PRE-DEGREE/CERTIFICATE REGISTRATION/SCHOOL FEES

OMIETE VICTORIA OLULU-BRIGGS

FULL NAMES: OMIETE VICTORIA OLULU-BRIGGS

 

DESIGNATION(S): Lecturer in Dept. of Finance & Banking

 

PROFILE:

 

An inspired team player with good social and communication skills, self discipline and a courteous disposition. Resourceful and ambitious in creating value for business and committed in making excellent results under pressure. Capable of adapting to multicultural work environments; with a sound academic background in Finance, Management and Marketing. Aspiring to pursuing a dynamic and successful career in the financial world.

 

Over 9years hands-on and academic experiences in banking and finance management practices with published articles in reputable scientific journals.

 

CONTACT DETAILS:

MOBILE: 08061543310

E-MAIL: This email address is being protected from spambots. You need JavaScript enabled to view it.

OFFICE BLOCK/ADDRESS: Faculty of Management Sciences, Department of Management, University of Port Harcourt, Nigeria.

CONSULTING/VISITING TIME: By appointment

 

BIO DATA:

 

Sex:                              Female.

State of Origin:             Rivers

Nationality:                    Nigerian

 

LANGUAGES:

 

English:                         Fluent

Kalabari:                        Fluent

 

INTEREST:

Reading and travelling to see places and gain new ideas.

 

 

 

ACADEMIC QUALIFICATIONS: 

 

Ph.D Finance

University of Port Harcourt, Choba, Port Harcourt

 

M.Sc in Finance and Management

Cranfield University, Bedfordshire, U.K

 

MBA Finance and Accounting

Obafemi Awolowo University, Ile-Ife, Nigeria

 

B.Sc. Marketing

University of Port Harcourt.

 

 

PROFESSIONAL MEMBERSHIP:

                                               

Associate Member, Chartered Institute of Stockbrokers

                                    Member, Chartered Institute of Bankers of Nigeria

                                    Associate Member, Chartered Institute of Financial and Investment Analyst

 

EMPLOYMENT HISTORY:

 

2013 till date:                            University of Port Harcourt, Faculty of Mgt. Sci., Dept. of

                                                Finance & Banking, Choba, Nigeria.

                                                Lecturer I

 

2009-2012:                              University of Port Harcourt, Faculty of Mgt. Sci., Dept. of

                                                Finance & Banking, Choba, Nigeria.

                                                Lecturer II

 

2007-2009:                              Ministry of Commerce and Industry, Rivers State, Nigeria.

                                                Commercial Officer I

• Advising the Government as Professionals on commercial activities e.g. loan facility.
• Advising business men in the areas of investments.
• Registration of business premise and inspection reports as a tool for generating revenue for Government as well as checking standards.
• Engaging in trade promotion i.e. creating awareness through trade fairs and exhibitions.

 

 

2006-2007:                              Tengiyadus Resources, 200 Bende Street, Port Harcourt.

                                                Manager, Finance and Administration.

• Strengthening customer satisfaction by conducting CRM which improved customer retention and loyalty.
• In coordination with management developed an effective strategy to maintain interpersonal relationship and quality service which increased repeat orders by 28%.
• Ensuring on-time delivery of supplies and keeping customers updated about the status of their supplies.

 

2002-2003:                              Niger Delta Development Commission, Port Harcourt.

                                                Internship/NYSC

• Generating easily transferable ideas which stimulated commercial activities.
• Developing a working relationship with beneficiaries to understand their needs and skills, and propose to the commission on business investments to fund.
• Organising skills acquisition training programmes to enable participants undertake business ventures of their choice thereby alleviating poverty and encouraging personal independence.
• Studying and analysing the feasibility of a new business venture and making recommendations for loan facility.

Negotiating with banks on how best to invest funds to generate revenue and repay loans. This helped the youths to establish their personal businesses.

 

PUBLISHED RESEARCH WORKS

 

1. Olulu-Briggs, O. V. & Agarwal, V. (2010). The impact of FTSE 100 index deletions and additions. Nigerian Journal of Financial Research, 8(1), 74-114.

