SUB-SAHARA AFRICAN JOURNAL OF MANAGEMENT SCIENCE & CAREER DEVELOPMENT (SJMSCD)
VOL. 23 (7) MARCH, 2022 ISSN: 2385-8148
Sub-Sahara African Academic Research Publications,
Centre for African Development Studies, University of Ibadan,
P. O. Box 10108, U. I. Post Office. Ibadan Oyo State, Nigeria, West-Africa.
EMPIRICAL INVESTIGATION OF THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH; EVIDENCE FROM NIGERIA
1MUJAHID YUSUF; 2HAFIZ UMAR BUBARI; 3ALI YAHAYA UKASHATU; 4MARYAM SA`IDU JEN
1, 3Department of Economics, Bayero University, Kano. 2Department of General Studies, Federal Polytechnic, Bali, Taraba State. 4Department of Business Administration and Management, Federal Polytechnic, Bali, Taraba State
Over the past decades, world output has been expanding and many countries are benefiting from increased cross-border trade and investments through a capacity increase to compete globally. To better understand the nexus between globalization and economic growth, this study investigates the impact of globalization on the Nigerian economy covering the period of 33 years (1986-2018). Five macroeconomic variables were selected based on theoretical and empirical evidence. The study employed Granger causality econometric technique in order to capture the objective for which the study is poised to achieve. From the Granger causality test, the result has found unidirectional (one-way) causal link between globalization (proxied by FDI, import, TOP and export) and the Nigerian economy (proxied by GDPc). Therefore, the study recommends that globalization of the economy though desirable should be pursued with conditions. What needs to be done is to restructure our internal capacity and boost the productive base of the economy to make Nigeria more competitive in the global economy.
Keywords: Globalization, Economic Growth, Causality
THE INFLUENCE OF RISK MANAGEMENT ON SMALL AND MEDIUM SCALE ENTERPRISES PERFORMANCE IN NIGERIA
OLUWAYOMI A. EKUNDAYO PhD
Actuarial Science & Insurance Department, Joseph Ayo Babalola University, Ikeji-Arakeji.
The organizational effectiveness is the consideration of how organizations can use certain resources to fulfil their objectives, without depleting and placing undue strain on its members or society (Barry, 2010). The challenges faced by small and medium scale enterprises towards effectiveness in Nigeria are numerous and they are also tied to the economic variables. These challenges include high level of unemployment, high poverty incidence, low industrialization, insecurity of the business climate, inconsistency of government’s policies, inadequate infrastructure, low level of entrepreneurial skill, poor management practices, inadequate equity capital, lack of information, political risk, problem of funds because of lack of collateral, lack of experience of employee as to the strategies of risk prevention or loss minimisation, lack of knowledge as to insuring organization’s properties against natural disaster like flood, storm, and earthquake etc. Therefore, early identification of the risks that might threaten the achievement of the organization’s mandate will enable them identify key risks and gaps in capacities and recommend activities which need to be taken to fully achieve the objectives. This study examined the influence of effect of risk management on small and medium scale enterprises’ performance in Nigeria. This study used a descriptive survey design method; questionnaire was prepared to collect detailed and factual information from the employees of the Local Government areas. Data was collected based on the concepts defined in the research models and hypotheses tested using regression analysis and ANOVA Statistical tools. A total of 172 SME participants were chosen through Taro Yamane formula at 5% level of significance. The researcher adopted the stratified random sampling technique which made it possible for all the 15 wards at the Ibadan North East Local Government Area to be represented in the sample size. The findings showed that risk identification with F=11.722 p< 0.05 and R2 = 0 .661; risk control, F = 113.723, p< 0.05, and risk financing, F = 5.671; p< 0.05. The three parameters had significant mitigating effects on the operational challenges and effectiveness of SMEs. The study hereby recommends that SMEs should have their properties covered with insurance protection and also employ services of Insurance and risk managers to handle all their risks.
Keywords: Organizational Effectiveness, Risk Management, Small and Medium Scale Enterprises, Insurance cover and Unemployment.
A VECM ANALYSIS OF CROWDING EFFECT OF FOREIGN DIRECT INVESTMENT ON DOMESTIC PRIVATE INVESTMENT IN NIGERIA: 1981-2020
GALLI SHUAIBU MUSA1, BELLO UTIYA2 AND ADAMU BABAGANA. JAJERE3.
