Effects of Economic Globalisation on Employment Trend and Wages in Developing Countries: Lessons from Nigeria Experiences

Since 1986, Nigeria has gradually been integrating with the global economy. This paper examines the effect of globalization on employment and wages in Nigeria. The effects of globalization have been difficult to isolate and evaluate theoretically and empirically due to it multi-faceted nature, but this study attempt to analyse the effects on employment and employeesâ wages by looking at what happened before, during and after globalization in Nigeria. Information and data were mainly gathered through secondary sources, The results of the analysis shows that globalisation of the Nigeria economy through various economic reforms, deregulation and privatisation has led to downsizing of employment in civil service thereby compounding the widespread job queuing in Nigeria. The collapse of some of the private sector firms has also led to retrenchment of workers following stiff competition from import after libralisation thereby increasing both rural and urban unemployment in Nigeria. Also revealed is the problem of increase in income inequality in the country. There appeared to be a wide gap between earnings of the skilled and unskilled workers in the country. Many less skilled workers and experienced worker have also lost their jobs as a result of globalisation. On the positive side, globalisation has led to high employment creation in the informal sector compared with the job lost in the formal sector due to the increasing number of private firms. Most of the jobs created in informal sectors are insecure despite there higher pay compared to wages in the formal sector. There is the need for training and re-training of employee in order to assist them in maintaining their jobsglobalization, labour market, employment, wages, developing countries and Nigeria, International Relations/Trade, Labor and Human Capital,

Public-Private Partnerships for Inclusive Agribusiness Sustainability in Africa

This paper examines important areas where Public-Private Partnerships (PPPs) have been effective in agribusiness and agro-industrial development, and assesses whether PPPs are being increasingly promoted as a mechanism for pooling the needed finance in agribusiness. The study explores the current state of knowledge in relation to PPPs. It also reviews some of the relevant discussions on the use of PPP in agribusiness in the last decade. PPPs are increasingly used in joint agricultural research, innovation and technology transfer, building and upgrading market infrastructure, and delivery of business development services to farmers, small and medium enterprises. The use of PPPs has the potential of propelling sustainable and inclusive agribusiness development in African countries despite the outstanding challenges. Strong political will, good governance, and provision of enabling economic and regulatory environment by the public sector for the private sector to operate are major drivers of success of PPPs implementation in agribusiness. Development of agribusiness and agro-industries in African countries require a substantial infusion of both fixed and working capitals from private sector which are difficult for the public sector alone to provide

Public-Private Partnerships for Inclusive Agribusiness Sustainability in Africa

This paper examines important areas where Public-Private Partnerships (PPPs) have been effective in agribusiness and agro-industrial development, and assesses whether PPPs are being increasingly promoted as a mechanism for pooling the needed finance in agribusiness. The study explores the current state of knowledge in relation to PPPs. It also reviews some of the relevant discussions on the use of PPP in agribusiness in the last decade. PPPs are increasingly used in joint agricultural research, innovation and technology transfer, building and upgrading market infrastructure, and delivery of business development services to farmers, small and medium enterprises. The use of PPPs has the potential of propelling sustainable and inclusive agribusiness development in African countries despite the outstanding challenges. Strong political will, good governance, and provision of enabling economic and regulatory environment by the public sector for the private sector to operate are major drivers of success of PPPs implementation in agribusiness. Development of agribusiness and agro-industries in African countries require a substantial infusion of both fixed and working capitals from private sector which are difficult for the public sector alone to provide

Cross-Country Comparison of Voucher-Based Input Schemes in Sub-Sahara Africa Agricultural Transformation: Lessons Learned and Policy Implications

Access of farmers to modern agricultural inputs is a backbone of any agricultural transformation and productivity. Many governments in sub-Saharan Africa (SSA) have adopted policies of subsidizing agricultural inputs using the voucher-based approach as part of their agricultural transformation programme. This paper synthesized, compared and draws out some lessons from the experiences of countries that have implemented agricultural input voucher models in SSA with an empirical examination of the Nigeria Growth Enhancement Support Scheme (GESS) Electronic-wallet as a case study. Data were collected from both primary and secondary sources, and analysed with quantitative and qualitative techniques. One of the major finding is that input vouchers constrained participation of commercial farmers, and limit what the smallholder farmers can purchase. Each country input subsidy scheme is implemented differently with a number of unique features in terms of the size, objectives, targeting, delivery mechanisms, timeframe and degree of success. Major thing common to all is that vouchers are used to solve the challenge of access and availability of inputs. Kenyan inputs subsidy programme (NAAIP) is unique due to its “one off subsidy” approach for each of the beneficiaries. Nigeria e-wallet schemes, now adapted by Malawi and Zambia, delivers farm inputs to farmers through the mobile phones. Vouchers models provide greater involvement of both private and financial institutions, and they are less expensive at the long-run. Government supports to the voucher value, good network, stakeholders’ sensitization and good targeting are imperative for SSA agricultural transformation from subsistence to commercial

