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Articles 1 - 20 of 20
Full-Text Articles in Business
Financial Integration In The West African Monetary Zone: Towards A Single Insurance Market, Emmanuel Ating Onwioduokit
Financial Integration In The West African Monetary Zone: Towards A Single Insurance Market, Emmanuel Ating Onwioduokit
Bullion
integration of financial markets is a process of unifying markets and enabling convergence of risk-adjusted returns on the assets of comparable maturity across the markets. The insurance markets of the WAMZ countries are relatively not efficient. Although, there are several small insurance companies competing for premiums, only one company within the entire WAMZ region has a gross premium base more than $100 million. The paper recommends that the insurance sector integration 'quick wins should focus on: taking action to make the brown card scheme a more resounding success; increasing the minimum capital requirement of insurance companies in some of the …
State's Fiscal Dependency And Implications On Monetary Management In Nigeria, Akinboyo O. Lawrence, Apinran O. Martins
State's Fiscal Dependency And Implications On Monetary Management In Nigeria, Akinboyo O. Lawrence, Apinran O. Martins
Bullion
This study examines fiscal management by States in Nigeria and its potential to sustain growth and development. The study used secondary data from the Bank's Statistical Bulletin and the Nigeria Bureau of Statistics. Information on monthly allocations to States, internally Generated Revenue, Debt stock, total Revenue, and Total expenditure were used to examine fiscal imbalance in the States. Data were collected on statutory allocations to States by the Federation Account Allocation Committee (FAAC), Internally Generated Revenue (IGR), States' debt stock, capital and recurrent expenditure from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS). Descriptive statistics …
Corporate Income Tax And Manufacturing Sector Performance In Nigeria: A Panel Data Analysis, Ogudu George Nwoge, Kingsley Imandojemu, Akinlosotu Nathaniel Toyosi
Corporate Income Tax And Manufacturing Sector Performance In Nigeria: A Panel Data Analysis, Ogudu George Nwoge, Kingsley Imandojemu, Akinlosotu Nathaniel Toyosi
Bullion
The study examined the impact of corporate income tax on the performance of the manufacturing sector in Nigeria from 2013 – 2017. The ex-post facto research design was adopted for this study. The population of this study covered all the 23 registered manufacturing firms dealing with consumable foods in Nigeria. The sample of five manufacturing firms, dealing with consumable foods in Nigeria which represent 35% of the quoted manufacturing firms on the Nigerian Stock Exchange (NSE) market was selected for the study. This study made use of the fixed and random effect regression technique. The result showed that company income …
Enhanced Mean Ratio Estimators Of Auxiliary Variables Based On The Linear Mixture Of Variances, Damisa A. Saddam, Jamila Abdullahi, Umar Nura
Enhanced Mean Ratio Estimators Of Auxiliary Variables Based On The Linear Mixture Of Variances, Damisa A. Saddam, Jamila Abdullahi, Umar Nura
CBN Journal of Applied Statistics (JAS)
This paper incorporates the variance of auxiliary variables to propose three improved ratio estimators of population mean. To enhance the efficiency of the proposed ratio estimators, a linear combination of the population coefficient of variation, kurtosis, skewness and the population variance of the auxiliary variable is harnessed. The properties relating to the suggested estimators are assessed using constant, bias and mean square error. We also provided practical study for illustration and corroboration using a population data consisting of the fixed capital, which is the supporting variable and output of 80 factories which are the study variables. The suggested improved ratio …
Assessing Efficiency In The Pharmaceutical Sector Of Nigeria, Efayena O. Obukohwo, Enoh H. Olele, Patricia N. Buzugbe
Assessing Efficiency In The Pharmaceutical Sector Of Nigeria, Efayena O. Obukohwo, Enoh H. Olele, Patricia N. Buzugbe
CBN Journal of Applied Statistics (JAS)
The study analyses, empirically, the efficiency of the Pharmaceutical sector in Nigeria. Employing a balanced panel of 20 pharmaceutical firms between 2012 and 2016, the paper uses a non-parametric technique (Data Envelopment Analysis) to analyze the firms’ efficiency under the constant returns to scale (CRS) and variable returns to scale (VRS) assumptions. The results obtained shows inefficiency in the pharmaceutical sector as it operates under a decreasing return to scale. This calls for an appropriate policy mix to stimulate the efficiency of the pharmaceutical sector in Nigeria by enhancing research and development (R&D) as ell as regulations within the sector.