1&3Department of Economics, Yobe State University, Damaturu. 2Department of Economics, Sokoto State University, Sokoto
We apply VECM techniques with annual time series data for the period of 1981to 2020 to ascertain the crowding effect of foreign direct investment on domestic private investment along with other control variables of gross domestic product, inflation rate, trade openness and exchange rate in Nigeria. The statistical inference revealed from the Johansen test a long-run cointegration among the variables under investigation after the stationarity test was conducted using Augmented Dickey-Fuller (ADF) exists. A further long-run negative insignificant crowding-out effect of FDI on domestic private investment exists. Moreover, gross domestic product, inflation and exchange rate account for a positive significant crowding-in association with domestic investment in the country. Finally, the VECM test suggests that the previous deviation from long-run equilibrium is corrected in the current period as an adjustment speed of 2.4. We conclude that to improve the positive crowding effect of FDI on domestic investment authorities need to implement related fiscal and monetary measures that would improve the financial sector development with the target of economic stability and stable exchange measures to curtail the high inflation rate.
Keywords: VECM, Crowding, Foreign, Domestic, Investment, Nigeria
A CRITICAL ASSESSMENT OF PROFESSIONAL ETHICS AND ETHICAL ISSUES IN THE NIGERIAN ACCOUNTING PROFESSION
*AJIBOYE OYEBISI ABENI; & **AKINOLA OLANREWAJU VICTOR
*Department of Accounting, Oyo State College of Agriculture and Technology, Igboora. **Department of Philosophy, University of Ibadan
The paper critically explores the impact of professional ethics on the accounting profession in Nigeria. The paradox of sustaining the code of practice and the moral issues regarding the practices accounting profession calls for a strict and rigorous examination. The issue and the high rate of tax evasion and the compelling level of clashes of interest between the professional (accountants) and the company that sought their service is putting the profession at the brim of doubt. In this regard, the current study seeks to critically examine the thematic issues and the impact of professional ethics on accounting profession in Nigeria. The findings revealed that professional ethics plays a crucial role in regulating the practice and manner at which accountants go about their day-to-day activities. Also, the study recognised the role of corporate governance in improving adherence to accounting profession. For methodological purpose, the study made use of critico-expository approach to review and examine the subject at hand since man cannot be devoid of its environment. We recommended that radical attempt should be made by the professional bodies (ICAN and ACCA), communities of accountants, professional accountants in all level’s rules, training and implementation.
Keywords: ethics, profession, professional ethics, accountants, Nigeria
MANAGEMENT STYLES AND ITS EFFECTS ON AGRICULTURAL ENTERPRISES’ SUSTAINABILITY IN SOUTHWEST, NIGERIA
ADEBUSOYE, ADEYEMI BUSAYO.
Entrepreneurship Department, Joseph Ayo Babalola University, Ikeji Arakeji, Osun State
This study examined effects of management styles on Agricultural Enterprises’ Sustainability in Southwest, Nigeria. In order to achieve this, the following objectives were set: to identify the types of management practices options adopted in the study area, the factors responsible for the use of identified management practices / styles and to examine the effects and relationship between the management practice / styles on small agricultural business sustainability in the study area. The study adopted a descriptive survey design. Population of the study consists of all agricultural enterprises registered under respective state ADP and FADAMA. Cochran’s method of sample estimation was used. Data collection was through administration of structured questionnaire with the use of 5 point Likert scale to avoid ambiguous variation in responses. A total number of 350 copies of questionnaire were found useful. Descriptive statistical tools and inferential statistics were used in the cause of this research. The findings showed that most widely used management styles were directive, authoritative and participative. The result of the study also revealed a p-value for F-statistics calculated in testing the overall significance of the null hypothesis of 0.023 meaning that management practices had a substantial effect on enterprise sustainability in Southwest, Nigeria. The coefficient of determination (R2) computed for the test variables was 0.945. This implied that 94.50% of enterprise sustainability was caused by management practices of leadership, risk taking and decision making, business planning and effective use of time. Also, the Durbin Watson statistics calculated for these parameters is 1.532 inferring that there was no evidence of auto correlation among the parameters of the study. In conclusion, there was a significant relationship of directive and authoritative leadership style on enterprise sustainability. The study therefore recommends that there is need for agricultural enterprise owners and organizations in Southwest, Nigeria to be aware of directive and authoritative leadership styles in their management.
