AFRICAN SCHOLAR JOURNAL OF MANAGEMENT SCIENCE AND ENTREPRENEURSHIP (AJMSE)
VOL. 18 NO. 7 SEPTEMBER, 2020 ISSN: 2276–0732
African Scholar Publications and Research International,
Centre for African Studies,
University of Ibadan, PO Box 10108, U.I. Post Office,
Ibadan, Oyo State, Nigeria – West Africa.
Copyright © 2020 African Scholar Publications and Research International.
Corporate Governance: Impact on Enterprise Risk Management in Nigeria Insurance Industry
Oluwasesan. L. Ajagunna, & Prof Festus M Epetimehin
Department of Actuarial Science and Insurance, Joseph Ayo Babalola University, Ikeji. Osun State
The main purpose of the study was to determine relationship between Corporate Governance and Enterprise Risk Management in Nigeria Insurance Industry. This study was guided by agency theory, the stakeholder theory, the stewardship theory and the ERM framework. The study used descriptive cross-sectional survey design. Primary data was collected from top management staff members of 27 selected non-life insurance companies in Lagos state through a structured questionnaire. A survey was carried out on 189 respondents but 141 retrieved copies of the question were found valid and used for the analysis of this study. Data collected was analysed by the use of descriptive and inferential statistics. The results revealed Internal Control System significantly influences ERM practices in Nigeria insurance companies (R2 = 0.508, F(1,139)= 46.234, p = 0.000);There is a significant relationship between Organisation Transparency and ERM practices in Nigerian non-life insurance (r = 0.707, p = 0.006); and Board Independence does not significantly affect ERM practices in Nigeria insurance companies (R2 = 0.004, F(1,139) = 0.543, p = 0.679).based on the findings, the study therefore recommends that policy makers in insurance companies should integrate enterprise risk management practices across all functions and business units for the purpose of addressing risks before they even occur. It also recommended that appropriate and transparent internal control system should be adopted in reducing insurance firms’ exposure to risk, cost of operations thereby facilitating an improvement in their overall performance.
Keywords: Corporate Governance, Enterprise Risk Management, Internal Control System, Insurance and Risk Management
Effect of Leadership Styles on Employees’ Performance in Nigeria Institute for Trypanosomiasis Research, Kaduna State.
*Iliya Yusuf Mamza; **Suleiman Abdullahi; & **Musa Usman
*Department of Business Management, Ahmadu Bello University, Nigeria. **Department of Business and Management Studies, Niger State Polytechnic, Zungeru.
The aim of this study is to determine the effect of leadership styles on employee performance in Nigeria Institute for Trypanosomiasis Research, Kaduna State. A structured questionnaire was used to sample respondents using simple random sampling technique. The totals of 230 copies of questionnaires were distributed to the respondents. Structural equation model was used to analyze data using partial least squares method SmartPLS2. The result showed that transformational, transactional and laissez-faire leadership styles has a significant and positive effect on employee performance. Therefore, it is recommended that Nigeria Institute for Trypanosomiasis Research should practice transactional and laissez-faire leadership styles to improve employee performance in the organization in Kaduna State.
Keyword: Transformational, transactional, laissez-faire, leadership style and employee performance
Gender Diversity and Tax Compliance in Lagos State
*Segun Idowu Adeniyi, PhD; **Helen Oluwatoyin Adebayo; & **Miriam Nguavese Nyikyaa
*Department of Accountancy, Nnamdi Azikiwe University, Awka, Anambra State. **Department of Accountancy, Federal Polytechnic Nasarawa, P.M.B. 001, Nasarawa State.
The expected tax revenue in Lagos State is greater than actual tax revenue collected by the State government. This shows that some tax payers are not complying with tax law and it creates tax gap. The study tends to ascertain how gender differences among small scale entrepreneurs and tax administrators affect income tax payment. Cross sectional survey design was used for the study. We focus on total population of tax payers in all 20 Local Government Areas of Lagos State. Convenience sampling technique was used in choosing sample size. The analysis reveals significant relationship between gender differences among tax administrators and income tax compliance. The study recommends among others that policy formulators and tax consultants should review the composition of tax administrators in line with gender diversity. Women should be given equal opportunity in the position of authority as tax administrators.
Keyword: gender diversity; income tax, tax compliance; small scale entrepreneurs; tax administrators
Income Distribution and Poverty Reduction in Nigeria
*Krokeyi, Wisdom Selekekeme **Obayori, Joseph
*Department of Economics, Niger Delta University, Wilberforce Island P.M.B. 071, Bayelsa State, Nigeria **Department of Economics, Faculty of Social Sciences, Nnamdi Azikiwe University, Awka, Nigeria
This paper analyzed income distribution and poverty reduction in Nigeria. The study examined the impact of both income inequality and wage increase on poverty reduction in Nigeria. To achieve the noble objective, secondary data from World Bank and CBN statistical bulletin were collected on poverty level, income inequality and wage increase. Based on the empirical result from GMM, the paper concluded that the coefficient of determination which showed that about 67% variation in the poverty level was explained by all the explanatory variables in the model. Also, a percentage increase in income inequality will cause poverty level to rise significantly. On the other hand, a percentage increase in wages will bring about corresponding decrease in poverty level. Based on the findings, the paper recommended amongst others that there should be sound family programme and welfare package design and implemented in order to check the growing rates of poverty and income inequality in Nigeria.
