JOURNAL OF ECONOMICS AND ALLIED RESEARCH

EMPIRICAL INVESTIGATION OF MONEY SUPPLY, INFLATION AND ECONOMIC GROWTH NEXUS IN NIGERIA

2023-09-05T08:42:49+00:00

The main goal of monetary policy is to guarantee that the money supply is at a dimension that is steady with the development focus of real income, to such an extent, that non-inflationary development is certain and price stability, guaranteed. Since the discovery of the COVID-19 Pandemic, the money supply has risen consistently, averaging 9.16% between 2020Q1 and 2022Q2. Inflation, on the other hand, has risen by 15.70% while growth averaged a meagre 1.24%. As a result, this study aims to analyse the relationship among select macroeconomic variables. The Toda Yamamoto Vector Autoregressive and Granger Causality approaches are adopted for this study and cover the period 2006Q1 to 2022Q2. There is evidence of joint causality to money supply growth and lending rate. Impulse response functions reveal that increasing growth in money supply causes a marginal rise in inflation while having no contemporaneous effect on real GDP growth. However, over the forecast horizon, increasing levels of money supply growth cause a persistent decline in real GDP growth, insinuating that the levels of growth in the Nigerian economy are motivated by other factors. The Central Bank is encouraged to manage the level of money supply effectively to sustain real GDP growth.

HUMAN CAPITAL DEVELOPMENT IN PUBLIC TERTIARY EDUCATION OF KADUNA STATE

2023-09-05T09:04:30+00:00

Human capital development denotes the most valuable and critical assets in the public tertiary education and it is globally recognized as a key driver for innovation and sustainable development. However, the study examines the effect of human capital development in public tertiary education of Kaduna state. The population of this study was made up of the all the public Tertiary Institutions in Kaduna State (Ahmadu Bello University Zaria, Kaduna state University, Nuhu Bamalli Polytechnic Zaria, Kaduna Polytechnic, National College of education Zaria and Kaduna state college of education Gidan Waya. Twenty-five questionnaires were administered to each public institution. 150 questionnaires administered and 112 were retrieved from the respondents which was used as the sample size. Therefore, the impact and significance of human capital development in Public Tertiary Education in Kaduna State will no doubt enhance learning as well as development in all area of human endeavor. Based on the findings, it was recommended that the Nigerian government should develop an adequate human capital with global skills and e-learning practices, with proper training partnership with other domestic industries, technical training institutions and research institutions internationally. Also, there is an urgent need for the federal and state government to raise their spending on education in order to fulfill the 26% UNESCO criterion by increasing staff costs and salaries, which will aid in advancing knowledge, increasing production, and fostering national progress

ENTREPRENEURIAL ECOSYSTEM IN NORTH CENTRAL NIGERIA: A STRATEGY FOR SUSTAINABLE DEVELOPMENT

2023-09-05T09:40:30+00:00

The concept of sustainable development via entrepreneurship ecosystem is an approach to understand every unit of an entrepreneurial ecosystem and its individual contributions to entrepreneurial sustainability within a particular territory. It is an approach that affects all spheres of life; social, economic and environment, connecting them within entrepreneurial processing to a sustainable societal development. Using content analysis and drawing out causal mechanisms with systematic evaluation, This study reveals the various dimensions of entrepreneurship ecosystem in the North Central Nigeria, breaking down its elements into systems as drawn from the existing entrepreneurship literature, and critically linking them to entrepreneurship, sustainable development, industrial and technological backwardness in North Central region. The study therefore revealed that every unit of entrepreneurial ecosystem should be viewed on a process-based criteria so as to have a better framework of understand the role of entrepreneurial ecosystem on entrepreneurship in its micro form, in order to effectively support entrepreneurship venture creation, growth process and the transformation. The study recommends a point clarification on entrepreneurial ecosystem structures and their abilities on entrepreneurship in the region, as this could capitalize on the opportunities available to systematically and objectively tackle the threats on entrepreneurship in North Central Region of Nigeria

SERVICE QUALITY IN HOTELS: UNDERSTANDING CUSTOMERS' PERCEPTIONS FOR IMPROVED GUEST SATISFACTION

2023-09-05T09:49:55+00:00

The study aims to explore the perceptions of service quality among hotel customers in Abuja, Nigeria. Data was collected using a self-administered questionnaire. A total of 413 hotel customers from various hotels in Abuja participated in the study, through a convenient sampling. Descriptive statistics and regression analysis were used with SPSS Version 24 to analyze the data. The findings revealed that hotel customers in Abuja place a high value on service quality, and their perceptions of service quality are influenced by various factors such as staff competence, responsiveness, reliability, empathy, and tangibles. The study also highlights the importance of addressing customer complaints and providing personalized services to enhance guest satisfaction. The study recommends that hotel managers in Abuja should prioritize service quality as a critical factor for improving guest satisfaction and, ultimately, the hotel's overall performance.

