International Trade Dynamism and Nigeria Economic Development (Published)
This study examines international trade dynamism and Nigeria economic development; Secondary data collected from Central Bank of Nigeria 2020 were analysed using Auto-regressive distributed lag (ARDL) and the unit roots test found to be stationary at levels and first difference. The results revealed long run relationship between the dependent and independent variables as inflation, bank lending rate, and foreign exchange rate and trade openness have negative co-efficient, the f-statistics of bound test, 11.9 is greater than the upper and lower bound. In the short run export, Balance of Trade (BOT) and import have negative coefficient and significance except import which is insignificant. Other variables have positive coefficient and are insignificant. Nigerians should refrain from the excessive consumption of imported goods and produce more exportable goods. The manufacturing industries should produce goods that can compete favourably in world market. These actions would improve the country’s Balance of Trade position.
Citation: Adejuwon, Joshua Adewale, Ojomolade, Dele Jacob,, Ugwulali, Ifeanyi Joseph (2021) International Trade Dynamism and Nigeria Economic Development, European Journal of Accounting, Auditing and Finance Research, Vol.9, No. 8, pp.44-56
Keywords: Economic Development, Exports, International Trade, balance of payments
Impact of Foreign Direct Investment on Economic Development in Nigeria (Published)
This study was carried out to ascertain the impact of foreign direct investment on economic development in Nigeria between 1981 and 2018. Data employed for this study was elicited from World Bank Data Base-World Developmental Indicators of 2018 and Central Bank of Nigeria Statistical Bulletin of 2018. This study employed gross fixed capital formation as proxy for economic development in Nigeria, and exchange rate was employed as a controlled variable while data on foreign direct investment inflow to Nigeria was adopted as the explanatory variable. This study employed Auto Regressive Distributed Lag (ARDL) Model to analyze data; other diagnostic tests such as: stability test, Auto correlation test, Heteroskedasticity test and Breusch-Godfrey Serial Correlation LM test were also carried out and they confirmed the validity and reliability of the model employed. The inferential results pointed out that foreign direct investment impacted positively but insignificantly on economic development in Nigeria between 1981 and 2018. These results also conform to apriori economic expectations. The study recommended that government of Nigeria should provide enabling environment that will be conducive for doing business, so as to attract additional inflow of foreign direct investment. Government can provide enabling business environment by provision of steady supply of electricity and ameliorating or exterminating insurgent activities in the country and restore confidence of investors to come into Nigeria and invest, when this is done, the volume of foreign direct investment into Nigeria would increase and would enhance exports thereby reducing exchange rate.
Keywords: Economic Development, Exchange Rate, Foreign Direct Investment, gross fixed capital formation and auto regressive distributed lag (ARDL) model.
Re -Engineering Vat Administration in Nigeria for Economic Development (Published)
The study examined the possibility of “Re-engineering VAT Administration in Nigeria for Economic Development (1994-2014)”. The study used across sectional survey design involving the survey of existing data (secondary sources). The research instruments used in collection of data for this study were mainly secondary data from the FIRS Website, CBN & NBS Annual Statistical Bulletins. This study used the econometric technique of Ordinary Least Square (OLS) in form of Multiple Linear Regressions. The regression model was estimated through the use of Statistical Package for Social Sciences (SPSS). The study found that VAT is of immense benefit to government. Through taxation, government ensures that resources are channeled towards important projects in the society. However, VAT is being mismanaged in Nigeria as the study has conclusively revealed that: There is no significant relationship between value added tax and revenue growth in Nigeria, there is significant relationship between value added tax and the consumption pattern in Nigeria and there is no significant relationship between value –added tax and the economic development in Nigeria from 1994-2014. Therefore, the study recommends that: Efforts should be made by the government to fight corruption and if possible, introduce capital punishment depending on the degree of mismanagement of public funds or embezzlement of public funds to deter those who steal VAT funds. Also value added tax (VAT) Act should be amended further to impose VAT based on destination principle. This will enable VAT to be imposed on imported services rendered by a non-resident company outside Nigeria.
Keywords: Administration, Economic Development, Government Revenue, Re-Engineering, Value Added Tax, consumption patterns
FINANCIAL LITERACY EDUCATION: KEY TO POVERTY ALLEVIATION AND NATIONAL DEVELOPMENT IN NIGERIA (Published)
Ensuring that all societies’ young people become financially capable is now widely seen as a necessary key pillar in helping Governments build economic stability in the future. The ability to read, analyze, manage, and communicate about the personal financial conditions that affect material wellbeing is of utmost importance. Being able to manage money, keep track of personal finances, plan ahead, choose financial products and stay informed about financial matters enable the avoidance of financial disaster. This research constitutes an essential component of the theory of the strategy of financial literacy framework which articulates a strategic direction for the delivery of financial education in Nigeria. Financial literacy education is very important because the journey to obtain independence and achieve financial success cannot just be prioritized by having good educational experiences, a sound résumé and a career with a nice salary. Rather, the financial freedom road requires development of good financial habits, practice and discipline. This work adopts a secondary data approach which critically examines Nigeria’s financial literacy education framework, the significance of financial literacy education, steps for best practices in financial education and awareness, and the challenges to building sustainable financial literacy education systems. It finds that promoting financial literacy among Nigerians provides them with the essential knowledge and financial responsibility to make decisions that will better their lives and ultimately grow the economy. This is because as financial markets become increasingly sophisticated and as households assume more of the responsibility and risk for financial decisions, financial education is increasingly necessary for individuals, not only to ensure their own financial well-being but also to ensure the smooth functioning of financial markets and the economy. The paper therefore strongly recommends, amongst others, the involvement of all tiers of government as well as key institutions and the private sector in the design and implementation of financial literacy programmes across all segments and sectors of the economy.
Keywords: Economic Development, Education, Financial freedom, Financial literacy, Nigeria