ECONOMIC DEVELOPMENT

In many African societies, traditional institutions are integral to governance, community development, and cultural identity. Despite the dominance of Western democratic systems introduced during colonial rule, traditional authority structures such as monarchies, chieftaincies, and councils of elders-have remained resilient, adapting to socio-political changes while maintaining their relevance in the contemporary era. For instance, N. C. Okonkwo points out in his study on the Warri Kingdom that traditional institutions serve as custodians of indigenous governance and facilitators of communal development, often filling the gaps left by formal state systems. In Nigeria, traditional rulers such as the Oba, Emir, or Olu have historically played a significant role in not just governance but also in economic regulation and local resource management. According to H. Obi and F. Asiazobor, these institutions have evolved into hybrid structures that engage both with the grassroots and state-level actors in pursuit of development.2 Their influence spans land allocation, dispute resolution, youth mobilization, and even mediation between communities and corporate or government
actors.

Accountability is a fundamental pillar of good governance and economic development. This study examined the role of accountability in economic development within Oredo Local Government Area of Edo State. The research aims to assess the current state of accountability, its impact on economic initiatives, public perceptions of government officials' accountability, existing mechanisms for ensuring transparency, and challenges impeding effective governance. A structured questionnaire was administered to 300 respondents, and data were analyzed using mean and standard deviation. Findings reveal that accountability within Oredo LGA is low, with a mean score of 2.32 for the general level of accountability and 1.88 for government transparency. Town hall meetings and public engagement scored 2.26, indicating limited opportunities for citizen participation in governance. The study found strong agreement that accountability significantly influences economic development initiatives (Mean = 4.67), while lack of accountability negatively impacts government-led programs (Mean = 4.48). However, confidence in officials' ability to manage public funds effectively was low (Mean = 2.68), and government accountability in cases of resource mismanagement also received a low rating (Mean = 2.67). Corruption was identified as a major hindrance to accountability (Mean = 4.66). Respondents recognized the existence of monitoring mechanisms (Mean = 4.1) but emphasized the need for stronger anti-corruption laws (Mean = 4.66) and enhanced transparency measures (Mean = 4.66). Major challenges to accountability include political influence (Mean = 4.51), lack of financial transparency (Mean = 4.58), and weak enforcement of laws (Mean = 4.61). The study concludes that weak accountability structures undermine economic development in Oredo LGA. Strengthening anti-corruption laws, increasing public transparency, enforcing legal frameworks, and fostering civic engagement are recommended to improve governance and economic growth in the region. This research provides valuable insights into local governance challenges and offers practical recommendations for enhancing accountability in Oredo Local
Government Area of Edo State.

This quantitative research study explores the relationship between Value Added Tax (VAT) and economic development in Nigeria, Ghana, Senegal, and Liberia, with a particular emphasis on the impact of VAT revenue on economic performance indicators. Utilizing a robust research design, the study analyzes secondary data spanning from 2000 to 2022 to examine the effects of VAT on economic growth, using the Human
Development Index (HDI) as a proxy for overall economic development, with the regression diagnostic including test for serial correlation, heteroskedasicity and modern specifications (Ramsey Reset) confirm the robustness of the model.The Ordinary Least Squares (OLS) regression results reveal that VAT exerts a positive and statistically significant impact on economic development in all four countries, although the
magnitude of this effect varies, with Nigeria displaying a notably stronger association. The study's findings underscore the critical role of VAT as a sustainable revenue- generating mechanism, capable of funding infrastructure, public services, and social welfare initiatives. The research highlights the importance of effective tax administration, improved compliance measures, and digital monitoring systems in leveraging VAT's potential to drive economic advancement. Furthermore, the study emphasizes the need for ongoing research to incorporate additional covariates and explore non-linear relationships to better understand the broader fiscal dynamics at play. The study's insights offer valuable recommendations for policymakers in these nations, emphasizing the need for enhanced tax policies and administrative frameworks to promote sustainable economic development.

