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1
Kizito, Ehigiamusoe Uyi. "The Place of Financial Markets in the Development Process: Evidence from Nigeria." Journal of Economics and Behavioral Studies 4, no. 11 (November 15, 2012): 649–59. http://dx.doi.org/10.22610/jebs.v4i11.365.
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The paper examines the place of financial markets in the development process in Nigeria. The paper used descriptive approach and discovered that financial markets play fundamental role in the development process. However, the overall performance of the Nigeria’s financial market despite some expansion in recent times has been below its potential. In particular, as propellers of economic development, the markets have not been able to meet their goals such as accelerating industrial development, promoting the rate of investment, generating employment opportunities, providing services that help accelerate poverty reduction, promoting human capital development, and accelerating agricultural productivity. Some of the challenges confronting the Nigeria’s financial markets include; dearth of instruments and lack of market breadth and depth, the oligopolistic structure of the markets, dependence on government, slow growth of the secondary market and information gap and asymmetry. It was therefore recommended that the financial markets should be reformed and effectively harnessed as tools of economic development, and policy makers should create the enabling environment for financial markets to thrive to propel Nigeria to the path of development with a view to achieving Vision 20:2020.
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Anyanwu, John C. "Stock Market Development And Economic Growth in Nigeria." Vision: The Journal of Business Perspective 2, no. 1 (January 1998): 33–38. http://dx.doi.org/10.1177/09722629x98002001006.
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Is the stock market development important for economic growth in Nigeria? One line of research argues that it is not; another line stresses the importance of stock market development in allocating capital, acquisition of information about firms, easing risk management, mobilization of savings, and exerting corporate control. Indeed, some theories provide a conceptual framework for the belief that larger, more efficient stock markets boost economic growth. This article examines whether there is a strong empirical association between Nigerian stock market development and long-run economic growth. Our empirical results suggest that the Nigerian stock market development is positively and strongly associated with long-term economic growth. This implies that Nigerian policymakers should make concerted efforts at removing obstacles to stock market development while creating and sustaining an enabling macroeconomic and political environment for the market’s development.
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Abdullahi, Shafiu. "Measuring Co-Movements and Linkages between Nigeria and the UAE Stock Exchanges: Is there Opportunity for Portfolio Building?" Journal of Advanced Research in Economics and Administrative Sciences 1, no. 2 (November 8, 2020): 106–22. http://dx.doi.org/10.47631/jareas.v1i2.124.
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Purpose: The main objective of this study is to examine the relationship between Nigerian Stock Exchange and Dubai stock exchange with the aim of finding out the direction of movements between their respective indices. Approach/Methodology/Design: The methodology adopted for the analysis is ARDL cointegration model and the Generalized Method of Moment (GMM). This is because of their known efficiency in detecting patterns between variables. Findings: The result of the short-run analysis using GMM shows that there is existence of short-run causality between the Dubai financial market (DFM) and the Nigerian stock exchange (NSE). Thus, for investors looking for short- run arbitrage opportunity between the markets, they shall look elsewhere. But, the result of bound testing has shown lack of cointegration between the two markets. This is a sign of existence of opportunities for portfolio diversification between Nigeria stock exchange and Dubai financial market, since the two markets are not cointegrated in the long-run. Practical Implications: The study helps bridge the empirical literature gap in stock market integration and portfolio diversification with reference to the Nigeria and UAE. It will, therefore, guide local and foreign investors with interest in Nigeria and UAE Stock Exchanges. It will also guide Nigerian and UAE policy makers to understand the market better, especially as it concerns financial contagion. Originality/value: This study provides further evidence on stock market integration in emerging markets. New researches shall adopt different methodology such as use of volatility tracking models to measure volatility linkage between the markets.
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Abere, Chioma Oluwaseun, Olusegun Adebayo Ogunba, and Terzungwe Timothy Dugeri. "An evaluation of property markets in Southwestern Nigeria." Property Management 36, no. 3 (June 18, 2018): 314–32. http://dx.doi.org/10.1108/pm-04-2017-0022.
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Purpose Studies on the maturity status of Sub-Saharan African property markets are scanty. The absence of such studies appear to have made African property markets – such as the Nigerian market – unattractive to foreign investors who require market information to assess the viability of proposed investments. The purpose of this paper is to explore the maturity status of selected city property markets in Southwestern Nigeria (i.e. markets in the capital cities of Lagos, Ibadan and Osogbo), with a view to providing information for enhanced property investment in Africa. Design/methodology/approach The study adopted and expanded on property market maturity paradigms suggested by Keogh and D’Arcy (1994), Akinbogun et al. (2014) and Jones Lang LaSalle (2014) to measure the maturity status of the property markets in the Nigerian cities. The study investigated the maturity of three markets in Nigeria by scoring the stated views of a range of stakeholders (estate surveyors and valuers, public land administrators and financiers represented by commercial banks) across a range of ten indicators. The responses were classified by means of a five-point classification scale which expanded on the initial four-point scale developed by Dugeri (2011). Findings The three property markets were found to exhibit varying maturity characteristics (with weighted mean scores of 3.07, 2.71 and 2.51, respectively), representing emerging and immature stages of evolution on the maturity path. These results suggest that there is a correlation between the tier of the market and the level of property market maturity. Practical implications The study concluded that first- and second-tier city property markets have emerged sufficiently to the point where they may safely attract foreign direct and indirect investment from courageous foreign investors. However, the state governments and real estate professional regulatory bodies in the second and third markets need to undertake substantial remodeling of market structures to make them attractive to international investors. Originality/value The value of the paper is in providing much needed information for enhanced property investment in Africa.
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Olomu, Michael Oluwaseun, Moses Clinton Ekperiware, and Taiwo Akinlo. "Agricultural sector value chain and government policy in Nigeria: issues, challenges and prospects." African Journal of Economic and Management Studies 11, no. 3 (March 16, 2020): 525–38. http://dx.doi.org/10.1108/ajems-03-2019-0103.
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PurposeThis paper systematically reviewed the contributions of the recent Nigerian government agricultural policies and the impacts on the agricultural value chain system in line with the structural transformation of the sector and the Nigeria's vision 20:2020. The study also suggest strategies to upgrading various segments of the agricultural value chain and argue that Nigeria's agricultural sector requires huge investments and innovative ideas to increase production and create value addition across the most profitable areas of the value chain.Design/methodology/approachThe authors systematically present evidences and data from the Central Bank of Nigeria (the apex monetary authority of Nigeria) and Nigerian Bureau of Statistics (oversees and publishes statistics for Nigeria) to estimate the impact of Government agricultural policies on the value chains system.FindingsThe study discovers that the various recent government policy interventions to tackle the austere challenges in the agricultural sector are yet to yield much significant solution. Given to the dwindling performance of the sector, the Nigerian agricultural value chain is somewhat affected with systemic and services gaps which underpin the market failures (missing markets and weak markets), although the agricultural value chain has the potential of triggering economic growth in a higher scale with a trickle-down effect to other sectors of the Nigerian economy.Practical implicationsOverall, the findings indicate strategies to upgrading the production and processing segments of the agricultural value chain and argues that Nigeria's agricultural sector requires huge investments and innovative ideas to increase production and create value addition across the most profitable areas of the value chain.Social implicationsThe study proves that enhancing value addition in the agricultural sector is imperative to achieving triple-benefits of increasing productivity by building resilient systems that leverage on finance opportunities, deepening economic inclusive growth and achieving great milestones.Originality/valueThis study is the first attempt to focus on agricultural value chain system in line with the structural transformation and the Nigeria's vision 20:2020.
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Fowowe, Babajide. "Return and volatility spillovers between oil and stock markets in South Africa and Nigeria." African Journal of Economic and Management Studies 8, no. 4 (December 4, 2017): 484–97. http://dx.doi.org/10.1108/ajems-03-2017-0047.