Keywords: GMM, Poverty, Income Distribution and Development
Effect of Entrepreneurial Marketing Tools on Consumer Adoption of Poultry Products in Ilorin Metropolis
Ishola Abdulfatai Idomi; Zekeri Abu Phd.; & Ibrahim Waheed
Department of Business and Entrepreneurship, Kwara State University, Nigeria
Poultry farming is one of the most lucrative farming businesses to start up in Nigeria. This aspect of livestock farming presents one of the finest opportunity for entrepreneurs to make profit within a short time period and it is a significant contribution to job creation. Poultry firm as segment of SMEs in Nigeria are faced with several challenges resulting in inefficient operation and failure to survive in the market. Their unimpressive performance in recent year has generated a lot of concern among tier of government as well as research interests among academia. This study was carried out to investigate the effect of entrepreneurial marketing tools on consumer adoption of poultry products in Ilorin Metropolis. This study focused on poultry firms in three different local government area of Kwara State. In this study, proactiveness and opportunity-driven strategy were antecedents of entrepreneurial marketing, while consumer adoption acts as the dependents variable. This study used explanatory designs to collect primary data through quantitative methods. A total of 400 copies of questionnaire were distributed to the selected respondents using convenience sampling technique, whereas 383 were analyzed after removal of outliers. Cronbach alpha was conducted to ensure the reliability of the data used. The findings indicated that all predictors of entrepreneurial marketing evaluated were significantly associated with consumer adoption of poultry product. Based on correlation and multiple regression analysis, the study found that entrepreneurial marketing has a significant relationship with consumer adoption of poultry products. Besides, one out of two hypotheses tested shown a positive significant effect on consumer adoption of poultry products, while, opportunity-driven strategy indicated no positive significant effect on consumer adoption of poultry products. It was therefore recommended that poultry firms should focus on the proactiveness, and also opportunity-driven strategy to stimulate and enhance consumers to form an attitude towards their products.
Keyword: Entrepreneurial marketing, proactiveness, opportunity-driven strategy, cognitive state, emotional state.
Energy and Development: A Review of Challenges on Household Energy Use in Nigeria and South Africa
Naseer Babangida Muazu
Faculty of Economics and Management Sciences, University of the Western Cape, South Africa
Nigeria and South Africa are considered two countries of high economic relevance in Africa and the globe, but there has been no attempt to understand the challenges of household energy use despite their significant position. Household energy use and economic development are interrelated, meaning that household energy use is co-integrated with economic growth. Against the backdrop of the intricate relationship between economic development and household energy use, this study reviews the challenges of household energy use in Nigeria and South Africa using fuelwood, kerosene, LPG and electricity that are commonly used for cooking, heating, and boiling. In regards to this, the study reviews the economy and household energy consumption, the patterns of household energy consumption as well as the modern energy use challenges in the two countries. The paper will assist the investors and policymakers to understand the level and significance of household energy use so that they can strategically invest to address various household energy challenges, thereby increasing economic growth.
Keywords: Household energy use, challenges, Nigeria, South Africa, review
Firm Characteristics and Environmental Disclosure Quality of Listed Cement Companies in Nigeria
Department of Accounting, Gombe State University, Nigeria
This study sought to examine the influence of firm characteristics on environmental disclosure quality of listed cement companies in Nigeria. Data were extracted from the annual report and accounts of the listed cement companies for the period of 2013-2017.Firm age, firm size and leverage was used as a proxy for firm characteristics. In order to measure the extent of environmental disclosure quality, the annual reports of the firms were analyzed through content analysis using GRI as index of disclosure and the study analyzed the data using descriptive statistics, correlation and multiple regression technique via STATA 12.0.Findings from the study revealed that firm age, firm size and leverage has significant impact on quality of environmental disclosure and the study recommended among others that listed cement companies in Nigeria should maintain optimum level of debt and have control over the size of the firm as it have impact on the quality of environmental disclosure and also Nigerian Government should made environmental disclosure mandatory rather than voluntary this is because it’s becoming important for companies to incorporate governance, social and environmental issues in their business strategies and should be communicated to all stakeholders of the companies.
