...Information and Communication Technologies in the Nigerian Economy Peter Agada University of Ilorin Most developing nations have embarked on various reforms that foster the use of ICTs in their economies. These reforms tend to yield little or minimal benefits to economic growth and development, especially when compared with the developed countries of the world. Technological advancement is known to impact fast rate of economic development. In Nigeria, policy on adoption of Information and Communication Technologies was initiated in 1999, when the civilian regime came into power of government. The operations of the licensed telecommunication service providers in the country has created some well-felt macroeconomic effects in terms of job creation, faster delivery services, reduced transport costs, greater security and higher national output. This study intends to investigate the emerging roles of ICTs on Nigerian economy, and to evaluate the factors that influence the decisions of investors in the Nigerian telecommunications sector. Ordinary Least Square Method of Regression for the period 1999 – 2004, shall be employed. This period is considered appropriate in that, it was the time that policy on ICTs was adopted. The paucity of data prior to this time also poses restriction on meaningful econometric analysis. Significant and positive relationship between ICTs and economic growth is expected as...
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...On OKECHUKWU DIYOKE DIOKC81 | 1 INTRODUCTION An economy refers to the full network of distributers, producers and consumers of goods and services within local, regional or national communities. Globalization refers to the process of the increase in economic, political, social and ethnic relations across international boundaries. Globalization is aimed primarily at the constant theories that shape the political and socioeconomic development of nations across the globe. It looks at the continued increase in the collapse of trade barriers and increased world trade and integration; globalization can be seen as an extension that regularly restructures the way nations interact amongst themselves by breaking down their individual barriers in areas of culture, commerce, finance, communication, and several other fields of struggle. This on-going change can be seen from its thrust of legitimate governance, liberal democracy, gender equality, environmental stability, and free market economy among other aggregate values for people of the member states. Globalization creates a compelling inclination for the systematic development in the modern world today as a result of the problems it poses to the states in the form of challenges. This essay looks at the definition of globalisation, the concept of the process of globalization, and how it affects the Nigerian economy. OKECHUKWU DIYOKE DIOKC81 | 22/08/11 2 THE CONCEPT OF GLOBALISATION Many theories have been put forward...
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...Ibrahim CLASS: SS 3A SUBJECT: Economics Topic: The Effect of subsidy in Nigeria Economy THE EFFECTS OF SUBSIDY IN NIGERIA ECONOMY. DEFINATION A subsidy is an assistance paid to a business or economic sector. Most subsidies are made by the government to producers or distributed as subventions in an industry to prevent the decline of that industry (e.g., as a result of continuous unprofitable operations) or an increase in the prices of its products or simply to encourage it to hire more labor (as in the case of a wage subsidy). Examples are subsidies to encourage the sale of exports; subsidies on some foods to keep down the cost of living, especially in urban areas; and subsidies to encourage the expansion of farm production and achieve self-reliance in food production.[1] EFFECTS OF SUBSIDY REMOVAL In a country of power instability the removal of fuel subsidy has triggered double in the price of fuel . 1. increased price of fuel and other petroleum product 2. increase in transport fares 3. increased price of food products. The Lagos Chamber of Commerce and Industry (LCCI) has listed some of the adverse effects of the Federal Government's recent policy to deregulate the nation's downstream oil sector LCCI, in a statement, said the policy has led to fresh inflationary pressures resulting from sharp increases in transportation cost, high inflationary expectations across all sectors of the economy, and a devastating impact on the psyche of the common people as the new policy...
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...Extra Credit Assignment – The Implications of Fuel Subsidy to Nigerian Economy Babandi Ibrahim Gumel Doctor of Business Administration California Southern University Mike Ewald, PhD November 2015 Introduction This paper would discuss the implications of fuel subsidy in the Nigerian economy. It is a position paper as an extra credit assignment for ECO 87501 for DBA course at California Southern University. The paper would review what subsidy is, the reason for subsidizing petroleum product in Nigeria, challenges the Nigerian economy is facing because of subsidizing petroleum products, and the crisis the country is facing because of subsidy. Analysis According to the dictionary of Investopedia, “subsidy is a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy is given to remove some burden and is often considered to be in the interest of the public. Politics plays an important part in subsidization. In general, the left is more for having subsidized industries, while the right feels that industry should stand on its own without public funds” (Investopedia, 2015, p. 1). The above definition clearly indicates that the subsidy is a kind of free money in whatever form given to the public by Government. It is worth noting that the definition highlighted that politics plays a role in subsidy, and politicians on the left, (e.g. in U. S. the Democrats) favor subsidy. The Merriam-webmaster dictionary defines...
