MACROECONOMIC BEHAVIOUR AND FDI INFLOWS IN NIGERIA: AN APPLICATION OF THE ARDL MODEL

Based on the Macroeconomic theory of FDI movement, this study examined the relationship between FDI ~ and some selected macroeconomic variables both at the long and short run equilibrium in Nigeria. The study used ARDL estimation techniques to inquire if the selected macroeconomic variables have significant influence on FDI, what macroeconomic variable(:.) need to be manipulated so as to enhance inflows of FDI to the nation 's economy? What policy implication should be adopted? The results show that policy that attempt to expand trade, increase government expenditure, manipulate the exchange rate system, lower inflation and interest rates are useful in attracting FDI inflows

Monetary Policy Dynamics and the Stock Market Movements: Empirical Evidence from Nigeria

The contributions of the stock market to economic growth can never be over-emphasized. In this paper, we used the Autoregressive Distributed Lag bound testing estimation techniques to examine the existence of any relationship between monetary policy instruments and the stock market in Nigeria based on the data sourced from 1985 to 2013. From the results obtained, it can be deduced that monetary policy instruments significantly exerts on stock market behaviour in Nigeria. We recommends that policy makers should put in place policies that aimed at adjusting the interest rate upward, reduce or at best keep at constant the money supply growth rate, increase the net credit to the private sector and manipulate the exchange rate regime so as to boost stock market

Capital Flight and the Economic Growth: Evidence From Nigeria

This research examined the impact of capital flight and its determinants on the Nigerian economy using the Autoregressive Distributed Lag (ARDL) model to analyze data source from the period of 1981 to 2015. The variables included current account balance, capital flight, foreign direct investments, foreign reserve, inflation rate, external debt, and the real gross domestic product. It was to examine the existence of a long run relationship among the variables studied. The result indicates that capital flight has a negative impact on the economic growth of Nigeria. Therefore, there is a need for government to implement policies that will promote domestic investment and discourage capital flight from Nigeria

The Impact of International Financial Reporting Standards on Financial Performance

Globalization, capital market crash and the Enron’s case led the accounting profession to insist on the need for a single set of high quality reporting standards. International Financial Reporting Standards (IFRS) were first adopted in 2005 by EU countries while Nigeria agreed to adopt in 2012. The question is: How does IFRS adoption improve the monetary relevance of accounting information? Several studies have explored the monetary relevance of IFRS adoption; however, they are based on foreign countries while Nigerian researches do not contain empirical evidence as they are mostly theoretical. This study therefore seeks to investigate the effect of IFRS adoption on financial performance. The study used correlation research design and data on Earnings per Share (EPS), Change in Earnings per Share (CEPS), Book Value per Share (BVPS) and net profit margin. Getting bearing from the finding of this study, it is realized that the general notion of improved value relevance with the adoption of IFRS has been confirmed. Book values and change in earnings proved value irrelevant

Is the Stock Market Efficient? Evidence from Nonlinear Unit Root Tests for Nigeria

This study re-examined the traditional research topic in finance—the efficient market hypothesis (EMH) within the context of a nonlinearity unit root test using daily data sourced on the Nigerian economy. This was premised on two key motivations. First, the study observed that most of the existing studies on EMH are based on an aggregate stock index and the presence of heterogeneity of listed firms on the floor of the exchange can make the results obtained from aggregate stock price-based tests misleading due to spuriousness. To overcome this, the study tested the validity of EMH at a sectorial level. The second motivation centers on the observed nonlinear property of the time series data used in the existing literature. The study first examines the unit root properties of the data by applying the Harvey, Leybourne, and Xiao (2008) methods. The results indicate rejections of the null hypothesis for all the series, an indication that stock market indices in Nigeria are nonlinear and asymmetric in nature. This suggests that results obtained from linear based models could be biased. In order to achieve more accurate results, the study applied the ESPAR model and observed that, overall, there is an abundance of evidence to show that the Nigerian stock exchange is mean reverting, thus investors are advised to adopt a contrarian investment strategy to maximize the opportunities in the market

Phytochemisty and Spermatogenic Potentials of Aqueous Extract of Cissus populnea (Guill. and Per) Stem Bark

