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Articles 31 - 60 of 1123
Full-Text Articles in Social and Behavioral Sciences
Special Remarks, Kingsley Obiora
Special Remarks, Kingsley Obiora
Economic and Financial Review
The theme of this year’s Seminar, Food Security in Nigeria: Options for Policy, is apt, timely and consistent with the current efforts of this administration and the Bank in finding sustainable solutions to the food security challenges confronting us as a nation. As we all know, food is a basic need of every man and key to socio-economic stability. The ability of a country to feed its people, and perhaps extend the surplus to other countries, is one of the key indicators of good standing in the comity of nations. The World Food Summit (1996), defined food security as a …
Addressing Food Insecurity In Nigeria: Lessons From Jurisdictional Experiences, Biodun Adedipe
Addressing Food Insecurity In Nigeria: Lessons From Jurisdictional Experiences, Biodun Adedipe
Economic and Financial Review
The challenge of food security transcends national or regional boundaries, and indeed became a global concern in 2015 when the Sustainable Development Goals (SDGs) were set. Goal 2 targets zero hunger by 2030, and that is, to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. While the entire world is not in shortage of food, there are wide disparities in food sufficiency and food security across nations, regions and continents. The SDG No. 2 is a 5x1 matrix of five targets and three actions as summarised in Table 1. The targets are five critical elements of …
Cbn Interventions And Food Security: Rationale, Experience And Challenges, Yusuf P. Yila
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 …
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Emmanuel A. Onwioduokit
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Emmanuel A. Onwioduokit
Economic and Financial Review
Discussions on food security have gained traction in the recent past, especially in Africa and other developing economies. Several horrifying images of famished families, particularly around “The Horn of Africa” including Somalia, Ethiopia, and some parts of Kenya, projected globally in both the print and electronic media vividly illustrate the perils of food crises. In Nigeria, food constitute a substantial share of family budgets, particularly for low-income households. When prices of essential foods items increase poorer people suffer the adverse impacts more disproportionately. While clothing and shelter are basic necessities of life, food remains the most vital, given its centrality …
Board Of Directors' Structure And Corporate Tax Aggresiveness Of Listed Industrial Goods Companies In Nigeria, Muhammad A. Abubakar
Board Of Directors' Structure And Corporate Tax Aggresiveness Of Listed Industrial Goods Companies In Nigeria, Muhammad A. Abubakar
Bullion
Taxation plays a vital role in financing all government projects and activities, as such the studies of tax agressiveness can assist policy makers and tax authorities in addressing companies illegal tax schemes and taxing business more equitable in the sense that every entity pays their fair share of taxes. The study examines the effect of board structure on tax agressiveness of selected industrial goods companies listed in Nigeria Stock Exchange from 2016-2020. Data were obtained from annual report and account of the companies under investigation. Descriptive statistics, ordinary least square regression technique were used to estimate the model. Hausman's specification …
Does Technological Innovations Affect Unemployment In Nigeria?, Ebunoluwa O. Oyegoke, Wasiu A. Yusuf
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 …
Is The Heterogeneity Of Expenditure Relevant To Economic Growth? The Case Of Nigeria, Efayena O. Oba, Ngozi P. Buzugbe
Is The Heterogeneity Of Expenditure Relevant To Economic Growth? The Case Of Nigeria, Efayena O. Oba, Ngozi P. Buzugbe
Bullion
With the Nigerian economy oscillating around financial quagmire and fast moving towards fiscal unsustainability, this study analysed the impact of disaggregated expenditures on economic growth. Employing data from 1980 to 2019, the study established through the autoregressive distributed lagged technique that heterogeneity in expenditure is relevant to economic growth, with recurrent expenditure contributing insignificantly to economic growth, while capital expenditure negatively impact economic. Thus, among other policy option, the study suggested appropriate expenditure over recurrent expenditure and that government should engage more in the provision of capital projects in the economy.
