| 1 |
Author(s):
Dorathy Christopher Akpan, Patrick Edet Akinninyi , Precious Essang Inwang.
Page No : 1-15
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Effect of Environmental Disclosure on Cost of Equity of Listed Consumer Goods Firms in Nigeria
Abstract
As concerns about climate change, pollution and resource scarcity intensifies, stakeholders are placing greater emphasis on the environmental practices of organisations. Based on this, the study examined the effect of environmental disclosure on the cost of equity of listed consumer goods firms in Nigeria. Ex-post facto research design was adopted, and panel data covering ten (10) years (2013-2022) were collected across eighteen (18) listed consumer goods firms in Nigeria which formed the sample size of the study. The data collected were analysed using panel multiple regression analysis via E-views 10.0 statistical package. The study findings revealed environmental risk disclosure (Coeff. = -0.0269{0.0107}) and waste management disclosure (Coeff. = -0.0178{0.0009}) have significant negative relationships on cost of equity (COE) of listed consumer goods firms in Nigeria while greenhouse gas emission disclosure (GGED) has an insignificant negative effect (Coeff. = -0.0075{0.3966}) on cost of equity (COE) of listed consumer goods firms in Nigeria. It was thus concluded that environmental accounting disclosure plays a crucial and significant role in shaping the cost of equity of listed consumer goods firms in Nigeria. The study recommended, amongst others, that regulatory bodies and industry associations should advocate for the integration of robust waste management disclosure strategies within corporate reporting frameworks to mitigate environmental impact and promote sustainable business practices.
| 2 |
Author(s):
Ibrahim Musa, El-Yaqub Ahmad. B., Sule Magaji.
Page No : 16-33
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Nexus Between Financial Liberalization and Economic Growth in Nigeria (1987-2022)
Abstract
This study examines the influence of banking sector liberalization on economic growth (GDP) in Nigeria by employing the Ordinary Least Square (OLS) approach. Findings from the study show a positive association between the measurement of financial deepening (FD); which implies that greater financial liberalization (FLB) aligns with GDP. A more robust domestic currency results in diminished GDP. The result further indicates a positive correlation between FDM and GDP signifying that a unit increase in FDM results in a 0.012070 unit increase in GDP, a unit increase in exchange rate (EXR), leads to a decrease of 4,705.546 unit in GDP and a unit increase in inflation (INF) leads to 5,428.744 unit increase in GDP. Therefore, the study recommends that it is essential to maintain a balanced approach to EXR management and policies should aim for stability to support GDP while considering the impact on international trade competitiveness.
| 3 |
Author(s):
Uche Okoro Orji (Ph.D.).
Page No : 34-45
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Moderating Influence of Corruption on the Relationship between Aggregate Tax Revenue and Economic Development in Nigeria and Ghana
Abstract
The study examines the moderating influence of corruption on the relationship between aggregate tax revenue and economic development in Nigeria and Ghana. Ex-post facto research design was adopted for the study where country specific data extracted from the annual publications of OECD database on tax revenue in Africa, Central Bank of Nigeria and Transparency International (TI) for the periods 1981 to 2022 were used. The dependent variable was economic development measured with Gross Domestic Product at 2015 Constant price while the independent variable was Aggregate tax revenue. The relationship between the dependent and independent variables was moderated by the presence of corruption measured by Corruption perception index for Nigeria and Ghana. Different econometric techniques were applied in the study while the data was analyzed by means of the Autoregressive Distributed Lag (ARDL) model using E views Version 10. The findings showed that in Nigeria and Ghana, aggregate tax revenue had a positive and significant influence on economic development both short and long run whereas corruption had a negative but significant influence on the relationship between tax revenue and gross domestic product of Nigeria and Ghana. The study therefore recommends among others that the respective governments of Nigeria and Ghana should put in place adequate fiscal measures to ensure that revenue generated from taxes are effectively utilized to develop their economies. They should also see the need to tackle corruption in the process of executing projects by ensuring that activities of bad and corrupt leaders are closely monitored through further strengthening the hands of the anti Graft Agencies like the Economic and Financial Crimes Commission (EFCC) and ICPC to have the political will to persecute corrupt leaders and managers of public funds.
| 4 |
Author(s):
Anderson Emmanuel Oriakpono (Ph.D.), Sowunmi Bolanle Musiliu.
