International Trade and Economic Growth in Nigeria (Published)
This study evaluated the impact of international trade on economic growth in Nigeria from 1986 to 2021.The variables used in this study comprised of gross domestic product as a dependent variable, while oil exports, non-oil exports, oil imports, non-oil imports and exchange rate are the explanatory variables. The employed variables have different order of integration ranging from zero and one, which led to the application of auto-regressive distributed lag (ARDL) model as the method of analysis. The ARDL model investigated long-run and short-run interactions among the variables. The results showed evidence of co-integrating equations amongst the variables. Hence, the key findings that satisfied the research objectives are (i) oil exports have significant positive impact on economic growth in Nigeria in both short-run and long-run. (ii) Non-oil exports exerted positive and significant influence on economic growth in Nigeria in both short-run and long-run. (iii). Oil imports negatively and significantly affected the growth rate of the Nigeria’s economy and (iv) non-oil imports affect the economic growth in Nigeria negatively and insignificantly in both the short-run long-run. The results imply that N1 rise in oil exports increases economic growth by N0.089 in the short-run and by N0.376 in the long-run; whereas N1 rise in non-oil exports increases economic growth by N0.047 in the short-run and N0.199 increase in the long-run. However, N1 rise in oil imports, decreases economic growth by N0.019 in the short-run and N0.092 decrease in the long-run; whereas N1 rise in non-oil imports, decreases economic growth by N0.022 in the short-run and N0.92 decrease in the long-run. Based on the findings, the study recommended that Nigerian government should make judicious use of proceeds from export of crude oil to diversify other productive sectors of the economy. Again, the activities of non-oil sectors like agriculture, industry, etc, should be stimulated to enhance non-oil exports in Nigeria.
Keywords: Exports, Imports, International Trade, Nigeria, economic growth
Science Education as a Tool for Achieving Socio – Economic Development of Nigeria (Published)
This study delves into the profound connection between science education and the socio-economic development of Nigeria. The paper explores the transformative potential of science education as a catalyst for socio-economic development in Nigeria. It examines how science education fosters innovation, shapes a skilled workforce, and drives economic diversification. By nurturing a scientifically literate populace, Nigeria can navigate challenges and seize opportunities in a rapidly changing global landscape. The paper emphasizes policy implications, including holistic education reform, industry collaboration, and international partnerships. Ultimately, science education emerges as a dynamic tool that can empower Nigeria to drive innovation, enhance competitiveness, and build a resilient and prosperous future.
Keywords: Development, Economy, Nigeria, Science Education, Socio-Economic
Determinants of Tax Compliance Behaviour and Sustainable Economic Growth Among MSMEs in Nigeria (Published)
This study examined the effects of determinants of tax compliance behaviour on sustainable economic growth of micro, small and medium enterprises (MSMEs) in South-South, Nigeria. The study anchored on the economic deterrence theory and cross sectional survey research design was used on a sample of MSMEs in South-South, Nigeria. The primary data was collected using a questionnaire with a five-point Likert scale and a sample size of 535 using convenience sampling. The data collected were analysed using descriptive statistics, bivariate analysis while multivariate analysis was used in the estimation of the regression model developed for the study. The findings revealed that tax penalty has positive and significant influence on sustainable economic growth among MSMEs in south-south of Nigeria; tax fairness has positive and significant influence on sustainable economic growth among MSMEs in south-south of Nigeria; perceived opportunities of tax evasion has negative and insignificant influence on sustainable economic growth among MSMEs in south-south of Nigeria; tax audit has positive and significant effect on sustainable economic growth among MSMEs in south-south of Nigeria; and tax system has positive and significant influence on sustainable economic growth among MSMEs in south-south of Nigeria. On the basis of the findings, the study concluded that tax determinants such as tax penalty, tax fairness, tax audit, tax system and opportunity for evasion affects the level of sustainable economic growth among micro, small and medium enterprises in South-South Nigeria. The study recommended amongst others that government should expand the tax administration system in Nigeria and strengthen tax collection schemes and follow up procedures on MSMEs. Also frequent tax reforms designed and implemented that would increase revenue generation through tax collection and consequently stimulating sustainable economic growth of Nigeria.
