Nigeria

Money Market Instruments and Price Stability in Nigeria: 1981 – 2021 (Published)

The study examined money market instruments and price stability in Nigeria. The study specific objectives include to investigate the relationship between treasury bills, treasury certificates, development loans stock, bankers’ acceptance, commercial papers and federal government of Nigeria bonds on consumer price index in Nigeria. The study adopted purposive sampling technique and the sample size consist time series data from 1981 to 2021. The study used secondary data obtained from Central Bank of Nigeria (CBN) statistical bulletin and National Bureau of Statistics (NBS) and the data were analysed using univariate, bivariate and multivariate analysis. The findings from the error correction model indicated that  treasury bills negatively and insignificantly influence consumer price index in Nigeria; treasury certificates positively and significantly influence consumer price index in Nigeria; development stocks positively and significantly affects consumer price index in Nigeria; certificates of deposits positively and insignificantly influence consumer price index in Nigeria; commercial papers negatively and insignificantly influence consumer price index in Nigeria; bankers’ acceptance positively and significantly influence consumer price index in Nigeria and federal Government of Nigeria bonds positively and insignificantly impact on consumer price index in Nigeria. On the basis of the findings, the study concludes that money market instruments on the short and long run affects price stability in Nigeria. Hence, the study recommends amongst others that government should established effective and efficient stabilization policies and quality of public sector governance that would ensure that prices of goods and services and money market instruments are stable for sustainable economic growth of Nigeria.

Keywords: Money Market Instruments, Nigeria, Price Stability, Treasury Bills, Treasury Certificates

Dynamic Relationship Between External Financial Flows and Total Market Capitalization in The Nigerian Capital Market: VECM Approach (Published)

The study examines the extent to which external financial flows influence market capitalization of Nigerian capital market for the period spanning 1981-2020. The study employed the VECM, regressors’ and ECT t-statistics causality approaches to establish the strong, short-run and long-run relationships.  The study unveiled that all the external financial flows such as FDI, FPI, remittance and others used in this study have positive impacts on total annual market capitalization in the Nigerian capital market, especially in the long-run. The stock indices movement is respective to the change in external financial flows basic. The study suggested that the policy measures aimed at directing long run capital inflows should not be the same as those aimed at changing the short run patterns of flow. The study concludes that policy should be put in place to ensure the directions of both long run and short run financial flows have a suitable time rage.

Citation: Folorunsho T.O. and Odior E.S. (2023)   Dynamic Relationship Between External Financial Flows and Total Market Capitalization in The Nigerian Capital Market: VECM Approach, International Journal of Business and Management Review, Vol.11, No. 2, pp.1-28

Keywords: Nigeria, VECM, external financial, total market capitalization

Determinants of Retained Earnings of Deposit Money Banks in Nigeria (Published)

The study examined the determinants of retained earnings of deposit money banks in Nigeria. Retained earnings were the dependent variable, while total assets and total deposits were the independent variables of the study. The study adopted an ex-post-facto research design, covering the period between 2010 and 2019. Secondary data were extracted from the annual reports and accounts of sampled deposit money banks in Nigeria. Spearman Covariance analysis was used for the test of hypotheses. From the data analysis, total assets and total deposits have a strong and positive relationship with retained earnings. This implies that total assets and total deposits can be used to predict the retained earnings of deposit money banks in Nigeria. The study, therefore, recommends that deposit money banks in Nigeria should strive to increase their asset base by investing in land and buildings and also ensure that every asset at their disposal is effectively and efficiently managed to yield more profit and subsequently increase their retained earnings for further investments and/or recapitalization. They should engage in promotions and other programmes that will encourage customers to keep their cash with them. This will provide them with additional funds to provide loans and make other investments to increase their revenue and retained earnings.

