Volume-1 ~ Issue-5
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|Paper Type||:||Research Paper|
|Title||:||Legislative Oversights and Budget Performance in Nigeria: Issues & Policy Options|
|Authors||:||Ehigiamusoe, Uyi Kizito & Umar, Aminu|
Abstract: Budget implementation in Nigeria has been a burning issue since the advent of democracy in 1999. Several reasons have been adduced for the poor performance of federal government capital budgets. These include late presentation, passage, and assent to the budget; late release of funds to and poor capacity utilization of Federal Ministries, Departments and Agencies (MDAs). But much attention has not been given to the role of legislative oversights in this regards. Consequently, this paper examines the role of legislative oversights in budget performance. Using survey method, descriptive statistics and analytical approach, the paper analyzed both primary and secondary data. The findings of the study revealed that oversight activities have increased tremendously in Nigeria since 1999, but they have not been very effective in reducing corruption and accelerating budget performance of MDAs. The paper therefore recommended policy options on how to utilize legislative oversight activities as instruments for promoting targeted budget outcomes. Keywords: Legislative Oversights; Budget Performance; Ministries, Department and Agencies (MDAs); Corruption; Public Finance.
. Cole, L. & Brand, S. M. (2011). Congressional Investigations and Oversight: Case studies and Analysis. Caroline Academic Press: Durham, North Carolina.
. Corder, Hugh (1999). Report on Parliamentary Oversight and Accountability. Prepared by the Law Faculty of the University of Cape Town. October, 18.
. Dorotinsky, William & Yasuhiko, Matsuda (2002). "Reforma de la gestión financiera en América Latina: Unaperspectiva Institucional,‟ Reforma Democracia 23:141-166.
. Griffith, Gareth (2005). Parliament and Accountability: The Role of Parliamentary Oversight Committees. Revised version of a discussion paper prepared for the ASPG Conference on Parliament and Accountability in the 21st Century. Sydney, 6-8 October.
. Hubbard, Rutherford (2012). Need for Parliamentary Oversight for Governance and Accountability. Daily FT, February 15.
. Kuruppu, C. & Gårseth-Nesbakk, L. (2012). Accountability Limitations with respect to Parliamentary Oversight: A case of Norway and Sri Lanka, Bodo Graduate School of Business University of Nordland 8049 Bodo, Norway.
. Langdon, Steven (2012). Parliamentary Oversight as a Mechanism for Accountability
. Lienert, I. (2009) Legislative Oversight and Budgeting – A World Perspective.
. Mainwaring, Scott and Christopher, Welna eds. (2003). Democratic Accountability in Latin America (Oxford: Oxford University Press)
. Mill, J.S. (1861). Considerations on Representative Government. London: Parker, Son, and Bourn.
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|Paper Type||:||Research Paper|
|Title||:||Assessment of Private Sector Financing of Electricity Infrastructure in Nigeria|
|Authors||:||Ahmed, A., Landi, J. H|
Abstract: There is a huge deficit in the infrastructure sector of the Nigerian economy. The country generates less than 4000 Mega Watts of electricity for a population of about 160 million people. Because of the low generation of electricity in Nigeria, load shedding is the order of the day. Consumers are forced to do without grid supplied electricity for the most part of the day. All governments' efforts to reverse the dismal performance of the industry failed to produce the desired effects. In 2005, government introduced market reform through the Electric Power Sector Reform Act (EPSR) to reform and restructure the industry to allow for private sector participation in the financing of electricity generation infrastructure as a way of boosting electricity supply to the national economy. However private investment flow to NESI has been slow. The research sought to find out the reasons for the slow pace of private sector investment flow to the industry. Structured questionnaires using Likert scale were distributed to top management of privately licensed firms to generate data for analysis. Multiple regressions were used for data analysis. The analysis reveals a significant influence of the independent variables on the DV with p =0.000< 0.005. This therefore shows that government policy of meeting the generation needs of the electricity industry could be met through the participation of the private sector. However a lot needs to be done to fast track the flow of private investment to the industry.
Key words: Electricity Generation, Private Investment, Infrastructure, Power Project Finance and Government Incentives.
. Adenikinju, A. (2005) Analysis of the Cost of Infrastructure Failure in a Developing Economy; the Case of Electricity Sector in Nigeria. AERC Research Paper 148, Nairobi.