Keywords: Agricultural Enterprises, Management, Management Practices / styles, Sustainability.
INDUSTRIAL POLICY REFORMS: TOWARD ACHIEVING INDUSTRIALIZATION AND IMPROVED PRODUCTIVITY FOR NIGERIA
ELE EYILAERE ANNASTESIA; JOY FIDELIS ZADVA; & *ASOYA ANDREW NNAMDI
*Consultancy and Business Development (CBD) Department, National Productivity Centre, Lagos State Office. **Corporate Affairs and Information (CAI) Department, National Productivity Centre, Lagos State Office
As an instrument of economic development, industrialisation provides new services to individuals and businesses, helps sustain man, breaks chain of dependency, creates employment and raises living standard. Sustained industrial growth requires good policies. So, to strengthen the industrial sector in Nigeria, the government has developed several industrial policies, plans and strategies. However, since 1980s, Nigeria’s industrial sector has continued to be structurally weak and exhibit declining capacity utilization. The sector mostly has negative growth rates and contributes less to economic growth. This study therefore examined the impact of industrial policy reforms in enhancing industrialization process in Nigeria. The study used time series data from 1981 to 2016. It is anchored on endogenous growth model. Data was analyzed using statistical technique of multiple regression model and model estimation is based on econometric method of ordinary least square. Data were sourced from World Bank, Central Bank of Nigeria, etc. ADF and Johansen co-integration tests indicated that the variables were stationary and co-integrated. Granger causality tests result show that there is no Granger causality between policy reforms and industrial growth. The ECM results indicated an adjustment speed of 31.3 %. Policy reforms, institutional quality, and imports were found to insignificantly contribute to industrial growth in Nigeria. The study concludes that policy reforms are not effective to engender significant industrial growth in Nigeria. It recommends that henceforth, policies should be inclusive, investment enhancing and efficiently implemented. Policies developed should also focus on enhancing contract enforcements, security and other good institutional qualities.
Keywords: Industrial policy, institutional quality, industrialization, industrial sector, Improved Productivity, Industrial Growth and Co-integration
INDUSTRIALIZATION, ACCESS TO HEALTHCARE AND UNEMPLOYMENT IN NIGERIA: IS THERE A RELATIONSHIP?
*STELLA IFEYINWA UGWU; **JOYCE O. BINITIE; & **CHINWE OKWUOSA
*Corporate Affairs and Information (CAI) Department, National Productivity Centre, Lagos State Office. **Consultancy and Business Development (CBD) Department, National Productivity Centre, Lagos State Office.
Industrialization remains critical to Nigeria’s growth and development. However, the increasing rate of unemployment and the low access to healthcare makes the industrialization dream of Nigeria a herculean task. The objective of the study is to establish a tripod relationship between unemployment, health and industrialization. Using an autoregressive distributive lag model, the study found that unemployment directly impacts negatively on the growth of the industrial process and indirectly through its negative effect on access to healthcare. A 1% rise in unemployment reduces access to healthcare by 0.015% and retards the industrialization process by 14.1%. The study therefore, recommends that unemployment must be reduced to a single digit and its effect can be reduced through social security schemes in the short run and massive job creation in the long run. Also per capita income can be increased through checks on population increase, periodic wage increase and an end to contract jobs for working age group. In addition, access to healthcare must be enhanced through free medical treatment for the unemployed and reduced costs of healthcare for the employed.
Keywords: Industrialization, Health, Unemployment, Cost, Long run, Per Capita Income, Medical Treatment and Nigeria.