This research investigates the effects of tax evasion and tax avoidance on Nigeria’s economic development, focusing on how these practices undermine government revenue, fiscal stability, and national growth. Taxation remains a major instrument for resource mobilization and economic management in developing nations, yet Nigeria continues to struggle with low tax compliance and weak revenue performance. Despite multiple tax reforms and the introduction of modern administrative frameworks, the Nigerian economy still suffers from pervasive evasion and avoidance, largely driven by legal loopholes, corruption, and ineffective enforcement mechanisms. The study adopted a survey research design, using structured questionnaires distributed to 100 staff members of State Boards of Internal Revenue across the six geopolitical zones of Nigeria. Data were analyzed using descriptive statistics and Chi-square (X²) tests to determine the relationship between tax evasion, tax avoidance, and economic development. The key variables examined included loopholes in tax laws, government spending perception, effectiveness of tax audits, and the impact of lawmaking and tax administration. Findings revealed that tax evasion and tax avoid ance have significant negative effects on economic development. Specifically, legal loopholes in tax legislation, weak enforcement capacity, and poor accountability in the use of public funds contribute to persistent revenue losses. Respondents also indicated that inadequate taxpayer education and corruption within taxagencies fur ther erode public trust and compliance. Consequently, the government’s ability to
finance infrastructure, healthcare, education, and other developmental programs is severely constrained, leading to economic stagnation and increased inequality. The study concludes that curbing tax evasion and avoidance is essential for achieving sustainable development in Nigeria. It recommends that the government strengthen its legal and institutional frameworks, digitalize tax administration processes, enhance transparency in public spending, and intensify taxpayer enlightenment campaigns. Furthermore, the study suggests stronger collaboration among tax authorities, financial institutions, and international bodies to curb profit-shifting and illicit financial flows by multinational corporations. Implementing these measures will promote voluntary compliance, increase revenue generation, and support inclusive economic growth in Nigeria.

In recent times, there have been worry over the emergence of substandard drugs in Nigeria. Tetracycline is a common POM (prescription-only medication) drug with diverse clinical and veterinary use. It is often preferred due to its low cost, comparable efficacy and ease of access. This research seeks to improve clinical decision-making, contribute to quality assurance measures and support regulatory endeavors within Benin City. Visual inspection was performed on each brand of tetracycline capsules using the World Health Organization Visual Inspection of Medicines Template. In-vitro release study was performed as outlined in the United States Pharmacopeia, 2023. A modified method of Ahmed et al., 2018 was used with absorbance read at 384nm. Visual inspection of different brands of tetracycline capsules revealed that 90% of the brand analyzed met the required standard. All brands analyzed had dissolution rate in the range of 91.31 to 99.57%, 92.62 to 99.57% and 95.23 to 99.57% at 20, 40 and 60 minutes respectively. Result from spectrophotometric analysis showed that all the brands analyzed had tetracycline
hydrochloride content between 91.17% and 98.58% of the label claim, with sample D7 having the least amount of tetracycline hydrochloride 91.1%. From the results above, the various brands of tetracycline available in Benin City are of good quality. However, there are concerns that the brand coded D7 may soon be substandard having failed the visual inspection test. Therefore, periodic checks need to be performed to ensure drug products available for use are of the highest quality so as to safeguard lives and ensure efficacy.

he purpose of the study is the relevance of business education to economic development. Three research questions were raised to guide the study. A descriptive survey research design was adopted. The entire population of one hundred and fifteen (115) was used. A questionnaire containing thirty items was the instrument used in obtaining responses from respondents. The data collected were analyzed using frequency, percentage, mean and standard deviation for research questions. The finding included; business education has relevance to economic development, that eight factors were identified as obstacles challenging business education programmed towards achieving economic development, that ten solutions were prescribed fir eliminating obstacles challenging business education programme towar5ds achieving economic development. The following recommendations were made; Nigerian youths should be encouraged to study business education through public enlightenment campaigns, only qualified business educators should be allowed to teach business education, there should be adequate funding for business programmes, government through their relevant agencies should provide adequate facilities as well as steady power supply for business education programmes to thrive properly, and that stakeholders in business education programmes should be able to strike a balance between theory and practical in business education curriculum

