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This paper explores the impact of aid and macroeconomic policy on growth with Nigeria as a case study. Given its limited use in the aid efficiency literature on Nigeria, the autoregressive distributed lag (ARDL) model was applied in this study for time series data covering 44 years (1970-2014) in an attempt to expand the use of this approach and to check if a similar (negative) relationship is found between aid and growth. The results showed a positive correlation i.e. aid supports growth in Nigeria in the long-term. The other variables identified above and trends such as labour force and technological change were also found to be positive towards economic growth in the long-term, though governance showed an insignificant relationship. In the short-term, investment and policy were found to have a negative correlation on growth. More data on governance (before 1996) could be applied to expand the findings of this study and other measures of macroeconomic policy could be used to test if a similar result is obtained as principal component analysis was applied in this case. Given our findings, this paper recommends that the government of Nigeria should prioritize aid since it has been empirically found to support growth. Contribution/ Originality: This paper uses the endogenous growth theory taking into account the role of macroeconomic policy and governance to test the effectiveness of aid on growth in Nigeria which no other research has done.

The paper tests the efficacy of fiscal theory of price level in Nigeria using an autoregressive distributed lag model for the period from 2002 Q1 to 2017 Q4. The study seeks to test the hypothesis that of Leeper (1991) and Sims (1998) that the price level is not independently determined by the monetary authorities, rather it is as a result of the relationship between monetary and fiscal authorities. The Nigerian Federal Government has had to resort to continuous borrowing in order to meet its financial obligations. The size of the fiscal deficit has ballooned which if not controlled could worsen fiscal vulnerability and eventually lead to financial distress. We find that fiscal deficits have a positive and statistically significant effect on inflation in all models estimated, attributed to the high degree of fiscal dominance in Nigeria. Giving our findings, Nigerian economy needs to address the challenge of high fiscal imbalances.

This study uses a fractional integration method to evaluate the efficiency of cryptocurrencies before and after the period COVID-19 had been announced as being a pandemic. Evidence of long memory is confirmed across all subsamples. Additionally, we find a greater degree of persistence during the COVID-19 pandemic period than in the pre-pandemic period.

The oil price -inflation relationship has continued to significantly feature in the macroeconomic debate, a situation that is guaranteed by nineteen oil market disruptions experienced by the world over the last 40 years (Verleger, 2019). The debate on the dynamic behavior between oil price and domestic inflation is an ongoing process and recent literature indicated that the relationship shows non-linearities, which could have some implication for monetary policymaking. We estimate NARDL models of the link between oil price and inflation decomposed into consumer price index sub-indices of food, core, other energy and transport and find support for long-run asymmetry in relation to oil price shocks as well as incomplete pass-through of oil price to inflation. Our results suggest that it takes within 4-8 quarters for the disaggregated inflation to converge to its long-run equilibrium after a negative or positive unitary oil price shock. Hence, we conclude that there is the need to boost domestic oil refining capacity and fostering of competition in the domestic market as well as unlocking investment in other bio-fuels and other low-cost energy products to reduce energy imports in Nigeria.