Department of Economics

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A Comparative Study of Determinants of Capital Structure of Multinational and Domestic Firms in Nigeria
(Department of Economics, College of Business and Social Sciences, Crawford University, Igbesa, Ogun State, 2023-09) Oyeneye, Kehinde Olufemi
This study investigated the determinants of capital structure of multinational corporations (MNCs) and domestic corporations (DCs) in Nigeria. The main objective is to investigate how capital structure determinant affect multinational firms and domestic firms in Nigeria. To achieve this, fifty-three non-financial firms listed on the Nigerian Stock Exchange (NSE) over the period of 2005 to 2019 were examined. Five firm-specific factors (leverage, profitability, tangibility, age and size), four macroeconomic factors that vary over time (GDP growth rate, Interest rate, Inflation rate and exchange rate) and four foreign macroeconomic factors that vary over time but country-specific (GDP growth rate, Interest rate, Inflation rate and exchange rate) were sourced from several editions of NSE fact book, several annual reports of included firms, Central Bank of Nigeria (CBN) Statistical Bulletins and World Development Indicators. Four issues were specifically examined. The first was to determine if multinational firm\s leverage ratio differs significantly from that of domestic firms. The second issue was to investigate the effect of firm-specific factors on MNCs and DCs. The third was to determine the influence of macroeconomic factors on MNCs and DCs. Finally, the study examined the effect of home country macroeconomic factors on multinational firms only. Panel data analysis was conducted for all models using the Generalized Least Squares (GLS) technique based on period-weight and cross-section weight. The analysis was anchored on two major theories of capital structure; the dynamic trade-off theory and pecking-order theory. The result showed that leverage ratio of multinational firms differs and significantly lower than that of domestic firms. Some factors like profitability, tangibility, interest rate and size were found to be largely responsible for the difference. Based on profitability, the result further showed that domestic firms follow the theoretical prediction of trade-off theory while multinational firms follow the theoretical prediction of pecking-order theory. Interest rate and exchange rate were revealed to have similar impact on leverage ratio for both MNCs and DCs in Nigeria and are significant at per cent. In addition, the inclusion of parent-country macroeconomic factors improves the explanatory power of the model in terms higher adjusted R2. Finally, the study showed that both category of firms pursued target leverage and that both MNCs and DCs respond to deviation from target leverage at the same rate (0.29), resulting in a speed of adjustment of 3.4. Some of the major recommendations from the study is that policy makers and managers of firms should first consider the macroeconomic conditions at home and abroad before taking decision on how much debt to retain in their capital so that over exposure will not affect the firm value and eventual liquidation. In summary, the study showed that MNCs and DCs do not have the same capital structure and are influenced by firm-specific variables and macroeconomic variables differently. The government is encouraged to be aware of the effect of macroeconomic factors on leverage decision of firms and therefore should put in place policies that will make the macroeconomic conditions more favourable to MNCs and DCs financial stability.
A tripartite approach to social inclusion in selected slums in Lagos State, Nigeria
(Emerald Publishing Limited, 2022-09-28) Popogbe Oluwaseyi Omowunmi; Akinleye Simeon Oludiran; Oke David Mautin
Purpose – This study aims to examine the social inclusiveness of slum dwellers by focusing on three key institutions which are social relations, government and the labour market. The literature emphasises the activities of these three institutions as indicators of social inclusion. Also, they accurately describe the social interactions of slum inhabitants at different levels. Design/methodology/approach – Three large slums (Makoko, Ilaje and Iwaya) in Lagos State were purposively selected for this study. Using a multi-stage sampling technique, there was the first level of cluster sampling across the communities and second-level random sampling of household heads in the clusters. In all, 400 respondents were sampled but 388 valid responses were used for the analysis. Findings – The study found minimal levels of inclusion in many of the indicators. However, Makoko had a higher degree of inclusion with respect to social relations and political participation compared to the other locations. Due to the poor level of governance, the resilience of slum dwellers has waned. Research limitations/implications The study was limited to three of the largest slums in Lagos State. Moreover, due to threats of eviction in recent times, many respondents were reluctant to provide adequate answers to some of the questions asked. However, the responses gotten were adequate to provide appropriate awareness and relevant recommendations. Originality/value – The use of primary data made it possible for novel results to be generated on social inclusiveness in selected slums. The study extends the frontier of knowledge on social inclusion.
