Tag Archives: Economic

Impact of Monetary Policy on Economic Growth in Nigeria (1990-2017) (Published)

The study examined the impact of monetary policy on economic growth in Nigeria; for the period 1990-2017. Secondary data were collected from the Central Bank of Nigeria Statistical Bulletin. The study used Gross Domestic Product as proxy for economic growth and employed as the dependent variable; whereas, monetary policy rate, liquidity rate and Treasury Bills respectively were used as the explanatory variables to measure monetary policy. Hypotheses formulated were tested using Ordinary Least Square (OLS) techniques. The study revealed a significant impact of Treasury Bills on Gross Domestic Product in Nigeria. Liquidity ratio had a significant impact on Gross Domestic Product in Nigeria. Monetary policy rate had a significant impact on Gross Domestic Product in Nigeria. The coefficient of determination indicated that about 62% of the variations in private sector of the economy can be explained by changes in monetary policy variables. The study concluded that monetary policy had impacted significantly on private sector growth in Nigeria. The study recommended that policy makers should strong economic policies that will maintain and stabilize the economy. CBN should lay down strict prudential guidelines to stabilize and strengthen the economy. The CBN should review the Monetary Policy Rate downwards so as to reduce the cost of credit and increase the flow of investible funds to the economy.

Keywords: Economic, Growth, Nigeria, Policy, monetary

Socio, Economic and Political Significance of Rap Culture on African Americans (Published)

Rap music is a derivative of the oral form of literature, which is man’s original medium of self-expression and artistic creativity. Rap music is a highly prolific component of a popular culture which has served as a means of expressing the plight of the black man in a predominantly prejudiced white society. Rap music came as a result of the elongated measure of exposure to slavery, segregation and prejudice. In order to air their mind, different forms of literature were employed, one of which is Rap music which has been identified as (Rhythm and Blues). This work takes a look into the socio, economic and political significances of Rap culture on African-Americans and how it enhances their lives.

Keywords: Culture, Economic, Political, Rap, Slavery

Relationship Between International Trade and Economic Growth: A Case of Ho Chi Minh City (Published)

Economic growth has been gradually reduced depending on investment capital, increasing scientific and technical factors. Commercial sector of Ho Chi Minh City (HCMC) continued to grow, total retail sales of goods and service revenue increased higher than the same period. However, the context of 2019, HCMC has facing many problems such as the limitations of investment resources, human resource quality… This requires HCMC must improve the quality of economic growth. Therefore, the objective of this study is to explore the determinants affecting the economic growth of HCMC. The researchers surveyed 400 managers related to exporting enterprise in HCMC. They answered 15 questions and 395 samples processed. The data collected from August 2018 to April 2019 in HCM. Simple random sampling technique. The data analyzed Cronbach’s Alpha and the exploratory factor analysis (EFA), which used for Structural Equation Modelling (SEM) technique. Managers’ responses measured through an adapted questionnaire on a 5-point Likert scale. Finally, the findings of the paper have three factors affecting the economic growth of HCMC with significance level 0.01.

Keywords: Economic, Growth, International, trade and export

Impact of Primary Mortgage Institutions’ Investments on Economic Growth in Nigeria (1995-2017) (Published)

