This study investigates the determinants of private investment in Nigeria. Employing time series data for the period 1990 to 2020 gotten from the Central Bank of Nigeria Statistical Bulletin and World Development Indicators, the Auto-Regressive Distributed Lag Model (ARDL) and the Error Correction Mechanism estimation techniques were used to test private investment as the dependent variable and interest rate, money supply, credit to the private sector, inflation rate, and regulatory quality index as the independent variables. The results showed that all variables were correctly signed, and had statistical significance in explaining private investment in Nigeria during the period of study. The study, therefore, encouraged low interest rates to support and enhance lending to the private sector needed for investments, a control of rising inflation rate, monetary authorities developing and implementing policies to increase credit allocated to the private sector, creating and implementing sound policies and laws to support and encourage private sector development as recommendations.
{"title":"Determinants of Private Investment in Nigeria","authors":"E. I. Ajudua","doi":"10.4314/lje.v6i2.1","DOIUrl":"https://doi.org/10.4314/lje.v6i2.1","url":null,"abstract":"This study investigates the determinants of private investment in Nigeria. Employing time series data for the period 1990 to 2020 gotten from the Central Bank of Nigeria Statistical Bulletin and World Development Indicators, the Auto-Regressive Distributed Lag Model (ARDL) and the Error Correction Mechanism estimation techniques were used to test private investment as the dependent variable and interest rate, money supply, credit to the private sector, inflation rate, and regulatory quality index as the independent variables. The results showed that all variables were correctly signed, and had statistical significance in explaining private investment in Nigeria during the period of study. The study, therefore, encouraged low interest rates to support and enhance lending to the private sector needed for investments, a control of rising inflation rate, monetary authorities developing and implementing policies to increase credit allocated to the private sector, creating and implementing sound policies and laws to support and encourage private sector development as recommendations.","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117129973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examined the impact of exchange rates on the performance of the manufacturing sector in Nigeria between 1990 and 2020. Using canonical cointegrating regression (CCR) framework, the result obtained showed that exchange rate devaluation constrains manufacturing sector while exchange rate fluctuation hampers manufacturing output. The study indicated that price increase leads to decline in the manufacturing sector, the study recommends among other things the need to formulate policies that align with the exchange rate to the actual needs of the manufacturing sector. The study further suggests that change in exchange rate management strategy should be allowed to run a reasonable course of time. Jettisoning strategies at will and on frequent basis has implication for exchange rate and obvious consequence for a sector that depends on foreign inputs
{"title":"Exchange Rate and Manufacturing Sector Performance in Nigeria","authors":"Martin Chukwuma Orji, C.I. Ezeanyaeji","doi":"10.4314/lje.v6i2.2","DOIUrl":"https://doi.org/10.4314/lje.v6i2.2","url":null,"abstract":"This study examined the impact of exchange rates on the performance of the manufacturing sector in Nigeria between 1990 and 2020. Using canonical cointegrating regression (CCR) framework, the result obtained showed that exchange rate devaluation constrains manufacturing sector while exchange rate fluctuation hampers manufacturing output. The study indicated that price increase leads to decline in the manufacturing sector, the study recommends among other things the need to formulate policies that align with the exchange rate to the actual needs of the manufacturing sector. The study further suggests that change in exchange rate management strategy should be allowed to run a reasonable course of time. Jettisoning strategies at will and on frequent basis has implication for exchange rate and obvious consequence for a sector that depends on foreign inputs ","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132999942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Financial depth is an important components of financial development for which determinants have been examined by a number of extant studies, using different kinds of financial depth indicators. This study aims at analyzing the factors that determine financial depth using the assets of mortgage and microfinance banks as indicators of financial depth. The study employs data that span from 1992 to 2021, using Autoregressive Distributed Lag (ARDL) model. It is found in the study that the policy of conversion of community banks to microfinance banks and the introduction of mortgage warehouse fund have positive effects on microfinance and mortgage banks’ assets. Also, it is found that literacy rate has negative effect only on the microfinance bank assets. Thus, this study recommends further deepening of the various segments of financial system, policy makers should strengthen the existing policies and create the new similar policies and reforms with respect to each indicator of financial depth.
{"title":"Determinants of Financial Depth: A Case Study of Mortgage and Microfinance Banks in Nigeria","authors":"R. Mustapha, I. Waheed, Ismaila Abdullateef","doi":"10.4314/lje.v6i2.6","DOIUrl":"https://doi.org/10.4314/lje.v6i2.6","url":null,"abstract":"Financial depth is an important components of financial development for which determinants have been examined by a number of extant studies, using different kinds of financial depth indicators. This study aims at analyzing the factors that determine financial depth using the assets of mortgage and microfinance banks as indicators of financial depth. The study employs data that span from 1992 to 2021, using Autoregressive Distributed Lag (ARDL) model. It is found in the study that the policy of conversion of community banks to microfinance banks and the introduction of mortgage warehouse fund have positive effects on microfinance and mortgage banks’ assets. Also, it is found that literacy rate has negative effect only on the microfinance bank assets. Thus, this study recommends further deepening of the various segments of financial system, policy makers should strengthen the existing policies and create the new similar policies and reforms with respect to each indicator of financial depth.","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"13 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133424970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examined the moderating effect of audit committee financial expertise on the relationship between audit quality and earnings management among quoted consumer goods companies in Nigeria. Earnings management as dependent variable was proxied by discretionary accruals while audit quality is explained using audit fees and auditor industry specialization.The study adopted Ex post facto research design. Population included all the 21 companies in the consumer goods sector. The study purposively, sampled 17 out of the entire population for the purpose of data collection. The study covered the period 2012 to 2021. Secondary data were extracted from the annual accounts of the companies for the period of the study. The study employed the use of multiple regression technique to analyse the data. The result of the study showed that both audit fees and auditor industry specialization have positive significant relationship with earnings management when moderated by audit committee financial expertise. The study concluded that both variables can be used as determinants of real earnings management when there is a financial expert on the audit committee. From the findings, it was recommended that efforts should be made with respect to legislations to strengthen auditors’ quality in Nigeria by ensuring that audit committee members have financial expertise since it is a viable corporate governance tool towards enhancing reported earnings quality.
