Prudent macroeconomic management is important for poverty reduction and sustainable development in Nigeria. Over the past 30 years, Nigeria has experienced macroeconomic instability, financial distress, political uncertainty, high unemployment, insecurity, poverty, and natural resource mismanagement. Sound macroeconomic policies that promote economic growth through efficient allocation of resources can help reduce poverty and enable sustainable development. However, Nigeria's high levels of corruption and poor macroeconomic management have undermined growth and development goals. Prudent management of resources is needed to achieve more equitable distribution of wealth and opportunities for poverty reduction.
11.five decades of development aid to nigeria the impact on human developmentAlexander Decker
This document summarizes a journal article that analyzes the impact of development aid on human development in Nigeria over five decades (1960-2010). The article employs statistical analysis of data and finds a negative relationship between development aid and human development in Nigeria, implying that aid has tended to worsen human development outcomes. It reviews literature on the effectiveness of foreign aid and presents an empirical model to analyze the effect of aid on human development and economic growth in Nigeria. Key variables in the model include development aid, human development index, gross domestic product per capita, inflation, life expectancy, and infant mortality.
Five decades of development aid to nigeria the impact on human developmentAlexander Decker
This document analyzes the impact of development aid on human development in Nigeria over five decades from 1960 to 2010. It finds that there is a negative relationship between development aid and human development in Nigeria, implying that aid tends to worsen human development outcomes. The study uses two-stage least squares estimation to analyze data on development aid flows to Nigeria and indicators of human development. It provides context on levels of poverty, education, health, and human development in Nigeria despite large amounts of development aid received.
The document discusses the relationship between economic growth and economic development. It defines development as a dynamic and progressive process, while defining growth as the result of development. It outlines several factors that influence development, including reducing poverty, unemployment, illiteracy, and inequality. Economic development aims to improve living standards and expand economic and social choices. Key elements that drive development are human resources, natural resources, capital formation, and technological innovation.
The Dynamics of Poverty and Income Distribution: Is the Nigerian Middle Class...Moses Oduh
This study examines the dynamics of poverty and income distribution in Nigeria to determine if the Nigerian middle class is statistically or economically growing. It analyzes data from 1996, 2004, and 2009/2010 surveys to estimate the size and determinants of the middle class using cluster analysis and statistical modeling. The study finds that while a statistical middle class exists in Nigeria, they are economically worse off than in previous periods due to trends in weak macroeconomic fundamentals and welfare metrics that are not supportive of a sustainable middle class. Non-inclusive economic growth has failed to substantially reduce poverty or inequality.
The dynamics of poverty and income distribution is the nigerian middle class...Alexander Decker
This document analyzes the dynamics of poverty, income distribution, and the size and economic status of the Nigerian middle class using survey data from 1996, 2004, and 2009/2010. It finds that while a statistical middle class exists in Nigeria, the current macroeconomic conditions and development indicators do not support their existence and sustainability in an economic sense. Non-inclusive economic growth, poor governance, high poverty rates, and other factors threaten to reduce the size and influence of the Nigerian middle class. The study aims to characterize and define the middle class while examining whether the present middle class is statistically growing but economically worse off over time given Nigeria's economic challenges.
Chapter 4 The Political Economy of Energy Subsidy Reform Indonesia - Lontoh B...cesarkudo
Indonesia: Pricing Reforms, Social Assistance, and the Importance of Perceptio ............133
Introduction ........................................................................................................................133
Country Economic and Political Context ...........................................................................134
Reform of Gasoline and Diesel Subsidies ..........................................................................142
Understanding the Circumstances That Enabled Reform .................................................174
Conclusions .......................................................................................................................189
Annex 4A Political Chronology of Indonesia ......................................................................190
Annex 4B Chronology of Energy Subsidies .......................................................................194
Notes ..................................................................................................................................196
References .........................................................................................................................198
Beaton, Lontoh, Wai-Poi
The Case of ODA’s Role In Developing “New Indonesia”
Paper submitted as Prerequisite for “Development Assistance” Course (Prof. SATO Ikuro)
Submitted by: Tri Widodo W. Utomo (DICOS M1, 300202040)
1. This document examines the economic growth performance of Indonesia, the Philippines, and Thailand from the post-war years to the 1980s based on macroeconomic indicators and the development of human resources.
2. In the early post-war period, the Philippines had the highest GNP per capita and GDP growth, but it experienced a slowdown over time. Thailand accelerated in the 1960s while Indonesia grew fastest in the 1970s. All three countries saw declines in the 1980s.
3. The agricultural sector declined the most dramatically in Indonesia and Thailand, while the Philippines had a slower transition. Industrial and manufacturing sectors grew in all three countries.
11.five decades of development aid to nigeria the impact on human developmentAlexander Decker
This document summarizes a journal article that analyzes the impact of development aid on human development in Nigeria over five decades (1960-2010). The article employs statistical analysis of data and finds a negative relationship between development aid and human development in Nigeria, implying that aid has tended to worsen human development outcomes. It reviews literature on the effectiveness of foreign aid and presents an empirical model to analyze the effect of aid on human development and economic growth in Nigeria. Key variables in the model include development aid, human development index, gross domestic product per capita, inflation, life expectancy, and infant mortality.
Five decades of development aid to nigeria the impact on human developmentAlexander Decker
This document analyzes the impact of development aid on human development in Nigeria over five decades from 1960 to 2010. It finds that there is a negative relationship between development aid and human development in Nigeria, implying that aid tends to worsen human development outcomes. The study uses two-stage least squares estimation to analyze data on development aid flows to Nigeria and indicators of human development. It provides context on levels of poverty, education, health, and human development in Nigeria despite large amounts of development aid received.
The document discusses the relationship between economic growth and economic development. It defines development as a dynamic and progressive process, while defining growth as the result of development. It outlines several factors that influence development, including reducing poverty, unemployment, illiteracy, and inequality. Economic development aims to improve living standards and expand economic and social choices. Key elements that drive development are human resources, natural resources, capital formation, and technological innovation.
The Dynamics of Poverty and Income Distribution: Is the Nigerian Middle Class...Moses Oduh
This study examines the dynamics of poverty and income distribution in Nigeria to determine if the Nigerian middle class is statistically or economically growing. It analyzes data from 1996, 2004, and 2009/2010 surveys to estimate the size and determinants of the middle class using cluster analysis and statistical modeling. The study finds that while a statistical middle class exists in Nigeria, they are economically worse off than in previous periods due to trends in weak macroeconomic fundamentals and welfare metrics that are not supportive of a sustainable middle class. Non-inclusive economic growth has failed to substantially reduce poverty or inequality.
The dynamics of poverty and income distribution is the nigerian middle class...Alexander Decker
This document analyzes the dynamics of poverty, income distribution, and the size and economic status of the Nigerian middle class using survey data from 1996, 2004, and 2009/2010. It finds that while a statistical middle class exists in Nigeria, the current macroeconomic conditions and development indicators do not support their existence and sustainability in an economic sense. Non-inclusive economic growth, poor governance, high poverty rates, and other factors threaten to reduce the size and influence of the Nigerian middle class. The study aims to characterize and define the middle class while examining whether the present middle class is statistically growing but economically worse off over time given Nigeria's economic challenges.
Chapter 4 The Political Economy of Energy Subsidy Reform Indonesia - Lontoh B...cesarkudo
Indonesia: Pricing Reforms, Social Assistance, and the Importance of Perceptio ............133
Introduction ........................................................................................................................133
Country Economic and Political Context ...........................................................................134
Reform of Gasoline and Diesel Subsidies ..........................................................................142
Understanding the Circumstances That Enabled Reform .................................................174
Conclusions .......................................................................................................................189
Annex 4A Political Chronology of Indonesia ......................................................................190
Annex 4B Chronology of Energy Subsidies .......................................................................194
Notes ..................................................................................................................................196
References .........................................................................................................................198
Beaton, Lontoh, Wai-Poi
The Case of ODA’s Role In Developing “New Indonesia”
Paper submitted as Prerequisite for “Development Assistance” Course (Prof. SATO Ikuro)
Submitted by: Tri Widodo W. Utomo (DICOS M1, 300202040)
1. This document examines the economic growth performance of Indonesia, the Philippines, and Thailand from the post-war years to the 1980s based on macroeconomic indicators and the development of human resources.
2. In the early post-war period, the Philippines had the highest GNP per capita and GDP growth, but it experienced a slowdown over time. Thailand accelerated in the 1960s while Indonesia grew fastest in the 1970s. All three countries saw declines in the 1980s.
3. The agricultural sector declined the most dramatically in Indonesia and Thailand, while the Philippines had a slower transition. Industrial and manufacturing sectors grew in all three countries.
NEW DEVELOPMENT CONCEPTS AND DEFINITIONSKetiboa Blay
The document discusses concepts related to development and food security. It defines development as positive changes across socio-cultural, economic, environmental, and political-psychological dimensions that improve people's standard of living. Food security is defined as the availability and accessibility of food, including factors like production capacity, infrastructure, income, and inflation. The document proposes a District Food Security Index that assesses indicators like crop yields, drought, disease, food supply, water access, wages, and inflation to measure food security in a district, with a score below 72 indicating issues that require intervention.
The document discusses the strong macroeconomic fundamentals and economic growth of the Philippines in recent years. It notes that GDP growth has accelerated to over 5% annually despite natural disasters, driven by robust private consumption, investment, and growth in the manufacturing and services sectors. Inflation has remained low and stable between 3-5% while interest rates are historically low. The stock market and competitiveness rankings have also improved significantly in recent years according to various reports. However, challenges remain in generating higher and more inclusive economic growth through productivity gains and better job creation.
The document discusses concepts of economic development and underdevelopment. It defines economic development as achieving sustainable growth in income per capita to expand output faster than population growth. However, this definition fails to consider issues like poverty, inequality, and unemployment. Development is also defined sociologically as industrialization, economic growth, and improved living standards. Countries that have not achieved these objectives are considered underdeveloped. Economic development encompasses both quantitative and qualitative progress, including improvements in quality of life, health, education, and other social indicators measured by indexes like the Human Development Index.
This document provides an overview of economic development concepts and issues. It defines development as a multi-dimensional process involving social and economic reorganization to improve quality of life. Traditional views saw development as economic growth, while newer views emphasize reducing poverty and inequality. Sen's capabilities approach sees development as expanding freedoms. The document also discusses objectives of development, characteristics of developing nations, differences between growth and development, and indices like HDI and MDGs that measure development progress.
This document summarizes opposing viewpoints on whether inequality matters for poverty reduction. It discusses the World Bank's perspective that inequality does not necessarily hinder poverty alleviation if economic growth occurs. However, Robert Wade and Simon Maxwell argue that inequality complicates anti-poverty efforts and should be reduced simultaneously with poverty. The author ultimately agrees with Wade and Maxwell, concluding that inequality and poverty are intertwined and comprehensive strategies are needed that incorporate both economic and human development factors to effectively reduce poverty and inequality.
The document outlines a presentation on economic development. It discusses key concepts like economic growth, economic development, sustainable development, and the differences between them. It also examines the main elements, features, conditions and significance of sustainable development. Finally, it identifies the economic and non-economic determinants of economic development, such as natural resources, human resources, physical capital, technology, markets, social factors, political stability, and corruption.