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Purpose The purpose of this paper is to empirically examine return and volatility spillovers between oil and the stock markets of Nigeria and South Africa. Design/methodology/approach The authors make use of an innovative new methodology of capturing spillovers, which is different from what many existing studies use. The authors employ the measures of return spillovers and volatility spillovers of Diebold and Yilmaz (2009, 2012), referred to as spillover indexes. The spillover index facilitates an assessment of the net contribution of one market in the information transmission mechanism of another market. Findings The empirical results show bi-directional, but weak interdependence between the South African and Nigerian stock markets returns and oil market returns. The results for volatility spillovers show independence of volatilities between Nigeria stock markets and oil markets, while weak bi-directional spillovers were found between South African equity volatilities and oil volatilities. The time-varying total spillover plots for returns and volatilities are broadly similar and show a trend that has been observed in other studies: an increasing trend during the non-crisis period, a burst in the crisis year, a maintained higher level of transmission afterwards. Originality/value Existing studies examining spillovers between oil and stock markets have largely ignored Sub-Saharan African markets. A common feature of existing studies is that they have been conducted for two groups of countries: either European and US markets; or Gulf Cooperation Council markets Thus, this study fills this gap in the literature by examining return and volatility spillovers between oil and the stock markets of Nigeria and South Africa.
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AYI, OS, Valentine Igbinedion, AG ABI, and Ishaku Irom. "Financial Markets Performance and Market Microstructure in Nigeria." International Journal of Economics and Management Studies 6, no. 11 (November 25, 2019): 123–33. http://dx.doi.org/10.14445/23939125/ijems-v6i11p115.
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Olaleye, Sunday Adewale, Dandison Ukpabi, Heikki Karjaluoto, and Ioannis Rizomyliotis. "Understanding technology diffusion in emerging markets." International Journal of Emerging Markets 14, no. 5 (December 2, 2019): 731–51. http://dx.doi.org/10.1108/ijoem-01-2018-0055.
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PurposeThe purpose of this paper is to use the consumer-based discrepancy theory to examine consumers’ behavioral motivations for using mobile devices and the factors that influence the rapid diffusion of Chinese mobile devices in Nigeria.Design/methodology/approachData were collected using focus group interviews with samples cutting across users, technicians and experts from Port Harcourt, Nigeria’s industrial capital. This study conducted a thematic analysis of the data with NVivo Pro 11 for deductive coding.FindingsThe authors found that weak regulatory environment opened the Nigerian mobile market to the influx of mobile devices from Chinese local manufacturers. Though largely absent in developed markets, Chinese mobile devices are household names in Africa, particularly Nigeria. Having studied the Nigerian market, Chinese mobile device manufacturers have incorporated features and specifications in their mobile devices that are adapted specifically to this market. Our findings also show that these “China phones and tablets” are significantly inferior to those manufactured by global brands. However, consumer complaints have led to significant improvements in their quality. Consequently, due to their successful diffusion, Nigeria is being used as a launching pad to other African countries.Research limitations/implicationsWhile the study could not look at the economic, environmental and health implications of the high death rate of the mobile devices, it however provides useful insights on the application of the consumer-based discrepancy theory: expectation vs performance, in the Nigerian mobile market context.Originality/valueThe study is the first to empirically examine the diffusion of Chinese mobile devices in one of the key emerging markets in Africa. The study provides blueprint for the local regulatory authorities on how to strengthen their regulatory oversight and also advances critical understanding on how Chinese mobile device manufacturers can improve their technologies and optimize market opportunity in Africa.
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Wu, Wenchao, Hsiaoping Chien, Takeshi Sakurai, and Satoru Muranaka. "Vertical price transmission in the Nigerian cowpea market." British Food Journal 121, no. 11 (October 24, 2019): 2730–45. http://dx.doi.org/10.1108/bfj-09-2018-0591.
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Purpose The purpose of this paper is to examine the asymmetry of vertical price transmission (i.e. from the wholesale to the retail market) in the Nigerian cowpea market and identify its causes. Design/methodology/approach The authors surveyed 19 markets in Kano and Ibadan from 2012 to 2015. The autoregressive distributed lag model and asymmetric error correction model were adopted to test the asymmetry of vertical price transmission. Findings Results suggest that price transmission in Kano is symmetric, but it is asymmetric in Ibadan. This distinction is caused by the differences in the market structure (in terms of competition level, inventory period and transaction cost) of these cities. Originality/value This is the first study to empirically investigate the vertical price transmission in two Nigerian cowpea markets. It is also the first to reveal the role of the market structure in price transmission through a comparison of two markets. The findings provide policy implications and will help create a more efficient food market in Nigeria.
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Nwabueze, Caroline Joëlle. "Challenges of Transnational Trademark Law Practice: The Case of Nigerian Companies’ Brands in OAPI States." Revue générale de droit 45, no. 1 (July 8, 2015): 321–47. http://dx.doi.org/10.7202/1032041ar.
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Nigeria industrial growth has turned the country into an indispensable economic support for its neighbours. Only for the case of Cameroon, Nigeria has been the leading supplier with respectively 22% and 17.8% of imports in 2011 and 2012 with trade amounting to 328 billion FCFA per annum. This results in part from Nigerian companies’ exportations in local markets. Nigerian trademarks related to cosmetics, furniture, electronics, and pharmaceutical goods abound in neighbouring countries. However, a strengthening of Nigerian companies in regional markets encompasses strategies to avoid infringing on the trademark rights. Such strategies should include the consideration of special trademarks features by different institutions of the intellectual property (IP) system in the relevant neighbour export markets. This is by the mere fact that the legal status of those goods, although physical property, relies mainly on the material law applicable, which is trademark in the present case. Because the principle of territoriality requires that trademark protection be sought in the place where the goods are sold—and trademark applications filed in each country in which protection is sought—, Nigerian companies planning to outsource some business activity in neighbour markets will seek compliance with trademarks norms applicable in the Organisation africaine de la propriété intellectuelle (OAPI) of which those countries—Benin, Cameroon, Chad, and Guinea—are part. The trade partnership between companies from a common law trademark background on one hand, and civil law intellectual property community on the other, inevitably raises some frictions and trademarks issues. This article analyses the trademark challenges arising from Nigerian companies’ business decision to enter OAPI markets and export goods and services. The article firstly underlines the issues to be taken into consideration, including registration and enforcement of the companies’ marks in OAPI. Then the paper simultaneously reviews the dissimilarities issues between the Nigerian Trademark Act and the OAPI Trademark System to which the Nigerian companies are confronted. If trademark protection makes it easier for an enterprise to access transnational markets, the establishment of a Trademark Community with neighbouring countries helps for sure national industries to establish partnerships with other firms for sustainable development in the areas such as production, marketing, distribution or delivery of goods and services. In light of the trademark harmonisation in the European Union internal market, the present paper concludes by recommending the creation of a Trademark Community in the West and Central African region between Nigeria and its neighbouring countries.
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Umoh, Gabriel S. "Formal rural financial markets in Nigeria: An attractive or deceptive development alternative?" South African Journal of Economic and Management Sciences 3, no. 3 (September 30, 2000): 469–83. http://dx.doi.org/10.4102/sajems.v3i3.2625.
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This paper uses the outreach paradigm to examine the role of two formal rural financial institutions (Nigerian Agricultural Cooperative Bank and People's Bank of Nigeria) in development financing in Nigeria. Findings show that the two institutions have fared relatively well in the outreach to their target clientele, except women. The paper also suggests that for wider outreach, effective linkage with rural self-help is necessary.
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Atoi, Ngozi V., and Chinedu G. Nwambeke. "Money and Foreign Exchange Markets Dynamics in Nigeria: A Multivariate GARCH Approach." Central Bank of Nigeria Journal of Applied Statistics 12, No. 1 (August 16, 2021): 109–38. http://dx.doi.org/10.33429/cjas.12121.5/6.
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This study examines money market and foreign exchange market dynamics in Nigeria by estimating the dynamic correlation and volatility spillovers between Nigeria Naira/US Dollar Bureau De Change (BDC) exchange rate and interbank call rate with data from January 2007 to August 2019. The study employs a dynamic conditional correlation form of GARCH model (DCC-GARCH) to access the nature of correlation, while an unrestricted bivariate BEKK-GARCH (1, 1) form of multivariate GARCH model is utilized to investigate shocks and volatility spillover of the rates. The estimated DCC-GARCH (1, 1) reveals that interest rate and exchange rate are dynamically linked negatively, suggesting that exchange rate (or interest rate) is inversely sensitive to interest rate (or exchange rate) in Nigeria. This result was substantiated by the estimated BEKK-GARCH(1, 1) model. Furthermore, the effects of news (shocks spillover) are bi-directional across the markets. However, volatility spillover is unidirectional, from exchange rate to interest rate, suggesting that, calming the volatility in foreign exchange market does guarantee moderation of volatility in the money market, whereas the reverse is not the case. The results underscore the growing influence of foreign exchange market in the financial space of the Nigerian economy. Thus, the study recommends that foreign exchange policies aimed at maintaining exchange rate stability should be sustained, having found exchange rate to be more effective in moderating interest rate volatility in Nigeria.
