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Population Growth, Urbanization and Unemployment in Nigeria

By Goodluck I. Nwaogwugwu & Ugwu Henry

Population Growth, Urbanization and Unemployment in Nigeria

Published: 13/11/2017

Size: 564.54KB

RESEARCH AND INNOVATION IN ARTS, HUMANITIES AND CULTURE EDUCATION

By Ruth Ebere Ihedigbo & Goodluck I. Nwaogwugwu

RESEARCH AND INNOVATION IN ARTS, HUMANITIES AND CULTURE EDUCATION

Published: 10/11/2016

Size: 95.64KB

Use of Contraceptives among the Youth in Isiala Ngwa North Local Government Area of Abia State

By Goodluck I. Nwaogwugwu

Use of Contraceptives among the Youth in Isiala Ngwa North Local Government Area of Abia State

Published: 15/05/2017

Size: 176.34KB

Prebendalism and Budget Authorization in the Nigerian Legislature

By Amaechi, Obinna Charles, Amadi, Cletus Okechukwu, Ph.d, et al

Prebendalism and Budget Authorization in the Nigerian Legislature

Published: 31/07/2018

Size: 931.97KB

Contending Issues in Tax Contracting for Revenue Generation in Nigeria

By Obinna Charles Amaechi*, Severus Ifeanyi Odoziobodo, Phd, et al

Contending Issues in Tax Contracting for Revenue Generation in Nigeria

Published: 02/10/2017

Tags: -

Size: 658.87KB

TRADE AS A DIPLOMATIC CHANNEL IN PRE-COLONIAL IGBO DIPLOMACY-THE NNEWI EXAMPLE

By Nzereogu, Daniel Chukwuma

TRADE AS A DIPLOMATIC CHANNEL IN PRE-COLONIAL IGBO DIPLOMACY-THE NNEWI EXAMPLE

Published: 14/02/2019

Size: 23.32KB

Evaluation of 6-Gingerol and its modifed analogues as therapeutic candidates against Schistosoma mansoni phosphofructokinase

By Olanrewaju A. Durojaye,* Bennett C. Nwanguma,* Parker E. Joshua, Joyce O. Ogidigo, Samuel Cosmas, Rita O. Asomadu, Judith N. Obeta

Evaluation of 6-Gingerol and its modifed analogues as therapeutic candidates against Schistosoma mansoni phosphofructokinase

Published: 12/03/2019

Size: 693.80KB

Investigating the Nexus between Institutional Quality and Stock Market Development in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach

By Charles O. Manasseh, Timothy E. Mathew, et al

This study investigates the nexus between institutional quality and stock market development. The Autoregressive Distributed Lag Model (ARDL (1,1)) and ARDL bounds testing procedure (Pesaran et al., 2001) was adopted for the estimation. We used annual time series data that covers the periods 1985 to 2013. Institutional quality is measured with corruption control, democratic accountability and bureaucratic quality, while stock market development is measured with market capitalization ratio. The institutional quality captures the degree of transparency and the level of investors’ confidence while market capitalization measures overall performance. In addition, we also accounted for the influence of the banking sector (proxy: ratio of credit to the private sector). We control for the influence of variables such as stock market liquidity and per capita income. The results of the bounds test suggest that institutional quality and market development move together in the long run. Further investigation also shows that corruption control and democratic accountability are key institutional measures that impact significantly on stock market development, suggesting that institutional quality promotes the degree of transparency and investors’ confidence. Other variables such as stock market liquidity, bureaucratic quality and per capita income were also found to be important determinants of stock market development in Nigeria. Hence, given the above findings, the relevant authorities should increase their efforts to control the level of corruption through the enhancement of the regulatory framework that could ensure accountability and efficient monitoring of the market actors for the sustainability of investors’ confidence and the promotion of stock market development in Nigeria.