This study empirically investigates the impact of human development on bank development in WAEMU countries. Over the period 1990 to 2014, empirical results have shown a positive relationship between banking development and human development. Credit to the private sector and the size of the economic system have a positive and significant impact on human development, but this impact remains small. Moreover, the growth rate of GDP per capita and the level of inflation have a positive impact on human development.
Pub impact of high population on nigerian economyOnyeka Okwuosa
This document summarizes a research paper that analyzes the impact of population growth on Nigeria's economy. It finds that contrary to popular belief, population growth in Nigeria has had a positive impact on economic growth. Using regression analysis of time series data from 1980-2014, it finds a positive relationship between total population levels and economic growth in Nigeria. However, it also finds that human capital development has not had a significant impact on economic growth. The paper recommends policies to boost economic productivity and further enhance growth, such as attaining demographic policies and revitalizing human capital development.
This document discusses the demographic trends in India and their implications. It notes that India's population has grown significantly from 350 million at independence to over 1 billion currently. It is projected to reach 1.25 billion in the next 4 years. This will result in a large young working population that can boost economic growth if proper conditions are created. However, it may also strain urban infrastructure and amenities unless cities are developed adequately. Overall, the rising population underscores the need for increased investment in education, healthcare, job creation and urban development to harness the demographic dividend for India's progress.
This document discusses social protection, financial depth and soundness, and inclusive growth in Nigeria. It was found that social protection had a positive and significant effect on inclusive growth. The size of financial intermediaries also had a positive effect, but social protection's impact was not dependent on financial intermediary size. Bank credit to the private sector did not significantly impact inclusive growth. The liquidity ratio had a positive effect and complemented social protection's impact. The study recommends expanding social protection and ensuring a sound financial system to effectively promote inclusive growth.
1. The document discusses the prospects for a demographic dividend in Africa in the near future. While fertility declines that change population age structures have been slow, some factors could hasten the process, like economic development, mortality decline, and investments in family planning.
2. A demographic dividend occurs when a rising proportion of the population is working-age, lowering dependency ratios and freeing up resources for investment. This can fuel economic growth. However, complementary policies are needed to take advantage of the opportunity.
3. The economics of a demographic dividend for Africa includes potential benefits like increased income and savings. However, realizing these gains depends on labor market conditions and complementary socioeconomic factors. Problems include rising unemployment and changing social dynamics
The document discusses the differences between economic growth and development. While growth refers simply to an increase in production, development encompasses improvements to human welfare and quality of life. It also examines various measures of growth, like GDP, and issues with only using these to assess development. Urbanization is presented as both driving growth but also creating problems if not managed sustainably. Population increases are framed as putting pressure on resources if not balanced with development.
This document provides an introduction to economics and the characteristics of developing economies. It discusses how developing countries often face issues like poverty, low living standards, population growth, and underutilized resources. This can lead to a "vicious circle of poverty" where poverty leads to low savings, investment, production and more poverty. Other common problems in developing economies include illiteracy, unemployment, poor technology, political instability, inefficient administration and corruption. The document concludes that achieving political stability and effective economic planning can help stabilize developing economies by boosting areas like employment, exports, and industrial development.
This document discusses major problems facing the economy of Bangladesh, identifying 5 key barriers: population, natural calamities/environmental issues, political instability, inequality, and corruption. It focuses on population and natural disasters, explaining how overpopulation strains resources and how floods, cyclones and other natural disasters damage infrastructure and agriculture. To address these issues, it recommends increasing education to reduce population growth, promoting family planning, developing flood protections like dams, and addressing global warming and environmental degradation.
The document discusses the differences between economic growth and economic development. It states that economic growth is a narrower concept, measured by increases in GDP, while economic development is normative and focuses on improving living standards, self-esteem, freedom from oppression, and choice. It introduces the Human Development Index as the most accurate measure of development, taking into account literacy, life expectancy, and standard of living. Economic development leads to greater opportunities and productivity gains, while economic growth does not consider issues like depletion of resources and sustainability.
Outreach frontiers of microfinance service development in rural ethiopia a ca...Alexander Decker
This document discusses microfinance services in rural Ethiopia, specifically in the Shinile district of the Somali region. It finds that microfinance development has been constrained by several factors. Pastoralist socioeconomic factors, failure of outreach policies by financial institutions, and reluctance of state functionaries have hindered microfinance growth in the region. For microfinance to develop sustainably, policies must consider these contextual factors specific to the Somali region.
11.assessing the role of public spending for sustainable growth empirical evi...Alexander Decker
This document summarizes a study that assesses the role of public spending in sustainable growth in Nigeria. The study uses an econometric model to examine the relationship between public investment and per capita GDP as a proxy for sustainable growth. It finds that increases in government expenditure have not contributed to sustainable growth in Nigeria. The study suggests Nigeria's government should adopt a "big push" strategy for public spending that focuses on infrastructure and human capital investment to enable long-term self-sustaining growth.
Assessing the role of public spending for sustainable growth empirical eviden...Alexander Decker
This document summarizes a study that assesses the role of public spending in Nigeria and its implications for sustainable economic growth. The study examines whether increases in government expenditure have contributed to sustainable growth in Nigeria. It employs regression analysis to analyze data on public investment, gross capital formation, savings, private domestic investment, and per capita GDP from 1975 to 2008. The study finds that increases in government expenditure have not led to sustainable growth in Nigeria. It suggests Nigeria's government should adopt a "big push" strategy for public spending that focuses on infrastructure and human capital development to set the country on a path of self-sustaining economic growth.
This document provides background information on a proposed study analyzing the impact of government expenditure on human capital development and economic growth in Nigeria. It discusses how developed nations have realized the importance of investing in education and healthcare as strategic efforts for economic development. While Nigeria has prioritized human capital development, there are concerns about the ability of education and healthcare systems to meet population needs given inconsistent funding over different political regimes. The proposed study aims to determine the extent to which government education and healthcare spending impacts economic growth in Nigeria.
This document discusses why public policies often fail in Nigeria. It provides examples of policies implemented by the Nigerian government that failed to achieve their goals and objectives, such as the National Economic Empowerment and Development Strategy (NEEDS) from 2003-2007 and the Subsidy Reinvestment and Empowerment Programme (SURE-P) from 2012-2015. The document analyzes factors that contribute to policy failure, including inefficient governance, poor policy design, and powerful interest groups undermining implementation. Overall, while the Nigerian government formulates policies to address national problems, implementation issues cause many policies to fail at delivering tangible benefits to citizens.
NEW DEVELOPMENT CONCEPTS AND DEFINITIONSKetiboa Blay
The document discusses concepts related to development and food security. It defines development as positive changes across socio-cultural, economic, environmental, and political-psychological dimensions that improve people's standard of living. Food security is defined as the availability and accessibility of food, including factors like production capacity, infrastructure, income, and inflation. The document proposes a District Food Security Index that assesses indicators like crop yields, drought, disease, food supply, water access, wages, and inflation to measure food security in a district, with a score below 72 indicating issues that require intervention.
The document discusses the strong macroeconomic fundamentals and economic growth of the Philippines in recent years. It notes that GDP growth has accelerated to over 5% annually despite natural disasters, driven by robust private consumption, investment, and growth in the manufacturing and services sectors. Inflation has remained low and stable between 3-5% while interest rates are historically low. The stock market and competitiveness rankings have also improved significantly in recent years according to various reports. However, challenges remain in generating higher and more inclusive economic growth through productivity gains and better job creation.
The document discusses concepts of economic development and underdevelopment. It defines economic development as achieving sustainable growth in income per capita to expand output faster than population growth. However, this definition fails to consider issues like poverty, inequality, and unemployment. Development is also defined sociologically as industrialization, economic growth, and improved living standards. Countries that have not achieved these objectives are considered underdeveloped. Economic development encompasses both quantitative and qualitative progress, including improvements in quality of life, health, education, and other social indicators measured by indexes like the Human Development Index.
This document provides an overview of economic development concepts and issues. It defines development as a multi-dimensional process involving social and economic reorganization to improve quality of life. Traditional views saw development as economic growth, while newer views emphasize reducing poverty and inequality. Sen's capabilities approach sees development as expanding freedoms. The document also discusses objectives of development, characteristics of developing nations, differences between growth and development, and indices like HDI and MDGs that measure development progress.
This document summarizes opposing viewpoints on whether inequality matters for poverty reduction. It discusses the World Bank's perspective that inequality does not necessarily hinder poverty alleviation if economic growth occurs. However, Robert Wade and Simon Maxwell argue that inequality complicates anti-poverty efforts and should be reduced simultaneously with poverty. The author ultimately agrees with Wade and Maxwell, concluding that inequality and poverty are intertwined and comprehensive strategies are needed that incorporate both economic and human development factors to effectively reduce poverty and inequality.
The document outlines a presentation on economic development. It discusses key concepts like economic growth, economic development, sustainable development, and the differences between them. It also examines the main elements, features, conditions and significance of sustainable development. Finally, it identifies the economic and non-economic determinants of economic development, such as natural resources, human resources, physical capital, technology, markets, social factors, political stability, and corruption.
This study empirically investigates the impact of human development on bank development in WAEMU countries. Over the period 1990 to 2014, empirical results have shown a positive relationship between banking development and human development. Credit to the private sector and the size of the economic system have a positive and significant impact on human development, but this impact remains small. Moreover, the growth rate of GDP per capita and the level of inflation have a positive impact on human development.
Pub impact of high population on nigerian economyOnyeka Okwuosa
This document summarizes a research paper that analyzes the impact of population growth on Nigeria's economy. It finds that contrary to popular belief, population growth in Nigeria has had a positive impact on economic growth. Using regression analysis of time series data from 1980-2014, it finds a positive relationship between total population levels and economic growth in Nigeria. However, it also finds that human capital development has not had a significant impact on economic growth. The paper recommends policies to boost economic productivity and further enhance growth, such as attaining demographic policies and revitalizing human capital development.
This document discusses the demographic trends in India and their implications. It notes that India's population has grown significantly from 350 million at independence to over 1 billion currently. It is projected to reach 1.25 billion in the next 4 years. This will result in a large young working population that can boost economic growth if proper conditions are created. However, it may also strain urban infrastructure and amenities unless cities are developed adequately. Overall, the rising population underscores the need for increased investment in education, healthcare, job creation and urban development to harness the demographic dividend for India's progress.
This document discusses social protection, financial depth and soundness, and inclusive growth in Nigeria. It was found that social protection had a positive and significant effect on inclusive growth. The size of financial intermediaries also had a positive effect, but social protection's impact was not dependent on financial intermediary size. Bank credit to the private sector did not significantly impact inclusive growth. The liquidity ratio had a positive effect and complemented social protection's impact. The study recommends expanding social protection and ensuring a sound financial system to effectively promote inclusive growth.
1. The document discusses the prospects for a demographic dividend in Africa in the near future. While fertility declines that change population age structures have been slow, some factors could hasten the process, like economic development, mortality decline, and investments in family planning.
