Is there any relationship between monetary policy tools and external credit-growth nexus in Nigeria?

The Nigerian economy attracts abundance of foreign capital inflows and credit supply; hence, an adverse external credit shock might lead to a large decrease of external inflows due to global credit tightening, which may leave the domestic economy in deep recession. In this case, domestic monetary policy tools should be preferred to mitigate the external adverse effect on the domestic economy and stimulate investment. As a result, an important issue of concern in this study is how can the use of monetary policy tools mitigate the effect of external credit shocks on economic growth in Nigeria? In answering this question, this study attempted to assess the influence of monetary policy tools on external credit and economic growth nexus in Nigeria, using annual data covering 36 years for the period 1980–2015. The study adopted the Cobb–Douglas production function and estimated a specified model using autoregressive distributed lag cointegration approach. The study found out that cash reserve requirement, which is credit policy easing, is significant in growing the Nigerian economy, as compared to monetary policy rate. The implication of this is that, if credit policy easing is properly implemented, it could be efficient in offsetting adverse external credit shocks

Application of copper(II) catalysis of the oxidation of 2-hydrazino pyridine by hydrogen peroxide: a kinetic method of analysis

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The performance of Agbabu natural bitumen modified with polyphosphoric acid through fundamental and Fourier transform infrared spectroscopic investigations

Nigeria is greatly endowed with large deposit of natural bitumen at Agbabu, Ondo State. The country was reported to have a proven reserve of about 42.47 billion tonnes of bitumen, a quantity which is estimated to be second largest in the world but yet to be explored for economic purposes. However, literature has shown paucity of research work on its modification. This study is therefore carried out to investigate the suitability of polyphosphoric acid (PPA) as a modifier in Agbabu natural bitumen (ANB). The performance of unmodified and PPA modified ANB has been comparatively studied with specific emphasis on Fourier Transform Infrared investigation and fundamental physical tests like penetration, softening point, fire and flash point and specific gravity. Kinematic viscosity (flow) test was also investigated. Penetration indexes of ANB samples were calculated from the penetration values for softening points. The comparative study of FTIR spectra of both base ANB and PPA modified ANB samples showed appearance of some few new peaks in the infrared spectra of PPA modified ANB samples confirming that the structure of the neat ANB had been modified. On the basis of our experimental results, incorporation of PPA up to 6% into ANB structure greatly enhances the fundamental physical and flow properties of ANB. This showed that PPA has the potential of improving the service life of ANB

Empirical analysis of the effects of foreign direct investment inflows on Nigerian real economic growth: Implications for sustainable development goal-17

Existing literature in modern macroeconomics is saturated with various studies on both the short and long run link between foreign direct investment (FDI) and economic growth in Nigeria, and other emerging market economies. However, there are areas of knowledge gap on the part of the effects of industrial linkage on FDI inflows to the Nigerian economy. As a result of this knowledge gap and growing concern for commitments to investment promotion and sustainable industrial development in the country, it is imperative at this time to assess the effects of FDI on Nigeria’s real sector growth. Consequently, this study set out to empirically examine the effect of FDI inflows into Nigeria on real gross domestic product (RGDP) growth and how these external inflows can bring about achieving Goal-17.3 of mobilising additional financial resources for developing countries from multiple sources. The model constructed was estimated using the robust GMM estimation technique which took care of the problem of endogeneity and autocorrelation inherent in ordinary least square. The study found that labour quality has a positive and significant effect on RGDP in line with theory. Equally, it was noted that capital intensity displayed a significant negative effect on RGDP in Nigeria. This study therefore recommends that policy makers in Nigeria should incorporate into her broad policy, improvement in capital intensity as a bedrock to growing the economy through FDI spillover effects