EFFECT OF INSUFFICIENT CURRENCY IN CIRCULATION ON THE RATE OF INFLATION AND UNEMPLOYMENT IN NIGERIA: THE BUHARI’S ADMINISTRATION EXPERIENCE

This study investigated the effect of insufficient currency in circulation on the rate of inflation and unemployment in Nigeria: The Buhari’s Administration Experience; using annual time-series data ranging from 1985 to 2020. In achieving this task, the study was disaggregated into two models: model 1 utilizing Vector Error Correction Model to analyse the relationship between fiscal variables (government total expenditure, government tax revenue, and export) and unemployment rate. It was revealed from the unit root of Augmented Dickey-Fuller test that none of the (fiscal) variables was stationary at level, but they were all stationary after 1st Differencing. This made it necessary for the study to apply Johansen co-integration test which the estimated result indicated 1 co-integration equation as evidenced by Trace statistic. This also, necessitated the application of Vector Error Correction Model (VECM), and it was observed that it took 61.71% annual speed of adjustment towards long-run equilibrium from short-run disequilibrium for unemployment rate to return to equilibrium after a shock to fiscal variables. The results further explained that government total expenditure, and government tax revenue, had negative and insignificant impact on unemployment rate respectively, thereby reducing unemployment rate. Similarly, the estimated result indicated that export had positive impact on unemployment thereby increasing unemployment rate within the period under study. Similarly, in analysing monetary variables (money supply, exchange rate and prime lending rate) in model 2: Phillip-Peron unit root test was conducted and it was confirmed that the variables were of mixed order of integration which necessitated the employment of ARDL technique. The ARDL bounds testing result revealed that a long-run relationship existed between monetary variables, and inflation. It was found, in the long-run, that money supply caused inflation rate to rise. More so, the result further revealed that present level of exchange rate decelerated inflation rate in both long-run and short-run. While, it was further observed that the one-year lag and two-year lag of exchange rate increased rate of inflation in both log-run and short-run respectively. The estimated result further revealed that the present level of prime lending rate minimised the rate of inflation in the long-run and short-run. Whereas, similar results were further confirmed in the one-year lag and two-year lag that prime lending rate reduced inflation rate in both log-run and short-run. As a result of these findings, with respect to model 1; the study recommended that government should maintain the level of its expenditure and tax revenue as this reduced unemployment rate, and it should lower trade costs so that demand for labour would increase in the export industry, this would make aggregate unemployment rate to reduce. With respect to model 2; it recommended the adoption of contractionary monetary policy that would minimise the amount of money supply that caused long-run effect on inflation in the system. Furthermore, there should be proper maintenance of fixed exchange rate policy that will make exchange rate regime overcome non-military forces of demand and supply in exchange rate market, this will help maintain low rate of inflation.

THE EFFECT OF HUMAN CAPITAL ON ECONOMIC GROWTH IN SOME SUB SAHARA AFRICAN COUNTRIES (SSA)

Purpose: This research looked into debate on the possible impact of human capital on economic growth in Sub-Saharan Africa (SSA) and considers two alternative measures of human capital: health and education. Methodology: The research used a dynamic model based on the system generalized method of moments (SGMM) and analysed a balanced panel data covering 35 countries from 1986–2018. The research used Microsoft excel to record all the data gotten from the world indicator data base from world bank, penn world table data base and CANA database. The analysis was presented in a tabular form. Findings: This study found that human capital has an overall positive and statistically significant impact on economic growth in the SSA region, although, democracy has a negative and statistically significant impact on economic growth in the region. This finding shows the importance of both measures of human capital and aligns with the argument in the literature that neither education nor health is a perfect substitute for the other as a measure of human capital. Unique contribution to theory, practice and policy:Generally, the finding emphasised that both education and health measures of human capital are important, and that policymakers must consider the level of economic development while formulating policies that can enhance the impact of human capital on economic growth in the Sub-Saharan Africa region.

The Relationship between Consumer Credit Card Debt and Immigrants in the UK: A Systematic Review

Purpose: This paper systematically reviews a reappraisal of the relationship between consumer behavior and credit card debt. Methodology: A thorough search was performed using scholarly databases including EBSCOHost, Google Scholar, Wiley Online Library, JStor, ProQuest, and Taylor & Francis. After a vigorously screening process, a total of 77 articles were accepted with the majority (96%) of articles published after 2012. Several consumer behavior factors were considered such as social factors, psychological factors, impulse buying, compulsive buying, optimism and pessimism, risk-seeking, mental health, age, income, education, immigrants, religion and financial literacy. Findings: Overall, influential factors that contribute to credit debt can be attributed to redlining and predatory lending by financial institutions. Racial inequalities have been shown to play a significant role in credit debt, especially in the UK. Unique contribution to theory, practice and policy: A major knowledge gap concerning immigrants exists and further provide insight on the role played by an individual’s ethnic group in the rate of home equity decline as well as the overall net wealth of a household, ultimately affecting their credit debt. It would be useful for policy-makers to examine the biased placed on credit debt and social-economic backgrounds.