Keywords: Firm Age, Firm Size, Firm Leverage and Environmental Disclosure Quality
Exploring Global Market Opportunities for Nigeria Economic Development
1Iliya Bawa, PhD, 2Abubakar Ibrahim and 3Abubakar Haruna
1Department of Business Administration, Federal University Lokoja, Kogi State – Nigeria 2Department of Marketing, School of Business Studies, Federal Polytechnic Nasarawa – Nigeria 3Department of Marketing, ISM Adonai University, Cotonou Republic of Benin
Globalization has been celebrated as a key to development. The global competition that came from the world integration has led to tremendous progress in the economy of the world, but in Nigeria, its economy is below expectation compared to other nations in the world. The level of marginalization is noted in the distribution index between developed and undeveloped nation. This margin is a clear indication why some countries are richer than others. In other to address these problems, research purpose is formulated which aims to analyze the effect of global market space on Nigerian economic. Quantitative research methodology was used. Data sourced from CBN statistical bulletin for 2002 – 2018 was used for the analysis. The results of regression analysis when economic development proxy as Gross Domestic Product (Dependent Variable) and foreign direct investment inflow, total import, balance of trade, total trade and total export proxy as globalization (independent variables) shows that all the independent variables are positively and significantly related to Gross Domestic Product except total export which was found to be negatively related to Gross Domestic Product. Base on these findings the study recommended that the government should implement strong macroeconomic and structural policies required to gain confidence of foreign investors so as to boost the country’s productivity, growth and competitiveness.
Key Terms: Globalization, Economic growth, Gross Domestic product, Economic Development, Global market
Foreign Exchange Easing: Towards Industrializing Nigeria through Trade in Intermediate Inputs.
*Adegoke Babatunde; **Yetunde Sekinat Okotie; & ***Nworu Chinwendu
*State Coordinator, National Productivity Centre, Rivers State Office’ **Corporate Affairs and Information Department, National Productivity Centre, Abuja ***Corporate Affairs and Information Department, National Productivity Centre, Imo State Office.
This study investigates the impact of exchange rate on industrialization via importation of fundamental intermediate inputs and raw materials in Nigeria using data covering 1981-2016. The study utilizes Structural Vector Autoregressive (SVAR) model based on contractionary devaluation hypothesis. The key results are that industrialization (measured by share of manufacturing sector in GDP) is significantly determined by shocks to oil prices, external reserves and exchange rates, while importation of vital inputs such as chemical products as well as machinery and transport equipment has marginal incremental impact on industrialization. This suggests that other factors including adequate infrastructure and complimentary fiscal incentives are keys to industrialization in Nigeria. Given the results of this study, in the short term, there is need for foreign exchange easing by providing special exchange rate windows for the importations of chemical and machinery and transport equipment products. In the medium term, there is a need for export diversification to other primary commodities in which Nigeria is well endowed, besides oil, as alternative sources of external reserves. There also a need to intensify effort at sourcing intermediate inputs domestically, in the medium term, since domestic substitutability of these commodities may not be possible in the short term.
Key words: Nigeria, Foreign exchange restriction, industrialization, trade and import of intermediate inputs and raw materials.
The Effect of Billing System on the Patronage of MTN and 9mobile Telecommunication Services in Bida Town
Bello, Babatunde Sikiru1; Makinde, Kehinde A2.; Ozimede, Elizabeth Iragbeson3; Nwokenkwo, Ben Olubunmi4; & Ogundeji, Sunday Tolulope5
1,4&5Department of Marketing, Federal Polytechnic, Bida 2Department of Banking & Finance, Federal Polytechnic, Bida 3Department of Business Administration & Management, Federal Polytechnic, Bida
This research work is aimed at examining the Effect of Billing System on the patronage of MTN and 9MOBILE Telecommunication Services in Bida metropolis. The objective of this research work is to examine the perceptions and reaction of customers towards the mobile services provided by telecommunication companies and customers’ reaction to different services’ cost/ tariffs. The researcher made use of survey research design through the use of questionnaire being administered to MTN and 9MOBILE customers. 100 questionnaires were administered with 85 returned. Stratified and simple random sampling methods were used to select and classify the representative members of subscribers. A 5 point Likert scale was used to determine the mean and standard deviation that was used to analyze the data collected, the result revealed that the stated hypotheses are rejected and the Alternate hypotheses accepted, meaning there is a relationship between Telecommunication services and customers perception and reaction towards the billing system and that the reliability and accessibility of network will improve subscribers reactions positively. Findingsreveled that billing system has a significant effect on the patronage of telecommunication services and that subscriber’s respond negatively to those service providers who offer value that does not meet their expectations. Itwas recommended that telecommunication service providers should endeavour to enhance their market share through economic billing system and effective customer service packages. Also, telecommunication service providers should carry out market survey on a regular basis to determine the perceptions and reaction of subscribers towards services costs and tariffs.
