When the price of food increases uncontrollably, and some variables like transport fare, fuel prices, insecurity rises, this will affect almost everything else such as house rent, school fees, consumption, mentioning just but a few. The study adopts a survey research design approach to examine the effect of rise in food prices on the Nigerian economy. The population of the study is made up of Civil Servants (CS), food vendors (FV), other consumers (OC), and private sectors’ workers (PS) concerned with concerned with food consumptions. A sample size of 248 persons was selected at random, and was divided into 36 civil servants, 118 food vendors, 59 other consumers, and 35 private sector workers. The paper adopted questionnaire design with 5-likert scale response, structured in line with the questions and hypotheses. The paper further uses the Pearson correlation coefficient to test the hypotheses. The showed that the recent rise in food prices has a negative significant impact on the economic growth in Nigeria, and that there is no improvement on Nigerian economy because the rise in food prices has a significant effect on the purchasing power, and finally the finding showed that there is a significant relationship between rise in food prices in Nigeria and food security. The study recommends that government should expand social protection programs for the poor household in both rural and urban, and also increase their medium-term and long-term investments in agricultural research and extension, rural infrastructure, and market access for small farmers.
Citation: Udochukwu Victor Echebiri, Josephine Olohije Abode, Aigbe Eric Andrew, Isibor Andrew Onaghise, Onyebuchi Benedicta Amolo (2022) Impact of persistent Rise in Food Prices on the Nigerian Economy, International Journal of Business and Management Review, Vol.10, No. 8, pp.21-30
Techniques for Re-Positioning Small and Medium Scale Business Enterprises in Nigeria for Economy Revitalization (Published)
This paper highlighted techniques for re-positioning small and medium scale business enterprises in Nigeria for economy revitalization. Small and medium business enterprises are the engine of growth and development of a nation. SMEs contribute to industrial development; promote growth, technological acquisition and reduction of unemployment. The paper also highlights techniques for re-positioning Small and Medium Scale business enterprises in Nigeria for economy revitalization. Financial problems, inadequate basic infrastructure, socio-cultural problems, planning problems, location/economic problems, poor accounting system: multiple taxation and unstable policy environment are the major problems militating against the success of SMEs. It was recommended among others that there should be a practical effort in encouraging SMEs to access long-term, low rate funds from the capital market. Incentives should be given in the form of tax holidays and awards to SMEs that excel in using the capital market as an avenue of external funding and the government should continue to make SMEs a central focus of industrial policy in order to achieve economic growth and development. The monetary and fiscal policies should be made to incorporate good framework that would enhance the activities of SMEs towards development and sustenance.
In the beginning the world was one and a united community. The birds flew freely across the seas, rivers and oceans. Men dominated the world and reigned over it. Each individual specialized on a single product and exchanged his surpluses with the surpluses of others. Men multiplied in number and partitioned themselves into groups. Multicultural differences, ethnicity and languages separated the world. As time went on, nationalism sprang up. These virtues or vices created artificial boundaries that restricted free movement and trade among the people of the globe. The return to the original norm and borderless community is what we call globalization. Globalization as we can see attempts to restore most of the attributes lost in the process of multiple creation of artificial boundaries. The advancement of technology brought in Information Technology. Information Technology has to a great extent facilitated information flow and international relationship. International politics has become more flexible and stable. Economic Depression has been a recurrent affair over the centuries. One thing certain is that when the key countries of the globe like the United State is economically struck, other countries linked up economically will be adversely affected. This does not suggest that the principal cause for the spread is globalization. The Industrialized nations gain through expanded demand and marketing network. The developing Economies also gain through exchange of expertise, improved welfare packages and exchange of improved commodities. Sports and music assist in uniting the world. Globalization assists in the war against racial discrimination, injustice and religious fanaticism. Globalization has also been a corner stone in eliminating the effect of international disaster, rescue operations and humanitarian services. The G 7 Summit holding in Germany in exclusion of Russia is an attempt to resolve salient strategic issues revolving on world peace and conflicts. Russia acts as tranquilizer but they should be careful to contribute and conform to global peace. Certainly there are some miscellaneous defects resulting from the process of globalization but the over whelming benefits justify its continued application.
THE IMPACT OF THE FINANCIAL STOCK MARKET CHANGES ON THE VARIATION OF REAL ESTATE MARKET PRICES IN JORDAN (Published)
The relationship between the Real-estate (R.E.) market and the Financial Stock Market – as two major investment areas within the market of any economy – is of great importance. The purpose of this study is to investigate and determine the relationship between the variation in the prices of the Real-estate market and the Financial Stock market in Jordan for the period 2002 – 2012, taking in to consideration the prevailing economic factors associated with the development of these two markets. The study population consists of all the stocks which are enlisted in Amman stock exchanging (whether related to Real estate corporate or not) during the study period between 2002- 2012. It also consists of all the real estate sales transaction records registered at the Land and Surveying Department in Amman capital city during the same period. Using the descriptive analytical methodology (statistical regression methods) the researchers found first: a statistically significant differences and positive correlation between the size of the real estate market (REM) and the indicators of (GDP at Market Size, Money Supply, Foreign Investment, Credit Facilities). Second: statistically significant differences and correlation between the market value of Real Estate (MRE) and the indicators of (trading volume of (ASE), GDP at Market Size, Money Supply, Foreign Investment, and Credit Facilities). Third: there were no statistically significant correlation between the size of the real estate market (REM) and the indicators of (General Price Index of (ASE), trading volume of (ASE), Expatriate Remittances, and Inflation Rate). Fourth: there were no statistically significant correlation between the market value of Real Estate (MRE) and the indicators of (General Price Index of (ASE), Expatriate Remittances, and Inflation Rate) at the level of the moral question.