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Social and Behavioral Sciences Commons™

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Macroeconomics

Central Bank of Nigeria

Journal

2020

Articles 1 - 14 of 14

Full-Text Articles in Social and Behavioral Sciences

Impact Of Monetary Policy On Inflation Rate In Nigeria: Vector Autoregressive Analysis, Eggon Ahmed Henry, Ajidani Moses Sabo Dec 2020

Impact Of Monetary Policy On Inflation Rate In Nigeria: Vector Autoregressive Analysis, Eggon Ahmed Henry, Ajidani Moses Sabo

Bullion

The Nigerian monetary authorities have implemented several monetary management policies with the aim of achieving price stability and economic growth in the country, but without success. This study was conducted to examine the impact of monetary policy management on inflation in Nigeria during the 1985- 2019. Autoregressive distributed lag analysis was employed on time series data covering the period. It was found that while monetary policy rate and foreign exchange rate impacted negatively on inflation; broad money supply impact positively on it. Therefore, the study recommended that monetary authorities should fix the exchange rate at where the value of Naira …

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Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili Dec 2020

Impact Of Financial Deepening On Socio-Economic Development In Nigeria: 1991 - 2018, Igonibo Dumoteim Abili

Bullion

This study investigates the relationship between financial deepening and socioeconomic development in Nigeria. The specific objectives examined the impacts of broad money supply, private sector credit and financial openness on human development index in Nigeria from 1991 to 2018. Time series data on each of the variables were analyzed using Fully Modified Least Squares and Granger Causality test. The unit root test results revealed that all the variables in the model became stationary after first difference and are all I (1). The cointegration test result revealed that the variables had long run relationships. The cointegrating regression result indicated that broad …

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Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk Dec 2020

Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk

Bullion

The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …

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The Role Of Agriculture In The Economic Diversification Of The Nigerian Economy: (1980 – 2016), Adamu Hassan Muhammad, Tahir Hussaini Mairiga, Iliya Ayuba Thompson, Usman Ismaeel Bello Dec 2020

The Role Of Agriculture In The Economic Diversification Of The Nigerian Economy: (1980 – 2016), Adamu Hassan Muhammad, Tahir Hussaini Mairiga, Iliya Ayuba Thompson, Usman Ismaeel Bello

Bullion

This study empirically examines the role of agriculture in the diversification of the Nigerian economy, using time series data from 1980–2016. Estimation results using Cointegration and Vector Error Correction Technique indicate that agricultural output has a positive relationship and significant impact with non-oil exports (NOE) and that non-oil revenue has a positive relationship with non-oil exports (NOE). It was recommended that, government should endeavor to increase agricultural productivity by improving its expenditure on the sector so as to enhance the growth of the economy. Government should also increase its non-oil revenue and revive the sector through sufficient budgetary allocation and …

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Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha Dec 2020

Impact Of Tax Revenue On Economic Growth In Nigeria (1981-2017), Abubakar Biliksu Aliyu, A. A. Mustapha

Bullion

The main objective of this research is to assess empirically the impact of tax revenue on economic growth in Nigeria, spanning from 1981 to 2017. It employs, time series data obtained from the CBN statistical bulletins, FIRS annual publications and National Bureau of Statistics (NBS) portal. To achieve the objectives of the study, OLS and ARDL techniques were employed to estimate the relationships and the dynamics and longrun effects of independent variables on dependent variable. ARDL bound test revealed that the variables are cointegrated while ARDL long-run estimation indicated that petroleum profit, value added tax and government domestic debt are …

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An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu Sep 2020

An Adjusted Classical Model For Interest-Free Financing In Nigeria, Abdul Ibrahim, Habibu M-G Salihu

Bullion

This paper examines an interest-free macroeconomic models by adjusting the classical model into an interest-free macroeconomic model as a basis for developing a comparative analysis. The study adopted a descriptive approach by describing the mechanics for obtaining an interest-free macroeconomic model from a prototype western model. It was observed that most Muslims in Nigeria are interested in adopting interest free financing under the western system. This is a reason for converting a western model into an interest-free model.This conversion allows policy-makers to gain useful insight in the process in transition from the western system to the Islamic system. The Islamic …

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Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe Sep 2020

Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe

Bullion

The objective of this paper is to describe the import substitution policies of Nigeria with a historical and analytical outlook with a view to amplifying its dimensions of impact, and recommending potential options for optimizing policy and implementation. Method The methodology adopted for this paper is descriptive and historical analysis. Comparisons were drawn from various countries policies such as Chile, Brazil, Argentina, Mexico, India, South Korea, and the Philippines and outcomes are highlighted, and then extrapolated to the Nigerian context with a view to understanding the local context in the light of peer country implementation. The results from the implementation …

