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Public Debt Sustainability Measures And Its Growth Implications For The Nigerian Economy, O. W. Gobna, G. Usman, S. S. Mohammed
Public Debt Sustainability Measures And Its Growth Implications For The Nigerian Economy, O. W. Gobna, G. Usman, S. S. Mohammed
Economic and Financial Review
This study utilises the linear and nonlinear autoregressive distributed lag (ARDL) models to investigate the impact of public debt sustainability measures and its growth implications for the Nigerian economy from 1981 and 2021. The results suggest that public debt-to-oil revenue ratio (PDOR) has a significantly negative effect on economic growth both in the long- and short-run. It also shows that public debt-to-non-oil revenue ratio has an asymmetric effect in the short-run and a positive relationship on economic growth in the long-run. The study concludes that economic growth needs to be enhanced through improved government non-oil revenue. Therefore, to bolster economic …
Impact Of Government Expenditure On Economic Growth In Nigeria, 1970-2019, Aluthge Chandana, Jibir Adamu, Abdu Musa
Impact Of Government Expenditure On Economic Growth In Nigeria, 1970-2019, Aluthge Chandana, Jibir Adamu, Abdu Musa
CBN Journal of Applied Statistics (JAS)
This study investigates the impact of Nigerian government expenditure (disaggregated into capital and recurrent) on economic growth using time series data for the period 1970-2019. The paper employs Autoregressive Distributed Lag (ARDL) model. To ensure robustness of results, the study accounts for structural breaks in the unit root test and the co-integration analysis. The key findings of the study are that capital expenditure has positive and significant impact on economic growth both in the short run and long run while recurrent expenditure does not have significant impact on economic growth both in the short run and long run. The study …
Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi
Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi
Bullion
This study examines the indirect effect of pension fund on economic growth in Nigeria through the financial system. Using Autoregressive Distributive Lag (ARDL) model, the study found out that pension fund contribution is effective in stimulating growth through investment in portfolios that yield short term returns; this implies that pension fund contribution cannot on its own without a credible financial system impact on economic growth. The policy implication of this study is for Pension Fund Administrators (PFAs) to invest in portfolios with short-term returns; thus, a large chunk of funds invested in federal government securities should be unbundled to other …
The Growth-Differential Effects Of Domestic Investment And Foreign Direct Investment In Africa, Victor U. Ijirshar, Gbatsoron Anjande, Joseph Fefa, Bridget N. Mile
The Growth-Differential Effects Of Domestic Investment And Foreign Direct Investment In Africa, Victor U. Ijirshar, Gbatsoron Anjande, Joseph Fefa, Bridget N. Mile
CBN Journal of Applied Statistics (JAS)
This paper employs dynamic panel models; Pooled Mean Group (PMG) and Mean Group (MG) estimators to assess the growth-differential effects of Foreign Direct Investment (FDI) and Domestic Investment (DI) among 41 selected African countries from 1970 to 2017. The result of Hausman test shows that PMG estimator is preferred. The study found that FDI and DI are important grease for growth of African countries in the long-run. The study also found that inflows of FDI crowds-in DI in Africa and that there is significant difference in the growth effects of foreign direct investment and domestic investment while the joint effects …
Contemporary Issues In The Nigerian Monetary Policy Landscape: Current Challenges And Strategic Options, Shamsideen Okunola Abiodun, Jamiu Aina Babatunde, Kingsley Imandojemu
Contemporary Issues In The Nigerian Monetary Policy Landscape: Current Challenges And Strategic Options, Shamsideen Okunola Abiodun, Jamiu Aina Babatunde, Kingsley Imandojemu
Bullion
Contemporary central bonking in Nigeria is becoming laced with intricacies, and monetary actions impacting every segment of the society. Paradoxically, monetary policy landscape is characterized by complexities and frequent changes in the monetary environment amidst relatively constant monetary instruments. The economic recession witnessed by Nigeria from Q1 to Q4 of 2016 had reinforced the renaissance of primordial and 'nativist' models of unregulated banking arrangement cum investment options via Ponzi schemes and pyramid schemes, flexible exchange rote regime, selected import forex restrictions, calls for unconventional monetary policy with special reference to negative interest rote, central bonk communication and financial stability concern. …
Dynamic Effects Of Fiscal Policy On Output And Unemployment In Nigeria: An Econometric Investigation, Attahir B. Abubakar
Dynamic Effects Of Fiscal Policy On Output And Unemployment In Nigeria: An Econometric Investigation, Attahir B. Abubakar
CBN Journal of Applied Statistics (JAS)
This study investigates the effect of fiscal policy shocks on output and unemployment in Nigeria under the Keynesian framework by employing the Structural Vector Autoregression (SVAR) methodology to analyse annual series on the relevant variables for the period 1981-2015. Augmented Dickey Fuller (ADF) test for unit root result shows all variables to be integrated of order one and Johansen Cointegration test confirms the presence of long run association among the variables. Findings of the SVAR model shows shock in public expenditure as having a positive long- lasting effect on output. Revenue shock was found to exert a positive effect (lower …
How Micro Small And Medium Enterprises (Msmes) Can Leverage On Central Bank Of Nigeria's Real Sector Initiatives, Paul Nduka Eluhaiwe
How Micro Small And Medium Enterprises (Msmes) Can Leverage On Central Bank Of Nigeria's Real Sector Initiatives, Paul Nduka Eluhaiwe
Bullion
This paper seeks to explore how MSMES can leverage on financing interventions of the CBN with a view to enabling them grow their businesses, employ more Nigerians and contribute to GDP.
