The Interest Rate Deregulation and Bank Lending in Nigeria

This study examined the interest rate deregulation and bank lending in Nigeria within the period of 1987 to 2011. The study was carried out to show the relevance of the hinges on the fact that credit and its costs (interest) perform a private role in shaping the economic future of Nigeria. The ordinary least square (OLS) techniques were utilized to estimate the parameters of the modeled independent variables/regressors on our chosen dependent variable. The hypothesis that the interest rate deregulation has a significance impact on bank lending was tested and validated with the result. Our findings gave rise to statistically significant t-statistics, which confirms the effects of the independent variables on the dependent variables. Some of the recommendations to further accelerate growth of the banking sector are more efforts to recommend that government through central bank should implement stringent fiscal and monetary policies aimed at reducing inflation. Others include that banks have been over-reacting to interest measures by increasing the rates to unprofitable levels especially during the period of deregulation. Keywords: Interest rate, deregulation, bank lendin

Econometric Evaluation on the Impact of Foreign Direct Investment on the Economic Growth of Nigeria

It has been established that economies in the world are driven by policies. The government, been the centre of policy formulation is therefore saddled with the responsibility of formulating policies that will produce positive impact on the economy. The foreign investment of a nation, been one of the government’s key responsibility has thus been recognized as a major driving force of the economy particularly in the area of globalization. It therefore becomes imperative that the government formulate suitable policies to attract foreign investment. The findings from this study will be useful in this direction. There is an emerging consensus that a conducive macroeconomic policy environment is not only a desideration but is in fact a sine qua non for attracting substantial amounts of foreign investment inflow in a liberalizing and globalizing world economy. Nigeria needs a massive inflow of foreign investment in order to transform its economy, upgrade dilapidated infrastructure and plug on to the electronic age of computers and the Internet. An absolute prerequisite for success is the design and implementation of policies and measures that would make the policy environment investment friendly. In creating a friendly environment of foreign investors, the public sector has a major role to play via its expenditure power. Economic theory suggests that capital will move from countries where it is abundant to countries where it is scarce. This pattern of movement will be informed by the returns on new investment opportunities, which are considered higher where capital is limited. The resultant capital relocation will boost investment in the recipient country and, as summers (2000) suggests, bring enormous social benefits. Underlying this theory is the premise that returns to capital decrease as more machinery is installed and new structures are built, although, in practice, this is not always, or even generally true. Keywords: Foreign Private Investment, Economic Growth and Public Secto

Capital Structure and Market Values of Companies

The topic for the research has been selected with special interest to reveal the effect or benefit of capital structure and market value of companies. An appropriate capital structure is a critical decision for any business organization and this decision is very important not just because of  its need to maximized Shareholder’s wealth or increase the market value of companies but also because of the impact such decision has on the company ability to deal with the competitive environment. Furthermore, the institutional composition of the market was reviewed and it was revealed that the Nigeria stock exchange amongst all other participants is the live wire of the medium for the mobilisation of long funds for long term investment. Also the listing requirement of small and medium scale enterprises in the second tier securities market of the NSE equally highlighted. This project encompasses a comprehensive survey of companies, however, the prospect of the market appears to be bright considering the current position of the government and players in the industry in the area of formulation and implementation of favourable policies.  The market could assume the expected role of providing long-term financing for the development of small and medium scale enterprises in Nigeria if the institutional frameworks guiding the effectiveness of the operators are strengthened and the profound recommendation by the researcher are religiously implemented.

The Impact of the New Issues Market on Agricultural Productivity in Nigeria

The growth of the agricultural sector in Nigeria has remained a major problem in spite of policies put in place by government to provide the sector with varying windows of investible funds, a major one of which is the capital market. Listed firms in capital market have opportunities to raise fund for investment. Agricultural productivity can be enhanced if sufficient funds can be accessed through primary market window of the Nigeria capital market. It is against the forgoing that this study seeks to examine the impact of the new issues market on agricultural productivity in Nigeria from 1990 to 2009. The study adopted the two variable model and the results reveals that the new issue market had positive and significant impact on agricultural output productivity in Nigeria. The study thus recommends relaxation of stringent conditionalities observed in accessing fund from the capital market should be relaxed especially for agricultural firms. This will encourage firms to tap from the opportunities in the capital market to increase productivity and output. Keywords: New issues market, Agricultural productivity, Nigerian Econom

Effects of IFRS Adoption on Inventory Valuation and Financial Reporting In Nigeria

The IFRS has streamlined the basis for valuing inventory against that which was hitherto posited by the Statement of Accounting Standards (SAS) or the US GAAP. These methods   have far reaching implications for the value of inventory firms would report in their financial statements. This paper has examined those methods adopted by the International Financial Reporting Standards (IFRS) and there would be implication on financial reporting in Nigeria. The study was conceptual and empirical with most data sourced from the relevant text book and the internet.  A survey was also carried out to know the level of awareness of this adoption and level of compliance.  The study revealed that though some companies has adopted the use of FIFO method but a good number  are still using the LIFO method which was proscribed by IFRS. The study recommends that firms should adopt the use of FIFO and Weighted Average Methods as prescribed by IASB and the others permitted by IFRS. This will make their financials comparable under the IFRS while firms should embark on intensive training of their accounting staff to get them to becoming IFRS compliant. Key words: Inventory, Valuation, Financial Reporting, IASB, IFR