The study investigates the relationship between external debt and economic development in Asian countries. The study adopts a quantitative research approach, utilizing statistical analysis to examine the relationship between external debt and economic
development in Asia. The outcome of the study revealed that external debt has a negative impact on GDP growth rate(D(GDPGR) and was statistically significant at 5% level. Inflation have negative impact on GDP growth rate ; and statistically significant at the
conventional significance level of 0.05; poverty rate was found to have negative impact on GDP growth rate while holding other variables constant and this variable was statistically significant at 5%. The study however recommends that policymakers should exercise caution when accumulating external debt. It's essential to ensure that external borrowing is used for productive investments that generate economic returns to cover debt servicing costs;continue to monitor and manage inflation to ensure it remains within an acceptable range. High and volatile inflation can disrupt economic stability and erode the purchasing power of citizens. Policymakers should prioritize poverty alleviation measures as an integral part of economic development strategies and ef orts to reduce poverty can include targeted social programs, job creation initiatives, and access to education and healthcare. Develop economic policies that promote inclusive growth, ensuring that the benefits of economic development are distributed more equitably across society.

It is the dream of every entrepreneur to have a successful company or organization. No matter what the product or niche is, ever entrepreneur or business owner desires first to create their own unique identity (brand), and to increase to a large extent the people who purchase their products, which will therefore lead to the expansion of the business both nationally and internationally.¹ The big companies today, the ones who have successfully attracted very high number of purchasing and returning customers, and have even been more successful in creating branches within Nigeria and even beyond Nigeria did so by following some principles that are guaranteed to increase the output of the company.² Great companies like Dangote cement factory, Jumia, Global pm, and so on didn't just become great overnight, no they had successfully kept some principles for
business expansion and followed it to the core.

This study examines the effect of Boko Haram terrorism on the Nigerian economy. Boko Haram insurgency, which has persisted primarily in the northeastern region of Nigeria, has resulted in widespread insecurity, loss of lives, destruction of property, and disruption of economic activities. The insurgency has negatively impacted key sectors of the economy, including agriculture, trade, education, and infrastructure, thereby hindering national development and reducing investor confidence. The study adopts a descriptive survey research design and relies on both primary and secondary data sources. Primary data were collected through structured questionnaires administered to affected communities, business owners, and local government officials, while secondary data were obtained from journals, reports from the National Bureau of Statistics (NBS), the Central Bank of Nigeria (CBN), and publications on national security. Data were analyzed using statistical methods to determine the economic consequences of the Boko Haram insurgency. The findings reveal that Boko Haram terrorism has significantly disrupted economic activities, reduced agricultural production, increased unemployment, discouraged foreign and local investments, and contributed to the diversion of government funds from development projects to security expenditures. The study concludes that terrorism poses a severe threat to Nigeria’s economic growth and stability. It recommends the implementation of stronger security measures, socio-economic development programs in affected regions, and effective counter-insurgency strategies to mitigate the adverse economic effects of terrorism.

The study empirically investigates the relationship between tax planning and firm value in Nigeria. The study covered a period of ten years (2011-2020) using data for nine listed oil and gas firms in Nigeria. Five variables (effective tax rate, tax savings, firm size, leverage and capital intensity) were used as the explanatory variables. The panel least squares technique was specifically employed to examine the nexus between these explanatory variables and firm value in Nigeria. The empirical results revealed that: effective tax rate has a negative and insignificant relationship with firm value of oil and gas firms in Nigeria; tax savings has a negative and significant relationship with firm value of oil and gas firms in Nigeria; capital intensity has a positive and insignificant relationship with firm value of oil and gas firms in Nigeria; leverage has a positive and significant relationship with firm value of oil and gas firms in Nigeria; and firm size has a positive and significant relationship with firm value of oil and gas firms in Nigeria. Against the backdrop of the foregoing findings, the study recommended the maximization of tax deductions that will lower their tax rates as well as increasing leverage ratios for oil and gas companies in Nigeria.