Keywords: Effect; Billing System; Patronage; MTN; 9Mobile; Telecommunication Services
Capacity Utilization and the Role of Services Sector in Industrialization of Nigeria
Dr (Mrs) Titilola Oshati; *Ajunwa Felix Ogechi; **Yetunde Sekinat Okotie
Productivity Capacity Building (PCB) Department, National Productivity Centre, Headquarters, Abuja **Corporate Affairs and Information (CAI), National Productivity Centre, Headquarters, Abuja
This paper investigates the impact of average manufacturing capacity utilization and the role of the services sector on industrial development in Nigeria from 1981 to 2015. Quantitative research technique based on ex-post facto research design was adopted for the study. The study also employed cross -sectional time-series alongside the co-integration and error correction mechanism as analytical tools. Results show that transportation and utility services have significant effect on industrial production index. This implies that services industry should be boosted in the push for industrialization in Nigeria. When industrial productivity was disaggregated, results show that capacity utilization and the service sector variables have significant effect on crude petroleum and natural gas while all the services variables have significant effect on solid minerals except transportation services and average capacity manufacturing utilization has significant impact on solid minerals development. However, all the explanatory variables have no significant effect on manufacturing sub-sector. The cointegration estimation evidence confirms that there is a long run positive relationship between index of industrial productivity and average manufacturing capacity utilization and the services sector in Nigeria. The vector error correction model result suggests that the short-run disequilibrium in the model would be corrected to the tune of 16% in the next period. The causality result shows that at lag 2, that growth in capacity utilization would lead to growth in industrial production index. The study concludes that average manufacturing capacity utilization and the services sector hold the key to the industrialization process in Nigeria.
Keywords: Capacity Utilization, Services Sector, Industrialization, Industrial Development, Manufacturing Capacity and Nigeria.
Impact of Working Capital Management on the Performance of Quoted Agricultural Companies in Nigeria
Kpanga Collins Kpanga, Alhassan Kawu Abubakar, Femi Paul Fashagba & Okuku Titilayo Olayoonu
Department of Accountancy, Federal Polytechnic, Bida
Available empirical evidences point to the fact that there is apathetic literature in Nigerian Agricultural sector on relationship between working capital management and financial performance, this study therefore provide evidence to bridge this gap by focusing on the impact of working capital management and financial performance of quoted agro-allied firms in Nigeria. To achieve the objective, secondary data were collected from financial statements and analysed over ten (10) years from 2008 through 2017 for the five (5) firms in Agricultural sector giving rise to fifty (50) years financial data. The descriptive and inferential statistics were used to analyse data specifically, mean, mode, standard deviation, minimum and maximum descriptive statistics were used with the OLS regression model that permit inferential judgement. After passing the Multicollinearity and Heteroscedasticity tests, the hypotheses were tested at 5% significance level. Among the findings, the study reveals that account receivable period (used as one of the variables of working capital management) has a significant positive impact on the financial performance of quoted agricultural firms in Nigeria with the t-value of 2.49 and a p-value of 0.017; This implies that proper management of account receivable will lead to improvement in the financial performance of quoted agricultural companies in Nigeria. The study, therefore recommends that all measures leading to continuous improvement of Account receivable period should be put in place and sustained so that a firm is not affected negatively from all activities of bad debtors
Keywords: Working capital management, financial performance, Account receivable period, cash conversion period, Payable deferral period, inventory conversion period & return on assets.
Effects of Covid 19 on income and Livelihood of Women Ground Nut Processors in Agricultural Zone III Niger State, Nigeria.
1Mohammed, U., 2Umar I.S., 2Olaleye, R.S.
1Department of Planning, Research and Statistics, Niger State Ministry of Agriculture, Minna 2Department of Agricultural Extension and Rural Development, Federal University of Technology, Minna.
The study was on Effects of Covid-19 on Income and Livelihood of Women Ground Nut Processors in Agricultural Zone Iii Niger State, Nigeria. A multi-stage sampling technique was used to select 167 of women’s ground nut processors. Data were collected using structured questionnaire and interview scheduled; and analyzed using descriptive statistics (percentage and frequency), multiple regression and Livelihoods status index. The result of Multiple regression revealed that coefficient of modern training on ground nut processing (41231.01) was negatively significant at 5% level of probability, while coefficient high cost of ground nut equipment’s and participation of women processors to weekly contribution were negatively significance at 5% and 10% probability level indicate negative effects in their income and livelihoods. The result also shows that half (50%) of the respondents in the study area were of low livelihood status. Similarly 21.7% and 18.2% of women’s ground nut processors respectively had decreased improvement in procurement of food items and Improved expenditure for non-food item following COVID-19 pandemic. However, constraints faced by women’s ground nut processors range from poor electricity supply,( 80.9%) high cost of fuel,( 95.0%) lack of credit facility ( 92.8%) and poor quality of ground nut products (94.4%) respectively. It was recommended that Provision of electricity supply should be made available to women’s ground nut processors timely, Good quality of ground nut products and ground nut processing equipment’s should be readily available to women’s ground nut processor and Provision of credit facility by Government and Non-Governmental Organization to women’s ground nut processor to enable then increase their income and enhanced their livelihoods.
Keywords: Covid-19, Income, Livelihoods, Ground Nut, Processors, Women’s.