The study examined the impact of primary mortgage institutions’ investments on economic growth in Nigeria; for the period 1995-2017. Secondary data were used and collected from Central Bank of Nigeria Statistical Bulletin. The study employed Gross Domestic Product as proxy for Economic Growth and used as the dependent variable; whereas, Primary Mortgage Institutions Investment, Primary Mortgage Institution Deposit, Primary Mortgage Institutions’ Loan and used as the explanatory variables. Hypotheses were formulated and tested using Ordinary Least Square econometrics techniques.  Primary mortgage institutions’ investments had asignificant impact on Gross Domestic Product in Nigeria. Primary mortgage institutions’ deposithad a significant impact on Gross Domestic Product in Nigeria. Primary mortgage institutions’ loan had a significant impact on Gross Domestic Product in Nigeria. The coefficient of determination indicated that about 68% of the variations in economic growth can be explained by changes in primary mortgage institutions’ investments variables in Nigeria.The study concluded that primary mortgage institutions’investments had a significant impact on economic growth in Nigeria.The study recommended that the Federal Mortgage Bank of Nigeria should relax some of the regulations guiding the operations of the PMIs and liberalize the subsector for more effective performance. The primary mortgage institutions should redirect major parts of their loan able funds to building and renovation of residential buildings instead of concentrating on commercial buildings and neglecting residential properties. Such redirection is expected to increase their impact on provision of housing and enhance their contributions to real estate development in Nigerian economy. Allocation under the Land Use Act of 1978 that has made land acquisition more difficult should be readdressed. The delay in getting Certificate of Occupancy is a major problem. Government should review or repeal the Act to enable easy land acquisition by individuals.

Keywords: Economic, Growth, Institutions, Investments, Nigeria, Primary Mortgage

The vision of tourist guides to the profession of tourism in terms of economic in Jordan (Published)

The study aims to know the direction of the prosecution’s tour to the professional guide of tourism from an economic and in Jordan. Hence the study to see the look of the prosecution’s tour to the professional guide of tourism from an economic and in Jordan and you can develop this skill in the future because of their essential role in the process of Tourism. The study found a range of results, the most important being that there is a significant relationship between seeing the prosecution’s tour to the professional guide of tourism from an economic and in Jordan and job and monthly income, the study recommended a set of recommendations the most important stakeholders work to improve the economic reality of the counseling profession tourist disbursement of bonuses For be suitable for its work, and to encourage the tourist guide the amount, the need to actually improve job skills of tourist guides, and facilitate the work of the tourist guide.

Keywords: Career, Economic, Tourism, tour guides

Analysis of Interest Rate Determination and Its Effect on Economic Growth in Nigeria (1990-2017) (Published)

The study examined the analysis of interest rate determination and its effect on economic growth in Nigeria; for the period 1990-2017. Secondary data were used and sourced from Central Bank of Nigeria Statistical Bulletin. The study employed Gross Domestic Product as proxy for Economic Growth and used as the dependent variable; whereas, prime lending rate (interest rate), inflation and private domestic investment were used as explanatory variables to measure interest rate. Hypotheses were formulated and tested using Ordinary Least Square econometrics models.  Private domestic investment had a significant effect on Gross Domestic Product in Nigeria. Inflation had an insignificant effect on Gross Domestic Product in Nigeria. Interest rate had an inverse significant effect on Gross Domestic Product in Nigeria. The coefficient of determination indicates that about 65% of the variations in economic growth can be explained by changes in commercial bank lending variables in Nigeria. The study concluded that interest rate had an insignificant effect on economic growth in Nigeria. The study recommended that Government and policy makers should focus on maintaining inflation at a low rate (single digit) and ensure that the rate is stable; this will take care of the problem of inflation on the economy. CBN should increase their surveillance on the commercial banks; in order to address the issue of arbitrarily increase of the lending rate. Government should provide healthy environment for the banks in the industry so as to render efficient financial services to the economy.

Keywords: Analysis, Determination, Economic, Growth, Interest Rate, Nigeria

Research and Innovation Strategies for Economic Competitiveness and Industrial Growth: Lessons for Nigeria (Published)

One of the leading unrealized opportunities in Nigerian industrial organizations is the full influence of research ideas and knowledge to transform business products and processes into long-term innovation. Business research and innovation contribute significantly to improvement in enterprise productivity and quality and in the integral components of business strategy and success. Drawing heavily from published literature, this paper highlights the enormous benefits of continual research and innovation on national economies, and proffers recommendations on how Nigeria could key into this concept to promote its economic competitiveness at the global level.