THE ROLE OF TECHNOLOGICAL AND TERMS OF TRADE SHOCKS ON INDUSTRIALISATION IN NIGERIA
*IMOSUN MOJISOLA ADENIKE; **JOYCE O. BINITIE; &***STELLA IFEYINWA UGWU
*Productivity Capacity Building Department, National Productivity Centre, Headquarters. **Consultancy and Business Development Department, National Productivity Centre, Lagos State Office.***Corporate Affairs and Information Department, National Productivity Centre, Lagos State Office
The industrial sector has been recognised as one of the catalyst for rapid economic growth and development. However, evidence shows that the contribution of the sector to Gross Domestic Product (GDP) has been relatively low in comparison to other sectors of the economy. In particular, the oil sector contributed 11.4 percent and 10.4 percent to GDP in 2013 and 2014, respectively, while the industrial sector accounted for 9.3 percent and 9.95 percent in the same period. The economic recession that started in late 2015 has only stressed the entire economy. The reports from the National Bureau of Statistics (NBS) revealed that the economy contracted by -1.30 percent in the fourth quarter of 2015, and by the first and second quarter of 2016, the economy declined by -0.36 percent and -2.06 percent, respectively. This suggests the presence of business cycle fluctuations in the Nigerian economy which was provoked by several shocks (Alege, 2009). The drivers of these shocks should be identified and addressed in order to ensure sustainable industrial development. Our economies are susceptible to both domestic and international shocks and these shocks can perturbate the outcome of any economy. Therefore, the research questions of the paper include the following: what are the drivers of the economy? To what extent do these shocks influence the economy? In particular what are the roles of technological and commodity trade shocks in the quest for industrialisation? Therefore, the main objective of this paper is to identify the shocks that are perturbing the Nigerian economy with a view to providing shock therapy to mitigate the effect of the shocks on the economy and industrialisation in particular. In order to achieve the objective of the paper, a Real Business Cycle (RBC) methodology is proposed. This approach is termed “real” because they do not represent a failure of markets to clear but rather reflect the most efficient possible operation of the economy, given the structure of the economy. Other theories of the business cycle such as Keynesian economics and Monetarism see recession as the failure of some markets to clear. Therefore, the RBC provides the mechanism to explain how macro-economy responds to shocks in the economy. This approach follows Kydland and Prescott (1982), and a response to Lucas (1980) critique of macroeconomic models. The study documents the key stylised facts in relation to the contemporaneous movement, volatility and phase shift of the macroeconomic variables. Then, the paper proposes the Bayesian Vector Autoregressive (BVAR) in estimating the deep parameters of the model. Being a dynamic general equilibrium approach, it will facilitate the understanding the interactions between the different agents in the economy. Secondary data will be used for the analysis and will be obtained from both Local and International sources such as World Development Indicators and International Financial Statistics and Central Bank of Nigeria Statistical Bulletin. The major findings of the paper are that business cycles exist within the industrial sector and real shocks in the form of technology and terms of trade shocks are drivers of the macroeconomic fluctuations witnessed in the sector. Furthermore, the results from the stylised facts indicated that all the variables have a pro-cyclical relationship with industrial output. The study, therefore, recommends that efforts should be made by the government to take advantage of new technologies being developed daily. This will help improve efficiency, thereby, allowing industrial firms to produce better quality products in a cost-effective manner translating into more competitive products in the international market as well as at home. In addition, emphasis should be placed on infrastructural development in order to ensure that industrial products are not exhorbitant.
Keywords: Industrialisation, Real business cycle, Bayesian vector autoregressive models, technological shocks,
FINANCIAL DEVELOPMENT AND INDUSTRIAL OUTPUT IN NIGERIA
*ADAEZE U. EWAH; *CHUKWUEMEKA – EZE CHIOMA; & **ANOZIE JOSEPH ODINAKA
*Corporate Affairs and Information (CAI) Department, National Productivity Centre **Productivity Measurement and Index (PMI) Department, National Productivity Centre, Enugu State Office
This study examines the relationship between financial development and industrial output in Nigeria using unit root tests, co-integration tests and Auto-Regressive Distributed Lag (ARDL). The study finds that the variables are stationary at level and first difference – I (0); I (1). Also, the results reveals that all the variables are co-integrated i.e. they are related in the long run. The results of the ECM test within the framework of ARDL also confirm the co-integration tests. The results further show the direction of causality running from financial development to industrial output in Nigeria. The study confirms the existence of a long run relationship between financial development and industrial output in Nigeria. The study posits that the economy will benefit from the development of financial institutions in industrialising the country in as much the government promote and encourage sound macroeconomic policies, strong institutions and political stability.
