Tag Archives: Economy

Economic History of Dale District since 1941 to 1991, Sidama Zone, Southern Ethiopia (Published)

The major goal of this study is to reconstruct the economic history of Dale District, 1941-1991. To achieve this goal, an attempt was made to collect qualitative data source from local elders, officer and archives of the administration office. The written documents which have relation with the study also examined and cross checked. The Dale District practices different economic activities like Agriculture which is based on cereal crop farming and cash crop farming. Coffee is mainly grown under the shade of tree (shade or forest coffee), either within forest or forest like environments, or in farming systems that in corporate specific shade plants usually indigenous (native) trees, time fruit trees and other crop plants. The high profitability of chat has also motivated farmers to hire labor for chat production in the district.  Other economic activities like animal husbandry, hand craft technology and trade are common in the District. However agriculture was based on traditional farming system. The infrastructural development in dale District is a recent phenomenon. Un proportional service facilities and infrastructures compared with the high number of population found in the District. The main basic infrastructure like road, school, health centers, electric service, water supply has been established in the District before three decades but did not showed rapid economic development in the District.

Keywords: Dale Wereda, Development, Economy, Infrastructure, history

Repositioning Small and Medium Enterprises in Nigerian Economy: Analysis of Issues and Challenges (Published)

This paper highlighted and discussed issue and challenges on repositioning small and medium enterprises in Nigerian economy. The small and medium scale enterprises are essential element in providing a solid base for a country economic development. The small and medium scale enterprises produce goods and services for both end and intermediate users and also utilize low capital cost for creating jobs especially in a fast growing services sector of the economy. Some of the issues and challenges that militate against the operations of Small and Medium enterprises in Nigeria are; Multiple taxation, poor management, financial problems, inadequate information base, location etc. Government over the years has formulated a number of policies aimed at developing small and medium Enterprises. While most policies actually failed due to poor implementation, others however, succeeded. The following recommendations among others are suggested by the authors; Policies initiated by the government should be funded efficiently. Government and financial institution should develop a holistic approach to schemes initiated by them. Nigerian should encourage locally made goods and government should continue to make SMEs a central focus of industrial policy in order to achieve economic growth and development.

Keywords: Economy, Small and Medium Enterprise, issues and challenges

An Overview of Energy Crisis and the Renewable Alternatives: The Nigerian Experience (Published)

Among the mirages of challenges confronting the global community today, that of energy is very prominent.  Sometimes, it is the crisis, politics, shocks, uncertainties, tendency for depletion, inadequacy in supply, high cost and non-availability to larger percentages of the people and so compounding the poverty level.  Nigeria is not exempted from all these worries like many other nations of the world.  However, the mark difference in some of these other nations is diversification and development from the non-renewable fossil fuel or hydrocarbon to the renewable alternatives which are eco-friendly, abundant, replenishables, readily available and likely more cost effective and affordable if promoted.  Nigeria is greatly endowed in renewable energy alternatives but with little or an insignificant attention.  In this paper therefore, an attempt was made in explorative research method to have a position paper on Nigeria’s oil industry, the politics and the need to promote the renewable alternatives.  Some research questions dealt with were; what Nigeria’s energy profile is like in the context of the world energy index and what is the relative estimate of Nigeria’s Renewable Energy Base in World’s Renewable Energy Index Profile?  Among others, it was discovered that Nigeria is blessed with diverse alternative energy sources from the various secondary data examined (Hydro-power = 18% and others = 82%).  It is “the others” that this paper seeks to throw more lights on to meet our energy demands.