Keywords: Competitiveness Industrial Growth, Economic, Innovation, Nigeria, Research, Strategies.

Assessment of Digital Economic Trade on Consumer (Published)

Increasing volumes of e-trade contribute to motivation of consumers to obtain commodities and services in electronic space. At the same time, upsurge of e-trade determines rising scopes of shadow economy in respect of favorable conditions for traders and service providers to operate in e-space evading taxpaying. The purpose of the article is to identify the factors of digital shadow consumption. In order to fulfill the defined purpose, the empirical research – survey of consumers (e-trade participants) – was performed. The research of the scientific literature has revealed that thus far the problem of consumers’ participation in digital shadow economy has been basically analyzed focusing on the impact of e-payment systems on shadow economy. Nevertheless, the rapid spread of e-services determines the changes in the concept of shadow economy itself. It remains indistinct which features indicate whether economic activities performed in e-space should be accounted or not. Widely exploited e-spaces such as social network platforms, alternative future currencies, e-trade systems, cyber computer games or online gambling terminals generate turnover of real money (or its electronic equivalent), which is not officially accounted. The problem raised in this article is highly topical for Lithuania, where online networks as well as mobile connection systems are comparatively advanced (with reference to the data of Lithuanian Department of Statistics, the number of households possessing a computer and the Internet access made over 65% in 2013). Intense exploitation of advanced IT technologies and online networks is considered as a breeding ground for generation of digital economy, a part of which is presumed to be digital shadow. The results of the research have revealed that the most significant factors of digital shadow consumption include lower prices of products and services in digital black markets, unfavorable economic situation in the country, technological advancement, IT advantages, time saving obtaining a product/service in the local market and lack of opportunities to obtain a desired product in the local market. The majority of the consumers neither verify the status of a trader nor request (or not always request) purchase confirmation documents, which highly contributes to motivation of an illegal trader to maintain e-activities unregistered, this way escaping revenue taxation.

 

Keywords: Consumer, E-trade, Economic, Electronic, Market, Technology

Impact of Vocational and Technical Education on Livelihood Sustenance and Economic Development in Nigeria: The Art Workshop Experience (Published)

The focus of this study is basically on the impact that vocational and technical education has on livelihood sustenance and Economic development in Nigeria, using the art workshop training centres as a case study most especially the one established by the Nigerian foremost printmaker: Bruce Onobrakpeya in his home town at Agbarha-Otor, in Delta State of Nigeria. The vocational and technical education opportunities were divided into three broad categories the first is the training offered in private institutions under the entrepreneurship programmes, the second is the training established by governments through formal tertiary institutions such as: the Polytechnics and Colleges of Education and the third is the training sponsored by non-governmental organizations (NGOs), private individuals and/or religious organizations-the art workshop experiments organized in Nigeria at Oye-Ekiti, Osogbo, Ile-Ife, Lagos and Agbarah-Otor fall under the last category. It has been observed that the non-payment approach adopted by the organizers under the third category has been making vocational training programmes more effective, efficient, competitive, flexible and responsive in any community where they are being organized. The conclusion is that the organizers of vocational/art-workshop centres in Nigeria have been focusing on how to satisfy the basic physiological needs of the participants while training, mentoring and motivating them for self development and self fulfilment. 

Keywords: Art Workshop, Development, Economic, Livelihood Sustenance, Vocational and Technical Education., self-development

Arts and Crafts as Veritable Sources of Economic Empowerment for Marginalized People in Nigeria (Published)

