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Bibiana njogo

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I hold a Doctor of Philosophy (Ph.D) in Finance and Banking from the University of Nigeria, Nsukka. I hold a Master’s Degree (M.Sc) and Bachelors Degree (B.Sc) both in Finance. Before I entered into Academics, I worked with a merchant Bank as a fund manager and a commercial Bank as a cash officer in a branch. I have been lecturing Finance, Banking and Accounting for the past fifteen years. I am an articulate, ambitious and confident person with a sound and optimistic outlook on all things in life. I possess an excellent skill in lecturing and I have an excellent ability to write good quality content since more than twenty of my articles have been published in international journals.

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Papers by Bibiana njogo

Impact of Capital Structure on Financial Performance of Firms in the Nigerian Health Care Sector

Deleted Journal, Jun 3, 2024

This study aims to explore how the capital structure affects the financial performance of healthc... more This study aims to explore how the capital structure affects the financial performance of healthcare companies listed on the Nigerian Stock Exchange (NSE) from 2012 to 2021. Capital structure which considers how a company combines its mix of equity and debt in financing its business is important to its overall operations and growth. To conduct this research, eight healthcare firms listed on the NSE were deliberately chosen. The study examined the financial data of various firms, through their annual reports. The data included short-term and long-term debts, equity (the value of a company's shares), return on equity, and size. The study used correlation and regression for its analysis. The results showed that short-term debt, long-term debt, and equity had a negative but significant relationship with return on equity. However, the size of the company had a positive and significant relationship with return on equity. Based on the findings, the study recommends that healthcare firms should consider using long-term debts to increase the time to repay the borrowed capital and generate more profit.

Performances of the Industrial, Oil and Gas and the Insurance Sectors in Nigeria – A Correlational Analysis

Journal of economics and sustainable development, 2016

This paper comparatively examines the performances of Nigeria’s Oil and Gas, Insurance and the In... more This paper comparatively examines the performances of Nigeria’s Oil and Gas, Insurance and the Industrial Sectors using their Market Capitalization for a period of 2009-2015 sourced from the Nigerian Stock Exchange. Augmented Dickey-Fuller Test was used to ensure the stationarity of the distribution by means of differencing, ANOVA for the analysis of variances while Pearson Correlation was employed to empirically establish the direction and strength of relationships between sectors’ performances. Findings showed that the industrial sector’s market capitalization consistently reduces as that of the oil and gas sector increases, given a significant strong negative correlation coefficient of -0.738 for the relationship between them. As trend analysis also showed that the performances of the oil and gas sector has been declining since the latter years under review (2014/2015), the paper recommended economic diversification through development of other sectors, particularly the industria...

Capital Asset Pricing Model: Evidence from the Nigerian Stock Exchange

International Journal of English Literature and Social Sciences, 2017

This paper critically examines the effect of capital asset pricing model (CAPM) for the Nigerian ... more This paper critically examines the effect of capital asset pricing model (CAPM) for the Nigerian stock exchange using monthly stock values of 20 listed firms for the period of ten years (January 2006-December 2015) covering the periods and the aftermath of the 2008/2009 global economic crisis. In order to enhance the precision of the beta estimates and reduce the statistical problems that arise from measurement errors in individual beta estimates, the securities were combined into portfolios. This study employed simple ordinary least square (OLS) regression technique and found no conclusive evidence for the application of capital asset pricing model (CAPM) in the Nigerian Stock Exchange.

Impact of Nigerian Financial Markets on the Economic Growth

This paper examines the impact of capital market on economic growth in Nigeria. This study used a... more This paper examines the impact of capital market on economic growth in Nigeria. This study used a multiple regression analysis to compute the annual time series variables. Some of these variables are; Annual Market capitalization, the real gross Domestic Product (GDP), and the market Turnover â€“ covering a period of 22 years, that is from 1989 â€“ 2009. The study utilized data from secondary sources. The findings in this paper show that capital market turnover contributed positively to economic growth which implies that capital market contributed a lot to economic growth in Nigeria. As the results suggests, it becomes beneficial for Nigeria to develop the capital market and to also work on some impediments that hinders the market like tax, legal and regulatory barriers. This would improve the trading system and also increase the ease with which investors purchase and sell shares.