Keywords: Alternatives, Crisis, Eco-System, Economy, Energy, Hydro-Carbon, Renewable

One Belt One Road Initiative: Asia Perspective (Published)

The inception of the One Belt One Road initiative and associated programs have attracted significant attention from around the world to the not just the Asian growth story in the new century but to the growing influence of China as an inductor of a new global world order. Amidst this, there is also a brewing discussion about the impact of these developments on India and the interplay between India and China in the following decades in the context of trade and geopolitics. The One Belt One Road initiative has been conceptualized as a new age institution that can effectively promote trade and development in the 21st Century, and the rise of Asian economies and the growth of China and India, among other nations, indicate an impending shift in the global power balance. This paper analyzes these developments from an Indian perspective in the context of Sino-Indian relations and the future of the Asian regional relations, and argues that for sustainable and harmonious development in the new century, India and China should enter their golden age of unrealized and unfulfilled cooperation.

Keywords: Asia, Economy, One Belt One Road, Regional Integration, Sino-Indian Relations

Tax and Taxation in Nigeria: Implications on the Construction Industry Sector (Published)

The pressure for development, public finance and revenue concomitantly attract challenges impacting and impairing on businesses especially in building and construction sector of the economy. Mitigating these responsibilities by various levels of government is the concern for efficient and inclusive fiscal policies for streams of auspicious and sustainable revenue windows particularly taxation. This study therefore examined implication of tax and taxation on the construction sector in Nigeria with a view for industry operator’s decision making. Using extensive review of related literature as well as eliciting primary data through structured questionnaires administered on purposive but randomly selected 100 respondents, elicited data were analysed using descriptive and inferential tools. The result indicated that Value Added Tax and With Holding Tax are most identified , 85% of respondents are aware of the identified taxes while Multiplicity of taxes, corruption risk and lack of confidence in the tax and poor enforcement of tax laws and policies were ranked major inhibiting factors to tax payment. Yet, tax administration was found to have no insignificant effect on tax payment in Nigeria tax system. The study conclusion avail for long-run taxation behaviour on the building and construction sector of the economy and on investment decision, it recommended that appropriate guidance and understanding of tax system and policies required by operators/investors and tax authorities in order to attract tax compliance in the economy.

Keywords: Construction industry, Economy, Nigeria, Public Sector, Tax System

Assessment of the Effect of Information and Communication Technologies on the Economic Activities of Cooperative Societies in South Eastern Nigeria (Published)

Information and communication technology (ICT) have become an indispensable part of contemporary world.  The cooperative sectors globally have equally being affected in a number of ways. This paper examines the effect of information and communication technology on the economic activities of cooperative societies in south eastern zone of Nigeria. In line with the objectives of this study, this work utilizes primary sources of data. The primary data were collected through interviews, questionnaires and focus-group discussions and analyzed using descriptive statistics. The main result of the study indicated that information and communication technologies have a significant positive effect on the cooperative services and influenced their level of economic activities. It was concluded that the application of information and communication technology enhances cooperative society’s efficiency, service delivery and increase membership patronage. Moreover, this paper recommended that the management of cooperative societies should strengthen investment in information and communication technologies so as to facilitate speed, convenient and accurate service delivery.

Keywords: Cooperatives Societies, Economy, ICT, Indispensable, Service

The Regent Business Schools New Entrepreneurial Centre: Towards Transforming South Africa’s Past and Reformulating the Present (Published)

The paper looks at entrepreneurship in terms of its importance to South Africa. In this regard it discusses the importance of initiatives like the Regent Business Schools proposed new Entrepreneurial Centre which will be opened in the latter part of 2016. A brief historical perspective is undertaken in this regard, in order to firstly situate the thrust, importance and necessity of the entrepreneurship and entrepreneurial dynamic, as it relates to a democratic South Africa. This is undertaken within the context of development and leadership in South Africa. The importance of entrepreneurship cannot be under estimated, in terms of development and economic growth in South Africa for purposes of stimulating much needed small business development and, the empowerment of the masses of people neglected by the administrative government systems by both, the apartheid and democratic government, post 1994. In undertaking the discussion in this paper, the issues towards transforming South Africa’s past and transforming the present assumes significance, in terms of the transformation agenda of the state. In addition the paper very briefly discusses development theories, and calls for a reformulation of these theories in order, to engineer sustained and coordinated development within developing countries. The paper outlines the strategic plan for the Regent Business Schools Centre for Entrepreneurship and its modalities for engagement for purposes of consolidating this important and necessary initiative. By the same token, the paper discusses very briefly the problems that higher education confronts in respect to access into higher education in South Africa and, therefore, posits that entrepreneurial training and development can assist in solving some problems that the country confronts, in terms of access to higher education and entrepreneurial development.    