Macroeconomic Stability And The Role Of Financial Institutions In Promoting Financial Inclusion In Nigeria, Mbutor O. Mbutor, Ibrahim A. Uba
Macroeconomic Stability And The Role Of Financial Institutions In Promoting Financial Inclusion In Nigeria, Mbutor O. Mbutor, Ibrahim A. Uba
Bullion
This article discusses the role of financial institutions in promoting financial inclusion in Nigeria as well as its macroeconomic stability. Positive growth of the economy is prerequisite for financial inclusion but the stability of the economy is sine qua non for economic growth. Therefore, the discussion of financial inclusion is best served when enclosed in the framework of the extent to which the economy is stable. The article further highlights financial inclusion and its related concepts and the role of financial institutions in promoting financial inclusion.
Real Exchange Rate Misalignment And Economic Growth In Nigeria (1960-2011), Waheed O. Ibrahim
Real Exchange Rate Misalignment And Economic Growth In Nigeria (1960-2011), Waheed O. Ibrahim
CBN Journal of Applied Statistics (JAS)
This paper examines the impact of real effective exchange rate misalignment on economic growth in Nigeria using an annual data spanning 1960 to 2011. The augmented growth model was estimated using purchasing power parity (PPP) and generalized method of moment (GMM) approaches. Through series of iterative processes, it was observed that it will take four years for the exchange rate to revert back to equilibrium. The result from the PPP approach shows that the period of flexible exchange rate regime is characterized by a relatively lower real exchange rate misalignment over time compared with the fixed exchange rate regime. The …
Is The Discovery Of Oil A Curse Or A Blessing To Nigeria?, Ahmed S. Saidu, Saidu B. Aliyu, Umar A. Zubair
Is The Discovery Of Oil A Curse Or A Blessing To Nigeria?, Ahmed S. Saidu, Saidu B. Aliyu, Umar A. Zubair
Bullion
The discovery of oil in commercial quantity in Oloibiri in Niger Delta in 1955 opened a new chapter in the economic landscape of Nigeria. Before the discovery of oil resources, agriculture was the main source of government revenue. Over the years however, revenue from oil export become the backbone of the economy. The annual budget, which defines economic direction the country charts, is solely based on crude oil revenue. This situation can be likened to one putting his eggs in one basket. And it is exactly this situation that has become the major source of agitation by oil producing areas …
The Relationships Of Inflationary Trend, Agricultural Productivity And Economic Growth In Nigeria, Oyakhilomen Oyinbo, Grace Z. Rekwot
The Relationships Of Inflationary Trend, Agricultural Productivity And Economic Growth In Nigeria, Oyakhilomen Oyinbo, Grace Z. Rekwot
CBN Journal of Applied Statistics (JAS)
This study investigates the links existing between inflationary trend, agricultural productivity and economic growth in Nigeria using time series data spanning from 1970 to 2011. The results of the analyses indicate a unidirectional causality from inflationary trend to agricultural productivity, unidirectional causality from agricultural productivity to economic growth with no causality between inflationary trend and economic growth. Based on these findings, it is recommended that the Central Bank of Nigeria should pay more attention to the trend of inflation and pursue policies that will ensure single digit inflation.
Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna
Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna
Bullion
This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.
Money Supply, Inflation And The Nigerian Economy, Paul A. Ogwuma
Money Supply, Inflation And The Nigerian Economy, Paul A. Ogwuma
Bullion
Experience in many countries, including Nigeria, show that fiscal policies, in particular, intended primarily to stimulate output growth and enhance real income often end up as a major source of financial imbalances and macro-economic instability. The accompanying high inflation has critical allocative and distributional implications that can be detrimental to the growth process. It is against this background that, this short paper attempts, to identify the relationship between monetary growth and inflationary developments in Nigeria and the implications for economic growth. Following this Introduction, Thus, the challenge of maintaining monetary stability has often been a difficult one, the world over, …
Adjustment Issues In Nigeria: Problems And Prospects, J. K. A. Olekah
Adjustment Issues In Nigeria: Problems And Prospects, J. K. A. Olekah
Bullion
This paper examines adjustment issues in Nigeria, with emphasis on identifying outstanding and emerging problems after SAP, ln achieving the above objective, the paper is divided into three ports as follows: Part I, discusses the main economic problems three years of Pre-SAP as well as analysing trends in major economic indicators and the factors underlying the trend, The main element and policy strategies of SAP are also examined in this part. Part ll analyses, three years of post-SAP with the view to highlighting outstanding and anticipated problems while Port lll is the prospects and concluding summary.
Crowding-Out And Crowding-In Effects Of Policy Reforms In Developing Countries, Odozi A, Victor
Crowding-Out And Crowding-In Effects Of Policy Reforms In Developing Countries, Odozi A, Victor
Bullion
This paper discusses the interplay of crowding-out and crowding-in effects of policy reforms in the context of growth-oriented adjustment programs in developing countries, and to highlight some of the policy implications. A discussion of the nature and determinants of the two phenomena in a developing-country content is given in Section ll. Section lll presents some conclusions and practical implications of the analysis.
Perspective On Medium To Long-Term Outlook For The Nigerian Economy, Ahmed A. Alhaji
Perspective On Medium To Long-Term Outlook For The Nigerian Economy, Ahmed A. Alhaji
Bullion
"Perspectives on Medium to Long - term Outlook for the Nigerian Economy". The topic has been designed as a new slant to the familiar subject of Structural Adjustment Programme (SAP). The article provides insight to some of the causes of the economic crises in Nigeria and how it can be avoided.