Keywords: Deposit Money Banks, Nigeria, Total Assets, retained earnings, total deposits

Organizational Effectiveness of Brewing Firms in South East Zone of Nigeria: Exploring the relative importance of Dynamic Capabilities (Published)

This study was conducted to investigate the relative importance of dynamic capabilities on the organizational effectiveness of brewing firms in the South East Zone of Nigeria. The survey research design was used in the conduct of the study.  The population was 204 and sample size 135 determined through Taro Yamen’s (1967) sample size determination formula. The questionnaire used in the study achieved 76.47% response rate. Data analysis was done with regression method.Findings of the study indicated that dynamic capabilities had a significant positive influence on organizational effectiveness of brewing firms in South East Zone of Nigeria; It was also revealed thatreconfiguration capability had the most important influence(Beta =0.406, t=2.904, p<0.05),  learning capability came second  (Beta 0.217, t=2.211, p<0.05) and sensing capabilitythird(Beta =0.039, t=2.179, p<0.05). It was recommended that brewing firms in South East Zone of Nigeria should give attention to formulating and implementing their strategies for organizational effectiveness in line with findings made in this study.

Citation: Umoh V.A., Nsien C.B., Effiom M.B. (2022) Organizational Effectiveness of Brewing Firms in South East Zone of Nigeria: Exploring the relative importance of Dynamic Capabilities, International Journal of Business and Management Review, Vol.10, No. 8, pp.49-62

 

Keywords: Nigeria, Organizational effectiveness, dynamic capabilities, learning capability, reconfiguration capability, sensing capability

Impact of persistent Rise in Food Prices on the Nigerian Economy (Published)

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

 

Keywords: Economy, Nigeria, food price, persistent rise

Continuous Production and Competitive Advantage in Selected Aluminum Company in South- South, Nigeria (Published)

The study investigated Continuous Production and Competitive Advantage in Selected Aluminum Companies in South- South, Nigeria, with specific objectives: to examine the relationship between mass production and customer collaboration, to determine the influence of process production on customer retention, to investigate the impact of assembly production on customer advocacy. The Study adopted a descriptive research method which is structural deigned questionnaire techniques that allows the gathering of data from desired respondents that will be used for analysis, the data employed for the study was primary data. The primary data used for analysis were response gathered from selected aluminium companies in south-south Nigeria. This study considered the total number of seventy-five (75) respondents. The research assign Alphabet to the items responds VE= Very effective, E=Effective, U= Undecided and I = Ineffective. The data analysis method used in this study is percentage frequency counts to determine the result of each items in the research questions and mean value decision rule is 2.5. SPSS was used to determine the decision rule of mean.

Citation: Odita, A.; Kifordu, A. A.; Nwankwo, C.N. (2022)   Continuous Production and Competitive Advantage in Selected Aluminum Company in South- South, Nigeria, International Journal of Business and Management Review, Vol.10, No.7, pp.1-12

Keywords: : continuous production, Competitive Advantage, Nigeria, South-South, aluminum

Ownership Structure and Performance of Selected Quoted Manufacturing Companies in Nigeria (Published)

This study evaluated the effect of equity ownership structure on the financial performance of selected quoted manufacturing companies in Nigeria. The focus of the evaluation is on the relationship between ownership structure variables (managerial, institutional and foreign) on firm performance (Return on Equity and Return on Asset).  Data were collected for this study through secondary source for the period 2011 – 2020.  60 manufacturing firms listed on the Nigerian Stock Exchange were purposively sampled.  Data were collected on variables such as institutional owners’ equity, managerial ownership equity, foreign ownership equity, Total Assets, shareholders’ fund and earnings after interest and tax will be collected from the Annual Reports of the companies. Data collected will be analyzed using tables, descriptive statistics, correlation and regression analysis. Also, the data collected were subjected to pooled General Least Square, Random and Fixed Effects regression model in testing the hypotheses of the study. It was discovered that all the variables i.e. (ROTA, ROE, MON, LEV, LASSET, ION, FON and AGE) had correlation coefficients that were very low and they are less than 0.9 having either positive or negative values. It was discovered that all the series show a high level of consistency being that their mean and median values are within the maximum and minimum values of the series. Too the deviation of the actual data from their mean value are exceptionally high, typically demonstrated by the relatively high value of the standard deviations. The study recommended that improvement should be made on corporate governance to focusing on sound equity ownership structure in order to attract foreign investors. Likewise, Industrial investors should emphasize the importance for the inclusion of institutional investors inclusion in companies,’ ownership structures and collision between the directors and dominant shareholders should be prevented.