INTERNATIONAL TRADE AND ITS EFFECT ON ECONOMIC GROWTH IN NIGERIA (1986-2017)

Purpose: International trade is believed to contribute significantly to the growth of an economy. In order to examine the contribution of international trade to the growth of the Nigerian economy, time series data was collected between 1986 and 2017 to investigate the trends of trade openness, investment, and expenditure on education and GDP per capita in Nigeria within the study period. It also examined the effect of trade openness on economic growth in Nigeria. Methodology: Annual secondary data was used for the study. Data on GDP per capita, trade openness, investment and expenditure on education were sourced from World Development Indicator and Central Bank of Nigeria Statistical Bulletin. The study employed The Ordinary Least Square (OLS) methods to investigate the effects of trade openness on economic growth in Nigeria. Findings: Results showed that international trade is inversely related to GDP per capita within the study period however, the result is insignificant. Recommendation: The study recommended that government should adopt essential trade oriented policy to enhance economic growth via high exports in order to accumulate more foreign earnings to boost output growth in the country

ANALYSIS OF PROFITABILITY OF SESAME PRODUCTION IN YOBE STATE, NIGERIA

Purpose: The study examined the profitability of sesame (Sesanum indicum) production in Yobe State, Nigeria. Methodology: One hundred and eighty (180) sesame farmers were sampled from 12 villages spread across three Local Government Areas in Yobe State using multistage sampling procedure. The descriptive statistics such as frequency, percentages and mean were used to describe the socioeconomic characteristics of farmers and constraints associated with sesame production. The inferential statistics employed was the Gross margin (GM) which was used to estimate the profitability of sesame production. Findings: The result of socioeconomic characteristics revealed that majority (77.77%) of the respondents were aged between 21-60 years old and all (100%) of the respondents had one form of education or the other. The result of profitability of sesame production revealed that the gross margin (GM) was N157,519.00 and the average return per Naira invested was N2.07. Some of the major constraints faced by farmers in sesame production are inadequate fund (88.7%), inadequate extension services (72.0%), problem of pest and disease (66.1%) among others. Recommendations: the study recommended that strategies to improve profitability should focus on improved farmer access to institutional credits and improved infrastructural facilities such as access roads for easy linkage to markets. Also, In order to cope with the problem of inadequate and high cost of seed, the government and research institute should make improved seed available at the right time and also at subsidies rate to the farmers. Keywords: sesame production, profitability, constraints, gross margin, Yobe State

Consumer Credit Card Debt and Immigrants: A Cross-Sectional Study of U.K. Immigrants’ Financial Capability

Purpose: This study examines the ubiquitous nature and high level of consumer debt associated with certain demographics, with a specific focus on immigrants in the U.K. Methodology: A cross-sectional approach was deemed appropriate because the information used for analysis was based on specific points in time for the years 1995, 2000, and 2005. The sample method used was representative of all persons who were resident in Britain at multiple time points consistent to the waves of data collection. The sample used for this analysis was U.K. residents included in the BHPS during the years 1996, 2001, and 2006. Findings: The results showed that individuals with higher levels of education acquired more debt compared to lesser educated people, that credit card debt increased the total consumer debt owed, and that larger households incurred more consumer debt. Unique contribution to theory, practice and policy: The findings from this study may assist in positive social change by providing specific information to banks and lending institutions on how they can manage the credit This study might help in expanding the body of knowledge about the association of credit debt and immigrants in UK, which has received a growing interest among researchers in the field of finance, economics and ethnopolitics. Keywords: Credit debt, Immigrants, Consumer behavior, ethnicity, financial inequality

EXAMINING THE FINANCE- GROWTH NEXUS IN CAMEROON USING COINTEGRATION APPROACH

Purpose: This study explores the empirical relationship between growth rate of real GDP and financial development using Cameroons time series data spanning from 1978 to 2017. Methodology: After shedding light to the evolution of financial development in Cameroon and exploring some relevant literature, the study assesses the finance-growth linkages in Cameroon by specifying and estimating the long run and short run functions for financial development using cointegration and Error Correction modeling (ECM) techniques in addition to Engle and Granger causality testing. Findings: Growth of real GDP used in this paper to capture economic growth was reported to have a positive and highly significant relationship with the variable for financial development and the relation was more significant in the short run than in the long run after controlling for other variables. Bidirectional causality was also noticed between the two set of variables. Unique contribution to theory, practice and policy: Results of this paper suggests that financial sector of Cameroon can efficiently allocate credit to the private sector as an indicator of financial development by stimulating economic activities with the aim of raising gross domestic product of the country in both short and long run. Keywords: Economic growth, financial development, cointegration, Cameroon