 

Abstract: This paper investigates the impact of Index deletions and additions. The method applied is the Event study methodology which empirically measures abnormal changes in security prices to the release of new information in the market. Using daily closing stock returns on added or deleted firms according to their market capitalization, share price and liquidity; from DataStream 99FTSE and the FTSE 100 webpage for the period 1995-2004, we examine stock price and trading volume effects around the announcement and effective days of changes to the index. We find that index changes have a significant impact on stock returns as well as liquidity. For additions, outperformance is strongest on the effective day revealing abnormal returns of 4.19 while underperformance is seen as it comes into effect. Conversely, deleted stocks show negative abnormal returns of -3.03 on a day prior to the effective day. Thus, when a stock is added, it is traded more frequently as investors will only want to hold those stocks they perceive are healthy and sell off deleted stocks to avoid chances of economic failure. Furthermore, a standard t-test and sign test show that abnormal returns are significant and thus associated with a firm’s inclusion in or deletion from an index. The results are to a certain extent coherent with previous studies on index changes.

 

Keywords:  Share Prices, Abnormal Returns, New Information, Market Capitalization, Liquidity

 

 

2. Olulu-Briggs, O.V. & Odi, E. R. (2011). Does economic growth really improve following foreign direct investments? The Nigerian experience. Trend Journal of Management and Social Sciences, 4(4), 1-16.

 

Abstract: The paper examined if economic growth really improves following if economic growth really improves following Foreign Direct Investments. We got information on GDP and FDI from the CBN and UNCTAD database for a period of forty years (1970-2010) using the Vector Auto regression (VAR) model of the Least Squares techniques. First, our VAR result showed that previous foreign investment activities can induce or motivate current inflow of foreign investment, it also suggest that preceding growth of an economy to a significant extent attracts foreign outlays. Second, the Granger causality test conducted suggests that a change in real Gross Domestic Product precedes changes in Foreign Direct Investment in the Nigerian economy. Third, the Johansen test for co-integration revealed that there is no long- run relationship between the level of Foreign Direct Investments and Gross Domestic Product in Nigeria. The findings are to an extent consistent with prior analysis by: Srinivasan et al (2010) find a long run causal relationship from GDP→FDI for Indonesia, Singapore and the Phillipines, in addition, a standard Granger causality test shows a unidirectional causal link from GDP→FDI for Thailand ; and Changwen and Jiang (2007) find a unidirectional causality from GDP→FDI in China; on the FDI and Economic Growth relationship.

 

Keywords: VAR model, Foreign Direct Investment, Economic growth, Granger causality test.

 

 

3. Keffas, G. & Olulu-Briggs, O. V. (2011). Corporate social responsibility: How does it affect the financial performance of banks? Empirical evidence from US, UK, and Japan. Journal of Management and Corporate Governance, 3, 8-26.

Abstract: this paper examines the financial performance of CSR and Non-CSR banks using financial ratios and frontier efficiency analysis. We got accounting information for banks in Japan, US and UK quoted on the FTSE4Good global index from Bankscope database. They include thirty-eight (38) financial and economic ratios based on variables such as Asset quality, Capital, Operations and Liquidity; that captured major scope of financial performance. In addition, we used a non-parametric linear programming technique known as Data Envelopment Analysis to create a piecewise linear frontier that helps to determine the efficiency levels for both a common and separate frontier analysis. First, we find a positive relationship between corporate social responsibility and financial performance. banks that incorporate CSR have better asset quality; capital adequacy; and are more efficient in managing their asset portfolios and capital. Second, we also find that geographic location regulates the relationship between CSR and FP during economic contraction, such that the relationship differs across Relationship and Transactional banking models. The findings are to an extent consistent with prior analysis on the CSR-FP link.

 

Keywords: Corporate Social Responsibility. Financial Performance, Financial Ratios, Frontier Analysis, Value Creation.

 

 

4. Olulu-Briggs, O. V. (2013). Mortgage Calculations and Analysis. In Nwinee, B. F. (Eds.), Mortgage Banking and Finance in Nigeria (pp. 163-196).University of Port Harcourt Press, Choba Park, PH: Nigeria.