EMPIRICAL EVIDENCE FROM NIGERIA ON THE RELATIONSHIP BETWEEN INFLATION AND MANUFACTURING GROWTH

2023-09-05T10:07:40+00:00

This research investigated the relationship between inflation and Nigerian manufacturing sector growth between 1981 and 2019, utilizing performance measures such as inflation rate, money supply, and gross domestic investment. The data was collected from secondary sources such as the Central Bank of Nigeria's Statistical Bulletin and the World Bank. The major finding is that in the short and long run, inflation and manufacturing sector growth are unrelated. Changes in Nigeria's inflation rate do not explain changes in the manufacturing sector's growth. The data also suggest that inflation does not assist producers with pricing power and that a fall in money supply has resulted in a decrease in manufacturing sector growth. The paper suggests that policymakers make huge investments in infrastructures that is insufficient, such as power supply and road network

ANALYSIS OF THE EFFECT OF SHOCKS OF GOOD GOVERNANCE ON EDUCATION OUTPUT AMONG SELECTED AFRICAN COUNTRIES

2023-09-05T10:15:50+00:00

Good governance is an essential component that drives better health outcome and education output required as a catalyst that will stimulate economic growth and this constitutes a vital social objective as a result of good level of human capital development. The study evaluated the effect of shocks of good governance on education output among selected African countries using panel data from 2000 to 2020. The Panel unit root tests indicated that real gross domestic product, indicators of good governance, and foreign direct investment are stationary at level while education output, primary school enrollment, and foreign aid are stationary at first difference. The Panel Vector Autoregressive result indicates that the shocks effect of education expenditure, Indicators of good governance, Primary school enrolment, and Foreign aid to education output were found to be positive. The study recommended that African Countries should ensure that indicators of good governance such as political stability, accountability and voice, and control of corruption are moving smoothly without any interruption, by so doing economic growth of African countries will increases. African countries should increase their expenditure on education, this will bring about an increase in economic growth of the continen

ROLE OF ECONOMIC INTEGRATION IN NATIONAL DEVELOPMENT: NIGERIA’S EXPERIENCE

2023-09-05T10:36:56+00:00

Regional organizations have generally grown as a consequence of internal and external push in growing nations, particularly those that are devoted to regional economic integration. This came about as a result of the notion that certain obstacles needed to be removed for their nations to advance. Global growth in development cooperation has also been spurred by the anticipated advantages of regional cooperation for trade and economic development, notably the advantages of economies of scale and expertise brought about through commerce. Thus, this paper examined the significance of economic integration to the development of Nigeria. The study gave credence to the concepts of economic integration, the need for economic integration, economic integration and the Nigeria economic development, and Nigeria’s readiness to fully leverage on integration. Data was collected from published academic articles. Based on the data reviewed, it was concluded that economic integration significantly contributed the development of Nigeria, making it a crucial first step in realizing its full economic potential. Despite this, however, it was revealed that Nigeria is not fully ready for full economic integration. It was, therefore, recommended that for integration to fully benefit the nation, the private sector's productivity growth must be increased. Also, to fully reap the tangible opportunities of regional integration, the country would require a strong collaboration of reforms and programs that set it up for international commerce

