IMPLICATIONS OF PUBLIC POLICIES ON THE DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN NIGERIA: THE CORONAVIRUS IMPACT

The advent of the coronavirus disease (Covid-19) pandemic brought about a lot of difficulties to businesses especially the small and medium enterprises (SMEs) because of the government’s imposed lockdown and, restrictions on movements and interaction. Thus, several public policies were and are being developed to help sustain and develop these entities. Consequently, this study examined the implications of the Covid-19 pandemic influenced public policies on the organic and internal developments of some selected SMEs in Nigeria, particularly in the Federal Capital Territory, Abuja. The study administered copies of the 5-point Likert scale questionnaire on 250 SMEs randomly but equally selected from five different sectors including ICT, vehicle spare parts, poultry farming, fashion designing, carpentry and woodwork; and 194 copies representing 77.6% were retrieved. Subsequently, the gathered data were analyzed using the simple percentage and version 24 of the multiple regression statistical techniques. Consequently, the study found that the Covid-19 pandemic influenced public policies have significantly impacted on the developments of these selected SMEs in Nigeria. Thus, it was recommended that the government should sustain and improve on related public policies and actions in order to continue to aid the establishments, sustenance and developments of SMEs in the country.

MODERATING EFFECT OF FINANCIAL PERFORMANCE ON THE RELATIONSHIP BETWEEN BOARD CHARACTERISTICS AND DIVIDEND POLICY OF LISTED NON-FINANCIAL FIRMS IN NIGERIA

The study analyses the moderating effect of financial performance on the relationship between board characteristics and dividend policy of listed non-financial firms in Nigeria. Board characteristics is proxied by board composition, board size, and board diversity, while dividend policy is proxied by dividend pay-out ratio. The positivist research paradigm and correlational research design were used. Relevant data for the study were collected from 39 sampled non-financial firms actively trading on the floor of the Nigerian stock exchange (NSE) from 2008 to 2017; the data collected were analysed using the panel corrected standard error (PCSE) regression analysis. The findings reveal that board composition and board diversity have positive but insignificant effect on dividend pay-out ratio of non-financial firms before moderation, While, board size has positive and significant effect on dividend policy of listed non-financial firms before moderation. The study also found that financial performance moderate the relationship between board characteristics and dividend pay-out ratio of listed non-financial firms. Based on the findings, the study concludes that board composition and board size are related with high dividend payment. Among the important policy implications is that the variable of board size used suggest that there is the need by SEC to monitor the available cash at the discretion of managers since financial performance can moderate the relationship between board size and dividend pay-out ratio in order to mitigate agency conflict between management and shareholders of listed non-financial firms which is in-line with the practical problem of the study. It is therefore recommended amongst others that the government through the regulators should provide an enabling environment for non-financial firms to make a profit and pay more dividends to their shareholders since the interaction effect of financial performance makes the variables of the study to be more active in influencing the dividend pay-out ratio of non-financial firms in Nigeria.

CONSUMER SHOPPING BEHAVIOUR AFFECTORS AND PATRONAGE OF SELECTED ONLINE STUDENT’S BUYERS IN LAGOS STATE, NIGERIA

The invention of the internet has created a new pattern in the traditional way of shopping. Online shopping is ideal for many people with disabilities and people with hectic schedules, shrinks the distance between producers and consumers. However, the patronage level of online student-buyers has affected by numerous risks leading to a decline in frequency of purchase, customer satisfaction, customer retention, and service quality and customer loyalty. Hence, this study examined the effect of consumer shopping behaviour affectors on the patronage of selected online student-buyers in Lagos state, Nigeria. Cross-sectional survey research design was adopted. The population was 69, 951 online student-buyers. A sample size of 1,177 was determined using Cochran formula. Multistage sampling was adopted. A validated questionnaire was used. Cronbach’s alpha reliability coefficients for the constructs ranged from 0.758 to 0.882. The response rate was 86.2%. Data were analyzed using descriptive and inferential statistics. Findings revealed that consumer shopping behaviour affectors (social factors, personal factors, and customer perceived value, psychological factors and product perception) had a significant effect on frequency of purchase. The study recommends that the management of online stores should improve on consumer shopping behaviour affectors such as social factors and psychological factors that directly affect online student-buyers’ patronage level.