Agriculture Financing and Growth Performance in Nigeria: Pre-2000 and Post-2000 Analyses
(The Romanian Economic Journal, 2020-03) Popogbe Oluwaseyi Omowunmi; Dauda Risikat Oladoyin
This study examines the role of different types of finance in the development of the Nigerian agricultural sector and two-period (1986-2000 and 2001-2017) analyses are carried out to ascertain this effect. The study adopts the Auto-Regressive Distributed Lag (ARDL) analytical technique. Findings show that there exists a positive and significant relationship between Agricultural Credit Guarantee Scheme Fund (ACGSF) and agricultural output; and industrial output and agricultural output in the pre-2000 analysis. However, only industrial output positively impacted the agricultural sector in the post-2000 analysis while two major sources of finance (ACGSF and Rural Commercial Bank Credit) negatively impacted the agricultural sector during this period. The study recommends an urgent need for effective and well-implemented disbursement of the ACGSF and rural commercial bank credit to the agricultural sector. It is also necessary to strengthen the linkage between the industrial and agricultural sectors so as to sustainably increase the productivity of the agricultural sector.
Cashless Policy and Economic Activities in Developing Countries (A Case Study of Nigeria)
(2015-05-24) Amire Comfort M; Omoare E. O.
Economic activities can be described as legal activities that create and distribute utility from points of production to places of final consumption at a price. Economic activities have been classified into productive activities, commercial activities, distributive activities and service activities. Economic activities are embarked on by two separate economic agents identified as suppliers and buyers. The advent of money resulted into growth and development in economic activities. However, negative consequences associated with cash-based transactions necessitated the adoption of cashless policy. The cashless policy is a policy that encourages more electronic-based transactions. The aim of this study is to determine how some factors of cashless policy impact on economic activities. Some of these factors are availability of power, infrastructures and literacy level. Findings revealed that cashless policy has contributed to the promotion of technology enhanced businesses. In addition, constant and regular supply of electricity will aid cashless policy, thereby strengthening economic activities in Developing countries.
Emergence of Unemployment: An Assessment of Nigeria Directorate of Employment (NDE) Skill Intervention Programmes between (2005-2011) in Lagos State
(Journal of Economics and Sustainable Development, 2015) Amire Comfort M; Ngwama Justice Chidi
Generation of productive and gainful employment with decent working conditions based on skill development to absorb our growing labour force has become a critical factor in the strategy for economic development in Nigeria. This demands that the government must respond through policy interventions in setting institutional framework that will be responsible for enhancing the skill of products from different academia. Given the strategic position of Lagos State in Nigeria there is need to provide world-class vocational skills training and high quality technical education to Lagos unemployed youths . Young school leavers rush to Lagos in search of jobs. In other to achieve this target, the National Directorate of Employment (NDE) and few other institutions were created. The aim of this study is to examine the relationship between skill development and youth unemployment. In analyzing the relevance of NDE in the development of skill and creation of job in Lagos state between (2005- 2011), this paper observed that NDE has contributed significantly towards creating jobs for the unemployed youths within their capacity. However, the slow pace of NDE in responding effectively to the rate of unemployment and in attaining the millennium development goal (MDGs) will be an uphill task. The government needs to improve on their investment, and develop more institutional capacity to tackle the issue of unemployment in the country. Beyond policy initiation, strategies must be put in place for adequate implementation of the scheme towards eradicating unemployment.