THE EFFECT OF JOB TENURE ON EMPLOYEE/CUSTOMER RELATIONSHIP IN THE NIGERIAN BANKING INDUSTRY

2023-09-05T11:05:14+00:00

Despite the fact that the banking industry is unrivalled in the development of any economy because it marshals funds from the surplus spending unit of the economy and makes the same available to the deficit units for the attainment of the economy's development goals, it is observed that the banking staff, who are agents or bedrock for the fulfilment of this goal, appears to be found lamenting over poor service delivery to her customers. The purpose of this study is to assess the influence of job tenure on employee/customer relationship in Nigerian banking industry. Survey research design was adopted for the study. The sample size was 333 employees selected from commercial banks in the study area through stratified random sampling technique. Questionnaire was used as instrument for data collection. Results of the analysis using one-way analysis of variance (ANOVA) test statistical techniques shows that, there is a positive significant influence of job tenure on employee/customer relationship in Nigerian banking industry. That is, there is a significant influence of organizational demography in terms of job tenure on performance in terms of employee/customer relationship in Nigeria banking industry. Based on the findings, the study recommended that, banks should encourage employees to stay on the job through motivation and incentives. This will enable them have relevant experience on the job and hence contribute to the growth and the achievement of the overall objectives of the banking sector. To this end, human resource administrators ought to be worried about characteristics and foundation of staff that best suit work positions

UNEMPLOYMENT AND INFLATION TRADE-OFF: THE NIGERIA EXPERIENCE IN THE CONTEXT OF PHILIP CURVE

2023-09-05T11:09:40+00:00

Price stability and full employment are not complimentary macroeconomic objectives rather they are conflicting macroeconomic goals. In order words inflation and unemployment are also conflicting policy objectives. It therefore implies that one must be sacrificed to attain the other. The main objective of this study is to analyse the unemployment and inflation trade-off: the Nigerian experience regarding the Philip curve. The study used time series econometric analysis. The Augmented Dickey-Fuller (ADF) unit root test showed that the variables were of I(0) and I(1), hence Autoregressive Distributed Lag Model (ARDL) was used for the estimation. The study found that the Philip Curve of an inverse relationship between the two variables (Inflation rate and Unemployment rate) is true for Nigeria economy. The analysis showed that inflation rates fall from 34 percent to 12.2 percent and consequentially to 12.0 percent for the decade analysis. Conversely unemployment rate increased from 3.3 percent to 13.7 percent and subsequently to 15.6 percent. This study therefore confirms Philip theory in Nigeria. Theoretical evidence showed that monetary policy used in solving unemployment worked best when it allowed the real economy to respond appropriately to economic fundamentals. This was shown by low speed of adjustment of 48.9 as shown by the co-integration result. It was recommended that credit control and demonetisation of currency with higher denomination can be a viable monetary policy while a surplus budget and reduction in government expenditure can be a viable fiscal policy when inflation poses a serious challenge.

NEXUS BETWEEN NATURE OF BUSINESS AND DELAYS EXPERIENCED IN CARGO CLEARANCE PROCESS IN LAGOS SEAPORTS

2023-09-05T12:55:32+00:00

This study analyzes the relationship between nature of business and delays in container clearance process. It also examines major causes of delay in each of the identified seven stages of the cargo clearance process in Apapa and Tin Can Ports, Lagos, Nigeria. The identified stages include: e-Form M processing; Pre-Arrival Assessment Report (PAAR) processing; assessment of Duty; payment of Duty; Examination; Customs release and Delivery. The study’s population consists of 43 publicly quoted manufacturing companies listed on the Nigerian Stock Exchange and which regularly import containers through Lagos Seaports. Structured questionnaires were administered to the 41 firms selected, but only 23 were actually filled and returned. This number represents 56 percent of the sample size. Analysis of data was done with the aid of SPSS. The results show that major causes of delay include incomplete and poor documentation problem with a share of 68.4%, 88.2% and 37.5% for e-form M, PAAR and Assessment of Duty stages respectively. Other causes of delays include: network or server problems which account for 53.8% (Payment of Duty); delays related to physical examination of containers which covers 29.4% (Examination); network and valuation problems which stand at 30% (Customs Release). Port congestion and port logistics problems also constitute problems which account for 44.4% and 33.3% respectively (Delivery). This paper recommends that importers and exporters should use highly trained staff or outsource documentation to professional brokers to avoid delays resulting from incomplete or inaccurate documentation.