{"title":"Moderating Effect of Audit Committee Financial Expertise on the Relationship between Audit Quality and Earnings Management of Quoted Consumer Goods Firms in Nigeria","authors":"I. Yahaya, Ejike Sunday Okoroigwe","doi":"10.4314/lje.v6i2.3","DOIUrl":"https://doi.org/10.4314/lje.v6i2.3","url":null,"abstract":"This study examined the moderating effect of audit committee financial expertise on the relationship between audit quality and earnings management among quoted consumer goods companies in Nigeria. Earnings management as dependent variable was proxied by discretionary accruals while audit quality is explained using audit fees and auditor industry specialization.The study adopted Ex post facto research design. Population included all the 21 companies in the consumer goods sector. The study purposively, sampled 17 out of the entire population for the purpose of data collection. The study covered the period 2012 to 2021. Secondary data were extracted from the annual accounts of the companies for the period of the study. The study employed the use of multiple regression technique to analyse the data. The result of the study showed that both audit fees and auditor industry specialization have positive significant relationship with earnings management when moderated by audit committee financial expertise. The study concluded that both variables can be used as determinants of real earnings management when there is a financial expert on the audit committee. From the findings, it was recommended that efforts should be made with respect to legislations to strengthen auditors’ quality in Nigeria by ensuring that audit committee members have financial expertise since it is a viable corporate governance tool towards enhancing reported earnings quality. ","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116201217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Motivation has become a source of increased output in recent times in the workplace. The main aim of this study is to examine motivational factors affecting the employees’ productivity in Delta State Ministry of Health, Asaba-Nigeria. This study employed a cross-sectional data with a sample of 234 respondents from ministry of health Asaba, concerning their high level of productivity which was achieved through motivation from Government in terms of better salary and regular promotions. The result from the ChiSquare analysis indicates that motivation through increased special salary payment and regular promotions from the state government, do enhance productivity. It was therefore recommended that state Government must continue in that fashion so that such high level of success would maintained.
{"title":"Motivation as a Catalyst for Employee's Productivity in Delta State Ministry of Health, Asaba Nigeria","authors":"Onyeoghani Michael Ikechukwu","doi":"10.4314/lje.v6i2.5","DOIUrl":"https://doi.org/10.4314/lje.v6i2.5","url":null,"abstract":"Motivation has become a source of increased output in recent times in the workplace. The main aim of this study is to examine motivational factors affecting the employees’ productivity in Delta State Ministry of Health, Asaba-Nigeria. This study employed a cross-sectional data with a sample of 234 respondents from ministry of health Asaba, concerning their high level of productivity which was achieved through motivation from Government in terms of better salary and regular promotions. The result from the ChiSquare analysis indicates that motivation through increased special salary payment and regular promotions from the state government, do enhance productivity. It was therefore recommended that state Government must continue in that fashion so that such high level of success would maintained.","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128506989","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Poverty, a deteriorating healthcare system and insufficient educational standards are among the major macroeconomic problems facing African countries. Foreign aid from Western countries to African countries has been hailed as one of the solutions to these problems. Thus, this study investigated the impact of foreign aid on poverty using a panel data set of 14 West African nations. Foreign aid was disaggregated according to the reason for which it was given while poverty was measured with three variables namely; poverty headcount, infant mortality, and literacy rate. Annual data was sourced from the WDI (2022), WGI (2022) and OECD (2022), scoped 2008-2020. Using a two-step system GMM, the study found that total aid insignificantly reduces poverty headcount in the presence of reduced corrupt practices. Furthermore, foreign aid allocated to health and education was found to lower infant mortality and improve literacy rates, respectively; however, these effects were only significant in the condition of reduced corrupt practices. The study thus concludes that foreign aid works better when corrupt practices are reduced, and it recommends that policymakers in west- African countries should consider corruption control policies so that aid allocation is properly managed to improve its impact on poverty headcount, infant mortality, and literacy rate.
{"title":"Foreign Aid and Poverty Reduction in West African Nations: Insights and the Need for Policy Re-Orientation","authors":"A. Ibrahim","doi":"10.4314/lje.v6i2.4","DOIUrl":"https://doi.org/10.4314/lje.v6i2.4","url":null,"abstract":"Poverty, a deteriorating healthcare system and insufficient educational standards are among the major macroeconomic problems facing African countries. Foreign aid from Western countries to African countries has been hailed as one of the solutions to these problems. Thus, this study investigated the impact of foreign aid on poverty using a panel data set of 14 West African nations. Foreign aid was disaggregated according to the reason for which it was given while poverty was measured with three variables namely; poverty headcount, infant mortality, and literacy rate. Annual data was sourced from the WDI (2022), WGI (2022) and OECD (2022), scoped 2008-2020. Using a two-step system GMM, the study found that total aid insignificantly reduces poverty headcount in the presence of reduced corrupt practices. Furthermore, foreign aid allocated to health and education was found to lower infant mortality and improve literacy rates, respectively; however, these effects were only significant in the condition of reduced corrupt practices. The study thus concludes that foreign aid works better when corrupt practices are reduced, and it recommends that policymakers in west- African countries should consider corruption control policies so that aid allocation is properly managed to improve its impact on poverty headcount, infant mortality, and literacy rate. ","PeriodicalId":284612,"journal":{"name":"Lapai Journal of Economics","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128372020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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