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Ikioda, Faith Ossy. "Urban Markets in Lagos, Nigeria." Geography Compass 7, no. 7 (July 2013): 517–26. http://dx.doi.org/10.1111/gec3.12057.
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Ibrahim, Kabiru Hannafi, Dyah Wulan Sari, and Rossanto Dwi Handoyo. "Nigeria-China Bilateral Trade Relations: Is There Market Opportunities in China?" Intermestic: Journal of International Studies 4, no. 2 (May 31, 2020): 139. http://dx.doi.org/10.24198/intermestic.v4n2.3.
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This study used normalized revealed sectoral comparative advantage, import demand share, growth identification and facilitation framework to identify market opportunities for Nigeria in the Chinese markets over the period 1988-2017. Our findings revealed that Nigeria has a steady and long-term comparative advantage in few commodities and there is limited scope for Nigeria to improve on its balance of trade due to limited export potentials. Furthermore, sixteen market opportunities were identified, out of which fourteen are stable and growing markets. Our findings also revealed that these market opportunities can't all be meet by Nigeria, as these commodities were not exportable due to poor competitive position and highly capital-intensive nature of the commodities. These findings are not only relevant to academics but also for policy making.
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Mamonov, A. O., and I, V. Tarasov. "APPROACHES TO STRATEGIC ASSESSMENT OF THE PROSPECTS OF AFRICAN ELECTRICITY MARKETS FOR RUSSIAN COMPANIES." Business Strategies 8, no. 3 (April 6, 2020): 64–69. http://dx.doi.org/10.17747/2311-7184-2020-3-64-69.
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This article is devoted to development of methodological approaches to evalution of African energy markets’ strategic opportunities for Russian companies. The main research method in this paper is in-depth case study, which allows to test proposed approaches. The subject of case study is one of the largest African countries – Nigeria. A comprehensive analysis of nigerian energy market from the standpoint of quantitative indicators, technological and financial prospects, as well as the difficulties associated with entering the market, and the possibilities of overcoming them, is carried out. The long-term prospect of the feasibility of entering the energy markets within African countries has been identified.
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Omosehin, Olanrewaju, Babatunde Ekundayo, Oluyede Aturamu, and Adewale Olutumise. "Price variation and transmission in beans consuming market of Southwest, Nigeria." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 8, no. 6 (February 1, 2021): 609–18. http://dx.doi.org/10.22437/ppd.v8i6.10870.
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Nigeria's bean market is still characterized by inefficient and weak integration due to inadequate price information and market infrastructure. Therefore, the study investigates the price variation and transmission of beans markets in Nigeria's Southwest region. The study employed an average monthly price of white and brown beans in rural and urban markets spanning March 2014 to July 2019. Coefficient of variation (CV), Augmented Dickey-Fuller (ADF), Johansen co-integration test and Granger-Causality tests were the analytical tools used for the analysis. The results of CV indicated a spike variation of beans prices over the periods. Urban brown beans experienced the lowest variability of 1.56% in 2015, while rural brown beans experienced the highest variability of 30.03% in 2014. The co-integration test established a long-run dynamic between bean products of different varieties in the same market. However, it failed in the same products in different markets using a bivariate co-integration test. The multivariate co-integration test’s results affirmed that bean markets are strongly linked together in the long-run. The results of Granger-causality showed uni-directional and bi-directional causalities in the beans markets. Rural white beans assumed the lead position and formed the major price transmission in the beans’ markets in the area. Therefore, for more efficiency in the beans’ rural and urban markets, the government should design appropriate market strategies such as accessible market information and infrastructures.
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Okereke, Melody, Ignatius Anukwu, Sola Solarin, and Mazi Sam Ohuabunwa. "Combatting Substandard and Counterfeit Medicines in the Nigerian Drug Market: How Industrial Pharmacists Can Rise Up to the Challenge." INNOVATIONS in pharmacy 12, no. 3 (July 26, 2021): 15. http://dx.doi.org/10.24926/iip.v12i3.4233.
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Substandard and counterfeit medicines (SCMs) are a major public health threat in Africa. In Nigeria, the manufacture and distribution of substandard and counterfeit medicines in the drug market are booming, despite the efforts of law enforcement agencies to crack down on criminal syndicates over the years. The current situation has been exacerbated due to factors tied to unregulated open drug markets, lack of counterfeit detection technology, poor local pharmaceutical manufacturing capacity, and porous cross-border monitoring and surveillance systems. However, industrial pharmacists have a key role to play in combatting the production and circulation of SCMs in the Nigerian drug market. In this commentary, we examine the prevalence of SCMs in Nigeria and proffer feasible recommendations that industrial pharmacists can leverage to ensure its effective containment.
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Nnanna, Ugo Joseph. "Housing Crises: A Theoretical Study of the Home Building Industry in Nigeria." International Business Research 3, no. 3 (June 11, 2010): 16. http://dx.doi.org/10.5539/ibr.v3n3p16.
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The paper examines the housing problems in Nigeria and the home building market on an international viability landscape with special references to the Nigerian housing sector. The paper creates a platform for a global building industry company that is well capitalized through a series of mergers and acquisitions (M&A). Furthermore, the emphasis on the establishment of a global building company is imperative because of its role in developing and emerging housing markets where home ownership has just commenced and mortgage financing is rare.
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Anthony, Olajuyin Oyebanji, Oluwadiya Kehinde Sunday, Olajuyin Ademola Busayo, Olajuyin Adebola Ayotomiwa, Ogunboyo Femi Ojo, Olatunya Oladele Simeon, Adegbiji Atilade Waheed, and Olajide Toye Gabriel. "ONCE BITTEN, TWICE SHY: UPGRADING TRADITIONAL MARKETS AS A STRATEGY TO PROMOTE COMPLIANCE WITH SAFETY PROTOCOLS OF, AND BEAT, COVID-19 HANDS-DOWN." International Journal of Research -GRANTHAALAYAH 9, no. 6 (July 15, 2021): 341–48. http://dx.doi.org/10.29121/granthaalayah.v9.i6.2021.4056.
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The traditional market has specific features, the impact of which may impede compliance with the Covid-19 safety protocols and make the market an of Covid-19 pandemic. This paper described compliance with Covid-19 safety protocols and the need to upgrade the traditional market into modern markets. The purpose is to draw the attention of the stakeholders to the need to upgrade the traditional markets so as to facilitate compliance with the Covid-19 safety protocols and eliminate resurgence of the pandemic. The study was a prospective, comparative analysis of compliance with Covid-19 safety protocols in the Traditional Markets and Modern Markets (MM) in Ekiti State, Southwest Nigeria. The results showed that the traditional markets were majorly the open-air types with propensity for overcrowding, clustering and long business hours. The compliance scores across all the Covid-19 safety protocols and especially physical distancing were very poor in the traditional markets compared with the modern markets. There is therefore the need to upgrade the traditional markets to modern markets with a view to facilitate compliance with the Covid-19 safety protocols and suppress resurgence of the pandemic in Ekiti State, Southwest Nigeria.
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Sodeinde, Olufemi A., and Segun R. Adedipe. "Pangolins in south-west Nigeria – current status and prognosis." Oryx 28, no. 1 (January 1994): 43–50. http://dx.doi.org/10.1017/s0030605300028283.
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Despite being officially listed as endangered in Nigeria, pangolins are still hunted in Ogun State, where deforestation has fragmented and reduced their forest habitat. To investigate pangolin status in the state, the authors interviewed hunters, forest workers and market traders selling wild animals or their parts for medicinal use. The authors also counted pangolins stocked by market traders during weekly visits to markets in six towns/villages. Only one of Nigeria's three pangolin species, Manis tricuspis, was encountered frequently. Hunters' reports and evidence of forest destruction suggest that even this species is becoming rare. An estimate of extinction-susceptibility shows that pangolins are at fairly high risk. Creation of sanctuaries for pangolins and other important sympatric vertebrates in forest relicts in south-west Nigeria and the establishment of semicaptive pangolin populations are advocated.