. Ahmed, M. (2010). An Overview of Infrastructure Finance in Nigeria: Current Situation, Challenges, and Way Forward. A paper presented at the CBN Infrastructure Finance Conference held at the Sheraton Hotel and Towers Abuja) 6th to 7th December
. Ajayi, G.A. 1995. Cost-Benefit Analysis of Captive Power Generation by ManufacturingIndustries in Nigeria. Unpublished PhD thesis, Department of Economics, University of Ibadan, Ibadan as cited in Adenikinju, A.(2005) Analysis of the Cost of Infrastructure Failure in a Developing Economy; the Case of Electricity Sector in Nigeria. AERC Research Paper 148, Nairobi
. Arrow, K. and M. Kurz (1970): Public investment, the rate of return and optimal fiscal policy. Johns Hopkins as cited in Calderon C and Servan L (2008) Infrastructure and Economic Development.World Bank Policy Working Paper no 4712.
. Aschauer, D.A. (1989)"Is Public Expenditure Productive?"Journal of Monetary Economics, 23, 177-200, as cited in Straub S (2008) Infrastructure and Growth in Developing Countries. A Critical Appraisal of Macro Literature. World Bank Policy Research Working Paper no 4590 .
. Babber, S and Schuster, J. (1998) Power Project Finance: Experience in Developing Countries. RMC Discussions Paper Series no. 119.
. Borg, W. R., Gall, M. D. (1979) Educational Research; An Introduction 3rd ed. Longman Books Inc. New York.
. Calderon, C. and Serven, L. (2008) Infrastructure and Economic Development in the Sub- Saharan Africa. World Bank Policy Research Working Paper no 4712, available @ http;// econworldbank.org.
. Cameron,G. (1996) Infrastructure in the 21st Century Economy; Overview of Summary and Findings. IWR report 96-FIS 23.
. Coakes , S. J. (2005) SPSSv12 for Windows: Analysis without Anguish. John Wiley and Sons Ltd , Sydney, Australia.
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Abstract: Agriculture occupies a pivotal place in the national economy. Therefore, its performance is of vital concern to the planners. The size and speed of agricultural development would naturally determine the shape of things in the rest of the economy. The impact of new farm technology has not been enough to alter significantly the trend rate of crop production. Not only is our agrarian economy, capitally deficient but it is also backward in the field of technology. Our peasantry is still by and large using the age old techniques for production. The study aims to analyse the Aggregate Agricultural Production Function and Resource use efficiency based on entire sample of Farms in Three Revenue Mandals of Nellore District, Andhra Pradesh. Data was collected for the explanatory and explained variables with the help of survey method through personal interviews of the farmers selected through mixed sampling in three revenue mandals of Nellore district. Regression co-efficients are estimated to study the relationship between gross output and various factors of production. By studying the Marginal Value Products of factors of production, we assessed the relative importance of factors of production. The sum of the elasticities and their statistical significance was also studied.
Key Words: Aggregate Agricultural Production Function, Marginal Cost, Marginal Value Product, Ordinary Least Squares Method, Regression Co-efficients.
 Ghosh, M.C. (1985). Impact of New Technology on Income and Employment – A Study in A Bengal Village. Economic Affairs, Vol.30, No.2, June, pp.88-103.
 Hasan, Md., and Parthasarathy, P.B. (1981). Resource Productivity Variation in Mechanized and Non-mechanized Farms. The Andhra Agricultural Journal, Vol.28, No. 1-2, pp.63-66.
 Krishna Mohan, P. (1985). New Technology and its Impact on Agrarian Structure and Agricultural Production – The Case of Andhra Pradesh. Agricultural Situation in India, May, pp. 85-92.
 Singh, J.P. (1978). Resource Allocation on Farms of Eastern Utter Pradesh. Indian Economic Review, Vol.13, No.1, April, pp.45-58.
 Chandra Sekhar Rao, N. (2004). Aggregate Agricultural Supply Response in Andhra Pradesh. Indian Journal of Agricultural Economics, Vol. 59, No.1, January-March, pp.91-104.
 Chaudhari, T.P.S., et al. (1962). Optimum combination of comparative crops in the intensive cultivation scheme area Delhi. Indian Journal of Agricultural Economics, Vol.17, No.1.
 Reddy, A.R., and Sen, C. (2004). Technical Inefficiency in Rice Production and its relationship with Farm – Specific Socio-Economic Characteristics. Indian Journal of Agricultural Economics, Vol. 59, No.2, April-June, pp.259-267.
 Hopper, W.D. (1965). Allocation Efficiency in Traditional Indian Agriculture. Journal of Farm Economics, Vol.47, No.3.