Mitigating the Recessional Impact of COVID-19 on Nigerian Economy through Agricultural Enterprises Promotion

COVID-19 is undoubtedly depressing the world economy and the Nigerian economy is no exception. The economic slowdown is triggering food and non-food price shocks with declining income to small, medium, and large- scale businesses. This paper examines the implications of COVID-19 pandemic on the Nigerian economy and highlights how the promotion of agricultural enterprises can help to mitigate the recessional impact arising from the pandemic. The paper is extensively theoretical and conceptual in its nature. Findings show that COVID-19 pandemic, though a threat to lives and the economy, has provided opportunities in some enterprises. Digital technologies have become a positive enabler facilitating business continuity and connecting people more than ever in the phase of economic paralysis due to lockdown and movement restriction of people. The paper concludes that scaling up of innovations in agribusiness enterprises will save the country from the imminent deleterious impact of COVID-19. Digital agriculture solutions and e-commerce are required in order to stimulate food production, processing, and marketing during and after the pandemic. Active measures are required to reduce food wastes and losses that may arise from supply chain bottlenecks. Provision of subsidies to food producers and reduction of import tariffs will assist investors in agribusinesses to continue their activities. The government could temporarily review taxation policy on imported goods to compensate for potential cost increases and the impact of the devaluation of the currency

The Effects of External Debt Management on Sustainable Economic Growth and Development: Lessons from Nigeria

This paper reviewed the roles of debt management practices on sustainable economic growth and development with particular emphasis on Nigeria. Information was generated extensively from literature, the Nigeria Central Bank and National Bureau of Statistic reports. The analyses of the data collected with descriptive statistics shows that, availability of access to external finance strongly influences the economic development process of any nation. Debt is an important resources needed to support sustainable economic growth. But a huge external debt without servicing as it is the case for Nigeria before year 2000 constituted a major impediment to the revitalization of her shattered economy as well as the alleviation of debilitating poverty. The much needed inflow of foreign resources for investment stimulation, growth and employment were hampered. Without credit cover, Nigerian importers were required to provide 100 percent cash covers for all orders and this therefore placed them to a competitive disadvantage compared to their counterparts elsewhere. Failure of any owing country to service her debt obligation results in repudiation risk preventing such to obtain new loans since little or no confidence will be placed on the ability to repay. It will also undermine the effort to obtain substantive debt relief over the medium term with a tremendous increase in interest, arrears and other penalties. This will subsequently depress the economy both in the long and short runs. Best arrangement in debt payment must be put in place from time to time in response to changes in the economy and the polity. Debt can only be productive if well managed so as to make the rate of return higher than the cost of debt servicing.Debt Management; Sustainability; Economic Growth; Economic Development; and Nigeria

Comparative Analysis of the Relationship Between Poverty and Underground economy in the Highly developed, Transition and Developing Countries

Abstract This study was undertaken with the goal of analyzing the relationship between poverty rates and size of underground economy in the developed and developing countries and exploring whether there is a link between them. There are technical problems in linking them in that getting information from those who have undertaken underground activities are difficult. Secondary data were used to established hypothetical relationship and primary data for the empirical analysis. The results of the descriptive analysis revealed that underground economy and poverty have no geographical boundary. Although the incidence, and the size differs from one country to another. The incidences of poverty and shadow economy are larger in the poor (developing and transition) countries when compared with the highly developed countries. There is also a causal link between poverty and underground economy especially in the developing and transition countries with common factors such as high unemployment and corruption rates affecting both poverty and underground economy. High social security system and tax burden were found to account for the high rates of underground economies in the highly developed countries even with people’s awareness of its implications when caught. In developing countries like Nigeria, most people embark on unlicensed (and hence illegal) micro-enterprises / activities like production and sale of pure water, yoghurts, cutting down of economic trees, illegal running of private schools, drug trafficking, prostitution, black-market currency exchange, fake disclosure of actual business profit, in order to increase their levels of income by tax evasion or avoidance in the name of surviving. Government can reduce this menace to certain extent by engaging itself in sustainable poverty reduction activities, tax policy changes, embarking anti-corruption campaign and increase in job opportunities within the formal economy. Key words: Poverty, underground economy, developed, transition and developing countrie