Do Digital Payment Platforms’ Activities affect Corruption? Evidence from Panel of West African Countries

Jurnal Ilmu Sosial, Manajemen, Akuntansi dan Bisnis

The study examines whether the digital payment platforms (ATM, POS, Mobile and Online platforms) ... more The study examines whether the digital payment platforms (ATM, POS, Mobile and Online platforms) affects the level of corruption in selected West African countries. A standard panel data models such as pooled Least Square, random effect and system GMM were adopted to generate the estimators. The findings suggest that the operation of ATM has been deterrent to corruption level in selected West African Countries. This is evidence with the negative effects observed in both the individual and interaction models. The point of sale (POS), Mobile and Online medium of electronic payments have increasing effects on corruption. This is proofed, given the positive signals seen in both the individual and interaction models. The paper further test for robustness through model re-specification and changes in estimation technique and thus, reveals that the coefficients are consistent to model re-specification and advanced estimation procedure. Hence, digital payment platforms significantly influen...

Bond Market Development and Economic Growth in Nigeria (1982-2014). A Gmm Approach

Research Journal of Finance and Accounting, 2016

There has beenan upsurge in bond market trading in Nigeria since the advent of civilian rule.Howe... more There has beenan upsurge in bond market trading in Nigeria since the advent of civilian rule.However, there are concerns over whether or not bond market trading have anysignificant effect on the Nigerian economy. This study sought to: (i(i) toanalyze the impact of Bond market development on the economic growth of Nigeria (ii) ascertain the direction of causalitybetween bond market development and economic growth in Nigeria. Annual timeseries data were sourced from Central Bank of Nigeria Statistical Bulletinvarious issue and World Development Indicators (WDI) (2014) edition of theWorld Bank for the period 1982-2014. We employed both Generalized Method ofMoment (GMM-IV) Instrumental variables estimator and Granger Causality Test toexamine relationship between bond market development and economic growth inNigeria. Result from the study revealed that bond market bond market havepositive but statistically insignificant effect on economic growth in Nigeria(β= 0.0148; t = 0.4106). It was...

Volatility Risk-Pricing and Stock Returns In Emerging Market: Evidence from Nigeria

The Effect of Consumer Behaviour and Attitudinal Tendencies Towards Purchase Decision : A Case Study Of Unilever Nigeria Plc , Cadbury Nigeria Plc , United African Companies Plc

Oman Chapter of Arabian Journal of Business and Management Review, 2012

Everybody is motivated by needs and wants. Needs are the basic forces that motivates a person to ... more Everybody is motivated by needs and wants. Needs are the basic forces that motivates a person to do something, while Wants are 'needs' that are learned during a person's life. This study's main objective is to examine the effect of consumer behaviour and attitudinal tendencies towards purchase decision using Unilever Nigeria plc , Cadbury Nigeria plc, United African companies plc as case studies. The researcher used tables and percentages for presentation, scoring and analysis of data. The hypotheses were analyzed with the help of chi-square.(x 2). It was gathered through the study that the life cycle in a product influence purchase to very much extent and that in some cases there is joint purchase decision in individuals and groups. Similarly the research disclosed that education as has a part towards determining purchase in any individual or group.

Trade Openness and its Effect on the Nigerian Economy ( 1970 - 2010 )

Oman Chapter of Arabian Journal of Business and Management Review, 2012

Foreign trade plays a vital role in estimating economic and social attributes of countries around... more Foreign trade plays a vital role in estimating economic and social attributes of countries around the world. The workings of an economy in terms of growth rate and per-capita income have been based on the domestic production and consumption activities and in conjunction with foreign transactions of goods and services. The study focuses on the workings of trade openness on the Nigerian economy. In carrying out this objectives, linear multiple regression analysis was used in assessing various components of trade openness. Ordinary Least Square, (OLS) techniques was used as a statistical tool to achieve these objectives. Data used in this study were extracted from CBN statistical bulletin. From the study findings, export, import, and the degree of openness are all positively related to output (proxy by GDP) by 10% r and adjusted R 2 of 0.83 from the period of 1970-2010. From the unit root test, it is see that, all the variables are integrated of order zero. This suggests a long run relationship between the variables. We can also infer from the Engle-Granger Co-integration test that the variables are co-integrated considering the probability values which are all greater than the 5% significance level. The estimated model used in this research work implies that a unit increase in Import and Trade Openness will increase Real Gross Domestic Product by 0.023006 and 29166.11 units respectively. Thus, indicating a positive relationship between Import, Trade Openness and economic growth. Also, Export, Import and Trade Openness contribute about 83% to the total variation in Real Gross Domestic Product in the Nigerian economy. The research findings show that economies grow faster when they are open to international competition. With this, it could be said that, openness to trade is very vital to the Nigerian economy. And so policies that will make export trade more favourably to the Nigerian economy should be encouraged by trade policies arm of the economy.

