| 1 |
Author(s):
Dr. Bosede Olanike Awoyemi.
Page No : 1-14
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The Responses of Public Debt to Changes in Government Expenditure in Nigeria
Abstract
This study focused on the public debt and government expenditure in Nigeria. Understanding the determinants of total debt stock has become increasingly important based on the need to improve government fiscal and debt sustainability both of which are currently in distress. The study applied the Auto-regressive Distributed Lag (ARDL) models over the periods 1995-2018 to analyze the responses of public debt and debt to GDP ratio to the government recurrent and capital expenditure, primary balance as a ratio of GDP and interest rate. The bound cointegration test was conducted to assess the existence of long run relationship among the variables. The empirical results suggest that recurrent and capital expenditure as ratio of GDP as well as primary deficit to GDP are significant determinants of public debt and debt to GDP ratio in Nigeria with expected signs. Finally, it is concluded that the Nigerian economy can reduce public debt and debt to GDP ratio by increasing the capital expenditure, since increasing capital expenditure often has significant impact on the output and higher output could bring down the Debt-GDP ratio. Therefore, the public debt management strategies and efficient government expenditure management frameworks should be put in place to provide fiscal and debt sustainability and enhance the growth process in Nigeria.
| 2 |
Author(s):
Chris AC-Ogbonna (Ph.D).
Page No : 15-29
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Public and Private Sector Performance in Nigeria: Problems, Challenges and Strategies for Improved Performance
Abstract
The historical background of Privatization dated back to 1970 when the Nigerian economy began to experience economic depression. The adverse impact of this economic cum development crisis became monumental in the early part of 1980, as the nation witnessed a dramatic decline in economic performance. There were no available record to show the number of public enterprises in the country today, though conflicting estimates have been given by analysts, Udoji, Ani and Onosode Panels of inquiries, whose panels recommended Privatization and Commercialization of the Public Enterprises as a way out of the quagmire and a step towards achieving faster sustainable development for the country. The analysis that follows tries to discuss privatization experiences and developments in the Nigerian economy. The objective of the study is to examine and analyze the challenges confronting privatization programme in Nigeria. The assumptions of the study are that Nigeria cannot be proposing of becoming one of the leading twenty economies in the world by 2020, (vision20:20) when there is poor performance of her public enterprises and even the performance of the private sector does not absolutely guarantee sustainable development. The study recommended that government has no business being in business, government should address the problem of infrastructural decay in the country, provide adequate and stable power supply, provide other enabling environment for high output performance of the industries in Nigeria and put restrictions on the activities of touts, double taxation and imported goods etc.
| 3 |
Author(s):
Naftaly Mose, Irene Jepchumba, Lawrence Ouru.
Page No : 30-37
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Macroeconomic Determinants of Domestic Private Investment Behaviour
Abstract
The level of private investment in Kenya, Rwanda and Burundi (KRB), as a percentage of real Gross Domestic Product, has been fluctuating over time since independence. Several studies have been carried out on regard to the macroeconomic determinants of private investment at country level, but the findings are inconclusive. Conversely, from the empirical literature review, these studies have failed to capture the impact of availability of credit on private investment in the three states. It is against this limitation that this exploration was conducted in three states using Modified Flexible Accelerator hypothesis so as to show the relationship between private investment and explanatory variables. The results for this study revealed that credit availability exerts a positive and statistically significant impact on private investment growth in KRB hence confirming the key role of domestic credit. From policy perspective the policy makers need to formulate domestic financial sector reform policies to ensure a well-functioning financial institution that promotes domestic credit especially to prolific sectors of the individual economy. This will consequently promote economic growth and help in realizing the domestic macroeconomic targets as well as Sustainable Development Goals.
| 4 |
Author(s):
Richard Osadume (Ph.D, FCA), Azuka Monday Okuoyibo.
Page No : 38-51
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Determinants of Maritime Trade in Nigeria: A Theoretical Underpinning
Abstract
This paper studies the determinants of Maritime Trade in Nigeria: A Theoretical Underpinning. The objective of this study is to establish the conceptual and theoretical constructs that determines Maritime Trade in Nigeria. The study adopted a theoretical approach and examined key literature, theories and empirical works. The findings from this study showed that maritime trade contributes to economic growth and concludes that growth in Maritime trade is necessary for Nigeria maritime subsector growth and recommends amongst others the full and speedy implementation of the port reforms as this will assist open up the Nigerian seaports for increased trading activities and maritime revenue; It further urged the government to create enabling environment for indigenous vessel owners and operators through granting of access to the country’s Cabotage vessel Financing funds to acquire bigger and sophisticated vessels to boost international Shipping business.
| 5 |
Author(s):
Sheriff Ghali Ibrahim, Momoh Mohammed Kabir .
Page No : 52-65
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The Dynamics of Sino – American Economic Relations in Contemporary World Order
Abstract
The paper focuses on the dynamics of China-US economic and trade relations in the contemporary world system and analyses the changing nature of their bilateral ties, which is seen to be a relation between the first and second largest economy of the world. The paper adopted historical-descriptive research from the secondary methodology using library instrument for data and relevant information. The paper discovered that China and the United States have different national conditions, and are at different stages of development, market economy and market maturity. They both have sensitive economic fields and their own focuses of concern in economy and trade. Factors such as national conditions and stages of development determine the status, division of labour, openness and developing paths of the two countries in globalization. A correct view on their differences is important to accurately grasp the historical trend and promoting the balanced development of the bilateral economic and trade relations. Findings also show that the two are in a difficult moment since the beginning of the trade war or ever since President Donald Trump came to power. This has exacerbated to closing embassies both in the United States and China in July 2020. Looking into the future, China is willing to make joint efforts with the US to encourage Chinese enterprises to participate in US infrastructure construction, further open up markets, promote two-way investment, and promote bilateral investment treaty negotiations to further strengthen China-US trade and economic cooperation. At the same time, the two sides should properly deal with economic and trade frictions through dialogue and consultation under the principle of mutual respect, equality and mutual benefit. China-US economic and trade cooperation has great prospect and huge potential. The paper recommends that the two sides should try as much as possible to mitigate tension and enhance Trade and Economic Cooperation between and among their Provinces. Trade and Economic cooperation between the two sides would serve as an important basis for robust commercial relations that can promote friendship and expand mutually beneficial cooperation, among other things.