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Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau Sep 2020

Firm Survival Of Listed Nigerian Financial Institutions: A Consolidated Methods Approach, Sunusi Garba, Adamu M. Abubakar, Ahmad I. Mohammed, Mohammed S. Damamisau

Bullion

The firm's survival is regarded as an essential element usually used by the capital market participants in making vital decisions. This study examines the combined roles of bankruptcy, earnings management, and profitability in explaining a firm's survival in the listed Nigerian financial institutions. To achieve this, a descriptive research design is adopted and data were generated from databases of the listed companies in the Nigerian Stock Exchange for the period 2006 to 2015. Panel data analysis was employed in analysing collected data of the sampled 29 financial institutions in the Nigerian financial sector. The study found that most of the …

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Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke Jun 2020

Efficiency Gain Argument Of Fiscal Federalism And Economic Growth: Evidence From Five Selected Developing Federal Economies, Hyacinth E. Ichoku, Walter O. Ugwuoke

Bullion

This paper investigated efficiency gain argument of fiscal federalism and economic growth with evidence from five selected developing federal economies. The curiosity is to ascertain whether the efficiency gain –the fundamental argument why countries adopt fiscal federalism is justified in these economies. The paper uses stochastic frontier model to achieve this objective. The evidence from the selected developing federal economies revealed diverging results. While in Nigeria, Ethiopia and India there is more expenditure decentralization than revenue decentralization suggesting that efficiency gains from fiscal federalism may remain elusive, in Brazil and South Africa there is more revenue decentralization than expenditure decentralization …

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The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir Jun 2020

The Impact Of External Debt On Agricultural Production In Nigeria (1980-2016): Autoregressive Distributed Lag Modelling, Aishatu U. Yerima, Hussaini M. Tahir

Bullion

The study analyzed the impact of external debt on Nigeria's agricultural production from 1980 to 2016 using secondary data obtained from Central Bank of Nigeria (CBN) statistical bulletin and the World Development Indicators (WDI). Augmented DickeyFuller unit root test and the autoregressive distributed lag (ARDL) bound testing approach to co-integration were utilized, to achieve the objectives of the study. Empirical results revealed that the variables were cointegrated, indicating that they exhibited long run relationship, both in the short and the long run. External debt stock (EDS) had a significant positive impact on agricultural production (AGP), indicating that EDS positively impacted …

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Education, Inclusive Growth And Development In Nigeria: Empirical Examination, Emmanuel Onwioduokit Jun 2020

Education, Inclusive Growth And Development In Nigeria: Empirical Examination, Emmanuel Onwioduokit

Bullion

Fundamental changes in the intellectual and social stance of any society have always been preceded by educational renaissance. This paper investigates the role of education in achieving and sustaining economic development in Nigeria. Abstracting from the theory, the paper examines education in Nigeria, its enhancing, including comparative analysis with selected African countries and its connection with economic development. The ARDL model was adopted to examine both the short run and long run relationships between education and development proxied by HDI and education and economic growth within the context of inclusive growth model. Evidence from the estimated long run ARDL model …

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Investigating The Impact Of Widening Price Limits On Volatility: The Experience Of The Nigerian Stock Exchange, Mohmmed A. Yadudu Mar 2020

Investigating The Impact Of Widening Price Limits On Volatility: The Experience Of The Nigerian Stock Exchange, Mohmmed A. Yadudu

Bullion

This paper empirically evaluates the impact of return volatility from widening price limits from 5% to 10% on the Nigerian Stock Exchange(NSE) on September 18, 2012 using a Stochastic Volatility model in an event study framework. Using daily trading data from September 2010 to September 2014, the study finds that widening of price limits in the NSE has not increased volatility as feared by some regulators. Stocks with higher free floats and institutional ownership display lower volatility when price limits are widened. This suggests that smaller stock exchanges can improve market efficiency by widening price limits without increasing volatility. The …

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Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume Mar 2020

Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume

Bullion

The objective of the paper is to assess the effects of foreign portfolio capital surge on the banking sector in Nigeria from 2005 - 2018. Using a simple trend analysing a static general equilibrium framework, the paper reveals that portfolio capital inflows, in the wake of monetary policy independence in Nigeria, led to portfolio capital surge which resulted to credit boom and speculative transactions in the Nigerian Stock Exchange (NSE) leading to assets price bubble. When the bubble burst during the global financial crisis (GFC) in 2007, and thereafter in 2014, portfolio capital inflows reversed and banking stocks prices declined …

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Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi Mar 2020

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 …

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