Unemployment and Economic Growth in Nigeria

The rate of unemployment has risen in the last decade in most of the sub-Saharan African countries. The situation in Nigeria is rapid population growth with low level of employment rate. The theoretical proposition of the Okun’s law is that a negative relationship exists between unemployment rate and economic growth. This study intends to test the validity of Okun’s law in Nigeria. In order to examine the relationship between unemployment rate and economic growth, Error Correction Model (ECM) and Johasen cointegration test were employed to determine both the short run and long run relationships among the variables employed in the study. Empirical findings show that there is both the short and the long run relationship between unemployment rate and output growth in Nigeria. Hence, there is need to incorporate fiscal measures and increase the attraction of foreign direct investment (FDI) to reduce the high rate of unemployment in the country. Keywords: Unemployment, economic growth, Okun’s  law, cointegration, error correction model. JEL Classification: B22, E24, F43, J6

Unemployment and Economic Growth in Nigeria

The rate of unemployment has risen in the last decade in most of the sub-Saharan African countries. The situation in Nigeria is rapid population growth with low level of employment rate. The theoretical proposition of the Okun’s law is that a negative relationship exists between unemployment rate and economic growth. This study intends to test the validity of Okun’s law in Nigeria. In order to examine the relationship between unemployment rate and economic growth, Error Correction Model (ECM) and Johasen cointegration test were employed to determine both the short run and long run relationships among the variables employed in the study. Empirical findings show that there is both the short and the long run relationship between unemployment rate and output growth in Nigeria. Hence, there is need to incorporate fiscal measures and increase the attraction of foreign direct investment (FDI) to reduce the high rate of unemployment in the country. Keywords: Unemployment, economic growth, Okun’s law, cointegration, error correction model. JEL Classification: B22, E24, F43, J6

Money Supply, Inflation and Capital Accumulation in Nigeria

This study examines the relationship between money supply, inflation and capital accumulation in Nigeria between 1970 and 2010. The study investigated the long run relationship of the variables using Johasen cointegration test. As a follow up to this, Error Correction Model was conducted on the variables to capture their short run disequilibrium behavior. Cointegration test reveals that variables employed in the study share long run relationship. The result of the Error Correction Model indicates that money supply (both broad and narrow) has a positive relationship to capital accumulation in Nigeria. It implies that government should direct finances on investment in other to stimulate economic growth in the country. Also the intention of government on inflation targeting should not neglect the contribution of money growth to capital accumulation. Keywords: Money growth, Inflation, Capital accumulation, Cointegration test, Error Correction Model and Stability test

A Handy Approximation Technique for Closedform and Approximate Solutions of Time- Fractional Heat and Heat-Like Equations with Variable Coefficients

In this paper, we propose a handy approximation technique (HAT) for obtaining both closed-form and approximate solutions of time-fractional heat and heat-like equations with variable coefficients. The method is relatively recent, proposed via the modification of the classical Differential Transformation Method (DTM). It devises a simple scheme for solving the illustrative examples, and some similar PDEs. Besides being handy, the results obtained converge faster to their exact forms. This shows that this modified DTM (MDTM) is very efficient and reliable. It involves less computational work, even without given up accuracy. Therefore, we strongly recommend it for solving both linear and nonlinear time-fractional partial differential equations (PDEs) with applications in other aspects of pure and applied sciences, management, and finance

ECONOMIC GROWTH AND MACROECONOMIC DYNAMICS IN NIGERIA

Purpose. The role of macroeconomic variables in shaping the economic status has been debated in the literature. The management of these factors has been epileptic and sometimes contradictory with consequential implications for sustainable economy. This study therefore examined the relative significance of macroeconomic factors (inflation rate, interest rate, exchange rate and unemployment rate) on current national income. In addition, it sought to ascertain the relative importance of prior income (past GDP) on current national income (current GDP) based on data obtained between 1975 and 2015. Methodology. The study deployed pre-estimation descriptive statistics and stationarity tests using the Augmented Dickey Fuller test and Phillip Perron tests. Johansen cointegration test was applied for establishing the long run relationship of the variables. The final phase is the post estimation tests to confirm the robustness of the estimated model. These are the Breusch-Godfrey test to check for any form of auto correlation among the variables, the heteroskedasticity test and the Impulse Response analysis of the dependent variable with respect to shocks in the explanatory variables. Findings.The result findings revealed that inflation contributes negatively to economic growth. Interest rate, exchange rate and unemployment impact economic growth positively. The entire explanatory variables have no short-run effect. The result of the Breusch-Godfrey LM and Breusch-Pagan-Godfrey test indicated the absence of serial correlation and heteroscedasticity respectively. In effect, by itself, macroeconomic stability does not guarantee sustainable high rates of economic growth in the absence of key institutional and structural measures. The study recommended diversification of the economy and the use of inflation targeting which would be commensurate with the level of economic growth should be pursued by policy makers Limitations. This research examined the impact of the various macroeconomic variables on the economy over a period of 41 years. A structural break analysis of the impact before and after major policy shifts like Structural Adjustment Programme (1986), Financial Sector reform (2004), Global Financial Crisis (2007 - 2008) etc. should be explored by new studies. Originality. This study is an original work. It has not been published in any other journal and is not being considered for publication by another channel.