 

Abstract: The chapter explains the various ways that fixed interest rate mortgage loan are priced and structured. It emphasizes on how mortgage loans are valued, well-thought out and accepted by both mortgagees and mortgagors. Valuing mortgage loans involves a consideration of interest rate and other associated management fees, inflation, tax, insurance, the supply of and demand for funds, and other changes that exist in the economic environment. Further discussion is on the basic techniques used in estimating the effective cost of borrowing when a borrower is confronted with several requirements in the loan covenant. Mortgage lenders usually include various fees (known as premium) to the interest rate in trying to effectuate a loan. These fees are known as origination fees, prepayment penalties, discount and prepaid interest. In addition, different loan repayment or amortization schedules are decided between the mortgagees’ and mortgagors’ in order to consummate the loan contract.

 

 

5. Olulu-Briggs, O. V. (2013). Mortgage Banking Operations. In Nwinee, B. F. (Eds.), Mortgage Banking and Finance in Nigeria (pp. 197-230).University of Port Harcourt Press, Choba Park, PH: Nigeria.

Abstract: this chapter deals with the various activities embarked upon in a typical mortgage bank. We also discussed the various risks associated with mortgage banking operations. The various types of mortgage loans applicable in Nigeria and offered by the Federal Mortgage Bank of Nigeria namely conventional, insured conventional, the National Housing Loans, the Estate Development Loans and the Cooperative Housing Loans are also extensively discussed. We also explained the processes involved in securing long-term mortgage financing. This is termed Loan Underwriting carried out by the loan officer. In the underwriting process, we take into consideration the borrower, the property and how loan terms are instituted. We went further to understand the services of Primary Mortgage Institutions who act as mortgage insurers by buying out the option of default from the lender. The PMI’s get paid from premiums which is usually attached to the  mortgage interest rate and paid as monthly payments or as a lump sum paid at the time the loan is originated. However, insurance rates, that is, premiums on mortgages fluctuate when the loan is identified as risky with factors such as: longer term of the loan, a higher loan-to-value ratio and a very weak credit profile of the borrower. We discussed the loan-to-value ratio, debt-to-income ratio and the credit history of the borrower which is paramount to a loan’s approval or denial. We conclude by looking at Mortgage Strategies, Disclosures, Security and Deed which is the primary means of conveying real property rights.

 

 

6. Olulu-Briggs, O. V. & Onoh, U. A. (2014). The interplay of government expenditure and the private sector investment on the Nigerian economy (1981-2013) European Journal of Business and Management, 6(35), 195-203. Available at http://www.iiste.org

 

Abstract: This paper investigates the interplay of government expenditure and private sector investment on the economy of Nigeria. Annual time series data are used for the period from1981-2013. The Unit root tests show that at the 5% level of significance, all the variables were stationary at both level and first difference, thus confirming a transitory stochastic trend. The Johansen cointegration test demonstrate that three cointegrating long-run relationship exist between the GDP, Capital Expenditure, Recurrent Expenditure and Credit to the Private Sector. However, in the short-run, disequilibrium errors were detected.  Consequently, the Error correction model was engaged to ascertain the proportion of the disequilibrium errors built up in the preceding short-run periods that are corrected in the current period. Our result gave a speed of adjustment of 66% with its expected negative sign, which shows statistical significance at the 5% level. In addition, we conducted a Granger causality test to demonstrate the direction of causality of the variables. We find bi-directional causality between CAPEX and GDP; CPS and GDP; and REPEX to CPS; while uni-directional causality exists from CAPEX to REPEX; and CPS to CAPEX. First recommendation is that monetary and fiscal authorities should make credible policies and give an in-depth attention to its capital investment strategies to ensure they are adequately implemented with feedback mechanisms. Second, an equilibrium fiscal management such that deficit financing do not interfere or create a negative multiplier effect on private sector credits.  Third, the interest rate charged by banks’ on credits to the Private sector should be minimal in order to boost economic activities.

Keywords: Government Expenditure, Private Sector Investment, Economic Growth, Error Correction model, Cumulative Sum of Residual Test.

