TIMBOU-AFRICAN ACADEMIC INTERNATIONAL JOURNAL OF FINANCIAL RESEARCH AND MANAGEMENT SCIENCE (TIJFRMS)
VOL. 12 (7) FEBRUARY, 2023. ISSN: 2773-1040
TIMBOU-AFRICAN ACADEMIC PUBLICATIONS,
Centre for African Development Studies, Federal Ministry of Education, Abuja, FCT-Nigeria.
THE IMPACT OF NAIRA REDESIGNED AFFECTING SECURED CREDIT TRANSACTIONS IN NIGERIA AND THE ECONOMY
PROF. ’DEJI OLANREWAJU, PhD; DR. ADEMOLA TAIWO, PhD; & DR. ADEYEMI OYEDELE OMODELE, PhD
School of Law and Security Studies, Babcock University, Ilisan-Remo, Ogun State.
The policy of the Central Bank of Nigeria (CBN) to change the Nigerian currencies to wit: 200 naira, 500 naira and 1000 naira notes to a new one is no longer news. The Federal Government of Nigeria had approved the development and it has generated many criticisms amongst well-meaning Nigerian. Therefore, this paper looked at the advantages and disadvantages of the new currencies in the economy. Doctrinal method was adopted in the study. The primary data include but were not limited to the CBN Act 2004, Constitution of the Federal republic of Nigeria, 1999 (as amended) and secondary data were published textbooks, journal articles and a host of others. Both primary and secondary data were contently analysed. The study revealed that the sudden change of Nigeria currencies might make some Nigerians and the inhabitants to face problems in meeting up with the extended February 10, 2023 deadline imposed by the CBN and the orders made by the Supreme Court of Nigeria extending it to February 15, 2023. The policy would make the economy to be retrogressive; some of the persons in the rural areas might find it difficult to identify the new currencies. The old currencies of 200, 500 and 1000-naira notes might not be easily deposed out of the circulation. The paper recommended that the CBN should allow the old and new currencies to be in the circulation till December 31, 2023 to enable easy transaction and identification by the traders. It further recommended that Nigeria should adopt the international practice as done in the United States of America and in India.
Keywords: Central Bank of Nigeria, new currencies, 200-naira, 500-naira, 1000-naira notes
THE IMPACT OF COVID-19 PANDEMIC ON KATSINA STATE MARKETING DEVELOPMENT
AMINU SANI; & KAMALUDDEEN MOHAMMED LAMIDO
Department of Business Administration Al-Qalam University, Katsina.
The Covid-19 pandemic is a global pandemic that has affected marketing and business development around the world, particularly in Nigeria, where all of our business channels have not been modernized, which will have an impact on our country’s marketing development. The purpose of this research is to predict the impact of the Covid-19 pandemic on marketing development in Katsina State, as well as to clearly identify the causes of the Covid-19 pandemic on marketing development in Katsina State metropolis. The focus of this paper is on ideas. The article and journals are the sources of my research, and the approach of this paper is secondary sources of data. The purpose of the study is to examine the impact of Covid-19 on the growth of marketing in Katsina State and Nigeria as a whole, as well as to make recommendations to this worldwide pandemic for effective marketing and economic development, which leads to a country’s global success. The study recommends that the government empower and encourage small businesses in Katsina state in order to achieve the state’s marketing development goals, and that the federal government, through the ministry of commerce and tourism, provide adequate support to our small and medium businesses and commercial organizations in order to achieve the state’s marketing development goals.
Keywords: Covid-19 pandemic, covid-19 impact, marketing development, katsina state.
IMPACT OF BRAXIT DEAL ON THE SUB-SAHARAN AFRICAN REGION DEVELOPMENT
FATIMA BINTA HARUNA
Department of economic and Development studies, Federal University Dutse, Jigawa State, Nigeria.
