The effectiveness of monetary policy in achieving economic growth: the case of Nigeria, 1980-2009

This study investigates the Effectiveness of Monetary policy in achieving Economic Growth: The case of Nigeria for the period 1980-2009. Monetary policy has become a major tool in economic management in Nigeria because of the dominance of the financial sector in its economic activities. This study employed the Ordinary Least square method in carrying out the research. From the various test carried out it was find out that monetary policy rate (MPR) (formerly minimum rediscount rate (MRR)),exchange rate and treasury bill investment have negative impact on GDP. Also it is seen that during the period under review that the manipulation of monetary policy instruments have not proven to be effective in achieving economic growth. It is therefore recommended that the monetary authorities should strengthen the working mechanism of the monetary policy instruments to ensure their success in helping to achieve the desired macroeconomic growth. In addition the policy instrument should be a well coordinated optimal mix of instruments

INVESTIGATING THE EFFICIENCY OF INDIVIDUAL-EXPLICIT KNOWLEDGE IN THE TELECOMMUNICATION’S SECTOR OF AN EMERGING ECONOMY

This study investigated efficiency in the utilization of the individual-explicit knowledge of a firm. The sample included 42 customer service centers (CSCs) of the four most active Global System for Mobile Communications (GSM) organisations in Lagos State and FCT, Nigeria. The research adopted the input-oriented data envelopment analysis model to determine the extent to which individual-explicit knowledge, as a vital input resource to telecommunications firms, is efficiently utilized by the CSCs to improve the firms’ values. The study revealed that 10 CSCs, representing 23.8 percen of those studied, were technically efficient using the constant returns to scale model. In contrast, the variable returns to scale model showed that 22 CSCs, or 52 percent of them, were technically inefficient. The results suggest that, with less than 50 percent of the total number of CSCs in Nigeria’s telecommunications industry being inefficient, there is a large volume of operational inefficiency, especially concerning the utilization of individual-explicit knowledge. As such, the telecommunications industry could benefit from managerial intervention, especially in building the capacity of the customer desk officers in the CSCs to attend promptly and accurately to customers’ queries. Also, the study established that a viable strategic direction would be that organizations in the telecommunications industry renew their focus on a balanced mix of supervisor-subordinates in each CSC. This study contributes to operations management and the organizational knowledge management literature by showcasing the data envelopment analysis methodology as a legitimate tool for improving understanding of the investigations into the efficiency of individual-explicit knowledge. This study offers practical implications for firm managers about specific activities and units of their firm that contribute the most to the organization, and other specific units/activities that are less productive. The study also provides directions for future studies

THE IMPACT OF WORKFORCE DIVERSITY ON ORGANIZATIONAL EFFECTIVENESS: A STUDY OF A NIGERIAN BANK

It is generally recognized that there is diversity in the workforce of any enterprise, be it business, government, or civil society. This study therefore seeks to find out the impact of workforce diversity on organizational effectiveness using a Nigerian bank for the study. We used the Blau’s1977 index of heterogeneity to measure the diversity index. While asset growth for the year 2008 and 2009, using 2007 and 2008 as base year was used to measure the growth strategy. To determine group diversity and performance outcomes moderated by workgroup context, a series of hierarchical regression analysis were conducted. The study finds significant correlation between some of the diversity variables as well as individual diversity variables with the measures of organizational effectiveness. Also it reveals that gender and ethnicity are negatively related to both employee productivity and performance bonus. In addition the study find that gender, age and tenure diversities are positively correlated and are significantly related. It is recommended that company executives use good strategies to effectively manage workforce diversity and collaborative research efforts should be done to ascertain the contextual variables that moderate workforce diversity to produce positive performance outcomes

Investigating Long-Run Co-Movements betweenłdots 1 INVESTIGATING LONG-RUN CO-MOVEMENTS BETWEEN EMERGING AND DEVELOPED STOCK MARKETS

Stock markets are increasingly becoming more interdependent due to internationalization and the ever increasing level of financial globalization. The aim of the study is to empirically investigate if there is a long-run relationship between the Nigerian Exchange Limited and some emerging and developed economies using the Johansen cointegration technique. Major market indexes were selected to represent each market. A significant long-run relationship was found between most of the markets in the West African region and their global counterpart. Meanwhile an insignificant long-run relationship was found among the West African stock markets. The findings imply that diversification opportunities exist more amongst equity markets in the West African region than with major global equity markets. The study recommends that the formal stock market integration process should be fostered while more efforts should be made to make the markets more resilient against negative global equity flows

Stock Market Volatility Spillover in West Africa: Regional and Global Perspectives

This study examines volatility spillover between stock markets in the West African region, and with the United States of America (US) and United Kingdom (UK) stock markets using the Exponential Generalized Autoregressive Conditional Heteroscedastic (E-GARCH). Daily stock market index returns from 2008-2016 were analysed considering two sub-sample periods representing periods of turbulence and tranquil. Findings from the study reveal that there is the presence of significant volatility spillover effects between stock markets in the West African region and also with major global markets of US and UK. Significant changes are also observed in the direction, magnitude and sign of impact during the period of crises and in the post crises period. The results of this study is important to local, regional and international investors, market participants and regulatory bodies as it implicates on portfolio diversification strategies, capital controls policies and efforts towards regional stock market integration

Achieving sustainable economic growth in Sub-Saharan African countries using the tool of monetary policy effectiveness

The issue of achieving and sustaining a nation's economicgrowth is an issue that is of concern to many nations of the world,especially the sub-Saharan African (SSA) nations. This was in linewith the United Nations Sustainable Development Goal (SDG) 8 ofEconomic Growth. This study, therefore, examines how monetarypolicy tools can help the SSA governments achieve the SDG 8 goaland also sustain it. Relevant secondary data on sustained economicgrowth (GDPPC) (dependent variable) and interest rate, exchangerate, money supply, and inflation rate (independent variable) weregathered from the annual report of the Central Banks of the 48 SSAnations. The panel data year covers the period from 2016 to 2022.The unit root test confirms the variables to have a level integrationorder. The Hausman test suggests the use of fixed effect regression.The fixed effect regression shows that for the 48 SSA nations, interestrate, inflation rate, and money supply were positively significant inimpacting GDPPC while exchange rate was negatively significant inimpacting GDPPC. The study, therefore, recommends that importpromotion, for example, should be avoided because it raises the ex-change rate and lowers the value of currencies of the SSA nations