| 1 |
Author(s):
Eyayu Tesfaye Mulugeta.
Page No : 1-28
|
Macroeconomic Determinants of External Debt Accumulation in Ethiopia: An ARDL Bound Testing Approach
Abstract
This study attempts to explore the major macroeconomic determinants of external debt stock growth in Ethiopia prompted by a continuous increase in government external borrowing over the period 1981-2018. For this purpose, the study employed the ARDL bound testing approach and all the necessary time series diagnostic tests were conducted. The long run model estimation result revealed that per capita GDP growth has a positive and significant effect on the country’s external debt stock. The result also revealed that the budget deficit and political instability put a significant upward pressure on the external debt stock growth of the country both in the short run and long run. Consistent with some existing empirical evidence, the study revealed negative and significant influence of openness and infrastructure development on the external debt stock growth. Consequently, the government should embark on prudent borrowing to achieve structural transformation.
| 2 |
Author(s):
Andabai Priye Werigbelegha (Ph.D), Ogaga Timiepere Cornelius.
Page No : 29-38
|
Determinants of Exchange Rate Volatility and Its Implication on the Nigerian Economy (1995-2020)
Abstract
The study investigates the determinants of exchange rate volatility and its implication on the growth of the Nigerian economy; for the period (1995-2020). Secondary data were collected from the Central Bank of Nigeria Statistical Bulletin, 2020. The study employs Gross Domestic Product as proxy for the Nigerian economy and used as the dependent variable; whereas, exchange rate, import trade and export trade were used as explanatory variables to measure exchange rate fluctuation. Time series econometric techniques are used to test the hypotheses. Exchange rate has an insignificant impact on Gross Domestic Product in Nigeria. Import trade has a significant impact on Gross Domestic Product in Nigeria. Export trade has a significant impact on Gross Domestic Product in Nigeria. The error-correction result confirms that about 71% short-run adjustment speed from long-run disequilibrium. The coefficient of determination indicates that about 68% of the variations in the growth of the Nigerian economy can be explain by changes in exchange rate volatility variables. The study concludes that exchange rate fluctuation is positive; but, had a significant impact on the performance of the Nigerian economy. The study recommends that Government should encourage the export promotion strategies in order to maintain a surplus balance of trade and also conducive environment, adequate security, effective fiscal. The policy towards interest rate should be made such that savings would be stimulated thereby placing more funds in the hands of banks to intermediate to investors seeking funds. Government and policy makers should provide infrastructural facilities so that foreign investors will be attracted to invest in Nigeria. Government and policy makers should increase their surveillance on the commercial banks; in order to address the issue of arbitrarily increase of the exchange rate.
| 3 |
Author(s):
Dr. Nnaemeka Bennet Christian Dillon Okoye, Prof. Ikechukwu Onyegiri, Dr. Marcellinus Okafor.
Page No : 39-85
|
Examining Flexibility in Space Use in Architectural Designs of Public Core Housing Schemes in Anambra State of Nigeria
Abstract
Studies indicate flexibility in space use in architectural design as enhancing core housing affordability. Despite this and the notion that intended residents cannot afford core houses, it is not yet documented what constitutes this attribute, and whether they featured in the core house designs. This information, required as a check for future designs, is lacking. Study examined flexibility in space use in architectural designs of existing public core housing schemes in Anambra State, Nigeria, using Mixed Method approach (data sourced from architectural drawings of existing prototypes, field observations and personal interview protocols). Observation schedule with “Yes” and “No” ratings was used in ascertaining reflection of the attribute in each of the 7 prototypes studied. The attribute was found featuring only in 1 out of the 7 prototypes. For affordability improvement, the paper recommends consideration of the variables constituting flexibility in space use in future core housing designs in Anambra State.
| 4 |
Author(s):
Ekponaanuadum Nwinee, Kenigheni Good-Wilson (Ph.D).
Page No : 86-95
|
Interest Rate Deregulation and the Performance of Deposit Money Banks in Nigeria from 1989-2020
Abstract
The research examined interest rate deregulation and the performance of deposit money banks in Nigeria for the period of 1989-2020. The objective of the study is to examine the impact of interest rate deregulation on the performance of deposit money banks in Nigeria and to examine the causal relationship between interest rate deregulation and performance of deposit money banks in Nigeria. The estimation output of the research shows a positive relationship between interest rate and bank performance in Nigeria measured by Total Assets of Deposit money banks in Nigeria. The coefficient of determination (67%) also shows above average explanatory power of the independent variables on the dependent variable. The results of the study show a long and short run relationship between the dependent variable (Total Assets) and the independent variables (Interest rate, inflation rate, loans and advances). The result also shows unidirectional causality between Total Assets and Loans and Advances. The research recommended among others that the CBN should consider not frequently changing the MPR (monetary policy rate) and CRR (Cash reserve ration) which most of the time influence interest rate peg of the deposit money banks.
| 5 |
Author(s):
Sheriff Ghali Ibrahim, Thomas Agbor, Ahmet Arabaci.
Page No : 96-103
|
Impact of the Belt and Road Initiative on World Politics and Economy
Abstract
This paper aims at focusing on the main impact of the China belt and road initiative on world politics and economic development. Given that the BRI is a foreign policy launched by the Chinese government under the leadership of President Xi, and this time on a large scale with a plethora of impacts designed to build a network of mutually benefiting economic activities among the China neighbours across the Eurasian continent and the maritime routes between China and Europe, with plans to extend to Africa. The collaborative efforts of this initiative would expand global trade and increase economic development among the countries within the One Belt, One Road area. The initiative also presents scepticisms, uncertainties and concerns among political elites, offering observers the outlook of the advantage the initiative offers the Chinese at the expense of developing countries. The paper uses the secondary data methodological approach in presenting its reviewed literature. The paper adopts the theories of geopolitics that explain the political power linked to geographical space that comprises water and land as its territories. The objective of the Belt and Road Initiative is to enhance the connectivity of infrastructure, trade liberalization, and global financial integration. The article investigates the development of the project from global political, geographical, economical and international relations perspectives.
| 6 |
Author(s):
Nwachukwu Nnamdi.
Page No : 104-118
|
Impact of Exchange Rate on Balance of Payments in Nigeria
Abstract
This study examined the impact of exchange rate on balance of payments in Nigeria. Data for the study which are balance of payments, exchange rate, interest rate, trade openness and crude oil price were extracted from the Central Bank of Nigeria (CBN) statistical bulletin covering the period 1981-2019. The method of data analysis is the Vector Error Correction Mechanism (VECM). The results reveal that there is a positive relationship between balance of payments and exchange rate in Nigeria, exchange rate has significant impact on balance of payments in Nigeria (t-stat = 2.47441) and there is causality relationship between exchange rate fluctuations and balance of payments in Nigeria (p-value = 0.0174 < 0.05). It is therefore the recommendation of this study that the government should encourage make political and industrial peace and stability a top macro-political policy priority.
| 7 |
Author(s):
Dr. Amangwai Josiah Monday, Dr. Amos Nklekerem.
Page No : 119-128
|
Fighting Poverty in Nigeria Using the Libyan Experience During the Era of Muammar Gaddafi
Abstract
This paper discusses the concept of poverty and relates it to Nigerian situation and looks at various poverty reduction strategies by successive governments in Nigeria and agrees that such strategies did not yield the desired results as more than half of the country’s population still wallows in poverty. The paper looks at the experience of the Libyan government under the administration of Muammar Gaddafi in fighting poverty as an example that can be replicated in fighting poverty in Nigeria. The paper concludes by recommending ways in which the Nigerian Government can adopt in tackling poverty in the country.