 Radhakrishna, D. (1962). Share of Fixed Factors of Production in the Net Earning from Agriculture in West Godavari District (A.P.). Arthavijnana, Vol.4, No.2.
 Rajkrishna. (1964). Some Production Functions for Punjab. Indian Journal of Agricultural Economics, Vol.19, No.3&4, July-December, pp.87-97.
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|Paper Type||:||Research Paper|
|Title||:||Mobile Banking Products and Rural India: An Evaluation|
Abstract: The Mobile Banking Products and systems have a pivotal role to play in the financial deepening, especially in rural India. The mobile banking systems and products allow a customer to perform banking operations by making use of mobile phones. In most of the developing countries, especially in India, there is more number of mobile connections than bank accounts. The rural India is facing the problem of lack of accessibility to most of the financial and banking products. This paper evaluates the mobile banking products, mechanism, it's relevance in rural India, implementation systems, it's feasibility in the Indian banking Sector, initiatives taken by Indian Banks and Government of India. The focal area of the study is the potential growth of mobile banking, especially in rural India, not the actual growth attained. This is because of the fact that 74 percent of the Indian population living in rural India and only 18 percent of the total banking penetration of India is in rural area. Out of 428 million deposit accounts in the country only 30% are in rural areas. In India over 30% of the new mobile phone subscriptions every month are registered in villages yet 200 million mobile phone users are without bank accounts. That is the rate of growth of number of new mobile connections is more in rural India. The spreading of mobile banking products and systems will definitely contributes to erase the rural-urban divide and integrate rural economy with global economy.
Key words: Mobile banking products, Mobile banking Systems, Branchless banking Channel, Point- of- Sales Devices, Personal Identification Number, Mobile Network Operations, Bank in a box, Anywhere Bank Terminal, Bank on Wheels.
. Bhattacharya, Hrishikes. (1998). Banking Strategy – Credit Appraisal and Decisions – A Risk Return Framework. Delhi: Oxford University Press Indian Institute of Banking and Finance, Mumbai. (2010).
. Atiya Parveen, Sobia Habib & Saoud Sarwar "Mobile Commerce - New Way to Business" International Journal of Research and Development - A Management Review (IJRDMR) 2012Volume-1, Issue – 1, PP 37-40.
. Banking Products and Services – October 2010 Indian Institute of Banking and Finance, Mumbai. (2010), Banking Products and Services – October 2010.
. Economic division, Department of Economic Affairs, Ministry of Finance, Government of India. (February 2013), Economic Survey 2012-2013.
. Asish Srivastava, Commercial Banking in India 2009-10 Report Card, the Indian Bank's Association, 2010. Vol.5, 16-20.
. Mathew, J.Sarkar, varshney, "M-Commerce Services: Promises and Challenges" Communications of AIS, Vol.2004 Issue-14, PP 1-11.
. George S. Oreku, "Mobile technology interaction to e-Commerce in promising of u- Commerce."
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|Paper Type||:||Research Paper|
|Title||:||The Determinants of Production and Export of Natural Rubber in India|
Abstract: This study examined the factors that influence agricultural production and exports with specific reference to the natural rubber in India. Secondary data was used for this study. Ordinary Least Squares (OLS) technique was used in analyzing the relevant data. The OLS findings revealed that natural rubber production is significantly (p<0.05) by export of natural rubber (β=0.05), stock (β=0.21) and domestic price (β=0.21). For export of natural rubber, the OLS shows that stock of natural rubber (β=0.29), world market price (β=15.96), domestic price (β=-18.47) and world population (β=88.37) significantly (p<0.05) influence in export of natural rubber. It is recommended that there should be value addition in respect of natural rubber being exported.
Key word: Ordinary Least Squares (OLS), Production, Export and Import.
. African Economic outlook AFDB/OECD. (2005).
. Akintola, J. O. (1983). An Analysis of the effects of Agro-climatic factors on Foods crops yields in IBADAN area of Oyo State. PHD Thesis, Department of Agricultural Economics University of IBADAN.
. Ball, R. M. (1966). The Relationship between U.K Export Performance in Manufactures and the internal pressure of Demand. Economic Journal, 76, 501-518.
. Fosu, K. Y. (1992). The Real exchange rate and Ghana's agricultural exports. African Economic Research consortium Research Paper 9.