Keywords: Financial development, Industrial output, ARDL, Co-integration, Relationship, Results, Variables and Nigeria.
CORPORATE GOVERNANCE: BOARD ATTRIBUTES AND EARNINGS MANAGEMENT BEHAVIOR IN NIGERIA BANKING SECTOR
*SULAIMAN–OLOKO, ABDUL; & **EWALEIFOH GIDEON EROMOMENE
*Department of Accountancy, Auchi Polytechnic, Auchi, Edo State, Nigeria. **Guarantee Trust Bank, Auch, Edo State, Nigeria
This study examines the impact of Board Attributes (as an object of corporate governance) on Earnings Management in Nigeria Deposit Money Banks for the period 2011 to 2020, using Least Square Regression analytical tool on thirteen (13) banks listed on the Nigerian Stock Exchange. The finding of the study provide a mixed outcome in the link between corporate governance and earnings management practices in Nigerian Deposit Money Bank . In ensuring that corporate governance is strengthened in Nigerian Deposit Money banks, emphasis should be on the financial expertise of board members to place a watch on management in curtailing potential earnings manipulation tendencies. The study advocates for a broad and more exhaustive array of corporate governance measures, incorporating both internal and regulatory aspects of corporate governance. In view of this, ownership concentration and board configuration were equally examined to ascertain their impact on earnings manipulations and management. The study reaffirms the ability of corporate governance significant role in reducing unethical management tendencies to indulge in the management of earnings.
Keywords: Earnings management, Board size, Board independence, Board financial expertise.
CREATING AN EFFECTIVE REWARD SYSTEM BASED ON PERFORMANCE: AN INSIGHT FROM SECONDARY SCHOOLS IN ADAMAWA STATE
HADIZA DAUDA, PhD
Department of Business Education Management, Adamawa State Polytechnic, Yola
People engage in work in order to be able to meet their physiological and other needs. Compensation is the reward for labour. A reward should be able to attract, motivate and maintain a brigade of qualified employees. Compensation is perceived as equitable when it commensurate with the work done. The mode of rewarding teachers in Secondary Schools in Nigeria, especially in Adamawa State is perceived to be ineffective and incapable of creating job satisfaction for improved performance. This study examines how secondary school teachers are remunerated in Adamawa State and seeks to establish the relationship between pay and performance. Seventy respondents comprising the principal, the bursar and 5 teachers from each of five public and five private secondary schools participated in the survey. Data collected were assessed by textual and descriptive analyses. It was established that teachers are paid based on salary grade levels and steps without consideration for individual or team performance such as number of subjects taught, excess work hours, subject skills, outstanding student performance in standardized examinations (e.g. WAEC and NECO) and innovation or meritorious performance. This practice is capable of creating disillusionment and dissatisfaction among hard working teachers, which eventually fuels poor standard of education. It is recommended within the context of this study that school administrators should give consideration to distinguished performance when remunerating teachers.
Keywords: Creating, Compensation, Reward, Secondary schools, Performance
PENSION FUNDS MANAGEMENT AND PAYMENT OF PENSIONERS BENEFIT IN NIGERIA
*AGUNUWA EKOKOTU VINCENT (Ph.D); & **JOHNSON-ITABITA PATIENCE (Ph.D)
*Department Of Banking And Finance, School Of Business Studies, Delta State Polytechinc, Otefe Oghara. **Department Of Business Administration/ Managemnt, School Of Business Studies, Delta State Polytechnic, Otefe Oghara
The focus of this study is on pension funds management and payment of pensioners benefits in Nigeria. The purpose is to determine the effect of pension funds management on the well-being of pensioners in Nigeria. The study covered the period of 1995 to 2020. The Ordinary Least Square (OLS) statistical tool of analysis was used to test the hypotheses. The result indicates amongst others that benefits paid to pensioners have a significant positive relationship with the total assets of pension companies. While the mortality rate of pensioners have a negative significant impact on the total assets of pension fund companies in Nigeria. Similarly, the inflation rate in Nigeria also have a negative significant impact on the total assets of pension fund companies. On the basis of the above findings, the study recommends amongst others that the government should put in place polices to ensure that pension funds companies made the right and timely payment of benefits to pensioners.
