Open Access. Powered by Scholars. Published by Universities.®

Social and Behavioral Sciences Commons™

Open Access. Powered by Scholars. Published by Universities.®

Business

2021

Central Bank of Nigeria

Articles 1 - 13 of 13

Full-Text Articles in Social and Behavioral Sciences

Cbn Interventions And Food Security: Rationale, Experience And Challenges, Yusuf P. Yila Dec 2021

Cbn Interventions And Food Security: Rationale, Experience And Challenges, Yusuf P. Yila

Economic and Financial Review

Prior to the outbreak of the Coronavirus (COVID-19) pandemic, conflicts, deteriorating socio-economic conditions, natural hazards, changing climatic conditions, prevalence of pest and diseases, etc., had led to reduced incomes, disrupted supply chains, and resulted in severe chronic and acute hunger across several countries, worldwide. These conditions were exacerbated by COVID-19 impacts, leading to severe and widespread increases in global food insecurity affecting vulnerable households in almost every country. These impacts expected to continue through 2021 and beyond as the Delta variant continues its spread (World Bank, 2021). Thus, the effects of the Pandemic on national food security systems becomes critical …

Go to article

Does Technological Innovations Affect Unemployment In Nigeria?, Ebunoluwa O. Oyegoke, Wasiu A. Yusuf Dec 2021

Does Technological Innovations Affect Unemployment In Nigeria?, Ebunoluwa O. Oyegoke, Wasiu A. Yusuf

Bullion

The study examines the effects of technological innovations on unemployment in Nigeria using annual time series data 1980-2018, Autoregressive Distributed Lag and cointegration bound testing approach, Technological innovations was provided by the inflow of FDI; importation of Machinery and Equipment as indicator for process innovation (ETC), Patent represents product innovation, while Total Factor Productivity serves as the exogenous technical progress in line with Solow. The result shows that the coefficient of the inward Foreign Direct Investments (INFDI) is positive (3.85), which is significant at 5%, indicating a strong positive effect of process innovation on Unemployment, Machinery and Equipment was also …

Go to article

Activity Series Of The Central Bank Of Nigeria's Development Finance Interventions, Xavier-Itam A. Okoh, George N. Ude Dec 2021

Activity Series Of The Central Bank Of Nigeria's Development Finance Interventions, Xavier-Itam A. Okoh, George N. Ude

Bullion

The Central Bank of Nigeria (CBN) aggresively pursues credit and interest rate policies to promote inclusive economic growth. Through this, it aims to expand availability, access, and affordability of financial capital for micro, small and medium enterprises (MSMEs) With a least 24 MSMEs financing programmes of its own, the Bank manages one of the largest suites of developmental programmes among central banks. This paper attempted to serialize and characterize these programmes, hence determine their activity status and discover patterns of implementation effort patronage, and responsiveness of target enterprises to available incentives. Applying Z-score and min-max methods of normalization and geometric …

Go to article

Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu Oct 2021

Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu

Bullion

The drastic digitization brought about by evolution of technology in the world has changed almost every sphere of human life with the most recent effect being moved to cashless economy, while the role of digitization in the banking sector is altering customer demand and preferences, banks are becoming digitally oriented to meet the forces of demand and supply. This has led to the birth of digital-only also called challenger bankers or branches banks as they operate without a physical location, only have a location for admin purposes or hosting their servers. This growing wave of consumer oriented banking institutions focuses …

Go to article

Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman Sep 2021

Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman

Economic and Financial Review

This study examines the effect of public debt on private investment in Nigeria. The linear and non-linear ARDL models are employed to analyse the series spanning the period 1981 to 2018. The estimation results show that an increase in total debt, external debt, and debt service payment adversely affects private investment, with the effects being symmetric. On the other hand, the effect of domestic debt on private investment is found to be asymmetric. Although a negative shock in domestic debt greatly improves private investment, a positive shock leads to a meagre positive effect on private investment. This finding indicates that …

Go to article

Capital Formation And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwiodiokit Ph.D, Gabriel Efe Otolorin Jun 2021

Capital Formation And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwiodiokit Ph.D, Gabriel Efe Otolorin

Bullion

This study re-examines the impact of capital formation on Nigeria's economic growth. The paper adopts the Dynamic Ordinary Least Square (DOLS) technique on annual time series data covering the period 1981 to 2018. Infrastructure, health and skills competitiveness indices computed from the global competitiveness reports were adapted to capture key specifics of physical and human capital formation. The results from the DOLS show that gross fixed capital formation had a negative and significant impact on economic growth. The results also indicate that external debt and total labour force had a negative effect on economic growth. On the other hand, human …

Go to article

Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye Feb 2021

Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye

CBN Journal of Applied Statistics (JAS)

In this presentation, attention is focused on data generation for the purposes of reasoning, discussing and calculating the status, process and prospects of economic development. Economic development has also been defined in various ways. Again for the present purposes, economic development will be conceived as the process of economic growth and structural transformation (Ajakaiye, 2002). Clearly, data, as a gathered body of facts about the economy, is a basic requirement in the process of economic growth and transformation. Foremost, facts about the economy are necessary in order to appreciate the current state of the economy in terms of growth and …