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Edo, Samson E. "The Nigerian Capital Market in an Era of Privatisation." Vision: The Journal of Business Perspective 1, no. 2 (July 1997): 45–54. http://dx.doi.org/10.1177/09722629x97001002005.
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The Nigerian Capital Market achieved a significant growth during the period of privatisation (1988-1993). Through the process of privatisation, a large volume of shares was transferred from government to individual and institutional investors. The shares were offered for sale through the capital market either by placement or quotation at the Stock Exchange. As a result, the capital market expanded in terms of facilities and activities as shown by various indicators. In the same period, Nigeria entred the global equity market as one of the emerging capital markets in the world. It also became one of only four African capital markts to be so acknowledged. Despite these encouraging developments, its potentials for enhancing economic growth and development are yet to be fully exploited. In view of this, policy recomendations have been proffered to further enhance the capital market in readiness for its role in economic growth and development.
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Abakah, Emmanuel Joel Aikins, Paul Alagidede, Lord Mensah, and Kwaku Ohene-Asare. "Non-linear approach to Random Walk Test in selected African countries." International Journal of Managerial Finance 14, no. 3 (June 4, 2018): 362–76. http://dx.doi.org/10.1108/ijmf-10-2017-0235.
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Purpose The purpose of this paper is to re-examine the weak form efficiency of five African stock markets (South Africa, Nigeria, Egypt, Ghana and Mauritius) using various tests to assess the impact of non-linearity effect and thin trading which are prevalent in African markets on market efficiency. Design/methodology/approach The weekly returns of S&P/IFC return indices for five African countries over the period 2000-2013 were obtained from DataStream and analyzed. The study adopted the newly developed Non-Linear Fourier unit root test advanced by Enders and Lee (2004, 2009) which allows for an unknown number of structural breaks with unknown functional forms and non-linearity in data generating process of stock prices series to test the Random Walk Hypothesis (RWH) for the five markets, and an augment regression model. Findings In light of the empirical evidence the author(s) using Non-linear Fourier Unit Root Test only fail to reject the RWH for South Africa, Nigeria and Egypt leading to the conclusion that these markets follow the RWH and weak-form efficient whilst Ghana and Mauritius are weak-form inefficient. Besides, evaluating non-linear models without adjusting for thin trading effect shows that, South Africa and Ghana markets are weak-form efficient while Nigeria, Egypt and Mauritius are not. However, after accounting for thin trading effect, the author(s) find that South Africa and Egypt markets follow the RWH. The findings imply that market efficiency results depend on the methodology used. Originality/value This paper provides further evidence on stock market efficiency in emerging markets. The finding suggests that thin trading and non-linearity effect influences markets efficiency tests in African stock markets. Thus, recent structural adjustment and liberalization policies have not enhanced stock market operations in Africa. This paper therefore has implications for policy makers and international investors.
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Rakshit, Sandip, and Mokhalles Mohammad Mehdi. "Standard microfinance bank, Nigeria: developing underserved markets." Emerald Emerging Markets Case Studies 11, no. 2 (August 16, 2021): 1–24. http://dx.doi.org/10.1108/eemcs-10-2019-0257.
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Learning outcomes To understand the challenges of building a successful business in an emerging market like Yola, Nigeria. To understand the role of micro-finance banks in doing business in Yola, Nigeria. To comprehend strategies adopted in market segmentation and sales of products or services to the customer. To apprehend strategies adopted to sustain and compete in Nigeria – both rural and urban. Case overview/synopsis Standard Microfinance Bank Limited (SMFB) was a private micro-finance bank situated at Yola, Adamawa State of Nigeria. It initially started as a community bank in 1992 to provide loans to individuals and small business owners in Adamawa. It started with the services of payment service and savings account with a limited lending capacity. It had become a full-fledged retail bank and was grown to 13 branches across Nigeria. It planned for expansion such as market development, product development and diversification by the year 2020. It had a customer base of 60,000 till the end of December 2018. Vazheparambil Mani Francis was the Chief Executive Officer (CEO) of the SMFB. The SMFB faced challenges such as operating the remote villages, lack of financial literacy among people, recovery of the loan amount, submission of false credentials and change of customer identity after loan by their customer. It was not going to be an easy task for him to operate the business of SMFB in Nigeria. However, in December 2018, Francis was facing a dilemma about the future success of SMFB business in Nigeria by looking into the challenges and complexities of business. Francis was determined to figure out the appropriate growth strategy for managing the challenges. Complexity academic level Undergraduate and graduate early-stage program. Supplementary materials Teaching notes are available for educators only. Subject code CSS 11: Strategy.
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Obayelu, Oluwakemi, and Ganiyat Alimi. "Rural-urban price transmission and market integration of selected horticultural crops in Oyo state, Nigeria." Journal of Agricultural Sciences, Belgrade 58, no. 3 (2013): 195–207. http://dx.doi.org/10.2298/jas1303195o.
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The majority of agricultural markets in African countries are inefficient and poorly integrated. This study therefore assessed the level of market integration and the trend analysis of selected vegetable crops in Oyo State. It also identified the leading market between rural and urban markets in Oyo state. Secondary data on the prices of fresh tomato, onion, chilli pepper, sweet pepper, and fresh pepper (2003-2011) were obtained from Oyo State Agricultural Development Programme and were analysed using trend analyses, Augmented Dickey-Fuller (ADF) test, Granger causality test and index of market concentration. Results showed that the prices of onion, chilli pepper and fresh pepper were non-stationary in their various level forms but stationary at first difference; while prices of fresh tomato and sweet pepper in urban markets were stationary at their level form at probability of 5% respectively. The indices of market concentration for onion, sweet pepper, fresh pepper, chilli pepper were less than one suggesting high short-run market integration, whereas fresh tomato achieved low short-run market integration. Further, urban markets were the leading markets for onion, chilli pepper and sweet pepper, while rural markets were the leading markets for fresh tomato and fresh pepper.
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Ayuba, James Akwe, Garba Salisu Balago, and Dang Yohanna Dagwom. "EFFECTS OF MACROECONOMIC FACTORS ON STOCK RETURNS IN NIGERIA." International Journal of Finance and Accounting 3, no. 1 (September 11, 2018): 66. http://dx.doi.org/10.47604/ijfa.711.
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Purpose: This study set out to examine the effects of macroeconomic factors on stock returns for top twenty-five most capitalized quoted equity firms in Nigeria. Emerging markets have different structure and institutional characteristics from developed stock markets, and in view of the fact that investors are interested in getting more insights into the activities of blue chip companies, it is imperative to find out whether stock returns in Nigeria respond differently to effects of macroeconomic factors or not. Hence, the study investigated the effects of inflation rate, interest rate and money supply on stock returns of selected quoted firms in Nigeria from 2007 – 2016.
Methodology: The population comprises top twenty-five most capitalized quoted equity firms, out of which twenty-one companies represent the sample of the study. The study adopted ex-post facto research design. The study used secondary data obtained from the audited accounts of the sampled firms, Central Bank of Nigeria Statistical Bulletin and the Nigerian Stock Exchange database and website. Analysis of data was carried out using panel data regression.
Findings: The panel regression results indicate significant negative effects between inflation rate, money supply and stock returns of selected quoted companies in Nigeria, while insignificant negative effect is revealed between interest rate and stock returns in Nigeria.
Unique contribution to theory, practice and policy: The study recommends among others, taking note of the systematic risks revealed by inflation rate, interest rate and money supply when structuring portfolios and diversification strategies; and intensifying capital market sensitization campaigns by the Securities and Exchange Commission.
Keywords: Inflation rate, interest rate, money supply and stock returns.
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Olaniyan, Temitayo O., and Samuel O. Ekundayo. "Revisiting the growth effects of government bonds in the emerging capital market." Corporate Governance and Organizational Behavior Review 3, no. 1 (2019): 32–38. http://dx.doi.org/10.22495/cgobr_v3_i1_p3.
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We revisited the effects of government bonds for the growth on the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period from 2010 to 2017, this study through the Generalised Method of Moments (GMM) regression estimator found that the value and the number of listed government bonds’ positively and significantly affect capital market growth in Nigeria. Furthermore, low capitalisation of government bonds negatively affects the growth of the market. The null hypothesis of the Hansen J-statistics is accepted; hence this implies that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market, thus government bonds have made the NSE All-Share Index grow over the period under investigation. Following the findings from the study, it was recommended, inter alia, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary, while the funds raised from the capital market through government issuance should be channelled towards Nigeria’s productive sectors to promote an all-inclusive growth in the Nigerian economy.