This paper reviewed the available empirical evidences and analyzed the impact of brexit on the sub-saharan Africa by focusing particularly on the prospects for the East African Community (EAC). The paper first looked at the direct impacts through investment, trade and remittances which are relatively small, African countries may benefit from the creation of new export opportunities. mainly in resource-intensive sectors that are not considered a priority for the development agendas of most African countries. Secondly, it analyzed the indirect impact, of Brexit’ on the global economy, its influence on the Economic Partnership Agreements (EPAs) with the European Union, or a potential reduction in UK development cooperation which, are likely to be equally important over the longer run. Finally, one overlooked impact of Brexit for Africa is that it undermined confidence in ‘deep’ regional integration processes like the EAC. The paper concludes that the correct response at such a time is not to express optimism but to redouble efforts towards regional integration through the implementation of the recently-signed African Continental Free Trade Area.
CONCEPTUAL ASSESSMENT OF FARMERS’ POVERTY LEVEL IN NIGERIA: CHALLEGES AND WAYFORWARD
DANIEL GONDA; NAZIRU M. MUSALLI; & HINDATU YARIMA MAIGARI
Department of Public Administration, Faculty of Management Sciences Bauchi State University, GadauYuli Campus Bauchi.
The main objective of this study was to assess the level of farmer’s poverty in Nigeria. The paper discussed much on the concept of poverty such as: types of poverty (absolute, relative and situational), causes of poverty (Inadequate access to employment opportunities, Inadequate access to the means of fostering rural development, Inadequate access to education, health, sanitation and water services) and challenges faced by the farmers (inadequate fund and inputs support, high bureaucracy of donor agencies, untimely delivery of inputs and Poor implementation of agricultural program as well as displacement of farmers by insurgency). The study observed some schemes implemented by the government as a way forward such as: National Fadama Development Programme (FADAMA III), Nigeria Agricultural and Cooperative Bank (NACB), The 7th Point Agenda (7PG), N-Power, Conditional Cash Transfer (CCT), National Home-Grown School Feeding Programme (NHGSFP) and Trader Moni. The study used secondary data from publications, books, and papers. The Basic need theory was used to justify the best way of channeling resources on how to reduce poverty from the poor people and some recommendation were made by the study.
Keywords: Poverty, Farmers’, Challenges, Way forward, Results.
REPOSITIONING VOCATIONAL COUNSELING EDUCATION BY SCHOOL LEADERS FOR YOUTHS’ EMPOWERMENT FOR THE JOB MARKET, FINANCIAL FREEDOM AND NATIONAL DEVELOPMENT
*MARIA OWAN AFU (PhD); & **LOVE EFFIONG EBUK(PhD)
*Department of Guidance and Counselling, Faculty of Education, University of Abuja, Abuja, Nigeria. **Department of Educational Management, Faculty of Education, University of Abuja
The study focused on repositioning of vocational counseling education by school leaders for youths’ empowerment for the job market, financial freedom and national development in secondary schools in Abuja Municipal Area Council (AMAC), Abuja, Nigeria. Two research questions were set to guide the study. Survey research was applied. The population of the study was twenty- one (21) principals from twenty- one (21) senior secondary schools in AMAC. The sample of the study was twenty-one principals were sampled through purposive sampling technique. Questionnaire titled: “Repositioning of Vocational Counseling Education for Youths Empowerment (RVCEYE)” was the instrument used for data collection. The questionnaire was validated by experts in Guidance and Counseling Department, University of Abuja, Abuja. The instrument reliability coefficient was calculated using Crombach alpha and was found to be 0.71. The finding of the study proved that school leaders did not reposition vocational education for youths’ empowerment for the job market, financial freedom and national development. Based on the study finding the researchers recommended that: both the State and Federal governments should support the secondary school leaders with funds for the be able to reposition vocational guidance and counselling education for youths’ empowerment to obtain financial freedom for national development.
Keywords: Repositioning, Vocational Counseling, Empowerment, Job Market and National Development
CHALLENGES OF ENTREPRENEURS IN NIGERIA ECONOMY
USMAN, NIBIYE VERA
Department of Office Technology and Management, the Polytechnic Bali, Taraba State.