Published: 06/09/2018

Tags: Investigating, Nexus, Institutional

Size: 117.46KB

Quest for Industrialization in Nigeria: The Role of the Development Bank of Nigeria

By Jonathan E. Ogbuabor, Anthony Orji, et al

The benefits of industrialization in employment generation, poverty reduction, improved living standard, improved economic growth and development, balance of payment stability, self-reliance, stimulation of other sectors of the economy, and development of skilled manpower have been well established in the literature. However, access to finance for industrial development has remained a key challenge in Nigeria. In view of this, this paper describes what the structure and operations of the Development Bank of Nigeria (DBN) should be so that the Bank will not only deliver on the core mandate of empowering micro, small and medium scale enterprises (MSMEs) but also support the nation’s quest for industrialization by adequately funding national priority projects in the areas of infrastructure, basic industries, energy, transportation, and the likes. The paper argues that limiting the mandate of the DBN only to facilitating credits for MSMEs in the informal sector will not go far in advancing Nigeria’s quest for industrialization.

Published: 06/09/2018

Tags: Industrialization, Development Banking, Economic Development, Nigeria

Size: 315.53KB

Poor Natural Resource Utilization as the Bane of Industrialization in Nigeria: Evidence from National Bureau of Statistics Petrol Price Watch

By Jonathan E. Ogbuabor, Anthony Orji, et al

Industrializing Nigeria requires steady and affordable energy supply and distribution. Hence, this paper examined Nigeria’s petrol market for evidence of consumers paying above the government approved prices and for evidence of asymmetric response of retail petrol prices to changes in oil price. National Bureau of Statistics’ Petrol Price Watch data was used together with descriptive analysis and an ARDL-ECM model. Overall, we find that even when the product is subsidized, consumers in most states pay above the government approved prices. In addition, we find that both in the short- run and long-run, retail petrol prices in Nigeria respond asymmetrically to changes in oil price. These findings are contrary to Nigeria’s status as an oil-rich country, thereby capturing the stark reality of poor utilization of the country’s oil resources to improve its industrial competitiveness.

Published: 06/09/2018

Tags: Natural Resource, Petrol Pricing, Industrialization, Nigeria

Size: 1.49MB

The Causal Effect of Stock Market Development, Financial Sector Reforms and Economic Growth: The Application of Vector Autoregressive and Error Correction Model

By Charles O. Manasseh, Jonathan E. Ogbuabor, et al

The study examined the causal relationship between stock market development, financial sector reform and economic growth in Nigeria, using Vector autoregressive and error correction model for the analysis. We observed bidirectional causality between stock market development and economic growth, along with financial sector reform and economic growth. This implies that stock market development and economic growth and; financial sector development and economic growth promote each other. More so, the findings reveal a unidirectional causality running from financial sector reform to stock market development. Hence, there is an evidence of positive long-run relationship between the variables of cointegrating equations. Furthermore, more inquiries on the relationship between business environment, legal framework and stock market development, show a positive long run relationship between the variables of the cointegrating vectors, suggesting that good business environment and quality legal framework could be a prerequisite for stock market development through confidence building and investors protection.

Published: 06/09/2018

Tags: Economic Growth, Stock Market Development, Financial Sector Reform

Size: 1.23MB

The Effects of Interest and Inflation Rates on Consumption Expenditure: Application of Consumer Spending Model

By Charles O. Manasseh

Using modified consumer spending model and data that span the period of 1981–2011, the study examines the effects of interest and inflation rates (proxy - consumer price index) on consumer spending. The study extended its investigation into the causal relationship between consumer spending (proxy; private consumption expenditure [PCE]), interest and inflation rates using granger causality Wald test, so as to ascertain if consumer spending can be use to predict future interest and inflation rates in the economy. The findings suggest that all explanatory variables account for approximately 93.38% variation in consumer spending, indicating interest and inflation rates and other control variables such as per capita income, indirect tax and savings as important determinants of PCE in Nigeria. The results on the granger causality indicated that future interest and inflation rates cannot be predicted using PCE. Therefore, based on these findings, we recommend expansionary fiscal and monetary policies to influence the level of aggregate demand in the economy.

