S/N

COURSE TITLE(S)

LEVEL(S)

1

Financial Management

BSc, Bed, Post NCE

2

Advanced Corporation Finance

MBA, MSc.

3

Marketing Of Financial Services

BSc

4

Project Evaluation

BSc

5

Investment Analysis and Port Folio Management

PGD, MBA, MSc

6

Public Finance

BSc

7

Financial Policy

BSc, MSc

8

Banking Methods and Practice

BSc

9

Project Supervision

BSc, MBA, MSc

10

Banking Laws and Regulations

BSc

11

Mathematics of Finance

BSc

12

Entrepreneurship Development

BSc

13

Development Finance

MSc

14

Mergers and Acquisitions

BSc

15

Financial Management % Strategy

MBA, MSc

16

Money and Banking

BSc

17

Banking Theory and Management

MSc

18

Seminar in Finance

MBA

19

Advanced Portfolio Theory and Management

PhD

20

Issues in Securities Evaluation

PhD

21

Issues in Portfolio Theory

PhD

22

Corporate Financial Management and Policy

DBA

23

Bank Credits and Administration

DBA

24

PhD Seminar I in Banking

PhD

25

PhD Seminar II in Finance

PhD

26

Empirical Investigations in Banking

PhD

S/N

AUTHOR(S) YEAR

TITLE OF PUBLICATION

DESCRIPTION/ SUMMARY

1.

Nnamdi, I. S., Akinpelumi, F. O.and Onugha, P. (2018).

Public Sector Human and Material Capital Investments in Nigeria’s Economic Growth Process: Evidence and Insights, European Journal of Business and Management, 10(6), 92-103.

Motivated by the need to ascertain the nature of predictive relationships between government capital expenditures (human and material) and economic growth in Nigeria, this study employs secondary data sourced from Central Bank of Nigeria's Statistical Bulletin over the period 1981 to 2016 (36 years). Statistical techniques employed include Stationarity, Multiple Regression (OLS), Johansen's Co-integration, Error Correction and Granger Causality tests to evaluate the nature of short and long-run relationships that prevail, as well as the extent to which the variables of study do promote themselves in the growth process. Both the short-run (multiple regression) and long run (Error Correction) analyses confirm significant sensitivities and long run relationships between Nigeria’s GDP and public sector material and human capital investments. However, the Granger Causality results provide substantial evidence to assert the prevalence of a significant disconnect between government's material and human capital expenditures and economic growth as they all fail to promote one another. Accordingly, the study concludes that governments' planned expenditures are not in-tandem with the nation's economic growth in Nigeria. Consequently, the study recommends that to achieve a greater level of coherence in Nigeria's government expenditures, the following measures need to be taken; (i) Successive administrations must incorporate all previous and uncompleted projects by previous regimes in their current plans for execution in order to minimize large scale prevalence of white elephant projects (uncompleted and abandoned projects) by successive regimes. (ii) Policy summersaults and inconsistencies must hence forth, be avoided by successive governments in Nigeria (iii) Strict adherence to budgetary and fiscal discipline as well as consistency of timing of commencement of annual budget implementations must prevail to avert further wastes in values of public funds and programmes.

2.

Nnamdi, I. S. and Eniekezimene, D. (2018).

Foreign Direct Investment Inflows And Economic Performance In A Developing Economy: Nigerian Evidence, European Journal of Business and Management, 10(6), 104-113.

Motivated by the need for a classified and comparative analysis of the effects of oil related and non-oil related foreign direct investments on Nigeria’s economic growth, this study evaluates secondary data obtained from Central Bank of Nigeria's Statistical Bulletin over the period 1981 to 2016 (36 years). Statistical techniques, which include Stationarity, Multiple Regression, Johansen's Co-integration, Error Correction Estimations and Granger Causality tests, were employed to evaluate the prevailing inter-relationships as well as the extent to which these classified foreign direct investment inflows do promote, and/or support Nigeria's economic growth. On the whole, the results of this study show that irrespective of the prevalence of significant long run relationship among the study variables, both the short and long run estimations as indicated by the multiple regression and error correction estimates, provide compelling evidences of significant sensitivities of Nigeria’s economy to only variations in non-oil related FDI inflows. However, the Granger Causality test results indicate significant prevalence of two unidirectional causalities between Nigeria’s GDP and both oil and non-oil related FDI inflows with Causality flowing from oil and non-oil related FDI to the GDP in both cases. Because of the greater sensitivity of Nigeria’s GDP to non-oil related FDI inflows compared to oil related FDI inflows, the study concludes that non-oil related FDI inflows are more beneficial to Nigeria's economy compared to oil related FDI inflows. Consequently, it is recommended that both Nigeria's private sector entrepreneurs and the government should make further efforts to market and attract more foreign direct investors in the non-oil related sector of the Nigerian economy in order to maximize business opportunities in the non-oil sector of Nigeria’s economy as well as aid diversification in Nigeria’s economy.