The study is aimed at ascertaining the challenges of an entrepreneur in a challenging economy of a developing country like Nigeria. The objectives are to examine: the history and evolution of entrepreneur, the economy of a developing country, prospect, challenges and solutions to an entrepreneur. Literature reviewed who is an entrepreneur, evolution and history of entrepreneur in Nigeria, challenges faced by entrepreneur and solutions to the confronting challenges of an emerging market economy. The study concludes that the daunting insecurity and oil theft has demotivated and given bad impression both to local and international investors. We recommend that there should be genuine and stable economy policy, rejigging of the country security architecture and creating enabling entrepreneurial environment by fixing power sector Nigeria infrastructure. The study is aimed at ascertaining the challenges of an entrepreneur in a challenging economy of a developing country like Nigeria. The objectives are to examine: the history and evolution of entrepreneur, the economy of a developing country, prospect, challenges and solutions to an entrepreneur. Literature reviewed who is an entrepreneur, evolution and history of entrepreneur in Nigeria, challenges faced by entrepreneur and solutions to the confronting challenges of an emerging market economy. The study concludes that the daunting insecurity and oil theft has demotivated and given bad impression both to local and international investors. We recommend that there should be genuine and stable economy policy, rejigging of the country security architecture and creating enabling entrepreneurial environment by fixing power sector Nigeria infrastructure.
ACQUISITION OF VOCATIONAL SKILLS FOR SELF-RELIANCE OF OFFICE TECHNOLOGY AND MANAGEMENT GRADUATES TO MITIGATE THE SOCIO-ECONOMIC CHALLENGES OF COVID-19
ELEMURE, C.B.; & OMOTOSO Y.M
Department of Office Technology and Management, the Federal Polytechnic, Ado Ekiti, Ekiti State, Nigeria
This study examined the acquisition of vocational skills for self-reliance of Office Technology and Management (OTM) graduates to mitigate the socio-economic challenges of covid-19. Descriptive survey research was used for the study. Three research questions guided the study The population comprised twenty five OTM lecturers in three institutions offering the programme in Ekiti State and there was no sampling because of its manageable size. Instrument used for data collection was a structured questionnaire. Data were analyzed using mean and standard deviation. The result of the study revealed that all the items presented as vocational skills in OTM programme are accepted and are capable of making the graduates of the progrogramme to be self-reliant. The findings further showed that, part of the impediment to skill acquisition in OTM programme is the ineffective evaluation and assessment of the programme in institutions. It was recommended among others that government and other stakeholders in education should provide the needed fund for OTM programme in order to facilitate effective implementation of the programme in institutions.
Keywords: Vocational skills, Self-reliance, Office Technology and Management
DIGITAL FINANCING AND THE PERFORMANCE OF THE NIGERIAN BANKING INDUSTRY
*UMOLE, I. MOHAMMAD; & **ALHASSAN AISHA
*Department Of Humanities And Social Sciences, School Of General Studies, Auchi Polytechnic, Auchi. **Department Of Public Administration, School Of Business Studies, Auchi Polytechnic, Auchi.
This study examines the impact of digital finance on the performance of the Nigerian banking industry. The broad objective of the study is examines the effects of digital financing on the performance of the Nigerian banking industry. The multivariate analysis of Ordinary Least Square (OLS) regression was used as method of data analysis. The findings revealed that; there is significant relationship between digital finance variables (automated teller machine (ATM); WEB PAY and MPAY) and return on assets proxy for financial performance in the Nigerian banking industry. The study recommends among others that to ensure that Nigeria’s digital financial services are adequately regulated, the government should reinforce the current system.
Keywords: Digital finance, digital innovations, financial performance, banking industry, Digital financial services, digital payment system
IMPACT OF BANK CREDIT TO PRIVATE SECTORS ON ECONOMIC GROWTH IN NIGERIA: DOES STRUCTURAL BREAK MATTERS?