THE RELATIONSHIP BETWEEN STOCK RETURNS AND INFLATION RATES IN NIGERIA FROM 1995 to 2014

This study focused on determining the relationship between inflation rate and stock returns using... more This study focused on determining the relationship between inflation rate and stock returns using the Consumer Price Index and the All Share Index on the Nigerian Stock Exchange covering the period 1995 to 2014. The data were analyzed for evidence of co-integration and causality using Error Correction and Granger co-integration model. The Pearson Correlation result shows that, there is significant negative relationship between stock returns and inflation rates in Nigeria. Augmented Dickey Fuller result shows that the series are non-stationary in their level form and are integrated of order one. Johansen co-integration test result shows evidence of co-integration implying that there is a long run relationship between stock market returns and inflation rates in Nigeria. Furthermore, there is significant negative impact of inflation ©Author(s) Licensed under Creative Common Page 510 rates on stock market returns in Nigeria. The pair-wise Granger causality test shows that there is a str...

Foreign Portfolio Investment and Capital Market Development in Nigeria

Caleb International Journal of Development Studies

The poor performance of Nigeria’s stock market is a source of concern and has generated contentio... more The poor performance of Nigeria’s stock market is a source of concern and has generated contentious debates among the stakeholders in the Nigerian Stock Exchange Market (NSE). This study investigates the impact of foreign portfolio investment on the performance of the stock market in Nigeria for the period of 30years (1989-2018). Secondary and time-series data were used and the variables such as; stock market capitalization proxy for capital market performance, portfolio investment, exchange rate and inflation rate were sourced from the Central Bank of Nigeria (CBN) statistical bulletin, 2019 To avoid spurious results, unit-root test and regression analysis were used as the tools of data analysis. Findings show that all the predictors have no significant impact on stock market capitalization except the exchange rate that is statistically significant at 5% critical value. However, the f-statistic results (18.83660) indicate that the combine variables have a significant impact on stoc...

FDI Determinants In Pre And Deregulated Nigerian Economy

Nigeria is an investment haven with a population of over 160 million people and endowed with natu... more Nigeria is an investment haven with a population of over 160 million people and endowed with natural resources. A country with large expanse of arable land and blessed with good weather. It runs a consistent democratic government and very friendly investment policy. The transformation agenda of the current government has opened up the place and attracted both domestic and foreign investment. There are still lots of investment opportunities in the area of Oil, Gas, Electricity, Mining, Agriculture, Construction, Aviation, Rail, Banking, Insurance, Education, Health, Information Technology, Telecommunications, etc. The government of the day is putting adequate security in place to make Nigeria the investment hub of Africa. The book is a must read for Investors, Researchers, University teachers, and any other category of persons who are interested in trying to find out what is needed to know about what may determine your investing in Nigeria.

The Effect of Electricity Supply on Industrial Production Within The Nigerian Economy (1970 – 2010)

There are apparently links between a sustained economic growth and electricity in an economy. In ... more There are apparently links between a sustained economic growth and electricity in an economy. In this study, we employ a multiple regression model to examine the effect of electricity supply on economic development and likewise the effect of electricity supply on industrial development. The result of the regression shows that, the electricity (ELEC), Gross fixed capital formation (GFCF), industrial production (INDU) variables and population have the positive sign. That is, they are positively related to RGDP Per capita. Turning to the Industrial production expenditure model, the electricity generation expenditure, gross fixed capital formation and population variables are positively related to GDP Percapita. As a way of facilitating the economic development, it is recommended that issues relating to electricity production and industrial development should be given priorities particularly in the budget scheme and because of this, substantial amount should be allocated to the electric...

