This study investigated if revenue from the oil sector displaced the export of manufactures in oil-rich African countries over the period from 2000 to 2020. Using the panel ARDL model, findings indicate that in the short run, oil rents had an insignificant positive impact on the export of manufactures for all countries sampled. However, in the long run, the impact was positive. The short run results for the individual countries revealed that oil rents improved the export of manufactures for Nigeria and Ghana, while the impact for Libya, Algeria and Gabon was adverse. The study therefore concludes that the displacement of the export of manufactures by the proceeds from oil occurred at country-specific levels in the selected oil-rich African countries. Consequently, the study suggests that rents from oil in these countries should be used to develop facilities that encourage the development of the manufacturing sector.
The objective of the study was to appraise the effect of the implementation of the Treasury Single Account System on Public Financial Management in Nigeria. The survey research design was used and a sample of 246 was selected. Result of the findings revealed that, there is a significant benefit of the implementation of the Treasury Single Account System by Ministries, Departments and Agencies in Nigerian; the implementation of the Treasury Single Account System has positive significant effect on Public Financial Management in Nigeria; there is positive and significant relationship between the implementation of the Treasury Single Account System and Economic Growth and Development in Nigeria and significant challenges are encountered by Nigerian Ministries, Department and Agencies in the Implementation of the Treasury Single Account System. Hence the study recommended that the government should create appropriate enabling environments and legislative supports for the policy to bring about desired success and intended goals. Government should make available infrastructural facilities and technological equipment for the MDAs for effective take-off of the policy in respective locations where it is not yet implemented. Only a properly tailored and monitored TSA policy can achieve its desired purpose and serve as an effective tool in Public fund Management.
This study examined the impact of financial market and monetary policy on the Nigerian economy since Nigeria introduced democratic rule in 2001 to 2020. Financial market was proxied by total market capitalization, while monetary policy was proxied by money supply, and interest rate the moderator variable. The ADF unit root was adopted to test the level of stationarity of the variables, and all the variables attained stationarity either at first difference or at second difference. The study adopted the regression analysis as the data analysis method. Findings from the study revealed that: Market capitalization, a proxy for financial market had positive and significant impact on Gross Domestic Product, a proxy for the Nigerian economy, Money supply, a proxy for monetary policy had positive and significant impact on Gross Domestic Product, a proxy for the Nigerian economy and Interest rate, a moderator variable had a positive but not significant impact on Gross Domestic Product, a proxy for the Nigerian economy. The study therefore recommends that: Government should restore confidence in the financial market by showing true commitment and sincerity of purpose in the capital market probe, there is need for a diversified investment instruments in the capital market whereby debt and derivative instruments will assume as much prominence as ownership instruments and Government should do everything possible to provide a safe and conducive investment climate by nipping in the bud, the prevalent activities of terrorist and kidnappers. This will not only encourage the Nigerian investors, but also attract foreign investors into the Nigerian capital market.
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