7. Ibe, R. C. & Olulu-Briggs, O. V. (2015). Any nexus between public health expenditure and economic growth in Nigeria? IIARD International Journal of Economics and Business Management, 1(8), 1-12. Available at http://www.iiardpub.org

 

Abstract: This study investigated the impact of public health expenditure on economic growth in Nigeria between 1981 and 2013. Data was sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and Annual reports of various issues. The stationarity of the variables were tested using the Augmented Dickey-Fuller (ADF) unit root test. The ordinary least square (OLS) multiple regression, equation estimation, Johansen multivariate cointegration and Granger Causality analytical techniques were the econometric methods used to analyze the data. Results indicate a significant and positive long run relationship between public health expenditures and economic growth. There was a unidirectional causality between economic growth proxied by GDP and all public health variables in the model namely; Gross Capital Formation (GCF), Total Education Expenditure (TEE) and Total Health Expenditure (THE).  The major policy recommendation that emerged from the study is the need for Nigerian policy makers to pay more attention to the health sector and increase its budgetary allocation. Nevertheless the key to good results lies in establishing a strong institutional system that, to the extent possible, links specific expenditure and revenue decisions so as to ensure the usage of the allocated fund as transparently as possible.

 

Keywords: Cointegration, Capital Formation, Unit Root, Causality, Regression.

 

 

8. Nnamdi, I. S. & Olulu-Briggs, O.V (2015). Corporate valuation within the Nigerian environment: A re-examination of Bhattacharyya’s bird-in-the-hand argument. Hezekiah University Journal of Management & Social Sciences, 3(1), 268-281.

 

Abstract: This study examines how corporations are valued using their end-of-year share prices, dividend per share and number of outstanding shares. Annual data were sourced from the Nigeria Stock Exchange fact book for the period 2005-2014; for 13 firms. The E-views8 statistical software was adopted for analysis of data obtained. The ADF and PP Unit Root test of the series establish that they were stationary at both their levels and first differences. The short-run estimation reveals that dividend per share (DPS) has positive and significant relationship with share price (SP), whereas number of outstanding shares (NOS) has positive but insignificant relationship with share price (SP). The positive relationship satisfies the a priori expectation of the model and agrees with the Bhattacharya’s theory that a dividend payout policy increases the market value of a firm’s shares. From the Johansen Cointegration analysis, the trace test indicates two (2) cointegrating equations while the maximum eigenvalue indicates one (1) at the 0.05 level. Consequently, there is a robust evidence of long-run equilibrium relationship between the variables. A bi-directional causality from dividend per share (DPS) to share price (SP); and from share price (SP) to dividend per share (DPS) is shown in the Granger causality test. First, we recommend that firms should do more in declaring dividends as this will make for more trading activities in their shares as well as increasing investors’ appetite to invest in those companies. Second, firms should pay increasing dividends to sustain investors. Thirdly, in years dividends are not declared, the companies should announce bonus shares and this should be well communicated to shareholders for information effect. Fourthly, the regulators should ensure that quoted firms must comply with all disclosure requirements and abstain from any form of window dressing to avert delinquent corporate governance.

 

Keywords: Share Price, Dividend per Share, Number of Outstanding shares, market value, corporations.

 

 

9. Olulu-Briggs, O. V. &  Ogbulu, O. M. (2015). Money supply and asset prices in Nigeria (2008-2013): An empirical review. Research Journal of Finance and Accounting, 6(10), 45-56. Available at http://www.iiste.org

 

Abstract: This paper examined the impact of Broad Money supply (M2) on Asset prices in Nigeria. Monthly data, in logarithmic form, was used for the period 2008M1-2013M12. The Eview7 Statistical Software was employed to conduct more robust tests in order to empirically analyze the data. The Unit root test show that the variables were stationary after being first differenced; at the 5% significance level. The Johansen Cointegration test gave evidence of one cointegrating equation which explains that a long-run equilibrium relationship exist between LogSMC and LogBMS. The Vector Error Correction Model was used to analyze short-run adjustment dynamics and showed -0.08% speed of adjustment of prior deviations from equilibrium. Thus, about 8% of disequilibrium is corrected monthly. The Granger Causality test demonstrate a Uni-directional causality from LogBMS→LogSMC supporting the views of Flannery and Protopapadakis (2002), Raymond (2009), Maku and Atanda (2010), Kohout (2010), Vesela (2010), Eze (2011), Ahmed and Suliman (2011), Ossisanwo and Atanda (2012), Chude and Chude (2013), Mirza and Hashem (2013), and Haruna et al (2013); that the supply of money has a significant impact on Asset prices. Furthermore, the Impulse Response and Variance Decomposition test indicate both positive and negative shocks which are in consistent with our findings from the VECM and Granger causality analysis. Overall, all the results obtained are in line with apriori expectation. A policy direction is that the CBN can use Money supply as a monetary policy tool to effect changes in growth levels in the stock markets in Nigeria.