Revamping The Government Budgeting System In Nigeria

Government Budget enables government, to set priorities and monitor progress towards selected goa... more Government Budget enables government, to set priorities and monitor progress towards selected goals. There are two basic elements of any Government budget. The two basic elements are the revenues and expenditure. Government revenues are derived primarily from taxes while Government expenditure includes spending on current goods and services, which economists call government consumption; government investment expenditures such as infrastructure investment or research expenditure; and transfer payments like unemployment or retirement benefits. A budget is said to be a failure when it is deficient; it is better when it is balanced; and it is best when it has a surplus. Unfortunately, Nigeria's Federal Budgets since 1997 (last time Nigeria recorded a budget surplus) had been in acute deficit. The Nigerian Budget needs total revamping and in doing this Government efforts should be geared towards Control, Auditing and Accountability in the public sector, Reduction in the cost of publ...

Foreign Direct investment Determinants in Pre and Deregulated Nigerian Economy

Corporate Earnings, Dividend Payment, and Share Price Movements of Deposit Money Banks in Nigeria

This study sought to examine the dynamic relationship between corporate earnings, dividend paymen... more This study sought to examine the dynamic relationship between corporate earnings, dividend payments and market prices of Nigerian deposit money banks’ shares. Time series and crosssectional data covering seven years (2009-2015) were sourced from the selected banks published annual reports and accounts. Using both panel data regressions and granger causality tests, the static and dynamic relationships amongst corporate earnings, dividend information and market prices of shares were examined. Results from the study revealed that both corporate earnings and dividend payout have positive and significant impact on market price of shares. It was also discovered that corporate earnings and dividend information granger cause market prices of Nigerian banks shares. It is therefore recommended amongst others that management of Nigerian banks should place emphasis on profitability in all their operations; design appropriate dividend policy that should maximize stock returns and above all depos...

Volatility Risk-Pricing and Stock Returns In Emerging Market: Evidence from Nigeria

Investors’ sentiment and stock trading in the Nigerian capital market

Caleb International Journal of Development Studies

This study examined the relationship between investors sentiment and stock trading for thirty lis... more This study examined the relationship between investors sentiment and stock trading for thirty listed firms in Nigeria, covering periods of 2015-2019. This study comes at a time when behavioral economics gains larger interest in investment decision. This school of thought dismisses the assertion of neoclassical economics that markets are efficient;, hence they cannot be beaten by consistently earning abnormal profits. Two research objectives were formulated for the study, which borders on determining whether investors’ sentiment affects stock trading of corporate firms in Nigeria, and whether investors’ sentiment affect trading stocks for industries in Nigeria differently. Data for the study were sourced from banking, manufacturing, and insurance sectors of the Nigerian Stock Exchange. Fixed effect regression was used to analyse the effect of investors’ sentiment on stock trading. The Analysis of Covariance was used to examine whether investors’ sentiment differently affect trading s...

Impact of equity and debt financing on financial performance of quoted manufacturing companies in Nigeria

Caleb International Journal of Development Studies

Empirical studies have shown that equity and debt financing is one of the important determinants ... more Empirical studies have shown that equity and debt financing is one of the important determinants affecting the performance of a company. This study sought to examine the impact of equity and debt financing on performance on quoted manufacturing companies in Nigeria using the Panel Fully Modified Least Square on secondary data on earnings per share, debt and equity covering the period 2010-2018. To increase earnings, findings show that equity positively influences earnings per share while a negative relationship exists between earnings per share and debt. The study recommends that firms should finance their company majorly with equity shares rather than debt. KEY WORDS: Corporate governance, Equity, Debt, Earnings per share, and Firm’s performance.

The Effect of Electricity Supply on Industrial Production Within The Nigerian Economy (1970 – 2010)

Journal of Energy Technologies and Policy, 2013

There are apparently links between a sustained economic growth and electricity in an economy. In ... more There are apparently links between a sustained economic growth and electricity in an economy. In this study, we employ a multiple regression model to examine the effect of electricity supply on economic development and likewise the effect of electricity supply on industrial development. The result of the regression shows that, the electricity (ELEC), Gross fixed capital formation (GFCF), industrial production (INDU) variables and population have the positive sign. That is, they are positively related to RGDP Per capita. Turning to the Industrial production expenditure model, the electricity generation expenditure, gross fixed capital formation and population variables are positively related to GDP Percapita. As a way of facilitating the economic development, it is recommended that issues relating to electricity production and industrial development should be given priorities particularly in the budget scheme and because of this, substantial amount should be allocated to the electricity sector to be able to fix the state of electricity permanently in a good shape.

