Nigeria

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

Nonlinear and Asymmetric Exchange Rate Pass-Through to Consumer Prices In Nigeria: Evidence from a Smooth Transition Auto-regressive Model (Published)

This paper examines the nonlinearities and asymmetries in the exchange rate pass-through (ERPT) to consumer prices in Nigeria using quarterly time-series data from 1986 to 2013 and the nonlinear smooth transition autoregressive (STAR) method. The standard literature assumes linearity and symmetry in the ERPT to consumer prices in developing counties, despite the importance and presence of potential asymmetries and nonlinearities which are generated by the presence of various factors such as menu costs, capacity constraints, market share objectives and production switching. This study develops a partial equilibrium microeconomic mark-up model to investigate asymmetric and nonlinear behaviour in the ERPT. The study confirms the presence of nonlinear ERPTs due to different inflation levels. The results also show asymmetric ERPTs in the appreciation and depreciation of exchange rates. The magnitude of the ERPT also depends on the size of the exchange rate change. The ERPT is higher during depreciation than during the appreciation episodes of the Naira. Nonlinearity is more prevalent during the high inflationary period of the 1990s than in other periods. The policy implication of the results is that the government, despite temptations to do so, should avoid the devaluation of the Naira during high inflation periods to reduce the impact on consumer prices and the associated costs.

Keywords: Asymmetry, Nigeria, exchange rate pass-through, nonlinearity

Monetary Policy and Inclusive Growth in Nigeria (Published)

The objective of the study is to determine the impact of monetary policy on inclusive growth. The study employed multivariate regression model to establish the effect. Data was collected on PCI as proxy for inclusive growth, and exchange rate, interest rate and money supply as monetary policy tools. The OLS technique revealed a significant variation between money supply and inclusive growth which implies that it will be in the best interest of the populace if monetary policy measures are employed to effect changes in the economy.

Keywords: Growth, Monetary Policy, Nigeria, inclusive

The Impact of Money Supply on Inflation in Nigeria (1980 – 2009) (Published)

This study examined the impact of money supply on inflation in Nigeria between 1980 and 2009, using Vector Error Correction Mode (VECM). The data for the variables were sourced from CBN statistical Bulletin. The results of the test established a significant long run positive relationship between money supply and inflation in Nigeria. Based on this finding, the study recommended that, government intensify the effort to combat inflation by encouraging the monetary authority to put in place policies measures that are gear toward reducing the volume of money in circulation in Nigeria.

Keywords: Inflation, Money Supply, Nigeria, VECM

Domestic Macroeconomic Drivers of Industrialization in Nigeria: Status and Prospects from the Manufacturing Sub-Sector (Published)

While most advanced economies are in the process of industrializing their economies, plots by successive governments to transform the economy Nigerian, from a commodity-driven to an industrialized one, has not yielded much fruits despite several industrial policies and reforms. Based on the United Nations/World Bank success yardsticks with theoretical framework rooted on the Prebisch-Singer Hypothesis and the endogenous growth model, this study utilized K-class estimation procedure on Nigeria’s time series between 1990 and 2016. The result obtained indicates that infrastructural development, institutional framework, bank credit,foreign direct investment, electricity, stable exchange rate, low inflation and economic diversification are key drivers of industrialization. The findings also confirm that except the Nigerian economy achieves improved infrastructure delivery and institutional framework as well as stable domestic and currency prices, the efforts towards economic diversification agenda may be counterproductive. It is therefore expedient that Nigeria focuses on building strong macroeconomic fundamental that would accentuate its take-off to industrialization.

Keywords: Diversification, Gross Domestic Product, Industrialization, Macroeconomy, Manufacturing, Nigeria

Domestic Debt and the Performance of Nigerian Economy (1990 -2018): Investigating the Nexus (Published)

The study evaluated the relationship between domestic debt and the performance of Nigerian economy;for the period (1990-2018). Secondary data were used and collectedfrom Central Bank of Nigeria Statistical Bulletin. The study used Gross Domestic Product (GDP) and was employed as the dependent variable to measure the performance of the Nigerian economy; whereas, Development Stock, Treasury Bill and Interest rate were also employed as the independent variables.Hypotheses were formulated and tested using time series econometrics Models.  The result revealed that the variables do not have unit roots. There is also a long-run equilibrium relationship between domestic debt and Gross Domestic Product. The result confirmed that about 72% short-run adjustment speed from long-run disequilibrium. Domestic debthad a causal relationship with Gross Domestic Product. The coefficient of determination indicated that about 64% of the variations of the performance of Nigerian economy can be explained by changes in domestic debt variables. The study concluded that domestic debt had a causal relationship with performance of the Nigerian economy.Thus, the study recommended that Government and policy makers should maintain a debt bank deposit ratio below 35 percent and resort to increase the tax revenue to finance its projects. Government should divest itself of all projects which the private sector can handle including refining crude oil (petroleum product) and transportation. Government should maintain a proper balance between short term and long term debt instruments in such a way that long term instruments dominate the debt market.