Empirical analysis of the push Factors of human capital flight in Nigeria
(Emerald Publishing Limited, 2020-10-24) Popogbe Oluwaseyi Omowunmi; Adeosun Oluyemi Theophilus
Purpose – Human capital flight from Nigeria to developed countries has remained a topical issue. This paper aims to empirically analyze the push factors for the migrants who explore the various legal migrant schemes from a macro perspective. The authors examine human capital development and its role in contributing to human capital flight tomore developed counties. Design/methodology/approach – This paper is anchored on the push–pull model. Using secondary data from 1990 to 2019, the authors look at the relationship between human capital flight and variables such as life expectancy, infant mortality rate, population growth rate and Nigeria’s unemployment rate. The auto-regressive lag model (ARDL) was adopted to estimate the empirical relationship among these variables. Findings – The results from the ARDL model suggest a positive relationship exists between population growth rate and migration rate. A negative relationship was, however, observed between life expectancy and migration rate. This study also found that an increase in the infant mortality rate negatively impacted migration significantly. Therefore, an increase in infant mortality rate lowered the migration rate. Finally, an increase in the unemployment rate increased migration; however, insignificantly. Research limitations/implications – The findings from this study are limited to the push factors influencing migration out of Nigeria. These factors are also restricted to variables for which data can be derived under the study’s scope. The results of this study have far-reaching implications, especially for policymakers and citizens alike. Better human capital development through enhanced life expectancy and reduced population in Nigeria will reduce the migration rate. Therefore, this study calls for the doubling of developmental and infrastructural efforts at all levels of governance. Originality/value – This paper’s importance lies in its ability to elucidate push factors that influenced migration out of Nigeria empirically. An empirical approach to the subject matter will explain these factors and the degree to which they influence migration. This will guide the policy-making process in curbing brain drain, which is a major challenge in Nigeria.
Environmental Exposure and Maternal Mortality in Selected African Countries
(Ilorin Journal of Economic Policy, 2022-06-15) Popogbe Oluwaseyi Omowunmi; Dauda Risikat Oladoyin S; Olohunlana Olayinka Aminat
Improving maternal health is a top priority amongst other global public health issues, hence leading to the well-established literature on the factors determining maternal mortality. However, empirical evidence on the linkage between maternal mortality and environmental exposure is poorly understood in the literature. Therefore, this study seeks to contribute to the literature on the determining factors of maternal mortality by examining its linkage to environmental exposures in selected African countries. The study covers 25 selected African countries for the period between 2000 and 2016. Using the Panel Corrected Standard Error (PCSE), the study establishes inter alia: first, environmental exposures significantly aggravate maternal mortality in Africa. Second, Adolescent fertility, and access to at least one basic amenity increase mortality rates in the continent where current expenditure per capita reduces the prevalence of maternal deaths. Third, renewable energy and electricity consumption significantly reduces maternal mortality in selected African countries. Fourth, income per capita and inflationary levels are however not significant determinants of maternal mortality. The findings have a strong implication for maternal health policy in Africa. The study recommends that intensive efforts should be directed into the reduction of environmental exposures and also seek actionable ways to discourage early exposure to childbirth.
Exchange Rate Fluctuations and Inflation Rates in West Africa
(2023) Ojo, Felix Ayoola
In West African countries, the economic instability caused by inflationary pressure has prompted some concerns about the primary reasons driving inflation rates. This study examined the relationship between exchange rate fluctuations and inflation rates in 15 West African countries in the short run and long run covering a 31-year period from 1990 to 2020, with emphasis on differential effects in Anglophone and Francophone West African countries. The scope of the study is divided in geographical, contents and units of analysis. The Purchasing Power Parity (PPP) framework formed the basis for this study. The study adopted the monetarist and classical model of determinants of inflation which was remodified by incorporating inflation rate (INF), exchange rate (EXR), exchange rate volatility (EXRv), monetary policy variables, and fiscal policy variables. Panel data for all the variables were obtained from World Bank Development Indicators for the period under review. Linear Autoregressive Distributed Lag (ARDL) and non-linear Autoregressive Distributed Lag (NARDL) estimation techniques were used for result reliability. Volatility was generated through ARCH model while CUSUM test was carried out to check for the stability of the series. The ARDL model results showed that the previous inflation rate contributed about 7% to the recent price instability in the region. It was further revealed that exchange rate fluctuations positively influenced inflation rates by about 4% in Anglophone countries in the short run with greater influence in the Francophone countries. Meanwhile, the results from non-linear Autoregressive Distributed Lag (NARDL) model revealed that exchange rate depreciation contributed not less than 2% to inflation rate in the long run and was statistically significant. The findings from Anglophone countries demonstrated that the policy of the monetary authorities to increase the quantity of money in circulation, if well managed, will not result in high rate of inflation in West African countries. Findings from Francophone countries showed that money supply, economic growth rate, and public debt did not contribute to the inflationary trends in the region. However, producer price index, the degree of trade openness, exchange rate and value added triggered inflation rates in the Francophone countries within the period under review. According to the findings, exchange rate fluctuations contributed to inflationary pressures in the West African region. The study recommended that floating exchange rate regime should be maintained and supported with high productivity of farm produce for exports without damaging the consumption level of the domestic economy; and that monetary authorities in this region should employ contractionary monetary policy so as to reduce the stock of money in circulation. Monetary authorities in the region should also maintain single-digit inflation rate for price stability to be maintained. Single currency should also be adopted among the member states so as to stabilize cross-border transactions, and finally, concessions in form of subsidies should be given to domestic industries so as to enhance productivity which will reduce the prices of goods and services and thereby reduce inflation to the barest minimum.
