Economics Department

In this paper, the Vector Error Correction Model was used to investigate the impact of institutions on macroeconomic performance in Nigeria for the period 1981-2013. Data were drawn from secondary sources. Three institutional measures were employed in the study, namely contract intensive money, revenue source volatility and quality of service delivery. Accounting for structural breaks in the series, a long-run equilibrium relationship was found between the macroeconomic performance and institutional indicators. Short-run bidirectional causality between institutions and Nigeria’s macroeconomic performance was found. There is evidence of long-run unidirectional causality from revenue source volatility to macroeconomic performance and bidirectional causality between macroeconomic performance and contract intensive money, and between macroeconomic performance and the quality of service delivery. The institutional indicators were found to be endogenous. Property rights institutions shoul...

This study was carried out with the major aims of assessing Social Capital Formation and implications for the achievement of Fadama III project development objectives and to examine the success of Fadama III project in creating social capital within the context of participation. The data were collected during October, 2011 through the use of both structured and unstructured questionnaires. A total of 430 Kano State household Fadama Users from 34 Local Government Areas, the sample was divided equally in to 2, comprising of 215 Fadama III beneficiaries and 215 non-Fadama III beneficiaries. Data was analysed using descriptive statistics consisting percentages, averages and standard deviations. Empirical findings from the survey revealed that the level of social capital created by the Fadama III project among the beneficiary farmers in Kano State has been appreciable. Fadama user households have high level of involvement and participation by (67%) of the respondents.

Recently, with the increasing availability of Internet, E-commerce has captured the interest of individual consumers and companies of all sizes and interests. Moreover, with the advanced technologies now available, it is more and more spoken about the Digital Economy (DE-Digital Economy). The basic idea is that through e-commerce one can achieve the exchange of ideas, goods, knowledge, beyond simply buying / selling of products and services. E-commerce technologies can be used to run a business using the Internet for communication, Intranet or other computer networks. The concept of virtual value is very important because it offers the possibility of digital information in the usual processes occurring in conducting business activities. One of the main goals of e-commerce strategies is to identify and encourage users of information via the Internet, giving them the necessary support. Electronic commerce offers the ability to run a business in a flexible manner that can benefit from ...

This study examined, empirically the relatioship between the real exchange rate misalignment and macroeconomic performance in Nigeria for the period 1970 to 2007. It employed the co-integration technique and the erro correction mechanism to investigate the long-run as well as the short-run relationship between the real exchange rate and its major economic fundamentals. The real exchange rate was proxied by the bilateral real exchange rate expressed in foreign currency. The economic fundamentals used in the study were net foreign assets (NFA), openness of the economy (OPEN), real gross domestic product (RGDP), and real money supply ((RMS). The time series properties of the data was tested using the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) approaches and the cointegration technique was applied following Johansen's VAR based specification. The aDF and PP tests results show the presence of unit root in all the series at levels, but were found to be stationary at first difference. Cointegration results show that a stable long-run equilibrium condition exists between real exchange rate and the fundamental variables. While real exchange rate was found to be positively related to RGDP, its appreciation lowers exports in Nigeria by incrasing export prices. Further, misaligned real exchange rates were the major factors behind Nigeria's high dependence on imports in the 1970s and 1980s, as well as the economic crisis that then followed. It is thus recommended that for Nigeria to have a stable and strong competitive currency in the international market, it needs to develop and sustain its productive capacity.

This paper evaluates whether Nigeria is ready to adopt inflation targeting (IT), a monetary policy framework that several emerging markets have adopted over the last one decade. The paper reviews literature on selected conditions for successful implementation of IT and then ...

This paper seeks to assess the impact of oil price shock and real exchange rate volatility on real economic growth in Nigeria on the basis of quarterly data from 1986Q1 to 2007Q4. The empirical analysis starts by analyzing the time series properties of the data which is followed by ...

It is recognized in the literature that the pattern of exchange rate pass-through is a very important instrument in the design of monetary policy, particularly in response to an exchange rate shock. This paper investigates, for the first time, the degree of exchange rate-pass-...

This paper assesses the determinants of import and export demand functions. The object is to empirically measure the relative strengths and weaknesses of the determinants import and export, and to examine, using the Marshall-Lerner hypothesis, the condition ...