Impact of Corporate Governance on the Financial Performance of Money Deposit Bank in Nigeria
1Ajose Kehinde G.; 2Ogundare Olusegun S.; & 3Adedipe Oluwaseyi A.
1Department of Accounting and Finance, Mcpherson University, Seriki Sotayo, Ogun State, Nigeria 2Centre for Part-time Studies, Ajayi Crowther University, Oyo, Oyo State. 3 Department of Accounting and Finance, Ajayi Crowther University Oyo Nigeria.
This study examined the impact of corporate governance (CG) on the financial performance of money deposit bank in Nigeria. The study employed exploratory research design. Ten (10) listed money deposit bank were chosen through a purposive sampling technique and data extracted from the annual reports of these banks from year 2009 to 2018. A panel data regression was used to analyze the data. Corporate governance was proxies with board size (BS), board composition (BC), audit committee size (ACS), Dividend (DVDP), and Leverage (LEVR) while Financial performance was proxies with Return on Equity (ROE) and Return on Asset (ROA) . Findings revealed that the variable- Board Composition (BC), Dividend Pay Out (DVDP) Financial Leverage (LEVR) has statistical significant effect on the Return on Equity (ROE) while Board Size (BS) and Audit Committee Meeting (ACM) did not have significant at their individual on Return on Equity (ROE). Results also, show that the variable- Board Composition (BC), Board Size (BS), Dividend Pay Out (DVDP) Financial Leverage (LEVR) has statistical significant effect on the Return on Asset (ROA) while Audit Committee Meeting (ACM) did not have significant at their individual on Return on Asset (ROA). The study recommend that Money deposit bank should strive to improve its performance along indicators of good governance – Leadership Ethics, Board Composition & Independence, Executive Compensation, audit committee, Transparency and Reporting, Stakeholder Engagement, and Compliance with rules and regulation lay down by Central Bank of Nigeria (CBN).
Keywords: Corporate Governance, Board Composition, Board Size, Audit Committee Size, Return on Asset.
The Impact of Government Expenditure on Health Outcome in Nigeria for the Period of 1995-2017
*Haruna Mohammed Dodo & **Usman Isa
*Department of Banking & Finance, Adamawa State Polytechnic, Yola **Department of Public Administration, Adamawa State Polytechnic Yola
This study examine the impact of government expenditure on health outcome in Nigeria for the period of 1995-2017. Annual time series data were used on Real Gross Domestic Product (RGDP), Total Government Expenditure on Health (TGEH), and Health Outcome (HOC) proxy by under-five mortality rate and Out-of-Pocket Health expenditure sourced from world Development Indicator 2018. Augmented Dickey unit root test to check the stationary of the variables and the result shows that only HOC that is stationary at level while RGDP, OPE and TGEH are stationary at first different order of 5% level of significant. Ordinary Least Square were also, conducted to examine the impact Government Expenditure on Health Outcome the result revealed that Total Government Expenditure (TGEH) has positive impact on Health Outcome (HOC) with coefficient 0.15627 and R2 0.99627 which shows the 99% variation of health outcome was as the result of RGDP, TGEH, OPE. While, the remaining 1% were not captured in the model and Durbin-Watson statistics is 1.567135 shows the absence of serial autocorrelation in the model. Granger Causality result shows bidirectional causality between health outcome (HOC) and real gross domestic product (RGDP) similarly, real gross domestic product (RGDP) and out-of-pocket expenditure (OPE). Finally, the study recommends that the government should Increase it expenditure on public health to improve the desirable health outcome in Nigeria.
Keywords: Government Expenditure; Health Outcome.
A Literature Review of Enterprise Resource Planning (ERP) System and Its Benefits on Business Organisation
Ibrahim Abubakar Mikugi; & Shafii Muhammadhamisu
Department of Business Administration and Management, Federal Polytechnic, P.M.B. 55 Bida, Niger State
The research paper examined the benefits of enterprise resource planning (ERP) System on business organisations. The paper adopted secondary sources of data collection through textbooks, internets, journals and other literatures. The overall benefits of ERP include improving performance and save time, optimize the control and analysis of management decisions there in the long term, reduced costs for the company operations. The paper specifically examined four functional areas; Human resources, Finance, Production and Marketing management functions and its ERP benefits along Strategic, Tactical and Operational lines. The theoretical and literature studies revealed that achieving a good business efficiency in each functional department is hinged on the desire to have an integrated and centralised system in a business organisation, thus ERP is highly needed to achieve this purpose. The paper concluded by recommending that business organisations should endevour to explore and apply ERP system in order to help reduce the cost of operations thereby remain competitive.
KEYWORDS: Enterprise, Functional areas, resource planning, business organisation, strategic functions, operational functions.
