Research Articles in Economcs

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    Other Determinants of Inflation in Nigeria
    (European Center of Sustainable Development (ECSDEV), 2020-02-02) Inim Victor Edet; Udo Emmanuel Samuel; Abner Ishaku Prince
    Inflation is a continuous macroeconomic concern that has dominated thoughts at major economic fora due to its pervasive effect on the economy. The quantity theory of money isolates money supply as the major cause of inflation. The economic reality in Nigeria contravenes the theory. The study examines other determinants of inflation in Nigeria using the autoregressive distributed lag (ARDL) method on quarterly data from January 1999- December 2018. Findings show that poor infrastructural development, exchange rate, political instability, corruption, and double taxation significantly stimulate inflation rather than just money supply. The results show a causal relationship between other determining factors and inflation. The ARDL result shows a significant long-short run relationship. The study recommends that non-monetary factors of instigating inflation should be controlled and security expenditure should be review along with-related mechanisms to achieve low inflation at single digits at most and economic growth and development.
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    SARS-COV-2 PANDEMIC ON THE NIGERIAN EDUCATIONAL SYSTEM
    (IAEME Publication (International Association of Engineers and Managers), 2020-02-02) Udo Emmanuel Samuel; Abner, Ishaku Prince; Inim Victor Edet; Akpan Ededem Jack
    The Covid-19 pandemic has resulted in over 5million confirmed cases and over 300,000 moralities globally. Deteriorating the global economic, financial, and educational climate. Social distancing, self-isolation, and temporarily lockdown across the economic sector as measures to cushion the virus spared led to a decrease in the domestic workforce, revealing the shortfalls in the educational and health sectors. The shift from the conservative classroom learning to electronic learning (Elearning) globally contributed significantly to the sustainability of the educational sector during this pandemic. Evidence from Nigeria revealed a lack of infrastructures, the paucity of funds, policy issues, poor institutional preparedness for unseen eventualities like this pandemic among other factors thwart the smooth shift in Nigeria. It is in tandem with these prevailing issues that this study examines SARS CoV-2 on the Nigerian educational system. Findings show the government's positive efforts and support for online learning at the primary and secondary school levels. In contrast, online learning in government colleges, universities, and the rural communities is a mirage in Nigeria. Three in five students lack access to online education. The study recommends among other things; creative handling of public universities and colleges administration towards ICT adoption and online learning implementation. Development of educational policies and social infrastructures to drive the sector during an unforeseen crisis such as this pandemic, and a review of budgetary allocation to the educational sector to meet the UNESCO standard of 1520% of annual the budget.
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    Selected Economic Policies on the Growth of Small and Medium Enterprises in Nigeria
    (Scientific Research Publishing (SCIRP), 2023-02-02) Francis Sylvanus Udoh; Inim Victor Edet; James Agama Emiesefia; Murat Akyuz
    In Nigeria, economic policy should set the parameters in the economic system of the country, which should constitute the key part of the economic practice thereby creating an environment affecting the development and functioning of either collective or individual Small and Medium Enterprises (SMEs) operators and thus logically affecting the sector(s) of the economy. This work examines the effect of selected economic policies on the growth of SMEs in Nigeria. Notwithstanding the attention placed on monetary, fiscal and trade policies, in the overseeing of the economy, the SMEs sector all encompassing, Nigerian economy particularly SMEs are up until the present time of this study not growing as expected. The time frame was from 1986 to 2017, a thirty-two-year study. Research design employed was ex-post facto and a population of seventy-two thousand eight hundred and thirty-eight (72,838) SMEs in Nigeria were used. The sample size was the entire 72,838 SMEs of which the study relied on reports from Central Bank Statistical Bulletin and SMEDAN, thereby employing the Error Correction Mechanism (ECM) tool of analysis to analyze the time series data. The study found that economic policy (proxies: monetary policy, fiscal policy and trade policy) had no positive significant effect on the growth of SMEs in Nigeria. Therefore, the study recommends that economic policy should be design and formulated in such a way that the goals the SMEs want to achieve through monetary, fiscal and trade policies should be realistic and feasible in terms of growth.