EFFECTS OF INTEREST RATES ON PERFORMANCE OF MANUFACTURING FIRMS IN NIGERIA

The study evaluates the effect of interest rates on the performance of manufacturing firms in Nigeria between 1981 to 2018. Despite all attempts in developing the manufacturing sector it is still not performing or growing as expected. Statistics have shown that the share of manufacturing in the aggregate GDP declined from 5.3% in 1981 to 4.1% in 1993, 3.4% in 2005, and 4.1% in 1993, 3.4% in 2005, and 2.1% in 2016. The objective of the study is to assess the relationship between interest rates and the performance of manufacturing firms in Nigeria for 38 years. Three indicators such as manufacturing sector output, manufacturing capacity utilization, and manufacturing value-added were employed as proxies of manufacturing firm’s performance. The data were analyzed using ordinary least square regression (OLS) on manufacturing output and autoregressive distributed lag (ARDL) on manufacturing capacity utilization and manufacturing value-added. A pre-diagnostic test such as the unit root test and cointegration test was carried out on the variables. The cointegration test showed a relationship between manufacturing sector output and interest rates and no cointegration of interest rates with manufacturing capacity utilization and value-added. The data analyzed indicated interest rates has no effect on manufacturing sector output, result also showed that interest rates have no significant effect on capacity utilization and interest rates have a significant impact on manufacturing value-added in Nigeria. It is recommended that interest rates be benchmarked to single digits by the authority; manufacturing firms should be encouraged to operate on a full capacity scale so as to absorb the high-interest rates. The authority will need to step up the responsibility to ensure funds are made available at lower interest rates to the manufacturing sector.

ASSESSING GOMBE STATE CITIZEN’S ATTITUDE AND PERCEPTION OF THE CASHLESS POLICY

The Central Bank of Nigeria (CBN) introduced the cashless policy in 2011 which eventually took effect in 2012. The aim of the policy amongst others are to reduce the amount of physical cash circulating in the economy and encouraging more electronic-based transactions. The objective of this study is to review the CBN cashless policy in Gombe State and, in particular, assess peoples’ behavior and attitudes towards the policy in the State since its inception. Questionnaires were administered on 300 bank customers across the 11 Local Government Areas (LGAs) of the State. The findings revealed that 65% of respondents actually do not know what the cashless policy is all about, 80% are happy with the introduction of cashlite (Cashless) points such as Automated Teller Machines, Point of Sales, and Internet Banking etc. As an interim verdict, 25%of the respondents believe that the cashless policy is necessary, 24% believe that the CBN approach to its implementation is the best and 43% believe that the policy will succeed. The study recommends that more banks’ branches and cashlite channels need to be established especially in other LGAs; the need to consolidate in infrastructural development; and financial literacy for all.

BUSINESS INTELLIGENCE SYSTEMS SUPPORTING SUSTAINABILITY ON FIRM’S DECISION-MAKING PROCESSES AND PERFORMANCE

In today’s competitive business environment, there exist the need to investigate the adequacy of infrastructural flexibility for Business Intelligence Systems to support Sustainability on Firm’s Decision-making processes and performance. The Business Intelligence Systems consist of unique functions that are intrinsic aimed at supporting better quality decision-making within the organization. It is critical to the smooth operations of every organization. The intention of this study is not to discuss the technical details of implementing Business Intelligence Systems but to explore how to gain maximum benefits from the applications and usage of Business Intelligence Systems. An intensive literature review that highlighted the impact of Business Intelligence on firm performance and decision-making processes were initiated. The focus was on how to apply the Business Intelligence Systems to gain competitive advantage and to create more value from information by aligning it with the needs of employees who are engaged in complex business decision-making in today’s business environment. The study contributed in both academic and industrial operations by providing first time evidence of Business Intelligence solutions with particular reference to Nigerian firms located in Lagos State, Nigeria. The study employed the partial least square analysis with a sample size of 985 respondents randomly selected from five manufacturing companies. The findings suggested that the more effective use of Business Intelligence implementation, the more effective the decision-making processes and firm performance. The study offers a number of implications for theory and practice, noting that Business Intelligence System is in effect allowing firms to shift their structure to more carefully and thoughtfully align with the needs of customers and partners.

EFFECT ANALYSIS OF BANKING SECTOR REFORM AND GROSS MANUFACTURING OUTPUT IN NIGERIA: IMPLICATIONS FOR ACHIEVING SUSTAINABLE DEVELOPMENT GOAL 9

No doubt, structural transformation lies at the heart of economic progress of any nation. Most significantly, the industrial sector, especially manufacturing, is a key engine of growth and development. Unfortunately, manufacturing development in Nigeria, over the years have not improved despite the banking sector reforms. This paper empirically investigated the shock effects of the banking sector reform on gross manufacturing output in Nigeria between the period 1970-2018. The variables used in the paper include gross manufacturing output, bank credit to the manufacturing sector, interest rate spread, nominal exchange rate, market capitalization, manufacturing capacity utilization and a dummy variable. The data were sourced from the Central Bank of Nigeria Statistical Bulletin, International Monetary Fund Financial Reports and the World Bank Development Indicator (2019). The Vector Autoregressive Model (VAR) estimation techniques were employed to achieve the objective of the paper. The results showed that gross manufacturing output responded negatively to bank credit during all the reforms phases. It further revealed that it responded negatively to a unit shock in exchange rate during the pre-SAP and bank recapitalization periods, but positively during the deregulation, regulation and liberalization periods. It showed also that gross manufacturing output responded negatively to shock in interest rate spread during all reform phases in Nigeria. The policy implication of these findings attested to the fact that the linkage between the banking sector and real sector is weak in Nigeria. Hence for Sustainable Development Goal 9, in particular 9.2, to be achieved, the linkage between both critical sectors must be integrated and strengthened via improving on the banking sector fundamentals and introduction of shock measures from the reform.