Policy Trilemma And Interest Rate Behaviour In Nigeria, Korede Ajogbeje, Oluwatosin Adeniyi, Festus O. Egwaikhide
Policy Trilemma And Interest Rate Behaviour In Nigeria, Korede Ajogbeje, Oluwatosin Adeniyi, Festus O. Egwaikhide
CBN Journal of Applied Statistics (JAS)
Policy makers face trade-off in dealing with exchange rate management, monetary independence and concerns about capital mobility simultaneously. This study empirically examines the effects of Nigeria’s trilemma policy path on interest rate using data spanning from 1997:Q1 to 2017:Q3. It equally incorporates the role of external reserves in buffering these effects. Stationarity of the series were ascertained with Zivot-Andrew (ZA) structural break unit roots test technique, while the bounds test cointegration approach was used to confirm the cointegrating properties of the variables. We found that capital mobility has significant effect on interest rate in the long run baseline model and …
A Predictive Model For Inflation In Nigeria, Nse S. Udoh, Anietie S. Isaiah
A Predictive Model For Inflation In Nigeria, Nse S. Udoh, Anietie S. Isaiah
CBN Journal of Applied Statistics (JAS)
The study estimates a dynamic model using quarterly data spanning 1995 to 2016. Four dynamic models: level lagged variables, differenced lagged variables, log-transformed lagged variables and differenced log-transformed lagged variables were considered. The best predictive model was selected based on the Schwarz Information Criterion (SIC) value. From the empirical results, the level form models performed better than the differenced form models. On the basis of model parsimony, the level lagged model was the preferred model among the set of selected models. Predictions obtained from the model indicate that the model is stable as actual interest rate (IR) values, fall well …
Non-Performing Loan And Its Effects On Banking Stability: Evidence From National And International Licensed Banks In Niger, Ngozi V. Atoi
Non-Performing Loan And Its Effects On Banking Stability: Evidence From National And International Licensed Banks In Niger, Ngozi V. Atoi
CBN Journal of Applied Statistics (JAS)
This study examines Non-Performing Loan (NPL) and its effects on the stability of Nigerian banks with national and international operational licenses from 2014:Q2 to 2017:Q2. A “restricted” dynamic GMM is employed to estimate the macroeconomic and bank specific drivers of NPL for each licensed category. Z-Score is constructed to proxy banking stability, and its response to shocks NPLs is examined in a panel vector autoregressive framework. The results reveal that drivers of NPLs vary across the two categories of banks, but, weighted average lending rate is a vital macroeconomic driver of NPLs for both. The results also confirm the moral …
On The Efficiency Of Stock Markets: A Case Of Selected Opec Member Countries, Ebenezer A. Olubiyi, Peter O. Olopade
On The Efficiency Of Stock Markets: A Case Of Selected Opec Member Countries, Ebenezer A. Olubiyi, Peter O. Olopade
CBN Journal of Applied Statistics (JAS)
The study investigates the stock market efficiency of selected OPEC member countries within the context of random walk hypothesis and volatility approaches using monthly data on stock market indices from January, 2005 to April, 2016. Parametric (variance ratio: homoskedastic and heteroskedastic martingale), nonparametric (the Wright ranks and scores) tests and ARCHtype estimation are performed. Results of both parametric and nonparametric tests indicate that only Qatar’s stock market is weak-form efficient. The volatility results suggest that monthly stock returns of OPEC countries are volatile, with Qatar being most volatile and shocks to volatility of stock returns are asymmetric. The implications of …
Addressing Infrastructure Gap Via Public-Private Partnership In Nigeria, Chiedu Ndubisi
Addressing Infrastructure Gap Via Public-Private Partnership In Nigeria, Chiedu Ndubisi
Bullion
This paper is arranged in nine Sections. It commenced by examining the issue of the nature of infrastructure and the implication for financing. It also looked at the catalytic role of infrastructure on economic growth and development, including the debilitating implication of its negligence by policy makers. next, the paper attempted at establishing the nexus between infrastructure and economic growth and development.