Financing Role in Structural Transformation in Nigeria
(Audoe, 2019) Popogbe Oluwaseyi Omowunmi; Oke David Mautin
In this paper, the authors examined the role of financing in structural transformation in Nigeria. The key sectors that are investigated in the transformation are the agricultural and industrial sectors. Previous studies on the Nigerian economy scarcely examined both sectors comparatively, a gap which this present study sought to fill. The Autoregressive Distributed Lag (ARDL) analysis was carried out. The result shows a long run relationship between financing and agricultural output as well as between financing and industrial output. However, at a glance, bank financing is more concentrated on the industrial sector than the agricultural sector. There have been increased output in the industrial sector due to increase in money supply while the Agricultural Credit Guarantee Scheme has promoted increase in the agricultural sector’s output. Although policies should be geared towards enabling development of the industrial sector, it is also vital to consciously drive the agricultural sector in order to increase its output production. The agricultural sector, if well-funded, has the capacity to bloom and form a strong linkage with the industrial sector. It is essential that future studies on the Nigerian economy include the service sector in the structural transformation analysis.
Fiscal and Monetary Policies in Sub Saharan Africa: Implications for Sustainable Development
(College of Business and Social Sciences, 2023-11) Timothy Oluwalogbon Ogunseye
Since the United Nations adopted the seventeen (17) Sustainable Development Goals (SDGs) in 2015, Sub-Saharan African (SSA) countries have started to rejig their fiscal and monetary policies to achieve the coveted goals in their different countries. Consequently, this study investigated the impact of fiscal and monetary policies on Sustainable Development (SD) of SSA economies. Twenty-one (21) SSA countries were considered in this study based on data availability. SD was proxied by three indicators, including the Human Development Index (HDI), Adjusted Net Savings (ANS) and Environmental Sustainability Index (ESI). The Macroeconomic Environment (MENV), measured by industrial sector growth was included to complete four (4) dependent variables. The explanatory variables include Monetary Policy Rate, (MPR) Exchange Rate (ER) and Money Supply (MS), Government Expenditure (GE) and Public Debt (PD). Institutional factor such as control of corruption (CO) was employed as an interactive variable with fiscal policy variables. The data, which covers the period of twenty-five (25) years (1996-2020) were culled from World Development Indicator (WDI), World Governance Indicator (WGI) and United Nations Development Programme (UNDP). The data were analysed using the Autoregressive Distributed Lag (ARDL) model, Error Correction Model (ECM) and other pre and post-estimation techniques of analyses. Following the ARDL results, the study found that MPR, GE, PD, CO and government expenditure interaction with control of corruption(GE*CO) contributed significantly to HDI in the short run. Also, the bound test results confirmed the existence of long-run relationship between HDI and the explanatory variables model. Hence, ECM established that the short run disequilibrium will be corrected in the long run at 1% on HDI. Adjusted Net Savings, MPR, GE and CO were found to have significant influence. However, no long-run interactions exist among the variables in the ANS model. In the ESI model, the results show that MPR and corruption control interaction with public debt (PD*CO) have significant impact on environmental sustainability in the short run. Similarly, long-run relationship exists between the variables. The short-run disequilibrium will be corrected in the long run at 6% as indicated by ECM results. Finally, PD, CO, and corruption control interaction with government expenditure (GE*CO) are significantly related with the macroeconomic environment in the short run. Following the long-run results, the disequilibrium in the short run will be corrected in the long run at 21%. Hence, the study concluded that GE, PD, CO and MPR are pivotal to the three dimensions of sustainable development. It was therefore recommended among others that SSA countries should minimize the volume of public debts contracted locally and abroad as this could lead to high debt servicing relative to revenue. Furthermore, SSA countries should modernize anti-corruption initiatives, grant full autonomy to anti-corruption agencies and introduce strict deterrent measures against corruption. In addition, member countries should fully embrace the United Nations Convention Against Corruption Coalition (UNCAC) to strengthen whistleblowing policies and protect whistleblowers as this would help to minimize the extent of rot and corrupt practices in their respective economies
