IMPACT OF GOVERNMENT DOMESTIC BONDS ON CAPITAL MARKET GROWTH IN NIGERIA

The Nigerian capital market plays a pivotal role in fostering economic development by mobilizing long-term funds and channeling them into productive investments. As a financial intermediary, it facilitates the flow of resources from surplus units (investors) to deficit units (borrowers), thereby promoting savings, investment, and wealth creation.  This study investigates the effect of sovereign government domestic bonds (Federal Government of Nigeria Bonds [FGN Bonds], FGN Savings Bonds, and FGN Sukuk) on the growth of the Nigerian capital market from 2009 to 2024. Using an ex post facto research design, quarterly time-series data were analyzed through the Autoregressive Distributed Lag (ARDL) model to estimate both short-run and long-run relationships. The findings reveal that FGN Bonds, FGN Savings Bonds and FGN Sukuk significantly affect the positive long-term effects on the growth of the Nigerian capital market. The study concludes that sovereign bonds play a critical role in driving the growth and development of the Nigerian capital market, underlining the need for strategic policies to ensure sustainable market expansion. Based on these results, the study recommends strategies to optimize bond issuance, such as addressing short-term disruptions, intensifying awareness campaigns for FGN Savings Bonds and encouraging greater issuance of FGN Sukuk

NEXUS BETWEEN MONETARY POLICY AND ORANGE ECONOMY IN NIGERIA: A CATALYST FOR CREATIVE SECTOR DEVELOPMENT

This paper investigates the relationship between monetary policy and Nigeria's orange economy, highlighting its potential as a catalyst for creative sector development from 1985 to 2023. Monetary policy indicators, including the monetary policy rate, money supply, and cash reserve ratio, were employed as proxies for monetary policy, while the art, entertainment, and recreation industry served as a representation of the orange economy. Data were sourced primarily from the Central Bank of Nigeria (CBN) Statistical Bulletin. The study applied the Augmented Dickey-Fuller (ADF) unit root test to ensure stationarity, the Johansen cointegration test to examine long-run relationships, and the Vector Auto-Regressive (VAR) model for short-run dynamics. Empirical findings revealed that all variables were stationary at first difference. The Johansen co-integration test indicated no long-term association among the variables. However, the VAR analysis demonstrated that broad money supply had a positive and significant impact on the art, entertainment, and recreation industry, while the monetary policy rate and cash reserve ratio showed a positive but insignificant relationship with the sector. The study concludes that monetary policy significantly influences Nigeria’s orange economy. It recommends that the Central Bank of Nigeria (CBN) establish a creative industry financing framework under the Creative Industry Financing Initiative. This framework should feature lower interest rates and longer repayment terms to support stakeholders in the art, entertainment, and recreation sectors, fostering sustainable growth and development

COVID-19 PANDEMIC AND STOCK MARKET VOLATILITY: EVIDENCE FROM SELECTED AFRICAN COUNTRIES

The paper investigates the impact of the COVID-19 pandemic on stock market volatility using evidence from 15 selected African countries. Monthly COVID-19 data for these countries, covering the period from March to November 2020, was sourced from various databases, including the World Bank Development Indicators (WDI) and Worldometer. The study employs the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to generate stock returns volatility, which is then regressed against the COVID-19 data using pooled Ordinary Least Squares (OLS) and System-Generalized Method of Moments (GMM) estimation procedures. The empirical findings indicate that the COVID-19 pandemic significantly induced stock market volatility, largely driven by the heightened uncertainty that characterized the period, particularly during the peak growth phase of the pandemic. Both active infection cases and total deaths were shown to increase volatility, reflecting the destabilizing effects of the pandemic on market activities. Additionally, the study found a negative impact of exchange rate depreciation on stock market stability, exacerbating market fluctuations during the crisis. The study recommends the implementation of strong interventionist policies aimed at mitigating the effects of external shocks, such as pandemics, on financial markets. This includes the adoption of stable and competitive exchange rate policies, government interventions, and financial market regulations to enhance market resilience and promote stability in the aftermath of crises like the COVID-19 pandemi

TABLE OF CONTENT

Issue Table of Conten

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AN ANALYSIS OF THE IMPACT OF HUMAN CAPITAL DEVELOPMENT ON ECONOMIC GROWTH IN NIGERIA

The study examines the impact of Human Capital Development on Economic Growth in Nigeria from 1989 to 2023. The Zivot-Andrew unit root test indicates that real gross domestic product, interest rate and secondary school enrolment are stationary at first difference while growth capital formation, labour force and tertiary school enrolment are stationary at level. ARDL model shows that that growth capital formation has a positive and statistically significant effect on the real gross domestic product in Nigeria. The labour force shows a positive and statistically significant effect on the real gross domestic product in Nigeria. Secondary school enrolment shows positive and statistically significant effect on the real gross domestic product in Nigeria. Tertiary school enrolment indicates positive and statistically significant effect on the real gross domestic product in Nigeria. The study recommended Nigeria should invest more in human capital development process and endeavours prioritize the education sectors budgeting considering its growth driving potentials in Nigeria. Similarl

