Entries on Economics
This study assessed the significance of monetary policy on inflationary rate in Nigeria from 1986 to 2016. Quarterly and yearly secondary data sourced from CBN Statistical Bulletin 2016 and World Bank Development Index 2016 were used in this study. The Vector Autoregressive Model (VAR) was used for the estimation. The following variables were analyzed: Exchange Rate (EXR), Inflation Rate (INFR), Broad Money Supply (BMS, Interest Rate (INTR) and reserve ratio (RR). Total Adult Population (ADP) Bank Branches (BB) and Commercial Bank Deposits (CBD) were also used to assess the strength and weakness of monetary policy on inflationary rate in Nigeria through financial exclusion. However, it was found out based on co integration test that there is a long run relationship between the variables employed, the causality test shows a very weak transmission effect between the variables. More so the VAR estimates shows that, interest rate, broad money and reserve ratio are not statistically significant, but expectedly exchange rate is significant and therefore accounts for the variations in inflationary rate in Nigeria. In the same vein the impulse response function shows that exchange rate, inflation rate and money supply responded to shocks on interest rate though in different dimensions and finally, the assessment of financial exclusion shows that, the rate of exclusion has been decreasing overtime but still very high and far more than the rate of inclusion which has rendered monetary policy ineffective and inefficient in tackling inflation in Nigeria. Consequently, it was recommended that: The government should ensure proper coordination of policy instruments so that policy measures are can be transmitted or channeled in order to effectively meet and control target objectives especially inflationary rate in Nigeria. Also the government should ensure exchange rate stability and most importantly our multiple exchange rate system which is detrimental to our economy
I am delighted to be invited to give this Memorial Lecture in memory of a great son of Benue and advocate of youth empowerment—the late Basil Chianson. I never met Basil, but from what I have gathered I understand he was a mercurial man who had the courage of his convictions. He is fondly remembered for being principled, courageous, feisty, honest, straightforward and humble. I am also told that he was an embodiment of self-sacrifice.
The book Marketing Management is primarily written to provide invaluable companionship for students, educators and professionals in the field of Marketing. Its unique position provides an all-round decision making tool that attempts to reflect the changes taking place in the modern landscape of marketing. As an integrated and comprehensive text, the book adopts a learner-friendly approach that lays emphasis on providing a clear understanding of the theoretical aspects of Marketing Management so as to enable readers easily apply them to real life situations. With its clear and comprehensive coverage, the book is ideal for practitioners, self study, and equally meets the requirements of undergraduate as well as postgraduate students of Marketing and Management.
This study assessed the impacts of Exchange Rate Volatility on Inflationary Rate in Nigeria from 1986 to 2016. Secondary data sourced from CBN Statistical Bulletin 2015 was used in this study. The Autoregressive Conditional Heteroskedasticity (ARCH) was developed and applied by the authors where the following macroeconomic variables were used: Exchange Rate (EXR), Inflation Rate (INFR), Broad Money Supply (BMS) and Interest Rate. The ARDL Bound Test was used to assess the long-run relationship between exchange rate volatility and inflation in Nigeria and more so the study employed granger casualty test to identify the causality between exchange rate volatility and inflation in Nigeria. It was however; found out that exchange rate volatility has a negative relationship with inflation. The effect of exchange rate on inflation is very weak and low. Interest rate and Broad money supply also have negative effect on inflation rate in Nigeria, while GDP has a positive effect on inflationary rate in Nigeria. In the same vein the co-integration test shows that, there’s a long run relationship between inflation and exchange rate volatility in Nigeria and finally the granger casualty test shows a unidirectional casualty between the two variables inflation and exchange rate volatility, it shows that inflation causes exchange rate and not otherwise. Hence it was recommended that: The government should take a bold step to ensure exchange rate stability so that investors can have confidence in our financial system and the government as a matter of urgency should also diversify the economy in order to boost productivity, revive every sector of the economy that is not so that normalcy and price stability can be achieved in our economy.