Published: 06/09/2018

Tags: Consumer Spending, Inflation Rate, Interest Rate, Granger Causality

Size: 615.36KB

Investigating the Nexus between Institutional Quality and Stock Market Development in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach: Institutional Quality and Stock Market Develo

By Charles O. Manasseh, Timothy E. Mathew, et al

This study investigates the nexus between institutional quality and stock market development. The Autoregressive Distributed Lag Model (ARDL (1,1)) and ARDL bounds testing procedure (Pesaran et al., 2001) was adopted for the estimation. We used annual time series data that covers the periods 1985 to 2013. Institutional quality is measured with corruption control, democratic accountability and bureaucratic quality, while stock market development is measured with market capitalization ratio. The institutional quality captures the degree of transparency and the level of investors' confidence while market capitalization measures overall performance. In addition, we also accounted for the influence of the banking sector (proxy: ratio of credit to the private sector). We control for the influence of variables such as stock market liquidity and per capita income. The results of the bounds test suggest that institutional quality and market development move together in the long run. Further investigation also shows that corruption control and democratic accountability are key institutional measures that impact significantly on stock market development, suggesting that institutional quality promotes the degree of transparency and investors' confidence. Other variables such as stock market liquidity, bureaucratic quality and per capita income were also found to be important determinants of stock market development in Nigeria. Hence, given the above findings, the relevant authorities should increase their efforts to control the level of corruption through the enhancement of the regulatory framework that could ensure accountability and efficient monitoring of the market actors for the sustainability of investors' confidence and the promotion of stock market development in Nigeria.

Published: 04/09/2018

Tags: Investigating, Nexus, Institutional

Size: 84.67KB

Application of Generalized Autoregressive Conditional Heteroschedasticity Model on Inflation and Share Price Movement in Nigeria

By Charles O. Manasseh, and Ambrose N. Omeje

In the past, studies on the linkage between share prices movement and inflation has been subjected to extensive research by academics, researchers, practitioners and policy makers since the 1990s. Most studies in the industrialized economies showed the existence of negative relationship between share price movement and inflation. Consequently, this paper utilized generalized autoregressive conditional heteroschedasticity (GARCH) model and investigated the influence of inflation on share price movement in Nigerian stock market, using quarterly data for the period 1981 to 2012. The findings of this paper suggest that the GARCH terms of the share price movement in Nigeria depicted a variance of autoregressive conditional heteroscedastic behaviour. Furthermore, share price movement and inflation exhibited a collective volatility of about 0.0015% during the study period. Share price movement exhibit a volatile shock of about 79% in behaviour while a 1% increase in inflation leads to about 0.15% decrease in share price movement in Nigeria. In addition, a 1% increase in market capitalization leads to about 66.8% increase in share price movement in Nigeria. Therefore, stabilizing inflation will deepen the Nigerian stock market the more thereby leading to a trickling down effect on the stock market capitalization. Hence, policies geared towards the reduction and stabilization of inflation to at least, single digit is recommended to the Nigerian monetary authorities.

Published: 04/09/2018

Tags: Inflation, Share Price, Generalized Autoregressive Conditional Heteroschedasticity, Influence, Stock Market

Size: 1.41MB

Semi Strong Form Efficiency Test of the Nigerian Stock Market: Evidence from Event Study Analysis of Bonus Issues

By Charles O. Manasseh, Chukwuka Kenneth Ozuzu, et al

This study tests the consistency of the Nigerian Stock Market with the efficient market hypothesis (EMH) in the semi-strong form using bonus issues as the information generating event. Using daily data, a total of 121 bonus issues were observed and examined for the period 2002-2006. The stocks which were tested were classified according to the size of their bonus issues and also according to the price of the stock to know the impact of information released on the price of different categories of stock. Using the event study methodology, the market and the market adjusted models as well as the vector auto regression models, the study discovered that information release impacts significantly only in the year 2002. Also, it reveals that small bonus issues responded speedily to bonus issues more than medium and large bonus issues. In addition, the test between penny stocks and blue chips shows that only penny stocks were significantly affected.

Published: 04/09/2018

Tags: Semi-strong Form, Efficiency, Stock Market, Event Study, Bonus Issues

Size: 641.12KB