COST OF GOVERNANCE AND ECONOMIC DEVELOPMENT IN NIGERIA: AN EMPIRICAL REVIEW

2023-09-05T13:03:00+00:00

The inclination to achieve a desirable level of economic development becomes a task amidst sumptuous unscrupulous cost of governance in Nigeria. Government at different levels and policymakers have been working round the clock to improve people’s welfare and reduce poverty despite huge resources the country is blessed but still confronted with avoidable challenges not helpful but disastrous to the economy. This is not unconnected to channeling funds to unproductive activities which are not yielding rewarding outcome .Therefore ,this paper examined the connection between cost of governance and economic development in Nigeria .To unravel this linkage this paper considered annual data set in Nigeria from 1986 to 2020 .The data set was estimated using the Autoregressive Distributed Lag Model (ARDL) as a series is a mixture of 1(0) and I(1).The results showed that General administration had negative (-0.0852) and significant (5%) on economic development ; also, the National security has negative (-0.1815) and significant (5%) and governance effectiveness had negative (-5.2463) .However ,National Assembly is positive (0.3238) and significant (5%) to economic development .These results suggests that some unscrupulous government spending do not contribute to improving economic development and may increase the incidence of poverty order than reducing it. Therefore, governments at various levels and policymakers need to orientate and encourage public office holders especially the Law makers and government functionaries to focus more on projects that will stimulate economic development in the country

AGRICULTURAL SHOCK COPING STRATEGIES AND FOOD SECURITY AMONG FARMING HOUSEHOLDS IN NIGERIA

2023-09-05T13:10:45+00:00

Farmers are increasingly exposed to agricultural shocks such as pest invasion, flooding, poor rains, input price increase and fall in output price, which further worsen their food security state and well-being. Adopting strategies to cope with the shocks may enhance farmers’ food security, although studies that link agricultural shocks to food security of households in Nigeria are not abundant. Therefore, this study examines the effects of agricultural shock coping strategies on food security among farming households in Nigeria. Data on 903 farming household heads were extracted from Nigeria’s 2018/2019 general household survey, including; socioeconomic characteristics, agricultural shocks and the coping strategies adopted (assets-based, food adjustment-based, assistance-based, and borrowing-based). Data were analyzed using descriptive statistics, Foster-Greer-Thorbecke food security measure and logit regression. Results showed that most households were food insecure (51.8%) and did not adopt any coping strategy (62.50%). The most commonly adopted strategy (17.90%) was assets-based. The assistance-based coping strategies increased the probability of being food secure along with secondary and tertiary education, credit access and cooperative membership. Contrariwise, age and living in the rural sector, North-west and South-south zones decreased the probability of being food secure. Therefore, food security policy for farmers should focus on assistance through social security programmes, encouraging higher education level attainment, improved credit access, cooperative membership and rural living conditions

ANGEL INVESTING AND ENTREPRENEURIAL PERFORMANCE IN NIGERIA

2023-09-05T13:20:31+00:00

Many young people are becoming more innovative and have creative business ideas. Unfortunately, for new ventures, securing funding is often hard because of inadequate information between entrepreneurs and capital suppliers and partly because these entrepreneurs may have little business experience. As a result, different working relationships and contractual measures are used to deal with agency problems and to help the venture realize its potentials for value creation. The objectives of this study were to determine the extent to which new ventures have access to angel investors and to ascertain how angel investing can enhance the performance of new ventures in Nigeria. The studies used judgemental and convenience sampling techniques in selecting fifty (50) business owners in Calabar metropolis. Primary data were obtained with the aid of questionnaire. A 5-point Likert scale questionnaire, ranging from strongly agree to strongly disagree was developed. The study surveyed only the owners or managers of the selected firms. The analysis revealed that most entrepreneurs are not familiar with angel investing. Most of the entrepreneurs were not knowledgeable on the role of angel investors neither do they personally know some angel investors. The findings of the research suggest that most of the entrepreneurs in Cross River State are novice on the concept of Angel Investing. Based on the findings, it was recommended amongst others that more enlightenment should be created on angel investing for emerging entrepreneurs

LENDING RATES AND GROWTH RELATIONSHIP IN NIGERIA: THE ROLE OF STRUCTURAL BREAKS

2023-09-05T13:29:34+00:00

The paper examines the dynamics between lending rates and economic growth in Nigeria, especially by accounting for the role of structural breaks in defining the true relationship between both variables. It utilised the Autoregressive Distributed Lag (ARDL) technique to ascertain the nature of the relationship. With the aid of quarterly data spanning 2010Q1 to 2022Q4, the paper found that among others, in both the long- and short-run, the lending rate had a positive relationship with economic growth. However, when structural breaks, represented by 2020Q2 (when the economy was locked down due to the COVID-19 pandemic) was accounted for, the relationship became negative. The paper therefore concluded that accounting for structural breaks matters for the relationship, especially in the short run.