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...The impact of value added tax in Nigeria is that of a coin, what I mean by that is that it has two sides, both negative and positive,on the side of government, it has tremendiously increased the revenue earnings as opposed to the normal system before the advent of the (vat), it has reduced the incidence of tax invasion as many people who hitherto used to avoid vat has been paying as it is indirect form of tax system. Many goods that people purchase these days has tax tag sometimes unknowingly by them. VALUE ADDED TAX (VAT): This was introduced by the VAT decree No. 2 of 1993, to replace the old sales tax. It is a consumption tax levied at each stage of the consumption chain, and is borne by the final consumer. It requires a taxable person upon registering with the Federal Board of Inland Revenue to charge and collect VAT at a flat rate of 5% (recently increased to 10%) of all invoiced amounts of taxable goods and services. VAT paid by a business on purchases is known as input tax, which is recovered from VAT charged on company's sales, known as output tax. If output exceeds input in any particular month the excess is remitted to the Federal Board Of Inland Revenue (FBIR) but where input exceeds output the taxpayer is entitled to a refund of the excess from FBIR though in practice this is not always possible. A Taxpayer however has the option of recovering excess input from excess output of a subsequent period. It should be stated at this point that recoverable input is...
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...A Paper titled “Global Socio-Economic Crisis and Crime Control Policies: Regional and National Comparison” presented to the International Society for Criminology (ISC) during the 2011 Kobe, Japan 16th World Congress of ISC held between August 5 -9, 2011 in Japan. By Nwokwu Mathew A delegate from Federal Republic of Nigeria National Open University of Nigeria (NOUN) Department of Criminology and Security Studies Special Study Centre for the Nigerian Navy, Apapa Lagos Nigeria West African Sub-Region. Your Excellency: The President of the International Society of Criminology (ISC) The Organizing Committee and Local Arrangement Committee The Japan Federation of Criminological Associations (JFCA), The Cooperating Organizations and Other Assistants, whose efforts have made this event a success, Officials from the United Nations and Council of Europe present; Criminologists all over the world present; Let me also acknowledge the presence of my brother, my father, my friend, mentor and my sponsor, Dr. Boniface Afifia-Oru, who is one of the frontiers of Socio-Economic development in Africa, the author of ‘Dynamics of Credit Economic System in Africa, a technocrat, Sir, you are now a kinsman of International Society for Criminology, Ladies and Gentlemen. It is great to come to the original abode of immortal beings. As a young man I am very curious to read about the legend that in 219 BC, Emperor Shih Huang-Ti sent 3,000 young boys and girls to your Island to bring back the herb of...
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...6007/IJARBSS/v4-i8/1092 Abstract The study analyzed the impact of foreign direct investment on Nigeria economic growth over the period of 1999- 2013. The main type of data used in this study is secondary; sourced from various publications of Central Bank of Nigeria, such as; Statistical Bulletin, Annual Reports and Statement of Accounts. The regression analysis of the ordinary least square (OLS) is the estimation technique that is being employed in this study to determine the relationship between and impact of the Direct Foreign Investment on economic growth. The findings revealed that economic growth is directly related to inflow of foreign direct investment and it is also statistical significant at 5% level which implies that a good performance of the economy is a positive signal for inflow of foreign direct investment. This implies that foreign direct investment is an engine of economic growth. The paper recommended that government should liberalize the foreign sector in Nigeria so that all barriers to trade such as arbitrary tariffs; import and export duties and other levies should be reduced so as to encourage investors. Key words: Foreign Direct Investment, Economic Growth, OLS, CBN, Nigeria Introduction Foreign direct investment (FDI) is a direct investment into production or business in a country by an individual or...