2. A demographic dividend occurs when a rising proportion of the population is working-age, lowering dependency ratios and freeing up resources for investment. This can fuel economic growth. However, complementary policies are needed to take advantage of the opportunity.
3. The economics of a demographic dividend for Africa includes potential benefits like increased income and savings. However, realizing these gains depends on labor market conditions and complementary socioeconomic factors. Problems include rising unemployment and changing social dynamics
The document discusses the differences between economic growth and development. While growth refers simply to an increase in production, development encompasses improvements to human welfare and quality of life. It also examines various measures of growth, like GDP, and issues with only using these to assess development. Urbanization is presented as both driving growth but also creating problems if not managed sustainably. Population increases are framed as putting pressure on resources if not balanced with development.
This document provides an introduction to economics and the characteristics of developing economies. It discusses how developing countries often face issues like poverty, low living standards, population growth, and underutilized resources. This can lead to a "vicious circle of poverty" where poverty leads to low savings, investment, production and more poverty. Other common problems in developing economies include illiteracy, unemployment, poor technology, political instability, inefficient administration and corruption. The document concludes that achieving political stability and effective economic planning can help stabilize developing economies by boosting areas like employment, exports, and industrial development.
This document discusses major problems facing the economy of Bangladesh, identifying 5 key barriers: population, natural calamities/environmental issues, political instability, inequality, and corruption. It focuses on population and natural disasters, explaining how overpopulation strains resources and how floods, cyclones and other natural disasters damage infrastructure and agriculture. To address these issues, it recommends increasing education to reduce population growth, promoting family planning, developing flood protections like dams, and addressing global warming and environmental degradation.
The document discusses the differences between economic growth and economic development. It states that economic growth is a narrower concept, measured by increases in GDP, while economic development is normative and focuses on improving living standards, self-esteem, freedom from oppression, and choice. It introduces the Human Development Index as the most accurate measure of development, taking into account literacy, life expectancy, and standard of living. Economic development leads to greater opportunities and productivity gains, while economic growth does not consider issues like depletion of resources and sustainability.
Outreach frontiers of microfinance service development in rural ethiopia a ca...Alexander Decker
This document discusses microfinance services in rural Ethiopia, specifically in the Shinile district of the Somali region. It finds that microfinance development has been constrained by several factors. Pastoralist socioeconomic factors, failure of outreach policies by financial institutions, and reluctance of state functionaries have hindered microfinance growth in the region. For microfinance to develop sustainably, policies must consider these contextual factors specific to the Somali region.
11.assessing the role of public spending for sustainable growth empirical evi...Alexander Decker
This document summarizes a study that assesses the role of public spending in sustainable growth in Nigeria. The study uses an econometric model to examine the relationship between public investment and per capita GDP as a proxy for sustainable growth. It finds that increases in government expenditure have not contributed to sustainable growth in Nigeria. The study suggests Nigeria's government should adopt a "big push" strategy for public spending that focuses on infrastructure and human capital investment to enable long-term self-sustaining growth.
Assessing the role of public spending for sustainable growth empirical eviden...Alexander Decker
This document summarizes a study that assesses the role of public spending in Nigeria and its implications for sustainable economic growth. The study examines whether increases in government expenditure have contributed to sustainable growth in Nigeria. It employs regression analysis to analyze data on public investment, gross capital formation, savings, private domestic investment, and per capita GDP from 1975 to 2008. The study finds that increases in government expenditure have not led to sustainable growth in Nigeria. It suggests Nigeria's government should adopt a "big push" strategy for public spending that focuses on infrastructure and human capital development to set the country on a path of self-sustaining economic growth.
This document provides background information on a proposed study analyzing the impact of government expenditure on human capital development and economic growth in Nigeria. It discusses how developed nations have realized the importance of investing in education and healthcare as strategic efforts for economic development. While Nigeria has prioritized human capital development, there are concerns about the ability of education and healthcare systems to meet population needs given inconsistent funding over different political regimes. The proposed study aims to determine the extent to which government education and healthcare spending impacts economic growth in Nigeria.
This document discusses why public policies often fail in Nigeria. It provides examples of policies implemented by the Nigerian government that failed to achieve their goals and objectives, such as the National Economic Empowerment and Development Strategy (NEEDS) from 2003-2007 and the Subsidy Reinvestment and Empowerment Programme (SURE-P) from 2012-2015. The document analyzes factors that contribute to policy failure, including inefficient governance, poor policy design, and powerful interest groups undermining implementation. Overall, while the Nigerian government formulates policies to address national problems, implementation issues cause many policies to fail at delivering tangible benefits to citizens.
This document provides an abstract for a research paper that analyzes the relationship between economic growth and economic development in the Vaal Triangle region of South Africa. The research uses an economic development index that includes unemployment, poverty, and the human development index to measure economic development. A Vector Auto Regression model indicates that economic development leads to economic growth in the short run. Therefore, policies aimed at increasing human development and reducing unemployment and poverty can achieve sustainable economic growth in the short run. The full paper will include literature on economic growth and development theories, methodology using data from reliable sources, results, discussion, recommendations, and a conclusion.
Cointegration of public sector expenditure patterns and growth of nigeriaAlexander Decker
This document discusses a study that investigates the relationship between patterns of public sector expenditure and economic growth in Nigeria from 1961-2010. The study uses econometric models like cointegration tests and vector error correction models to analyze secondary data on public administration, social, economic, and transfer expenditures collected from Nigeria's Central Bank. The results show that different types of public expenditures impact Nigeria's economic growth. Based on these findings, the study concludes that public expenditures can be an important fiscal policy tool to promote economic growth when properly allocated and managed.
Poverty implicates a condition where people are unable to afford the minimal standards of food, clothing, healthcare, education, and also not capable to continue traditions that are important to them. Poverty reduction strategies now receive high attention across the world because of the negative impact on the individual and national prosperity. The average poverty rate of about 68.40 percent is a clear indication that a majority of Nigerian citizens sleep below the poverty line despite the presence of poverty reduction programmes. The exploratory research method was deployed for the study in an attempt to explore the impact of NEEDS as a poverty reduction strategy in Nigeria. Through statistical analysis, it was found that NEEDS has not made significant positive impact on poverty reduction in Nigeria.
The relationship between unemployment and poverty has been of interest to many a scholar with interest in development economics and social sciences. This paper is an addition to the empirical attempts to re-examine the relationship between unemployment rate and poverty incidence in Nigeria using secondary data sourced from relevant institutions to obtain major Social and Economic indicators spanning within 1980-2015. The study used Trend graph analysis, Correlation coefficient analysis and Granger causality tests in its analyses. As shown from the results, there is a positive-significant correlation between unemployment and poverty in Nigeria. More so, this was corroborated by the Trend graph analysis. It also established that unemployment granger causes poverty in Nigeria as suggests from the Granger causality tests. The economic implication of this result is that poverty is an increasing function of unemployment; and the Error Correction Mechanism (ECM) pointed that short run disequilibrium in the economy can be returned to equilibrium in the long run with a poor speed of adjustment of 6 %. In the light of these findings, this study recommends that efforts should be intensified in Nigeria towards implementation of unemployment reduction policies as this will significantly reduce poverty incidence.
This document discusses poverty, unemployment, human capital development, and economic growth in Nigeria between 1985-2013. It finds that poverty and unemployment are interlinked and have adversely affected Nigeria's economic growth. The government has not prioritized human capital development by underfunding education and health. Unemployment is a major cause of poverty in Nigeria. The study recommends that the government implement comprehensive policies to alleviate poverty, create jobs, and achieve macroeconomic stability.
Social Protection, Financial Depth, Soundness and Inclusive Growth in Nigeria AJHSSR Journal
ABSTRACT: This paper examines the effect of social protection on inclusive growth in Nigeria, focusing also
on the role of financial depth and soundness on inclusive growth using a time series data from 1981 to 2019.
The System Generalized Method of Moments (SYSTEM – GMM) estimator was used in estimating the model.
It was found that social protection had a positive and significant effect on inclusive growth. We also found a
positive and significant effect of the size of financial intermediaries in the financial system on inclusive growth,
but the effectiveness of social protection in enhancing inclusive growth was not dependent on the size of
financial intermediaries in the financial system. A negative and insignificant effect of bank credit to the private
sector to GDP on inclusive growth was also found, nevertheless, the credit to the private sector channel has the
wherewithal to complement social protection to raise the inclusive growth. The liquidity ratio had a positive and
significant effect on inclusive growth and complements the effectiveness of social protection in raising the
inclusive growth rate. The study recommends expansion of the government social safety net measures to
accommodate more beneficiaries especially the small entrepreneurs and the poor unemployed. In this way,
growth will be distributive to enhance inclusiveness. Also, the government social safety net policies cannot
work effectively in isolation with a sound financial system. Therefore, measures should be in place to ensure a
sound and sustainable financial system in the economy
FINANCIAL INCLUSION AND WOMEN EMPOWERMENT IN UGANDA A CASE OF LANGO SUB REGIO...ectijjournal
Women empowerment has taken a center stage in the present development agenda. The study examines the role of financial inclusion in supporting women empowerment in Lango sub region, Northern Uganda. Using both purposive and simple random sampling a Sample of 126 respondents was selected with a response rate of 100% realized. The study found out that financial support appeared to be sparse, The regulations, supervision and monitoring of some of these firms was lacking, causing many women to lose their savings with such firms. The study therefore recommended that Government should establish buffers to serve as collateral security for women who intend to secure financial credit. Financial service providers should lower down the costs of operating accounts for the financial inclusiveness of women, particularly women from rural areas. Government should tighten monitoring, regulating and supervisory policies of financial service providers to restore public trust in financial institutions in Uganda. Financial services providers, government and other development partners should offer both formal and informal business education training.
EFFICIENT RESOURCE USE: DOES HUMAN CAPITAL MATTER? THE CASE OF CASSAVA PRODUC...Olutosin Ademola Otekunrin
Sustained growth in productivity is closely
associated with improvement in child nutrition, adult
health, and schooling. In other words, investment in
human capital is at a premium in rural development.
We examined the role of human capital (HC)on
farmer‟s resource use efficiency empirically (RUE).
Population sample covered 6 local government areas
in Oyo state from which 120 households were
selected using multistage sampling technique. An
index of human capital (HC) was developed using
principal component analysis. Controlling for other
covariates, the effect of human capital on resource
use efficiency (RUE) was estimated using the
frontier 4.1 package. Results showed that the mean
HC for the population was 40% and ranged from
11% to 71% maximum. RUE scores ranged from
18.56 percent to 94.42 percent with a mean of 65.18
percent. The result suggests potential increase in
cassava production by 54% through human capital
improvement.