3.

Nnamdi, I. S. and Penu, S. L. (2018).

How Far Do Banks’ Intermediation Functions Influence Economic Growth in Nigeria? Research Journal of Finance and Accounting, 9(4), 155-165.

Motivated by the need to examine in the light of recent data, the nature of interrelationships between banks’ intermediation functions and Nigeria’s economic growth, this study employs time series data which were obtained from Central Bank of Nigeria’s Statistical Bulletin over the period 1981 to 2015. Stationarity, Multiple Regression, Johansen’s Cointegration, Error Correction Estimates and Pair-Wise Granger Causality tests were employed. The long run results represent improvements over the short-run estimates with credit to private sector and total deposit liabilities generated by Nigerian banks being causally dependent on her GDP, while credit to government sector was found to be operating independent of the economy. In the light of the fact that the results represent an improvement over previous studies, it was argued that greater adherence to market discipline Post 2005/06 Banking Sector Consolidation programme in Nigeria might have contributed to the improved results. Consequently, the study recommends sustenance of those adopted market disciplines, as well as more stringent enforcement of credit contracts to enable the operating banks recover more non-performing credits and invest same to enhance lendings to very efficient units in the private and public sectors of the Nigerian economy.

4.

Nnamdi, I. S. and Eniekezimene, D. (2018).

A Predictive Model For Nigeria’s External Debt: New Evidence And Insights, Journal of Economics and Sustainable Development, 9(4), 155-164.

Motivated by the urge to search for improved prediction of the prevailing empirical interrelationships between Nigeria’s external debt and the acclaimed primary causants from received literature (productivity index, inflation rate, foreign reserves, population and balance of payment on current account), this study builds on the earlier studies of Isu (1997) as well as Nnamdi and Omojefe (2009). Secondary data was obtained from Central Bank of Nigeria's Statistical Bulletin over the period 1986 to 2016. Stationarity, Multiple Regression, Johansen's Cointegration, Error Correction and Granger Causality tests were employed in processing the obtained data on incremental/change basis. The results obtained represent obvious improvements on earlier studies of Isu (1997) as well as Nnamdi and Omojefe (2009). They provide evidence that in the short run, inflation rate and population are significant predictive variables for Nigeria's external debt. The long run analysis reveals that inflation rate, foreign reserves and balance of payment on current account are reliable predictors of Nigeria's external debt. Further, inflation rate and Nigeria's balance of payment on current account are found to be significantly promoted by Nigeria's external debt. The study concludes that combined, inflation rate, balance of payment on current account, foreign reserves, and population constitute reliable predictors of Nigeria's external debt depending on whether short or long run perspective is taken. On the whole, it is recommended that Nigeria’s Central Bank should address anti-inflationary measures, while the government should step up campaign efforts towards population control. Intensified diversification of the economy through increased private sector participation in non-oil related businesses is strongly recommended in order to boost Nigeria's export earnings, external reserves and balance of payment positions.

5.

Nnamdi, I. S. and Eniekezimene, D. (2018).

Microcredit Operations and Human Development Nexus in Nigeria: A Multi-Sectoral Analysis, Journal of Poverty, Investment and Development, 42, 51-62.

Motivated by the need to evaluate the extent to which microcredits disbursed to classified sectors of economic activity as utilized by the active poor do influence Nigeria’s human development index in both the short and long run, this study employs published data obtained from Central Bank of Nigeria over the period 1992 to 2016 (25 years). Estimation techniques involving Stationarity, Multiple Regression, Johansen’s Cointegration and Vector Error Correction tests were employed. While the Cointegration results indicate significant long run relationship among the study variables, the Multiple Regression and Vector Error Correction estimates both point to microcredits allocated to mining/quarrying, real estate/construction and transport/general commerce sectors as the sectoral microcredits that significantly influence Nigeria’s human development index both in the short and long terms respectively. The study concludes that microcredits allocated to mining/quarrying, real estate/construction and transport/general commerce are the sectoral microcredit allocations which are important in predicting Nigeria’s human development index. On the whole, it is recommended that (i) operating microcredit institutions should increase their quantum of lending to the mining/quarrying, real estate/construction and transport/general commerce sectors (ii) Nigerian microcredit institutions should be encouraged to invest more in development of microcredit and deposit products in order to enhance their sectoral lendings and consequently Nigeria’s human development index.

6.

Nnamdi, I.S. and Boufini, T. (2017).

How Far Do Nigerian Capital and Money Markets Promote Each Other in the Economic Growth Process? Journal of Economics and Sustainable Development, 8(15), 18-24.