INFLATION ON HOUSEHOLDS EXPENDITURE IN MBITA DIVISION OF MBITA DISTRICT, KENYA: A SITUATIONAL ANALYSIS

Purpose: Inflation is a concern in both developed and developing countries as it leads to a fall in profit margins and makes it difficult in drawing households’ budgets. The Medium Term Plan report (2008-2012) indicates that Mbita Division of Homa-Bay County has had the effects of inflation in recent times as many fish industries are closing down, an indicator of a fall in private domestic capital and also an increase in the unemployment rate. The purpose of this study was to determine the effect of inflation on the household expenditures in Mbita Division, Kenya. Methodology: The study adopted exploratory and correlation research designs. Exploratory research design gave an insight into the households’ expenditure behavior while correlation research design facilitated the establishment of relationships among the research variables. A sample size of 374 heads of households was selected from a total of 13,789 households in the Division. The individual respondents were drawn by the use of a simple random sampling technique. Primary data was gathered with the help of questionnaires, key informant interviews, focused group discussions, and observation, and Secondary data were collected from Government statistical abstracts, household records, and relevant textbooks. Regression as a tool of analysis was utilized to reveal the existing relationship among the variables and coefficient of determination to show the strength of the established model. The reliability of the data collection instrument was tested using the internal consistency technique in which the scores obtained from the subjects were correlated and the Cronbach’s Coefficient Alpha was be computed to determine the correlation among the items.Findings: It was discovered that 135(38%) spent more than Ksh 4000 per month six months ago compared to 159(44.8%) of the total respondents who spent more than the same amount currently in Mbita division. Recommendation: It was recommended that the households in Mbita division should spend only on the basic stuff and be advised on the micro-savings programs to assist in times of high inflation rates.

EARNINGS ANNOUNCEMENTS AND THE SECURITY TRADE VOLUMES OF LISTED COMPANIES IN KENYA

Purpose: This study investigated the decline in the NSE N20, Kenya share index by examining the effects of Earnings announcements on the security trade volumes of companies listed on the NSE, Kenya, from 2013 to 2017. The study formulated a hypothesis that Earnings announcements did not significantly affect the security trade volumes of companies listed on the NSE, Kenya, applied Signaling theory, efficient market hypothesis, and Market expectation theory.Methodology: The study used the event study methodology, a mixed research design, and the ANOVA technique from 25 listed companies, collected secondary data using schedules and primary data using questionnaires.Findings: The study found the effect of Earnings announcements on the trade volumes to be insignificant. Hence, it concluded that earnings announcements did not affect the security trade volumes of companies listed on NSE, Kenya.Unique Contribution to Practice and Policy: The finding of this study will provide the market players with a better understanding of how Earnings announcements affect the security trade volumes; provide the policymakers with a basis of designing policies, regulating and controlling financial markets, complement existing studies in this area and strengthen the foundation for further research.

A STUDY ON DYNAMICS OF INDIA'S GROSS DOMESTIC PRODUCT FOR 2014-2019

Background: The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It reflects the total market value of all finished products and services produced over a specific period within a country. GDP is presented as a comparison to the previous quarter or year and is considered the benchmark for the economy's size. India is emerging as one of the fastest-growing economies in the world and is expected to rank among the top three economic powers of the world over the next 15-20 years, supported by its stable democracy, population growth, and partnerships.Purpose: The purpose of this paper was to study the dynamics of the Indian economy's GDP growth for the period of 2014 to 2019. The present study tried to understand the trend, contribution, and structure of the various sectors such as agriculture, industry, and services in India's GDP growth.Methodology: The research methodology used in this paper was quantitative since this method can be used to analyze nearly infinite numbers of phenomena. The study used secondary data for the period 2014 to 2019. Data was collected from the Economic Survey of India and Reserve bank of India bulletins. Descriptive and inferential data analysis techniques were employed.Findings: The study of GDP growth between 2014-2019 and sectoral level analysis shows interesting facts that India will reach a $5 Trillion GDP mark by 2024-25 at current prices.Unique contribution to theory, practice, and policy: This paper intended to make policy recommendations that can help India's long-term sustainable growth. The study recommended strategies such as increasing public finance in the agricultural sector and strengthening the integrated public transport projects to the government to maintain stable economic growth to achieve a $5 Trillion economy. This paper will increase the economic researcher's awareness and position it in the library of an institution of higher education