INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCES & ENTREPRENEURSHIP
Vol. 6 No. 5 (IJMSE) SEPTEMBER, 2018
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EXCHANGE RATE VOLATILITY AND FOREIGN DIRECT INVESTMENT IN NIGERIA
ANGELINAH KURUBO OSU (Ph.D), ODILA JANE OGECHI & OYINKEPREYE PETER EGBEJULE
Department Of Economics, Ignatius Ajuru University Of Education, Rumuolumeni, Port Harcourt
The importance of Foreign Direct Investment (FDI) cannot be overemphasized; it is a vital source of financing development. It augments on efficiency raises skills of local manpower, facilitates transfer of technology, generates employment and stimulates productivity resulting in broad welfare improvements. Grantingthat Foreign Direct Investment (FDI) could have a substantial influence on the growth of an economy, poverty reduction and the achievement of various dimensions of human development as enunciated in the Millennium Development Goals. The paper adopted the econometrics technique and subjected the data to stationary test. The result of the test shows that the variables are stationary at first difference, this informed the use of the Johansson co-integration technique and the variables were integrated of order one 1(1). The result of the parsimonious error correction shows that an inverse relationship exists between Foreign Direct Investment and Exchange Rate Volatility (ERV), while direct relationship exists between FDI and export and import. The study therefore, concludes that Exchange Rate Volatility affects the inflow of Foreign Direct Investment negatively. Thus, the paper recommends that government should control the fluctuation in exchange rate by adopting fixed exchange rate regime.
KEYWORDS: Exchange Rate Volatility, Foreign Direct Investment
HEALTHCARE SERVICE DELIVERY FOR A NEW NIGERIA: A STUDY OF NATIONAL HEALTH INSURANCE SCHEME IN SOUTH EAST, NIGERIA.
PROMISE C. OPARAH
Department of Marketing, Nnamdi Azikiwe University Awka, Anambra State Nigeria.
This paper aims to measure service quality by relating it to the expectations and perceptions of National Health Insurance Scheme (NHIS) enrollees in Federal Institutions in South-East Nigeria. A questionnaire based upon a 22-question modified version of SERVQUAL was designed to obtain information about expected versus perceived levels of service quality from consumers. A second 22-question instrument seeking healthcare providers’ perceptions of expectations of the consumers was also devised. The data collected were then contrasted. The paper identified a gap score of -0.0055 between expectation and perception, and concludes that consumers perceived inferior quality of service from Healthcare Providers, who are the gate keepers of NHIS; and that Seven Service Quality Gap Theory by Lovelock and Wirtz (2004) is applicable in healthcare delivery.
KEYWORDS: Service quality, expectations, perceptions, National Health Insurance Scheme, Enrollees, Healthcare Providers.
IMPACT OF LENDING ON FINANCE OF SMES IN NIGERIA
Business Administration, College of management and Social Science, Salem University, Lokoja.
The performance of small and medium scale businesses over time has proved to be the backbone of most economies around the world today. The Nigerian economy cannot be an exception. A crucial element in the development of the SME sector therefore, is access to finance, particularly to bank financing, given the relative importance of the banking sector in serving this segment. Firm-level data collection by the World Bank show that access to finance is perceived as one of the main obstacles to doing business (World Band, various years). According to Entrepreneur SA (2005), the small and medium enterprises are regarded as the driving force to economic growth and social developments in Nigeria, however, poor access to credit have been affecting the sector. Provision of credit is regarded as an important instrument for raising the incomes of the enterprises and can be achieved through operating the bank lending policies in financing the enterprises. Tomola, Adebisi, and Oawale, (2010), report that lending of money is the most remunerative functional institutions of the economy. The findings have shown that security on loan has a great effect in financing Small and medium enterprises in Nigeria. Also research findings also revealed in the second objective of the study on how technical assistance help in financing small and medium scale enterprise and it was confirmed that 24 of (57%) respondents agreed that technical assistance has strong effect in helping financing small and medium scale enterprise.. Based on the findings of the study it can be concluded that despite the support by government in Nigeria, small and medium scale enterprises still face challenges. The main problem faced by owners and operators of small and medium of small and medium scale enterprises remains inaccessibility of bank finance. Banks should review the interest rate and collateral facilities to enable small and medium enterprises to access loan easily and Technical assistance should be provided to small and medium enterprises operators to help in improving their eligibility to bank loan.