Imperative Of Fiscal Discipline In Sustaining Economic Growth, Uche Uwaleke
Imperative Of Fiscal Discipline In Sustaining Economic Growth, Uche Uwaleke
Bullion
The Nigerian economy technically exited a recession since the second half of 2017 but the growth in GDP has remained weak and fragile. The concept of fiscal discipline can be viewed from three perspectives. The first is by public finance theorist, Richard Musgrave, Another view by John Mikesell (cited in Musgrave and Musgrave, 1989), The third usage by Axelrod extends the coverage of fiscal discipline to legislators. This paper examines why fiscal discipline is essential for Nigeria, experiences of peer countries and imperatives of fiscal discipline for sustaining economic growth
Exploring Startup Funding For Small Business Sector Growth, Job Creation And Reduction Of Youth Unemployment In Nigeria, Christian O. Akaeze, Nana A. Akaeze
Exploring Startup Funding For Small Business Sector Growth, Job Creation And Reduction Of Youth Unemployment In Nigeria, Christian O. Akaeze, Nana A. Akaeze
Bullion
Unemployment generates welfare loss from lowered output, income, and wellbeing which impedes social progress in a nation. Youth unemployment is a major problem currently confronting Nigeria (Nwogwugwu & Irechukwu, 2015). However, in developing economies jobs are created through small businesses. Nevertheless, unemployed youths with small business ideas experience financial constraints and lack access to startup capital. The intent of this study was to explore the experiences of some owners who succeeded with small business initiatives despite challenges from lack of access to formal and informal sources of capital. Semi-structured interviews with 15 successful small business owners located in Lagos who …
An Overview Of The Cheque Payments System In Nigeria, Onyeka Samuel Okonkwo
An Overview Of The Cheque Payments System In Nigeria, Onyeka Samuel Okonkwo
Bullion
This paper is designed to examine critically the modern trends in the cheque payments system in Nigeria. In the light of this, the paper is divided into nine parts. The second part of the paper examines the concepts of payment , clearing and settlement. The evolution of cheque clearing in Nigeria is examined in part three. The part four presents the cheque standard in Nigeria. The part five gives the synopsis of cheque payment in Nigeria while the cheque truncation system(CTS) and its benefits and challenges are examined in part six and part seven respectively. The paper concludes with recommendations …
Demystifying The Microeconomic Foundation Of Economic Development In Nigeria: Evidence From Ease Of Doing Business Index, Imandojemu Kingsley
Demystifying The Microeconomic Foundation Of Economic Development In Nigeria: Evidence From Ease Of Doing Business Index, Imandojemu Kingsley
Bullion
The welfare of the citizenry in a modern economy depends critically on the state of the consumer behaviour of the household and the production decisions of business firms. Despite the efforts of the monetary authorities in supporting the micro-components of the economy and invariably improving the Ease of Doing Business in the country, very little has been done to evaluate their appropriateness in stimulating economic development. Against this backdrop, this paper critically examines the impact of supporting the microeconomic units on economic development in Nigeria.