Foreign Exchange Rate and Firm Survival: Evidence from Nigeria
(UNIBEN Journal of Human Resource Management, 2023) Popogbe Oluwaseyi Omowunmi; Ighodalo Ehizojie David
The role of monetary policy is crucial for the survival of the industrial sector. This study focuses on examining the relationship between foreign exchange rates and firm survival in Nigeria. The research utilizes secondary data from the World Bank Development Indicators (WDI) and the Central Bank of Nigeria's Statistical Bulletin, covering the years 1986 to 2021. Industrial output (INO) serves as a proxy for firm survival, while the independent variable is the foreign exchange rate (FEX). The stationarity of the variables was confirmed through unit root tests conducted at the level and first difference. The estimation technique employed in this study is the bounds testing cointegration approach, specifically the Autoregressive Distributed Lag (ARDL) model. The empirical model incorporates control variables such as interest rate, gross capital expenditure, and lending interest rate. The findings of the study reveal that an increase in the foreign exchange rate has a negative impact on the performance of the industrial sector. This implies that if the exchange rate continues to rise, the long-term survival of the Nigerian industry will be at risk. Hence, it is advisable to uphold a stable foreign exchange rate and facilitate its accessibility to industries in Nigeria.
Government Expenditure and Private Investment in Nigeria.
(Ae-Funai Journal of Accounting, 2020-06) Amire Comfort M; Okufuwa Michael O; Amire Christianah O
In view of the changing role that government plays in enhancing and ensuring economic development amid the internal societal economic challenges widely attributable to a sharp decline in government income, evidence abound that most of the state trade and business policies have been made including but not limited to policies on deregulation, privatization, among others targeted at sectoral reforms to support the economy and to boost public confidence in private and public sector investments. It is against this backdrop that this paper takes a look at the impact of government expenditure on the Nigerian economy and the sphere of the Nigerian private investment between the period of 1981 – 2018. Johansen co-integration approach, Error Correction Methodology (ECM) and Granger Causality text were used for the analysis in the study. The findings show that capital expenditure had positive (crowd-in) effect on Private investment while recurrent expenditure showed a negative standing on the Nigerian private investment quota. Similarly, in line with the Granger causality techniques, there are evidences to show that government recurrent expenditure, inclusive of the capital expenditure granger causes private investment in the country within the period under review. Thus, this paper posits that it is more profitable to prioritise capital spending and direct it to public infrastructural services such as electricity, ICT, education and health for active development in the delivery of services of private investment.
Human capital flight and output growth nexus: evidence from Nigeria
(Emerald Publishing Limited, 2021-02-15) Popogbe Oluwaseyi Omowunmi; Adeosun Oluyemi Theophilus
concerns to governments and scholars alike. This paper aims to explore the impact migration from Nigeria has on economic output growth by focusing on the migration rate, remittances, population growth and secondary school enrolment. This has not received adequate attention in the literature, as many papers have primarily focused on the impact of remittances on economic growth. Design/methodology/approach – Leveraging on the macro-level approach to migration, remittances and the economy, this research considers the nexus among the human capital flight and output growth variables by using the autoregressive distributed lag (ARDL) method of analysis for time series data between 1986 and 2018. Findings – The net migration rate from Nigeria was found from the empirical analysis to be more disadvantageous for the economy, given its negative relationship with economic growth despite the large volume of foreign incomes (remittances). It also shows that secondary school enrolment positively and significantly impacted the Nigerian growth rate in the long run. Originality/value – This research has widened the use of variables by combining net migration rate, remittances from abroad, population growth rate and secondary school enrolment to obtain a more robust outcome with implications for research and practice.