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    Sovereign wealth fund on sustainable economic growth in Nigeria
    (Asian Online Journal Publishing Group, 2023-02-02) Inim Victor Edet; Udoh, Francis Sylvanus; Lungu, Tumba Denis
    The Sovereign Wealth Fund (SWF) nations understood that having enough money in easily accessible foreign accounts would be beneficial to the government in times of fiscal crisis, currency devaluation, natural economic calamity, and even political upheaval to help cushion sustainable economic growth. Between Q1 2005 and Q4 2020, the study looked at the impact of Nigeria's sovereign wealth fund on the country's ability to sustain economic development. In order to conduct the empirical analysis, the study used the ARDL technique of analysis. In order to prevent erroneous regression results, unit root tests were performed on each of the variables. The co-integration test revealed that there is a long-term (or equilibrium) relationship between Nigeria's sovereign wealth fund and the sustainability of its economic growth. It was revealed that Nigeria's gross domestic product was significantly impacted by the Nigerian Infrastructural Fund. Last but not least, it was revealed that the stability Fund has a considerable impact on GDP in Nigeria. Future Generation Fund was also found to have a big impact. On the whole, SWF impact significantly on sustainable economic growth in Nigeria. If government wishes to maintain economic growth and improve the lives of Nigerians, it should demand and pursue effective control and monitoring of the infrastructure, future and stabilization funds.
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    THE RELATIONSHIP BETWEEN STOCK RETURNS AND INFLATION RATES IN NIGERIA FROM 1995 to 2014
    (International Journal of Economics, Commerce and Management (United Kingdom), 2018-02-02) Njogo, Bibiana O; Inim Victor Edet; Ohiaeri, Nnenna V; Ogboi, C
    This study focused on determining the relationship between inflation rate and stock returns using the Consumer Price Index and the All Share Index on the Nigerian Stock Exchange covering the period 1995 to 2014. The data were analyzed for evidence of co-integration and causality using Error Correction and Granger co-integration model. The Pearson Correlation result shows that, there is significant negative relationship between stock returns and inflation rates in Nigeria. Augmented Dickey Fuller result shows that the series are non-stationary in their level form and are integrated of order one. Johansen co-integration test result shows evidence of co-integration implying that there is a long run relationship between stock market returns and inflation rates in Nigeria. Furthermore, there is significant negative impact of inflation rates on stock market returns in Nigeria. The pair-wise Granger causality test shows that there is a strong unidirectional causality. Also, result from the Error Correction Model suggests that about 43% of the variations in stock returns are accounted for by inflation rates. The study recommends economic reforms that target macroeconomic stability in the country, removal of structural twist, and creation of business-friendly environment that ensures price stability as these will encourage investment in stocks in Nigeria.
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    Informal Financial Institutions (IFIs) and Investment in Nigeria
    (Published by Department of Economics, IBB University Lapai, Niger State, Nigeria, 2018-02-02) Mohammed Yelwa; Awe Emmanuel; Umar Musa
    Small and Medium Enterprises (SMEs) occupy a central place in the economic growth of nations. SMEs have a fundamental role to play in the development of an economy and this cannot be over emphasized. SMEs serve as training arena for local skills and entrepreneurs, and could become channels for mobilizing local savings, ensuring a more equitable distribution of income and reducing the migration of manpower from the rural to urban areas. On this note, ggovernment has identified the need for the development of SMEs. One of such Sectorial strategies is the introduction and pursuit of policies such as concessionary financing to encourage and strengthen the growth of SMEs in Nigeria. However, a well-functioning and regulated informal economy will be a critical prerequisite to sustainable growth. This is because the link between, informality and Investment in Nigeria is not fully understood. This study seeks to investigate the nexus between Informal Financial Institutions and Investment in Nigeria. A binomial Logit Linear Regression approach was employed with data from structured questionnaires having Investment and repayment plan as variables. The finding revealed that the odd ratio of investment against the IFIs chance of alleviating poverty in north central-states-Nigeria is 2.21. The study therefore concluded that there exists a significant relationship between IFIs and Investment in north central Nigeria. The study recommends among others that there is the need for the government to utilize Informal Financial Institutions in its poverty reduction programmes, since about 75 percent of the Small and Medium scale Enterprises (SMEs) could assess credit for investment through them. This will go a long way in promoting inclusive growth in the country
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    INFORMAL FINANCIAL INSTITUTIONS' CREDIT AND POVERTY ALLEVIATION IN NORTH CENTRAL-NIGERIA
    (Lafia Journal of Economics and Management Sciences, 2018-02-02) Mohammed Yelwa (PhD); Obansa S.A.J (PhD); Awe Emmanuel Omoniyi
    This study seeks to investigate the link between Informal Financial Institutions' Credit and Poverty Alleviation in North Central States Nigeria. A Binomial Logit Regression approach was employed with data from structured questionnaires having IFIs credit and SMEDEV as variables. The finding revealed that there is a significant impact of Informal Financial Institutions' Credit and poverty alleviation in north central-states-Nigeria. The study therefore concluded that there exists a significant relationship between IFIs credit and poverty alleviation in north central-Nigeria.The study recommends among others that education of the rural poor to embark on viable projects, disbursement of fund through Informal Financial Institutions (IFIs) and favorable government policiesso asto make the sector becomesrelevant.