Impact of Capital Structure on Financial Performance of Firms in the Nigerian Health Care Sector

Deleted Journal, Jun 3, 2024

This study aims to explore how the capital structure affects the financial performance of healthc... more This study aims to explore how the capital structure affects the financial performance of healthcare companies listed on the Nigerian Stock Exchange (NSE) from 2012 to 2021. Capital structure which considers how a company combines its mix of equity and debt in financing its business is important to its overall operations and growth. To conduct this research, eight healthcare firms listed on the NSE were deliberately chosen. The study examined the financial data of various firms, through their annual reports. The data included short-term and long-term debts, equity (the value of a company's shares), return on equity, and size. The study used correlation and regression for its analysis. The results showed that short-term debt, long-term debt, and equity had a negative but significant relationship with return on equity. However, the size of the company had a positive and significant relationship with return on equity. Based on the findings, the study recommends that healthcare firms should consider using long-term debts to increase the time to repay the borrowed capital and generate more profit.

Performances of the Industrial, Oil and Gas and the Insurance Sectors in Nigeria – A Correlational Analysis

Journal of economics and sustainable development, 2016

This paper comparatively examines the performances of Nigeria’s Oil and Gas, Insurance and the In... more This paper comparatively examines the performances of Nigeria’s Oil and Gas, Insurance and the Industrial Sectors using their Market Capitalization for a period of 2009-2015 sourced from the Nigerian Stock Exchange. Augmented Dickey-Fuller Test was used to ensure the stationarity of the distribution by means of differencing, ANOVA for the analysis of variances while Pearson Correlation was employed to empirically establish the direction and strength of relationships between sectors’ performances. Findings showed that the industrial sector’s market capitalization consistently reduces as that of the oil and gas sector increases, given a significant strong negative correlation coefficient of -0.738 for the relationship between them. As trend analysis also showed that the performances of the oil and gas sector has been declining since the latter years under review (2014/2015), the paper recommended economic diversification through development of other sectors, particularly the industria...

Capital Asset Pricing Model: Evidence from the Nigerian Stock Exchange

International Journal of English Literature and Social Sciences, 2017

This paper critically examines the effect of capital asset pricing model (CAPM) for the Nigerian ... more This paper critically examines the effect of capital asset pricing model (CAPM) for the Nigerian stock exchange using monthly stock values of 20 listed firms for the period of ten years (January 2006-December 2015) covering the periods and the aftermath of the 2008/2009 global economic crisis. In order to enhance the precision of the beta estimates and reduce the statistical problems that arise from measurement errors in individual beta estimates, the securities were combined into portfolios. This study employed simple ordinary least square (OLS) regression technique and found no conclusive evidence for the application of capital asset pricing model (CAPM) in the Nigerian Stock Exchange.

Impact of Nigerian Financial Markets on the Economic Growth

This paper examines the impact of capital market on economic growth in Nigeria. This study used a... more This paper examines the impact of capital market on economic growth in Nigeria. This study used a multiple regression analysis to compute the annual time series variables. Some of these variables are; Annual Market capitalization, the real gross Domestic Product (GDP), and the market Turnover â€“ covering a period of 22 years, that is from 1989 â€“ 2009. The study utilized data from secondary sources. The findings in this paper show that capital market turnover contributed positively to economic growth which implies that capital market contributed a lot to economic growth in Nigeria. As the results suggests, it becomes beneficial for Nigeria to develop the capital market and to also work on some impediments that hinders the market like tax, legal and regulatory barriers. This would improve the trading system and also increase the ease with which investors purchase and sell shares.