Foreign Aid and Fiscal Behaviour in Nigeria: An Impact Assessment of Deregula...iosrjce
The study examined the influence of deregulation on the relationship between foreign aid and fiscal
behaviour in Nigeria. The equation which described foreign aid as function of important fiscal variables and
other macroeconomic variables is derived from the famous two-gap model. Chow test is used to examine if there
is any structural changes since the adoption of deregulation that has significantly affected the relationship
between foreign aid and fiscal behaviour. The result shows that deregulation has positively and significantly
affected the impact of fiscal behaviour in Nigeria on foreign aid accessibility. But the effect has been short-lived
recently owing to the recent drastic fall in foreign aid available to Nigeria despite the sustained increase in both
government revenue and expenditure. It is recommended that assessment of other shocks that can affect the
fiscal behaviour in Nigeria should be conducted with a view to getting the reason why deregulation fails to
maintain positive relationship that exists between fiscal behaviour and foreign aid in Nigeria.
Assessment of Public Financial Management and State of Infrastructure in Tara...IJASRD Journal
This study examined public financial management and state of infrastructure in Taraba State of Nigeria. The study used survey design. Data were collected through administration of questionnaire to respondents across the state, interviews were also conducted. The questionnaire was designed on 5-point Likert scale. Descriptive statistics, Pearson correlation were employed in the analyses of data. Also, chi-square was used in testing the research hypotheses. The study reveals that budget performance has positive and significant effect on state of infrastructure. In addition, it was revealed that the state of infrastructure in Taraba State does not reflect the budget. The findings have implications on government officials, relevant government agencies, and the general public. The study therefore recommends that government should take it as an obligation to implement significant proportion of budget to improve the state of infrastructure.
Uncertainty of rganisation environment in developing countriesSolomon Adetokunbo
This document discusses the uncertainty of organizational environments in developing countries. It outlines several factors that contribute to uncertainty, including economic/global factors, demographic changes, political instability, and socio-cultural differences. Developing countries face more uncertainty due to a lack of access to information, an inability to accurately anticipate consequences, and internal and external shocks. Managers must frequently analyze internal and external environmental elements to identify opportunities and threats and determine the best strategies for organizations to succeed despite uncertain conditions.
UNCERTAINTY OF ORGANISATIONAL ENVIRONMENT IN DEVELOPING COUNTRIESSolomon Adetokunbo
This document discusses the uncertainty of organizational environments in developing countries. It outlines several factors that contribute to uncertainty, including economic/global factors, demographic changes, political instability, and socio-cultural differences. Developing countries face more uncertainty due to a lack of access to information, an inability to accurately anticipate consequences, and internal and external shocks. Managers must frequently analyze internal and external environmental elements to identify opportunities and threats and determine the best strategies for organizations to succeed despite uncertain conditions.
The paper examines the impact of public sectoral expenditure on economic growth in Nigeria for the period 1981-2013. It was observed that the growth of government expenditure has not fully felt by the economy. The econometric methodology employed is the ARDL model and results show that while the impact of government expenditure on administration and debt servicing were positive on economic growth in the long and short run, expenditure on economic and social sectors has negative impact. We argue that this may not be unconnected with the high level of corruption prevalent in the public sector where funds that are meant for provision or maintenance of social-economic activities like agriculture, roads, transportations, schools and hospitals are diverted for personal use. The CUSUM and CUSUMSQ test show the model is stable as neither of them cross the 5% boundary. The paper recommended that government should increase expenditure to the social and economic sectors while debts or debt servicing should be reduced. Also, corruption so prevalent in the public sector must be minimized if cannot be eradicated.
Abstract: The paper examines the impact of public sectoral expenditure on economic growth in Nigeria for the period 1981-2013. It was observed that the growth of government expenditure has not fully felt by the economy. The econometric methodology employed is the ARDL model and results show that while the impact of government expenditure on administration and debt servicing were positive on economic growth in the long and short run, expenditure on economic and social sectors has negative impact. We argue that this may not be unconnected with the high level of corruption prevalent in the public sector where funds that are meant for provision or maintenance of social-economic activities like agriculture, roads, transportations, schools and hospitals are diverted for personal use. The CUSUM and CUSUMSQ test show the model is stable as neither of them cross the 5% boundary. The paper recommended that government should increase expenditure to the social and economic sectors while debts or debt servicing should be reduced. Also, corruption so prevalent in the public sector must be minimized if cannot be eradicated.
This document discusses economic growth and development in the Philippines. It defines economic growth as the increase in goods and services over time, typically measured by GDP growth rate. Economic development looks more broadly at factors like income, education, health, and living standards. The Philippines has experienced strong GDP growth of 7.3% in recent years. The Philippine Development Plan for 2011-2016 aims to pursue inclusive growth through high employment, poverty reduction, and good governance. Key strategies include boosting competitiveness, accelerating infrastructure, developing financial sectors, and investing in social development, peace, and environmental protection.
This document discusses economic growth and development in the Philippines. It defines economic growth as the increase in goods and services over time, measured by GDP, while development looks more broadly at living standards using factors like income, education, health, and quality of life. The Philippines has experienced strong economic growth in recent decades. The Philippine Development Plan for 2011-2016 aims to promote inclusive growth through competitiveness, infrastructure, financial sector reforms, governance, social development, peace, environmental protection, and other measures to improve people's lives and reduce poverty across the country.
Similar to Prudent Macroeconomic Management for Poverty Reduction and Sustainable Development in Nigeria (20)
This study examined the influence of the characteristics of the audit committee on Palestinian firms’ value. The research explores precisely the effect on the Audit Committee characteristics’ efficiency, namely, independence, expertise, evaluating the relationship among dependent and independent variables. Secondary data collected from a list of companies were registered in the Palestine Stock Exchange from 2011 to 2018. Individual variables considered are the independence & expertise of the audit committee, whereas the ROA is employed as the dependent variable as an indicator of a firm’s value. The results showed that the Audit Committee’s independence & expertise substantially positive with ROA. The study concluded that the audit committee’s characteristics are enhancing firm performance. The implications of this study’s findings can be used by decisions and policymakers, the firm’s management, and other stockholders’ interests to create reliable ties between agents and the principals.
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict, and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates a strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends conflict management as an integral part of effective human resource management.
This paper examines the role of loan characteristics in mortgage default probability for different mortgage lenders in the UK. The accuracy of default prediction is tested with two statistical methods, a probit model and linear discriminant analysis, using a unique dataset of defaulted commercial loan portfolios provided by sixty-six financial institutions. Both models establish that the attributes of the underlying real estate asset and the lender are significant factors in determining default probability for commercial mortgages. In addition to traditional risk factors such as loan-to-value and debt servicing coverage ratio lenders and regulators should consider loan characteristics to assess more accurately probabilities of default.
This study examined the impact of financial innovation on money demand in Nigeria, using quarterly time series for the period 2009-2019. The dependent variable was money demand, represented by broad money, while the independent variable was financial innovation represented by modern payment channels such as volume of Automated Teller Machines (ATMs) transactions, volume of Point of Sales (POS) transactions, volume of Internet banking transactions, and volume of Mobile banking transactions. The study employed the ordinary least squares (OLS) regression technique as the estimation method within the cointegration, granger causality, and error correction modeling. The result obtained showed that financial innovation has mixed impact on money demand in Nigeria during the period of analysis. For instance, financial innovation has positive impact on money demand through volume of ATM transactions in the current period, two periods lagged of volume of mobile banking transactions, current period and one period lagged of volume of internet banking transactions, and current period’s volume of Point of Sales (POS) transactions in Nigeria. On the other hand, financial innovation has negative impact on money demand through one period lagged of volume of point of sales in Nigeria. On the stability of the demand for money function, the result of the stability tests based on the CUSUM test and CUSUM of squares test showed that the demand for money function was stable during the evaluation period. The study recommended that monetary policy strategy of the central bank of Nigeria (CBN) should be fine-tuned to ensure it is well suited to deal with the challenges posed by financial innovation by way of proliferation of sophisticated payment channels.
Equity financing is one of the sources of funding available to non-bank financial institutions which is quite prevalent in developed financial markets for small or start-up firms. This study empirically determined the effect of the Equity Financing Scheme on a sustainable increase in productivity of agro-allied small businesses in Nigeria. Data for this study were elicited through the use of a questionnaire structured in a five-point likert scale. The evaluation of the relationship between the dependent and independent variables was performed using the Ordinary Least Square regression technique. The study revealed that the equity financing scheme had a positive and significant effect on the sustainable productivity of agro-allied small businesses in South-South Nigeria. The study recommended that efforts should be made to educate the small business entrepreneurs on the benefits of equity financing as a viable option towards business growth and expansion and that the government through the various intervention agencies should restructure the long-term loan policies to give access to more growth-oriented agro-allied businesses, to increase their presently low capacity to procure heavy-duty technology to increase productivity and achieve food security in Nigeria. Small business owners should take advantage of the membership of cooperative societies and as well maintain good business relationships with suppliers; this will guarantee a continuous supply of needed materials and uninterrupted operations of the business.
This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi-collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock over time.
Equity investment financing is an innovative way of financing the real sector which has considerable developmental potential. The study empirically determined the effect of Equity investment financing on sustainable increase in productivity among agro-allied small businesses in South-South Nigeria. The instrument of data collection is the research questions structured in a five-point likert scale. The evaluation of the relationship between the dependent and independent variables was performed using the Ordinary Least Square regression technique. The study revealed that equity investment financing has a positive and significant effect on the sustainable productivity of businesses in Nigeria. The study recommended educating small business entrepreneurs on the benefits of equity financing as a viable option towards business growth and expansion and that the government through the various intervention agencies should restructure the long-term loan policies to give access to more growth-oriented agro-allied businesses, to increase their presently low capacity to procure heavy-duty technology to increase productivity and achieve food security in Nigeria. Small business owners should take advantage of the membership of cooperative societies and as well maintain good business relationships with suppliers; this will guarantee a continuous supply of needed materials and uninterrupted operations of the business.
This document summarizes research on extended producer responsibility (EPR) programs for waste oil, e-waste, and end-of-life vehicles (ELVs) in Spain from 2007-2019. The main findings are:
1) Waste oil (SIG) production and e-waste (EEE) were found to be cointegrated variables, with a positive elasticity of 2.4166 for SIG with respect to EEE.
2) SIG and vehicle production (VP) were not found to be cointegrated, indicating an unstable relationship between these variables.
3) Differences in results may be due to EPR for e-waste including deposit refund systems, while EPR for ELVs
In the process of R&D globalization, due to market demand and preferential policies, many multinational companies choose to invest in R&D in China. With the increase of labor costs in coastal areas and the rapid economic development of the central and western regions, multinational companies have already shifted from coastal areas to central and western regions when choosing R&D regions in China, especially in Shaanxi Province. Therefore, studying the character of R&D investment and operating performance of Multinational Corporation in Shaanxi Province has important practical significance. This article uses the data of the R&D investment of multinational corporation in the joint annual inspection of Shaanxi Province in 2018 as the sample and uses EXCEL software to conduct data analysis to gain an in-depth understanding of the character of R&D and investment of multinational corporation in Shaanxi Province, business characteristics and business performance. And it is concluded that the R&D investment of multinational corporation in Shaanxi Province has a series of characteristics such as concentration of distribution, concentration of enterprise scale, and overall good performance of operating performance.