ASSESSMENT OF FISH PRICE VOLATILITY IN NIGERIA

2023-09-05T14:11:24+00:00

Based on monthly pricing data from 1995 to 2015, this study analyzes price volatility in the Nigerian fish market. The exponential generalized autoregressive conditional heteroskedasticity (EGARCH) model was used to analyze the univariate volatility of the market. The fish supply market's long-term persistence of price volatility is an indication of a fundamental level of volatility over the course of the research period. The first-order autoregressive term's value was considerable for the fresh, frozen, and smoked fish markets, according to empirical findings. In comparison to fresh fish prices (-0.37) and smoke prices (-2.09), frozen fish prices (0.72) showed a greater persistence parameter. The three fish price variance models all contained large asymmetric terms. According to the study, increased strategic intervention is required for increased agricultural output and adequate fish stocks, particularly to balance out seasonal variations and time lags in the fish trade.

CORPORATE GOVERNANCE PRACTICE AND COMPLIANCE LEVEL AMONG LISTED MANUFACTURING FIRMS IN NIGERIA

2023-09-05T14:19:06+00:00

This paper investigated the level of corporate governance compliance among listed manufacturing firms in Nigeria. The study adopted descriptive survey research design and used secondary data. The population of the study comprised of 78 listed manufacturing firms on the Nigeria Stock Exchange at the end of 2018. Through purposive sampling techniques, relevant data were obtained from 56 firms whose stocks were traded consistently on the stock market. Corporate governance practices and compliance were obtained from the firms’ annual reports, the publication of the Nigeria Stock Exchange (NSE) as well as the website of the firms. The data were analysed using tables, percentages, and charts. Findings clearly indicated that listed manufacturing firms had embedded corporate governance initiatives with a compliance rate of 73.66% on average with the highest and lowest compliance rate of 82% and 60% respectively. The study therefore recommends the need for management to create a conducive business environment by ensuring good corporate governance structure to increase investors’ confidence, facilitate additional foreign direct investment (FDI) and the development of the capital market operation in Nigeria

AN ANALYSIS OF THE EFFECT OF EXCHANGE RATE DEPRECIATION ON BALANCE OF PAYMENT IN NIGERIA

2023-09-05T15:21:06+00:00

This paper analyses the effect of exchange rate depreciation on balance of payment in the Nigeria spinning the period 1981-2021. Autoregressive Distributed Lag Model of data analyses is used after conducting unit root test. ARDL bound result indicates a long term association among the macroeconomic models. Empirical evidence reveals that exchange rate depreciation had a positive and significant effect on balance of payment both in the long and short run. Moreover, the results revealed that depreciation of exchange rate improves balance of payment and that Marshall-Lerner (ML) condition subsists for Nigeria. The paper advocates that the Nigerian government should adopt import substitution strategy in order to discourage importation so as to promote local production as well as balance of payment, Nigerian government should also encourage growth of local industries that will satisfy the domestic demand and also compete in a global market, increase investment in agriculture and manufacturing sector as well as promote entrepreneurial skills so as to correct the deficit in the balance of payment accounts

MACROECONOMIC IMPACT OF REMITTANCES: EVIDENCE FROM NIGERIA

2023-09-05T14:33:45+00:00

This study investigated the impact of remittances by Nigerians in the diaspora on economic growth for four decades (1980-2020) using the Error correction model developed by Engel and Granger. The impact of remittances on economic growth in developing countries in the literature has is mixed. This research is focused on the impact of per capita remittances as a source of per capita GDP growth relative to other sources of investment in the economy such as investments in human and physical capital within the production framework. We found that remittances and investment in physical capital had positive and significant impacts on the gross domestic product in Nigeria while investment in human capital development and institutional factor both have negative and significant effects on growth. With deliberate policies put in place to strengthen this outcome, the impact could even be greater in the future. Based on the result, the study recommends introduction of more financial innovation tools and inclusion in the use of such tools to reach remote areas. This will increase the volume of remittances, widen the use of the formal financial system in its use and thus its contribution to economic growth