Keywords: Business, Economy, Education, Entrepreneurship, Reformulating, Transforming

Economic Recession in Nigeria: An Assessment of Legal Resolution of Contracts and Insolvency Disputes (Published)

This paper focused on the economy of Nigeria, which has nosedived into recession. The paper examined the huge oil revenue receipts and the application of such funds between 2011 and 2015, to grow the Nigerian economy. The paper finds that apart from systemic failure of sectoral policies, mismanagement of such huge revenues from oil exports, insurgency, militancy, corruption, the dearth of legislative capacity at Federal, State and Local Governments, to make and amend existing laws on business in the light of current best practices – so as to create ease of doing business through foreign direct investment and foreign portfolio investment, to a greater extent, contributes to low local production and market size with attendant depletion of Nigeria’s foreign reserves due to over-dependence on imported goods and services. The paper, therefore, recommends, among others, that the legislatures at Federal, State and Local Governments in Nigeria, should be more sensitive and proactive in the discharge of their constitutional functions to wit: to make and amend existing laws on business, for example, for a truly good government, peace and order in the country

Keywords: Economy, Legislature and Law, Oil revenue, Recession

Techniques for Re-Positioning Small and Medium Scale Business Enterprises in Nigeria for Economy Revitalization (Published)

This paper highlighted techniques for re-positioning small and medium scale business enterprises in Nigeria for economy revitalization. Small and medium business enterprises are the engine of growth and development of a nation. SMEs contribute to industrial development; promote growth, technological acquisition and reduction of unemployment. The paper also highlights techniques for re-positioning Small and Medium Scale business enterprises in Nigeria for economy revitalization. Financial problems, inadequate basic infrastructure, socio-cultural problems, planning problems, location/economic problems, poor accounting system:  multiple taxation and unstable policy environment are the major problems militating against the success of SMEs. It was recommended among others that there should be a practical effort in encouraging SMEs to access long-term, low rate funds from the capital market. Incentives should be given in the form of tax holidays and awards to SMEs that excel in using the capital market as an avenue of external funding and the government should continue to make SMEs a central focus of industrial policy in order to achieve economic growth and development. The monetary and fiscal policies should be made to incorporate good framework that would enhance the activities of SMEs towards development and sustenance.

Keywords: Challenges, Economy, Enterprise, Re-positioning, Small and Medium, Strategies.

The Impact of E-Banking on Efficient Service Delivery to Customers in Nigeria Economy (Published)

The advent of service areas like financial advisory services, funds transfers and international trade among others helps propel Nigeria banks into the development of new and improved service delivery channels. Information and communication technology (ICT) rapidly emerged as the platform for building integrating and communicating effective service to customers. Today in Nigeria servers, personal computers and local / wide area networks have taken a firm foot as the minimum requirement for rendering credible and effective banking services. Adenuga (2003), the recent trends in Information Technology (IT) are becoming central to the process of economic development. IT offers new ways of exchanging information, transacting business, changes the nature of the financial and other services sectors and provides efficient means of using the human and institutional capabilities of countries in both the public and private sectors.  IT can be applied to every conceivable activity; from collecting taxes to bank management, complex scientific and technical problems.