Impact of Health and Education Expenditure on Poverty Alleviation in Nigeria
(Caleb International Journal of Development Studies, 2020) Amire Comfort M
The significance of government expenditure in the promotion growth and development of every sector in an economy cannot be over-flogged. This study aims to ascertain the impact of government expenditures on health and education on poverty alleviation in Nigeria. This study used the Ordinary Least Square (OLS) statistical method on obtained from Statistical Bulletin of the Central Bank of Nigeria (CBN) and World Development Index (WDI) over the period of 1988-2018. The Johansen Co-integration result indicates four co-integrating equations at the 0.05 level. Result shows that there exists a long-run relationship between government expenditures on health and education and poverty alleviation in Nigeria. It was also found out that expenditure on health and education exhibit positive relationship on the dependent variable (Poverty Alleviation), this means that increasing government spending on health and education translates to increases in poverty alleviation. To alleviate poverty in Nigeria, government should increase expenditure on health and education.
Population growth and human resource utilization nexus in Nigeria
(Journal of Humanities and Applied Social Sciences, 2021) Popogbe Oluwaseyi Omowunmi; Adeosun Oluyemi Theophilus
Purpose – Population growth has remained a key issue facing developing economies in the world. While developed countries are experiencing diminished or negative population growth, many countries in sub- Saharan Africa including Nigeria are having population growth above the economic growth rate. With the deadline for the sustainable development goals approaching, attention is increasingly being focused on population growth and human capital development. Extant literature focused on population growth, human resource utilization and economic growth but this study aims to examine the effect of population growth on human resource utilization. Design/methodology/approach – Using secondary data for the period 1990-2018, the study conducted unit root test and co integration analyses to determine the stationarity and correlation in the long-run in the variables. The study used the error correction model to ascertain the speed at which shocks can be corrected in the long-run. Granger causality test was also carried out to ascertain the direction of causality among the variables. Findings – The empirical results revealed that population growth has a negative and significant effect on human resource utilization. The study also revealed that unidirectional causality runs from employment rate to population growth rate and a unidirectional causality runs from employment growth rate to expected years of schooling. The Nigerian Government needs to not only control population growth but also focus on the quality of education. Originality/value – The paper provides insights into the relationship between population growth and human capital utilization in Nigeria focusing on the 1986-2018 period.
Severity of Poverty amongst Entrepreneurs in Slum Settlement: A Case of Makoko Community, Lagos State, Nigeria
(Crawford Journal of Business & Social Sciences, 2021-03) Popogbe Oluwaseyi Omowunmi; Adeosun Oluyemi Theophilus
The informal economic activities in the slum of urban cities and their impact on poverty are gaining attention. While attempts have been made to measure poverty in slums, and rural communities, empirical evidence on poverty severity within the entrepreneurial class of the slum is scanty. We explore the severity of poverty amongst entrepreneurs and self-employed in the Makoko slum community in Lagos State, Nigeria. Leveraging on primary data obtained from a survey questionnaire designed to elicit information from 300 entrepreneurs living in these communities, descriptive and inferential statistics were employed. Specifically, the Foster, Greer, and Thorbecke (FGT) or Severity/Squared Poverty Gap Index was employed in measuring the severity of poverty amongst the groups of entrepreneurs. The incidence of 0.092% shows that the poverty incidence is mild amongst entrepreneurs in this community. This is contrary to the result when taken for the entire population, as obtained by previous studies. This indicates that welfare programs and empowerment interventions should be multifaceted, even when targeting citizens at the bottom of the pyramid. This paper investigates unique and overlooked strata of the bottom of the pyramid, i.e., the entrepreneurs and the self-employed. This is relevant in getting a holistic solution to the challenge of poverty reduction and alleviation.