In vivo clinical trials involving the administration of crude extracts of Cissus populnea to male subjects (normospermic, oligospermic, and azoopermic) in a 72-day study revealed that continuous exposure of the subjects to the extracts over this period did not significantly (p ≤ 0.05) alter sperm count, morphology, motility, or volume. Antimicrobial screening of the extract against some selected microbial isolates secondarily implicated in male infertility revealed total inactivity against the microbial isolates screened, i.e., Staphylococcus aureus, Salmonella paratyphi, Escherichia coli, Proteus mirabilis, Pseudomonas aeruginosa, Candida albicans, and Klebsiella sp. Phytochemistry revealed the presence of tannins, flavonoids, saponins, and steroids. The presence of these secondary metabolites was confirmed by thin layer chromatography. We conclude that oral administration of aqueous extracts of the stem bark of Cisssus populnea over a 72-day period to human subjects apparently had no fertility enhancement effects on sperm parameters monitored in this study

Examining the effects of oil price long memory and exchange rate long memory on stock market behavior in Nigeria

The study examined the effect oil price long memory and exchange rate long memory on Nigeria’s stock. We have used ARMA estimating techniques to assess whether one or both variables exert impact on the stock market in Nigeria. Our result shows that long memory stock price is driven by a long memory of the exchange rate and long stock of the oil price. We therefore recommend that policymakers pursue policies aimed at stabilizing, on the one hand, the exchange rate regime and ensuring the economy has a position in net oil exportations. We also recommend the development of portfolio strategies by market practitioners so that long-term memory in exchange rates as well as in oil pricing are considered when making investment decisions

Impact of Fiscal Policy on Agricultural Output in Nigeria

This study examines the impact of fiscal policy on agricultural output in Nigeria using the most recent official data. The metrics for fiscal policy is government capital expenditure and custom duties on fertilizer. The study used annual time series data obtained from CBN annual statistical bulletin, NCS, and FIRS which was found to be stationary at the order of I(1) and I(0). The order of unit root test led to the use of ARDL estimation method employed in the empirical analysis of this research work. The study found evidence of both short and long run relationship between the variables (VAO, GEX, IDMF, and ACGSF) using both Johansen co-integration and ARDL Bounds test. Although government expenditure (GEX) to agricultural sector was found to be statistically insignificant which recommend that government should increase agriculture capital expenditure to ensure that its contribution is significant. Consequently, custom duties on fertilizer (IDMF) was found to be negatively signed and significant indicating a negative impact on agricultural output. This demands that the policy makers should be prudent in the use of fiscal policy instrument in achieving its desired objectiv

ACCESSING THE IMPACTS OF CONTEMPORARY DEVELOPMENT IN BIOFUEL ON AGRICULTURE, ENERGY AND DOMESTIC ECONOMY: EVIDENCE FROM NIGERIA

The recent volatility of the conventional energy output owning to fluctuations in the supply chain in the fossil fuel cum with its finite supply nature has necessitate the integration of biofuel into the global energy needs. Biofuel as a type of renewable energy has the ability to reduce global warming resulting from greenhouse gas (GHG) emissions, thus offers a relatively healthy energy option for both the consumers and producers in global space. This notwithstanding has some implications on agriculture and food security. This paper examined the impact of biofuels development on agriculture, energy infrastructure and domestic wellbeing in Nigeria. The study identified a potential rivalrous relationship in terms of space and cultivation mechanism when sustainability is in view. We reviewed existing policies and sustainability practices in other economies and concludes that Nigeria needs a deliberate effort aimed at developing institutional structures that will facilitate building and expansion of the biofuels sub-sector at the same time enhance rural livelihoo

EXAMINING THE EFFECTS OF OIL PRICE LONG MEMORY AND EXCHANGE RATE LONG MEMORY ON STOCK MARKET BEHAVIOR IN NIGERIA

The study examined the effect oil price long memory and exchange rate long memory on Nigeria's stock. We have used ARMA estimating techniques to assess whether one or both variables exert impact on the stock market in Nigeria. Our result shows that long memory stock price is driven by a long memory of the exchange rate and long stock of the oil price. We therefore recommend that policymakers pursue policies aimed at stabilizing, on the one hand, the exchange rate regime and ensuring the economy has a position in net oil exportations. We also recommend the development of portfolio strategies by market practitioners so that long-term memory in exchange rates as well as in oil pricing are considered when making investment decision