Keywords: Nigeria, sustainable economic growth, tax audit, tax fairness, tax penalty
Public Expenditure, Official Development Assistant and Economic Growth: A Time Series Analysis for Nigeria (1981 – 2018) (Published)
In addition to divergent views of economists on the effect of public expenditure on economic growth, results of existing empirical studies in developed and developing economies has remained inconclusive and tends to depend on the period of study, econometric method, nature of data and the composition of government expenditure. In this study, public expenditure in Nigeria is decomposed into domestic and the foreign receipts components. The domestic component comprises capital expenditure (GCE) and recurrent expenditure (GRE) while the foreign receipts component captures foreign inflow of official development assistance (ODA). Employing extended aggregate production function framework and bound test approach (ARDL model), this study examined the impact of each of these three components of public expenditure (GCE, GRE and ODA) on economic growth in Nigeria for the period (1981- 2018). The findings of this study indicate the existence of a long run relationship between the macroeconomic variables estimated in the model. The recurrent expenditure (GRE) has positive impact on economic growth both in the short-run and in the long-run, countering the widely held view that government consumption spending is growth-reducing. The capital expenditure (GCE) and official development assistance (ODA) have negative impact on economic growth in Nigeria both in the short-run and long-run. The granger causality test result shows no causal relationship between GDP and GCE and between GDP and ODA, but a bi-directional causal relationship exists between GDP and GRE. It is recommended that greater percentage of public fund should be expended as capital expenditure and such fund should be properly utilized on acquisition of physical capital and social overhead capital like transportation, electricity, communication, irrigation, flood control, research and human capital development, capital formation in agricultural and industrial sectors to enhance the productive capacity of the economy. ODA in recent times has been unreliable source of finance in Less Developed countries, hence Nigeria should not heavily depend on it. However, whatever ODA is received should be properly utilized and channel into productive projects which have significant positive impact on economic activities and wellbeing of the populace. The fight against corruption in the country should be frontally confronted to free more public fund for collective development purposes in the country.
Keywords: Capital Expenditure, Nigeria, Official Development Assistance, Public expenditure, Recurrent Expenditure, economic growth
Investigating Tunneling from Nigerian non-finance Listed Companies (Published)
The study investigates directors tunnelling in Nigeria drawing samples from listed non-finance firms on the floor of the Nigerian Exchange Group market. While directors tunnelling proxied by directors’ remuneration is the dependent variable, the independent variables adopted for this study includes ownership concentration, big4 auditors, capital structure and cash holding. Furthermore, in line with related extant literature, we employed the variable of firm size to control our model. Data set employed in this study spans through the periods between 2011 and 2020. In the light of this, the empirical result of this study leads to the conclusion that out of the four independent variables adopted in this study, only big4 auditors and capital structure significantly affect directors tunnelling. Specifically, we conclude that when a big4 firm audit the accounts of the firms in our sample, directors tunnelling declines. Similarly, we conclude that the more a firm finances their operations through debt, directors tunnelling declines. Succinctly, we recommend that firms should strive towards debt financing while also seeking to employ the services of big4 auditors to keep at bay tunnelling among listed non-finance firms.
Citation: Aluwong Dogara Blessed (2022) Investigating Tunneling from Nigerian non-finance Listed Companies, International Journal of Development and Economic Sustainability, Vol.10, No.1, pp.13-25
Keywords: Companies, Investigating, Nigeria, non-finance listed, tunneling
Public Expenditure, Official Development Assistant and Economic Growth: A Time Series Analysis for Nigeria (1981 – 2018) (Published)
In addition to divergent views of economists on the effect of public expenditure on economic growth, results of existing empirical studies in developed and developing economies has remained inconclusive and tends to depend on the period of study, econometric method, nature of data and the composition of government expenditure. In this study, public expenditure in Nigeria is decomposed into domestic and the foreign receipts components. The domestic component comprises capital expenditure (GCE) and recurrent expenditure (GRE) while the foreign receipts component captures foreign inflow of official development assistance (ODA). Employing extended aggregate production function framework and bound test approach (ARDL model), this study examined the impact of each of these three components of public expenditure (GCE, GRE and ODA) on economic growth in Nigeria for the period (1981- 2018). The findings of this study indicate the existence of a long run relationship between the macroeconomic variables estimated in the model. The recurrent expenditure (GRE) has positive impact on economic growth both in the short-run and in the long-run, countering the widely held view that government consumption spending is growth-reducing. The capital expenditure (GCE) and official development assistance (ODA) have negative impact on economic growth in Nigeria both in the short-run and long-run. The granger causality test result shows no causal relationship between GDP and GCE and between GDP and ODA, but a bi-directional causal relationship exists between GDP and GRE. It is recommended that greater percentage of public fund should be expended as capital expenditure and such fund should be properly utilized on acquisition of physical capital and social overhead capital like transportation, electricity, communication, irrigation, flood control, research and human capital development, capital formation in agricultural and industrial sectors to enhance the productive capacity of the economy. ODA in recent times has been unreliable source of finance in Less Developed countries, hence Nigeria should not heavily depend on it. However, whatever ODA is received should be properly utilized and channel into productive projects which have significant positive impact on economic activities and wellbeing of the populace. The fight against corruption in the country should be frontally confronted to free more public fund for collective development purposes in the country.