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Adetunji, Musilimu Adeyinka. "HOUSEHOLDS TRAVEL BEHAVIOUR TO MARKETS IN RURAL COMMUNITIES IN AYEDAADE LOCAL GOVERNMENT AREA OF OSUN STATE, NIGERIA." Journal of Asian Rural Studies 4, no. 2 (July 15, 2020): 202. http://dx.doi.org/10.20956/jars.v4i2.2336.
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Many rural households in Nigeria are less accessible to markets to transact their business. Traders travel considerable distance and pay high transport fare to convey their goods to markets for sale. This is because many rural communities are located farther away from where the markets are situated. It is on this background that this study examined the accessibility of traders to markets in some rural communities in Ayedaade Local Government Area of Osun State. Both primary and secondary data were utilized for this research. Three sets of data were required. The first set of data focused on the socio-economic characteristics of traders such as gender classification, family composition, level of education and possession of personal means of transportation. The second data required focused on the travel pattern of rural population to markets taking into account attributes such as distance travelled, mode of transportation mostly used, average travel time and frequency of trip to market in a week. The last category of data elicited was based on constraint of women to access market centres in the region. Descriptive and inferential statistics were employed to analyse the data. Findings reveal that the pattern of distribution of markets is in the study area is dispersed rather than random. Agricultural products and few manufactured goods are traded at Olufi central market in the study area. More than 60% of traders relied on Public transport (motorcycle), which charge exorbitant transport fare to convey their goods to markets. Arrays of goods traded in the market is the first major determinant factor affecting the markets patronized by traders in the council area and this accounts for about 17.53% of the total explained variance of the factor analysis. The study therefore recommends that there is need to provide community based transport services at subsidized rate for rural communities in Nigeria so as to enhance the accessibility of women to markets and participate in other productive activities in the rural areas of Nigeria.
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Aremu Akinde, Mukail, Eriki Peter, and Ochei Ailemen Ikpefan. "Portfolio selection strategies and cognitive psychology biases: a behavioral evidence from the Nigerian equity market." Investment Management and Financial Innovations 15, no. 3 (September 14, 2018): 267–82. http://dx.doi.org/10.21511/imfi.15(3).2018.22.
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The empirical evidence in the developed equity markets such as the United States, the United Kingdom, Germany, Japan and emerging markets had pronounced that there are institutional and individual investors’ cognitive psychology and mental biases in favor of the Growth Stocks, that is, the Growth Stocks are always preferred to the Value Stocks by the investors. The investors most times prefer the Growth Stocks to the Value Stocks irrespective of the stock fundamentals behavior in the equity market. The paper investigated whether Cognitive Psychology and Mental biases affect Portfolio Selection strategies using the Growth or the Value Stocks investment styles in the Nigerian Stock Market. In the study, the summary of the primary data was described and Multinomial Logistic Regression (MLR) models were adopted to make inferential decisions. The paper collected primary data through questionnaire administered to individual and institutional investors on the floor of Nigeria Stock Exchange (NSE). The findings from the analyses conducted confirmed a strong existence of Cognitive Psychology and mental biases in favor of the Growth Stocks in the Nigerian Equity Market. Investors had more belief in Growth Stocks than the Value Stocks notwithstanding the behavior of the market fundamentals. The study recommended that investors should seriously consider occurrences and performance fundamentals in Portfolio Selection in the Nigerian Equity Market.
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Oke, Michael O., Oluwabunmi Dada, and Nelson O. Aremo. "Impact of Bond Market Development on the Growth of the Nigerian Economy." Folia Oeconomica Stetinensia 21, no. 1 (June 1, 2021): 60–75. http://dx.doi.org/10.2478/foli-2021-0005.
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Abstract Research background: The traditional function ascribed to a modern financial institution is to mobilize resources among the two units (surplus and deficit) of the economy. This can be achieved when financial institutions wake up to this responsibility and act as the pillar upon which other institutions can rely on. Purpose: This study examined the impact of bond market development on the growth of the Nigerian economy from 1986–2018. Research methodology: Data were analysed using the co-integration bounds test approach while the robustness of the estimates was also checked. Results: Government bond exhibited an insignificant positive relationship; corporate bond and value of bond traded were positive and statistically significant (prob. <0.05) while bond yield indicated a negative relationship with the growth of the Nigerian economy. Novelty: The study found that corporate bond and the value of bond traded were the major variables that increased the depth of bond market development in Nigeria. Therefore, policymakers in Nigeria should encourage the issuance of more corporate bonds to further enhance the efficiency of bond markets development.
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Babatunde, Solomon Olusola, and Srinath Perera. "Barriers to bond financing for public-private partnership infrastructure projects in emerging markets." Journal of Financial Management of Property and Construction 22, no. 1 (April 3, 2017): 2–19. http://dx.doi.org/10.1108/jfmpc-02-2016-0006.
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Purpose The purpose of this study is to identify and critically assess the barriers to bond financing for public–private partnership (PPP) infrastructure projects in Nigeria using an empirical quantitative analysis. Innovative ways to finance long-term infrastructure projects had been documented. However, there is a dearth of empirical studies on the barriers to bond financing for PPP infrastructure projects. Design/methodology/approach A comprehensive literature review was conducted to identify the barriers to bond financing for infrastructure projects, which were employed to design a questionnaire. A questionnaire survey was carried out which targeted financial experts in the Nigerian financial institutions/local banks. Data collected were analysed using descriptive and inferential statistics to include mean score, chi-square (χ2) test and factor analysis (principal component analysis). Findings The analysis of the ranking in terms of the mean score values for the 12 identified barriers indicated that all the identified barriers are considered by respondents as critical barriers to bond financing for PPP infrastructure projects in Nigeria. The study, through factor analysis, grouped the 12 identified barriers into 5 principal factors. These include governance and institutional capacity issues, higher issuance cost and risk, difficulties in getting approval for changes, the small size of bond markets and stringent disclosure requirements. Practical implications This research is significant by providing the empirical evidence of the barriers to bond financing for PPP infrastructure in emerging markets, especially in Nigeria. Originality/value The findings would enable the policymakers to draw some policy recommendations that will positively influence the development of bond markets in Nigeria and emerging markets at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria.
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Shaib-Rahim, H. O., O. J. Aluko, O. Eniola, E. N. Okeke, M. B. Oyedeji, R. Akanni-John, and A. G. Adegoke. "Chevon availability in some markets in Ibadan, Nigeria." Nigerian Journal of Animal Production 47, no. 4 (December 17, 2020): 255–60. http://dx.doi.org/10.51791/njap.v47i4.96.
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Goat meat has a number of nutritional benefits compared to other meats. It is preferred by those who know it value. Studies on marketing of goat meat (chevon) is important to provide vital information on its availability, profitability and the contsraints encoutered by the marketers for effective research, pricing, planning and policy fomulation. In the study, the marketing of chevon in selected markets in Ibadan, was examined. Well-structured questionnaires were purposively administered to 60 respondents from four markets (Bodija, Akinyele, Oritamerin, Aleshinloye) in different Local Government Areas within Ibadan, using multi-stage sampling techniques. Data were analyzed using descriptive statistics and budgetary analysis. The results showed that 55% male respondents were chevon marketers in which 70% were married within the age range of 40-49 years. About 31.7% had no formal education while 30.0% had secondary education. In terms of religion, 46.7% were Muslims, 40.0% were Christians and 13.3% were traditional believers. The budgetary analysis revealed that the total revenue (TR) was < 3,970,030.00, total variable cost (TVC) was < 2,125,150.00 and total fixed cost (TFC) was <123,300.00 while gross profit and net profit accounted for < 3,970,030.00 and ? 1,721,580.00, respectively. Total cost incurred was < 2,248,450.00 per month. The benefit cost ratio (BCR) was calculated to be < 1.83. Among the problems facing chevon marketing in the study areas are infrastructural, credit facilities and storage facilities. It is therefore recommended that the government at all levels should provide market facilities and favorable market, regulatory framework for a more profitable chevon business.
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Odutola Omokehinde, Joshua. "Mutual funds behavior and risk-adjusted performance in Nigeria." Investment Management and Financial Innovations 18, no. 3 (September 9, 2021): 277–94. http://dx.doi.org/10.21511/imfi.18(3).2021.24.