Corporate Social Accounting and the Enhancement of Information Disclosure among Firms in Nigeria: A Case of Some Selected Firms in Nigeria

This study  evaluates Corporate Social Accounting and Enhancement of Information Disclosure among selected  some quoted firms in Nigeria. Questionnaires were administered to  randomly selected respondents made up of accountants of management cadre from the selected firms. The data collated from respondents were analysed and tested using  One-Way ANOVA and Chi-square statistical tools. The study among other things revealed that the   inclusion of corporate accounting  reports as an additional but distinct report  in the annual statements will significantly enhance information disclosure to stakeholders. The study also found out that  most companies in Nigeria  presently disclose social accounting information in their annual reports via the Directors’ Report, Chairman’s Statement and Notes to the Accounts while  these report are shown with very short/scanty qualitative information. This paper therefore recommends among others that companies should consider social accounting reports imperative and make it  a distinct but an integral part of the financial statements to be presented annually; suitable accounting  framework  should be propounded  by relevant accounting bodies to guide and steamline the reportage on  social accounting information by corporate organisations  while the government should put in place the neccessary legislations to compel organisations to disclose social accounting information in Nigeria. Keywords: corporate social accounting, social accounting, social costs, social performance, financial statements

Public Relations Strategies for Managing Religious, Ethnic and Social Conflicts For the Promotion of Foreign Direct Investment (FDI) and Development In Nigeria

The rate of ethnic, religions, communal, social and political conflicts in Nigeria is unarguably very inimical not only to the unity of the Nigeria nation, but also to its socio-economic and political development. Foreigners are de-investing and running away to other countries, while foreign direct investment is running low. Today, there are fears whether the country’s unity and its fledgling democracy will survive, talkless of its avowed dream march into one of the developed nations of the world. This paper which is desk-research-based therefore delves into a critical appraisal of religious, ethnic and social conflicts in Nigeria, their effect on foreign direct investment (FDI) inflow into the country and outflow from the country, and how the tide could be stemmed through effective public relations conflict resolution and crisis management strategies. The study objectives included: to determine the financial and economic implications of religious and ethnic crisis on foreign direct investment to Nigeria between 1980 – 2012 and to highlight the integrated public relations panacea for the problem. In the research methodology, secondary data were entirely used for the analysis. Results obtained indicate that foreign direct investment (FDI) inflows into Nigeria over the period under review have been adversely and significantly impacted by the problems. It is therefore recommended that integrated public relations strategies should be employed to dissuade the citizens from involving in religious, ethnic and social conflicts in order to reverse the negative economic trends. Keywords: Foreign Direct Investment (FDI), Conflict, Economic Developmen

Advanced Manufacturing Technology: A Strategic Solution To Production Problem

Advanced Manufacturing Technology (AMT) is revolutionizing the way products are manufactured especially in what are termed world-class manufactured especially in what are termed world-class manufacturers (WCM). AMT is a general expression encompassing Automated production technology, Computer Assisted Design and Manufacturing (CAD/CAM), Flexible Manufacturing Systems (FMS), robotics, Total Quality Control (TQC), advances in production management including materials requirement and manufacturing resources planning systems(MRP), Just-in-Time (JIT) Systems and so on. It has been argued by a number of academics, consultants and industrialists that traditional management accounting systems and performance measures are inappropriate and misleading for firm using AMT. This view is supported by Kaplan (1996) when he said that “traditional management accounting produces?… simple the wrong measures. They move the company in the wrong direction, reward managers for damaging the business and provide no incentive for improvement. The best we can do is to switch them off, just stop doing them!” Keywords: Advanced manufacturing, Total quality control, and Management accounting

Understanding And Explaining The Underpinnings of Creative Accounting in Nigeria: The Cadbury Evidence

The rapid decline in public and investors’ confidence in the management of public quoted companies as a result of reported widespread incidence of ‘widow dressing’, ‘aggressive accounting’or ‘creative accounting’has triggered the need to explore the rationale for such practice. Using Cadbury Nig Plc as a case in point, it is posited in this paper that favorable stock prices tend to give the impression of stability and sustained improvement which in turn, propel to embark on creative accounting in the bid to attract and retain the confidence of shareholders. Arguably, these reasons are offset or nullified by the dangers creative accounting can pose to companies and indeed, the economy. The findings and recommendations of this paper have implications for investors, directors, and policy-makers in Nigeri

Factors that affect Teaching and Learning among Undergraduate Radiography Students in two Nigerian Universities.

Objectives: To understand undergraduate radiography students’ perception on effective teaching and learning. Methods: Two hundred (200) radiography students from different academic levels of Nnamdi Azikiwe University, Nnewi Campus and University of Nigeria, Enugu Campus, were enlisted.  Self-completion semi- structured questionnaires were used to obtain information from students on their perception of the teaching methods employed by lecturers. Results: Results revealed that factors such as teaching methods, lecturers’ knowledge of the subject,  their disposition at lectures, use of clear concepts and their practical applications, learning environment, use of visual teaching aids, and use of non-judgmental feedback on students’ work can influence effective learning. Other influencing factors included workload and lecture scheduling, student academic level, age, gender and availability of facilities. Conclusion: The academic performance of students is not only influenced by the lecturer’s knowledge of the subject but also the method used, available facilities, the age and academic level of the students.    &nbsp