Do Digital Payment Platforms’ Activities affect Corruption? Evidence from Panel of West African Countries

Jurnal Ilmu Sosial, Manajemen, Akuntansi dan Bisnis

The study examines whether the digital payment platforms (ATM, POS, Mobile and Online platforms) ... more The study examines whether the digital payment platforms (ATM, POS, Mobile and Online platforms) affects the level of corruption in selected West African countries. A standard panel data models such as pooled Least Square, random effect and system GMM were adopted to generate the estimators. The findings suggest that the operation of ATM has been deterrent to corruption level in selected West African Countries. This is evidence with the negative effects observed in both the individual and interaction models. The point of sale (POS), Mobile and Online medium of electronic payments have increasing effects on corruption. This is proofed, given the positive signals seen in both the individual and interaction models. The paper further test for robustness through model re-specification and changes in estimation technique and thus, reveals that the coefficients are consistent to model re-specification and advanced estimation procedure. Hence, digital payment platforms significantly influen...

Bond Market Development and Economic Growth in Nigeria (1982-2014). A Gmm Approach

Research Journal of Finance and Accounting, 2016

There has beenan upsurge in bond market trading in Nigeria since the advent of civilian rule.Howe... more There has beenan upsurge in bond market trading in Nigeria since the advent of civilian rule.However, there are concerns over whether or not bond market trading have anysignificant effect on the Nigerian economy. This study sought to: (i(i) toanalyze the impact of Bond market development on the economic growth of Nigeria (ii) ascertain the direction of causalitybetween bond market development and economic growth in Nigeria. Annual timeseries data were sourced from Central Bank of Nigeria Statistical Bulletinvarious issue and World Development Indicators (WDI) (2014) edition of theWorld Bank for the period 1982-2014. We employed both Generalized Method ofMoment (GMM-IV) Instrumental variables estimator and Granger Causality Test toexamine relationship between bond market development and economic growth inNigeria. Result from the study revealed that bond market bond market havepositive but statistically insignificant effect on economic growth in Nigeria(β= 0.0148; t = 0.4106). It was...

Volatility Risk-Pricing and Stock Returns In Emerging Market: Evidence from Nigeria

The Effect of Consumer Behaviour and Attitudinal Tendencies Towards Purchase Decision : A Case Study Of Unilever Nigeria Plc , Cadbury Nigeria Plc , United African Companies Plc

Oman Chapter of Arabian Journal of Business and Management Review, 2012

Everybody is motivated by needs and wants. Needs are the basic forces that motivates a person to ... more Everybody is motivated by needs and wants. Needs are the basic forces that motivates a person to do something, while Wants are 'needs' that are learned during a person's life. This study's main objective is to examine the effect of consumer behaviour and attitudinal tendencies towards purchase decision using Unilever Nigeria plc , Cadbury Nigeria plc, United African companies plc as case studies. The researcher used tables and percentages for presentation, scoring and analysis of data. The hypotheses were analyzed with the help of chi-square.(x 2). It was gathered through the study that the life cycle in a product influence purchase to very much extent and that in some cases there is joint purchase decision in individuals and groups. Similarly the research disclosed that education as has a part towards determining purchase in any individual or group.

Trade Openness and its Effect on the Nigerian Economy ( 1970 - 2010 )

Oman Chapter of Arabian Journal of Business and Management Review, 2012

Foreign trade plays a vital role in estimating economic and social attributes of countries around... more Foreign trade plays a vital role in estimating economic and social attributes of countries around the world. The workings of an economy in terms of growth rate and per-capita income have been based on the domestic production and consumption activities and in conjunction with foreign transactions of goods and services. The study focuses on the workings of trade openness on the Nigerian economy. In carrying out this objectives, linear multiple regression analysis was used in assessing various components of trade openness. Ordinary Least Square, (OLS) techniques was used as a statistical tool to achieve these objectives. Data used in this study were extracted from CBN statistical bulletin. From the study findings, export, import, and the degree of openness are all positively related to output (proxy by GDP) by 10% r and adjusted R 2 of 0.83 from the period of 1970-2010. From the unit root test, it is see that, all the variables are integrated of order zero. This suggests a long run relationship between the variables. We can also infer from the Engle-Granger Co-integration test that the variables are co-integrated considering the probability values which are all greater than the 5% significance level. The estimated model used in this research work implies that a unit increase in Import and Trade Openness will increase Real Gross Domestic Product by 0.023006 and 29166.11 units respectively. Thus, indicating a positive relationship between Import, Trade Openness and economic growth. Also, Export, Import and Trade Openness contribute about 83% to the total variation in Real Gross Domestic Product in the Nigerian economy. The research findings show that economies grow faster when they are open to international competition. With this, it could be said that, openness to trade is very vital to the Nigerian economy. And so policies that will make export trade more favourably to the Nigerian economy should be encouraged by trade policies arm of the economy.