SALIMATU RUFAI MOHAMMED (PhD)
Department of Economics, Air Force Institute of Technology, Kaduna, Nigeria
Although many studies have examined the nexus between bank credit to private sector and economic growth in Nigeria, however, these studies have failed to account for structural breaks in their modeling approaches. Hence, this study has employed Zivot-Andrews (1992) and Perron (1997) unit root tests that endogenously detect structural breaks and Pesaran et al. (2001) autoregressive distributed lag (ARDL) cointegration approach to examine the nexus between bank credit to private sector and economic growth in Nigeria over the period of 1986 to 2021. After accounting for structural breaks in the series, the study found a cointegration relationship between bank credit to private sector and economic growth in Nigeria. The findings also reveal that bank credit to private sector has positive and significant effect on economic growth in Nigeria both in the short-run and in the long-run. Based on the findings, this study recommended that, the Central Bank of Nigeria (CBN) should have continue its effort of removing obstacles that undermine the growth of credit to the private sector and compel banks to boost their credits to the real sector of the economy so as to stimulate Nigeria’s economic growth.
Keywords: Bank Credit, Economic Growth, Structural Breaks, Private sector, Nigeria.
COMPARATIVE ANALYSIS OF GOMBE STATE GOVERNMENT BUDGET: APPROVED ESTIMATE AND ACTUAL PERFORMANCE (2007 – 2020)
*MOHAMMED ABUBAKAR HAMZAH; **IBRAHIM AHMED; ***DR. ABBA UMAR WAZIRI; & ****HAUWA AHMAD GARBA
*Busary Department, Gombe State College of Education and Legal Studies Nafada. **Department of Business Administration and Entrepreneurship, Bayero University Kano-Nigeria. ***Department of Business Administration, Faculty of Management Sciences, University of Maiduguri-Borno state. ****School of Continuing Education, Department of Social Science and Administration, Bayero University Kano-Nigeria
This study aimed to make a comparative analysis between an approved estimate and the actual performance of the total budget of Gombe state government of Nigeria for the past fourteen years (2007-2020). The study adopted the ex-post facto research design and employed secondary source of data extracted from the audited annual reports and accounts of the Gombe state government. The data has been analysed by using various statistical tool such as mean, standard deviation and Independent t- test (two samples) with the help of STATA. Findings revealed that there is significance difference between the budgeted revenue and actual revenue generated and significant difference between approved recurrent expenditure and actual recurrent expenditure as well as significance difference between the approved capital expenditure and actual capital expenditure in Gombe State during the period of study. It is however recommended that Gombe state government should endeavour to be consistent in its application of budget to ensure increase or improvement in its revenue generation and that federal government should be mindful of the relationship that exist between budgeted recurrent expenditure and actual recurrent expenditure, but must be prudent when making recurrent expenditure estimates, early release of funds for capital projects among others. This will aid the state government in timely completion of its projects thereby positively affecting the lives of the citizenry.
Keywords: Comparative, Analysis, Budget, Estimate, Actual, Performance
SECTORAL PERFORMANCES AND ECONOMIC GROWTH IN NIGERIA: AN OVERVIEW
EHIGHEBOLO, IZIN ANNE
Department of Humanities and Social sciences, School of General studies, Auchi Polytechnic, Auchi, Edo state, Nigeria
Every good government aims at achieving a reasonable level of growth in an economy and for a developing country like Nigeria it is paramount. This study examines the pattern and contribution of agriculture, industry and service sectors to gross domestic product of Nigeria from 1981 to 2021. Computing the percentage share of GDP for each sector and using trend analysis; the results show an undulating but upward trend for the service sector. Furthermore, with the lowest percentage share of 27.5 in 1981 and 53.6 in 2021, a steady increase in service sector output performance is seen over 40 years. In the same vein, the agricultural sector has a similar trend but with the lowest contribution of 12% to GDP over the period under review. The share of Industry to GDP plummeted from 59.52% in 1981 to 20.56 in 2021. This implies that the production of tangible goods in Nigeria has declined over the years. To this end, the study advocates an evaluation of existing policies in these sectors and the creation of an enabling environment for different businesses to thrive.