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    AGRICULTURAL PRICE DISTORTIONS AND THEIR EFFECTS ON THE NIGERIAN ECONOMY
    (Progressive Academic Publishing UK, 2015-02-02) Benedict Akanegbu, N
    This research examines the effects of agricultural Price Distortions on output in the agricultural sector of Nigeria. Specifically, the study tests the hypotheses that agricultural price distortions are inversely related to output growth in the same sector. The conclusiveness of all previous studies on this problem has not been without doubt largely because their analyses were based on multi-country cross-section data and aggregate price distortion indices. The present study seeks to overcome this failing by disaggregating the price distortions sector-wise for a single country, namely, Nigeria. The study adopts a model based on a modified neoclassical production function where agricultural exports are taken as inputs. Agricultural price distortions cause a wedge between the domestic and foreign price of agricultural exports and thereby reduce the volume of trade and, in consequence, the real GNP as well. And to derive consistent, unbiased, and efficient estimators of the structural equations, the model so developed was estimated by ordinary least square (OLS) method. The analysis confirms the view that agricultural price distortions have a significant and negative influence on agricultural output. An important implication of the study is that reforms of agricultural pricing policies should constitute a major component of any remedial program designed to accelerate economic growth in a country like Nigeria. If her agricultural sector is to become modern and efficient, they should be given the opportunity and the motivation to reduce costs. Indiscriminate reduction of the rate of protection and the reduction of the implicit taxes on exports alone are not the correct or adequate solution. Better physical infrastructure, better education and training, and more modernized agricultural experience can contribute to the ability to reduce costs and raise productivity.
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    Effects of Economic Growth on Poverty Reduction In Nigeria
    (IOSR Journal of Economics and Finance (IOSR-JEF), 2018-02-02) Oyegoke Ebunoluwa; Wasiu Yusuf
    This paper explored the effect of economic growth on poverty reduction in Nigeria using a time series data spanning from 1980-2016. Unit Root and Johansen Cointegration tests were carried out to determine stationarity and long-run relationship among the variables respectively, while the VAR was carried out to determine the effect of Government expenditure, unemployment growth rate and Real GDP on poverty incidence. The result shows that Government expenditure is positively related to poverty incidence. This suggests that the poor are not benefitting from the economy at large, especially from total government expenditure. The GDP coefficient (a proxy for economic growth) conforms to the a-priori expectation, which depicts a negative relationship between economic growth and poverty incidence, while unemployment relates positively to poverty reduction. Therefore, the government should work more on job creations by focusing more on the labour -intensive sectors, basically, Agricultural and Industrial sectors. Also, economic growth and government spending should be directed at the pro-poor projects, mostly the Bottom-40 percent by providing the essential amenities, especially good infrastructures, financial benefits and aids to families with dependant children, and old people, also, medical aids should be available for the poor
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    Labour Force Participation and Economic Growth in Nigeria
    (Scientific Press International Limited, 2020-02-02) Muhammad M. Yakubu; Benedict Akanegbu N; Jelilov G
    This paper has examined empirically the effect of labour force participation on economic growth in Nigeria. Time series data for both the dependent and independent variables were sourced from World Bank Development Indicators 2018 database for the period 1990-2017. Johannsen’s Cointegration, and Vector Error Correction model (VECM) econometric tools were used. Finding shows that the variables have long-run relationship and also long-run causality was found running from LFPR and GFCF to RGDP. The study recommends that it is necessary for policy makers to address the problems of unemployment and gender inequality in employment.