BANK LOAN AND SMALL BUSINESS FINANCE MANAGEMENT IN PLATEAU STATE

The importance of small businesses to manage finance from banks served as one of the motivational factors for small business growth. This study investigated the outcome if small businesses managed finance from banks for growth in Jos, Plateau State. The study adopted the descriptive survey design with a population of 550. However, 435 responses as collected from small businesses that enjoyed bank loans. The age bracket of the respondents ranged from twenty-seven years and above. The source of data for this research was primary with a self-administered questionnaire as the instrument for the data collection. The questionnaire used for this study was in a five-point Likert-scale, validated by four senior lecturers in a closely related field. The linear regression method was adopted for data analysis employed to test the hypothesis to investigate how small businesses managed bank loans for growth. The finding showed that small businesses significantly had finance management that grew their business in Plateau State. In conclusion, bank loans and small businesses are mutually inclusive with appropriate finance management by small businesses to grow businesses in Jos, Plateau State. The recommendation was bank loans be made always available to small businesses in Jos, Plateau State since small businesses showed appropriate finance management to grow business.

THE CORONAVIRUS PANDEMIC AND FISCAL SUSTAINABILITY IN NIGERIA

The study will examine the impact of the coronavirus pandemic on Nigeria’s fiscal sector. This was undertaken on the premise that the sector is the lifeline of a developmental state like Nigeria which needs to deliver dividends to her citizens after two decades of un-interrupted democratic governance. The specific objectives of the study are to (i) examine the effect of the coronavirus pandemic on government revenue, expenditure and debt management in Nigeria. (ii) assess the government’s response in managing the Covid-19 effect on the fiscal sector in Nigeria and (iii) set the agenda for the post COVID-19 strategy for recovery and fiscal sustainability in Nigeria. The study adopted an exploratory data analysis approach, where it obtained secondary data for the period Q1 2016- Q2 2020 from publications of the National Bureau of Statistics, Central Bank of Nigeria, and National Council for Disease Control and the World Health Organization, Descriptive Statistical tools was used to analyze the data. The findings of the study revealed expected declines in total gross revenue, total federal expenditure, external reserves and GDP growth rates, but unexpected declines in Deficit financing and foreign debt servicing. There was increase in total public debt. So, the study makes the following recommendations; The growth in non-oil revenue must be sustained. Government must have to change its expenditure framework to ensure that capital expenditure is more than revenue expenditure. External reserve should be shored up immediately to a level that can sustain the economy for a reasonable period of time. The decline in deficit financing should be sustained by engaging in realistic budgeting. Foreign Debts should be used mostly for capital expenditure that will finance itself in the long run. Debt servicing strategies should be properly streamlined not to become a burden on the economy. Total public debts should not be allowed to grow beyond sustainable threshold.

MACROECONOMIC VARIABLES AND STOCK MARKET MOVEMENT IN NIGERIA (1988 – 2019)

The goal of this study was to analyse empirically the effect on the stock market movement of five selected macro-economic variables, including the exchange rate, inflation rate, interest rate, crude oil price, and foreign portfolio investment. For the movement of the stock market, stock market capitalizations were used as a reference. Information from the annual time series covering the period between 1988 and 2019 was used. The analysis started with examining stochastic characteristics of each time series by testing their stationarity using Augmented Dickey Fuller (ADF) test. The findings show that only equity market capitalization and crude oil price was found stationary at level, while the other time series were found stationary at first difference. The bounds cointegration test procedure indicates that the variables have long-run equilibrium relationship amongst themselves. Analysis from the study showed that foreign exchange rate, interest rate, inflation rate, crude oil, and foreign portfolio investment are all significant in determining the performance of equity market capitalisation. They were all found to have a significant effect on stock market movement in Nigeria. Based on these findings, the study recommended that there is need to formulate sustainable macro-economic policies to curtail depreciation of the Naira, high inflation, and interest rate while attracting long-term foreign portfolio investors into Nigeria. Aggressive diversification of the economy should be made from its mono-cultural dependence on oil whose price over which Nigeria has no control.