Man is an imaginary individual created by God in classical economic milieus and he is conceived of as behaving rationally, regularly and predictably in his economic activities with motives that are egoistic, acquisitive and short-term in outlook. From the beginning man was endowed by God with skills to adapt from objects in the natural world for his social, economic, political and material needs. Therefore, working for survival and meeting immediate needs are natural phenomena in human existence. Despite the natural endowment of God some people are still perceived by the human society as lacking desirable traits or deviating from the societal norms and therefore they tend to be excluded by the wider society in the scheme of things and they are ostracized or marginalized as undesirable. These marginalized people who are not self-sufficient become, at a minimum, burden to their immediate milieus, family members, friends and the society, at large. They lose their self confidence because they cannot be fully self supporting. The opportunities denied them also deprive them of many developmental projects that others, with greater opportunities, have accomplished over the years. This has, however, given many of such under privilege individuals psychological, social and even mental health problems. Economic empowerment through arts and crafts is the only means available for these marginalized people to obtain the basic human needs, either directly by themselves, or through the assistance of those who have access to funds that can be used to encourage and develop their skills for self sufficiency.

Keywords: Arts and Crafts, Economic, Economic Empowerment, Marginalized People, Milieus, Self Sufficiency

Implications Of Financial Intermediation Cost On Economic Growth In Nigeria (Published)

There is a growing concern as to whether the cost of financial intermediation is having commensurate beneficial implication on economic growth in Nigeria. The main objective of this study is to determine the implications of cost of financial intermediation on economic growth in Nigeria. The study made use of ordinary least square regression analysis. Results for ADF unit root tests show that all variables under consideration are I(1). The co-integration test also indicates long run relationship between cost of financial intermediation and economic growth in Nigeria. The study shows that total loan (TL) has significantly impacted on economic growth in Nigeria, that interest rate has significantly impacted positive on the growth of Nigerian economy and that the level of total deposit over the years has impacted negatively on economic growth in Nigeria. The policy implication is that improper management of financial intermediation cost may have caused several macroeconomic consequences in Nigerian economy and the framework for demonstrating its consequence in the real sector of economy. Hence, the issue of how total loan, interest rate and total deposit linked to the level of economic growth is of a great concern in Nigerian economic performance. We therefore recommend that Nigerian government should ensure that proper control and regulation should be guided the activities of the financial intermediations cost in order to achieve a sound financial system

Keywords: Cost, Economic, Financial, Growth, Intermediation, Nigeria

What Policies Have Been implemented in the Protection of Sierra Leone’s Natural Resources (Published)

Sierra Leone is one of the fastest growing economies in Africa, with mining and agriculture as the primary industries driving such economic growth. However, despite the booming economic conditions, there are various environmental issues that the country is facing that impact and hinder the economic and environmental stability of the country. The country is rich in natural resources, most particularly mineral resources. The purpose of the study is to critically analyze the various environmental policies and legislative efforts made by the government through the Sierra Leone Environmental Protection Agency. It further investigates the various environmental issues and problems addressed by these existing policies and legislations, as well as evaluate their effectiveness. Five administrators and heads of the Environmental Protection Agency were interviewed. Findings showed that there were various policies and legislative efforts instigated in order to protect and conserve their natural resources, primarily their mineral resources, water resources, land resources and coastal and marine resources.Analysis also showed that some of these policies and legislations are less effective in meeting their purpose due to various factors such as poor governance, lack of infrastructure, human resources management ineffectiveness, lack of public awareness and many others. Recommendations were provided following the analysis.

Keywords: Economic, Natural resources, Sierra Leone, policies

Review of Bamboo Value Chain in Ethiopia (Published)