The Effect of Culture on Electronic Tax Acceptability among Corporate Tax Payers in Nigeria
Fatima Bello; Ali Usman; and Usman Mohammed Bature
Accountancy Department Federal Polytechnic, Bauchi
This study assesses the effect of culture on electronic tax administration acceptability among corporate taxpayers in Nigeria. The study adopted a cross sectional survey design and 344 questionnaires were distributed to corporate tax payers in Bauchi State using stratified random sampling technique. Data collected were subjected to tests of normality, validity, and reliability using IBM SPSS V.25. Correlation and linear regression analyses were used to assess the extent to which culture influenced the acceptability of electronic tax administration in the study area. The study found that culture has a significant influence on electronic tax administration acceptability in Nigeria. It is recommended among others that the use of the new tax system should be made compulsory to taxpayers as this could contribute significantly in reawakening the old culture of tax administration among tax officials and payers in Nigeria. Furthermore, policy makers should come up with a mapping policy that will ensure the acceptance and use of the system nationwide as this will increase the tax base of the country.
Keywords: Culture, Electronic tax, Corporate, Acceptance
Effect of Financial Liberalization on Stock market volatility in Nigeria
Oyesiji, Yinusa kolawole; Sikiru, Isiaka Olawale; & Oladeji Emmanuel Olayinka
Banking and Finance Department. The Oke- Ogun polytechnic, Saki (TOPS)
Financial liberalization exposes a country to external financial crises which do not necessarily originated from her territory, the 2008 world financial crisis was a good example. The Nigeria Stock Market was highly affected due to the contagious effect emanating from the world financial problem. This study examined the effect of financial liberalization on stock market return in Nigeria, Monthly time series data from January 2007 to July 2017 were sourced from the Central Bank of Nigeria Statistical Bulletin, Nigeria Stock Exchange publications and National Bureau of Statistical Bulletin. The ARCH effect was tested on stock market returns using the Breusch-Pagan Heteroskedasticity test. The result revealed that stock market returns during this period exhibits volatility which led to employing Generalized Autoregressive Conditional Heteroskedasticity in mean (GARCH-M) model and found that credit to private sector have negative effect on stock returns at p- value of (0.0069), while foreign portfolio investment, exchange rate and financial liberalization have positive effects on stock returns at p-value of (0.0117,0.0072,0.0129) respectively. While trade volume and oil price have statistically insignificant effect on stock market return in Nigeria. The study concluded that financial liberalization is very important to have an improved stock market returns and recommended that the Authority saddled with the regulations of the stock market in Nigeria (Security and Exchange Commission and Nigeria Stock Exchange) should create a conducive environment that will improve the liberalization of the financial sectors. Restrictive policies also need to be relaxed in order to have an efficiently performing financial market which is also a driving force of the capital market.
Keywords: Crude oil price, Financial Liberalisation, Global determinants, Return, Stock Market, volatility.
A Study of Entrepreneurial Skills Needed By Office Technology & Management Prospective Graduates for Successful Operation of Business Enterprise
Cephas N. Leka; & Bitrus Summi
Department of Office Technology and Management, Federal Polytechnic, Bauchi.
This study was conducted to examine the entrepreneurial skills required by office technology and management prospective graduates for successful operation of a business enterprise. Federal Polytechnic, Bauchi was the area of the study. The study examined the management skills, Human relation skills, Technical skills, and Communication skills needed by office technology and management prospective graduates for successful operation of a business enterprise. The research had four purposes and four research questions were formulated. The study employed a survey research design and the population consisted of 50 HND II students as the respondents. A questionnaire of 23 question items were asked to answer the research questions, using four point rating scale. The researchers administered the questionnaire to the respondents directly and collected the same back. Data collection were analyzed using mean. The finding revealed among others that, entrepreneurship skills will serves as basis for self-employment among the prospective graduates, which will reduce the problem of waiting for white collar jobs. It was recommended among others that prospective graduates of Office Technology and Management should strive toward entrepreneurial skills acquisition.
Keywords: Entrepreneurial Skills, Office Technology and Management, Business Enterprises.
The Relationship between Competitive Aggressiveness, Autonomy and SME Performance in Kaduna State.
Bello Taofik Abidemi 1, Muhammad Kabir Lawal 2, Lami Musa Yaro 3, Emmanuel Dashe Nanchan 3 And Umar Shehu 3.
1&3Department of General studies, Nigerian Institute of leather and science Technology. 2Department of Banking and Finance. ABU Business School, Ahmadu Bello University, Zaria. 3Department of Business Administration, National open University, Abuja
The study examines the relationship between competitive aggressiveness, autonomy and SMEs performance. The study data comprises of SMES operating in Kaduna State North West of Nigeria. The study questionnaires were distributed to key informants of SMEs such as owners and managers through self-administered method. PLS-SEM was used in testing the hypothesis. The result of PLS algorithm shows that competitive aggressiveness and autonomy is significantly related to SMEs performance. For entrepreneurs to have improved performance they should leverage on been competitive aggressive and autonomous in the market place. Similarly, the findings of the study will contribute to the literature and practice of SMEs, policy makers, managing directors, owners and researchers. Finally, limitations and suggestions for further studies were presented.
