DEPARTMENT OF ECONOMICS

This study investigates the impact of macroeconomic stabilization policies on inflation in Nigeria, with particular emphasis on the combined roles of monetary and fiscal policy measures in
promoting price stability. Nigeria’s inflationary pressures; largely influenced by structural challenges, exchange rate fluctuations, fiscal imbalances, and rapid growth in money supply, have prompted repeated policy responses from both the government and the Central Bank of Nigeria (CBN). The study adopts a quantitative research design and utilizes annual time-series data obtained from the CBN, National Bureau of Statistics (NBS), and the World Bank. TheAutoregressive Distributed Lag (ARDL) model is employed to assess the short-run and long-run Effects of key stabilization policy variables, including money supply, GDP, exchange rate, government expenditure, oil price on inflation. The findings indicate that monetary policy variables, especially money supply and interest rate, exert significant long-run influence on inflation, while fiscal policy indicators show mixed but relevant effects depending on the policy environment. The study concludes that although stabilization policies have contributed to reducing inflationary pressures, their overall effectiveness is still hindered by structural weaknesses and inadequate coordination between fiscal and monetary authorities. It therefore recommends enhanced policy synergy, improvedtransparency in policy execution, and structural reforms aimed at strengthening the capacity of stabilization policies to achieve sustained price stability in Nigeria.

This study examined the impact of financial liberalization on bank performance in Nigeria for the period of 1981-2019. The main objective of this research work is to examine the impact of financial liberalization on bank performance in Nigeria. The study used Error Correction Mechanism (ECM) to examine the relationship between financial liberalization and bank performance in Nigeria. The study found that the level of financial deepening is positively and significantly related to the real interest rate. Also, money supply is positively and significantly related to the real interest rate. Also, private sector credit was found to be negatively and significantly related to the real interest rate. Finally, loan-deposit ratio is positively related to the real interest rate, it had no significant impact. The study recommends that due consideration should be given to the private sector lending which was one of the variables used to capture financial liberalization in Nigeria. Also, in order to enhance financial deepening (M2/GDP)
contribution to banks profitability in Nigeria, government policy should therefore be geared towards strategically increasing money supply and promoting efficient capital market that will enhance overall economic efficiency, create and expand liquidity, mobilize saving, enhance capital accumulation, transfer resources from traditional
sector to growth inducing sectors (such as manufacturing and industry, agriculture and services sectors) and also promote competent entrepreneurial response in various sectors of the economy. However, it is pertinent to ensure that it (money supply) does not lead to financial excessiveness.

Trade plays a vital role in driving economic growth by facilitating the exchange of goods, services, and ideas between countries .Increased trade can lead to increased efficiency and productivity, as firms are able to access a wider range of inputs and market, which can drive economic growth. Trade can also lead to increased competitiveness and a more diversified economy, which can further contribute to economic growth. However, it is important to note that the relationship between trade and economic growth is complex, and there are many other factors that can impact economic growth, such as infrastructure, education, and political stability. Trade can also have negative effectson economic growth, particularly if it leads to the displacement of domestic industries and job losses. Therefore, it is important to carefully consider the potential costs and benefits of trade policies and implement strategies to mitigate any negative impacts

This study examines the impact of unemployment on economic growth in Nigeria. The study adopted The study adopted the expo facto research design to source aggregate data from Central Bank of Nigeria CBN statistical bulletin from 1995 to 2022. The data was analysed using the Johansen co-integration test, serial correlation tests, Ramsey test, Unit Root Test ADF, and the Error Correction Mechanism ECM. The result showed that unemployment has positive impact on economic growth. The study recommended that deliberate and conscious ef ort should be given to the planning process through which the nation's expenditure will be carried out through. Therefore, planning and budgeting should be done on time and handled by professionals. It's also advised that some key sectors like the health sector, education sector and industrial sector. This will help the economy in becoming diversified and boost economic growth and development. Corruption had also been a major hindrance to efficient employment practices like government expenditure. Therefore, any possible means to ameliorate corruption should be taken

This study examines the impact Value Added Tax (VAT) revenue and economic performance in Nigeria using time series data from year 1994-2020. The result of the estimated OLS model shows that there is a positive and significant relationship between VAT revenue and economic performance in Nigeria which was proxied by the real GDP at 5% level of significance. Personal Income Tax was found topositively affect economic growth and was significant at 5% level and lastly, the analysis revealed that a positive relationship exists between VAT revenue and total household consumption expenditure and the relationship was found to have being statistically significant at 5% level. The study recommended that government should consider the implications when making decisions about VAT rates and structure and that a potential solution is to mitigate the negative effects of VAT on lower-income households by implementing a progressive tax system where lower rates are applied to basic necessities and higher rates to luxury goods and services. The study further recommended that in order to enhance economic growth of Nigeria through VAT revenue, the enlightenment of the public on how VAT works, how it is calculated and how it affects them can increase understanding and acceptance of the tax