Keywords: Manufacturing Companies, Nigeria, Ownership Structure, Performance

Cultural Factors Influencing Psychological Contract (PC) Experiences among Survivor Managers (Published)

Most researches on psychological contract are conducted in the banking sector while limited local enquiries focused on the experiences of the survivor-managers in developing economy particularly in Nigeria. This study therefore, examines the cultural factors influencing PC experiences and responses among survivor-managers in Nigeria. The study adopted a qualitative approach and more specifically interviews. Data were analysed using empirically driven thematic analysis. The findings revealed that; unemployment, values of dependency, corruption, family obligations, beliefs, spirituality among others shape attitudes and responses of the survivor-managers’ with respect to downsizing exercise. Therefore, human resource managers who are part of the downsizing exercise should embrace open and transparent process as well as being sensitive to the wellbeing of the victims and survivors to reduce the negative psychological contract experiences and responses among Survivor-managers. In addition, the research created awareness on the need to diversify research in terms of methods adopted.

Keywords: Culture, Developing Economy, Nigeria, Survivor-managers, psychological contract

Cultural Value Orientations and Satellite Television Preference in Nigeria (Published)

Culture comprises the whole complex of distinctive spiritual, intellectual and emotional features that characterize society, our thought about life, and our ideas. Culture shape the way we see world; it has capacity to bring about the change of attitudes needed to ensure peace and sustainable development which is known as the only possible way forward for life on planet earth. Considering the prominence of Satellite television as a virtual medium, this study sought to know the influence of media imperialism and the claim that it has affected and undermined local Nigerian norms and values. More so, this study examined the cultural value orientation and satellite television preference in the south-western states of Nigeria, the region that is fully immersed with her culture. It specifically examined how satellite television has affected the knowledge, belief, art, morals, law, customs and any other capabilities and habits acquired by Nigerians as a member of the society. The research methodology utilizes descriptive statistics with a self-designed questionnaire used to elicit information from a sample of 180 respondents.  The formulated hypotheses were tested at 0.05 level of significance using multiple regressions. The findings of the study revealed that the relationship between satellite television preferences and cultural value orientation is high, positive and statistically significant. It was therefore recommended among others that television operators and producers should revamp the culture through interesting educative programme.

Keywords: Consumer preference, Nigeria, cultural value orientations, satellite television

Building Foreign Reserve in Nigeria: The Role of Oil and Non-oil Exports (Published)

This paper provides empirical evidence linking exports and foreign aid to international reserve accumulation. Country-specific data spanning from 1981-2015 on oil and non-oil exports and foreign aid in Nigeria were sourced from Central Bank of Nigeria Statistical Bulletin and analyzed using error correction mechanism (ECM) in addition to unit root and cointegration tests. As observed from the Augmented Dickey-Fuller test unit root, the variables are mixed integrated. Long run relationship was established amongst the series from the Johansen cointegration test result. The parsimonious ECM that lagged values of oil exports impact positively on foreign reserve holding. 1 percent increase in lag two of oil exports leads to 0.367 percent in the external reserve. Similarly, the first lag of non-oil exports is positively linked to external reserve. With 1 percent increase in non-oil exports, international reserve increases by 0.499 percent. The error correction estimate (-0.5099) indicates that the model is well behaved as any short run disequilibrium in the system is reconciled at the speed of 50.9 percent to achieve long run equilibrium position. On the basis of the findings, it is concluded that exports are helpful in boosting the foreign reserve holding in Nigeria. Thus, this paper recommends for the diversification of the export base in order to keep the foreign reserve holding on the path of rapid and sustainable growth.

Keywords: Foreign Reserves, Nigeria, Non-Oil Exports, foreign aid, oil exports