Keywords: autonomy, competitive aggressiveness, SME performance, PLS
The Role of the Administrator in Policy Development and Implementation in Nigeria
*Aligbe, B. A. Ph.D; & **Momoh, M. M.
*Department of Public Administration, Federal Polytechnic, Auchi, Edo state, Nigeria **Department of Accountancy, Federal Polytechnic Auchi, Edo State, Nigeria
This paper attempts a critical elucidation of the dynamics of administrative contributions in policy development and implementation in Nigerian federal system along the lines of inter and intragovernmental relations. It applies a descriptive research method to ventilate the views of varied scholars on the key issues affecting policy development and implementation in Nigeria federal system. The paper observes that there are inconsistencies in development policy formulation and implementation amongst the different organs and levels of government in Nigeria, the paper believes that the non-inclusion of the administrator has been the missing link. The current situation where the federal government is a towering overlord over the constituent states needs re-examination and possible realignment. In spite of this, the paper maintains that there is still hope for the consolidation of Nigeria’s federalism through effective policy formulation, implementation, evaluation, communication, and feedback mechanism which are the hallmark of an astute and seasoned administrator. The paper recommends the inclusion of the administrator in the mobilization of adequate resources for effective policy actions.
Keywords: Role, Administrator, Policy development, Implementation, Nigeria
Impact of Corporate Financial Structure and Investment Cost on Performance of Nigeria Manufacturing Firms
Department of Accounting, Nuhu Bamalli Polytechnic, Zaria
This study investigated the impact of corporate financial structure and investment cost on performance of manufacturing firms in Nigeria over a period of 10 years starting from 2007 to 2016 using 4 listed agricultural firms in the Nigerian stock exchange market. STATA 13 tool of analysis was used to run series of analysis tests such as descriptive statistics, correlation matrix, regression analysis and other post estimation test such as skewness and kurtosis test, variable inclusion factor-VIF test, heteroskedasticity test, specification test, fixed effect regression test, random effect regression test and hausman test. The output of hausman test result suggested the reporting and analysis of panel longitudinal random effect GLS regression model and qausi experimental expo factor survey methods. The study employed equity ratio-ER, debt ratio-DR, the moderation of equity ratio by interest rate-ERIR, and the moderation of debt ratio by interest rate-DRIR to proxy corporate financial structure while return on assets-ROA was used to represent performance of listed agricultural firms. The findings posited that ER and DRIR had positive significant impact on ROA at 1% and 10% levels of significance respectively. DR and ERIR on the other hand were found to have a negative significant impact on ROA at 5% and 1% levels of significance respectively. It was recommended therefore that: equity funds/shareholders capital should comprise more than 50% of the total capital structure of firms which is expected to be imposed by the board of directors and/or regulatory authorities of agricultural sector; management should ensure that debt ratio comprise a very little fraction of the total capital structure of firms; investment cost should first and foremost be prioritized while selling shares to raise initial or additional funds to firms capital structure; and the cost of sourcing for debts should be managed at its barest minimum level through the appropriate use of investment appraisal techniques.
Keywords: Corporate Financial Structure, Equity Ratio, Debt Ratio, Investment-cost, Performance, Return on Assets and Agricultural Sector.
Impact of Monetary Policy on Economic Growth of Nigeria
Ndife, Chinelo Franca
Department of Business Administration, Federal Polytechnic, Okoh, Anambra State.
This study determined the effect of monetary policy on economic growth of Nigeria. The study employed data on prime lending rate, maximum lending rate and inter-bank call rate as monetary policy variables while the gross domestic product at current prices is used as a measure of economic growth. The data is quarterly data from Q1 2010 to Q3 2018 which is currently the maximum available data on quarterly GDP. The multiple linear regression analysis was used to fit the relationship between monetary policy variables and the growth of Nigerian economy. The interest rates are the independent variables while GDP is the dependent variable. The study found that only maximum lending rate has significant effect on economic growth in Nigeria. This study contributes to the divergent results on the effect of monetary policy on economic growth. The current findings lead to the conclusion that the monetary policy has significant effect proxied by the maximum lending rate has significant effect on economic growth. The study therefore recommends that the monetary authority should channel their policies towards improving other interest rates channels for effective monetary policy mechanism.
Keyword: monetary policy, economic growth, inter-bank rate, prime maximum lending rate.
Determinants of Financial Sustainability of Financial Institutions in Africa: Evidence from Nigerian Deposit Money Banks
Salau, Ayo Rahmat; Salau, Oloruntoba Nasir; & Adeoye, Elizabeth .T.