This study evaluates the extent to which the Nigerian Capital and Money Markets support and promote themselves in the growth process. Employing data, which covers the period 1981 to 2015 and sourced from Central Bank of Nigeria’s Statistical Bulletin, this study employs Stationarity and Granger Causality techniques.

The results provide substantial evidence to confirm the prevalence of substantial bi-directional causality between money and capital market operations in Nigeria. Consequently, the study recommends for more professionalism,

disclosure of information and enhanced public enlightenment to ensure the prevalence and superiority of market forces within the Nigerian environment. Further recommended is intensified product development by participating institutions to enhance the level of intermediation in the Nigerian financial markets.

7.

Nnamdi, I.S., Umar, M.E. and Akinpelumi, O.F. (2017).

Financial Market Funds In Nigeria’s Economic Progress: Evidence and Insights from the Manufacturing Sector, Journal of Economics and Sustainable Development, 8(15), 1-10.

Given the need for the financial markets to continuously provide both long and short-term funds required by the manufacturing sector in an economy, this study seeks to ascertain the extent to which Nigeria's manufacturing sector is influenced by the classified financial market funds over the period 1981 to 2015. Secondary data was sourced from the Statistical Bulletin of the Central Bank of Nigeria and processed through the employment of statistical techniques, which include Multiple Regression, Stationarity, Johansen Co-integration, Error Correction and Granger Causality. The results provide evidence of valuable short and long-run interrelationships between contributions of the manufacturing sector to Nigeria's gross domestic product and three out of the four components of capital and money market funds employed in the study. Further, the Granger Causality results indicate two (2) unidirectional causalities which flow from manufacturing sector's output to (i) bank credits to the private sector and (ii) government securities. The study concludes that (i) most of the financial market components largely operate independent of the Nigeria's manufacturing sector, and (ii) where there is any significant relationship at all, the financial market components largely tend to be dependent on the manufacturing sectors operations. On the whole, it is recommended that (i) deposit money banks should set aside a minimum of 20 percent of their loanable funds for on-lending to the manufacturing sector which scheme should be wholly guaranteed by the Central Bank of Nigeria in order to boost the operations of Nigeria’s manufacturing sector, (ii) the state should invest more in infrastructural facilities development in order to reduce cost of production in Nigeria’s manufacturing sector. These will hopefully enhance the contribution of the sector to Nigeria's GDP.

8.

Nnamdi, I. S. (2015)

Stock Market Performance, Bank Credits and Economic Growth in Nigeria: A Granger Causality Perspective, Research Journal of Finance and Accounting 6(22), 171 – 181. New York, United States/London, United Kingdom. (www.iiste.org) ISSN 2222-1697 (Paper); ISSN 2222-2847 (Online) 

Given growing interest in the functioning of the broad segments of the financial markets and their interrelationships with the economy, this study consequently, evaluates the extent and directions in which the key variables of stock market capitalization, bank credits and economic growth do promote and/or support themselves in Nigeria. The Augmented Dickey-Fuller (ADF) and Standard Granger Causality tests were executed on employment of secondary data sourced from the Central Bank of Nigeria and Nigerian Stock Exchange over the period 1971 – 2012 (42 years). The results confirm evidence of a significant unidirectional causality which runs from stock market capitalization to bank credits among all the paired variables. Consequently, the study recommends intensified efforts in the development of financial market products, further relaxation of stock market requirements for corporate quotation and securities listing as well as enhanced enforcement of legal contracts to strengthen the operations of financial market institutions and practice in Nigeria.

9.

Nnamdi, I. S. (2015)

Private Vs Public Sector Bank Credits and Economic Growth Nexus in Nigeria: Where Does Efficacy Rest? Research Journal of Finance and Accounting, 6(3), 226-237, New York, United States/London, United Kingdom. (www.iiste.org) ISSN 2222-1697 (Paper); ISSN 2222-2847 (Online)

Demetriades and Hussien (1996), Levine and Zervous (1998) as well as Crowley (2008) argue that bank credits allocated to the private sector of an economy are more productive than those allocated to the public sector because they are disbursed under more stringent credit conditions. This study basically, attempts to evaluate the comparative efficacies of bank credits allocated to the private and public sectors of Nigeria’s economy in relation to economic growth. The Augmented Dickey-Fuller (ADF), Johansen’s Co-integration, Error Correction Model and Standard Granger Causality tests were employed in processing the data sourced from Central Bank of Nigeria’s Statistical Bulletin over the period of thirty one years. The results reveal a significant long run relationship between credits allocated to the public and private sectors of Nigeria’s economy and GDP. The Granger Causality tests indicate significant bi-directional causality only between credits to the private and public (government) sectors. Significant Unidirectional Causalities are observed between GDP and credits to both private and public sectors with Causality flowing from GDP to each of these sectors. The study concludes that irrespective of the prevailing long run relationship between Nigeria’s GDP and bank credits to both private and public sectors of the economy, that (i) Nigerian banks largely play demand – following roles, (ii) None of the bank credits to the government and private sectors is efficient as they largely fail to promote the economy. Measures including creation of more capital market debt products, which will enable the government source more long term development funds and reduce pressure on operating banks as well as replication of this study in other economic settings to facilitate understanding of country specifics are recommended for implementation.