Keywords: Bank, Customers, Economy, Fund Transfer, ICT, services

The Knowing-Doing-Gap and the Role of the Entrepreneurial University in the Development of the Knowledge Economy (Published)

The focus of this research is to bridge the gap between knowledge and action, which is known as (The Knowing-Doing-Gap); especially in the fields of new technologies. Although there are many discussions on this issue from a micro perspective – for example, Braun – focusing on a managerial approach in dealing with new knowledge, other researchers focused on the problem at the macro level introduced by Röpke. This research explores both approaches, Röpke’s and Braun’s, to find solutions for the Knowing-Doing-Gap problem on both levels, the Micro and the Macro. The research explored both methodologies and found that both approaches complement each other in providing a general solution to Knowing-Doing-Gap through transforming universities into entrepreneurial universities

Keywords: Development, Economy, Entrepreneurial University, Knowing Doing Gap

The Effects of Globalization on Nigerian Youths and the Economy (Published)

The style of information dissemination throughout the world this time has made the word globalization a common process of bringing the whole world together. As it stands now the information of any event at any part of the world gets to Nigeria or any other part of the world in a very short time. Therefore globalization has come to improve the process of communication and advancement in technology. The fast movements of goods and services, economic liberalism, scientific inventions and discoveries have reduced the large world to a global village. Nigeria as a developing country cannot shy away from globalization, since the country has been exposed to both the negative and positive effects of globalization. The objective of this article is to identify the effects of globalization on the Nigerian youths and the economy. It recognized the good opportunities of globalization, and suggests ways of eliminating the negative effects of globalization. The author reviewed existing literatures on the concepts of globalization and development

Keywords: Economy, Globalization, Nigeria, Productivity, Technology, Youth

Mathematics as a Tool for Achieving the Vision 20:2020 Goal of National Transformation (Published)

Mathematics education is crucial in the development of any nation and anchors as one of the implications for the attainment of vision 20:2020 by the Federal Government of Nigeria. This paper discusses the challenges of mathematics education programmes to the nation’s development as well as the importance of mathematics in facilitating the private and public sectors of the Nigerian economy towards the attainment of vision 20:2020. Finally, some recommendations were made on how to enhance the role of mathematics in the transformation of the nation.

Keywords: Economy, Mathematics, National Transformation, Nigeria, Vision 20:2020

Impact Of Company Income Taxation On The Profitability Of Companies In Nigeria: A Study Of Nigerian Breweries. (Published)

This study ascertains the impact of taxation on the profitability of companies in Nigeria. The study used secondary sources of data and a time series econometric technique with an error correction model tested the variables most likely to impact on profitability of companies in Nigeria. The study revealed that the level of company tax has significant effect on the profitability, that company income tax (CIT) has significant effect on profitability. We conclude that the positive and significant relation between the profitability and the taxation explanatory variables indicates that policy measures to expand tax revenue through more effective tax administration will impact positively on growing the company’s profitability. It is therefore recommended that Government should expand the tax yield through improved tax system administration. This is because of the positive danger of over-reliance on crude oil export receipts to drive the economy. There should be more improve in the effectiveness of taxation by ensuring proper and equitable tax assessment and timely collection.

Keywords: Breweries, Economy, Income, Profitability, Tax

Influence of Access to Land and Finances on Kenyan Youth Participation in Agriculture: A Review (Published)

The Kenya Government prioritized the development of the agricultural sector to achieving the first Millennium Development Goal (MDG) of sustainable food production. Kenya’s strategic plan, Vision 2030 positions agriculture as a key driver for delivering a 10% annual economic growth and is expected to have an average growth rate of 7% by 2015. Agriculture contributes over 80% of all employment opportunities in the country, but Kenyan youths are not taking advantage of these opportunities since 64% of them are unemployed. To advance the 7% average growth rate, it is pertinent that the Kenyan youth be fully involved in agricultural development. However, agriculture is perceived unattractive to the youth and its potential has not been fully realized. The purpose of this review is to find out the influence of land and finances on youth participation in agriculture and to identify the interventions that can make agriculture attractive to the youth in Kenya. This information will be useful to the government, the farming community, agriculturalists, policy makers and non-governmental organisations in laying strategies that will make agriculture attractive to the youth. This will subsequently enhance youth participation in agriculture resulting in increased food production, employment creation and income generation for the youth. Engaging the youth in agricultural activities will contribute in reducing crime and other social problems attributed to the youth.