Keywords: Sector, Industry, Agriculture, Service, Economic growth, Nigeria
THE EFFECTS OF ONLINE BUSINESS TRANSACTIONS ON CUSTOMERS IN NIGERIA: AN OVERVIEW OF JUMIA
Department: Registry, the Polytechnic, Bali, Taraba State
This paper focuses on the effect of online business transaction on customers in Nigeria with a particular attention on Jumia. In a lighter note, it is a kind of electronic business transaction that normally take place between the company and its customers around the world. The customers are people with technological ideas who know how to perform such a transaction online. However, this kind of electronic business transaction is inseparable with some risk and implications like any other business. In Nigeria, most customers find it difficult to trust such kind of business due to lack of its physical interface where complaints may be reported to by consumers. More to that, too many online business transactions are found to be failures to customers in Nigeria. This results to some vehement challenges such as inadequate knowledge of online business transaction. The method used in this study is secondary as a result of sourcing of all the relevant information from ready-made materials such as textbooks, journals, periodics and internet. Some of the outcomes of this paper showcase that inadequate knowledge of e-transaction, lack of physical interface with the company, third party involvement, poor network provision, lack of trust among others are highly problematic. Therefore, some useful recommendations in relation to that are provided. Some of which include: educating customers on e-transactions, providing a means for physical interface with the company in case of any complaint, avoiding third party involvement for fear of fraudsters, stable network provision for the online business transaction and many more.
KEYWORDS: Internet, Facebook, Business, E-Business, Transaction
POSSIBLE WAYS OF CURBING INSECURITY AND ENHANCING WORKERS PERFORMANCE IN NIGERIA: AN APPRAISAL
*VEN EGESI JONATHAN. C.; **ONYIRIUKA ANTHONY UZODINMA; & ***MRS AZUBUIKE CHINEDUM AUGUSTA
*Imo State Polytechnic, Omuma, Oru East. **Department Of Bio- Environmental, Imo State Polytechnic. ***Federal Polytechnic, Nekede
Insecurity have been defined by scholars from various perspectives and angles. For our purpose here we take it as a situation where there is no security of lives and property. That is to say that the government whose primary responsibility it is to secure and protect the people is found wanting in this responsibility, leaving the people with no option than protecting themselves. The fact remains that a worker’s environment go a long way in affecting his performance positively or negatively. What we are trying to say is the fact that a worker will definitely find it difficult to give in or perform optimally when his environment is not secured or conducive. Therefore, it must be said that the work environment in Nigeria is nothing to write home about. Lives are lost with reckless abandon. Most times, workers refuse to report to their work places because of high level insecurity because no one will like to work in an atmosphere characterised of insecurity as people die while serving their father land with little or no compensation. This form the reason or basis for this study. Series of data collection techniques were used in gathering data for analysis and this included oral interviews, questionnaire, periodicals, and the internet. The structural- functional theory was adopted for this study, thereafter, conclusion was drawn.
Keywords: Possible, Curbing, Insecurity, Enhancing, Workers, Performance, Nigeria.
EFFECT OF COOPERATIVE SOCEITY ON RETIREMENT PLAN OF EMPLOYEES IN NIGERIA
*AGUNUWA EKOKOTU VINCENT (Ph.D); & **ARIMITAN OMAMURHIEME GOODLUCK
*Department of Banking and Finance, School of Business Studies, Delta State Polytechnic, Otefe, Oghara. **Department of Mass-Communication, School of Business Studies, Delta State Polytechnic, Otefe, Oghara.
This study examined the effect of thrift cooperative societies on retirement investment plans of employees in Nigeria, using Staff Multipurpose Cooperative Society Ltd, Otefe Oghara and Academic Staff Union of Polytechnic (ASUP) Multi Purpose Cooperative Society Ltd, Otefe Oghara. Both of Delta State Polytechnic Otefe Oghara as case studies. The study adopted a survey study, using strictly only interview and observation for data collection to avoid biases in responses as the population sampled is sensitive internal environment. Thus respondents were carefully selected and patiently interviewed unknowingly, such as to enable responses to be provided unknowingly, to ensure reliability of the needed data. Tables, simple percentages were used to analyze the data collected, upon which inferences were drawn. The study revealed that cooperative societies have taken the position of the government, due to the government failure on retirees life after job disengagement, and the cooperatives have assumed the place of good partner in employees retirement investment plans. On the basis of the above findings the study recommends amongst others that employees should develop a good saving culture at the onset of their civil or public service career.