FISCAL POLICY CONVERGENCE IN THE WEST AFRICAN MONETARY ZONE

2023-09-05T14:41:48+00:00

This study examines the convergence of fiscal policy in the West African Monetary Zone (WAMZ) using annual panel data between 2001-2020 in a log t regression convergence model. The findings reveal compelling evidence of divergences across the four fiscal policy instruments (tax revenue, expenditure, deficit and debt), with the largest divergences in debt (-4.32) and expenditure (-3.39) policies. In view of its findings, the study proposes a multiple fiscal rule regime to accommodate the idiosyncrasies of member states; and advocates the introduction of non-binding tax and expenditure rules to complement the existing deficit and public debt rules, and enable a more complete evaluation of fiscal policy performance and compliance within the zone

RETENTION POLICY, CORPORATE GOVERNANCE AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING FIRMS IN NIGERIA

2023-09-05T14:52:22+00:00

Sequel to the economic policy direction of the new administration in Nigeria with regards to fuel subsidy removal and uniform foreign exchange rate, together with its attendants effect on the GOP. This paper examined the nexus between retention policy and the financial performance of listed manufacturing firms in Nigeria using corporate governance as a moderating variable together with financial leverage, li9quidity, tangibility, firm size and firm age as control variables. Descriptive survey research design was adopted using secondary data. Based on purposive sampling techniques the study obtained relevant data from 56 firms, whose stocks were traded consistently from 2008 to 2018 out of a population of 78 listed firms. Tables, percentages and random effect estimations were used to analyze the data. The result of the analysis empirically revealed that at 1% level of significance, a positive relationship exist among retention policy, corporate governance and the financial performance of firm (proxy with ROA). In addition, all the control variables also exhibited significant relationship at 1% level. The study therefore concludes that retention policy and practices of efficient corporate governance contributed and significantly enhance financial performance of firms in Nigeria

CREDIT ACCESS BY COOPERATIVE WOMEN VEGETABLE FARMERS AND POVERTY REDUCTION IN AKINYELE LOCAL GOVERNMENT AREA, OYO STATE, NIGERIA

2023-09-05T14:58:45+00:00

Cooperatives can help solve the problem of non-access to credit among women farmers, which limits their production and income levels with consequence of poverty. Therefore, the effect of cooperative women vegetable farmers’ credit access on poverty status in Akinyele Local Government Area of Oyo state, Nigeria was assessed in this study. Primary data were collected with the aid of a semi-structured questionnaire through a two-stage sampling technique. Three women cooperatives were chosen in the first stage and 150 cooperative vegetable farmers were randomly selected from the list of the three cooperatives. Data were analysed using descriptive statistics, FGT poverty measures and probit regression model. Average age of the women farmers was 44 years, household size was 6 persons, years of formal education was 7 years and farm size was 0.4 ha. Most (64%) women farmers accessed credit from their cooperatives. The poverty line was ₦2,271.57, while only 14% of the women farmers were poor. Credit access, education, farm income and savings reduced the probability of poverty among women cooperative farmers, while having primary occupation of farming increased it. The study concluded that access to credit among women vegetable farmers in cooperatives reduces poverty. Therefore, government policy on poverty reduction for women cooperative farmers should focus on increasing credit access, farm income, years of education and informal savings

THE IMPACT OF MONETARY POLICY VARIABLES ON ECONOMIC GROWTH IN NIGERIA

2023-09-05T15:07:50+00:00

Monetary policies are undertaken to control the magnitude, price and credit availability in order to attain internal and external balances in the nation. This can reflect in adjusting the money supply, interest rates, exchange rate and provision of credit facilities to the private sector to boost business. Its main target includes price stabilization, encouraging investment, and fostering economic expansion. This study investigated the impact of monetary policy variables on Nigeria's economic growth from 1981 to 2021 adopting autoregressive distributive lag (ARDL) model employing secondary data. Results revealed that the interest rate had a significant and positive effect on Gross Domestic Product (GDP), the impact of the credit to private sector on GDP was insignificant. Money supply and exchange rate were found to have negative, yet significant effect on GDP. Additionally, the bound test highlighted the presence of a long-term association among the variables. The study suggested based on the findings of the research that Central Bank of Nigeria should maintain an interest rate that is low enough to encourage increased investment by all and sundry; Central Bank of Nigeria should ensure that there is an increase in money supply in order to bolster economic growth; Central Bank of Nigeria should ensure that exchange rate is not overvalued in order for the domestic currency to be competitive. This will to a large extent enhance economic growth; and lastly, Central Bank of Nigeria should ensure that credits allocated should be based on economic consideration as opposed to mutual gains from private sector.