Maintenance Strategy in Building Design: An Imperative for Comfortable and Hospitable Housing.

Housing unit, in however architecturally well designed, beautifully structurally positioned, should always had the intrinsic nature to satisfy the desire of the intended end users at all time. If the above submission is anything to go by, then it become imperative for maintenance strategy to be inculcated from the inception building design for protection, preservation of building aesthetic nature and ensuring Comfortability and hospitability desired by the people. The life span of a building commences as the function of the structure is ascertained by the end user and the developer. The process of maintenance in building construction entails putting a good numbers of factors into consideration. These factors among others are; the site and situation of the building, the prevailing environmental condition, which will dictate the quality of building materials in order to harness the best opportunity of the climatic conditions of the environment. This will in turn lower the effect of expenses incurred on maintaining the edifice. The foregoing is the thrust of this study. Relevant data were garnered from personal observation as primary source and other publications as secondary source. Information on facility management and building maintenance strategies were gathered from relevant texts, learned journals, publication excerpts, to substantiate the imperative of the thrust of the research study. Observations of some building structures that are negatively affected for non compliance with the tenet of facility management and maintenance and those otherwise were put forward to ascertain the veracity of the research submission

Awareness and Usage of Mobile Technology in Real Estate Practice in Developing Countries: The Case of Ikeja, Lagos State, Nigeria

Mobile technology offers the opportunity for accurate, timely and quality service delivery; however, its adoption in real estate is limited. This study assessed the awareness and utilisation of mobile technology among real estate firms in Ikeja Area of Lagos State, Nigeria. This is with a view to provide information that is capable of increasing the awareness level and promoting the usage of mobile technology in real estate practice. Questionnaire were administered on 78 estate surveying and valuation (ESV) firms in the study area. Data collected were analysed using descriptive statistics. The result indicated that the level of awareness of ESV firms to mobile technology in real estate was somewhat high (mean=3.77 on a scale of 5) but its adoption was limited to few mobile applications such as social media apps, email, Google Earth and Google Map while others such as Sitegeist, Vert and Argus Valuation have not gained popularity among the ESV firms. The low level of adoption of mobile technology might negatively impact the service delivery of real estate firms in the future where such technology will become indispensable

Profitability Strategies of Solar Energy Businesses in Lagos, Nigeria

Some solar energy companies in Nigeria are not profitable because of ineffective marketing and sales strategies on the part of the business leaders and challenging operating environments. The ability to craft strategies that ensure the adoption of solar energy solutions by households is pertinent to the profitability of the solar energy business. Grounded in Rogers’s diffusion of innovation theory, the purpose of this qualitative multiple case study was to explore strategies solar energy business leaders in Lagos, Nigeria, use to maintain a profitable business. The participants included six solar energy business leaders in two companies from Lagos, Nigeria. Data were collected from semistructured interviews and company document reviews. Data were analyzed using Yin’s 5-phase cycle, which guided the coding process, where 4 major themes emerged: create awareness for solar using personal selling, social media, and online channels; offer attractive financing options; participate in rural electrification projects; and partner with distributors and agents. The implications for positive social change include the potential reduction of energy generation and consumption on climate as more households adopt solar energy solutions. A profitable business can increase the ability of companies to financially address social issues such as electrification in rural areas, electricity instability in urban areas, job creation, and poverty reduction

Mitigating Climate Change through Eco-Forestation in the Tropical Region

The fast disappearing of our forest is an ominous pattern behind environmental pollution, local climate failure and economic depression. It is axiomatically believe that the evil that man does live after him such is the devastating impact of bush burning and its attendant effect on the environment and economy. The deteriorating effect of this heinous action of man on our forest is worth orchestrated otherwise the hitherto known tropical forest may best be addressed as Sahel savannah in the nearest future. This paper is out to discover the major causes of forest depletion, its environmental and economic implications, and unearth the plausible planning measures as the panacea. To this effect, discourse on the subject matter are major based on the information sourced from the relevant literature reviewed, the observations and the experiences of the author juxtaposing the observed findings with the extent of deforestation in the forest zone of Nigeria. On the final note, a good number of plausible environmental and planning policies are proposed to drastically address the issue coupled with an enabling law and legislation to back up expeditious action against deforestation as delay may b

Mitigating Climate Change through Eco-Forestation in the Tropical Region

The fast disappearing of our forest is an ominous pattern behind environmental pollution, local climate failure and economic depression. It is axiomatically believe that the evil that man does live after him such is the devastating impact of bush burning and its attendant effect on the environment and economy. The deteriorating effect of this heinous action of man on our forest is worth orchestrated otherwise the hitherto known tropical forest may best be addressed as Sahel savannah in the nearest future. This paper is out to discover the major causes of forest depletion, its environmental and economic implications, and unearth the plausible planning measures as the panacea. To this effect, discourse on the subject matter are major based on the information sourced from the relevant literature reviewed, the observations and the experiences of the author juxtaposing the observed findings with the  extent of deforestation in the forest zone of Nigeria. On the final note, a good number of plausible environmental and planning policies are proposed to drastically address the issue coupled with an enabling law and legislation to back up expeditious action against deforestation as delay may be Keywords- Forest Depletion, Local climate, Climate change, Eco-forestation