Activity Series Of The Central Bank Of Nigeria's Development Finance Interventions, Xavier-Itam A. Okoh, George N. Ude
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 …
Oil Price And Foreign Direct Investment In Nigeria: New Evidence From Structural Breaks And A Nonlinear Analysis, Shehu Muhammad
Oil Price And Foreign Direct Investment In Nigeria: New Evidence From Structural Breaks And A Nonlinear Analysis, Shehu Muhammad
Bullion
The study employed Nn-Linear and Auto-Regressive Distributed Lag (NARDL) method to analyse the link between oil price and foreign direct investment (FDI) using annual data from (1970 to 2018 Bai-Perman (2003) test revealed two structural break periods (1989 and 1995 showing a long-run relationship between oil price and FDI in Nigeria. The findings after NARDL estimation (short and long runs), showed that oil price, exchange rate and trade, negatively and insignificantly influenced FDI while GDP positively impacted on FDI, through insignificant too. The study concluded that though these variables slow down FDI efforts should be geared towards channeling oil funds …
Central Bank Of Nigeria And The Developmental Function: Some Thoughts On Policy Measurement Perceptions, Xavier-Itam Antigha Okon, Igonibo D. Abili
Central Bank Of Nigeria And The Developmental Function: Some Thoughts On Policy Measurement Perceptions, Xavier-Itam Antigha Okon, Igonibo D. Abili
Bullion
The developmental function is one prominent contribution of the Central Bank of Nigeria to the Nigerian economy. Routine reporting of this function focuses on volume of projects funded, disbursements, and repayments. Exploring the possibility of expanding the reporting scope, this paper conceptualized and illustrated handy measures of policy anchored on macroeconomic aggregates, to track this function relative to other macroeconomic policy ends. Descriptive and inferential analyses suggested that the financial, economic and market intensity measures were quite responsive to developments in the economy and could be useful tools for policy reporting purposes. The pricing intensity indicator suggested distortions in the …
Digital Only Banks The Changing Face Of Global Banking: Challenges, Opportunities And Aml/Cft Implications For Nigeria, David N. Odu
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 …
Pass-Through Effects Of Standing Facilities On Bank Interest Rates In Nigeria, Victor Ezeora Eleam, Chinyelu Gloria Ekwom, Chibueze Charles Ariolu, Chukwubuzo Jackson Umebali, Adewale Timothy Balogun
Pass-Through Effects Of Standing Facilities On Bank Interest Rates In Nigeria, Victor Ezeora Eleam, Chinyelu Gloria Ekwom, Chibueze Charles Ariolu, Chukwubuzo Jackson Umebali, Adewale Timothy Balogun
Economic and Financial Review
The paper investigates the pattern of pass-through effects of standing facilities rates on commercial bank retail interest rates in Nigeria. Monthly data spanning 2007:06 to 2019:12 and the Gregory-Hansen cointegration method that accounts for structural breaks are used in the empirical analysis. The adjustment parameters for the standing deposit and lending facilities are found to be significant, but with a low speed of adjustment. This provides some evidence on the nature of the interest rate channel of monetary policy transmission in the country. Furthermore, the study could not confirm asymmetry in the adjustment of retail rates to their long-run equilibria. …
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
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 …
An Empirical Assessment Of Liquidity Management Instruments In Nigeria, Ezra U. Kure, Shettima T. Zimboh, Damilola O. Okedigba, Itoro U. Ituen
An Empirical Assessment Of Liquidity Management Instruments In Nigeria, Ezra U. Kure, Shettima T. Zimboh, Damilola O. Okedigba, Itoro U. Ituen
Economic and Financial Review
The paper assesses the response of monetary policy target variables to liquidity management instruments, using a Non-linear Autoregressive Distributed Lag (NARDL) model. The analysis focuses on the short end of liquidity management and provides evidence of long-run asymmetric effects of liquidity management instruments, notably, the monetary policy rate (MPR) and excess reserves of banks on the inter-bank rate. The findings show that the impact of discretionary and autonomous liquidity factors remains symmetric. In addition, the policy target rate is more sensitive to a monetary contraction than accommodation.