Can Islamic Banking And Finance Spur Financial Inclusion? Evidence From Sub-Saharan Africa, Musa Abdu, Adamu Jibir, Salihu Abdullahi, Aliyu A. Rabi'u
Can Islamic Banking And Finance Spur Financial Inclusion? Evidence From Sub-Saharan Africa, Musa Abdu, Adamu Jibir, Salihu Abdullahi, Aliyu A. Rabi'u
CBN Journal of Applied Statistics (JAS)
This study examined the effect of introduction of Islamic banking and finance on financial inclusion in Sub-Sahara Africa (SSA). To achieve this objective, the study applied Probit, Tobit and Juhn-Murphy-Pierce decomposition to estimate model of financial inclusion. The study used World Bank’s Global Financial inclusion index (Global Findex) dataset of 2015. The findings revealed that the introduction of Islamic banking and finance system in some Organization of Islamic Cooperation (OIC) countries in SSA enhanced financial inclusion in the sub-region. The study also uncovers that households from OIC with Islamic banking and finance are more likely to be financially included than …
Estimating And Forecasting The Impact Of Inflation On Economic Growth In Nigeria Using Threshold Analysis, David O.K. Okoroafor, Sesan O. Adeniji, Timilehin Olasehinde
Estimating And Forecasting The Impact Of Inflation On Economic Growth In Nigeria Using Threshold Analysis, David O.K. Okoroafor, Sesan O. Adeniji, Timilehin Olasehinde
CBN Journal of Applied Statistics (JAS)
This study examined the causal relationship between inflation and economic growth as well as estimating threshold and forecasting of inflation in Nigeria for the period of 1961 – 2016. The study employed Granger causality test, Autoregressive Distributed Lag (ARDL), Autoregressive Integrated Moving Average (ARIMA) and a multivariate time series Vector Autoregressive (VAR) models. Granger causality test result showed that inflation does not granger cause economic growth and neither does economic growth granger cause inflation during the period of study. Using broad money supply to GDP as control variable, an inflation threshold of 14% -15% both in the short run and …
Modelling Volatility Persistence And Asymmetry Of Naira-Dollar Exchange Rate, Mutiu A. Oyinlola
Modelling Volatility Persistence And Asymmetry Of Naira-Dollar Exchange Rate, Mutiu A. Oyinlola
CBN Journal of Applied Statistics (JAS)
This paper modelled the volatility persistence and asymmetry of naira-dollar exchange rate in interbank and Bureau de Change (BDC) using monthly data between January 2004 and November 2017. The study employed Generalized Autoregressive Conditional Heteroscedasticity [GARCH (1,1)], Threshold GARCH [TGARCH (1,1)] and Exponential GARCH [EGARCH (1,1)]. The results of Bai-Perron (2003) structural break identified two significant breaks in each market. Interestingly, the breaks, particularly for the interbank exchange rate(December, 2014 and January, 2015), seem to have coincided with the period of depreciation in the country’s exchange rate which could be linked to the precipitous movement in the international crude oil …
Impact Of Energy Consumption On Poverty Reduction In Africa, Innocent Okwanya, Patricia O. Abah
Impact Of Energy Consumption On Poverty Reduction In Africa, Innocent Okwanya, Patricia O. Abah
CBN Journal of Applied Statistics (JAS)
This study investigates the impact of energy consumption on poverty reduction in a panel of 12 African countries over a period of 1981-2014. Using the Fully Modified Ordinary Least Square (FMOLS) method, the study shows that a long-run negative relationship exists between energy consumption and poverty level, which underscores the importance of energy in poverty reduction in the selected African countries. The result also indicates that other variables such as capital stock and political stability have significant effect on poverty implying that these factors play critical role in reducing poverty. Furthermore, the granger causality test shows that a short-run unidirectional …
Macroeconomic Implications Of Trade Diversification In Nigeria, Lukman O. Oyelami, Philip O. Alege
Macroeconomic Implications Of Trade Diversification In Nigeria, Lukman O. Oyelami, Philip O. Alege
CBN Journal of Applied Statistics (JAS)
This study seeks to examine the effects of trade diversification on macroeconomic performance in Nigeria. To achieve this, the study employs bound test of ARDL to determine the existence of cointegration between trade diversification and key macroeconomic variables. We further estimate the short-run and long-run effects of Intensive and Extensive trade diversification on Economic growth and exchange rate movements. The results from bound tests confirm co-integration between trade diversification and economic growth on one hand and trade diversification and exchange rate movements on the other hand. Similarly, the results from our estimations show that trade diversification can propel economic growth …
Modeling Volatility Persistence And Asymmetry With Exogenous Breaks In The Nigerian Stock Returns, David A. Kuhe
Modeling Volatility Persistence And Asymmetry With Exogenous Breaks In The Nigerian Stock Returns, David A. Kuhe
CBN Journal of Applied Statistics (JAS)
This study examines the volatility persistence and asymmetry with exogenous breaks in Nigerian stock market. The study utilizes daily closing quotations of stock prices from the Nigerian stock exchange for the period 3rd July, 1999 to 12th June, 2017. Standard symmetric GARCH (1,1), asymmetric EGARCH (1,1) and GJR-GARCH (1,1) models with and without structural breaks were employed to measure shocks persistence and leverage effects in the presence of varying distributional assumptions. The empirical findings showed high persistence of shocks in the return series for the estimated models. However, the study found significant reduction in shocks persistence when structural breaks were …