, Cameroon and Egypt.... more
The study examines the impact of oil revenue on the growth of the manufacturing sector in Africa’s oil-exporting countries. It focuses on six major net oil-exporters in Africa, namely: Nigeria, Algeria, Sudan, Gabon, Cameroon and Egypt. Both static and dynamic panel data techniques are used to explore the effects of oil on the manufacturing sector of the countries between 1970 and 2010. The findings of the study show that the six countries do not exhibit significant country-specific effects, and the existence of Dutch disease is confirmed. The negative relationship between oil and manufacturing sector growth, which might be regarded as a symptom of the presence of Dutch disease, is significant in the panel dynamic model while it is not in the static model. The study also reveals that there is a dearth of capital formation in the six countries’ manufacturing sectors. It is further shown that the more capital-intensive the manufacturing sector is, the less the negative effect of the o...
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The study investigated the nexus between globalization and economic development of Nigeria. The study employed both cointegration and causality test. The result shows that Foreign direct investment is a component of globalisation and... more
The study investigated the nexus between globalization and economic development of Nigeria. The study employed both cointegration and causality test. The result shows that Foreign direct investment is a component of globalisation and important factor influencing the economic development of Nigeria. Trade openness shows a negative relationship. The causality test indicates that a unidirectional causality exist between economic development and globalisation that is causality flows from economic development to globalisation in other words, it is the level of economic development that determines how a country like Nigeria can benefit from globalisation. Again the study reveals that trade partner of Nigeria appears to be gaining more than the country especially the developed trade partners.
The study examines the role of exchange rate regimes in determining the nature of relationship between monetary policy transmission mechanisms and manufacturing output growth in oil producing economies in Africa. Libya and Nigeria were... more
The study examines the role of exchange rate regimes in determining the nature of relationship between monetary policy transmission mechanisms and manufacturing output growth in oil producing economies in Africa. Libya and Nigeria were used in the study because of the different exchange rate regimes practice in both oil exporting countries. Nigeria as a net oil exporter practices flexible exchange rate while Libya as a net oil exporter practices fixed exchange rate system. The study employs structural variance decomposition approach (SVAR). It was found out from the study that exchange rate regime has some influences on the monetary policy transmission mechanism and its effectiveness on the manufacturing output growth in the two oil exporting countries. Oil price shocks affect the monetary policy instrument of both countries greatly. While monetary policy instrument appears to be ineffective in promoting output growth of the manufacturing sector in Libya that practices fixed exchang...
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The paper examines the impact of motivation on workers’ productivity in public organisations using the nurses at the University Teaching Hospital, Ado Ekiti. The study uses the primary data for the purpose of the analysis. Carefully,... more
The paper examines the impact of motivation on workers’ productivity in public organisations using the nurses at the University Teaching Hospital, Ado Ekiti. The study uses the primary data for the purpose of the analysis. Carefully, questionnaire designed were administered on the respondents which are nurses of the teaching hospital. From the analysis of the response to the questions in the questionnaire used it can be concluded that the nurses at the university teaching hospital strongly believe that their concern for a better reward and welfare packages have constituted a great influence on their level of commitment to their duties and as such has serious implications on their motivation. Also, we can also conclude especially from the test of hypothesis that there exists a strong relationship between motivation and productivity. It is recommended as a matter of priority that staff development programmes that are all embracing should be implemented to enhance productivity and prom...
This study examined empirically the impact of inflationary rate on the level of investment in a developing economy a case study of Nigerian Economy 1970- 2008. The study adopted co-integration and error correction model as the estimating... more
This study examined empirically the impact of inflationary rate on the level of investment in a developing economy a case study of Nigerian Economy 1970- 2008. The study adopted co-integration and error correction model as the estimating techniques. The empirical results showed that there is a long run relationship between inflationary rate and investment in Nigeria. Unlike some developed nations where inflation has direct relationship with the investment, in Nigeria, low rate of inflation and increased national income would promote investment. The policy recommendation is that Nigeria government should strive to curtail inflation to the minimum while accelerating the growth of the national income in her quest to boost investment.
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The paper conducts a short-run analysis of the implications of oil price movements and exchange rate relationship for the Nigerian manufacturing sector growth between January 2008 and September 2017. Monthly data are extracted on... more
The paper conducts a short-run analysis of the implications of oil price movements and exchange rate relationship for the Nigerian manufacturing sector growth between January 2008 and September 2017. Monthly data are extracted on variables such as oil price, exchange rate, inflation rate, interest (lending) rate, money supply and the manufacturing sector growth rate. Oil price movements are viewed in terms of both volatility and change. While EGARCH is used to estimate oil price volatility, oil price change is measured using Hamilton index for both oil price sharp drop and jump. The SVAR results indicate that exchange rate and inflation rate are more responsive to sharp drop in oil price. The two variables also have the highest impact on the manufacturing sector growth. Findings further indicate that Nigerian manufacturing sector is more affected at the cost side than the output side. This underscores the importance of tackling the inflation pressure in Nigeria from the structural p...
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Research background: The need for diversification of the Nigerian economy has been emphasized and the manufacturing sector has a major role in this. Being an oil producing country, monetary policy is an important macroeconomic policy that... more
Research background: The need for diversification of the Nigerian economy has been emphasized and the manufacturing sector has a major role in this. Being an oil producing country, monetary policy is an important macroeconomic policy that has always been used to manage the influence of oil price shock on the manufacturing sector. Purpose: The study examines the relationship between oil price shock, the monetary transmission mechanism and manufacturing output growth in Nigeria. Research methodology: The study applied the structural vector auto regression (SVAR) modelling technique and a descriptive analysis. Results: The results of the study show that the exchange rate is mostly affected by the oil price shock, while the monetary policy instruments and inflation rate are also very responsive to the exchange rate shock. The manufacturing sector output growth has also been shown to be strongly affected by the inflation rate and monetary policy shocks. Novelty: The study has revealed th...
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The study investigated the effects of monetary policy dynamics on the economic growth of the SSA using data from thirty seven Sub Saharan African Countries. Dynamic panel data technique is used to estimate the model which described the... more
The study investigated the effects of monetary policy dynamics on the economic growth of the SSA using data from thirty seven Sub Saharan African Countries. Dynamic panel data technique is used to estimate the model which described the relationship between SSA economic growth and monetary policy variables. However, macroeconomic variables such as exchange rate, inflation rate among others are included in the estimated dynamic panel model. The results show that the monetary policy rates failed to lead to sustainable growth in the SSA because of the limited effects it has in boosting domestic output. This reason is evident in the fact that the expected effect of expansionary monetary policy is limited due to weak financial deepening that is rampant in many Sub Saharan African Countries. Monetary policy approach that will not only be expansionary but exert required financial deepening that will have significant effect on the real domestic activities in the SSA should be encouraged. Res...