Asymmetric Trade Flows, Monetary And Business Cycle Asynchronization Among Ecowas Member Countries: Feasibility Of Ecowas Monetary Union Formation Beyond 2020, Joseph Okwori, Walter O. Ugwuoke
Asymmetric Trade Flows, Monetary And Business Cycle Asynchronization Among Ecowas Member Countries: Feasibility Of Ecowas Monetary Union Formation Beyond 2020, Joseph Okwori, Walter O. Ugwuoke
Bullion
The formation of the West African Monetary Union which was initially slated for 2003 was postponed severally in 2005, 2009, 2015 and 2020. This raises the curiosity of investigating the possibility of its formation beyond 2020. It is against this backdrop that this paper investigated asymmetric trade flows, monetary policy and business cycle asynchronization among ECOWAS member countries: Feasibility of ECOWAS Monetary union formation beyond 2020. The objective was addressed using Pearson correlation analysis on computed zscores and the seemingly unrelated regression estimation (SURE). The finding shows that the flow of trade within ECOWAS member countries were highly asymmetric indicating …
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Fluctuations Of Macroeconomic Variables And Manufacturing Output: Issues, Challenges And Prospects Of The Growth Of Manufacturing Output In Nigeria, Chris Ac-Ogbonna
Bullion
The study examined the impact of fluctuations of macroeconomic variables such as exchange rate, lending rates and inflation rates on the manufacturing output in Nigeria. The paper used descriptive analysis to investigate the relationship between manufacturing output and macroeconomic stability in Nigeria. The findings revealed that macroeconomic instability impacted negatively on the manufacturing output. The paper therefore recommended that policies that will streamline the multiple and volatile exchange rates, interest rate and inflation control should be designed and implemented to ensure their predictability to aid planning and attract both domestic and foreign investors to the, manufacturing sector. This is expected …
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Bullion
The imperative of public borrowing to finance development, combat natural or artificial disasters, and for other reasons is incontrovertible. The diverse traumatic experience of debt-victim nations: Spain, Mexico, Egypt, Venezuela, et cetera, which narrowly escaped total loss of national sovereignty to foreign lenders, due to debt-induced bankruptcy, have been xr-ayed by literature: Magaji (2000) and Bature (2015), among others. The objectives of this paper are to examine the situation of Nigeria, vis-à-vis the nations which travelled the path of Nigeria's current adventure; and to proffer policy antidotes for averting the highly probable cataclysm which unsustainable external debt might precipitate, particularly …
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
Bullion
The paper investigates the impact of external sector liberalization (foreign direct investment, external debt stock, trade openness and exchange rate) on the output growth in Nigeria from the period 1981 to 2019, utilizing correlation analysis, Granger causality test and vector autoregression (VAR). The results indicate that foreign direct investment, external debt stock, trade openness and exchange rate all correlate positively with gross domestic product. Also, the granger causality test indicates that foreign direct investment, trade openness and exchange rate granger cause the output growth in Nigeria. From the VAR result foreign direct investment exerted positive and significant impact on the …
Non-Tax Incentives And Agricultural Output In Nigeria, Elias A. Udeaja, Elijah O. Akanni, Emomotimi M. Question, Peter F. Offum, Titoluwa P. Eyinla
Non-Tax Incentives And Agricultural Output In Nigeria, Elias A. Udeaja, Elijah O. Akanni, Emomotimi M. Question, Peter F. Offum, Titoluwa P. Eyinla
Economic and Financial Review
This study investigates the impact of non-tax incentives on agricultural sector output in Nigeria from 1981 to 2019, using Autoregressive Distributed Lag (ARDL) Model/Bounds test technique. The findings of this study show that non-tax incentives have a significant positive impact on agricultural sector output growth in the long-run; however, the effect was negative and statistically insignificant in the short run. On the other hand, government expenditure on agriculture was negative and significant on agricultural sector output growth in the short-run, while its long-run impact was also negative but not significant. Therefore, the study recommends targeted expansion of non-tax incentives to …
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Economic and Financial Review
This paper examines the relationship between budget deficit and economic growth in Nigeria, from a linear and non-linear perspective, using annual time series data from 1981 to 2019. The linear model, which involves the use of an autoregressive distributed lag (ARDL) approach, was compared with a non-linear analysis, using a threshold autoregressive (TAR) model. The ARDL analysis reveals that the growth of national output is positively driven by the persistent budget deficit in Nigeria. This was substantiated by the TAR model which indicates that though budget deficit drives economic growth in Nigeria, the positive relationship holds only if the deficit …
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Economic and Financial Review
The study measures the impact of loan to deposit ratio (LDR) on Banks' liquidity in Nigeria between 2000Q1 and 2019Q3. The paper applied the Factor-Augmented Vector Autoregressive (FAVAR-X) methodology for estimation and forecasting. The result suggests that an LDR of 70.0 per cent, which reduces Banks' liquidity from N187.95 billion in 2019Q4, through N153.09 billion in 2020Q2 to close at N135.15 billion in 2020Q4, may require cautious acceptance. Thus, increasing LDR beyond 70.0 per cent may impact Banks' liquidity negatively. Furthermore, a direct relationship is established between LDR and inflation. The findings conform to a priori expectations as higher LDRs …
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Economic and Financial Review
