Empirical evidence on the effectiveness, dominant and the exact channel through which monetary policy impact the Nigerian economy is at best mixed. Against this backdrop, this paper set out to investigate this mixed evidence by exploring a data-rich environment using a FAVAR model estimated with 53 variables spanning the quarterly period of 1970:01 to 2013:04. Overall, the results showed that interest rates and credit channels are the dominant and strongest channel of transmission of monetary shocks in Nigeria, followed by Exchange rate and money channel. Stock channel, has no significant impact in the transmission process. Based on these result, we recommended that the Central Bank of Nigeria should improve on the use of the interest rate and credit channels as monetary policy variables through a policy approach of stimulating and emphasizing judicious management. This has the capacity to stimulate growth in distinct sectors of the economy.
The study examined the relationship between financial deepening and investment in Nigeria. Secondary data spanning from 1970 to 2013 was used for the empirical analysis. It adopted the Gregor-Hansen Endogenous structural break methodology and the supply-leading hypothesis in building the model. The study also employed the Unit Root Test, Co Integration Test and Granger Causality Test. It discovered a unidirectional causality, running from financial deepening to investment. It also found that the financial deepening has a statistically significant impact on domestic investment. Based on these empirical findings, the study recommended increased integration of the credit and thrift societies, cooperatives, rural saving organization etc into the mainstream formal financial sector in order to shore up the mobilization of savings for investment. It also recommended subsidizing the operational cost of financial intermediation so as to narrow the gap in interest rate spread. These steps when judiciously executed will ultimately promote financial deepening by easing the rigidities involved in mobilizing and accessing of credit for investment purpose.
The average prime and maximum lending rates were as high as 16.96
' ' ABSTRACT! Despite* abundant* energy* sources* in* Nigeria,* three* major* strategic* challenges* militate* against* its* efficiency.* The* aftermath* of* this* inefficiency* is* health* risk,* increasing*energy*prices,*low*socioeconomic*status*of*the*population,*increased* National* debt* burden,* and* rising* inflation* and* massive* unemployment.* This* study* is* set* out* to* consider* an* apt* remediation* for* this* state* of* affairs.* Using* random* sampling,* households* are* surveyed* in* six* states* of* Nigeria* and* Abuja* Federal* Capital* Territory* across* the* six* geopolitical* zones.* Electricity* tariffs,* Energy*gaps*between*the*high*and*low*income*earners,*energy*spending*needs* and**incomes*against*a*fixed*threshold*were*investigated.**A*comparison*from* the*income*earned*shows*that*above*10*percent*of*income*earned*are*spent*on* energy;*that*both*the*high*and*low*income*earners*are*energy*poor,*but*the*low* are* more* severely* hit.* The* results* show* that* the* energy* poverty* from* high* energy*cost*and*inefficiency*fuels*income*inequality.!! !
Equity is one of the basic principles of health systems and features explicitly in the Nigerian health financing policy. Despiteacclaimed commitment to the implementation of this policy through various pro-poor health programmes and interventions,the level of inequity in health status and access to basic health care interventions remain high. This paper examines theequity of health care expenditure by individuals in Nigeria. The paper evaluated equity in out-of-pocket spending (OOP) forthe country and separately for the six geopolitical zones of the country. The methodological framework rests on KakwaniProgressivity Indices (KPIs), Reynold-Smolensky indices and concentration indices (CIs) using data from the 2004 Nigerian National Living Standard Survey (NLSS) collected by the National Bureau of Statistic. The results reveal that health financing is regressive with the incidence disproportionately resting on poor households with about 70% of the total expenditure on health being financed through out-of-pocket payments by households. Poor households are prone to bear most of the expenses in the event of any health shock. The catastrophic consequences thus push some into poverty, and aggravate the poverty of others. The paper therefore suggests that the country’s health financing systems must be such that allows people to access services when they are needed, but must also protect household, from financial catastrophe, by reducing OOP spending through risk pooling and prepayment schemes within the health system.
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