Social Media Business Network and MSMEs Performance in Ogun State, Nigeria
(UJM, 2022-06) Popogbe Oluwaseyi Omowunmi; Ighodalo Ehizojie David
Businesses are fast realizing the importance of digital technology to enhance their productivity. This study, therefore, examines the impact of social media use on the financial and non-financial performance of MSMEs. Primary data were adopted for the analysis with focus on some selected Micro, Small, and Medium Scale Enterprises (MSMEs) in Ogun State, Nigeria. 280 valid responses were collated for the analysis and descriptive and logistic regression analyses were carried out. 152 females and 128 males participated in the survey. The findings showed that about two-thirds of the businesses sampled currently have their businesses on a social media handle and a large percent of them use Facebook as a platform to promote their businesses. More referrals, investment, and digitally skilled staff all significantly improved the financial performance of the businesses. On the other hand, social media visibility, investment in business, and digitally skilled staff positively impacted nonfinancial performance. Only two (business investment and digitally skilled staff) of the variables analysed significantly impact both financial and non-financial performance. The study does not find a significant relationship between other variables measured (such as online delivery of services and staff training) and the non-financial performance of the MSMEs. The study recommended that MSMEs should employ staff members that are social media savvy and also proactively attend to customers' online query.
Tax Revenue Shocks and Economic Growth in Nigeria, 1961-2011
(International Journal of Economics, Finance and Management, 2014-03) Oyeneye Taiwo Olusegun; Dada Matthew Abiodun; Dahn Henry Flomo
This study examined the impact of tax revenue shocks on economic growth in Nigeria during the period from 1961 to 2011. Times series data on variables (government expenditure, tax revenue, GDP and consumer price index) were used. The data were sourced from the CBN Statistical Bulletin 2012 edition and World Development Indicators (WDIs) version 2012. The unit root property of each of the variables was investigated using ADF and PP unit root tests. The study also employed Johansen co integration technique to test for the co integration relationship among the variables in the VAR model. The results indicate that tax revenue shocks have positive effect on government expenditure and real output. The findings also suggest that tax revenue turns out to contribute increasingly to innovations in government spending and real output from the first year up to the end of the period. The study concluded that any policy that induces tax revenue will equally induce government expenditure and real output, hence, tax revenue shocks have positive effect on long-run economic growth in Nigeria.
The Effect of Corporate External Restructuring on the Performance of Financial Institutions in Nigeria: A Review
(Online Science Publishing, 2016-11-01) Amire Comfort M; Amire Peter .O. Ebunoluwafunmi
The need for financial institutions anywhere in the world cannot be over-emphasized. The daily business transactions carried out by individuals, firms and corporate entities underscores the need for a better and performing financial institutions in Nigeria .This paper specifically focused on Banks as the leading financial institution in Nigeria, the problems and challenges associated with the financial systems in Nigeria before the intervention of the Apex regulatory body (Central Bank of Nigeria) through the recapitalization directive, the effect of the recapitalization and restructuring process on the industry and the role of the Central Bank of Nigeria in sustaining, maintaining and enforcing the recapitalization directive.
The Role of Entrepreneurship Education in the Achievement of Nigeria's Vision 20:2020
(International Journal of Innovative Research & Development, 2016-04) Amire Comfort M; Onochie Maxwell Prosper; Omolewa Egor Ese
In an attempt to develop, most developing nations have adopted different developmental policies, giving little or no attention to the principal factors of development. This paper investigated the importance of entrepreneurship when qualifying and quantifying the aggregate indexes of development. The writers argued that in accomplishing the quest for development in Nigeria by 20:2020, entrepreneurship should be considered as the most viable tool. The article structured and synthesized the existing scholarly works, thereby generating new knowledge. The results can be used to enhance fruitful development policy. The article integrated Entrepreneurship and National Development by first identifying conceptual problem of development and then concentrated more on the role of entrepreneurship in National development. The benefits and problems of entrepreneurship in Nigeria are discussed as well as the way out.

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