This study empirically examines the vulnerability of the Nigerian banking industry to extreme, but plausible, adverse oil price shocks. A structural vector autoregressive (SVAR-X) is adopted to achieve this objective. The study period covers 2007Q1 – 2020Q4. The simulations assess the asset quality performance of DMBs, using the NPLs, under three scenarios (baseline, adverse and severely adverse). The findings suggest that the entire banking industry, as well as individual DMBs, are vulnerable to adverse oil price shocks. Accordingly, the study recommends, strict compliance with the single obligor limit, by commercial banks, to mitigate adverse effects of volatilities in crude oil …
The Predictive Power Of Banks' Liquidity On Profitability In Nigeria, Okonta Sunday Ukeje Ph.D
The Predictive Power Of Banks' Liquidity On Profitability In Nigeria, Okonta Sunday Ukeje Ph.D
Bullion
This study investigated the predictive power of banks' statutory liquidity on their protability in Nigeria between 1990 and 2019. The vector autoregression and variance decomposition methodology were employed. The findings showed that a change in return on asset (ROA) was weakly associated with itself, with liquidity variables, liquidity risk and real gross domestic product growth rates. In a five-year prediction, a 100% change in ROA was explained by itself in the short run. Other variables showed strong exogeneity with ROA, from short to long-run, an indication that banks in Nigeria face bleak future in using statutory liquidity to positively and …
The Nigerian Economy, Monetary Policy And Covid-19: An Unholy Trinity, Polycarp Ishaku Mikloda Ph.D
The Nigerian Economy, Monetary Policy And Covid-19: An Unholy Trinity, Polycarp Ishaku Mikloda Ph.D
Bullion
This article presents the dynamics of an unholy trinity involving the interplay of economic forces in the thick of a crippling health crisis with monetary policy to the rescue through activation of relevant instruments. In response to the outbreak, the Monetary Policy Committee announced several policy measures which include granting of extension of loan moratorium on principal repayments, interest rate reduction on all intervention loan facilities from 9% to 5%, establishment of a N50bn targeted credit facility to household and MSMEs and regulatory forbearance to banks and credit support to the healthcare industry among others. it is worthy to state …
Financing Public Deficits In Nigeria: Groping In The Dark For Taxation, Umar Elems Mahmud Ph.D
Financing Public Deficits In Nigeria: Groping In The Dark For Taxation, Umar Elems Mahmud Ph.D
Bullion
The objective of this study is to conduct an expository examination of the inhibitions of voluntary tax compliance and to explore prospects of leapfrogging tax contribution from its posterior position, given the lacunae in precious studies. In the descriptive research design, underpinned by the range of structural-functionalist and expectancy theories, salient among the findings of the study is the diminished contribution of taxation to Nigeria's GDP and total revenue due to weak institutional framework and “faded” enthusiasm of taxpayers. In the circumstance of the situation, and until drastic reforms are successfully executed, Nigeria may be groping in the dark, in …
The Implications Of Legal And Policy Frameworks For E-Commerce In Nigeria, Chinelo Constance Ugwu, Ann Ogbo Ph.D
The Implications Of Legal And Policy Frameworks For E-Commerce In Nigeria, Chinelo Constance Ugwu, Ann Ogbo Ph.D
Bullion
This article seeks to throw light on the legal implications of E-commerce as it affects users in Nigeria. It outlines basic requirements for smooth running of online business in Nigeria from registration to full operations. It also looks at the preparedness of the Nigerian Government to position the country alongside its peers on the digital business map in terms of cyber space security. The paper is structured in the following manner: Conceptual review of E-commerce is discussed in the first section while the second section outlines Nigeria's Preparedness and the journey so far. The third section briefly explains the global …
Understanding Balance Of Payments And Its Link With Monetary Policy In Nigeria, Ocheuje Leonard Pius
Understanding Balance Of Payments And Its Link With Monetary Policy In Nigeria, Ocheuje Leonard Pius
Bullion
Developments in the balance of payments of any country is generally of interest to national policymakers, international investors, financial and economic analysts as well as international financial institutions. In recent times, Nigeria recorded persistent current account as well as overall BOP decits and these created discomfort among policy makers with regards to its sustainability and possible implications for the economy. This paper explores some of the major developments and trends in Nigeria's BOP as well as their interrelationship with other macroeconomic accounts. It also provided clarity to the structure and components of Nigeria's BOP statistics as compiled in line with …
Capital Formation And Economic Growth In Nigeria: An Empirical Re-Examination, Emmanuel Ating Onwiodiokit Ph.D, Gabriel Efe Otolorin
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 …
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Economic and Financial Review
This paper re-examines the relationship between finance and industrial growth in Nigeria by including aggregate credit to the industrial sector and financial development index as additional variables into the industrial growth model. Using data spanning the last four decades, we apply the Autoregressive Distributed Lag (ARDL) bounds testing approach to estimate an industrial growth model that accounts for the role of finance-related variables, while also controlling for the impact of electricity consumption and structural breaks. The key findings in the study are threefold. First, our results confirm that finance is a significant driver of industrial growth in Nigeria. Second, the …
Enhancing Data Generation For National Development In Nigeria: Institutional And Structural Issues1, Olu Ajakaiye
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 …