Keywords: Pension funds, pensioner benefits, mortality rate, inflation rate, Ordinary Least Square.
CAUSES AND EFFECTS OF DEFORESTATION ON THE SOCIO-ECONOMIC LIVELIHOOD OF THE PEOPLE OF JENKWE, OBI LOCAL GOVERNMENT AREA, NASARAWA STATE, NIGERIA
MOHAMMED ALKALI1; DAVID SARKINBAKA NELSON2; & AYUBA ISAH ALHERI3
1Department of Environmental Management, Faculty of Environmental Sciences, Nasarawa State University, Keffi. 2Department of Economics, Faculty of Social Sciences, Nasarawa State University, Keffi. 3Department of Geography, Faculty of Environmental Sciences, Nasarawa State University, Keffi.
This study examined the causes and effects of deforestation on the socio-economic loverhood of the people of Jenkwe development area of Obi Local Government Area of Nasarawa State. The study adopted a descriptive survey research design. The study made use of primary data collected from the study area using structured questionnaire distributed among 150 respondents across sampled parts of the study area. The study also made use of secondary data collected from the Nasarawa State Ministry of Agriculture, Nasarawa State Ministry Land and Urban Development. The study made use of Microsoft Excel, and IBM SPSS Statistical package version 26 for the analysis of field data and to produce results on tables and charts. More so, the data were analysed using descriptive statistics and regression analysis. The result showed that agricultural activities related to population growth in the study area is the topmost cause of deforestation. The study further revealed that quite a number of the population are aware of the effects of deforestation and its impact in the area. Hypothetically, based on the result of the study, it can be inferred that there is a significant relationship between the effects of deforestation and the socio-economic life of the people; also, a significant difference in the occurrence of deforestation across of the study area. The study, therefore, inferred that the relationship between the effects of deforestation and the socio-economic livelihood of the people of Jenkwe development area, is significant; also that the occurrence of deforestation across the study Jenkwe development area is significant; and concluded that effects of deforestation on the socio-economic livelihood of the people of Jenkwe could be strongly attributed to the growing rate of agricultural expansion, wood extraction for domestic fuel or charcoal, and increasing built-up. The study recommends that environmental education should be accorded to the people of the study area on the dire consequences of deforestation on people and the society at large, also, farmers in the community should be trained in other alternative livelihood approaches.
Keywords: Deforestation, Forest, Socio-economic, Livelihood, Farming.
APPLICATION OF MODIFIED LOKTA VOLTERRA MODEL FOR THE ESTABLISHMENT OF REGION OF STABILITY IN A PREDOMINANTLY INFECTED FINANCIAL MARKET
1OZUITEM ISAAC DICKSON, 2IBE GODSWILL ANAYO, 3ISIBOR LUCKY; & 4UDOH NDIPMONG
1Dept. of Cooperative Economy and Management, Federal Polytechnic, Nekede, Owerri. 2Mathematics and Statistics Department, Federal Polytechnic, Nekede, Owerri. 3Administrative Department, Emerald College, Port Harcourt. 4Department of Mathematics, Niger Delta University, Bayelsa State.
Prey-Predator models applied to eco-system is a well known area of scientific research which is gaining prominence in other areas of application particularly in financial analysis. This research work is an effort to apply a modified version of the Lokta Volterra Prey-Predator model in financial market-Nigerian stock market. We considered a market predominantly infested with fraudulent operators, so as to ascertain region of stability where it will be safe for an investor to play in the market with less risk. The study employed a symbiosis or mutualism model whose analytic results were compared with the simulated result. Our findings which do not deviate much from those established in literature Lettitia et al (2017) shows that by carefully monitoring the changes in relevant parameter values of the model, an investor will be able to ascertain regions of stability where it is safe to invest. These stability parameter values would allow better decision-making especially when a large company is interested in investing in smaller companies.
Keywords: Modified Prey-Predator Model, Stability region, Fraudulent Financial Market, Simulation.
THE IMPACT OF PETROLEUM PROFIT TAX ON ECONOMIC GROWTH IN NIGERIA
SHAMSUDDEEN, SHEHU; SA’EED, AKINYEMI, VINCENT AKINSOLA; & MAHMUD, BABA.RANI
College of Business and Management Studies, School of Business and Financial Studies, Kaduna, Polytechnic.