Keywords: Thrift Cooperative Society, Retirement Investment Plans, Civil or Public Service, Sensitive Internal Environment, Simple Percentages.
CONTEMPORARY CLOUD ACCOUNTING AND ACCOUNTING INFORMATION MANAGEMENT AS A NEW SUB-SAHARAN AFRICAN POLICY
OBIAH MMADUBUIKE EMMANUEL; EKE FIDELIS; & OKERE OBINNA C.
Department of Accountancy, Imo state Polytechnic, Omuma (Mbano Campus), Imo State, Nigeria
This study assessed cloud accounting adoption in Sub-Saharan Africa. The specific objectives of the study were to ascertain the adoption of cloud accounting in Nigeria, and determine the relationship between cloud accounting adoption and accounting information management and African policy. It was hypothesized that, there is no significant difference in the mean responses of cloud accounting on the accounting information management in Sub-Saharan Africa (Nigeria) as a result of African policy (≤ 10 years, 11 – 15 years, and ≥ 16 years), and there is no significant relationship between accounting information management and African policy and cloud accounting in Nigeria. Data were collected with structured and validated questionnaire from 271 randomly selected accounting firms and government establishments, and analyzed using descriptive statistics (mean and standard deviation) and econometric model of logistic regression analysis. Hypotheses were tested using Analysis of variance and z-values produced by the logistic regression analysis. Results showed that accountants in Nigeria applied accounting information management already through cloud accounting. African policy does not significantly affect the responses of accountants on their adoption of cloud accounting in accounting information management. Accounting information management was purely determined by an entity in the course of its operations. The paper therefore, recommended that accountants and entities should adopt cloud accounting in accounting information dissemination and management.
Keywords: Cloud Accounting, Accounting Information Management, African Policy
TESTING MONETARY POLICY TRANSMISSION MECHANISMS ON ECONOMIC GROWTH IN NIGERIA
DR DAVID E ANUYA1 AND GLORIA O ANUYA2
1Department of Banking and Finance, Delta State Polytechnic, Otefe-Oghara. 2Department of Accounting, Delta State Polytechnic, Otefe-Oghara
Monetary policy as an integral part of economic growth and development require effective transmission channels to lubricate the flow of resources to different part of a country in order to achieve holistic objectives. The study examined the relationship between monetary policy transmission mechanism channels and economic growth in Nigeria over the period 1990 to 2020. The monetary policy transmission variables considered are interest rate, inflation rate, exchange rate, stock market all share price index and banking system’s credit to the private sector. Real GDP is used to proxy output in the study. Secondary quarterly data were used for the study while the ARDL and granger causality test method of analysis was used. The empirical results showed that there is a long-run relationship between instruments of transmission of monetary policy and output growth in Nigeria. Nevertheless, stock prices and credit channels are of insignificant.
Keywords: Transmission Mechanism channels, monetary policy, Granger causality, ARDL model
SUSTAINABLE ACCOUNTING STANDARDS FOR CRYPTOCURRENCIES: EXPLORING NEW POSSIBILITIES IN AFRICAN ECONOMY
OKERE OBINNA C.; & OBIAH MMADUBUIKE EMMANUEL
Department Of Accountancy, Imo State Polytechnic, Omuma (Mbano Campus), Imo State, Nigeria
The paper examined the need for sustainable accounting standards for cryptocurrencies: Exploring new possibilities in African economy. The study adopted qualitative and descriptive methodology to provide an in-depth analysis. The results showed that most issues on cryptocurrencies are centered on legislation, regulation and various risks associated with the coins, without open discussion on accounting standards. The paper concluded that there should be pronouncements on standards that should be followed in preparing financial statements, where cryptocurrencies will appear. The paper recommended or proposed some standards like IFRS 13 – Digital instruments: recognition and measurements; IPSAS 26 digital instruments: presentation and disclosure, among others. Further studies will enhance the data correlation and application with the relevant variables empirically.
Keywords: Sustainable Accounting Standards, Cryptocurrency, Cryptoassets