THE IMPACT OF INVESTORS’ SENTIMENT AND MONEY SUPPLY ON STOCK RETURNNS IN NIGERIA

The objective of this study is to empirically establish the relationship between investors’ sentiment and money supply on stock return in Nigeria. The study is correlational in nature and used panel regression model to test the hypotheses. Using 10 listed firms as the sample size from 1st January 2008 to 31st December 2021 out of the 156 firms listed on the Nigerian stock exchange. The study found the presence of a positive and insignificant link between investor sentiment and stock return, also showed the presence of a positive and significant relationship between money supply and stock return. Consequently, the study recommended that, there is need for the policy makers and regulators of the Nigerian capital market to consider sentiment amongst investor as an indicator for price movement in the stock market; and adequate quantitative data on sentiments should be made available to guiding both existing and potential investors on their behavioral approaches towards the market. The central bank of Nigeria should maintain a steady and realistic liquidity injected into the economy at a level that will boost investment in stocks

COMBATING UNEMPLOYMENT AND YOUTH CRIMINALITY IN ALA IGBO USING AKURUOULO PRINCIPLE: A FOCUS ON IMO STATE OKOBI

This research titled “Combating Unemployment and Youth Criminality in Ala Igbo Using Akuruoulo Principle with a Focus on the One Kindred One Business Initiative (OKOBI)” seeks to evaluate the effectiveness of the One Kindred One Business Initiative (OKOBI), rooted in the Igbo Akuruoulo principle (of investing at home), in addressing youth unemployment and criminality in Southeast Nigeria’s Ala Igbo region. Using questionnaires to collate data, a survey of 54 Traditional Rulers and Youth Presidents across Imo State’s 27 Local Government Areas assessed OKOBI’s impact. Descriptive statistics and Spearman’s correlation analysis revealed significant positive correlations: OKOBI reduced unemployment (r = 0.568, p = 0.001) and criminality (r = 0.681, p = 0.001). Respondents agreed (mean scores: 3.2–3.26) that OKOBI engages youths in vocational skills and community enterprises, displacing incentives for crime. The findings highlight the efficacy of culturally embedded models in fostering economic inclusion and social stability. Recommendations include scaling OKOBI through investments in vocational training, infrastructure, and mentorship while integrating the Akuruoulo principle into policy to incentivise communal wealth redistribution. Addressing structural barriers like access to capital and formalising kinship-driven businesses are critical for sustainability. This study underscores the potential of indigenous, community-centric strategies to combat systemic unemployment and crime, offering a replicable framework for similar contexts

THE EFFECT OF DEBT BURDEN ON INVESTMENT IN NIGERIA

This study investigates the effects of Nigeria’s debt burden on investment from 1981 to 2022, utilizing an autoregressive distributed lag (ARDL) approach to analyze the short- and long-run relationships between external debt, domestic debt, debt servicing, and investment. The findings reveal that domestic debt significantly boosts private investment and foreign direct investment (FDI), suggesting that domestic borrowing serves as a viable financing mechanism for investment expansion. Conversely, external debt negatively affects private investment, corroborating the crowding-out hypothesis (Majumder, 2007), while debt service does not exhibit a statistically significant impact on investment decisions. Public investment inefficiencies further underscore the need for sound fiscal management. These results emphasize the importance of optimizing domestic debt to support private-sector growth and attract FDI while ensuring external borrowing is effectively allocated to high-return projects. Policy recommendations include enhancing debt transparency, prioritizing concessional external loans, and strengthening institutional frameworks for debt management. Additionally, fostering macroeconomic stability, improving governance, and aligning public investment with private sector needs will be critical to mitigating the adverse effects of external debt. This study contributes to the literature by providing empirical evidence on Nigeria’s debt-investment nexus and offering policy insights to balance debt accumulation with sustainable economic growth. Future research should explore sector-specific debt effects, governance influences, and cross-country comparisons within Sub-Saharan Africa to deepen understanding of debt dynamics and investment behavior

CONCEPTUALISATION AND FRAMEWORK DEVELOPMENT FOR WORKPLACE WELL-BEING: A LITERATURE REVIEW

Workplace well-being has remained an evergreen concern in academic and professional fields. It has, however, suffered from the lack of a unified definition, with scholars, professionals, and policymakers bringing in diverse perspectives. This study reviews existing literature to contribute to the discourse on the conceptualisation of workplace well-being. The study adopts a qualitative approach, utilising thematic analysis. After applying specific criteria to eliminate literature that did not suit the study, the researchers selected 75 scholarly articles published between 2010 and 2024. The study reveals various terms and descriptors already used in the conceptualisation of workplace well-being fall into seven broad themes, which are psychological and emotional well-being, physical health and safety, job satisfaction and engagement, social relationships and support, life satisfaction and personal fulfilment, work-life balance and flexibility, and organisational commitment and performance. The study proposes a definition of workplace well-being that captures the thematic categorisations. This definition integrates theoretical perspectives, including the Job Demands-Resources (JD-R) model, psychological safety theory (PST), and ergonomic well-being. The study also proposes a framework emphasising the multi-dimensional attribute and the interplay between work and non-work environments. The definition and framework advanced in this study contribute to the ongoing discourse on this subject. These can serve as inputs into future research, developing organisational policies, and informing governmental regulations that enhance employee well-being and performance