Comparative Analysis of the Relationship Between Poverty and Underground economy in the Highly developed, Transition and Developing Countries

Abstract This study was undertaken with the goal of analyzing the relationship between poverty rates and size of underground economy in the developed and developing countries and exploring whether there is a link between them. There are technical problems in linking them in that getting information from those who have undertaken underground activities are difficult. Secondary data were used to established hypothetical relationship and primary data for the empirical analysis. The results of the descriptive analysis revealed that underground economy and poverty have no geographical boundary. Although the incidence, and the size differs from one country to another. The incidences of poverty and shadow economy are larger in the poor (developing and transition) countries when compared with the highly developed countries. There is also a causal link between poverty and underground economy especially in the developing and transition countries with common factors such as high unemployment and corruption rates affecting both poverty and underground economy. High social security system and tax burden were found to account for the high rates of underground economies in the highly developed countries even with people’s awareness of its implications when caught. In developing countries like Nigeria, most people embark on unlicensed (and hence illegal) micro-enterprises / activities like production and sale of pure water, yoghurts, cutting down of economic trees, illegal running of private schools, drug trafficking, prostitution, black-market currency exchange, fake disclosure of actual business profit, in order to increase their levels of income by tax evasion or avoidance in the name of surviving. Government can reduce this menace to certain extent by engaging itself in sustainable poverty reduction activities, tax policy changes, embarking anti-corruption campaign and increase in job opportunities within the formal economy. Key words: Poverty, underground economy, developed, transition and developing countrie

The Effects of External Debt Management on Sustainable Economic Growth and Development: Lessons from Nigeria

This paper reviewed the roles of debt management practices on sustainable economic growth and development with particular emphasis on Nigeria. Information was generated extensively from literature, the Nigeria Central Bank and National Bureau of Statistic reports. The analyses of the data collected with descriptive statistics shows that, availability of access to external finance strongly influences the economic development process of any nation. Debt is an important resources needed to support sustainable economic growth. But a huge external debt without servicing as it is the case for Nigeria before year 2000 constituted a major impediment to the revitalization of her shattered economy as well as the alleviation of debilitating poverty. The much needed inflow of foreign resources for investment stimulation, growth and employment were hampered. Without credit cover, Nigerian importers were required to provide 100 percent cash covers for all orders and this therefore placed them to a competitive disadvantage compared to their counterparts elsewhere. Failure of any owing country to service her debt obligation results in repudiation risk preventing such to obtain new loans since little or no confidence will be placed on the ability to repay. It will also undermine the effort to obtain substantive debt relief over the medium term with a tremendous increase in interest, arrears and other penalties. This will subsequently depress the economy both in the long and short runs. Best arrangement in debt payment must be put in place from time to time in response to changes in the economy and the polity. Debt can only be productive if well managed so as to make the rate of return higher than the cost of debt servicing

The Effects of External Debt Management on Sustainable Economic Growth and Development: Lessons from Nigeria

This paper reviewed the roles of debt management practices on sustainable economic growth and development with particular emphasis on Nigeria. Information was generated extensively from literature, the Nigeria Central Bank and National Bureau of Statistic reports. The analyses of the data collected with descriptive statistics shows that, availability of access to external finance strongly influences the economic development process of any nation. Debt is an important resources needed to support sustainable economic growth. But a huge external debt without servicing as it is the case for Nigeria before year 2000 constituted a major impediment to the revitalization of her shattered economy as well as the alleviation of debilitating poverty. The much needed inflow of foreign resources for investment stimulation, growth and employment were hampered. Without credit cover, Nigerian importers were required to provide 100 percent cash covers for all orders and this therefore placed them to a competitive disadvantage compared to their counterparts elsewhere. Failure of any owing country to service her debt obligation results in repudiation risk preventing such to obtain new loans since little or no confidence will be placed on the ability to repay. It will also undermine the effort to obtain substantive debt relief over the medium term with a tremendous increase in interest, arrears and other penalties. This will subsequently depress the economy both in the long and short runs. Best arrangement in debt payment must be put in place from time to time in response to changes in the economy and the polity. Debt can only be productive if well managed so as to make the rate of return higher than the cost of debt servicing