. Grafoute Amoro and Yao Shan (2012). The Determinants of Agricultural Export: Cocoa and Rubber in Cote d'Ivore. International Journal of Economics and Finance, Vol. 5, No. 1; Published by Canadian Center of Science and Education.
. Musila, J. (2004). The Common Market for eastern and Southern Africa and Kenya's Export trade. International Journal of Social Economics, 31(1/2). Athabasca University.
. Sharma, K. (2001). Export Growth in India: Has FDI played a Role. Charles Sturt University Discussion Paper, No 816.
. Tijani, A. A. (1999). A Co integration Analysis of Nigeria Cocoa Export Supply. Journal of Rural Economics and Development, 13(1), 45-56.
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|Paper Type||:||Research Paper|
|Title||:||The Banking Sector of Pakistan: The Case of Its Growth and Impact on Revenue Generation 2007 to 2012|
|Authors||:||Sana Zafar, Dr. Farooq Aziz|
Abstract: The banking sector of Pakistan played an important role in the growth and development of the economy of Pakistan. This study aims to find the reasons behind the growth of the banking sector and how it can influence the revenue generation of the sector. The reasons are investigated and the current state of the banking sector is also reviewed to study the growth patterns. The historical evidence is first collected and then analyzed, so the current survival of the sector could be studied even after the Global Financial Crisis. Financial Soundness Indicators provide further indept analyses of the factors which contributed towards the growth of the banking sector of Pakistan. The reforms in the banking sector which are the real reasons for the growth in the banking sector are summarized under the rationale behind growth in the banking sector of Pakistan. The banking sector of Pakistan is the only sector of the economy which survived the Global Financial Crisis. So, this study provides evidence that Pakistan's banking sector is still resilient and is profitable which suggests that it's still a healthy sector for the investors to make safe investments with reliable and consistent returns. The government and the common man both can be benefited by the positive performance of the banking sector of Pakistan.
Keywords: banking sector growth, economic growth, revenue generation, survival through global financial crisis, financial soundness indicators
 Hardy, C.D., & Emilia Bonaccorsi Di Patti (2001). Bank Reform and Bank Efficiency in Pakistan.IMF Working Paper, 01/138: Washington DC.
 Akhtar, Muhammad, Ali, Khizer.,&Sadaqat, Shama (2010). Performance Efficiency of Commercial Banks of Pakistan: Non-Parametric Technique Data Envelopment Analysis (DEA). Asian Journal of Business and Management Sciences, 1(2), 150-156.
 Khalabat, Amna (2011). History of banking in Pakistan- of humble origins and vast potential. The Express Tribune, retrieved from http://tribune.com.pk/story/286458/history-of-banking-in-pakistan--of-humble-origins-and-vast-potential/
 State Bank of Pakistan. (2012). Banking Statistics of Pakistan 2011-12.State Bank of Pakistan, Karachi.
 Ghazanfar, Mohammad (2011). Internship Report on National Bank of Pakistan.
 Qayyum, Abdul (2007). Financial Sector Reforms and the Efficiency of Banking in Pakistan.South Asian Network of Economic research Institutes.
 Shirazi, Ahmed (2010). Internship Report on MCB Bank Limited.
 Qayyum, Abdul&Anwar, Saba (2011). Impact of monetary policy on the volatility of stock market in Pakistan.International Journal of Business and Social Science, 2, (11), 18-24.
 Shahid, Haseeb.,Rehman, Ramiz., Niazi, Ghulam., &Raoof, Awais (2010). Efficiencies Comparison of Islamic and Conventional Banks of Pakistan.International Research Journal of Finance & Economics, 49, 25-44.
 Bonaccorsi Di Patti, E., & Hardy, D. C. (2005). Financial Sector Liberalization, Bank Privatization, and Efficiency: Evidence from Pakistan. Journal of Banking & Finance, 29 (8-9), 2381–2406.
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|Paper Type||:||Research Paper|
|Title||:||Global Trade and Migration: Are Trade and Migration Substitutes or Complements? The Case of Nigeria|
|Authors||:||Taiwo V. Ojapinwa, Bashir O. Kolawole|
Abstract: The paper examines the effects of trade as an alternative policy to manage migration in Nigeria. This study shed new light on the debate by bringing together papers that investigate the link between trade and factor mobility, particularly labour migration, from theoretical and empirical perspectives. This study conclude that imports and labour immigration are complements while some are substitute which are also the two strands of the theories which are based on the traditional and the modern theories.