In Bangladesh, migrant worker’s remittances constitute one of the most significant sources of external finance. This paper investigates the existence of relation between remittance inflow and GDP and the causal link between them in Bangladesh by employing the Granger causality test under a VECM framework. Using time series data over a 38 year period, we found that growth in remittances does lead to economic growth in Bangladesh. In addition to the relationship, this paper also points out some issues that are working as impediments in getting remittance and give some recommendations to overcome those impediments.
In the context of the 4.0 revolution, technology applications, especially cloud computing will have strong impacts on all areas, including accounting systems of enterprises. Cloud computing contributes to helping the enterprise accounting apparatus become compact, help automate the input process, improve the accuracy of the input data. Besides, the issur of accounting, reporting, risk control and information security also became better, contributing to improving the effectiveness of accounting. However, besides the positive impacts, businesses also face many difficulties in deploying and applying cloud computing. However, this application requirement will become an inevitable trend contributing to improving the operational efficiency of enterprises. To promote this process requires from the State as well as businesses themselves must have awareness and appropriate decisions. Breakthroughs in information technology have dramatically changed the accounting industry and the creation of financial statements. The Internet and the technologies that use the power of the Internet are playing an important role in the management and accounting activities of businesses - who always tend to be ready to receive and use public innovations technology in collecting, storing, processing and reporting information.
In recent years, Vietnam has joined international intergration by strong export agreements of bilateral and multilateral; Vietnam’s merchandise export in 1995 was only US $5.4 billion, in 2018 Vietnam’s merchandise export increased by 45 times compared to 1995 with US $244 billion. Vietnam’s imports increased by 29 times in 2018 compared to 1995. This study is an attempt to test a method of estimating the influence of exports on several Supply-sidefactors such as production value, value added and imports through the expansion of the standard system W. Leontief I.O and Miyazawa-style economic-demographic relations. This study also tries to make an experiment in the “Leontief Paradox”.The result is that Vietnam’s export value spread to production and imports but spread low to added value, especially in the processing industry group’s fabrication. The study is based on the non-competitive I.O table in 2012 and 2018 with 16 sectors.
The profitability of commercial banks is influenced by a number of internal and external factors. This paper attempts to identify the internal factors which significantly influence the profitability of commercial banks in Bangladesh. In this study, profitability is measured by ROA and ROE which may be significantly influenced by the internal factors such as IRS, NIM, CAR, CR, DG, LD, CTI and SIZE of the bank. Data are collected from published annual reports during 2014--2018 of 23 commercial banks. Using simple regression model, it is found that CR has significant effect on the profitability and CAR has significant influence on ROA only. In addition to this, DG has significant effects on PCBs’ profitability (ROE only) where as IRS and CTI have significant influence on profitability (ROA only) of ICBs. Further, none of these variables have significant effects on the profitability of SCBs but CAR and CR are correlated with profitability (ROA only) and the causes may be the nature of services provided by SCBs to its clients. The internal policy makers should manage the influential internal factors of the banks in order to increase their profitability so that they can meet stakeholders’ expectations.
Using a series of econometric techniques, the study analysed interaction between monetary policy and private sector credit in Ghana. This study made use of monthly dataset spanning January 1999 to December 2019 of credit to the private sector (PSC) and broad money supply (M2). The results reveal that there exists cointegration, a long run stationary relation between monetary policy and private sector credit. This implies, increases in credit should prompt long-term increases in monetary policy. It is not surprising that growth in the private sector might have a stronger effect on monetary policy. The Error Correction Test is statistically significant and that all the variables demonstrate similar adjustment speeds. This implies that in the short run, both money supply and credit are somewhat equally responsive to their last period’s equilibrium error. There is unidirectional causation from private sector credit to monetary policy. It can be said that, there is an interaction between money supply and private sector credit. Thus, credit to private sector holds great potential in promoting economic growth. It can be recommended to the government to increase the credit flow to the private sector because of its strategic importance in creating and generating growth of the economy.
This paper investigates if forecasting models based on Machine Learning (ML) Algorithms are capable to predict intraday prices in the small, frontier stock market of Romania. The results show that this is indeed the case. Moreover, the prediction accuracy of the various models improves as the forecasting horizon increases. Overall, ML forecasting models are superior to the passive buy and hold strategy, as well as to a naïve strategy that always predicts the last known price action will continue. However, we also show that this superior predictive ability cannot be converted into “abnormal”, economically significant profits after considering transaction costs. This implies that intraday stock prices incorporate information within the accepted bounds of weak-form market efficiency, and cannot be “timed” even by sophisticated investors equipped with state of the art ML prediction models.
Applying the Arrow-Debreu-Mundell-Fleming model as an economic standard model, with combining axiological framework and epistemological model, it is proposed to analyze economic policies with using a synthetic model, where interest, exchange and tax rates are integrated together. Except normal monetary and fiscal policies mainly via interest and tax rates, there are feasible ways to utilize modified strategies via exchange and tax rates. When ones need to simulate national local market, ones can raise the exchange rate. Otherwise, when ones need to promote international global trade, ones may lower the exchange rate. It is found that tax reduction is good policy when tax rate is higher than normal and that tax increase is good social policy when tax rate is lower than normal, during economic depression. Also it is revealed that tax reduction is good social policy when tax rate is lower than normal, and that tax increase is good policy when tax rate is higher than normal, during economic overheat. While economic system seeks efficiency and social system pursues equality, common interest modifications with elastic exchange and tax rates could be applied for balancing efficiency and equality.
In recent times, agricultural sector has returned to the forefront of development issues in Nigeria given its contribution to employment creation, sustainable food supply and provision of raw materials to other sectors of the economy. In lieu of that, this study examines the impact of agriculture on the economic growth in Nigeria using annual time series data covering the sample period of 1981 to 2018. To analyse the data collected, Autoregression Distributed Lag (ARDL) model through the bounds testing framework is employed to measure the presence of cointegrating relations between real GDP, agricultural productivity, labour force, and agricultural export. Results show the presence of both short-run and long-run relationship among the variables, and that agriculture has a positive and significant impact on economic growth in Nigeria. These findings inform the Nigerian government on the need to expedite labour force (human capital) and agricultural export (non-oil) development with the view to achieving sustainable growth and development. In addition, developing skills and competencies of labour force through capacity building in the agricultural sector will encourage research and development thereby increase the export size, hence essential for long-term growth.
The article illustrates the results of the economic development of the first fifteen years of the XXI century under the conditions of unprecedented economic freedom, globalization and the appearance of new informational sectors up to and including the first attempts at revising liberalism. The analysis of statistical data demonstrates an obvious increase in the percentage of well-off people in many countries as well as the increased economic capabilities of small, medium and large businesses, whose assets are distributed among an ever-increasing number of owners. This provides the impetus to review our collective approach to liberalization and globalization, as well as to view its unexpected strong sides that make human progress possible.
This paper investigates the relationship between working capital management and financial performance of Pharmaceuticals and Textile firms listed at the Dhaka Securities Exchange in Bangladesh. The data analysis was carried on ten Pharmaceuticals and Textile firms for a period of 2013 to 2017. Secondary Data was analyzed by applying Descriptive Statistics, Regression and Correlation analysis to findthe relationship of current ratio, inventory conversion period and average payment period with Return on Asset. The findings indicate that the Pharmaceuticals and Textile firms’ performance is influenced by the variables relating to working capital. There is a positive relationship between profitability and current ratioand Inventory Turnover period shows a negative relationship with profitability but Average payment period shows insignificant impact on profitability. The study concludes that there exists a relationship between working capital managementand financial performance of Pharmaceuticals and Textile firms in Bangladesh. The study recommends that for the Pharmaceuticals and Textile firms to remain profitable, they should employ working capital management practice that will help in making decisions about investment mix and policy, matching investment to objective, asset allocation for institution and balancing risk against profitability.
Organizational behaviour involves the design of work as well as the psychological, emotional and interpersonal behavioural dynamics that influence organizational performance. Management as a discipline concerned with the study of overseeing activities and supervising people to perform specific tasks is crucial in organizational behaviour and corporate effectiveness. Management emphasizes the design, implementation and arrangement of various administrative and organizational systems for corporate effectiveness. While the individuals, and groups bring their skills, knowledge, values, motives, and attitudes into the organization, and thereby influencing it, the organization, on the other hand, modifies or restructures the individuals and groups through its structure, culture, policies, politics, power, and procedures, and the roles expected to be played by the people in the organization. This study conducted through the exploratory research design involved 125 participants, and result showed strong positive relationship between the variables of interest. The study was never exhaustive due to limitations in terms of time and current relevant literature, therefore, further study could examine the relationship between personality characteristics and performance in the public sector, where productivity is not outstanding, when compared with the private sector. Based on the result of this investigation it was recommended that organizations should provide emotional intelligence programmes for their membership as an important pattern of increasing co-operative behaviours and corporate effectiveness.
More from International Journal of Economics and Financial Research (20)
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
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Steve Groves, Chair, Key Retirement Group
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Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
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Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
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Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
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David Sinclair, Chief Executive, ILC
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Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
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✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
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Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
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Prudent Macroeconomic Management for Poverty Reduction and Sustainable Development in Nigeria
1. International Journal of Economics
and Financial Research
ISSN(e): 2411-9407, ISSN(p): 2413-8533
Vol. 3, No. 11, pp: 272-281, 2017
URL: http://arpgweb.com/?ic=journal&journal=5&info=aims
272
Academic Research Publishing Group
Prudent Macroeconomic Management for Poverty Reduction
and Sustainable Development in Nigeria
John N.N. Ugoani PhD, Senior Lecturer, College of Management and Social Sciences, Rhema University, 153-155 Aba
Owerri Road, Aba, Nigeria
1. Introduction
Management is the economic organ of the industrial society and the key management task is economic
performance. According to Muo (1999) management is carried out within the environment and the stability or
otherwise of that environment affects the practice and efficacy of management. He posits that management
environment consists of the external, which is outside the control of management and internal, which is within
management control. External environment has political, economic, sociocultural, demographic, technological and
international dimensions. Over the past 30 years, the Nigerian environment has been characterized by
macroeconomic instability, financial system distress, political uncertainty, unemployment, insecurity, poverty,
mismanagement of natural resources, among other issues. The role of prudent macroeconomic management in the
circumstance would be in the form of attempts to exploit opportunities to ensure the efficient allocation and
utilization of natural resources so as to reduce poverty and pave the way for desirable sustainable development. This
is important, because according to Ouattara (1997) without doubt, macroeconomics and the environment are
inextricably linked. The need therefore, for prudent macroeconomic arises, very importantly to check corruption
because development projects failed in the past because enough attention was not paid to controlling corruption
(Kaufmann and Dininio, 2006). At the expiration date of the UN Millennium Development Goals (MDGs) in 2015
the number of people living in poverty was reduced and estimated at about 1 billion, with the majority living in sub-
Saharan Africa. Despite this modest reduction, progress has been less than expected particularly in the developing
countries. This disappointment most probably informed the UN understanding in placing the issue of poverty
reduction as the number one step in the 17 steps of the Sustainable Development Goals (SDGs) strategy. There is
also concern about the level of financial resources dedicated to poverty reduction and the ways in which such funds;
including aids from donor agencies are utilized. According to Klugman (2002a) most development economists and
practitioners now believe that aid and policy effectiveness depend on the input of other agents such as the private
sector, civil society organizations as well as the proper and healthy functioning of the societal and institutional
structures within which they operate. Generally, poverty relates to a situation in which the individual lacks the
capacity to independently secure a decent standard of living or decent quality of life (Obasi, 2001). According to
Coudouel et al. (2006) the poor believe that poverty is primarily hopelessness, defenselessness, exclusion from
social and commercial life, low ability to provide basic necessities for the household, and an inability to continue
traditions important to their lives. According to the World Development Report (2000/2001) the critical dimensions
of poverty includes lack of opportunity; which involves low levels of consumption and income, usually relative to a
national poverty line. This is equally associated with the level and distribution of human capital and social and
physical assets, such as land and market opportunities that determine the returns to these assets. The variance in the
returns to different assets is also important. Low capabilities relate to little or no improvements in health and
education indicators among a particular socioeconomic group. Another dimension of poverty is low level of security.