The issue of unemployment has been a major challenge to most nations and it still remains on the front burner today. This study empirically assessed the impact of unemployment on economic growth in Nigeria from 1990-2013 Using the ordinary least squares estimation technique. The empirical analysis carried out shows that unemployment has a negative and non-significant relationship with gross domestic product. Also, the average capacity utilization rate and the government expenditure both have a positive and significant relationship with the gross domestic product, which is consistent with a-priori expectation. The coefficient of determination (R2) of 0.867 shows that about 87 percent of the variation in real gross domestic product was explained by variation in the independent variables. An important implication of the findings is that unemployment has far reaching negative consequences on the economic growth of Nigeria. Finally, this work suggests that in order to achieve sustainable economic growth which is a necessary condition for economic development, the Nigerian government should develop the private sector to be more vibrant and to venture into vital aspects of the economy (pumping the prime), such as, manufacturing, and mechanized agriculture. It was also recommended that the government should give more attention to vocational education to boost economic growth.
The word poverty is a paramount case in the lives of most individuals in the developing countries like Nigeria. While poverty has been perceived as an economic malaise, social disequilibrium, it is apparent that its effects on the social system make it a debilitating social problem. This explains why every reform policy is geared towards poverty reduction. In fact, poverty reduction is number one millennium developments goal. To what extent has the National Poverty Eradication Programme (NAPEP) affected the level of poverty among women in Kogi state in 2014? This is the question that this research sought answer for. Using descriptive statistics such as tables, percentages, charts, frequencies and the chi-square method to test the hypothesis, the results obtained from the chi-square test revealed that the National Poverty Eradication Programme has significant effect on the level of poverty among women in Kogi state and statistically significant at the 5% level of significance.The research finds out that the poor communication network between the NAPEP agency and the people, inadequate personnel and the corruption that exists in the agency poses as a strong factors limiting the rate of diffusion and consequently, the effectiveness of the programme in Kogi state. However, certain recommendations were considered valuable for enhanced service delivery; government should employ more personnel and NAPEP staff should be well trained, thereafter, a monitoring committee that will monitor the activities carried out by the agency to prevent the embezzlement of funds put in place by the government to alleviate poverty should be established for efficient service delivery. This is with the view of making the National Poverty Eradication Programme more effective in the alleviation of poverty.
This paper assessed the economic impact of improved agricultural technologies on cassava productivity in kogi state, Nigeria. The results are drawn from a household survey covering the agricultural season of 2009/2010. The data obtained from interview schedule was subjected to descriptive and inferential statistical analysis. Descriptive statistics for this study include frequency, percentages and means. The hypothesis was tested using chi- square. The result shows that 79.33% of the respondents adopt the use of improved variety within the period under study. The analysis done on the revenue of the respondents before and after the adoption of the improved agricultural technology shows that revenue of farmers after the adoption of innovations are better off than revenue generated before adoption by N27,750 on the average per farmer. This result shows that the impact of improved agricultural technologies on cassava productivity is positive. Additionally, the results attest to the importance of increasing agricultural productivity in tandem with improvements on the adoption and use of improved agricultural technologies and its availability to the reach of farmers with the farmers’ ability to store food. This findings is consistence with Idachaba and Ayoola, (1995) who observed that improved agricultural helped in increasing agricultural productivity.