THE RELATIONSHIP BETWEEN STOCK RETURNS AND INFLATION RATES IN NIGERIA FROM 1995 to 2014

This study focused on determining the relationship between inflation rate and stock returns using... more This study focused on determining the relationship between inflation rate and stock returns using the Consumer Price Index and the All Share Index on the Nigerian Stock Exchange covering the period 1995 to 2014. The data were analyzed for evidence of co-integration and causality using Error Correction and Granger co-integration model. The Pearson Correlation result shows that, there is significant negative relationship between stock returns and inflation rates in Nigeria. Augmented Dickey Fuller result shows that the series are non-stationary in their level form and are integrated of order one. Johansen co-integration test result shows evidence of co-integration implying that there is a long run relationship between stock market returns and inflation rates in Nigeria. Furthermore, there is significant negative impact of inflation ©Author(s) Licensed under Creative Common Page 510 rates on stock market returns in Nigeria. The pair-wise Granger causality test shows that there is a str...

Foreign Portfolio Investment and Capital Market Development in Nigeria

Caleb International Journal of Development Studies

The poor performance of Nigeria’s stock market is a source of concern and has generated contentio... more The poor performance of Nigeria’s stock market is a source of concern and has generated contentious debates among the stakeholders in the Nigerian Stock Exchange Market (NSE). This study investigates the impact of foreign portfolio investment on the performance of the stock market in Nigeria for the period of 30years (1989-2018). Secondary and time-series data were used and the variables such as; stock market capitalization proxy for capital market performance, portfolio investment, exchange rate and inflation rate were sourced from the Central Bank of Nigeria (CBN) statistical bulletin, 2019 To avoid spurious results, unit-root test and regression analysis were used as the tools of data analysis. Findings show that all the predictors have no significant impact on stock market capitalization except the exchange rate that is statistically significant at 5% critical value. However, the f-statistic results (18.83660) indicate that the combine variables have a significant impact on stoc...

FDI Determinants In Pre And Deregulated Nigerian Economy

Nigeria is an investment haven with a population of over 160 million people and endowed with natu... more Nigeria is an investment haven with a population of over 160 million people and endowed with natural resources. A country with large expanse of arable land and blessed with good weather. It runs a consistent democratic government and very friendly investment policy. The transformation agenda of the current government has opened up the place and attracted both domestic and foreign investment. There are still lots of investment opportunities in the area of Oil, Gas, Electricity, Mining, Agriculture, Construction, Aviation, Rail, Banking, Insurance, Education, Health, Information Technology, Telecommunications, etc. The government of the day is putting adequate security in place to make Nigeria the investment hub of Africa. The book is a must read for Investors, Researchers, University teachers, and any other category of persons who are interested in trying to find out what is needed to know about what may determine your investing in Nigeria.

The Effect of Electricity Supply on Industrial Production Within The Nigerian Economy (1970 – 2010)

There are apparently links between a sustained economic growth and electricity in an economy. In ... more There are apparently links between a sustained economic growth and electricity in an economy. In this study, we employ a multiple regression model to examine the effect of electricity supply on economic development and likewise the effect of electricity supply on industrial development. The result of the regression shows that, the electricity (ELEC), Gross fixed capital formation (GFCF), industrial production (INDU) variables and population have the positive sign. That is, they are positively related to RGDP Per capita. Turning to the Industrial production expenditure model, the electricity generation expenditure, gross fixed capital formation and population variables are positively related to GDP Percapita. As a way of facilitating the economic development, it is recommended that issues relating to electricity production and industrial development should be given priorities particularly in the budget scheme and because of this, substantial amount should be allocated to the electric...