Exposure to risk and income shocks that may arise at the national, local, household or individual levels is important.
Abstract: The high levels of corruption, unemployment and abysmal development reflect a situation of poor
macroeconomic management in Nigeria. Sound macroeconomic policies and management contribute in many
ways to high quality growth that has positive correlation with poverty reduction. Increased and more efficient
public spending in the areas of public education, healthcare, and employment remain the catalysts for poverty
reduction and sustainable development. It is believed that efficient use of resources is central to economic growth
and sustainable development. Descriptive research design was used for the study. Data generated were
triangulated, analyzed and it was found that prudent macroeconomic management has positive association with
poverty reduction and sustainable development.
Keywords: Macroeconomic management; Microeconomics; John Keynes; Wage employment; Unemployment.
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Lack of empowerment is again a fundamental dimension of poverty. Empowerment is the capability of poor people
and other excluded groups to participate in, negotiate with, change, and hold accountable, institutions that affect their
wellbeing. Klugman (2002a) emphasize that the empirical correlations between these different dimensions of
poverty are overwhelmingly positive. However, he posits that numerous statistical studies confirm that rapid
economic growth is the engine of poverty reduction. Therefore, domestic economic policies have an important effect
on sustained growth, including prudent macroeconomic management, more open markets and a stable and
predictable environment for private sector activity. Ouattara (1997) believes that macroeconomic stability is a
minimum and necessary condition for development. He asserts that stability enhances growth prospects, increases
employment and incomes and ensures the preservation of the environment. It is believed that good regulatory and
judicial, social, as well as political, social, and demographic forces also affect the ability of poor people to acquire a
range of financial and human capital assets to pull them out of poverty which in turn accelerates and improves
economic growth and leads to sustainable development. Prudent macroeconomic management is pivotal to poverty
reduction and sustainable development because it is directly concerned with the efficient and effective allocation and
application of national resources with high degrees of transparency and accountability. Before 2000 there has been
controversy as to how prudently huge national resources are accounted for particularly the money accruing from oil.
As at 2012, the NNPC claimed that the Federal Government of Nigeria (FGN) was owing it N1.3trillion. According
to the NNPC the money rose steadily from N752biilion at the end of 2011 to N1trillion in the first half of 2012. But
following the huge scale fraud uncovered in the management of the subsidy scheme that swallowed N2.7trillion in
2011, according to Central Bank of Nigeria (CBN) account, the FGN said it would only pay subsidy claims cleared
by a presidential panel set to verify import documents submitted by companies. Subsequently, according to Okonjo-
Iweala (2015) FGN paid marketers a large portion of their outstanding, N762 billion from January 2014 to May
2015, of which about N500 billion was from November 2014 and 192billion in 2015 along. According to Okonjo-
Iweala (2015) marketers also claim additional N291.7billion outstanding of which N160.5 billion is in foreign
exchange differentials. To this extent, FGN asked for verification by CBN and PPPRA of the large sums in foreign
exchange differentially to ensure that the money is validly owed. While no one is sure of the extent of reconciliation
and payment of such huge sums of money from the national treasury, rather everybody is sure that the whole thing is
drenched in corruption and weak macroeconomic management. Ouattara (1997) believes that there cannot be high
quality growth where sound macroeconomic policy reforms, fiscal and non-fiscal measures to build natural resources
are lacking (Adekoya, 2017), (Mboho and Inyang, 2011; Nyong, 2004; Todaro, 1977; Wallace, 2006). Oladele et al.
(2013) insist that revenue from oil had been largely mismanaged by successive governments, as the level of
economic and social infrastructural development on ground do not reflect the revenue derived from the petroleum
industry. Lack of amenities including water, impedes development. According to (DFID et al., 2002) poor water and
sanitation services impact severely on poor women’s physical security, opportunities, income generating capacity,
nutritional status, time, overall health and wellbeing (Ali, 2012).
1.1. Conceptual Framework of the Study
According to Zagha et al. (2006) development economists working on development now hold the view that
growth is a matter of getting national policies right. According to Wallace (2006) for policy makers around the
world, finding ways to promote faster growth is a top priority. He posits that economists tend to advise that
disciplined macroeconomic policies, structural policies that promote competition and flexibility and strong
institutions provide a framework in which entrepreneurship and growth should flourish. He posits that there is no
unique, universal set of rules to guide policy makers as economists believe, but insists that it is only vital to separate
out those reforms that are essential for growth from those that are merely desirable because of efficiency gains.
Johnson et al. (2000) suggest that economic institutions, such as the central banks and other governmental agencies
which define the rules of the game in society for economic transactions are critical building blocks for sustained
long-term growth. They insist that strong institutions imply effective property rights and mechanisms for enforcing
contracts thereby promoting investment and efficiency. They opine that significant growth and development episode
occurred in countries with initially weak institutions because of prudent macroeconomic management. They cite data
from many counties to state that countries with initially weak institutions that were able to ignite and sustain growth
were also successful in upgrading the quality of their broad economic institutions during their growth episode. They
put in place sound and prudent macroeconomic policies with regard to fiscal, exchange rate, and trade policies, as
well as policies relative to education and the costs of doing business that ignite growth despite weak institutions. In
the process, growth is then sustained and institutions are improved, possibly laying the necessary foundations for
long-term growth prospects and sustainable development. In order to break the vicious circle of poverty, the
government should understand the importance of prudent macroeconomic management so as to ensure better
investment in human capital, infrastructure, equitable property right and access to financial services. According to
Klugman (2002a) access to financial services is often, problematic for the poor partly because the poor lacks the
physical collateral necessary to obtain loans. However, it is also difficult to extend credit access to the poor because
they lack access to formal and informal institutions through which credit is available and to information about credit
schemes. A study of this nature is appropriate at this time not only because about 70 percent of Nigerians are poor, it
is also relevant because not many local researchers to the knowledge of this investigator have worked on the relevant
areas under investigation. The study is equally imperative now, because according to Devarajan et al. (1997) there is
little empirical evidence that public sector capital expenditure has a positive impact on growth, reflecting the
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tendency that such investment in the past was wasteful or inefficient. Macroeconomic management is critical to the
health of any nation. According to Kaliski (2001) macroeconomic is the study of the behaviors and activities of the
economy as a whole, it looks at such areas as the central banking system, unemployment, gross domestic product,
poverty level, government spending, policy formulation and implementation (Rostow, 1960). Also, active
collaboration with the Organized Private Sector (OPS) is important for the reduction of unemployment and
sustainable development because some of them are efficiently managed and have become multinational companies
(MNCs) like the Dangote Group (Adekoya, 2017). According to Ouattara (1997) economic growth and sustainable
development rest on efficient use of resources, support and adoption of complementary policies that help to conserve
natural resources.
1.2. Statement of the Problem
The first target of the UN MDGs was to halve extreme poverty and hunger by the end of 2015. Others were to
achieve universal primary education, empower women and promote equality between men and women, reduce under
– 5 mortality by two-thirds, reduce maternal mortality by three-fourths, reverse the spread of diseases, especially
HIV/AIDS and malaria, ensure environmental sustainability and create a global partnership for development, with
targets for aid, trade and debts relief. It was highly expected that progress on these goals would pave the highway for
sustainable development. Even though progress was recorded, especially over the target to halve extreme poverty by
some countries, Nigeria is one of the countries that never met any of the targets by 2015. It would have been
impossible for Nigeria to reduce its poverty rate by half as at 2015, given the preponderance of weak economic
institutions and macroeconomic management. Although Nigeria is endowed with abundant mineral and other
resources, but these are frittered away into private pockets through massive corruption; thereby placing the country
among the first five (5) most corrupt countries in the world. With a high number of out-of-school children,
unemployment and underemployments rates, poor infrastructure, security challenges as epitomized by Boko Haram,
Niger Delta Militants, Lagos Area Boys, Arewa Youths, threats, and other types of agitations or zangazanga, it
points to the fact that the country is still far from addressing the issues that would lead to poverty reduction and
sustainable development. Sustainable development means the type of development that allows the people to meet
their needs and at the same time guarantees the chances of the future generations to meet their own needs. The
challenge now is for the country to refocus attention towards reducing corruption, ensuring higher enrolments in
primary and secondary education; improving healthcare, reducing unemployment and paying genuine attention to the
empowerment of the youths. Achieving this feat requires nothing less than prudent macroeconomic management and
collaboration with relevant stakeholders like the OPS Multinational Corporations (MNCs), donor agencies, the
World Bank, and other global financial institutions (FIs) like the International Monetary Fund (IMF), African
Development Bank (ADB) among others. Cultivating the FIs is important because the poor need access to financial
services to enable them take advantage of business and other opportunities that would help them come out of
extreme poverty. The forecast is that if SSA including Nigeria is to reduce poverty, its real per capita GDP growth
rates will have to increase to about 5 percent (Buvinic and King, 2007; Ogunwale, 2012; Ojiabor, 2014; Osehobo,
2012; Pattillo et al., 2006; World Bank, 1996a;1996b). In macroeconomics, the emphasis is at the aggregate or
overall economy. However, it is believed that in countries with the lowest average income and in which agriculture
remains the main source of economic activity, such as Nigeria, and other SSA countries, the poor’s lack of
education, healthcare, and employment opportunities prevents them from being able to fully benefit from improved
macroeconomic and structural policies, thus hindering economic growth (Blackden and Bhanu, 1999).
1.3. Objective of the Study
The study was designed to explore the relationship between prudent macroeconomic management and
sustainable development.
1.4. Significance of the Study
The study will provide the opportunity for students’, academics, researchers’, policy makers and others to
appreciate the importance of prudent macroeconomic management for sustainable development in Nigeria.
