This paper examines the relationship between public debt and exports of Nigeria, ranging from the period 1981 to 2017. It analyses the trend of public debt and its measure of sustainability and how it relates to the export earnings of Nigeria. Granger causality was used to test the causality effect of public debts on Nigeria's exports (oil and non-oil exports). Also, threshold regression analysis was used to investigate the relationship between public debt and exports of Nigeria. Granger causality results show that the export of goods and services of Nigeria granger causes external debt while external debt does not granger cause the export of goods and services. Domestic debt has a statistically significant influence on exports of Nigeria, but a threshold exists for this to avoid the crowding-out effect and higher interest rate, which will influence exports negatively. Hence, for Nigeria as a nation to maintain the sustainability of its domestic debt in relation to exports, there is an existence of a maximum threshold limit of ₦6,538 billion, while external debt should be below ₦3,178 billion.
The 21st century have seen the rise in the use of information and communication technology. This technology had overtime facilitated the growth of social media for ease of socializing and networking. Companies like Amazon, Alibaba among others leverage on e-commerce, integrating social media to provide product and services all over the world. In Nigeria, the likes of Jumia, Konga among others leverage on the social media space to market their product and services along with their website and mobile applications enabled by technology. With the huge number of people adopting the use of social media, it is critical to investigate how social media have impacted financial performance of Small and Medium Enterprises (SMEs) in Nigeria. With the use of ANOVA, Chi-square, the study analyzes responses from 566 respondents based on cleaned data obtained from Research ICT Africa Survey (RIAS) survey data published in 2019. Theoretically, the study is anchored on the social network theory. Evidence suggested that social media have contributed immensely to the growth of SMEs in Nigeria, helped in customer engagement and retention and also facilitate advertisement of goods and services. Evidence also suggested a significant relationship between social media advertisement and financial performance among SMEs in Nigeria.
This study examines the dynamic relationship between budget deficit (BD) and inflation rate (INF) in Nigeria using secondary data extracted from the CBN statistical bulletin. Control variables included are real gross domestic product (RGDP), real interest rate (INTR), exchange rate (EXCHR) and private investment (INV). After obtaining a mixture of I(0) and I(1) variables from the unit root test, the study conducted a co-integration test using the ARDL approach. The results indicate that only RGDP and INTR have significant relationship with INF in the long-run. Budget deficit has no significant influence on inflation both in the long-run and in the short-run. This study concludes that budget deficit cannot be criticized based on its ability to induce inflation and recommends that inflation impact should be given low wait in evaluating budget deficit decisions.
Small and Medium-sized Enterprises (SMEs) have been the subject of increasing attention by policymakers in national governments and international institutions in both developed and developing countries. This article focuses on the determinant of small and medium scale enterprises, poverty and economic growth in Nigeria. Secondary data were tested for unit root. Correlation analysis, Autoregressive Distributed Lag model were adopted to test for the objectives of this study. Results of analyses indicated that the major significant determinants of the growth rate of SMEs in Nigeria were bank loan to SMEs at two previous years, government expenditure to SMEs at previous year and three years after for interest rate. The findings also indicated that bank loan to SME, government expenditure and interest rate were also the determinants of real gross domestic product growth (RGDPG) with respect to the years under study. Results of ARDL also showed that SMEs contribution to gross domestic growth, bank loan to SMEs and government expenditure were all significant and exerted dominant impact on poverty level. Furthermore, results revealed a unidirectional causality between economic growth and poverty, between SME growth and poverty, and between SME growth and economic growth. The study therefore recommends the setting up of enterprise development agencies in every state of the federation to serve as coordinating unit that will help business enterprises as well as reduce unemployment, poverty and its attendant effect on economic growth.
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