Entries on Economy
Harnessing and Implementing the Resolutions of Economic Summits and Conferences for Growing Nigeria’s Economy: 47th G7 Summitand 7th Tokyo International Conference on Africa Development-Ticad 2019 in Perspective - by Nwachukwu Lucas Emmanuel
While we pursue these economic aspirations, we must leverage on technology for digital transformation, the need for transformative technology to further innovations cannot be overlooked as we strive to be among the best economies in the world. While Nigeria may consider the options aforementioned, there is even a bigger problem of the will to implement because of high level of corruption in the system. The IMF study estimates that the impact of 1 point change in the corruption index results in a 1.2 percentage point change in economic growth per annum. Therefore, the impact on economic growth from a simulated decrease in corruption will impact on growth of the country’s economy.To effectively implement decisions reached at these gatherings, Nigeria needs political stability and strength of public institutions among others and this can significantly improve the economy and the lives of Nigerians.
The traditional way of struggling to be financially free is to earn, save and invest in activities or assets that generate additional money for you. While this sound simple and straight forward, it hardly go smoothly as expected, the result that have kept many ambitious people hustling throughout their life without achieving their heart desire of being financially free. Less than 1% of self-made millionaire can proof themselves using this method.
This book, Moved by Passion for My Country is an important literature on problems we have created ourselves as a nation. It provides an insight into background of what we are feeling and seeing today. The author is not satisfied with the effort put in place to ameliorate the problem plaguing the nation. He has identified poverty as the greatest problem observed to be witnessed in recent times. He opines that only acquisition of adequate knowledge can salvage this problem. That is the type of knowledge that can make us self-reliant. The author rightly posits that Nigeria is at the crossroad, since leaders and the led have failed to initiate programmes to remove corrupt tendencies and practices with their attendant challenges and failures. For Nigeria to develop the right attitude to guarantee our nation development agenda, it demands entirely a new approach in our insight, thinking, perspective, reasoning and concern for the plight of the citizenry. In search for a panacea, this work leans heavily on the work of Professor Dora Akunyili, the initiator of the Rebranding Nigeria project, whose role model is that of re-orientation and development of policies predicated on seriousness and dedication in the implementation of policies and discussions that can lead to honest and committed leadership by example such as sincerity, transparency, accountability etc. for a better tomorrow. Thus, the author identifies MDGs, though foreign, as the most credible programme “fashioned to take care of the common man’s welfare”. This identification, together with the enriching factors that define the underdevelopment in the underdeveloped African countries at the beginning of the book, makes the book not only a good reference text, but also a practical manual. I commend the author, Mr Hemern Chabo, for providing this useful literature on an all-important subject of poverty as the greatest problem facing the nation. I am happy to recommend the book to students and practitioners alike.
ABSTRACT The federal and state governments of Nigeria suffer from many fiscal imbalances including a long history of fiscal deficits and unsustainable fiscal policy in the economy. Hence, this paper examines the sustainability of the federal and state fiscal deficits from 1960-2013, using the Gregory-Hansen co-integration test and the Zivot-Andrews unit root test, which allow for structural break. In this connection, the results indicate that the federal fiscal deficit is weakly sustainable while that of the state governments is unsustainable. It is therefore recommended that both the federal and state governments should consolidate their fiscal operations by rationalizing their expenditures and augment their revenue sources. Specifically, the governments should meaningfully cut their expenditures by blocking all fiscal leakages, reducing the cost of governance through cuts in the pays of political office holders and scrapping unnecessary offices. The governments should also diversify their revenue sources and resuscitate highly competitive public enterprises. Keywords: Fiscal sustainability; Debt; Fiscal deficits; Structural break; Nigeria JEL classification: E62; H72; H710
This study examines the impact of remittances on economic growth of Nigeria from 1980 to 2014.
This paper investigates the nexus between financial deepening and economic growth in Nigeria for the period spanning 1981 to 2014
Taxation is a universal phenomenon. From ancient times, it has been the source of financial support to governments in the running of state affairs all over the world. The laws of the Federal Republic of Nigeria specify the payment of taxes of various forms and shades by all-income earners and entrepreneurs in the country either as individual or as corporate organization. Thus individuals, companies or institutions pay taxes to the various levels of government according to their incomes or assets. Today, unlike before, a hot debate arises on the national media whether religious bodies now emerging in their numbers are also subject to the government‟s tax policies. Religious bodies in general are considered as non income earning and this shows the rationale for their apparent immunity from tax payment in Nigeria. This paper concentrates on whether government should tax churches or not. Admittedly, the recent trend of the formal involvement of many church bodies, denominations or personalities in enterprises with business orientation - school management, industries, financial institutions, article shops etc, calls this seeming immunity to question. Noting the difficulty in defining what is meant by "business orientation" with regard to church enterprises, this paper sees the logic in taxing those church enterprise that are strictly commercial.
The study set out to investigate the extent of influence leadership styles have on the communication behaviour of staff of Union Homes Savings and Loans Plc. In the pursuit of this goal, six (6) research questions were raised, in addition to two hypotheses. The survey research technique was employed with the questionnaire and the interview as primary and secondary instruments respectively. The questionnaire was designed for two sets of respondents in the population. The sets were for the management and non-management staff. Each of the sets contained nineteen (19) core issues related items, excluding three (3) items on the demographics of the subject. Both sets were also structured into five (5) parts. Part 1 contained questions on the demographics. Part 2 contained six (6) questions on the task related activities of Leadership. Part 3 contained six (6) questions on the people/relationship related tasks of leadership. Part 4 contained three questions on leadership styles and part 5 contained four (4) questions on communication behaviour resulting from the leaderships tasks in parts 2, 3 and 4. All items were set in the close-ended form.
This paper examines the characteristics and effects of „working-class consciousness‟ and actions on the coal-mining industry in Enugu, Eastern Nigeria during the colonial period. From the inception of the industry in 1915, the „working-class‟ shared similar economic motive that they protected through collective actions; the hallmark being the 1949 „go-slow‟ strike that led to the shooting incident. Drawing from both primary and secondary sources, the essay argues that management‟s efforts to create „labour aristocrats‟ failed, but the working-class consciousness and actions later had positive effects on workers‟ welfare at the industry. It concludes by placing the 1949 shooting incident in its proper historical perspective after a thorough appraisal.