1.5. Research Questions
1. Does prudent macroeconomic management lead to poverty reduction and sustainable development?
2. Will equitable distribution of national resources lead to poverty reduction in Nigeria?
3. Is macroeconomics involved in the study of GDP and unemployment?
4. Does corruption undermine growth and sustainable development?
5. Does rating among the most corrupt nations suggest national development?
1.6. Restatement of Research Questions
1. Prudent macroeconomic management leads to poverty reduction and sustainable development.
2. Equitable distribution of national resources will lead to poverty reduction.
3. Macroeconomics studies GDP and unemployment.
4. Corruption undermines growth and sustainable development.
5. Rating among the most corruption nations does not suggest national development.
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2. Literature Review
Poverty in Nigeria is more readily associated with unemployment and underemployment. Unemployment
among the youths in Nigeria is still very high, it is estimated that over 60 percent of the youths are unemployed,
thereby making the majority vulnerable to poverty. Under development in the real sector, comprising agriculture,
manufacturing and other heavy industries partly caused by continued weakness in macroeconomic policy, remains
the main factor discouraging private investment, even if macroeconomic stability has the potential of improvement,
the issue of corruption stands to frustrate policy implementation. More than three quarters of Nigerian households
are self-employed in either agriculture or a variety of nonfarm activities. Urban self-employment has been a
significant channel through which many of the poor have escaped poverty. Both the rural and urban poor in Nigeria
rely mostly on micro, small, medium enterprises (MSMEs) for survival, and this sector provides over 90 percent of
total employment in Nigeria (Ibeenwo, 2015). However, growth in the sector is limited by internal constraints, such
as poor economies of scale and lack of access to technology or credit. According to Besley and Cord (2007) very
few self-employment activities develop into more established companies that hire significant numbers of employees.
Even though wage employment, whether formal or informal, represents the primary economic activity in only about
one-fourth of households, the contraction of wage employment, mainly because of both OPS and Public Sector (PS)
retrenchments over the last 30 years and more have deprived the poor of a potentially powerful mechanism for
escaping poverty. They posit that public spending potentially plays a critical role in relation to the poor, notably
through provision of key services, such as education and health, and investment in infrastructure including roads,
markets and electricity, water, among others. They insist that although public spending has poverty-reducing effects
it benefits the poorest of the poor less than others because of its distribution pattern and inequality. According to
Klugman (2002a) high levels of inequality contribute to high levels of poverty in several ways. First, for any given
level of economic development or mean income, higher inequality implies higher poverty since a smaller share of
resources is obtained by those at the bottom of the distribution of income or consumption. Second, higher initial
inequality may result in lower subsequent growth and, in less poverty reduction. He states that the negative impact of
inequality on growth and sustainable development may result from various factors. For example, access to credit and
other resources may be concentrated in the hands of privileged groups, thereby preventing the poor and the poorest
of the poor from investing. Third, according to him, higher levels of inequality may reduce the benefits of growth for
the poor because a higher initial inequality may lower the share of the poor” benefits from growth. He further argues
that, independent of inequality’s impact on poverty, inequality has a direct, negative impact on social welfare (World
Bank, 2000;2001).
2.1. Macroeconomic Management and Poverty Reduction
Klugman (2002b) suggests that economic growth is the single most important factor influencing poverty, and
that macroeconomic stability is the cornerstone of successful efforts at poverty reduction. According to him several
studies believe that growth, investment and, productivity are positively correlated with macroeconomic stability. He
opines that although it is difficult to ascertain or prove the direction of causation, empirical results confirm that
macroeconomic instability has generally been associated with poor growth performance, and by extension,
development. Prudent macroeconomic management depends on macroeconomic stability without which both
domestic and foreign investors will stay away and resources will be diverted elsewhere at the detriment of
sustainable growth and development. A good set of macroeconomic policies that encourages private investment is
significantly necessary for poverty reduction activities. According to Klugman (2002b) increased and more efficient
public spending in the areas of education, healthcare, employment generation, among others opens the windows for
effective poverty reduction (Devarajan et al., 1997; Easterly and Kraay, 1999; Fischer, 1993). Other aspects of
macroeconomic instability like inflation brings a heavy burden of which is typically borne disproportionately by
those in lower income brackets; because the poor, usually, hold most of their financial assets in the form of cash,
therefore less able than the better off to protect their real value from inflation. In the light of the importance of
growth for poverty reduction and of macroeconomic stability for growth, the main objective of macroeconomic
policy should be the establishment or strengthening of macroeconomic stability. Macroeconomic stability depends
not only on the macroeconomic management of an economy, but also on the structure of key markets and sector.
Klugman (2002b) believes that to enhance prudent macroeconomic management and macroeconomic stability
countries of the world need to support and strengthen macroeconomic policies with sound structural reforms that
upgrade and improve the functioning of these markets and sectors. He postulates that macroeconomic stability exists
when the key economic relationships are in balances for example, between domestic demand and output, fiscal
revenues and expenditure, and savings and investment as well as the balance of payments necessary to improve
national development (Todaro, 1982). Economists studying the trends of government spending in developing
countries believe that there is need to reform public spending to make it more efficient, better help the poor, and
address infrastructure bottlenecks. They insist that while improving infrastructure and providing a greater level of
services, including to the poor governments must improve the efficiency and equity of public spending. Clements et
al. (2007) agree that improving the composition of spending across different categories and programmes could also
help catalyze faster growth and poverty reduction.
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2.2. Macroeconomic Policies and Development
Klugman (2002b) reveals that macroeconomic policies influence and contribute in a variety of ways to the
attainment of rapid, sustainable economic growth and development aimed at poverty reduction. He insists that by
pursuing sound economic policies, policy makers can send clear signals to the private sector. The extent to which
they are able to establish a track record of policy implementation will influence private sector confidence which will
in turn affect investment, economic growth, and poverty reduction. He emphasizes that prudent macroeconomic
policies can result in low and stable inflation. His argument is that high inflation hurts the poor by lowering growth
and by redistributing real income and wealth to the detriment of those in society least able to defend their economic
interests. To enhance rapid poverty reduction in society, policy makers need to integrate their poverty reduction and
macroeconomic strategies into a consistent and operational framework, in a manner that does not jeopardize
macroeconomic stability and growth objectives. Macroeconomic stability describes a situation in which key
economic relationships are broadly in balance and sustainable, therefore poverty reduction policies or strategies need
to be country driven, with broad participation of civil society organizations, elected and appointed officials, key
donor agencies, as well as relevant international FIs. In the opinion of Klugman (2002b) sound fiscal policy can have
a direct impact on the poor, both through the governments overall fiscal stance and through the distributional
implication of tax policy and public standing on essential services. Structural fiscal reforms in budget and treasury
management, public administration, governance, transparency and accountability can equally benefit the poor
through inducing more efficient and prudent use of public resources. In the context of the integrated poverty
reduction prudent macroeconomic management framework, policymakers should ensure to rank poverty reduction
programmes in order of relative importance and in tandem with the country’s absorptive capacity in light of existing
institutional and administrative capacity (World Bank, 1982). Good macroeconomic reforms are essential to ensure a
stable environment and the DFID et al. (2002) believe that poverty reduction is linked with good environmental
management. To improve on fiscal transparency around the world, the IMF continues to introduce new measures for
macroeconomic management. According to Hemming and Shields (2007). The IMF approved a new fiscal
transparency code that introduces mine new good practices governments should follow to promote better-informed
public debate about how they tax and spend. The IMFs revised code of good practices on Fiscal Transparency draws
on the real world experiences of developing countries emerging markets, and advanced economics, and follows a
broad public consultation process. According to them, the revision retains the original code’s four pillars of fiscal
transparency, clarity of roles and responsibilities, open budget processes, public availability of information, and
assurances of integrity. The new specific good practices cover revenue from natural resources, government contract
with resources companies, revenue collection, the legal basis for the use or sale of government assets, the impact of
budget measures, and a publication of a citizen’s guide to the budget. They emphasize the necessity of the fiscal
transparency code because of the link between fiscal transparency, good governance and accountability, the quality
and credibility of fiscal policy, and economic performance.
3. Methodology
3.1. Research Design
The descriptive survey design was used for the study. Usually, descriptive designs, do not make use of
hypotheses because they only describe phenomena as they exist at any point in time and such phenomena have no
need for statistical testing (Nwankwo, 2011). The method is historical in nature and does not usually require a large
sample or structured questionnaire. However, the investigator may also engage in interviews and data so collected
are reported, described and interpreted to form part of the study (Osuala, 2015).
3.2. Data Collection Methods
Data were generated through primary and secondary sources, such as books, journals, newspapers, interviews,
among others. Secondary data are information that has been previously collected for some other purposes other than
the research project at hand, whereas primary data are information gathered and assembled specifically for the
research objectives at hand. However, it does not mean that secondary data are secondary to primary data in research
work. Both data are often used to complement each other in an effort to achieve the broad research objective.
Notwithstanding some limitations, secondary data provide cost and time savings. Some information like poverty
profiles, population profiles, among others, can be obtained only from poverty and population statistics. In certain
research, it may be necessary to demonstrate the practical usefulness of secondary data when applied appropriately
and intelligently to achieve research objectives. The use of both secondary and primary data helps to provide
alternative insights and deeper understanding of the problem under investigation (Ali, 2016).
3.3. Decision Rule
The decision rule for the criterion mean is at 2.5, while the cut-off for the analysis of responses is at 60 percent.
3.4. Data Analysis
Data were analyzed through descriptive statistics and result presented in tables.
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4. Presentation of Result
Table-1. Relative poverty: Non-poor, Moderate poor and Extremely poor (%) 1980 – 2010
Year Non-poor Moderately poor Extremely poor
1980 72.8 21.0 6.2
1985 53.7 34.2 12.1
1992 57.3 28.9 13.9
1996 34.4 36.3 29.3
2004 43.3 32.4 22.0
2010 31.0 30.3 38.7
Source: Author Fieldwork (2017) Adapted from Kale (2012).
Table 1 proved that about 39 percent of Nigerians are extremely poor, suggesting that the huge national
resources are mismanaged. According to Obasanjo (2017) 90 percent of the nation’s revenue is used to pay
overhead, allowances, salaries, and not much is left for capital development, while 75 percent of the people live in
abject poverty.
Table-2. Incidence of Poverty by Sector using different Poverty Measures (%) as at 2010.
Sector Food poor Absolute poor Relative poor Dollar per day
Urban 26.7 52.0 61.8 52.4
Rural 48.3 66.1 73.2 66.3
National 41.0 60.9 69.0 61.2
Source: Author Fieldwork (2017) Adapted from Kale (2012).
The absolute poverty level as in table 2 remains very high, and not a positive move toward sustainable
development. This is evident in the absence of the kinds of infrastructural facilities, health and education services
that should befit Nigeria as a major oil producing country in the world. But Nigeria is rated 145th
out of 172
countries by UN in its HDI (Oladele et al., 2013).
Table-3. Incidence of Poverty by Zone using different Poverty Measures (%) as at 2010
Zone Food
poverty
Absolute
poverty
Relative
poverty
Dollar per
day
North Central 38.6 59.5 67.5 59.7
North East 51.5 69.0 76.3 69.1
North West 51.8 70.0 77.7 70.4
South East 41.0 58.7 67.0 59.2
South-South 35.5 55.9 63.8 56.1
South West 25.4 49.8 59.1 50.1
Source: Author Fieldwork (2017) Adapted from Kale (2012).
Table 3 showed that both absolute and relative poverty incidence is highest in the Northern and Southeast parts
of Nigeria. And these people are revolting through different types of zangazanga, like restructuring campaigns
(Obogo, 2017).