Keywords: Domestic debt, Economics Performance, Investigating the Nexus, Nigeria

Social Development Strategies for Promotion of Community Development in Nigeria (Published)

Every social action is perceived as a joint undertaking of’ people in their social settings to improve their living conditions in various communities in the society. Social development as an educational process stimulates consciousness among people in order to be aware of their capabilities to address prevailing situations and realities in various participating communities. Social development as a concept is used to stimulate awareness in people for the ultimate purpose of understanding their social realities ant their potentialities to promote development that will improve their living conditions in their various communities. The paper identified conscientisation strategy, communication strategy and group action strategy as strategies of social development in stimulating community development. Based on the issues discussed appropriate recommendations are made which include the urgent need to ensure that adequate information is made available to people through the instrumentality of conscientisation and communication as well as that social development should be driven by common vision and interest of the people of participating communities in Nigeria.

Keywords: Community development, Nigeria, Social Development, Strategies.

Trade Openness and Nigeria’s Economic Growth (1990- 2015) (Published)

This study examines empirically the relationship between Trade openness and Economic growth in Nigeria. The study covered the period 1990 – 2015, using ARDL approach to cointegration.  The ARDL result confirmed the existence of a long-run relationship between Economic Growth, Trade Openness, Foreign Direct Investment and Gross Capital Formation. It was found that Trade Openness and Gross Capital Formation had positive and negative impacts respectively on growth rate of GDP in the short run. Therefore, this study concludes by recommending that; (i) trade openness should be regulated by government; from our result an increase in trade openness caused a decrease in our GDP (ii) FDI should be encouraged as it was seen to have significantly improved economic growth in Nigeria.

Keywords: Auto-Regressive Distributive Lag (ARDL), Nigeria, economic growth, trade openness

The Dynamics of Human Capital Development and Industrial Growth in Nigeria (Published)

This article is aimed at providing empirical evidence on the impact of human capital development on industrial growth in Nigeria. Time series data spanning 1976-2016 period on relevant variables were analyzed using both descriptive and econometric techniques. ADF procedures were used to test for stationarity of the variables. The results show that the variables moved towards equilibrium in the long-run. The results also show that recurrent expenditure on education and health has a negative impact on industrial growth. The goodness of fit was encouraging. This article asserts that rigorous pursuance of graduate skill acquisition programmes as well as adherence to the 26 per cent minimum budgetary allocation demanded by UNESCO for education which will spur improvement in human capital development will impact industrial growth positively. More-so, incentives such as tax holidays, pioneer reliefs and exemptions that aids increased investment in industrial growth be vigorously pursued by governments at all levels in Nigeria.

Keywords: Exchange Rate, Human Capital Development, Industrial Growth, Nigeria, expenditure on education, expenditure on health, gross capital formation

Determinants of the Technical Efficiency Performance of Privatized Manufacturing Firms in Nigeria: An Econometric Analysis (Published)

This work is designed to empirically evaluate the determinants of the technical efficiency of ten privatized manufacturing firms in Nigeria. The firms were selected from the numerous firms in the four geo political zones to represent the interest of the entire country due to their age long establishment, size and government equity investment in them. The study adopted  Data envelopment analysis (DEA) and ordinary least square regression  as the techniques of analysis and the period of analysis is five years before and five years after privatization. The efficiency scores generated from the first stage using Data Envelopment Analysis (DEA) was used as dependent variables in the second stage against a set of explanatory variables. The investigation revealed that concentration ratio, size and age of firms were considered as determinant of technically efficiency. It also shows that, concentration ratio will lead to higher monopoly power, with age firms gain experience and with size, firms gain more strength to control or have a larger share of the market. It is recommended that there should be market competition with liberalization of entry conditions, in order to terminate monopoly and allow for new entrants to make operations competitive for production. This will be in line with the industrialization policy.

Keywords: Determinants, Nigeria, Privatized Manufacturing firms, Technical Efficiency