The study examined psychological factors that influence women entrepreneurial intention in Nigeria. One hundred and seventeen (117) women were drawn within Enugu metropolis using purposive random sampling technique. Their ages ranged between 18 and 50 years, with a mean age of 22.07. Cross-sectional design was adopted. Job involvement (JI), self-efficacy, goal orientation and entrepreneurial intention scales were instruments used for data collection. Three hypotheses were tested. Step-wise multiple regressions were the main statistics used for data analysis. Results of the regression analysis showed that among the studied variables, only self-efficacy was a significant predictor of women participation in entrepreneurship (p < 0.01). The three dimensions of goal orientation, learning goal orientation, prove (performance-prove) orientation, and avoid (performance-avoid) orientation, were not significant predictors of women participation in entrepreneurship. Similarly, JI did not also significantly predict women participation in entrepreneurship. A good practical implication of the finding of this study is that women who develop high self-efficacy are more likely to be entrepreneurs and that strategies to build high self-efficacy among women are needed to make more women become entrepreneurs in order to enhance national/grass-root development. Limitations were made, while suggestions for further studies were stated.
The Central Bank of Nigeria (CBN) launched the microfinance banking scheme on December 2005 as part of government strategies to achieve one of the cardinal agendas of the Millennium Development Goals (MDGs) of reducing extreme poverty by 2015. The microfinance banks (MFBs) were promoted to provide financial services to the economically active poor in the society and to create an environment of financial inclusion to boost the capacity of micro, small and medium enterprises that abound in our rural areas. The impact of the MFBs in rural development in Nigeria was empirically evaluated in this study using some performance indicators. These include growth in deposit mobilization, aggregate credit extension, loan per rural person (LPRP), total assets of MFBs, etc. The ordinary least square econometrics was used to generate the regression coefficients and other statistics. Data for the study were gathered from the Annual Report and Accounts published by the MFBs and collated and analyzed by the CBN in the Statistical Bulletins. The impetus for the study was largely derived from the renewed interest in microfinancing by the World Bank, International Development Institutions, the Nigerian Government and other International Development Partners. The results of the study show that MFBs have impacted positively on our rural economy. The regression coefficients for all the key factors analyzed in the research were positive though not statistically significant. This means that the full impact possibilities of these institutions as catalyst for rural development are yet to be realized. The findings also Article provide significant support to the rationale earlier canvassed by the CBN for the recent re-engineering of the various microfinance institutions in the country in order to improve their impact possibilities. The researchers noted that the recent re-engineering and retooling of the MFBs scheme is one step in the right direction and recommends that government should provide key infrastructures especially electricity and ensure stable macroeconomic environment to enable micro and other business enterprises to thrive in the country.
The taxonomy established by Wagner and Keynes on the effect of government expenditure on economic growth has continued to generate a series of empirical studies but so far no consensus has been achieved on the exact nexus between deficit financing and economic growth and when interacting with inflation variable. The study contributed to this debate by using the disaggregated Vector Autoregression (VAR) approach to investigate the impact of deficit financing on economic growth with inflation as an interaction variable. The study found, amongst others, that overall deficit financing had a positive and significant impact on economic growth when financed through external sources but had a deleterious effect when financed through domestic sources. This could be attributed to the crowding-out effect of the private sector when deficit financing is funded through the domestic loan market. The study also found that overall deficit financing is inflationary which also resulted in to decrease in real interest rates.
In an apparent response to the global economic crisis which pulled down many global banks and exposed multiple weaknesses in regulation and banking structures, the Basel Committee on Banking Supervision agreed to new rules on the minimum level (capital ratio) and composite structure of Banks capital on the 12th of September, 2010. Broadly speaking, the new rules which are widely referred to as Basel III still stipulate a minimum Total Capital Ratio of 8%. However, in addition to increasing the portion of the 8% requirement that is Core Tier 1 Capital (from 2% to 4.5%), it requires Banks to reserve more common equity under what it calls Capital Conservation Buffer (2.5%). Thus, with this new buffer, Banks' Total Capital Ratios would rise to a minimum 10.50%. However, these new capital requirements will be progressively implemented over an 8-year span, with full implementation taking effect by January 1, 2019 (BIS, 2010). The Central Bank of Nigeria in its response to the global developments gave hint to abolishing the operation of the 10-year old universal banking concept through a Circular No. BSD/DIR/GEN/UBM/03/025 dated September 7, 2010 Some of the reasons proffered by the regulatory body for the abolition include the enhancement of the quality of banks, financial system stability and evolution of a healthy financial sector, ensuring the protection of depositor funds by ring fencing "banking" from non-banking business; redefining the licensing model of banks and minimum requirements to guide bank operations going forward; effective regulation of the business of banks without hindering their growth aspirations; and facilitating more effective regulator intervention in public interest entities. In this paper, we reviewed the new rules on the minimum level (capital ratio) and composite structure of Banks capital and what it portends for Nigerian banks. We also reviewed how the abolition of the universal banking model would impact on banks in Nigeria. The study found that the new rules on the minimum level and structure of banks capital will not negatively affect Nigerian banks as most of the banks already have provisions above the new BIS requirements. We also highlighted the challenges Nigerian banks would face in the light of the new licensing model and capital requirements. We therefore, recommend that the Central Bank of Nigeria should be alive to its regulatory and monetary stability responsibilities to ensure the exercise do not amount to another rigmarole and futility.
The paper reviewed the prospect of using the hugely untapped pension funds to bridge infrastructural financing gap in Nigeria. Infrastructure financing is estimated to cost Nigeria a total investment of USD2.9 trillion over the next 30 years to bring it to the level that can be competitive and self-sustaining. This huge investment outlay is clearly beyond the yearly fiscal operations of government. However, there is a glimmer of hope by way of pension funds, which as at August, 2016, is in excess of N5.9 trillion. This phenomenal growth in pension funds presents a rare opportunity to bridge the nation's current infrastructure gap by leveraging part of the huge pension assets for developmental purposes. The authors argued that there is need to review the regulatory and institutional framework in pension funds administration to make way for a creative use of some of the pension funds to fund infrastructure -creating a veritable profitable investment outlay for the pension funds contributors and at the same time providing the needed funding for critical infrastructure financing in the country.
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