Table-4. Profile of Respondents (n = 90)
S/N Description Category Total number Percentage
1 Sex a) Female
b) Male
40
50
44.44
55.56
2 Education a) Above FLSC
b) Diplomas/degrees
c) Higher degrees
15
51
24
16.67
56.66
26.67
3 Age a) 18 to 25
b) 26 to 40
c) 41 to 70
20
55
15
22.22
61.11
16.67
4 Experience a) Less than 5 years
b) More than 10 years
c) More than 25 years
11
45
34
12.22
50.00
31/78
5 Income a) Low
b) Middle
c) High
15
47
28
16.67
52.22
31.11
6 Employment a) Private
b) Public
c) Self employed
d) Unemployed
22
37
17
14
24.44
41.11
18.89
15.56
Source: Author Fieldwork (2017)
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278
Table 4 showed that the sample was thoroughly mixed, to enhance the quality of responses.
Table-5. Poverty Reduction and Sustainable Development by Prudent Macroeconomic Management
S/N Statement SA A U D SD Total
X
Decision
Rule @
2.5 of X5 4 3 2 1
1 Stealing of public funds by public officers
helps in poverty reduction and sustainable
development in Nigeria
1 2 1 4 4 12 2.40 Rejected
2 Prudent macroeconomic management is
necessary for poverty reduction and
sustainable development in Nigeria
5 4 1 2 3 15 3.0 Accepted
3 Macroeconomics studies national GDP,
unemployment and government spending,
etc.
4 5 1 2 1 13 2.60 Accepted
4 Giving and receiving bribes lead to poverty
reduction and sustainable development in
Nigeria
1 1 2 2 2 8 1.60 Rejected
5 Stable economic policies lead to prudent
macroeconomics management
4 4 1 2 3 14 2.80 Accepted
6 Low life expectancy is a measure of poverty
in society
5 3 1 2 2 13 2.60 Accepted
7 High levels of unemployment can lead to
youth restiveness
4 5 1 2 2 14 2.80 Accepted
8 Corruption undermines growth and
sustainable development
4 5 1 2 3 15 3.00 Accepted
9 Rating among the most corrupt nations
suggests national development
1 1 2 1 1 6 1.20 Rejected
10 Equitable distribution of national resources
will help in poverty reduction in Nigeria
5 3 2 3 2 15 3.00 Accepted
Source: Author Fieldwork (2017)
Prudent macroeconomic management and unambiguously implemented fiscal policies expand the bundle of
physical and human capital, and infrastructure, reduce deterioration of social amenities, stimulate growth and help in
poverty reduction. The analysis in table 5 supports the assertion of Klugman (2002b) that sound macroeconomic
management is critical to poverty reduction and sustainable development.
Table-6. Poverty Reduction and Sustainable Development by Prudent Macroeconomic Management (Analysis of Responses)
Items Statements Yes No
No % No % Total Decision @
60% yes
1 Stealing of public funds by public officers
helps in sustainable development Nigeria
5 5.56 85 94.44 90 Rejected
2 Prudent macroeconomic management is
necessary for poverty reduction and
sustainable development in Nigeria
75 83.33 15 16.67 90 Accepted
3 Macroeconomics studies national GDP,
unemployment, and government spending
among others
80 88.89 10 44.41 90 Accepted
4 Giving and receiving bribe lead to poverty
reduction and sustainable development in
Nigeria
2 2.28 89 7.78 90 Rejected
5 Stable economic policies lead to prudent
macroeconomic management
83 92.22 7 7.78 90 Accepted
6 Low life expectancy is a measure of
poverty in society
87 96.67 3 3.33 90 Accepted
7 High levels of unemployment can lead to
youth restiveness
86 95.56 4 4.44 90 Accepted
8 Rating among the most corrupt nations
suggests national development
1 10.11 89 98.99 90 Rejected
9 Corruption undermines growth and
sustainable development
82.9 1.11 8 8.89 90 Accepted
10 Equitable distribution of national resources
will help in poverty reduction in Nigeria
88 97.78 2 2.22 90 Accepted
Sources: Author Fieldwork (2017)
The responses in table 6 validate the research questions of the study and the corresponding answers. It also
supports Ouattara (1997) that macroeconomic management is concerned with how necessary resources can be raised
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279
for sustainable development and high quality growth. Equally, it gives credence to the rubost argument of this study
that efficient use of national resources is central to poverty reduction and sustainable development.
5. Discussion
The need for prudent macroeconomic management, poverty reduction, and sustainable development cannot be
overemphasized for many reasons. For example, it will ensure that the annual GDP increases from year to year to
show that the economy is growing. It will also be concerned and ensure that the rate of unemployment is kept at the
bearest minimum. When unemployment is reduced poverty will also reduce to some extent. Economists believe that
if GDP is too low or decreasing, an increase in unemployment will occur, and poverty persists. GDP can only
increase, unemployment and poverty reduced, and sustainable development occurs, through prudent macroeconomic
management. A major goal of macroeconomics is to find ways to overcome instability and to have continuous
national growth, coupled with high levels of production, full employment and stable prices. It is also agreed that
good fiscal policy will have positive effect on national income, productivity, government spending and employment.
Traditional economists believe that in many places where political agitations exist, the basis of reform lies in
macroeconomics because the economic conditions of the people with regard to poverty, hunger, illiteracy among
others, become a major factor in the attitude and relationship toward their leaders. This makes a case for equitable
distribution of national income, which is the total of all the expenditures, for goods and services made by
individuals, customers, businesses and governments combined. This is hardly the case in Nigeria because less than
10 percent of the people are in control of national resources leading to persistent demands for resource control,
restructuring, wey my own, balancing, landlord, among others. Table 1 showed that about 39 percent of Nigerians
are extremely poor, and the national relative poverty level is put at about 69 percent as shown in table 2. From table
3 it was noted that poverty is highest in the Northern part of Nigeria, where there is serious challenges posed by
youth restiveness and other agitations for social equity. Poverty is also very high in the South East where there is
agitation for separation. All these could be minimized through prudent macroeconomic management that creates the
environment to meet the poor at the points of their needs. Klugman (2002b) suggests that a good poverty reduction
strategy requires the knowledge of what matters most to the poor and how the poor obtain and spend their money.
He reports that in Bangladesh for example, the poor spend about 73 percent of their income on food, with fuel,
housing and clothing combined, accounting for just 21 percent, and that the sale of unskilled labour appears to be the
most important source of income for the poor. In Nigeria, most people are hungry while huge national resources are
swept away by corruption and weak macroeconomic management. This is a country where N4.2billion is allegedly
spent every six days on so-called kerosene subsidy. This is one country where a national corporation like the NNPC
is yet to reconcile how $49.8billion was appropriated or misappropriate with the Central Bank of Nigeria (CBN), and
nobody is sure of the actual amount. Literature provides evidence that corruption and weak macroeconomic
management undermine poverty reduction and sustainable development goals. The analyses in tables 5 and 6
strengthen this assertion, and on the other hand support the findings of (Klugman, 2002a;2002b) that prudent
macroeconomic management is necessary for poverty reduction and sustainable development. Corruption and
mismanagement reflect a situation of primitive equilibrium, where national resources are shared and put away in
remote villages and even inside pit toilets, to waste, in different parts of the country, as part of the share of the
national cake, while workers are owed many months salary arrears, and children learn under mango trees. Such
stolen and hidden cash does not form part of national spending. To this extent, the need for prudent macroeconomic
management, poverty reduction and sustainable development cannot be overemphasized. John Maynard Keynes,
who popularized the theory of macroeconomics in the early part of the last century thought that a decline in total
national spending would be decrease in business activity, leading to unemployment. His plausible argument succeeds
today because Nigeria’s national spending is being highly depleted through diversion, corruption, and
mismanagement of national resources. Keynes was of the view that a decrease in total spending with unemployment
brings about more unemployment, while decreased spending during full employment will help to check inflation.
Modern development and macroeconomists may argue more over his own views, but the challenge is on how huge
revenue from national or natural resources like oil could be use so as to lead will poverty reduction and sustainable
development in Nigeria by 2030.
6. Scope for Further Study
Microeconomics studies the individual components of the economy such as costs of producing goods and
services, profitability, prices and market structure. Further study should investigate the relationship of
microeconomic management with poverty reduction and national development in Nigeria.
7. Recommendations
i. The National Assembly as their oversight function should specify penalty for giving and receiving bribe
because it helps in the diversion of public funds needed for national development.
ii. There is urgent need to ensure equitable distribution of national resources starting from a sound wage
system, because a sound wage system is one good way of equitable distribution of wealth.
9. International Journal of Economics and Financial Research, 2017, 3(11): 272-281
280
iii. There should be stable economic policy measures to enhance prudent macroeconomic management. This is
imperative because stability enhances growth prospects, increases employment and incomes (Ouattara,
1997).
iv. Investing more in education and healthcare is critical to enhance productivity and life expectancy of
Nigerians. Essential public education and healthcare are central to poverty reduction and sustainable
development (Ouattara, 1997).
v. One good way of reducing youth restiveness, poverty, hunger, and increasing growth at the same time is the
reduction of unemployment. The government needs to do more in this direction, and not the mere
temporary jobs given to the youths. The economy could be further diversified with the support of the OPS
to create more permanent jobs because lost labour productivity is detrimental to sustainable development.
8. Conclusion
Literature provides evidence that corruption and weak macroeconomic management lie at the heart of poverty,
hunger and lack of sustainable development. Nigeria among the countries that could not meet the MDGs target on
poverty reduction as at 2015 needs to restrategize towards meeting the SDGs target on poverty reduction and
sustainable development by 2030. Prudent macroeconomic management that will result to employment generation is
important to achieve this important goal. If national income and total expenditure become high full employment
would be maintained because of the great demand for goods and services on the part of all segments of the economy.
Through study and analysis, this study found that prudent macroeconomic management has positive association with
poverty reduction and sustainable development. This is the crux of the present study. The result is not an
exaggeration as it supports the earlier findings of Klugman (2002b) that prudent macroeconomic management leads
to poverty reduction and economic growth. This result also echoes the classic views of Ouattara (1997) that sound
macroeconomic management, economic growth, brings about lasting employment gains and poverty reduction:
provides greater equality of income through greater equality of opportunity including, women and the protection of
the environment.
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Acknowledgements
This author is indebted to Jean Klugman whose excellent (2002) volumes on Poverty Reduction Strategies and
Macroeconomics were extensively consulted in the preparation of this work. Gratitude also goes to Alassane D.
Ouattara whose 1997 address remains a power reference material in macroeconomic and sustainable development
research. Kale (2012) is acknowledged for providing a useable Nigeria Poverty Profile.
Author Bio
Dr. Ugoani is Coordinator, College of Management and Social Sciences, Rhema University, Aba,
Nigeria. His research interest focuses on business, management, bank management, organizational
behavior, public sector management, diversity and conflict management, strategic management,
emotional intelligence, entrepreneurship, governance, leadership, corruption management, and family business
among others. John is recognized for presenting the first best PhD Dissertation in Management at the
Faculty of Business Administration, Imo State University, Owerri, Nigeria.