Ethiopia has greatest bamboo resources in Africa representing a significant proportion of Africa’s total bamboo resources. The main objective of this review to increase the understanding of problems and constraints facing bamboo production and marketing system, current opportunities and challenges of bamboo marketing, economic, environmental and aesthetic value of bamboo in Ethiopia. Bamboo value chain includes wide range of production to consumption systems and actors. Depending on which market is served, the bamboo products in Ethiopia passes through various intermediary stages until it reaches the final customers. But their value chain linkage is undeveloped. Bamboo agribusiness has worldwide opportunities. Bamboo products currently have very huge demand. It can be utilized at all levels of industrial activity from small craft based industries to modern highly integrated plants. Imbalance between demand and supply is one the core challenges to bamboo agribusiness sector in Ethiopia. Bamboo has huge economic, environmental, aesthetic/cultural values. It is applicable in a variety of engineering fields including landscape, civil and chemical engineering. Bamboo has also culture value in addition to economic and ecological value in Ethiopia. For example Dawuro in Ethiopia; the longest woodwind musical instrument in the world locally called “Dinka” (4 to 5 meters long, four in number) which is made from bamboo and other materials. Therefore; bamboo has worldwide uses ranges from medicine to nutrition (has 1500 uses). It is possible to exploit the existing opportunities of bamboo sub-sector through value chain approach by promoting the formation of farmers’ associations, provision of appropriate technology and training for pre-processing, facilitating capacity development with technology transfer and upgrading skills in bamboo processing and creation of a network and links with other associations, stakeholders and partners are important to solve challenges of bamboo industry in Ethiopia.

Keywords: Bamboo, Challenges, Economic, Ethiopia, Value Chain, environmental and aesthetic/cultural value, opportunities

Arrangement of Human Resources to the Strengthening Of the Economy on the Businessemen of Micro, Small and Medium Enterprises (Msmes) In Makassar, Indonesia (Published)

Hernita. Arrangement of human resources to the strengthening of the economy in SMEs in Makassar, Indonesia. Type of qualitative research using Phenomenology approach. Source of data in this study include: 1) Primary Data Sources, 2) Secondary Data Sources. This research instrument is the researchers themselves, in which the researcher as an instrument to obtain accurate data supplied by a variety of methods. Reality in Makassar prove that there is a tendency not balance between providing qualified human resources with rate changes. It is then result in distortions between energy needs with expertise, skills and competency are not able to put up certain of educational institutions on the level of human resource needs in the community. Whereas compliance with those requirements should be obtained from outside the existing educational institutions. A drastic change from the New Order became the order of the reform should be the basic foundation for reorienting education must reset the system and the pattern of implementation of national education

Keywords: Businesmen, Economic, Human Resources, Performance, Swot Analysis

The Impact of Global Economic Meltdown On African Economic Development: Lessons from American Experience (Published)

The quite recent global economic disaster that had dealt a devastated blow on economies across the globe deserves attention in the field of academic given the effect it has had on African economy. The need to do a critical appraisal on the phenomenon –global economic meltdown; identification of its causes and effect on global economy and Africa as a continent becomes imperative in view of the quest for sustainable Africa economy and the need to fight the scourge of poverty in Africa. This paper through a historical analysis and critical research method focuses predominantly on American experiences and panacea adopted to ameliorate the menace. The discovery made on this critical survey might form the benchmark in understanding the way out of the most recent and subsequent experiences of economic meltdown.

Keywords: Economic, Global, Globalization, crises, meltdown

Technical and programmatic problems and ways to develop Quality and production of software systems in third world countries (Published)

The Programming is very important in our lives, we find that through software systems that we can control the aircraft and bank accounts and surgeries, any error in these systems could lead to human, financial and social disaster. The paper discusses the development and production of software in the third world countries and become acquainted with the reality and the challenges and map the evolution of the software industry in the third world countries and stand on the problems that have hampered the industry in prior periods, and the elements of the software industry at the local and global scale, which is owned by those countries of opportunities for development software. Those countries lack a severe lack of production environment and the development of software and exposed to the software that are purchased from global markets and the problems that the weakness of the product and the lack of scalability and defects in software. The paper discusses the quality of software products problems in one of those countries in Africa.