Go to article

Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor Feb 2021

Testing The Weak-Form Efficiency Market Hypothesis: Evidence From Nigerian Stock Market, Gimba K. Victor

CBN Journal of Applied Statistics (JAS)

In recent years, the Nigerian Stock Exchange (NSE) has witnessed an unprecedented growth in market capitalization, membership, value and volume traded. By December 2007, the All Share Index has grown massively over 57,990.2 from 1113.4 in January 1993. This rising interest in investment opportunities in the NSE raises questions about its efficiency. This paper tests the Weak-form Efficient Market Hypothesis of the NSE by hypothesizing Normal distribution and Random walk of the return series. Daily and weekly All Share Index and five most traded and oldest bank stocks of the NSE are examined from January 2007 to December 2009 for …

Go to article

A Business Cycle Model For Nigeria, Alege O. Philip Feb 2021

A Business Cycle Model For Nigeria, Alege O. Philip

CBN Journal of Applied Statistics (JAS)

The current global financial meltdown draws, once again, attention to the existence of business cycle fluctuations. Experts are of the view that the ongoing crisis is far deeper than the great depression of the 1930s. It should be recalled that the Keynes and Keynesianism was a response to that depression. Therefore, the objective of this paper is to develop a small business cycle model in the spirit of Dynamic Stochastic General Equilibrium (DSGE) model for Nigeria designed to examine the sources of business cycles, and use the model for policy analysis. This paper considers the implications of three policy shocks …

Go to article

Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola Feb 2021

Fiscal Federalism In Nigeria: A Cluster Analysis Of Revenue Allocation To States And Local Government Areas, 1999 – 2008, Sam O. Olofin, Olusanya E. Olubusoye, Bello K. Ajide, Salisu A. Afees, Olalekan S. Akinola

CBN Journal of Applied Statistics (JAS)

Existing literature on revenue allocation in Nigeria shows more concern for merits and demerits of sharing principles and /or formulae. Several alternatives have been proposed and will continue to be developed to address the unending agitations from beneficiaries. Contrary however, this paper analyzes two items of revenue (statutory and VAT) shared among the states including FCT and all the Local Government Areas (LGAs) between May 1999 and December 2008. The net statutory allocation after deductions was also analyzed. Using Cluster analysis to evaluate revenue allocation in Nigeria, States and LGAs exhibiting similarity in revenue received were grouped and their common …

Go to article

Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila Feb 2021

Threshold Effect Of Inflation On Economic Growth In Nigeria, Sani Bawa, Abdullahi S. Ismaila

CBN Journal of Applied Statistics (JAS)

It is widely believed that price stability promote long-term economic growth, whereas high inflation is inimical to growth. This paper utilized a quarterly time series data for the period 1981 – 2009 to estimate a threshold level of inflation for Nigeria. Using a threshold regression model developed by Khan and Senhadji (2001), the study estimated a threshold inflation level of 13 per cent for Nigeria. Below the threshold level, inflation has a mild effect on economic activities, while above it, the magnitude of the negative effect of inflation on growth was high. The negative and significant relationship between inflation and …

Go to article

Reactions Of Stock Market To Monetary Policy Shocks During The Global Financial Crisis: The Nigerian Case, Aliyu Shehu U.R. Feb 2021

Reactions Of Stock Market To Monetary Policy Shocks During The Global Financial Crisis: The Nigerian Case, Aliyu Shehu U.R.

CBN Journal of Applied Statistics (JAS)

This paper seeks to assess the reactions of Nigeria’s stock market to monetary policy innovations during the period of global financial crisis on the basis of monthly data over the period January, 2007 to August, 2011. In particular, stock market return was regressed against major monetary policy instruments; money stock (M1, and M2) and monetary policy rate (MPR). The theoretical basis for the paper stems from the works of new classical macroeconomics and rational expectation hypothesis (REH). Lucas (1972) postulated that only the unanticipated monetary shock influences real economic activity. Using the GARCH by developed Engle and Bollerslev (1986) and …

Go to article

Simple Sequential Procedure For Modeling Of Item Non-Response In Econometric Analysis: Application To Cv Survey Data, William M. Fonta, Elias T. Ayuk, Eme H. Ichoku Feb 2021

Simple Sequential Procedure For Modeling Of Item Non-Response In Econometric Analysis: Application To Cv Survey Data, William M. Fonta, Elias T. Ayuk, Eme H. Ichoku

CBN Journal of Applied Statistics (JAS)

Item non-response occurs when respondents fail to provide answers to some or all of the questions posed during survey interviews. The standard procedure is to exclude such responses from the econometric analysis. This may be appropriate if the sample included does not differ significantly from those excluded in the analysis. If this is not the case, the econometric analyst faces a sample selection bias problem. The aim of this paper is to provide further evidence using a simple sequential procedure to deal with the problem when using non-randomly selected samples in social science research. The procedure entails different levels of …

Go to article