Do Institutions and Social Capital matter in the Economic Development of Nigeria?

Abstract. This paper addresses the impact of institutions and social capital on economic development of Nigeria. It advanced an argument that economic prosperity of a country is embedded in social organizations and transformations of her institutions built from social capital. The methodology adopted was quantitative and qualitative. The results present a declining negative impact of social capital and institutional variables on economic development; affirming the importance of social capital on institutional quality. Therefore, the way forward is taking a tougher stance against abuse of power and employ mechanism of social capital to reconcile conflict among social, political and economic interest groups.Keywords: Institutions, Social capital, Economic development.JEL. D70, H10, O10, O40

Can Optimal Digital Innovation and Financial Inclusion Drive Poverty Reduction in the Niger Delta Region of Nigeria?

Poverty has remained a stubborn challenge in the Niger Delta Region of Nigeria amidst abundant natural resources. The sheer complexity of the Niger Delta with coastal waterways, creeks and islands creates unique challenges that cannot be underestimated.  The study surveyed the extent of poverty using monthly income distribution, and degree of financial inclusion using access and usage of products and services. Findings revealed that women are more financially excluded. Findings also showed that majority of the population are unbanked and highly discouraged using financial products and services especially ATM for fear of debiting without payment, long queues, high interest rates on loans and difficulty in accessing credit from financial institutions. The study suggests that the provisions of optimal digital financial services and products in this rural community with adequate education and advocacy for all the population will broaden financial inclusion, thereby contributing to poverty reduction. Keywords: Financial inclusion, poverty, digital innovation JEL Classifications: G21, O

Non-Technical Losses, Energy Efficiency and Conservative Methodology in the Electricity Sector of Nigeria: The Case of Calabar, Cross River State

Today’s challenge in electricity consumption in Nigeria is on how to use electricity wisely. Nigeria electricity sector is facing abnormal power supply situation, as demand outstrips supply, culminating in electricity supply-cum–demand imbalance. This owes to inefficiency and non technical losses which contributes to incessant power outages resulting in heavy economic losses and poor performance of the economy. This study investigates and identifies non-technical losses in the electricity sector occasioned by illegitimate activities. The methodology is a combination of quantitative and qualitative sample survey. The data set is a simple random sampling of households using electricity, and the number of units chosen was based on statistical power analysis. The result shows that energy wastage is from poor lighting attitudes, and choice of appliances. Implementation of efficient lighting attitudes is encouraged. Findings from the study if replicated will serve as a model for energy efficiency and methodology for the Nigeria Economy. Keywords: Non-Technical Losses; Energy Efficiency; Conservation JEL Classifications: Q43; C42; O5

Political economy of fiscal deficits in a democracy

Studies on the impact of political considerations and gimmickry on the fiscal policy process in developing countries have largely been underappreciated and lacking. Therefore, this study set out to investigate how political actions impact fiscal deficits in Nigeria. The study employed descriptive and quantitative techniques using the Herfindahl index-based composition and turnover of the legislative and executive seats per party as well as that controlled by the ruling party. The results showed the prevalence of fiscal illusion among a significant proportion of voters; and that political considerations exert a significant impact on the implementation of fiscal deficits in Nigeria. Budgetary institutions were found to exert an insignificant impact on the fiscal policy process. Revitalization of the country’s budgetary institutions and a reorientation and refocusing of media organizations to ensure objectivity in the reportage of government activities is recommended. JEL classifications: D72, E62, Keywords: Political economy, Fiscal deficit, Turnover of legislative house