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The paper investigates the behavior of mutual funds and their risk-adjusted performance in the financial markets of Nigeria between April 2016 and May 31, 2019, using descriptive statistics, as well as CAPM, Jensen’s alpha, and other risk-adjusted portfolio performance measures such as Sharpe and Treynor ratios, as well as Fama decomposition of return. The descriptive tests revealed that 80.77% of the funds were superior to market returns, while 13.46% were riskier. The market and the fund returns behaved abnormally with asymptotic and leptokurtic characteristics as their skewness and kurtosis varied from the normal requirements. Diagnostically, the normality test by Jacque-Berra showed that the return was not normally distributed at a 1% significance level. The market was more aggressive relative to the funds. The average risk-free rate was 6.75% above the market’s return. The risk-adjusted portfolio returns measured by Sharpe and Treynor ratios showed that 67.31% of the funds underperformed the market compared to 40.38% that outperformed the market using Jensen’s alpha. Fama decomposition of return revealed that the fund managers are risk-averse with 48% superior selection ability and rationally invested over 85% of investors’ funds in schemes with fixed income securities at a given risk-free return that cushioned the negative effects of the systematic and idiosyncratic risks and consequently threw the total returns into positive territories. Overall, the fund managers possessed 52% of inferior selection abilities that only earned 33% of superior risk-adjusted returns and hence, failed to achieve the desired diversification in the relevant period.
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Omobowale, Mofeyisara Oluwatoyin, and Ayokunle Olumuyiwa Omobowale. "Oju and Inu: Solidarity in the Informal Market Space in Ibadan, Nigeria." Journal of Black Studies 50, no. 4 (April 15, 2019): 401–20. http://dx.doi.org/10.1177/0021934719840721.
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Informal markets provide employment for a large spectrum of Nigerians. These markets provide access to livelihood for those willing to work within the market environment and operate within its rules. A major normative value, which also spells out the ethics in the informal market space, is solidarity-in-completion. Indeed, traders are in competition, but they also solidarize for individual and market progress. This article examines the context of solidarity in informal markets in Ibadan, Nigeria. The study was guided by the Asuwada theory of sociation, which explains the context of solidarity as ethical in traditional societies. Qualitative data were collected through 12 key informant interviews, 60 in-depth interviews, six focus group discussion sessions, and 12 case studies. Access to space and retention of such space in the market is structured by the local contexts of oju and inu relations that determine and contextualize solidarity, and normative solidarity regulates competition among traders.
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Ozo, Friday Kennedy, Thankom Gopinath Arun, Philip Kostov, and Godfrey Chidozie Uzonwanne. "Corporate dividend policy in practice: the views of Nigerian financial managers." Managerial Finance 41, no. 11 (November 9, 2015): 1159–75. http://dx.doi.org/10.1108/mf-09-2014-0256.
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Purpose – The purpose of this paper is to provide an additional insight into the dividend puzzle by investigating the field practice of dividend policy in an emerging market such as Nigeria. It also aims to contribute to the literature on industry-related dividend effect by examining whether managerial views on dividend policy vary between financial and non-financial firms. Design/methodology/approach – The study employs semi-structured interviews with the financial managers of 21 Nigerian listed firms. The interviewees were divided into two broad groups of financial vs non-financial firms based on the industry classification of the firms. Findings – The findings suggest that, despite differences in institutional environment, the dividend-setting process in Nigerian companies is similar in many extents to those in the USA and other developed markets. Nigerian companies exhibit dividend conservatism and typically focus on current earnings, stability of earnings and availability of cash when determining their current dividend levels. However, unlike in prior studies, the interviewees suggest that their companies do not have a target payout ratio; instead, they target the dividend per share when determining the disbursement level. Nevertheless, views regarding these issues vary significantly between financial and non-financial firms. Originality/value – This paper adds to the extant literature that has examined the behavioural aspects of dividend policy using interviews, especially in the context of less-developed markets such as Nigeria. The study also updates and extends prior evidence on an industry-related effect on managerial perceptions of dividend policy.
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Fasanya, Ismail Olaleke, and Feyikunayo Olawepo. "Determinants of food price volatility in Nigeria." Agricultura Tropica et Subtropica 51, no. 4 (December 1, 2018): 165–74. http://dx.doi.org/10.2478/ats-2018-0019.
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Abstract In this paper we examined the determinants of food price volatility in Nigeria using monthly data from January, 1997 to April, 2017. We employed the multivariate GARCH approach to evaluate the level of interdependence and the dynamics of volatility across these markets. In particular, the Baba-Engle-Kraft-Kroner (BEKK) model and the Dynamic Conditional Correlation (DCC) model were used for estimation. The findings showed that information shocks originating in Consumer Price Indices (CPI), lending rate, exchange rate and oil market have a direct effect on the current conditional volatility in food market while the information shocks originating in food have a direct effect on the current conditional volatility in all the markets considered except for oil. These results were insensitive to changes in data frequency and different oil price specification. Hence, the government should encourage the use of alternative sources of energy to reduce the effect of high oil prices on food prices and provide soft agricultural credit scheme to farmers with a low lending rate through specialized banks.
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Ladipo, O. A., Regina McNamara, G. Ebun Delano, Eugene Weiss, and E. O. Otolorin. "Family Planning in Traditional Markets in Nigeria." Studies in Family Planning 21, no. 6 (November 1990): 311. http://dx.doi.org/10.2307/1966919.
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Ortiz, Rodomiro. "Cowpeas from Nigeria: A Silent Food Revolution." Outlook on Agriculture 27, no. 2 (June 1998): 125–28. http://dx.doi.org/10.1177/003072709802700210.
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Cowpeas ( Vigna unguiculata (L.) Walp.) are an important native African legume crop, whose seeds are sold in local urban and rural markets. West Africa is the main centre of diversity for cowpeas. Nigeria is the world's largest producer and second in acreage. The production trend shows a significant improvement of cowpea cultivation in this country from 1961 to 1995. In this period, Nigerian cowpea production increased by 441% according to available statistics of the United Nations Food and Agriculture Organization (FAO). This paper discusses the evolution of cowpea production from the early 1960s until recent years in Nigeria, along with new technology for cultivation (for example, improved cultivars) of this crop developed by the International Institute of Tropical Agriculture (IITA) in Nigeria.
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ADEKUNLE, C. P. "PRICE INTEGRATION AND TRANSMISSION OF FOOD GRAINS MARKETS IN SOUTHWEST NIGERIA (2004-2013)." Journal of Agricultural Science and Environment 15, no. 2 (February 13, 2020): 12–26. http://dx.doi.org/10.51406/jagse.v15i2.1972.
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The success of market reforms in developing countries depends to a large extent on the strength of price signals transmitted between different level of markets reflecting extent of market integration and extent to which markets function efficiently. Market integration is an indicator that efficiency exists within the flow of information between markets. This study examined price integration and transmission of food grains markets in Southwest, Nigeria. Time series data of rural and urban retail prices of local and imported rice, cowpea and maize between 2004 to 2013 were obtained from the Agricultural Development Programme (ADP) Offices in selected States. The degree of price transmission was analyzed within the framework of Vector Error Correction Model (VECM). The Augmented Dickey Fuller (ADF) unit root test results revealed that the price series were stationary at first difference. Johansen cointegration results showed that even though two Cointegrating Equations (CEs) exist between linear combinations, some stable long run equilibrium relationships exist among the price series. The study concluded that Rural Price of Local Rice in Lagos State (RPLRLS), Rural Price of Cowpea in Oyo State (RPCOYS) and Rural Price of Maize in Lagos State (RPMLS) occupied the leadership position in price formation and transmission. The study therefore, recommended that policy measures aimed at increasing consumption of local rice, cowpea and maize be implemented, in identifying the leader markets.
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Njogo, Bibiana, Jaiyeoba Oladele, and Oladotun Mabinuori. "Investors’ sentiment and stock trading in the Nigerian capital market." Caleb International Journal of Development Studies 3, no. 2 (November 30, 2020): 236–48. http://dx.doi.org/10.26772/cijds-2020-03-02-014.