Department of Accountancy, Federal Polytechnic, Bida, Niger State
The importance of financial sustainability of financial service providers in ensuring the economic development of any nation or continent cannot be over emphasized. Considering the problem of liquidation facing financial institutions in Africa in 21st century, this study is considered necessary. Financial sustainability of financial institutions is crucial for long-term success and development as they provide the opportunity of meeting the needs of the present without compromising the ability of the institutions to continue in foreseeable future – legal entity. Using Nigeria as a case, this study examines the determinants of financial sustainability of Nigerian deposit money banks from 2009-2018. The study adopts ex-post facto research design and the determinants used in the study are leverage, liquidity, firm size and capital adequacy of the banks. The population of the study comprises 14 listed deposit money banks on the Nigerian stock exchange as at 31st December, 2018. The data were collected through secondary method and panel multiple regression was used for the analysis. The study discovers that liquidity and capital adequacy have positive significant effect on financial sustainability of the banks while leverage and firm size have positive but insignificant effect on financial sustainability of deposit money banks in Nigeria. Based on the study findings, the study concludes that increase in liquidity and capital adequacy will significantly increase financial sustainability. Hence, improving liquidity and capital adequacy of the banks would improve the financial sustainability as this facilitates asset growth. Based on the conclusion, the study recommends that Deposit money banks should maintain a good liquidity level in order to meet with the bank operations. Also, the regulatory bodies should mandate the banks to improve on their capital adequacy level in order to avoid bank liquidation.
Keywords: Financial sustainability, Determinants of sustainability.
Road Transport Busisnes and Sustainable Tourism Management: A Case of Godbless Ezenwata Nigeria Limited
Ononogbo Kingsley Ugochukwu & Okunlola Kafilat Asake
Department of Leisure and Tourism Management, the Federal Polytechnic, Bida, Niger State.
Road transport is the most exploited means of conveying passengers and goods from one place to another, usually undertaken by use of cars, buses or any other vehicle from the tourist’s place of origin to the destination. The purpose of this study was to assess the challenges facing the road transport business of God Bless Ezenwata Nigeria Limited with a focus on its Minna-Onitsha route. The survey was administered on staff and passengers boarding the God Bless Ezenwata Nigeria Limited buses from Minna in North Central to Onitsha in the South Eastern part of Nigeria. Data were coded using EXCEL and the SPSS packages while analyses were done with the aid of the percentage, mean and the Chi-square technique. Research evidence revealed that the constant quarrels between drivers and passengers, non provision of back up buses during a breakdown, non availability of air-conditioners and delays in taking off from the park as scheduled have compounded the challenges of passengers at God Bless Ezenwata Nigeria Limited. It is however, recommended that as a mark of company policy, buses should depart at scheduled times, air conditioners and back up vehicles should be provided in cases of breakdown of.
Keywords: Road transport, transport business, sustainable tourism, sustainable management, transport company.
Optimum Productivity of Labor and Cost Analysis of Chicken Production in Kaduna State, Nigeria
Umar Tabari Yero.
Department of General Studies, Nuhu Bamalli Polytechnic Zaria, Kaduna State, Nigeria
Chicken production was a source of labor employment as revealed by the study. The optimum productivity of labor employed in chicken production differs between chicken production categories, the optimum productivity of labor in broiler production was1431 birds per labor per farm/year, pullet was 1080 per labor and 1599 layer per labor. The Average Total Cost (ATC) and Marginal Cost (MC) in chicken production decline as chicken output increases; the study also reveals that economies of scale existed in chicken production in the study area. MC, MR relationship revealed a profit maximizing position of chicken producers in the study area. The study recommends that optimum productivity of labor should be adhered to by the chicken producers in order to minimize cost and maximize profit.
Keywords: Chicken production, Cost, Optimum productivity, Revenue and Profit
The Impact of Public Infrastructure on Industrialization
*Bimba Gana; *Moshood Abdulrahim; **Adaeze .U. Ewah; &***Kanu Nnabugwu .C.
*Consultancy and Business Development Department, National Productivity Centre, Headquarters. **Corporate Affairs and Information (CAI) Department, National Productivity Centre, Enugu State Office. ***Productivity Measurement and Index Department, National Productivity Centre, Owerri State Office.
This study attempted to investigate the role of public infrastructure on the industrialization of Nigerian economy for the period 1981 to 2016. The extent to which the public and private sector can develop the infrastructural facilities, such as roads, rail lines, power, sewage, water, and telecommunication, etc., is the extent to which the industrial sector will have the required impetus to become more productive. The study investigated the impact of infrastructure in a VAR environment, after subjecting the data to pre-test for to check the stationarity and co-integration of the variables. The work embarked on variance decomposition to examine the impact of infrastructure on manufacturing sector. The findings revealed that expenditure on infrastructure does not significantly impact the manufacturing output in the short run, but becomes more significant in the long run. The study therefore went ahead to recommend that a deliberate and consistent attempts has to be made to develop the infrastructure of the economy so as to yield the desired manufacturing or industrial output expansion desired.
Keywords: Impact, Public, Infrastructure, Industrialization, Industrial Output and Economy.