This study investigates the effect of Nigeria’s domestic public debt on economic development of Nigeria spanning from 1981-2018. This is in response to the doubts being raised in some quarters as to whether the continuous increase in domestic debt over the years has led to the economic development of Nigeria as the former has been known to influence the later if well harnessed and executed. The secondary data used in the study were sourced from Central Bank of Nigeria Statistical Bulletin, Debt Management Office of Nigeria, World Bank Development Indicators and United Nations Development Program. The study made use of Ordinary Least Square Regression tools to determine the statistical relationship between Nigeria’s domestic public debt profile and Human Development Index as well as private sector investment. The outcome of study in the first model showed that domestic debt servicing and state governments’ domestic debts are significantly related to economic development. On the other hand, Federal domestic debt and State domestic debt are significantly related to private sector investment. The study therefore recommends that government should be cautious in her domestic borrowing policy given that servicing debt always becomes a burden to the sustainability of economic gains, in addition to its tendency of crowding-out private sector investment in Nigeria.

This study investigates the impact of exchange rate volatilities on international trade in Nigeria. The research is carried under the assumption that exchange rate volatilities are deemed to impact on the volume of export and import trading activities. The study made use of Secondary data from 1996 to 2018. Econometric tools were used to ascertain relationships. The paper established a mixed result between the variables under review. While some of the tests did not provide adequate and predictive information on the relationship between exports, imports and real effective exchange rate, others did. The VAR model estimates indicate an inverse relationship between Export, Import and REER in current periods. A unit increase in export and import in a particular year leads to about 0.9% and 0.4% decrease in REER respectively. Variance decomposition analysis suggests that the shocks partially explain fluctuations in REER, as well as exports and imports. The Impulse response analysis indicates a negative association between export and real effective exchange rate while it was majorly positive for imports throughout the ten periods. The causal effect reveals that import causes exports but that exports do not granger cause imports. The ARCH modelling approach suggests the existence of a first-order Arch effect and a significant GARCH term. Though the Coefficient of GARCH in a mean term is negative; it produced a singular covariance which by itself is not unique. Results show evidence of volatility of REER clustering on import and export trading activities in Nigeria. This could have serious implications for growth in Nigeria, as a reduction in the growth of exports could reduce the foreign exchange earnings available for the financing of developmental projects. At the same time, a decline in imports could affect domestic production and consumption. It could also impinge negatively on the balance of payment positions for Nigeria. In line with these observations, monetary and fiscal interventions are required to mitigate the adverse effects since financial shocks often exacerbate exchange rate volatilities.

This study is set to ascertain the relationship between the use of e-payment products and the value of currency in circulation in Nigeria. An ex-post facto research design was adopted in the investigation. A least square regression analysis was carried out on a time-series data. The objective was to ascertain relationships between the variables, whether positive or negative and to determine its significance. The outcome of the study indicates that only REMITA and WEBPAY have an inverse but significant negative relationship with currency in circulation in Nigeria. At the same time, the use of ATM and POS maintained a positive and significant relationship. This isn’t surprising considering ATM and POS machines are verified sources of cash withdrawals in Nigeria. Presently, due to the relatively low use of e-payment products, their influence on monetary policy has been insignificant. The Central bank of Nigeria has not recorded a decrease in currency in circulation followed by an increase in the use of e-payment products; instead, it is recorded that between 2009 and 2018, the value of currency in circulation grew by about 97.18%. It is important to stress the fact that any innovation takes time to mature and become accepted in the market. It might be too soon to complain. We ought to expect that in the future, e-money products could be made more acceptable as regular payment instruments. Following this, their influence on monetary policy could be increased. This depends on the extent to which it will substitute the currency in circulation. This means that a developing nation like Nigeria needs to monitor the trend of development of e-money on the market and the increasing degree of use by institutions and clients. Lastly, the regulatory authorities need to develop the capacity to manage an e-money driven economy more closely and more carefully.

This study examined the effect of federal government revenue and expenditure on the economic growth of Nigeria for the period 1983 to 2018. Prior to now many studies have been completed on the subject matter and yet there doesn't seem to be a consensus of opinion amongst the different researchers on the relationship between revenue and expenditure interface in Nigeria. This could be ascribed to the different approaches gies set forward to clarify the relationship; thus warranting the need for this research .The investigation embraced an ex-post facto research design to produce test results via Bounds test, ARDL short/long run estimates and to make forecasts. The full scale economic factors used in the study includes Real Gross domestic product (proxy for economic growth), federal government retained revenue, non-oil revenue, capital expenditure and recurrent expenditure. We chose to be different in this study with a conscious omission of oil revenue as a variable of study. Findings of the research showed that federal government retained revenue; non-oil revenue and recurrent expenditure were statistically significant in explaining the relationship with economic growth in the short run; while capital expenditure was not at 5% Alpha level. Federal government retained revenue was also found to be statistically significant in the long run. On the basis of these findings, it was concluded that the influential growth variables are federal government retained revenue; non-oil revenue and recurrent expenditure. The researchers thus recommend that government should be tactful in her efforts at fiscal policy synchronization. There is need to monitor Nigeria’s expenditure pattern, increase in revenue and a consequent increase in governments retained revenue. This will make for an effective adjustment in the utilization of capital expenditures and to assist with raising the level of economic growth in Nigeria

This study is necessitated for the reason that global oil price shocks are bound to affect the pace of economic growth in Nigeria. Given that Nigeria is a net oil-exporting country makes it particularly vulnerable to oil price fluctuations. The study made use of secondary data covering the period from 1990 to 2019. While the Augmented Dickey-Fuller unit root test was used for preliminary analysis; ordinary least square (OLS) regression analysis was used for short-run estimates. A combination of Johansen Co-integration test, Vector Auto Regression analysis, Granger causality test, Variance Decomposition, Impulse Response tests and the ARCH/ GARCH modelling techniques were used for long run estimation All the tests helped to confirm the integrity of our models. The findings of the study indicate that, in the short run, there was sufficient evidence to show that oil price changes have a significant effect on economic growth. For the long run test, the Trace statistics and Max Eigenvalue tests point to a case of non-integration. At a ten year horizon, 71.31% of the variance in economic growth is explained by shocks; while the balance of 28.69% was accounted for by the changes in the global price of crude oil. In other words, the growth of the Nigerian economy has to do with the economy itself and to some extent, fluctuations or instability associated with the global prices of oil shocks. The ARCH/GARCH analysis indicates that there exists a first-order ARCH effect and that the GARCH in mean term was also significant. Succinctly put, the above results suggest that though erratic, there is evidence of volatility clustering of oil price on economic growth in Nigeria. The study, therefore, recommends that Nigeria splay down on the continued dominance of primary production and export and low-value addition. There is a need for a paradigm shift. Nigeria’s economic growth should be driven by a diversified production structure, essentially driven by growth in manufacturing as it would increase job offer, raise productivity and incomes. Otherwise, the Nigerian economy will remain trepid, fragile and susceptible to shocks emanating from global oil price fluctuations. Poverty is likely to persist in Nigeria without a robust manufacturing sector where innovation and technology would improve value addition and raise productivity. Lastly, since an average economy is cyclical, whence the Nigerian economy can pull through the present economic recession occasioned by the Coronavirus pandemic, she must learn to save for the rainy day. Nigeria should draw lessons from history and from past mistakes in order to avert the vagaries associated with oil price volatilities and consequent budget alignment and re-alignments.