Tag Archives: Economy

Smuggling and Performance of Small and Medium Scale Enterprises in Ekiti State, Nigeria (Published)

Smuggling has become a huge global menace which has continued to impact on the activity of locally manufactured good. The study examined the effect of smuggling on performance of small and medium scale enterprises in Ekiti state. The study adopted survey approach in which questionnaire was the research instrument. The study population consists of 395 small scale business owners in Ekiti state. Multi-stage sampling was used to select 350 SMEs owners who participated in the study. Data analysis was done using simple linear regression. The regression test results showed that smuggling activities significantly affect the performance SMEs in Nigeria. It was recommended among others that Government of Nigeria should consider having a clear smuggling policy which should vehemently stand tall against any act of smuggling while offenders should be heavily punished.

Keywords: Economic Performance, Economy, SMEs, Smuggling

Creativity and innovation through Technical and Vocational Education for Sustainable family survival in Nigeria (Published)

This paper examines importance of Technical and Vocational Education Training (TVET) as a means of sustaining most families especially with the increasing rate of unemployment in Nigeria. The inferiority myth attached TVET was properly analysed as most family in Nigeria believe in the inferiority myth that vocational and training are meant for people of lower aspiration or less academic abilities. The reality has proven otherwise as TVET is the key that transform the economic development of any nation, alleviate poverty and improve quality of life. Therefore the orientations have to change, and it’s time for parents and guardians to encourage the children to learn skills and the government to mobilize resources and pay attention to vocational education as a sure way for family sustainability through personal creativity and innovations on the profession.

Keywords: Creativity, Economy, Innovation, Poverty Alleviation, Unemployment, Vocational education

Effect of the Endsars Protest on the Nigerian Economy (Published)

The study examined the Effect of the EndSars Protest on the Nigerian economy; with specific set objectives to find out the causes of the EndSars protest in Nigeria; ascertain the effect of the EndSars protest in Nigeria and proffer possible solutions to the causes of the EndSars protest in Nigeria. The study adopted the structural-functionalist theory and used the survey research method given the work coverage. Thus, the method of study was qualitative. Data were generated from secondary sources which included journal articles, news papers and other online sources. Literature review however shows that, SARS is notorious for its brutality and human rights abuses and the lack of accountability for their actions while the Nigerian economy suffered huge losses of billions of naira resulting from the protest. The Police Act, which was adopted in 1943, has broad discretionary powers in the hands of police officers,making the abuse of power possible. The study concludes that, EndSars protest has left memories not just on the Nigerian people and her economy but on the global community on issues of police brutality in Nigeria. The study therefore recommends that, state governments, in collaboration with security agencies and other stakeholders (Civil Society Organizations and traditional/religious institutions)should create avenues for interaction with the general populace and listen to the millions of voices calling for police reform; there should be great transformations in relationships between the police and communities and the Federal and State Governments should invest in youth employment to create sustainable economic opportunities foryoung people in the country thereby, growing the economy.

Keywords: Corruption, Economy, EndSars, Good Governance, Protest, police brutality

The Trilogy of Education, Environment and Economy (Published)

Education is the pivot of development. It has an over-riding force on the nature of the environment and economy that prevail in any given state. To that extent, education becomes the lubricant that shapes the behaviour, attitudes, abilities, perception and choices which set the overall tone of the economy. Education, therefore, as a factor of environmental and economic choices which make all the difference between developed, developing and underdeveloped societies, is the subject of critique in this paper.

Keywords: Economy, Education, Environment

The impact of COVID-19 on Economy and Employment – Main highlights on worldwide trends (Published)

The present paper discusses the economic features of the current Covid-19 outbreak and its relation to labor markets and new skills in demand. It mainly focuses in analysing the recent global trends in affected sectors, examines the current unemployment issues while deepens in the kind of new skills and soft skills in demand that are necessary for an easier transition to the new Covid-19 way of life.

Keywords: COVID-19, Economy, Employment, Skills, coronavirus, labor markets, pandemic

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

Implementation Effect of Treasury Single Account on the Economy of Nigeria: The Perspective of Banking Sector (Published)

Treasury Single Account (TSA)’s prime purpose is to ensure accountability, improve transparency, and prevent abuse and mismanagement of public funds. Nigeria had to domesticate the law implementing TSA in 1999, however, the government ran a pilot scheme in 2012 to fully domesticate and observe the impact of such policy on the growing economy of the nation. Thus, this study aimed to examine the implications of TSA from its domestication, identify its benefits, examine the challenges and study its prospects considering the perspectives of the banking sector employees. The descriptive research design was adopted for the study using fifty (50) bank employees within Ondo State, Southwestern Nigeria who were randomly selected. Software for the Social Sciences Statistical System (SPSS) was used to obtain descriptive statistics such as central tendency, the measure of variability, kurtosis and skewness. The calculated values range from 2.60 to 3.88, 0.72 to 1.28, -0.08 to -2.20, -1.73 to 4.09 for mean, standard deviation, skewness and kurtosis respectively. All calculated p-values range between (.000 to .003), which are less than the level of significance of 0.05 (2-tailed). Hence, the null hypotheses are rejected while the alternate hypotheses are accepted. The strong relationship of up to 0.985 between the opinions of the respondents is a strong indication that the application of TSA has led to a reduction of monetary misappropriation and a drastic reduction of corrupt practices. Therefore, TSA should be implemented in every sector of the economy both public and private to ensure financial prudence, accountability, transparencies and as a tool in monitoring, expenses incurred.

 

Keywords: Accountability, Banking Sector, Economy, Transparency, treasury single account

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