THE BASIS FOR DEFINING ETHNIC AND CULTURAL SUSTAINABILITY IN NIGERIA: PROBLEMS AND PROSPECTS
Prevalence and risk factors associated with brucellosis among high-risk individuals in Lafia, Nasarawa state, Nigeria
DEVELOPMENT OF A MOBILE APPLICATION FOR FLOOD SURVEILLANCE IN SOUTHWEST NIGERIA
Population Growth, Urbanization and Unemployment in Nigeria
RESEARCH AND INNOVATION IN ARTS, HUMANITIES AND CULTURE EDUCATION
Use of Contraceptives among the Youth in Isiala Ngwa North Local Government Area of Abia State
Prebendalism and Budget Authorization in the Nigerian Legislature
Contending Issues in Tax Contracting for Revenue Generation in Nigeria
TRADE AS A DIPLOMATIC CHANNEL IN PRE-COLONIAL IGBO DIPLOMACY-THE NNEWI EXAMPLE
Evaluation of 6-Gingerol and its modifed analogues as therapeutic candidates against Schistosoma mansoni phosphofructokinase
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.
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.
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.
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.