 

Keywords: Broad Money Supply, Asset Prices, Unit Root Test, Vector Error Correction Model, Granger Causality Test, Impulse Response and Variance Decomposition Test

 

10. Olulu-Briggs, O.V. & Odi, E.R. (2016). Banking system credit and economic activities in Nigeria. IIARD International Journal of Economics and Business Management, 2(1), 74-84. Available at http://www.iiardpub.org

 

Abstract: This paper tends to explore how banking system credits have prompted economic activities in the Nigerian economy. We got annual time series data for the period from 1960 to 2012 from the Central Bank of Nigeria (CBN) database; and used the multiple linear regression technique. First, the Johansen co-integration test, in their first differences, indicates one co-integrating equation at the 0.05 level. As a result, we can establish that there exists a long- run relationship between GDP, Production and Commercial activities in Nigeria. Second, the F-statistics from the adjusted Equation estimation test show that both the lagged terms of the variables are statistically different from zero; hence previous production and commercial activities can engender economic growth. Third, the Pairwise Granger causality test exhibit that there exist a bi-directional causality from Production to Commerce and from Commerce to Production; and a uni-directional relationship from GDP to Production. However, there is no causation from Commerce to GDP or from Production to GDP. The results are to a certain extent consistent with previous studies on Bank credits as it relates to Economic growth. Thus, it recommends that the government needs to be more policy-proactive in making the Nigerian productive and commercial sectors more competitive to attain global benchmark.

 

Keywords: Banking system credits, Economic growth, Commerce, Production, VAR model.

 

11. Nnamdi, I. S. & Olulu-Briggs, O.V (2016). Capital inflows, fiscal dynamics and real exchange rates in Nigeria. African Social and Educational Journal, 5(1), 155-167.

 

Abstract: This study utilized annual data to examine the relationship between capital inflows from foreign direct investments, government’s fiscal policy on capital expenditures and real exchange rate of Nigeria’s economy between 1981-2014. E-views8 statistical software was employed to perform more robust analysis on the time series data from the CBN statistical database. The time series data were stationary in their first differences. The vector error correction model was applied to measure both short-run and long-run dynamics. In the long-run, an equilibrium relationship exists among the variables while in the short-run, 15.8% of deviations from the preceding year is corrected back to equilibrium in the current year. The impulse response test shows that shocks to the series are both positive and negative which shows either an increasing or decreasing trend; while the variance decomposition test attests to the fact that for all the periods, the variables indicate an increasing drift. Lastly, the Granger Causality test result demonstrates that LogRER Granger causes LogFDI and LogCAPEX. Hence, changes in the real exchange rate will determine the inflow of foreign investments as well as government’s investments in capital projects .First; it is recommended that the monetary and fiscal authorities should implement more stringent policies that will control the level of money supply, allow for greater market determination of the value of naira with subsequent tariff measurement.

           

Keywords: Foreign Direct Investment, Capital Expenditures, Exchange rate, Vector Error Correction Model, Granger Causality.

 

 

 

12. Nwinee, B. F. & Olulu-Briggs, O. V. (2016). Pre and post banking reforms and its impact on the Nigerian economy: An empirical investigation. University of Port Harcourt Journal of Management, 1(2), 85-98.

 

Abstract: The financial sector reforms of any economy are an engine drive for building a sustained and vibrant economic system. This study investigates the Impact of pre and post banking reforms on the Nigerian economy using the test of difference between means. Secondary data was sourced from the Central Bank of Nigeria Statistical database for the period of 1995-2014. We applied the Real Gross Domestic Product as proxy for economic growth, Banks’ Capital Base, Credit to Private Sector, Cash Reserve Requirement, Interest Rate and Number of Bank Branches. From our findings, interest rate and cash reserve ratio as a proxy for banking reforms indicators had no significant differences in their respective pre and post bank reform periods in the Nigerian banking sector while the number of banks branches, banks’ capital base and credit to private sector reveal significant differences between the mean values in the pre and post banking reforms era. We therefore recommend among others that the Nigerian Financial Systems Regulatory Co-ordinating Committee be duty-bound for an effective fiscal and monetary policy measures in order to achieve the various reform objectives and also monetary authorities should closely use its on-site and off-site checks for more robust supervision of banks to promulgate strict compliance to set rules and regulations.