Page No : 46-69
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The Influence of Nigeria’s Level of Public Debt on the Country’s Ability to Sustain Fiscal Stability
Abstract
This research investigates the impact of public debt exposure on Nigeria's fiscal sustainability through an ex post facto research design. The study utilizes quarterly data from 1986 to 2021, comprising 36 data points sourced from the Central Bank of Nigeria (CBN) and World Bank databases. Employing descriptive statistics, unit root analysis, Johansen co-integration, and Vector Error Correction techniques, the analysis maintains a significance level of 5%. The model exhibits a satisfactory fit with an R-squared value of 0.67 and an Adjusted R-squared value of 0.65. Key factors, including the domestic debt to GDP ratio, external debt to GDP ratio, debt servicing to GDP ratio, economic growth, exchange rate, and interest rate, undergo evaluation for their impact on Nigeria's current account balance and budget deficit/surplus. The findings highlight the external debt to GDP ratio, debt servicing to GDP ratio, economic growth, exchange rate, and interest rate as primary determinants of Nigeria's fiscal responsibility. The study recommends several measures based on these findings. These include managing external debt effectively, prioritizing debt servicing, promoting economic growth, monitoring exchange rates and interest rates, strengthening debt management practices, diversifying revenue sources, enhancing budget discipline, and improving governance.
| 5 |
Author(s):
Olayemi Omowumi Ayoola-Akinjobi.
Page No : 70-86
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Block Chain Technology, Cryptocurrency and Revenue Generation: A Systematic Review
Abstract
The huge debt profile of Nigerian government dictates the need to look for alternative means of financing. This paper explored how the Nigerian government can increase its revenue through block chain technology and crypto currency. The study adopted a qualitative research approach by reviewing related literatures. The study concluded that even though crypto currency was not recognized as legal tender in Nigeria, the government can take advantage of the emerging and growing market of crypto currency by taxing it, this study recognized the fact that Nigeria government just enacted an act imposing 10% capital gain tax on digital assets including crypto currency, the government can still do better. It therefore recommended that Nigeria government should adopt the USA model of taxing crypto currency whereby not only capital gain tax would be charged, but also income tax and value added tax; thereby increasing the total revenue generated from this avenue.
| 6 |
Author(s):
Oluwaseun Grace Obisesan (Ph.D.).
Page No : 87-103
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Currency Devaluation and Economic Growth in Nigeria
Abstract
This study examined currency devaluation and economic growth in Nigeria. Specifically, the study economic growth, balance and external debt on currency devaluation in Nigeria and tracked the direction of causality between currency devaluation and real economic variables in Nigeria. The study adopted the qualitative and quantitative research design. Secondary time series data covering 1990 to 2020 were obtained in the study. Estimation methods used in the study’s analysis includes descriptive statistics, correlation analysis, ARDL Co-integration analysis, parsimonious error correction model, granger causality test and other post estimation tests. Findings from the study revealed that gross domestic product exert positive significant impact on currency devaluation captured with currency devaluation both in the short and long run; balance of trade exert positive significant impact on Nigeria currency devaluation both in the short run and insignificant positive impact in the long run; external debt exerts negative significant impact on Nigeria currency devaluation in the short run; and positive significant impact in the long run; and a unidirectional relationship exists between external debt and currency devaluation, balance of trade and currency devaluation, external debt and balance of trade respectively. Premised on these findings, the study advocated that government in collaboration with monetary agencies should seek sound measures to reduce import and encourage exports towards maintaining positive trade balance and improve economic growth; government should create and introduce economic reforms or macroeconomic policies targeted at causing friendly business environment, boost economic output and improving the performance of the economy and government and the Central Bank of Nigeria should ensure debts contracted are deployed towards encouraging investment in exportable goods and services.