Keywords: Capital Expenditure, Nigeria, Official Development Assistance, Public expenditure, Recurrent Expenditure, economic growth
A Review of United Nations Development Programme Reports on Human Capital Development in Nigeria (Published)
The objective of this paper is to review the United Nation Reports on Nigeria Human Security and Development for 2015 and 2016 and to synthesize the selected indices of growth and development for policy formulation. More so, to compare and contrast the current socio-economic situation with the projections revealed by these reports. This survey (i)provides an overview of the socio-economic condition of the Nigerian state, (ii) reviews the literature provided by the 2015 and 2016 reports (iii)summarizes the methods and materials employed by the reports (iv) the report’s findings were critiqued vis-à-vis current economic realities and (v) recommendations. The review revealed that the hard economic situation in the country was compounded by 2016 recession and Covid-19 pandemic. It was also discovered that political sentiments and absence of political will were causes of underdevelopment in Nigeria. Based on this, the paper recommends that, governments at all levels should be accountable, transparent, purposeful and people-centered to enhance capabilities and opportunities and growth of the country.
Keywords: Human Security, Human development, Nigeria, Policy Formulation, United Nations
Understanding the Antecedents of Online Shopping Behaviour: An Empirical Evidence from a Typical Emerging Market Context (Published)
With the increasing number of online shopping in Nigeria, the need to understand the key predictors of consumers’ choice to shop online has become legitimate and urgent. While extant literatures are replete with such investigations, most emerging economy contexts are heavily under-researched. Using this as a point of departure, this paper seeks to answer the question: why do consumers shop online in such emerging economy context as Nigeria? The study was based on selected online shoppers in Awka, a growing metropolitan city in Nigeria that represents an emerging economy context. Data were collected using questionnaire based on a quota sampling of 110 respondents. Factor Analysis and Multiple Regression were used to reduce the data and test the hypotheses respectively. Analysis of the data show that online shopping experience, and impulse purchase orientation are significant in determining online shopping patronage; while online trust is not significant. The finding has serious implication for e-commerce policy formulation and web management decision among others.
Keywords: Emerging Market, Nigeria, Online Shopping, impulse purchase, internet retailing., online shopping experience, online trust
Analysis of Mechanisms for Promoting Local Content towards National Development in Nigeria: A Case Study of NOGICD ACT, the Nigerian Content Development and Monitoring Board (NCDMB) and its Community Content Guideline (CCG) (Published)
The quest for the growth of indigenous businesses and investments in the nation’s economy and necessity to maximize participation of Nigerians in oil and gas activities have prompted the “indigenization” policy which was first articulated as a legal instrument in the Nigeria’s Petroleum Act of 1969. The paper considers the situation where the region that produces the bulk of national wealth and contributes so much to global oil wealth, is at the same time, the region where local dwellers ravaged in extreme poverty as reason for the government to constantly review its approach and strategy towards achieving the intention for indigenization. The paper assesses the various initiatives set forth to position Nigerians to fully access the benefits and opportunities within the nation’s oil and gas industry. It observes that the NOGIC Act 2010 which gives birth to the Nigerian Content Development and Monitoring Board (NCDMB) and the consequential Community Content Guideline (CCG) constitute a paradigm shift in the Nigerian oil and gas industry. The paper concludes that considering the current global economic order, the NOGIC Act provides a viable path to sustainable national economic development while the Community Content Guideline CCG is a veritable vehicle for fast tracking development in community context.
Keywords: CCG, Indigenization, NCDMB, National Development, Nigeria, local content
Coronavirus Pandemic and the Nigeria’s Entertainment Industry (Published)
This paper hinges on the consequences of the Coronavirus (COVID-19) Pandemic on Nigeria’s entertainment industry. It argues that since the outbreak of the pandemic, it has constituted various challenges in different sectors since it led to the total shutdown of the world’s economy including Nigeria. This was the first time in the history of humankind that all the worship centers in Nigeria were closed down to curtail further spread of the virus. The pandemic also affected drastically the educational activities, business activities, tourism, and even the entertainment industry. Given the grave consequences arising from the outbreak of COVID-19, a lot of studies were conducted by scholars of different disciplinary backgrounds to find out ways of containing the spread of this deadly disease. However, most of these studies rather generalized the effects of Covid-19 on the nation’s economy. As a departure from other academic works, the study, therefore, confines itself to discuss the debilitating effects of COVID-19 on Nigeria’s entertainment industry. Using the documentary method of data collection and social distance theory, the paper reveals that the pandemic has affected the entertainment industry thereby retarding the development of the sector. The study concludes that, for the industry to be stable and vibrant, the further spread of the pandemic must be regulated. In this wise, the paper recommends amongst other measures like social distancing, regular washing of hands, and the prohibition of large gatherings as part of the ways to reduce the spread of the virus.
Keywords: Nigeria, coronavirus, entertainment industry, pandemic