Growth

Money Supply Movement and Food Inflation in Nigeria

Yusuff Olatunji Ashiru — Thu, 31 Mar 2022 00:00:00 +0000

Among the major macroeconomic objectives of any nation is to ensure higher economic growth without significant and persistent upward trend in the general price level. No wonder monetary authorities do emphasis low inflation-output growth. In Nigeria, all efforts of the Central Bank of Nigeria (CBN) to achieve single digits inflation over the years have been abortive. Against this background, this paper examines the impact of money supply on food inflation in Nigeria using monthly data between 1996:01 and 2021:12. The augmented Dickey-Fuller test of unit root is to check the stationary of money supply growth and food inflation. Thereafter, an autoregressive distributed lag model (ARDL) model is specified in order to capture both contemporaneous and effects of money supply on food inflation and the model is estimated using the ordinary least squares (OLS) estimation technique. The results reveal that money supply has contemporaneous effect on food inflation. No evidence of lagged effect is found. It is therefore concluded that controlling the growth in money supply is an effective measure to control food inflation.

Evaluation of Manufacturing Sector Performances and its Employment Creation in Nigeria

Anna N Tizhe, Umar SS, Idris Abubakar — Wed, 06 Apr 2022 00:00:00 +0000

This study evaluates the performances of manufacturing sector and its effects on employment creation in Nigeria. Historical data relating to performance of some selected sectors of the manufacturing sector of the economy and employment were gathered. Secondary sources (Central Bank of Nigeria (CBN), Nigerian Economic Submit Group (NESG) and Manufacturing Association of Nigeria (MAN)) were explored for data used in this study. Data were analysed using descriptive approach .This study documented that performances of the sector has not been encouraging given its overall percentage contributions to growth of Nigeria economy. Poor performances of manufacturing sector have far-reaching negative effect on the employment generation and standard of living of the people. Therefore, to improve this sector, this study recommends the strengthening of the infrastructures especially energy, transportation, security system, reduction of interest rate and avoidance of imposition of multiple taxes as the major impediments to manufacturing performances in Nigeria.

Employee Benefits and Earnings Per Share: The Case of Consumer Goods Firms in Nigeria

Agubata, Stella Nonye, Emeka-Nwokeji NA, OGWU Stephen Obinozie — Thu, 28 Apr 2022 00:00:00 +0000

The development of an economy involves the agglomeration of the output of various firms across the sectors. Firms’ output is basically a function of employees’ motivation. Thus, meeting the employees’ aspirations is an essential condition. The study aims at examining the effect of employees benefits on financial performance of consumer goods sector in Nigeria using panel dataset from ten consumer goods firms listed on the Nigerian Stock Exchange (NSE) and ranges from 2012 to 2019. To achieve the stated aim this study employed the panel Random effect modeling approach after subjecting the dataset to series of tests to validate its conformity with statistical prescriptions. The study's findings show that, in varied degrees, gratuity (GRY), medical allowance (MDA), and salary (SAY) has statistically significant influence on earnings per share (EPS), which is utilized as the measure of organizational development in the study. Gratuity and medical have negative effect, while Pension (PSN) and Salary were found to have positive effect. However, Pension is statistically insignificant. The implication of the findings is that an increase in salary has the tendency of enhancing organizational development. Thus, for organizational development through employees’ benefits, salary increment will have to be given a serious consideration and maybe Pension too.

Impact of Budget Deficit Financing on Money Supply in Nigeria

Mon, 23 May 2022 00:00:00 +0000

This study empirically investigated the impact of budget deficit financing on money supply in Nigeria. The study is modeled using a framework of Keynesian theory of budget deficit financing and Richadian Equivalent hypothesis. Due to the homogeneity of macroeconomic variables, it adopted a vector error correction mechanism (VECM) which shows the existence of long run relationship between money supply and indicators of financing budget deficit. The general findings revealed that external source of financing budget deficit; internal source of financing budget deficit as well as debt servicing has a significant effect on money supply for the period under review in the Nigerian context. Base on these findings, the study recommended that external and internal source of financing budget deficit should be encouraged for effective and increased economic stability in Nigeria and not for political reasons. It should be properly channeled to productive sector of the economy that enhances economic stability.

Multi-Poverty and Deprivation in Chad: Multidimensional Approach Using the Fuzzy Set Theory

Themoi Demsou — Thu, 24 Nov 2022 00:00:00 +0000

The general objective of this paper is to analyze the configuration of poverty in Chad using a multidimensional approach, while previous work has for the most part favored the monetary or one-dimensional approach. The multidimensional approach adopted is based on the fuzzy-set also called the fuzzy set theory. To achieve this objective, multidimensional poverty indices are calculated by the formulations of membership functions called "totally fuzzy approach (TF)" by Cerioli and Zani. They are broken down according to the Camilo Dagum’s method. The data are the Household Budget and Consumption Surveys in 2003 (ECOSIT2) of 7,008 households and in 2011 (ECOSIT3) of 10,200 households. The results show that the multidimensional poverty index (fuzzy poverty index) is 48.47% in 2003 and increases unlike in 2011 to 58.89% while monetary poverty is 55% in 2003 and 46. 67% in 2011. In Chad, in all areas, poverty persists. The energy dimension is the one where we find more poor people followed in descending order of housing, sanitation and education. We recommend that the public authorities prioritize, within the framework of the fight against poverty, the electrification of all regions because energy contributes more than 90% to the construction of poverty in 2003 and 2011, etc.