Key Words: Globalisation, Trade, Migration, Substitutes, Complements, Nigeria
. Alexander, H. and Wright, P. W. (2005), Migration, Trade and Wages Working Papers from CEPII research centre.
. Bowen, H. P. and Wu, J. P. (2004), Does it Matter Where Immigrants Work? Traded Goods, Non-traded Goods, and Sector Specific Employment. Bonn: Working Paper No. B16-2004Center for European Integration Studies.
. Bruder, J. (2004), Are Trade and Migration Substitutes or Complements? - The Case of Germany, 1970-1998 University of Rostock.
. Dani, R. (1999), The New Global Economic and the Developing Countries: Making Openness Work Baltimore, John Hopkin University Press.
. Darity, W.A. and Davis, L.S. (2005), Growth, trade and uneven development Cambridge Journal of Economics, vol. 29, issue 1, pages 141-170.
. Dwivedi, D.N. (2005), Managerial Economics sixth Revised Edition, Vikas Publishing House PVT LTD.
. Economic Commission for Africa, (ECA) (2006), International Migration and Development: Implications background document for the High Level Dialogue on Migration and Development United Nations General Assembly, 14-15 September 2006.
. Faini, M. and Zimmermann, (1999) Migration in Cambridge Books from Cambridge University Press.
. Freeman, R. B. and Leamer, E. (2009), Globalization and Living Standards Institute for Social Science Research, Working Paper Series from Institute for Social Science Research, UCLA
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Abstract: The paper re-examines the nexus between financial sector development and economic growth in Nigeria over the period 1970-2011. Prior to the study, most of the earlier works use financial deepening to proxy financial development and conclude that financial development do not cause growth. The paper seeks to investigate the hypothesis that financial development is positively related to growth. Using four measures – ratios of broad money (MSY), bank deposit liabilities (BDY), domestic credit (DCY), private sector credit (PSY) – to proxy financial development, and adopting Granger causality tests in a VAR framework, the empirical result suggests that financial sector development is positively related to and therefore causes economic growth just as finance is growth dependent – a case of bi-directional causality. The variance decomposition shows that the variations in DCY and PSY are significantly and dominantly affected by MSY. This suggests, among others, that expansion of savings by DMBs through saver-oriented real deposit rate (RDR) translate to domestic credit with higher proportion utilized by the private sector. Among other measures, the establishment of a functional Asset Management Corporation should be hastened to free DMBs from non-performing loans and enhance their ability to expand private sector credits. Equally, to sustain the influence of finance on growth and vice versa, the current reforms in the financial sector should be sustained while focusing on complementary and coordinated institutional and structural reforms in the real sector to ensure simultaneity in the development of the financial and real sectors of the economy.
Keywords: Economic Growth, Financial Development, Innovations, Variations, Vector AutoRegressive
. Afangideh, U.J. (2009) "Financial Development and Agricultural Investment in Nigeria: Historical Simulation Approach" West African Journal of Economic and Monetary Integration Vol. 9, June
. Agu, C.C. and J.O. Chukwu (2008) "Toda and Yamamoto Causality tests between "bank based‟ financial deepening and Economic Growth in Nigeria", European Journal of Social Science, 7(2), 189-98
. Ang, J.B. and McKibbin, W.J. (2005) "Financial liberalization, financial sector development and growth: Evidence from Malaysia", Centre for Applied Macroeconomic Analysis (CAMA) Working Paper 5, Australian National University
. Apergis, N., L. Fillipidis and C. Economidou (2007) "Financial deepening and economic growth linkages: A panel data analysis", Review of World Economics, 143, 179-198
. Badun, M. (2009) "Financial intermediation by banks and economic growth: A review of empirical evidence", Financial Theory and Practice, 33(2), 121-152
. Bagehot, W. (1873). A Description of the Money Market, Homewood, IL: Richard D. Irwin, (1992 Edition) Lombard Street.
. Bencivenga, V. R. and Smith, B. D. (1991). Financial Intermediation and Endogenous Growth. Review of Economics Studies, 58(2): 403–44
. Boyreau-Debray, G. (2003) "Financial Intermediation and Growth – Chinese Style" Policy Research Working Paper 3027, The World Bank
. Calderon, C. And Liu, L. (2003) "The direction of Causality between Financial Development and Economic Growth" Journal of Development Economics
. Christopoulos, D.K. and Tsionas, E.G. (2004) "Financial development and economic growth: Evidencee from panel unit root and cointegration tests, Journal of Development Economics, 73, 55-74