The main objective of this study is to examine the Repayment performance and Determinants of food crop beneficiaries of NACRDB in Kogi State, Nigeria. Using a multi-stage random sampling technique, three agricultural zones in Kogi State ( Zone A, B AND C) were chosen. Primary data were collected through the use of structured questionnaire which were administered to farmers who are clients of NACRDB. The major tools of data analysis were econometric and statistical techniques, such as means, percentages and regression. The sampled food crop farmers were mostly males. The literacy level of the food crop farmers’ loan beneficiaries was above average (69.45) and the mean years of experience of respondent was 18 years. The loan repayment performance among food crop farmers in Kogi State was found to be 93.58%. The most important factors that determine loan repayment among food crop farmers of NACRDB were amount of loan obtained, amount of loan requested for, amount of interest paid, farm size and gender of farmers. The study therefore recommends that the most important factors that determine loan repayment should be emphasized in designing loan programmes among the food crop farmers. -----------------------------------------------------------------------------------------------------
This study examined the relationship between non-Oil exports and economic growth in Nigeria from 1986 to 2015. Secondary data sourced from World Economic Indicators, 2015 was used in this study. A vector Autoregressive Lag model was developed and applied by the authors where the following macroeconomic variables were engaged: Real GDP used as a proxy for economic growth, Non-Oil export (NOEXP), Degree of Economic Openness (DOP), Exchange Rate (EXCH), Real Interest Rate (RIR) as well as Inflation Rate (INF). OLS technique, co-integration technique, and granger causality were employed to analyse the data and the result revealed that, Non-oil export had a positive and significant impact on economic growth in Nigeria in relation to the reviewed period. It was also discovered that there is a unidirectional relationship from real GDP and Degree of Economic Openness (DOP) to Non-oil Export meaning that, RGDP and DOP causes non- oil export but non-oil export does not cause RGDP and DOP.Hence it was recommended that Since non-oil export appeared to be positively correlated with the real gross domestic product, government and her policy makers as well as other important and relevant stake holders are advised to put all hands on deck to draw policies that would promote non-oil export in the country so as to get our export improved.
The study evaluated the major constraints hampering the effective functioning of the Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) in Kogi State, Nigeria. Using the food crop farmers as a case study, a multi-stage random sampling technique was used to select three agricultural zone in Kogi State ( zone A, B, and C).Primary data were collected through the use of structured questionnaire which were administered to farmers who are clients of NACRDB. The major tool of analysis is the Likert scale of analysis. The study find out that, while unfavourable organization policy, insufficient funding, poor group cohesiveness, poor spread of network of branches, politics in allocation of credit, inadequate competent staff and lack of information are seen as major constraints hampering the effective functioning of NACRDB in Kogi State, high interest rate, misappropriation of fund and inadequate personnel training and development is not a major constraint hampering the effective functioning of NACRDB in Kogi State. [Adofu et al. An Evaluation of The Major Constraints Hampering the Effective Functioning of the Nigerian Agricultural Cooperative and Rural Development Bank in Kogi State, Nigeria. A Case Study of Food Crop Farmers Loan Beneficiaries.
This study show by means of robust statistical analysis, the magnitude of the changes which occurred in the Nigerian financial system right from the period of regulation and since the introduction of structural change reforms in 1986. Using the ordinary least squares method, data from 1970 to 2004 which covered the two policy thrusts regulation and deregulation are examined. To ascertain whether monetary policy reforms had significant impact on financial deepening during the period under study, three regression test were run. One covered the period of regulation (1970 – 1985), the second covered the period of deregulation (1986 – 2004), while the third covered the period of regulation and deregulation (1970-2004). The empirical analysis carried out in this study showed that the monetary authorities have largely succeeded in their objective to deepen the Nigerian financial system despite the emergence of distress in the banking industry. Past policies of financial repression aimed at encouraging domestic investment by suppressing interest rate produced a negative effect on the financial system. Negative real interest rate regimes did not encourage greater domestic investment rather they influenced banks to be more risk averse. From empirical findings, it was observed that when interest rate regimes tended to be more market driven and less negative in real terms, bank lending increased, National Income increased and national saving expanded. The conclusion from our findings is that monetary policy reforms have achieved great success in deepening the financial system. This finding represents sufficient evidence that if and when the CBN is granted legal and operational autonomy, it can, given the flexibility, strike a happy medium between financial liberalism and occasional intervention aimed at correcting marked failures arising from information asymmetry.
An attractive personality, well discipline, easy-going, astute, neat, hardworking and could equally work under pressure with a lot of ingenuity and innovativeness. An intellectually intimidating personality, you only need to witness the genuinely bewildered consternation interspersed with intimidation involved. Despite his intimating personality, he is one of those rare intellectuals who can communicate with the lay public; his public lectures are solid testament of his rare gift for communication and intellectual capability.