KEYWORDS: Finance, Entrepreneurship, loans,SMEs
THE EFFECT OF FOREIGN RESERVES ON ECONOMIC GROWTH IN NIGERIA
*UGBOMHE O. UGBOMHE Ph.D **MAMUDU, ZEBEDEE UDO **ODAMAN, EGHEMENHI CORTNEY
*Department of Business Administration, Ambrose Alli University, Ekpoma. Edo State **Department of Economics, Ambrose Alli University, Ekpoma, Edo State
The need for a proper foreign reserves management cannot be overemphasized in the Nigerian economy. Hence, this study examined the effect of foreign reserves on economic growth in Nigeria. For a proper empirical analysis, secondary data were collected for the period 1970-2015. These data were analyzed using the Philip Perron unit Root Test, Johansen Cointegration test, Error Correction Model and Granger Causality. The Philip Perron unit Root Test indicates that all the series were stationary at first difference except trade openness. Johansen Cointegration test revealed a long run relationship among the selected variables (Gross Domestic Product Growth Rate, Foreign Reserves, Net Export, Exchange Rate and Degree of Openness). The results indicated that Foreign Reserves (FORV) and the Degree of Openness(OPN) of the economy both had inverse relationship with Gross Domestic Product Growth Rate (GDPGR) in the long run. This implies that a unit increase in FORV leads to 7.203 units decrease in GDPGR while Exchange Rate (EXC) and Net Export (NEXP) both have direct relationship with GDPGR in the long run. The Error Correction Mechanism (ECM) had the correct negative sign and was statistically significant at the 0.05 per cent level, this is a clear indication that any disequilibrium in the system is adjusted. The coefficient of the error correction estimate was 100 per cent. This estimate indicated a negative relationship between Foreign Reserves and economic growth in Nigeria. Net Export had a direct impact on GDPGR and this was also found to agree with the theoretical expectation and statistically significant at the 0.05 per cent level. Exchange Rate had a direct relationship with GDPGR while the Degree of Openness had an inverse relationship with GDPGR which was found to be statistically significant at the 0.05 per cent level. The Granger causality test reported uni-direction between Foreign Reserves and economic growth in Nigeria. It is concluded that Foreign Reserves has significant impact on the growth of the Nigerian economy. Hence, it is recommended that foreign reserves management should seek to ensure that adequate reserves are available such that risks are controlled in a prudent manner and reasonable earnings are generated over the medium to long term on the funds invested.
KEYWORDS: Gross Domestic Product, Foreign Reserves, Net Export, Exchange Rate and Degree of Openness.
GLOBALISATION AND SUSTAINABLE SOCIO-ECONOMIC DEVELOPMENT: WHAT HOPE FOR MSMEs IN THE 21ST CENTURY NIGERIA?
ONIGBINDE ISAAC OLADEPO (Ph.D) & SHONUBI AKEEM OLALEKAN (Ph.D)
Department of Business Administration & Marketing, College of Social & Management Sciences, McPherson University, Seriki Sotayo, P.M.B. 2094, Abeokuta, Nigeria
The study evaluated the influence of globalisation on sustainable socio-economic development within the context of micro, small and medium-scale enterprises (MSMEs) in the contemporary Nigerian society. The central thrust of the study was to assess the influence of globalization on MSMEs’ growth vis-à-vis sustainable socio-economic development in the most populous African country. In the process, it was revealed that globalisation has served as the final conquest of capitalism all over the world despite its purported benefits to humanity. In addition, it was discovered that globalisation aimed at the transcendental homogenization of socio-economic theories across the globe has put to an end the hitherto order of marginalization and re-colonization in the 21st century Nigeria. It was recommended that Nigeria’s economy requires both micro–and–macroeconomic restructuring and realignment to survive the challenges of the twenty first century in a globalised world.
KEYWORDS: Capitalism, Globalisation, Micro, small and medium enterprises (MSMEs), Sustainable socio-economic development, 21st Century Nigeria.
ACCESS TO CREDITS BY RURAL COASTAL DWELLERS THROUGH MICROFINANCING: A KEY TO TOURISM AND RECREATIONAL FISHERIES DEVELOPMENT IN NIGERIA.
1BOLARINWA, J.B, 2 OGUNDANA, F.O, 3ANJOLA,O.A,
1Department of Fisheries Technology, Lagos State Polytechnic, P.M.B 21606, Ikeja, Lagos State, Nigeria. 2Department of Leisure &Tourism, Lagos State Polytechnic, P.M.B 21606, Ikeja, Lagos, Nigeria. 3Department of Animal Production Technology, Lagos State Polytechnic, P.M.B 21606, Ikeja, Lagos, Nigeria.