The paper aim to evaluate the relationship of petroleum profit tax and economic development of Nigeria for the enhancement of the standard of living of the citizens. The research design used in this study is descriptive research design. Secondary data were used in this study. The relevant data for the study were obtained from Central Bank of Nigeria (CBN) annual Statistical Bulletins. The data covered the period from 1999-2019. OLS Regression analysis was used to measure the relationship between the dependent variable and independent variables. Regression analysis technique was used to measure the relationship between a dependent variable and independent variables. The finding show that, petroleum profit tax (InPPT) has a positive impact on economic growth (InGDP) and this conform to the priori expectation of the theory. That is, as shown in the table 4.1, one percent level of increase in petroleum profit tax (InPPT) results in 0.268742 (i.e approximately 30%) increases in the level of economic growth (InGDP). Interestingly, the result of suchimpacts is statistically significant because the corresponding p-value (0.0301) is less than 0.05 or 5% statistical level of significance.the study recommends that: Deliberated efforts must be made in reviewing the current administration of PPTA in Nigeria to reflect the international standard on the petroleum profit tax Act as it relates to the assessment of firms in the upstream subsector of the petroleum industry, charging appropriate tax on taxable earnings of operators in the upstream subsector of the petroleum industry.
ICT AND KNOWLEDGE ECONOMY AS AN APPLIANCE FOR ACHIEVING ECONOMIC GROWTH IN NIGERIA
*IHUGBA, OKEZIE A, *OYALEDE, O, *OKORO, D.C AND **NJEMANZE, E
*Department of Economics, AIFCE, Owerri Imo State. **School of General Studies, AIFCE, Owerri Imo State
Economic growth theories predict that economic growth is driven by investments in ICT. This study examined the relationship between ICT, Knowledge economy and economic growth. The Engle-Granger (1987) two-step modelling (EGM) procedure involving: cointegration analysis and error correction of parameter estimates were used. It was discovered that the level of mobile phone subscription has a significant effect on value added by labour in the long and short run. A 0.03 percent increase would result in a 1 per cent increase in the growth of the value-added by labour in Nigeria in the long and short run. The level of internet subscribers is positively signed but not pronounced and also, the growth of education which represents knowledge economy has significantly affected the value added by labour in the country. However, it shows that if education output decreases, the value added by labour increases at 0.07 percent in the long and short run. The result is not in line with the belief that education is the bedrock of technology. The study concludes that Education institutions should be encouraged to embrace ICT, and underscore the role of R&D capital stock in the country.
Keywords: ICT, Knowledge Economy, ECM and Internet subscribers.
AUDITORS INDEPENDENCE IN NIGERIA: A conceptual paper
1USMAN UMAR, 2 MUSA HABIB IBRAHIM, 3 ALIYU ABUBAKAR
1, 2,3College of Business and Management Studies, School of Business and Financial Studies, Kaduna, Polytechnic.
In Nigeria nowadays, many corporations are skipping up and they also need to be educated on the role of auditing in their respective businesses. Not only that many individuals are getting more informed on investing, especially in the areas of shareholding, stock exchange and the like and therefore they need to be more adequately informed on auditing of accounts and also to apprehend the level of autonomy auditors have as they set out to audit accounts of companies, giving the Nigerians’ insolence to administrative system and corruption that has eaten deep into the society. Therefore, the study reviews auditors’ independence in Nigeria. The paper adopted structured review of related literature on audit independent in Nigeria. The study concluded that auditors’ From perspective of accounting professional body (ICAN), the most pertinent requirement of the professional conduct rule is conduct of professional obligation with neutrality and integrity. The auditor needs to appear to their work in essence of independency in fact and attitude of attention. The study recommends that there should be regulatory agencies like ANAN and ICAN need to safeguard that tenure of procedure of audit firms is followed strictly as approved by these agencies as this is vital to guarantee independence and increase audit independence.