Revamping The Government Budgeting System In Nigeria

Government Budget enables government, to set priorities and monitor progress towards selected goa... more Government Budget enables government, to set priorities and monitor progress towards selected goals. There are two basic elements of any Government budget. The two basic elements are the revenues and expenditure. Government revenues are derived primarily from taxes while Government expenditure includes spending on current goods and services, which economists call government consumption; government investment expenditures such as infrastructure investment or research expenditure; and transfer payments like unemployment or retirement benefits. A budget is said to be a failure when it is deficient; it is better when it is balanced; and it is best when it has a surplus. Unfortunately, Nigeria's Federal Budgets since 1997 (last time Nigeria recorded a budget surplus) had been in acute deficit. The Nigerian Budget needs total revamping and in doing this Government efforts should be geared towards Control, Auditing and Accountability in the public sector, Reduction in the cost of publ...

Foreign Direct investment Determinants in Pre and Deregulated Nigerian Economy

Corporate Earnings, Dividend Payment, and Share Price Movements of Deposit Money Banks in Nigeria

This study sought to examine the dynamic relationship between corporate earnings, dividend paymen... more This study sought to examine the dynamic relationship between corporate earnings, dividend payments and market prices of Nigerian deposit money banks’ shares. Time series and crosssectional data covering seven years (2009-2015) were sourced from the selected banks published annual reports and accounts. Using both panel data regressions and granger causality tests, the static and dynamic relationships amongst corporate earnings, dividend information and market prices of shares were examined. Results from the study revealed that both corporate earnings and dividend payout have positive and significant impact on market price of shares. It was also discovered that corporate earnings and dividend information granger cause market prices of Nigerian banks shares. It is therefore recommended amongst others that management of Nigerian banks should place emphasis on profitability in all their operations; design appropriate dividend policy that should maximize stock returns and above all depos...

Volatility Risk-Pricing and Stock Returns In Emerging Market: Evidence from Nigeria

Investors’ sentiment and stock trading in the Nigerian capital market

Caleb International Journal of Development Studies

This study examined the relationship between investors sentiment and stock trading for thirty lis... more This study examined the relationship between investors sentiment and stock trading for thirty listed firms in Nigeria, covering periods of 2015-2019. This study comes at a time when behavioral economics gains larger interest in investment decision. This school of thought dismisses the assertion of neoclassical economics that markets are efficient;, hence they cannot be beaten by consistently earning abnormal profits. Two research objectives were formulated for the study, which borders on determining whether investors’ sentiment affects stock trading of corporate firms in Nigeria, and whether investors’ sentiment affect trading stocks for industries in Nigeria differently. Data for the study were sourced from banking, manufacturing, and insurance sectors of the Nigerian Stock Exchange. Fixed effect regression was used to analyse the effect of investors’ sentiment on stock trading. The Analysis of Covariance was used to examine whether investors’ sentiment differently affect trading s...

Impact of equity and debt financing on financial performance of quoted manufacturing companies in Nigeria

Caleb International Journal of Development Studies

Empirical studies have shown that equity and debt financing is one of the important determinants ... more Empirical studies have shown that equity and debt financing is one of the important determinants affecting the performance of a company. This study sought to examine the impact of equity and debt financing on performance on quoted manufacturing companies in Nigeria using the Panel Fully Modified Least Square on secondary data on earnings per share, debt and equity covering the period 2010-2018. To increase earnings, findings show that equity positively influences earnings per share while a negative relationship exists between earnings per share and debt. The study recommends that firms should finance their company majorly with equity shares rather than debt. KEY WORDS: Corporate governance, Equity, Debt, Earnings per share, and Firm’s performance.

The Effect of Electricity Supply on Industrial Production Within The Nigerian Economy (1970 – 2010)

Journal of Energy Technologies and Policy, 2013

There are apparently links between a sustained economic growth and electricity in an economy. In ... more There are apparently links between a sustained economic growth and electricity in an economy. In this study, we employ a multiple regression model to examine the effect of electricity supply on economic development and likewise the effect of electricity supply on industrial development. The result of the regression shows that, the electricity (ELEC), Gross fixed capital formation (GFCF), industrial production (INDU) variables and population have the positive sign. That is, they are positively related to RGDP Per capita. Turning to the Industrial production expenditure model, the electricity generation expenditure, gross fixed capital formation and population variables are positively related to GDP Percapita. As a way of facilitating the economic development, it is recommended that issues relating to electricity production and industrial development should be given priorities particularly in the budget scheme and because of this, substantial amount should be allocated to the electricity sector to be able to fix the state of electricity permanently in a good shape.