 

Keywords: Banks’ Consolidation, Financial Sector, Nigerian Economy, Reforms.

 

13. Nwinee, B. F. & Olulu-Briggs, O. V. (2016). Trade openness, financial development and the Nigerian economy. American International Journal of Contemporary Research, 6(3), 170-183. Available at http://www.aijcrnet.com

 

Abstract: This study investigates the relationship between changes in different variables of trade openness and financial development; and its impact on the growth rate of the Nigerian economy. Annual time series data for the period 1981-2013 by the Central Bank of Nigeria was used to estimate both long and short-run relationship as well as causal effects. The Unit root test shows that the variables were stationary at level and after being first differenced; at the 5% significance level. The Johansen Co integration test gave evidence of four co-integrating equations which explains that a long-run equilibrium relationship exist among the variables. The Vector Error Correction Model was used to analyze short-run adjustment dynamics and showed 96.7% speed of adjustment of prior deviations from equilibrium. The Granger Causality test demonstrated both bi-directional causality between real effective exchange rate and total trade; and uni-directional causality from gross domestic product to total trade, gross domestic product to credit to the private sector, total trade to foreign direct investment, total trade to credit to the private sector and real effective exchange rate to foreign direct investment. Furthermore, the Impulse Response and Variance Decomposition test indicate both positive and negative shocks which are consistent with our findings from the vector error correction model and Granger causality analysis. Overall, all the results obtained are in line with apriori expectations. Key policy directions are: flexibility in loans policies and interest rates by financial institutions to encourage lending to the real sector; more reforms in our foreign policies in order to attract more foreign direct investments; more regulations in the financial sector to forestall bankruptcy and corruption and the practice of all-inclusive democratic principles.

 

Keywords: Terms of Trade, Foreign Direct Investment, Real Effective Exchange Rate, Credit to the Private Sector, Growth Rate.

 

14. Nwinee, B. F. & Olulu-Briggs, O. V. (2016). Capital inflows and macroeconomic dynamics in Nigeria: An empirical review. British Journal of Economics, Management & Trade, 15(2), 1-9. doi:10.9734/BJEMT/2016/28335

 

Abstract: This study applied annual data of capital flows and macroeconomic variables in the Nigerian economic environment, for a period of twenty-nine (29) years. The data were collated from the Central Bank of Nigeria statistics database, and the E-views8 statistical software was used to run the analysis. Our empirical findings from the Unit root test gave evidence of the stationary nature of the variables in their first differences at 5 percent level of Significance. The Johansen cointegration test also show that a long run equilibrium link exist among the variables. Furthermore, the granger causality test indicate both uni-directional and bi-directional causation amongst the variables. Uni-directional causality exists from interest rate (logINT) to foreign portfolio investment (logFPI); and inflation rate (logINF) to foreign exchange rate (logFEXR). Bi-directional causality exists from logINF to logINT and logINT to logINF. This goes to show that Interest rate affects Foreign Portfolio Inflows and an upsurge in Foreign Exchange is due to Inflationary pressures; which also affects Interest rates. The study recommends that the Central Bank of Nigeria should put in place specific and appropriate fiscal and monetary policies to curb the rising exchange rate that affects the productive sectors of the economy. From the analysis, a rise in foreign exchange rate affects capital flows negatively which is not good for an optimal stock market performance. If checks and balances are well structured, then fluctuations in inflation rate, interest rate and foreign exchange rate will be minimal. Secondly, the study proves that when interest rate is to be fixed for economic activities, it has a signaling effect and thus there are swings in both inflation and interest rates; as investors will start rebalancing their portfolios more frequently. Thus, the government can check this by making their institutions stronger.

 

Keywords: Foreign portfolio investment; inflation; interest rate; foreign exchange rate.