Keywords: Economic, Third World is a political term, is intended to indicate to countries that do not belong to the first and second worlds, namely the advanced industrial countries., social and cultural

MARKETING EDUCATION FOR ECONOMIC SURVIVAL: THE CASE OF UNIVERSITY OF UYO (Published)

This paper views marketing education in two perspectives-as a practice whereby school-leavers exchange their knowledge and skills for money and secondly, as a practice whereby the entire educational institution like, the University of Uyo, exchanges/should exchange her stock of knowledge and skills to make more money. The paper concentrates more on the second perspective and highlights four strategies which the University of Uyo uses to source for more money. These include product diversification, discriminatory charging of students’, the use of multiple distribution channels and outright use of marketing promotion strategies, like advertising and appeal for support from the public. Education marketing is found to contribute greatly towards the internally-generated revenue (IGR) of the University of Uyo. Suggestions for greater strides in marketing by the university include setting up a distinct marketing management unit, experimenting on having cottage industries, especially for products that are of high demand by the employees like fuel; more involvement of the Alumni in fund generation, extending university services to artisans and finally, auditing the marketing outcomes and activities. The paper concludes that involvement in marketing is one sure way of stopping over-dependence on the government/proprietor for funds by higher educational institutions in Nigeria.

Keywords: Economic, Education, Marketing, Survival, marketing models, product models

THE MANAGEMENT OF CORPORATE SOCIAL RESPONSIBILITY FOR COMPETITIVE ADVANTAGE: A CASE STUDY OF BOSOMTWE RURAL BANK (Published)

The objective of the study was to investigate how Bosomtwe Rural Bank has managed Corporate Social Responsibility practices for competitive advantage. Bosomtwe Rural Bank was used for a case study and twenty-five management and senior staff were sampled for the study. Questionnaires were used to collect data from the respondents. Major findings were that the bank strategically manages CSR and has fully integrated CSR into their business operations. It was also seen that most of the CSR practices of Bosomtwe Rural bank are directed to development of education and community development. It was also identified that major advantage that Bosomtwe Rural Bank enjoys from CSR is enhancement of corporate reputation and relations with key stakeholders. It was recommended that the bank looks for actions that can enhance their reputation and improves relations with key stakeholders and integrate them into their corporate strategy

Keywords: Economic, Ethical, Legal, Philanthropic, Stakeholders, Strategies.

EMPIRICAL ANALYSIS OF MULTINATIONAL CORPORATIONS AND ECONOMIC GROWTH IN NIGERIA (1990-2013). (Review Completed - Accepted)

The paper attempts to evaluate the relationship between empirical analysis of multinational corporations and economic growth in Nigeria using data spanning (1990-2013). Secondary data was collected from the CBN statistical bulletin and national bureau of statistics. Hypotheses were formulated and tested using time series econometrics and the study reveals that the variables do not have unit roots. There is also long-run equilibrium relationship between economic growth and multinational corporations and the result confirms that about 73% short-run adjustment speed from long-run disequilibrium. The coefficient of determination indicates that about 62% of the variations in economic growth is explained by changes in multinational corporations variables. The study therefore recommends that multinational corporations should make life meaningful to the host country by providing infrastructural facilities. Government should ensure that multinational corporations plough back part of their profits to the development of the host communities in other to established good working relationship. Federal environmental protection agencies should also ensure effective monitoring of multinational corporations to avoid the violation of the lay down rules and regulations guiding their operations.

Keywords: Economic, Empirical Analysis, Growth, Multinational Corporations, Nigeria

The “New” Economic Diplomacy of the Nigerian State, 1988-1993: An Evaluation (Published)

The paper examines the doctrine of “economic diplomacy” which formed the bedrock of Nigeria’s foreign policy during the General Ibrahim Babangida’s regime between 1985 and 1993. The paper highlights the major achievements and failures of the policy during the period under review. Based on its findings, the paper concludes that the failure of the Nigerian state in all ramifications and the conspiracy and hostility of the international environment, combined to frustrate the lofty ideas contained in the ‘new’ Nigerian economic diplomacy

Keywords: Diplomacy, Economic, Evaluation, Nigeria, Policy