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This study examined the relationship between investors sentiment and stock trading for thirty listed firms in Nigeria, covering periods of 2015-2019. This study comes at a time when behavioral economics gains larger interest in investment decision. This school of thought dismisses the assertion of neoclassical economics that markets are efficient;, hence they cannot be beaten by consistently earning abnormal profits. Two research objectives were formulated for the study, which borders on determining whether investors’ sentiment affects stock trading of corporate firms in Nigeria, and whether investors’ sentiment affect trading stocks for industries in Nigeria differently. Data for the study were sourced from banking, manufacturing, and insurance sectors of the Nigerian Stock Exchange. Fixed effect regression was used to analyse the effect of investors’ sentiment on stock trading. The Analysis of Covariance was used to examine whether investors’ sentiment differently affect trading stocks for different sector in Nigeria. The results obtained showed that investors’ sentiment exerts significant impact on stock trading of the firms investigated, and it is used to affect trading stocks for industries in Nigeria differently. The study recommends that investors should make use of fundamental analysis and technical analysis to trade stocks. Keywords: Behavioural economics, efficient market hypothesis, Investors’ sentiment, neoclassical economics, and stock trading.
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Toni, Uhomoibhi Aburime. "Impact of Ownership Structure on Bank Profitability in Nigeria." Journal of Global Economy 4, no. 3 (September 30, 2008): 170–83. http://dx.doi.org/10.1956/jge.v4i3.114.
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Ownership structure is considered an important factor that affects a firm’s health. If ownership structure affects a firm’s health, it is possible then to use the ownership structure to predict firm profitability. Against this backdrop, this paper analyzes the relationship between ownership structure and bank profitability in Nigeria. There are two motivations for this paper. Firstly, midway into the banks consolidation exercise in Nigeria, the CBN identified the need for a determination of the most appropriate composition of bank capitalization that would enhance the individual and systemic profitability and efficiency of banks in Nigeria post-consolidation. Hence, it decided to minimize state governments’ investment in banks during the exercise and also issued a December 2007 ultimatum to all tiers of governments that have stakes in banks to dilute their investments to a maximum of 10 per cent. Unfortunately, the CBN did not state any econometrically-based rationale giving credence to its directives. Secondly, the effect of ownership structure and concentration on a firm’s performance is an important issue in the literature of finance theory. However, no researcher has studied this important aspect of finance theory in the Nigerian context. It is worth noting that most research on ownership structure and firm performance has been dominated by studies conducted in developed countries. However, there is an increasing awareness that theories originating from developed countries such as the USA and the UK may have limited applicability to emerging markets. Emerging markets have different characteristics such as different political, economic and institutional conditions, which limit the application of developed markets’ empirical models.
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Nwauwa, L. O. E., K. O. Adenegan, M. A. Y. Rahji, and T. T. Awoyemi. "Optimal Transportation and Spatial Integration of Regional Palm Oil Markets in Nigeria." International Journal of Operations Research and Information Systems 7, no. 2 (April 2016): 62–83. http://dx.doi.org/10.4018/ijoris.2016040104.
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The poor quality of transportation infrastructure in Nigeria impacts negatively on the competitiveness of palm oil. This leads to increased inter-regional transportation cost, delayed time of arrival to the destination and lowered transaction efficiencies in the distribution chains. Primary and secondary data were used. Random sampling technique was used to collect data from 276 distributors in main palm oil markets. Data were analyzed using linear programming and Ravallion model at 0.05 a-level. Results of the data analyzes show that average cost of transporting palm oil from the production market to the consumption market was N5,831.9 per MT. Observed transportation cost was N60,724,830.5 while the optimal cost was N44,003,500.30 indicating a 38.0% reduction in total cost of transportation. Highest optimal allocations to the destination markets were Owerri-Jos (133,500 MT), Ondo-Lagos (107,200 MT) and Port Harcourt-Kano (82,000 MT) at minimum transportation cost of N5,750, N4000.7and N6500.0 per MT respectively. Two lag periods were identified signifying that it takes about 1-2 months for price information to spread across the markets by the model. Six of the 27 market pairs exhibited high short-run market integration for both lag periods with Port Harcourt-Abuja market pair indicating the highest (0.1 and 0.004). The lowest short-run market integration was recorded in Ondo-Minna market pair indicated by 1.4 and 17.4 respectively. Policies that will enhance redistribution of palm oil supply between producing and consuming regions should be pursued.
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Mailafiya, D. M., Z. Dauda, M. M. Degri, B. G. J. Kabir, and Y. T. Maina. "An Appraisal of Insect Pests Associated with Cereal Grains Traded in Maiduguri, Borno State, Nigeria." International Letters of Natural Sciences 19 (July 2014): 76–83. http://dx.doi.org/10.18052/www.scipress.com/ilns.19.76.
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This study investigated insect pest infestation of maize, millet, sorghum, rice and wheat grains traded in the three main markets namely Monday, Baga-Road and Custom-Park markets in Maiduguri, Borno state, Nigeria. Sampling lasted from January to June 2012. Samples per grain type, each weighing one kilogram, were obtained every two weeks from ten randomly selected traders per market. Each sample was sieved in the laboratory to recover all adult insects present, both at sampling and also after one month stay (laid out in a completely randomized design). In each market, Sitophilus zeamais Motschulsky and Rhyzopertha dominica (F.) followed by Tribolium castaneum Herbst, Sitophilus oryzae (Linnaeus), Trogoderma granarium (Everts) or Cryptolestes sp. were the insect pests commonly found attacking more (between two to five) grain types. Observed highest and lowest mean insect numbers were respectively by S. zeamais in maize grains (12.13 individuals in Monday market) and T. granarium in wheat grains (0.13 individuals in Baga-Road market). Results unveil that among three markets, higher mean total numbers of insects were present in maize, rice or wheat (18-33). For all grain types, the mean numbers of damaged grains were significantly higher in Monday (53-357) and Custom-Park (46-302) than in Baga-Road (17-109) markets. Furthermore, the mean total number of damaged grains across markets was significantly higher maize, followed by rice and wheat (55-231) than in other grain types (37-41). The implications of all these results on insect infestation of different cereal grain types sold in these markets are discussed.
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Omede, P. I. "A Tale of Two Markets: How Lower-end Borrowers Are Punished for Bank Regulatory Failures in Nigeria." Journal of Consumer Policy 43, no. 3 (December 23, 2019): 519–42. http://dx.doi.org/10.1007/s10603-019-09439-8.
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AbstractIn 2009, the Nigerian banking system witnessed a financial crisis caused by elite borrowers in the financial market. Regulatory response to the Nigerian crisis closely mirrored the international response with increased capital and liquidity thresholds for commercial banks. While the rise of consumer protection on the agenda of prudential supervisors internationally was logical in that consumer debt was the main cause of the global recession, the Nigerian banking reforms of 2009 disproportionately affected access by poorer consumers, who ironically had little to do with the underlying causes of the crisis. As lending criteria become more stringent, poorer consumers of credit products are pushed into informal markets because of liquidity-induced credit rationing. Overall, consumer protection is compromised because stronger consumer protection rules for the formal sector benefits borrowers from formal institutions who constitute the minority of borrowers in all markets. While the passage of regulation establishing credit bureaux and the National Collateral Registry will, in theory, ease access to credit especially by lower-end borrowers, the vast size of the informal market continues to compound the information asymmetry problem, fiscal policies to tackle structural economic issues such as unemployment and illiteracy remain to be initiated, and bank regulators continue to pander to elite customers with policy responses that endorse too big to fail but deems lower-end consumers too irrelevant to save. The essay concluded that addressing the wide disparity in access to credit between the rich and poor through property rights reforms to capture the capital of the informal class, promoting regulation to check loan concentration, and stimulating competition by allowing Telecommunication Companies (TELCOs) and fintech companies to carry on lending activities because of their superior knowledge of lower-end markets will facilitate greater access. The risk of systemic failure deriving from consumer credit in Nigeria is insignificant compared to the consumer vulnerabilities resulting from the exposure of consumers to unregulated products in the informal market.
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SA’AD, Suleiman, and Muhammed Hamisu YAU. "Oil Resource Curse Syndrome: Empirical Evidence from Nigeria." Nile Journal of Business and Economics 2, no. 2 (May 5, 2016): 17. http://dx.doi.org/10.20321/nilejbe.v2i2.50.
