Category Archives: International Journal of Management Studies, Business and Entrepreneurship Research , VOLUME 5, NUMBER 1, 20200E

FOREIGN PORTFOLIO INVESTMENT AND ECONOMIC GROWTH IN NIGERIA

¹Hilary Eshidenang Ushie, ²Sunday Akiri &³Agya Atabani Adi

¹University of Calabar Microfinance Bank

²Department of Economics, Benue State University, Makurdi

³Department of Economics, Federal University Wukari.

Email: ushiehilary@gmail.com

ABSTRACT

This study examines the relationship between foreign portfolio investment and economic growth in Nigeria from 1986 to 2018. Data for the study were gathered from secondary sources and analyzed with the use of both descriptive and inferential statistical methods. The Toda Yamamoto Non- Causality test was used to ascertain the nature of relationship between Foreign Portfolio Investment and economic growth.The impulse response and variance decomposition were used to examine the response of economic growth to innovations in foreign portfolio investment in Nigeria. The Toda Yamamoto Non- Causality result revealed that there is a bi-directional relationship between foreign portfolio investment and economic growth and the impulse response revealed that economic growth responded positively and permanently to shocks in foreign portfolio investment in Nigeria after the second period of forecast.  The study recommends that the government should encourage the inflows of foreign portfolio investment by making investment friendly policies that would attract foreign investment into the country. Also emphasis should be directed toward maintaining peace and avoidance of debt overhang.

Keywords: Foreign Portfolio Investment, Economic Growth, Toda Yamamoto, Nigeria.

REVITALIZING THE INDUSTRIAL SECTOR THROUGH FISCAL POLICY: NIGERIA IN FOCUS

Ubong E. Effiong & Ettah B. Essien

Department of Economics

University of Uyo, Uyo

Email: ubongeffiong3@gmail.com

ABSTRACT

This paper aimed at investigating the influence of government expenditure (a proxy for fiscal policy) on the industrial sector output of Nigeria for the period 1980 – 2018. Government expenditure was disaggregated into capital and recurrent expenditures. Data were sourced from the Central Bank of Nigeria Statistical Bulletin. The data were subjected to Augmented Dickey-Fuller and Philip-Peron unit root test which reported that all the variables were stationary at first difference. The Johansen cointegration test revealed the existence of a long-run relationship among the variables in the model. This therefore posed the need for the use of the Vector Error Correction (VEC) model to estimate both the short-run and long-run estimates. Findings from the VEC revealed that both government capital and recurrent expenditures significantly influences industrial output in the short-run. Also, capital expenditure does not have a significant relationship with industrial sector output in the long-run but recurrent expenditure does. Following the findings, the study recommended that concerted efforts should be made on the part of the government to boost the industrial sector output through development of the nation’s infrastructural facilities, in other to encourage domestic investors and win more foreign investors which are highly competitive globally.

Keywords: Fiscal Policy, Industrialization, Industrial Policies, Vector Error Correction

THE IMPLICATIONS OF POLITICAL LEADERSHIP ON THE ECONOMIC DEVELOPMENT OF NIGERIA, 1999-2019

Onwunyi, Ugochukwu Mmaduabuchi & Nwobu, Chukwudi Michael

Department of Public Administration, Paul University, Awka

Department of Political Science, Chukwuemeka Odumegwu Ojukwu University

Email: ugochukwu.onwunyi@gmail.com, nwobuchukwudimichael@gmail.com

ABSTRACT

The economic development or under-development of a state is directly and indirectly affected by the nature of political leadership present. Inefficient or misdirected political leadership has tentatively become one of the biggest obstacles to the economic development of Nigeria. From the lack of efficient and workable economic policies to heavy dependence on crude oil, tribal politics, the menace of insurgency, bribery and corruption, infringement on human rights, neglect of other sectors like education, health, transportation, science and technology and lackadaisical attitude of the administrators to the masses, the economy of the Nigerian state has taken a downturn for the worst. This has led to the devaluing of the Nigerian currency, dwindling of foreign exchange and the subsequent fall in standard of living. This paper therefore focused on the relationship between political leadership and economic development in Nigeria on one hand and proffering solutions that will enhance effective political leadership which will lead to the salvaging of the Nigerian economy on the other hand, 1999-2019. The methodology of research was qualitative while the trait theory of leadership formed the framework for the study. Arising from the above, the paper was able to find out that there is an absence of synergy among the three arms of government in Nigeria which is evident in cases where each arm acts on its own whims and caprices, and not serving as recourse when necessary. The study recommended that there is need for the Executive to work closely with the National Assembly to expedite action on some priority legislation needed to spur economic development. On another hand, there is need for greater clarity and consistency with respect to government’s policy direction. There is no gainsaying that our current economic woes were to some extent caused by the absence of economic policy leadership and confidence.

Keyword: Economy, Development, Politics, Leadership, Nigeria

EMPIRICAL ANALYSIS OF THE IMPACT OF MACROECONOMIC VARIABLES ON EXCHANGE RATE: AN EVIDENCE FROM NIGERIA

Awatai Abdu Usman; Nanfa Nimvyap & Mary Pam

Department of Economics

Plateau State University, Bokkos, Nigeria

E-mail:uawatai72@gmail.com; Corresponding Author: Awatai A.U

ABSTRACT

The major aim of this research is to provide empirically the evidence on the relationship between Real Exchange rate (REXR) against US dollar and macroeconomic variables in Nigerian economy from 1985 to 2017. This research has taken real exchange rate as dependent variable and some other macroeconomic variables are as independent variables. To examine this relationship the ordinary least square regression (OLS) technique is used. The result shows that inflation rate (IFR) is negatively significant at 10% level, the foreign direct investment (FDI) is negatively significant at 5% level, Gross domestic product (RGDP) is negatively significant at level 5% and Money supply (MS) is positively significant at 5% level, interest rate (IR) is positively significant at 5% level of significant with real exchange rate (REXR). The INF and FDI is negatively forced the exchange rate mean that when the values of these variable is decrease the value of exchange will be increasing but in case of RGDP is Vice versa. While the ARCH LM test provides result that there is no serial correlation and the heteroskedasticity test is used reveal that there is no heteroskedasticity. This research work will be useful to international investors, domestic businessmen and academicians in the country.

Key word: Macroeconomic variables, Exchange rate, Ordinary Least Square, Conditional Heteroskedasticity.

ACCRUAL ACCOUNTING IN PUBLIC SECTOR ACCOUNTABILITY AND SUSTAINABLE DEVELOPMENT

Ngozi Benedette Nwali

Department of Business Education

Enugu State College of Education, Ikwo

Email: ngo.nwali@gmail.com

ABSTRACT

This paper discusses accrual accounting in public sector accountability and sustainable development. Accrual accounting has all it takes to enhance social accountability of public managers, increasing financial reporting, transparency, service cost accounting as sound accounting system is vital for sustainable development. Conclusion are drawn and recommendations made amongst all, that government should ensure that they create enabling environment for the development of professional accountants vested with accrual accounting knowledge and employ them to work in the public sector. 

Keywords: Accrual Accounting, Public Sector, Accountability and Sustainable Development