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...Because of having large population and growing economy, Nigeria is often cited as the Giant of Africa. Being at the frontline of African development, Nigeria is blessed with a rich blend of tropical rainforests, sea-beaches and beloved river Niger. That’s why a good number of people visit Nigeria every year in order to have a good time here. If you are not a Nigerian and you want to visit Nigeria as a traveler or for doing business, you will require a Visa for that though Nigeria offers Visa-free travelling for some of the countries. This privilege is only for the Citizens of Economic of West African States (ECOWAS). Excluding the citizens of these countries, all visitors are advised to apply and obtain proper visas from the nearest Nigerian Mission - Embassy, High Commission or Consulate prior to get entrance into Nigeria. Please note here that Nigeria doesn’t offer visa upon arrival, which means visas can’t be issued at the port of entry. Here goes a brief about two major types of visas that have the most demand: 1. Tourist and Visitors' Visas To whom it may concern: • Visitors who want to visit Nigeria only for tourism. • Any person wishing to visit his/her family members. Prerequisites for issuing tourist visa: • Valid national passport with a validity period of 6 months at least at the time of travel. • Printed copy of a completed Online Visa Application Form with one passport size photograph attached and a copy of Payment Confirmation page. • Letter of invitation...
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...clearance of cargo from the ports has in recent times altered this process creating all sorts of bottlenecks. This has caused a negative set up to the roles of the ports from the traditional transit point of cargo to that of warehousing facilities (Ajala, 2001). The global maritime industry is inclined on the movement of cargo from one port to another. He said that the bulk of world trade owes its success to the efficiency or otherwise of the maritime industry which is arguably the most ancient yet effective means of trade (Autry, 2001). In this global trade, the ports play the most significant roles as the point of entry for cargoes. It will therefore be appropriate to describe the ports as the center point of world trade (Awoletu, 2000) Nigerian seaports are perhaps one of the very few in the world that are majorly service ports. The port industry has over the year been responsible for over 90% of the physical carriage of Nigeria's external trade (Badejo, 2002). The importance of this mode of transportation derives not only from its fundamental overriding economics and untapped marketing, but also from the lack of a more efficient alternative to maritime transport in the carriage of the nation's bulky external trade items. Apapa port, which is the focus of this write-up, is Nigeria's most important and largest port. It contains a number of wharfs and ranges of commodities are handled at this port. These include: Wheat, Cement, Oil and Petroleum products, Fish, Dry Cargo and general...
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...programmes as the National Directorate of Employment (NDE) which is a graduate assistance scheme aimed at helping young school leavers to acquire necessary skills and funds that will help them to start their own business, other programmes with such mission include the people bank, Family Economic Advancement Programme (FEAP) and Nigerian Association of Small-scale Industrialists (NASSI). The entrepreneur and his activities forms an integral part in the development of our economy. At this point, it becomes pertinent to define who is an entrepreneur and why we are having an insight into his plight to actualize the aims and objectives of its existence. Nwana, L.E. (1995:32) defined an entrepreneur as an individual who is willing and able to take business risks for gainful purpose”. Despite the aspirations of many, only a few people in this country and indeed Enugu our place of concentration has carried out their intention of having business established by them. Studies have been shown that 90% of these who seriously decided to incorporate a company five or more years ago have not yet done so. In Enugu state our emphasis will concentrate on the Nigerian Association of Small-Scale Industrialists (NASSI) Enugu State chapter, formed in 1978 owing to the creation of Enugu State in 1991, the Enugu office was established, to represent the organized small-scale industrialists in the state, thus...
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...Economic Benefits from Air Transport in Nigeria Nigeria country report Acknowledgements Oxford Economics gratefully acknowledge the help that we received from the International Air Transport Association (IATA) in preparation of this report. Through a survey conducted by IATA many organisations across the aviation industry supplied us with data that has formed an integral part of our analysis. In addition, the Airports Council International (ACI) very kindly provided us data on the economic activities at airports. We would like to thank all these organisations for their generosity in supplying this data, without which this report could not have been written. A note on the data reported in the report Unless otherwise stated, the numbers reported in this report relate to the calendar year 2010. Oxford Economics 2012 v1.1 2 Nigeria country report Contents Facts & figures.......................................................................................... 4 1 1.1 1.2 Consumer benefits for passengers and shippers ......................... 7 Consumer benefits ..................................................................................... 7 Estimated consumer benefits ..................................................................... 8 2 2.1 2.2 2.3 Enabling long-term economic growth............................................ 9 Connectivity and the cost of air transport services .................................... 9 How aviation...