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<p>The paper investigates the natural resource curse hypotheses in oil – rich Nigeria. The study used time series data on real GDP, contribution of oil rents, contribution of agriculture and manufacturing in real GDP as well as exchange rates and FDI. The VAR models are employed to estimate the relationships, the result of the study is consistent with previous studies for Nigeria. However, empirical evidence suggests that the was an elements of Dutch disease syndrome in the Nigerian economy during the last four decades which can be attributed to internal factors such as policy failure and corruption rather than the happenings in the international oil markets. We conclude that surge in oil revenues led to distortions in growth path of the Nigerian economy, before the discovery of oil, Nigeria was at par with some middle income OECD and high income developing countries, but four decades after the discovery of oil, Nigeria was pushed back behind all those countries; therefore, the study did not out rightly conclude that oil did contribute positively to growth of Nigerian economy, but it distorted the workings of the economy by encouraging non-coherent policies and unsustainable spending as well as large scale corruption and struggle for oil rents among the political class which cast a big question as to whether oil is a blessing or a curse in Nigeria. </p>
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M., Olaolu, and Ibrahim M. "IMPACT OF DOMESTIC DEBT ON PRIVATE SECTOR INVESTMENT AND ECONOMIC GROWTH IN NIGERIA (2000-2019)." International Journal of Innovative Research in Social Sciences & Strategic Management Techniques 8, no. 1 (January 5, 2021): 83–91. http://dx.doi.org/10.48028/iiprds/ijirsssmt.v8.i1.07.
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This study examined the impact of domestic debt on private sector investment and economic growth in Nigeria, covering the period 2000-2019. The causal research design was employed. Unit root and cointegrated tests were carried out and the unit root test results showed that the variables were non-stationary at level but became stationary after first differencing. Cointegration test results revealed that the variables are cointegrated meaning that they have long-run equilibrium relationship. Using the ordinary least squares (OLS) method to estimate the specified multiple regression models, findings showed that domestic debt and interest on domestic debt negatively and significantly impacted on private sector investment and economic growth in Nigeria during the period under consideration. The negative impact of domestic debt on private sector investment indicates that government domestic borrowing crowd-out private sector investment. In lieu of the fact that government borrowing (especially domestic borrowing) stifles (crowd-out) private sector investment and retards economic growth in Nigeria, it is recommended that since government borrowing especially through the money market is exerting adverse effects on private sector investment and economic growth, government should endeavor to borrow domestically through the capital market by further developing the Nigerian equity and bond markets in order to enable these markets have the capacity to provide the needed funds. Also, to avoid stunt economic growth and crowding-out effect of government borrowing, government should endeavor to put in place fiscal prudent measures that would favor the private investor by discouraging high government spending in areas that don’t have direct positive impact on private sector investment growth and economic growth.
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Obayori, Joseph Bidemi, and George-Anokwuru Chioma Chidinma B. "Global Financial Crisis and the Nigerian Capital Market." Finance & Economics Review 2, no. 2 (August 6, 2020): 27–38. http://dx.doi.org/10.38157/finance-economics-review.v2i2.133.
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Purpose: This paper examined the impact of the global financial crisis on the capital market in Nigeria from 1980-2018. It specifically aimed to determine the impact of the currency crisis and liquidity crisis on the capital market in Nigeria.
Methods: The study was time series data based. Data were generated from the Central Bank of Nigeria Statistical Bulletin. The variables were subjected to descriptive statistics and the 'Augmented Dickey-Fuller' (ADF) unit root test prior to the 'Auto-Regressive Distributed Lag' (ARDL) model.
Results: The outcome of descriptive statistics demonstrated that the parameters were not normally distributed. Also, the ADF unit root test demonstrated that one of the parameters was stationary at I(0) while the remaining two were stationary at I(1). Based on the ARDL results, it was observed that in the short run, the financial crisis has an indirect influence on the performance of Nigerian capital markets. Liquidity crisis, a proxy for the depletion of external reserves has a strong influence on the capital market. The long-run result showed that there is a long-run association amongst the variables.
Implications: In view of these findings, the paper recommends that the government should fine-tune its policy mix to ensure that the capital market and the economy do not suffer from the global economic crisis as it takes place.
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B. Ekpo, Ntiedo. "Informal Capital Markets and Integrated Rural Development in Nigeria." European Scientific Journal, ESJ 12, no. 22 (August 30, 2016): 305. http://dx.doi.org/10.19044/esj.2016.v12n22p305.
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The study examined the effects of informal capital markets on people-oriented development at the grassroots level in Nigeria. It was motivated by the prevalent speculations and differences of opinion in the literature about the effects of the markets on rural development in most third world countries, including Nigeria. The study adopted the exploratory survey research design and used mean score and Mann-Whitney U test in analyzing the data. The outcome of the analysis, among others, shows first, that all the benchmarks for rural developments, such as poverty reduction, women empowerment and housing development, were significantly related to informal capital market participation. Second, the utilization of micro credits was a major factor in the profitability and growth of business in the rural areas. It is recommended that the monetary authorities and other policymakers recognize the cooperative finance efforts of this group of financial institutions, and devise appropriate means of integrating it with the formal financial sector for improved financial intermediation and wellbeing of the rural poor as well as sustainable growth of the national economies.
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Ugwu, Ugwu, Sule ., Kehinde Oluwatoyin ., Emerole ., and Gideon Ahamuefula . "Stock Returns and Trading Volume Relationship of the Nigerian Banking Sector: An Empirical Assessment." Journal of Social and Development Sciences 2, no. 1 (July 15, 2011): 5–13. http://dx.doi.org/10.22610/jsds.v2i1.647.
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This study assessed the relationship between stock returns and trading volume, using daily data of some Nigerian Banking Sector Stocks. It further checked for both the contemporaneous and causal relationship between stock return and trading volume utilizing data covering ten (10) companies from the Banking Sector. Six hundred and nineteen to seven hundred and six (619-706) observations for a period of thirty – six months (36) from 1st March, 2004 to 28th February, 2007, were empirically tested with the Granger-Causality tests. This determined if the Wall Street adage which says, “It takes volume to make prices†was true in the Nigerian Banking Sector. Using the daily data, we first found a negative relation between and absolute value of price changes (return) and price changes itself in the Nigerian Banking Stocks. However, the results from the Granger-Causality test failed to find strong evidence on stock price changes leading volume. This was contrary to evidence reported by study on developed markets but consistent with previous result from the Latin American Market which is an emerging market like that of Nigeria. In fact, in all the ten banks studied, volume seems to lead stock price changes. Thus, we concluded that these set of emerging markets with different institutions and information flows than the developed markets, do not present similar stock/return-volume relationship to the preponderance of studies employed U.S data. The implication of these results was that differences in institutions and information flows in the set of emerging markets are important enough to affect the valuation process of equity securities and warrant further analysis.
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Adeleke, O. W., and А. Т. Abzhaliyeva. "GLOBALIZATION AND SOCIAL INEQUALITY IN NIGERIA." BULLETIN Series of Sociological and Political sciences 73, no. 1 (December 30, 2020): 147–54. http://dx.doi.org/10.51889/2021-1.1728-8940.22.
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Globalization creates social inequality and instability, it poses threat to sovereignty and territorial integrity not just in the post-colonial countries of Asia and Afrika, but also in the current Westphalia state system. Globalization often tacitly embolden demands for new states. Meanwhile, neo-liberalism that works in the well-established market economies in the West has failed to meet the target in the emerging markets of the developing economies. Although globalization comes with both enriching and impoverishing impacts, yet the impacts are known to be disruptive and contribute to domestic instability.
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Adam, Anokye M. "Susceptibility of Stock Market Returns to International Economic Policy: Evidence from Effective Transfer Entropy of Africa with the Implication for Open Innovation." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 3 (August 28, 2020): 71. http://dx.doi.org/10.3390/joitmc6030071.
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This study contributes to the scant finance literature on information flow from international economic policy uncertainty to emerging stock markets in Africa, using daily US economic policy uncertainty as a proxy and the daily stock market index for Botswana, Egypt, Ghana, Kenya, Morocco, Nigeria, Namibia, South Africa, and Zambia from 31 December 2010 to 27 May 2020, using the Rényi effective transfer entropy. International economic policy uncertainty transmits significant information to Egypt, Ghana, Morocco, Namibia, and South Africa, and insignificant information to Botswana, Kenya, Nigeria, and Zambia. The asymmetry in the information transfer tends to make the African market an alternative for the diversification of international portfolios when the uncertainty of the global economic policy is on the rise. The findings also have implications for the adoption of open innovation in African stock markets.