Keywords: Auditor, Independence, ICAN and Professional
FINANCIAL MARKET AND HUMAN DEVELOPMENT NEXUS IN SUB-SAHARAN AFRICA COUNTRIES: A DYNAMIC PANEL DATA ESTIMATION
ANUYA, DAVID ENASAVWERIE Ph.D
Department of Banking and Finance, Delta State Polytechnic, Otefe-Oghara, Nigeria
The study examines the nexus between financial market development and human development in Sub-Saharan Africa countries from year 2000 to 2019. Particularly, the study investigates the three dimensions of financial market development in term of access, depth and efficiency with human development index. To achieve this objective, the study employed the GMM dynamic panel framework based on Arellano and Bond’s (1991) first difference approach. While lagged levels of the dependent variables for different periods are used as the instruments to control the endogeneity bias associated with dynamic panel specifications, the model adequacy is determined using the J-statistic (Sargan’s test) and the Arellano-Bond first and second order serial correlation tests. The result shows that financial markets development indices are positive and highly significant on human development within the SSA region. The study therefore, recommend that Sub-Saharan African countries focus on developing and implementing policies and program that will critically improve financial markets access, depth and efficiency if they must achieve higher human development, a prerequisite for economic development, particularly in SSA countries.
Keywords: Financial market development, human development, dynamic Panel GMM
WORKING CAPITAL MANAGEMENT AND FINANCIAL PERFORMANCE OF QUOTED NON-FINANCIAL FIRMS IN NIGERIA
1ODETAYO, T.A., 2SOYEMI, K. A.
1Department of Accounting, Faculty of Financial Studies, Osun State Polytechnic, Iree, Nigeria. 2Department of Accounting, Faculty of Administration and Management Sciences, Olabisi Onabanjo University, Ago-Iwoye, Nigeria.
Despite huge literature in the area of working capital management (WCM) in past studies, many firms had crashed out of business because of their inability to optimally manage their working capital. This study examined the effect of working capital management on financial performance (ROA) of quoted non-financial firms (QNFFs) in Nigeria. Descriptive ex post facto research design was adopted with the use of purposive and cluster sampling techniques to select 95 out of 111 quoted non-financial firms listed on Nigerian Stock Exchange. Data were obtained from the annual reports of the firms and NSE fact book for the year 2020. Three (3) Panel Regression models, viz, Ordinary Least Square, Fixed Effect and Random Effect techniques, were used to analyse the data. The result revealed that all the explanatory variables (ACP, APP, INV, CCC, CATAR, GWCR, CLTAR, SIZE, LEV and SGROW) had a significant joint effect on return on assets of QNFFs (R2 = 0.1462; F=24.37; P=0.0008). The study concluded that; for the quoted non-financial firms in Nigeria to survive and maintain stability on performance (ROA) they should manage their ACP, APP, CCC, CTAR, GWCR and SIZE that is, Assets optimally.
Keywords: Financial Management, Working Capital Management, Non-Financial Firms, Return on Asset.
IMPACT OF DISCIPLINARY MEASURE ON EMPLOYEES PERFORMANCE IN FEDERAL MEDICAL CENTRE, BIDA
SALIHU SHEHU1, USMAN BABA UMAR2, ABDULMUTALIB ABDULSALAM3 & USMAN MAIMUNA4
1,3,&4Department of Marketing, the Federal Polytechnic, Bida Niger State. 2Department of Business and Management, the Federal Polytechnic, Bida Niger State.
The levels of indiscipline in the public sectors in Nigeria are found to be responsible for low productivity in government’s desire to achieve higher living standard for the people. In spite the disciplinary measures taken by the management, however staff irresponsibility still continues to increase. This study examined the impact of disciplinary measures on employees performance in Federal Medical Centre, Bida. A survey research design was adopted and questionnaire with interview were employed to gather the relevant required data. The data collected were analyzed statistically using Pearson correlation, bivariate analysis and regression analysis. It was revealed that demotion, termination of appointment and withholding of financial benefits which are the proxies of independent variable has positive effects on staff conducts in FMC Bida. However, it was revealed that termination of appointment is the most effective disciplinary measure having the highest positive correlation coefficient, hence, the following recommendations were made, and that organization should in the first place make sure new and existing employees are made to understand the culture, policies and norms of the organization. This will make them to be adequately informed of the actions that are regarded as indiscipline act and that the management on its part should avoid practices that could cause rancor and apprehension like favoritism within the organization.
Keywords: Disciplinary measures, Staff conduct, Favoritism, Training.