The study investigated the tax revenue, institution and public infrastructure in Nigeria. It aimed to examine the impact of tax revenue and institution in public infrastructure in Nigeria. To guide the study, three research questions were raised with three hypotheses tested. The study employed both descriptive and multiple regression analysis with ordinary least
squares (OLS) econometric techniques. The data for the study were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin and world development indicators from year 1981 to 2021. Reliability of estimated results was determined by using the economic or ‘a priori’ criteria, statistical criteria and econometric criteria. Data were analysed using Augmented Dickey- Fuller (ADF) test, Johansen cointegration test and Error correction mechanism. The result revealed that, in the long run, there was a significant relationship between tax revenue and infrastructure development in Nigeria. However, in the short run, the study revealed negative impact due to inefficiencies. Also, institutional quality, in the long run, did not have a statistically significant impact on infrastructure development. However, in the short run, there was an initial positive impact of institutional quality on infrastructure development, followed by a negative lagged effect. The results also showed that Foreign Direct Investment (FDI) had a weak and statistically insignificant positive impact on infrastructure development in Nigeria. Furthermore, public debt had a marginally significant positive impact on infrastructure development in the long run. However, in the short run, public debt had a significant negative impact. Based on these findings, it was recommended that policymakers should enhance tax revenue collection through improved tax administration and tax evasion reduction, and provide efficient funds allocation for infrastructure. It was also recommended that policymakers should strengthen fiscal transparency and institutional quality by focusing on anti-corruption in procurement. Furthermore, government should create a favourable investment climate by reducing regulatory bottlenecks and promoting public-private partnerships to attract infrastructurefocused FDI and also prioritize prudent public debt management, and balance borrowing
with sustainable servicing to maintain fiscal stability. For sustainable economic growth, policymakers should adopt a comprehensive policy framework that combines fiscal discipline, institutional reforms and private sector engagement

This study empirically examined the impact of health on human capital development and it’s effect on economic growth in Nigeria for the sample period of 1980-2020. The Augmented Dickey Fuller unit root test was employed to test for the order of integration of the series, further the autoregressive distributed tag model was employed to estimate the long run relationship between the variables. Results showed that contrary to a priori expectation, human capital index and life expectancy had negative relationship with economic growth. The study therefore recommends that proper and effectively managed health policies should be put in place so that human capital would be healthy enough to assimilate skills and know how and this would translate to more economic growth for Nigeria.

The objective of the study was to investigate the effect of corruption on the income of bus drivers using Ring Road Benin city as case study. To achieve this primary data was used and it was analyzed using descriptive analysis, and chi square test. The data was derived from the responses of 50 respondents in the questionnaire distributed. The findings showed that corruption affect the income of bus driver, the quality of transportation service has been reduced by corruption and also, that the standard of living of bus drivers in Ring Road, Benin city has been affected by corruption. The study recommends that bus drivers should engage themselves in another job during their free hour, government should establish agencies who will help to monitor activities on Nigerian road to help reduce the level of corruption and government should also provide healthcare facilities, accommodation and school in other to fill the gap created and by corruption and reduce level of poverty caused by corruption

This paper demonstrates the use of linear programming methods as applicable in the manufacturing industry. Primary data was used for this study and were collected from the Quality Control of Nadia Bakery Company, Benin City, Nigeria, on the three types of bakery products which includes Family size bread, Sardine bread and Banana bread. Information on profit of the already produced products as well as quantity of each of the raw material held in stock per month for the production of each of the products were available in the records of the company. The analysis was carried out with an optimization software GAMS (General Algebraic Modeling System. Based on the profit of the products, the maximum profit that would accrue to the company given the optimal product mix was determined. The results showed that the company would attain optimal daily profit level of about #309,045 if she concentrates mainly on the unit production of Family sized bread 3.26, Sardine bread 1.89 units, Banana bread of 1.88 units. The research recommends that the company should produce within this optimal mix, review allocations of raw materials as they were many non-binding constraints and employ more resource on the binding constraints to improve the optimal value

The research examined how monetary policy impacts employment in Nigeria. It used employment as the dependent variable and broad money supply (M2), monetary policy rate (MPR), and inflation rate (INF) as the independent variables. The data spanned from 1991 to 2022. The methods of data analysis employed were the Autoregressive Distributed Lag Model (ARDL), unit root test and co-integration test. The result indicates a long-term relationship among the variables. Specifically, the study found that money supply has a positive and significant impact on employment in the long run, satisfying the a priori expectation. Inflation was found to have both negative short-run and weak positive long-run effects on employment, indicating that high inflation undermines job creation in the short term but may exert mild stimulatory effects over time. Conversely, the monetary policy rate showed no significant effect on employment in both the short and long run, suggesting thatinterest rate adjustments alone do not effectively influence employment outcomes in Nigeria. Based on these findings, the study recommends that policymakers should strengthen monetary expansion policies that increase money supply while ensuring that such measures are complemented by structural reforms to enhance credit access for productive sectors. Inflation management should be prioritized through a balanced mix of monetary and fiscal strategies to reduce its adverse short-run effects on job creation. Additionally, interest rate policies should be complemented with targeted employment and investment programs to improve the responsiveness of the labor market to monetary interventions. The research examined how monetary policy impacts employment in Nigeria. It used employment as the dependent variable and broad money supply (M2), monetary policy rate (MPR), and inflation rate (INF) as the independent variables. The data spanned from 1991 to 2022. The methods of data analysis employed were the
Autoregressive Distributed Lag Model (ARDL), unit root test and co-integration test. The result indicates a long-term relationship among the variables. Specifically, the study found that money supply has a positive and significant impact on employment
in the long run, satisfying the a priori expectation. Inflation was found to have both negative short-run and weak positive long-run effects on employment, indicating that high inflation undermines job creation in the short term but may exert mild
stimulatory effects over time. Conversely, the monetary policy rate showed no significant effect on employment in both the short and long run, suggesting that interest rate adjustments alone do not effectively influence employment outcomes in Nigeria. Based on these findings, the study recommends that policymakers should strengthen monetary expansion policies that increase money supply while ensuring that such measures are complemented by structural reforms to enhance credit access for productive sectors. Inflation management should be prioritized through a balanced mix of monetary and fiscal strategies to reduce its adverse short-run effects on job creation. Additionally, interest rate policies should be complemented with targeted employment and investment programs to improve the responsiveness of the labor market to monetary interventions.