Financing Options and Development Projects in the Nigerian Local Government System

This study is an investigation into the impact of Nigerian local government financing options on successful execution of development projects. Through the ordinary least square regression analysis, the study proved that though there is an established case of underfunding in the entire Nigerian local government system, the propagation of funds misappropriation theory seems to hold true, and both account for the low level of economic development being experienced in Nigeria. Hence, the recommendation includes the upward review of the Federal Statutory Account, strict adherence to the law on the release of State Statutory Allocation to the local governments while checking the unwieldy behaviour of local government practitioners on proper fund management. Keywords: Local governance, Financing options, Development projects, Economic developmen

Earnings-Dividend Relationship in Corporate Nigeria; A Test of Predictive Efficacy

Prompted by the need for an empirical evaluation of the relationship between corporate net earnings and dividend payouts of quoted Nigerian firms as well as the search for a strong predictive model for this relationship, the study evaluates the predictive efficacies of current- and one- year- lagged earnings regression models among the Nigerian quoted firms. Applying the ordinary least square regression analysis on one hundred and four (104) firms selected as the study sample, the results indicate that dividend payouts are relatively more sensitive to current earnings per share compared to past earnings per share. Further, the percentage change in dividend payouts attributable to changes in current earnings per share is found to be relatively higher than that attributable to changes in past earnings per share, thus providing evidence that current earnings model is relatively more effective in predicting the dividend payouts of Nigerian quoted firms. The study recommends strong information dissemination to all stakeholders in the Nigerian capital market in order to improve market efficiency and potential benefits derivable from the market by all participants

Determinants of capital flight: the case of Nigeria

Through the least square regression analysis, this study constructs a model explaining the capital flight phenomenon in Nigeria. The revelation is that only a type of government exerts a significant effect on the volume of capital flight experience in Nigeria within the study period. Thus, it informs the conclusion that the volume of capital flight being experience in Nigeria can be explained significantly using macroeconomic indices corresponding to the period of such flight. Key words: Capital flight determinants, Macroeconomic indices, Multiple regression analysis

Foreign Direct Investment And Capital Formation In Nigeria

The opinion of the modernization theorists is that FDI exerts a significant positive effect on economies. The view of the dependency theorist, however, is that FDI and its attendant multinational capital present exploitative channels for the developed economies against the developing ones. This paper holds that, for Nigeria, FDI, is a significant positive contributor to the overall capital formation effort. However, the gains of FDI do not come so automatically. Therefore, efforts must be directed at the removal of such impediments as poor transparency in laws, especially in the areas of property rights, patent rights, copy right protection and commitment to enforcement of contracts etc. Keywords: Foreign Direct Investment, Capital Formation, Dependency Theory, Modernization Theory. JORIND Vol. 5 (2) 2007: pp. 7-