Department of Economics

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Start date: 2020

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Now showing 1 - 6 of 6
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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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    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.
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    Public debt and economic growth in the West African monetary zone (WAMZ)
    (Elsevier, 2024-02-02) Dinci Jessica Penzin; Benedict Akanegbu N
    In this paper, we revisit the relationship between public debt and economic growth with a spotlight on the West African Monetary Zone (WAMZ). In the re-examination, we pursue three undertakings using both panel data and time series modelling techniques. First, we examine the linear relationship using the Autoregressive Distributed Lag (ARDL) model for time-series data and the fixed (or random) effect model for the panel data counterpart. Second, we assess the nonlinear relationship by incorporating the squared term of the debt variable as an additional explanatory variable in the models. Third, we identify the level of public debt/GDP ratio beyond which public debt becomes unsustainable using threshold regression techniques. The findings show a negative relationship across the linear models. We also establish that the debt-economic growth relationship is non-linear, and we obtain the points of inflection for the WAMZ countries. These levels are 71.9 % for Gambia, 55.8 % for Ghana, 91.5 % for Guinea, 83.7 % for Liberia, 38.45 % for Nigeria and 38.6 % for Sierra Leone. We make suggestions for the WAMZ countries to expand their economic bases by channelling funds to infrastructure development and the development of human capital in order to optimize the benefits of debt accumulation in the long run.