Keywords: Agriculture, Economy, Food Security, Kenya, Youth

THE IMPACT OF GLOBALIZATION TO BUSINESS AND THE WORLD ECONOMY (Published)

In the beginning the world was one and a united community. The birds flew freely across the seas, rivers and oceans. Men dominated the world and reigned over it. Each individual specialized on a single product and exchanged his surpluses with the surpluses of others. Men multiplied in number and partitioned themselves into groups. Multicultural differences, ethnicity and languages separated the world. As time went on, nationalism sprang up. These virtues or vices created artificial boundaries that restricted free movement and trade among the people of the globe. The return to the original norm and borderless community is what we call globalization. Globalization as we can see attempts to restore most of the attributes lost in the process of multiple creation of artificial boundaries. The advancement of technology brought in Information Technology. Information Technology has to a great extent facilitated information flow and international relationship. International politics has become more flexible and stable. Economic Depression has been a recurrent affair over the centuries. One thing certain is that when the key countries of the globe like the United State is economically struck, other countries linked up economically will be adversely affected. This does not suggest that the principal cause for the spread is globalization. The Industrialized nations gain through expanded demand and marketing network. The developing Economies also gain through exchange of expertise, improved welfare packages and exchange of improved commodities. Sports and music assist in uniting the world. Globalization assists in the war against racial discrimination, injustice and religious fanaticism. Globalization has also been a corner stone in eliminating the effect of international disaster, rescue operations and humanitarian services. The G 7 Summit holding in Germany in exclusion of Russia is an attempt to resolve salient strategic issues revolving on world peace and conflicts. Russia acts as tranquilizer but they should be careful to contribute and conform to global peace. Certainly there are some miscellaneous defects resulting from the process of globalization but the over whelming benefits justify its continued application.

Keywords: Economy, Global-business, Global-market, Globalization

THE NIGERIAN LOCAL CONTENT ACT AND ITS IMPLICATION ON TECHNICAL AND VOCATIONAL EDUCATION AND TRAINING (TVET) AND THE NATION’S ECONOMY (Published)

The Nigerian state has been faced with various economic, social, political, educational, and development problems in all sectors of the Nigerian economy. These problems have eventually led to poverty, corruption, kidnapping, unemployment, stealing, terrorism, militancy, and armed robbery amongst others. In other to tackle theses challenges facing the nation, the Federal Government of Nigeria, under the leadership of President Goodluck Ebele Jonathan (GCFR), in March 2010 signed into law the Nigerian Local Content Act which aimed at promoting industrialization of the nation’s oil and gas industries and thereby improving the economic and social well being of citizens engaged in the industries. Using secondary data, this paper examines the Nigerian local content act, technical vocational education training (TVET) and the implication of Local Content Act on TVET and the Nigerian economy. Therefore, it was concluded that the Nigerian local Content Act adds value to Technical and Vocational Education and Training (TVET) in Nigeria. In addition, for Nigeria to achieved the intended goals and objectives of the Local Content Act, the government, stakeholders, and the board in charge of implementation and monitoring of the Local Content Act must first of all revitalize TVET institutions, train and retrain TVET professionals, and establish more TVET institutions that will help produced the skilled work force needed to implement the Nigerian Local Content Act.

