Trilemma of Macroeconomic Policy and Structural Reforms in Nigeria (Published)
Motivated by lack of consensus on the empirical validity of the Mundell-Fleming trilemma and its development effects, this paper examines the relationship between the trilemma indexes (monetary autonomy, exchange rate stability and capital mobility) and structural reforms with a focus on manufacturing and service value added in Nigeria. The ADRL was applied in addition to other econometrics tools in analyzing the data sourced from various documentary sources. The ARDL bounds test results revealed that the variables are cointegrated. This necessitated the rejection of the null hypothesis of no long run relationship. The short run result shows that lag two of monetary autonomy and contemporaneous value of exchange rate stability have significant positive relationship with manufacturing value added. Manufacturing value added increases by 7.289 percent following a unit increase in monetary autonomy index. Similarly, a unit increase in exchange rate stability triggers 1.372 percent in manufacturing value added in the short run. The long run result revealed that monetary independence exerts significant positive influence on manufacturing whereas capital mobility is negatively related to manufacturing valued added in the long run. The result further indicates the long term effects of the trilemma indexes are statistically insignificant while that of foreign reserve accumulation is found to exert significant positive impact on service value added in the long run. This is a pointer that the policy makers in Nigeria have leveraged on external reserve build-up to buffer shocks in the service sector. On the basis of the findings, it is concluded that the manufacturing sector is the channel through which the policy trilemma drives the process of structural reforms in the Nigeria. Thus, policy makers in Nigeria should allow for more managed floating exchange rate regime and ensure appreciable independence in the monetary policy operation with a view to fostering the process of structural reforms in Nigeria.
Keywords: ARDL, Manufacturing Value Added, Nigeria, Trilemma indexes, service value added
Construction Externalities: A Theoretical Insightand the Nigerian Scenario (Published)
Very little is known about the subject of construction externalities, especially amongst stakeholders in the Nigerian construction industry and built environment, yet its existence and effects are palpable. Hence, the study, via relevant literature and personal observations sought to provide; first, a theoretical understanding of the nature of construction externalities; its constituents or composition as well as its effects, and secondly, to point out the level of awareness on the part of stakeholders and the manner or extent to which they have been addressed or considered in Nigeria. Ultimately, this paper presents as a solution to efficient and balanced allocation of resources, realistic taxation and better economic planning by the Nigerian government; the need to be apprised of the benefits and adverse effects of construction externalities on the citizenry.
Keywords: Built Environment, Construction Externalities, Construction Stakeholders, Economic Planning, Nigeria
INVESTIGATION INTO THE USE OF APPROPRIATE VALUES OF LIFE, IN TACKLING THE MULTIFARIOUS CHALLENGES OF THE SOCIO-ECONOMIC ENVIRONMENT OF NIGERIA (Review Completed - Accepted)
This investigation is carried out as part of the effort to find solution to the multifarious challenges of the socio-economic environment of Nigeria. The investigation reveals that in virtually all the challenges, certain important values of life, are implicated in them. The most prominent of these values are those of individuals, the nation and to a smaller extent, the family. Communal values are not of much importance in the challenges of the socio-economic environment of Nigeria. The paper is advocating a rigorous pursuit of efforts to inculcate the important values in Nigerian people. It further advocates a determined effort at building a new generation of Nigerians, equipped with these values, right from the early stages of life.
Keywords: Challenges, Nigeria, Socio-Economic Environment, Values