This paper examined the immense potential of the coastal areas of Nigeria in tourism and recreational fisheries (an untapped area of fisheries).The major constraint to the development of tourism with recreational fisheries was funding and restricted access to formalized sources of credit by the rural coastal populace due to illiteracy and badly implemented government policies on rural banking. If funds are channeled towards rural enterprises in recreational fisheries and ecotourism, there would be more infrastructural facilities in the industry, which would lead to an unprecedented boost. The review paper was able to lead us to highlight potential small-scale business activities in the coastal areas of Nigeria under a well-developed tourism /recreational fisheries business and the means by which the activities were carried out. As laudable as the idea of financing tourism and recreational fisheries development through micro finance loans is, the number of existing micro-finance banks are not enough to sustain a massive rural dweller participation that could offer a high yield of development of the tourism industry. Nevertheless, it is of great necessity that efforts be geared towards actualizing the idea of financing micro-finance loans to rural dwellers to provide room for a forward movement development. There is a need for training and sensitization of the rural dwellers through holistic and unified extension services and public relations. The government needs to create a more enabling environment in terms of soft and hard infrastructures that could promote tourism and recreational fisheries in the coastal areas especially at the period of crude oil doom. Government should have the political will to implement rural banking policy by setting up more micro finance institutions in the rural coastal communities, most of which have beautiful beaches and other tourism destinations.
KEYWORDS: Microfinance, credit, tourism, infrastructure, rural-dwellers, coastal, recreational, fisheries.
ANALYSIS OF THE ENTERPRISE RESOURCE PLANNING SYSTEMS AND ORGANIZATIONAL EFFECTIVENESS AMONG STAFF OF UNIVERSITY OF IBADAN, OYO STATE.
OLUSESI, LATEEF D.
Department of Industrial Relational and Personnel Management, Faculty of Management Science, Osun State University, Osogbo
This study investigated the Analysis of the Enterprise Resource Planning Systems (ERP) and organizational effectiveness in work organization. The major objective of the study was to ascertain the significant contribution of Enterprise Resource Planning Systems (ERP) to organizational effectiveness. ERP systems and organization effectiveness considered relevant in this study integrated business management systems covering functional areas of an enterprise like logistics, finance, accounting and human resources and also integrates operation processes and information flows toward enabling the implementation of these practices with a view toward enhancing productivity, respectively. This study therefore, examined the effect of socio-demographic factors like age, sex, level of education on organizational effectiveness. The study was a descriptive research study. The study population was selected staff of the University of Ibadan. 150 staff of the university selected using systematic random sampling technique served as the study sample size, 50.7% of the respondents were males while 49.3% were female. The formulated hypothesis was tested with the Linear Regression Mode. Data was analyzed with the help of Statistical Package for Social Science (SPSS) software. The result of the analysis revealed that there was a significant contribution of Enterprise resource planning system to organizational effectiveness F(89,721) = 1.411, p>.05b, with an R2 of .072. The result showed that while ERP system had significant contribution on organization effectiveness. The study concluded that Enterprise resource planning systems was more appropriate in inducing effectiveness in work organization and therefore, recommended that the organization should strictly adhere to rules regarding operating procedures, maximization of profit, high productivity and technology advancement as the enterprises develops, grow and mature.
KEYWORDS: Enterprise Resource Planning System, Organizational Effectiveness.
PRODUCT MARKET REFORMS IN NIGERIA AND IT’S ROLE IN PRODUCTIVITY AND INNOVATION: LESSONS FROM INDIA (A COMPARATIVE STUDY).
OGUNDE OLUKEMI OLUYEMISI & HAMZA SALIHU UMAR
Department of Banking and Finance, the Federal Polytechnic, Bauchi, Bauchi – State, Nigeria.
This study examined the product market reforms in Nigeria and compared this with the product market reforms in India. The study showed the attendant effects of these reforms on the productivity and innovation in Nigeria and India evidenced by the growth in the GDP and otherwise in the countries of study. It was discovered from literature and data that Nigeria is an oil dependent nation with GDP growth reacting to either the fall or rise in the price of oil. The study recommended that as in the case of India with reforms that has the benefits of ease of doing business which has positioned the country as the fifth largest economy in the world Nigeria should implement reforms that has the benefit of ease of business and promote productivity and innovation in the country and resources should be devoted to investigate and monitor outcomes of the reforms and fight corruption.
KEYWORDS: Product market, reforms, innovations.
HARNESSING OF COMPLEMENTARY ACTIVITIES TO TOURISM FOR LOCAL AND NATIONAL ECONOMIC DEVELOPMENT.
