Does Cash Conversion Cycle Have Impact on Return on Assets of Nigerian Firms?

The Cash Conversion Cycle [CCC] is a powerful performance metric for assessing how well a company is managing its capital. A company with lower cash conversion cycle is more efficient because it turns its working capital over more times per year, and that allows it to generate more sales per money invested. This paper sets out to investigate the impact of Cash Conversion Cycle on Return on Assets [ROA] of selected Nigerian quoted firms for the period, 2000-2009. Data was collected from annual reports of the sampled firms. Multiple regression technique was used in analyzing the models for testing the hypothesis.  Return on Assets as a  measure of profitability was used as the dependent variable while cash conversion cycle was used as independent variable. Size and Growth were incorporated as control variables. The results showed that cash conversion cycle had a significant negative relationship with profitability [ROA]. Based on the findings, the study recommends that firms try to always reduce the number of days in cash conversion cycle in order to increase profitability as to create value for shareholders. Keywords: Cash conversion cycle, Working Capital, Inventory, Profitability, Return on Assets, Nigeri

IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH: EMPIRICAL EVIDENCE FROM NIGERIA, 1985-2016

This study analyses the impact of foreign direct investment on economic growth in Nigeria using data for 32 years, from 1985-2016. The OLS estimation and the Johansen cointegration test were the key techniques of analysis employed. The results indicate that foreign direct investment has no positive impact on the Nigerian economic growth. Trade openness and exchange rate, however, have positive but insignificant influence on economic growth. The cointegration test result revealed that there is evidence of a long-run relationship between foreign direct investment and economic growth. The paper thus recommends that there is need for in-depth investigation of economic and institutional forces that determine the composition of FDI inflows to developing countries and to work towards improving such forces. Moreover, government should also take measures in order to stabilize the exchange rate system that may attract foreign investors in the country, and also liberalize the trade policy to attract foreign investors to the country. JEL: E22, F21, G11  Article visualizations

Impact of National Minimum Wage on Low Income Workers in Calabar Municipality, Nigeria

The study examined the impact of the National Minimum wage on the socio-economic characteristics of low income workers in Calabar Municipal Council Area of Cross River State, Nigeria. Ex post facto research design was adopted for the study. A random sample was conducted to select 305 respondents across government ministries, departments, agencies and parastatals. The study utilized two theoretical frameworks: Relative Deprivation Theory and Public Interest Theory. The major instrument of data collection was questionnaire structured to reflect Likert Scale with 25 items.  Data collated were analysed using mean statistics. Hypotheses test statistics was Pearson Product Moment Correlation coefficient. The results show that The National Minimum Wage has not significantly impacted on poverty, employment, income stability and saving of low-wage earners in the public sector. The results provide empirical evidence to support theoretical expectations and existing research findings in socio-economic literature. Based on the findings, it was recommended that public–private partnership should formulate policies and programmes to alleviate the burden of poverty among the citizens for the betterment of the society. Keywords: national minimum wage, low in workers, wages, savings, poverty

EFFECT OF MICRO CREDIT FINANCE ON WOMEN EMPOWERMENT IN CROSS RIVER STATE

Micro credit finance is a source of financial services provided by micro finance institutions (MFIs), for entrepreneurs and small businesses.The Nigerian financial system has been characterized by systematic crises arising from inadequate capital base and poor governance, this has some side effect on poor people who are effectively being denied access to credit.The specific objective was to examine the effect of micro credit finance on women empowerment in Cross River State. Survey design was employed in the study and data were primarily sourced using questionnaire instrument. The population used for the study was two hundred and fifty (250) married women in Cross River State.One hundred and fifty-four(154) married women were randomly selected for the study using Taro Yamane formula. Ordinary least square of simple regression was employed to analyze the effect of independent variables on dependent variable. Based on the results of the analysis, it was revealed that micro credit finance had a positive significanteffect on women empowerment in Cross River State. The study recommended that effective policiesshould be adopted to engender micro finance. Adopting this approach is one of the most important steps in making micro finance gender sensitive. Also, managerial skills enhancement should be broadened to include knowledge and skills competencies for gender analysis in policy

EXCHANGE RATE ON THE PERFORMANCE OF THE MANUFACTURING SECTOR IN NIGERIA

The study examined exchange rate on the performance of the manufacturing sector in Nigeria. The specific objectives were to; examine the impact of exchange rate and money supply on the performance of the manufacturing sector in Nigeria. Secondary data was extracted from Central Statistical Bulletin, 2021. Ordinary least square of multiple regression technique was employed to examine the impact of independent on dependent variables. Based on the results, the findings revealed that exchange rate had negative and significant impact on performance of manufacturing sector, while money supply had a positive and significant effect on the performance of the manufacturing sector. The study recommended thatthere is need for local sourcing of raw materials and input through agriculture and technological policy. By so doing, it will lead to expansion of export base which would attract more foreign exchange into the country. Also, the monetary authority should introduce direct policies of regulating price stability in the economy via regulating money supply in order to decelerate the rising inflationary trend in the economy