 

 

15. Nwinee, B. F., Adewole-Oriade, A. & Olulu-Briggs, O. V. (2016). The interplay between foreign direct investment, interest rate and exchange rate in the Nigerian economy (1970-2014). Nigerian Journal of Financial Research, 11(1).

 

Abstract: The study aims to empirically investigate the interplay between Foreign Direct Investment, interest rate and exchange rate in the Nigerian system between 1970 and 2014. Annual time-series data on interest rates, exchange rates and foreign direct investment were sourced from the statistical database of the Central Bank of Nigeria and United Nations Conference on Trade and Development; and the e-views8 statistical software was employed to process the data using the VAR estimation technique. From the results, there is a statistically insignificant relationship between interest rate and foreign direct investment; while there is a statistically significant relationship between exchange rate and foreign direct investment as well as a uni-directional causal relationship. Based on the findings, it is recommended that first, though this study shows variations in exchange rate as strongly influencing the flow of foreign direct investment into the nation, there appears to be a negative effect of depreciation in the value of the Naira in the international financial market. As such, managers of the Nigerian economy should in an attempt to attract a flow of foreign direct investment, take measures to ensure an appreciation in the value of Naira; reduce the level of risk in the investment environment in Nigeria and; introduce export oriented policies through export promotion investments to boost exports. Further, they should formulate and implement appropriate interest rate policies that will enable Nigeria use a single digit interest rate policy option which is hoped to attract foreign investors and encourage domestic borrowings for further expansion in the Nigerian economy.

 

Keywords: Foreign Direct Investment, Vector Autoregression, Nigerian economy, Causality.

 

 

16. Nwinee, B. F., Olulu-Briggs, O. V. & Nnamdi, I. S. (2016). Determinants of exchange rate volatility in Nigeria: An empirical review. Nigerian Journal of Financial Research, 11(1).

 

Abstract: The objective of this research is to investigate empirically those factors that determine the movements in the exchange rate of the Naira. Annual time series data from 1981-2014, giving a total of 35 observations were sourced from the statistics database of the Central Bank of Nigeria. The eviews8 statistics software was employed to estimate the linearity and volatility of the series. The Unit Root results prove that all the series were stationary both at levels and in their first differences. Also, significant positive linear relationships exist between exchange rate and balance of payment deficit/surplus, interest rate, gross domestic product, but a significant negative linear relationship exists between exchange rate and inflation rate. This supports the study’s expectation. From the GARCH (1, 1) volatility test, it was found that previous year’s Exchange Rate volatility influences current year’s Exchange rate while previous year’s variability in each of the exogenous variables cannot transmit to variability in exchange rate. Based on this, it is recommended that an exchange rate management system that is geared towards stabilizing the volatile exchange rate through participation in domestic production for export purposes be implemented. Also, there is need for the annulment of transactions being secured in dollars by nationals within the domestic economy.

 

Keywords: Macroeconomic indices, Linearity, Volatility, Causality.

 

 

CONFERENCES ATTENDED:

 

1. The International Academy of Business and Behavioral Sciences (IABBS), Connecticut, USA. 1^st-3^rd August, 2013.

Topic: Econometric Modeling & Estimation.

 

2. Chartered Institute of Financial and Investment Analyst, Nigeria (CIFIAN). 31^st August, 2013.

Topic: Global Order on Cash Less Policy: The Nigerian Economy.

 

3. The International Academy of Business and Behavioral Sciences (IABBS), Connecticut, USA. 13^th-15^th August, 2015

Topic: Econometric Modeling & Estimation.

4. Chartered Institute of Financial and Investment Analyst, Nigeria (CIFIAN). 25^th November, 2017.

Topic: Investment Machinery for Promoting and Sustaining Economic Stability.

 

REFEREES:

High Chief (Dr.) O.B. Lulu-Briggs _{O.O.N; D.C.F}

Chairman/CEO

Moni Pulo Limited

5, Odoni Street, Amadi Flats, Port Harcourt.

 

 

Prof. Sudi Sudarsanam

Programme Director

Cranfield University, School of Management

Bedfordshire, MK43 0AL

United Kingdom.

 

Prof. B.F. Nwinee

Dean, Faculty of Management Sciences

Deparment of Finance and Banking

University of Port Harcourt

Choba, Port Harcourt.

 

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