*BATHON NUWARI ATI, *IBRAHIM MAMMAN, **JAMES JESSE SHINGGU,
*Department of Environmental Science, Federal Polytechnic Mubi, Adamawa State-Nigeria **Department of Urban and Regional Planning, Federal Polytechnic Mubi, Adamawa State-Nigeria
Tourism has been observed as a veritable tool in the preservation and conservation of nature reserves in Nigeria as well as other parts of the World. It has also enhanced the preservation of our cultural and historical heritage. The importance of tourism development therefore in preserving both natural and man-made environment cannot be overemphasized. Strictly speaking, tourism depends solely on the environment to exist and survive. Nigeria is a country greatly endowed. It is blessed with warm, sundry climate, over 800 kilometers of fascinating beaches and evergreen vegetation in the south, while in the north, alluring landforms overshadows savannah grasslands. The paper centred on the complementary activities that support the development of a robust and virile tourism industry for local and national economic development. This paper has reviewed the contribution of Tourism to Nigeria’s employment generation and gross domestic product (GDP). Complementary or supporting activities to tourism Development, for Local Economic Development (case study of Yankari Game Reserve) and also for National Economic Development in Nigeria. The study concluded by making recommendations towards achieving sustainable tourism activities for both local and national development.
KEYWORDS: Tourism, Economic development, Complementary Activities
MARKETING CHALLENGES OF LOCAL RICE IN BIDA METROPOLIS OF NIGER STATE, NIGERIA
HASSAN, ZAINAB & GIDEON TSADO,
Department of Business and Management Studies, Niger State Polytechnic, Zungeru, Bida Campus
Rice is the second most important cereal in Nigeria and mostly used as a cash crop, however marketing of local rice in the study were faces a number of challenges in Bida metropolis. The main objective of this study was to examine the marketing of local rice production and its challenges in Bida metropolis of Niger state, Nigerian. Marketing challenges of local rice faces include high cost of transportation and inadequate storage facilities while its challenges included high cost of labour, inadequate credit facilities and unstable price. Primary and secondary data were used to collect the necessary data for the study. The primary data were collected using questionnaires from a sample of 100 respondents out of which 99 were dully completed and returned for analysis. Simple percentage, tables, frequency distribution are the descriptive tools used while chi-square was adopted to test the stated hypotheses. The test was conducted at 0.05 level of significance. Based on the analysis, it was found that level of marketing obstruct marketing of local rice in Bida metropolis, there is significant relationship between challenges and marketing of local rice in Bida metropolis and there is significant relationship between ameliorate and challenges in marketing of local rice. Based on the findings, the following recommendations are made for the best ways of enhancing marketing of local rice and its challenges in Bida metropolis of Niger state: Local rice farmer should focus on generating new idea about farming processes, and provide different varieties of local rice in order to meet with market demand. There is also a need for government to strengthen policies and offer contract to farmers.
KEYWORDS: local rice, challenges, marketing, Bida metropolis Niger state.
THE IMPACT OF MACROECONOMIC VARIABLES ON FOOD SECURITY AND NUTRITIONAL STATUS OF FARMING HOUSEHOLDS IN BAUCHI, BAUCHI STATE, NIGERIA.
*OGUNDE OLUKEMI OLUYEMISI(MRS) & **SOSANYA MERCY ELOHO (MRS)
*Department of Banking and Finance, Federal Polytechnic, Bauchi, Nigeria **Department of Nutrition and Dietetics, Federal Polytechnic, Bauchi, Nigeria
TThis study investigated the impact of macroeconomic variables on food security and nutritional status of 145 farming households (average of 8 persons per household giving an estimated number of 1,160 persons) in Bauchi LGA of Bauchi State, Nigeria as a new government emerged in Nigeria (conducted in 2016), using regression analysis, and correlation analysis. Data used for this were from Semi- structured questionnaire administered to farming households in Bauchi LGA of Bauchi State and secondary data on GDP growth rate, inflation, exchange rate, lending rate, and value of non-oil export were sourced from the Central Bank of Nigeria statistical bulletin. Result from the regression analysis indicated a positive relationship between the farmers output, GDP growth rate, exchange rate and non-oil exports and a negative relationship between farmers’ output, inflation rate and lending rate. Correlation result showed a significant positive association between farmers’ output, food security status, weight-for-height (wasting), income saved and cash spent on food weekly. A significant positive association was also established between cash spent on food weekly, quantity of farm output and income saved. Food security, height-for-age (stunting) and weight-for-height (wasting) also showed a significant positive correlation. It also showed an elastic demand for most of the 145 household investigated. It is recommended that government should not allow politics and political affiliation to make them abandon good projects that was started by previous administration and measures should be put in place by the government to ensure a better performance of the macro economic variables.
KEYWORDS: Farming households, politics, food security, Nutritional status.