Keywords: Economy, Local Content Act, Nigeria, TVET

THE VIRTUOUS AND THE VARIANCE OF THE VARIOUS APPROACHES FOR MEASURING SHADOW ECONOMY AROUND THE WORLD- IMPLICATIONS FOR POLICY MAKERS. (Published)

The period after World War II was marked by an upsurge in migration from the rural to urban areas in both developed and developing countries. During this period, colonies of Africa, Asia, and Central America achieved independence during the 1950s and1960s. Together, these factors contributed to the emergence of what is known as the shadow economy. Shadow economy is an active component of the majority, if not all, of the world’s economies, though its size and measurements appears to vary considerably among countries. Researchers argued that underground economy should be included in GDP to the extent possible, given the obviously incomplete picture generated by ignoring such activity. The growing concerns about shadow economy have led many economists to the challenging and difficult task of its measurement and size, to trace back its main causes, and to analyze its interactions with the official economies. It seems unlikely that robust estimators can be developed without a clear understanding of both the underlying economic theory describing how shadow economies come about and what drives the level of activity in each component sector of any economy

Keywords: Economy, Measuring Shadow, Policy Makers, Virtuous

INFLUENCE OF ACCESS TO LAND AND FINANCES ON KENYAN YOUTH PARTICIPATION IN AGRICULTURE: A REVIEW (Published)

The Kenya Government prioritized the development of the agricultural sector to achieving the first Millennium Development Goal (MDG) of sustainable food production. Kenya’s strategic plan, Vision 2030 positions agriculture as a key driver for delivering a 10% annual economic growth and is expected to have an average growth rate of 7% by 2015. Agriculture contributes over 80% of all employment opportunities in the country, but Kenyan youths are not taking advantage of these opportunities since 64% of them are unemployed. To advance the 7% average growth rate, it is pertinent that the Kenyan youth be fully involved in agricultural development. However, agriculture is perceived unattractive to the youth and its potential has not been fully realized. The purpose of this review is to find out the influence of land and finances on youth participation in agriculture and to identify the interventions that can make agriculture attractive to the youth in Kenya. This information will be useful to the government, the farming community, agriculturalists, policy makers and non-governmental organisations in laying strategies that will make agriculture attractive to the youth. This will subsequently enhance youth participation in agriculture resulting in increased food production, employment creation and income generation for the youth. Engaging the youth in agricultural activities will contribute in reducing crime and other social problems attributed to the youth.

Keywords: Agriculture, Economy, Food Security, Kenya, Youth

THE IMPACT OF THE FINANCIAL STOCK MARKET CHANGES ON THE VARIATION OF REAL ESTATE MARKET PRICES IN JORDAN (Published)

The relationship between the Real-estate (R.E.) market and the Financial Stock Market – as two major investment areas within the market of any economy – is of great importance. The purpose of this study is to investigate and determine the relationship between the variation in the prices of the Real-estate market and the Financial Stock market in Jordan for the period 2002 – 2012, taking in to consideration the prevailing economic factors associated with the development of these two markets. The study population consists of all the stocks which are enlisted in Amman stock exchanging (whether related to Real estate corporate or not) during the study period between 2002- 2012. It also consists of all the real estate sales transaction records registered at the Land and Surveying Department in Amman capital city during the same period. Using the descriptive analytical methodology (statistical regression methods) the researchers found first: a statistically significant differences and positive correlation between the size of the real estate market (REM) and the indicators of (GDP at Market Size, Money Supply, Foreign Investment, Credit Facilities). Second: statistically significant differences and correlation between the market value of Real Estate (MRE) and the indicators of (trading volume of (ASE), GDP at Market Size, Money Supply, Foreign Investment, and Credit Facilities). Third: there were no statistically significant correlation between the size of the real estate market (REM) and the indicators of (General Price Index of (ASE), trading volume of (ASE), Expatriate Remittances, and Inflation Rate). Fourth: there were no statistically significant correlation between the market value of Real Estate (MRE) and the indicators of (General Price Index of (ASE), Expatriate Remittances, and Inflation Rate) at the level of the moral question.

Keywords: Economy, Financial Stock Market, Jordan, Price Variation, Real-Estate Market