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...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of...
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...Firstly, since independence in 1960, the Nigerian political system has been volatile, there have been 7 military coups, and this has made the investment climate unattractive because the nation appears insecure for the foreign investor. Secondly, they are too many arbitrary and sudden changes in government policies and regulations which have led to a great deal of uncertainty. Foreign banks are scared from funding any project with a long gestation period. With this fear, most of these banks are now turning to major cash centres, that is, they are basically involved in deposits and disbursement of funds without getting involved in long term project financing. Thirdly corruption is endemic and has spread to every facet of the economy. It is widely prevalent in many government and public agencies and foreign banks believe that business operations may come to a halt if they is “no greasing of palms’’ Another major finding is that of weak legal system, the legal system has also has had its shortfall arising from the executive meddling in their affairs. Those who contravened the laws are not easily brought to book, those involved in trade malpractice or breach of contractual agreements are not properly prosecuted to serve as a deterrent to others. Based on these, most foreign banks tend to be worried about validity and enforcement of contractual agreements. Foreign banks require healthy private sector that can earn reasonable rate of return in a stable economic environment, that...
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...INTRODUCTION This article overviews the growth and development of the Nigerian economy from inde pendence to present times. Specifically, the following periods are discussed: the pro-oil boom decade (1960-70); the period of the oil boom (1971 1977); the period of stabilisation and structural adjustment (1986 - 1993) and the period of guided deregulation (1994 -1998). GENERAL PERFORMANCE OF THE ECONOMY The Nigerian economy has had a truncated history. In the period 1960-70, the Gross Domestic Product (GDP) recorded 3.1 per cent growth annually. During the oil boom era, roughly 1970-78, QDP grew positively by 6.2 per cent annually - a remarkable growth. However, in the 1980s, GDP had negative growth rates. In the period 1988-1997 which con stitutes the period of structural adjustment and eco nomic liberalisation, the QDP responded to economic adjustment policies and grew at a positive rate of 4.0. In the years after independence, indus try and manufacturing sectors had positive growth rates except for the period 1980-1988 where indus try and manufacturing grew negatively by - 3.2 per cent and - 2.9 per cent respectively. The growth of agriculture for the periods 1960-70 and 1970-78 was unsatisfactory. In the early 1960s, the agricul tural sector suffered from low commodity prices while the oil boom contributed to the negative growth of agriculture in the 1970s. The boom in the oil sector lured labour away from the rural sector to urban centres. The contribution of agriculture...
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...Photos Events Contact The Task of Implementing Strategic Development Plans in Nigeria By Salisu B. Haiba [pic]61 [pic]15 [pic]31 [pic]0 [pic]0 [pic] There is no doubt that the Nigerian Government has carefully set a plan to become one of the 20 largest economies of the world by the year 2020. Tagged vision 20:2020, the plan seeks to mobilize and coordinate human and financial resources towards providing accelerated human security, economic growth and social development. While opinions may vary regarding the nation’s ability to achieve this goal, statistics so far indicate that it is achievable if political will is sustained. For instance, in 2009, Nigeria ranked 44th in global GDP index, but two years after, it climbed five steps to 39th largest economy in the world. A year later, Nigeria climbed two more steps by finishing 37th position. It is expected that the numbers for last year, when computed, would take Nigeria closer to her vision, given the stability and high growth recorded in the year. The present administration’s Transformation Agenda remains a critical catalyst for achieving this national vision. It is common knowledge that the National Planning Commission has progressively spearheaded Nigeria’s return to strategic development planning after about three decades drift of the economy in no clear direction, especially under military rule. To ensure effective implementation of the Government’s Development Agenda: National Vision 20:2020, First National Implementation...
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