10.

Nnamdi, I. S. (2015)

Financial Market Funds and Economic Growth Nexus in Nigeria: A Co-integration Perspective with Lessons, European Journal of Business and Management, 7(2), 191 –202, New York, United States/London, United Kingdom. (www.iiste.org) ISSN: 2222-1905 (Paper); ISSN: 2222-2839 (Online)

Informed by the need to evaluate the prevailing interrelationships between the structure of financial market funds and Nigeria’s economic growth, this study employs secondary data sourced from the Central Bank of Nigeria, Nigerian Stock Exchange and National Bureau of Statistics over a period of thirty one years. The Augmented Dickey-Fuller (ADF), Johansen’s Co-integration, Error Correction Model (ECM) and Granger Causality tests were executed. The results indicate significant long run relationship between Nigeria’s GDP and the study’s financial market components, (government securities, bonds, equities and bank credits to the private sector). The error correction model indicates a coefficient of determination (R²) of 69.08%, with an f-statistic value of 699.63 which is significant at 0.00 level. The Granger Causality results indicate bi-directional causalities between GDP and government securities, equities and bonds as well as bonds and credit to the private sector. However, unidirectional causalities are observed between bonds and GDP, equity and GDP, bonds and government securities, credit to private sector and government securities as well as equity and credits to private sector. For The observed Uni-directional Causalities, Causality flows from GDP to bonds, bonds to government securities, government securities to credits to the private sector and also, from equity to credits to private sector. No significant causalities are observed between bank credit to private sector and GDP as well as between equity and government Securities. The study concludes that: (i) Majority of the financial market sectors largely exist to service the economy (demand-following) in place of supply-leading roles; (ii) There prevails a significant level of disconnect between government and private sector programmes in Nigeria as indicated by the insignificant causality between equity and government securities as well as between GDP and bank credits to the private sector. Urgent policy actions to curtail the observed disconnects are recommended to enable the financial market components function coherently and play more creative roles in the economy.    

11.

Nnamdi, I.S. and Nwiyordee, A.N. (2014)

Private Sector Micro Credit Programmes, Financial Inclusion and Sectoral Entrepreneurships: Evidence and Insights from Nigeria, European Journal of Business and Management, 6(35), 204-214, New York, United States/London, United Kingdom. (www.iiste.org) ISSN 2222-1905 (Paper); ISSN 2222-2839 (Online)  

Given growing interest in microcredit operations especially in the developing economies and the need to investigate the varied interrelationships between Sectoral micro credit operations and economic growth of nations, this study examines the nature and direction of causal relationships that prevail between classified sectoral micro credit allocations and sectorally classified entrepreneurship contributions to Nigeria’s economic growth. Secondary data were sources from Central Bank of Nigeria covering the period 1992 to 2011. Augmented Dickey-Fuller (ADF) and standard Granger Causality techniques were employed in processing the data. The results of the study show that the time series variables are stationary. Out of the five classified sectors of economic activity – agriculture/forestry, other mining/quarrying, manufacturing/food processing, real estate/construction and transport/commerce, significant uni-directional causality only prevails in the other mining/quarrying sector with causality running from contributions of other mining/quarrying in Nigeria’s GDP to micro credit allocations to that sector. The rest other sectors failed the causality test at 0.05 level, although transport/commerce sector records a near significance level of 0.055. The study concludes that; (i) In the sectors where micro credit operations have become significant and/or near significant, they only function to service rather than promote entrepreneurial activities; (ii) For majority of the sectors, entrepreneurship ventures are largely independent of micro credit institutions’ operations. Consequently, the study recommends diversified product development and intensified marketing of micro credit products on the part of the participating micro credit institutions.  Further recommended is that the government should, through all legal and institutional means, strengthen the enforcement of credit contracts in general and micro credit operations in particular. This measure is justified in order to minimize the incidence of delinquent credit exposures, guarantee continued micro credit operations and long run survival of micro credit operating institutions in Nigeria.               

12.

Nnamdi, I.S. and Onoh, U.A. (2014)

The Causal Influence of Nigeria’s Stock Market Performance on New Issues: An Empirical Examination of Bhole’s Contentions, European Journal of Business and management, 6(26), 190-198, New York, United States and London, United Kingdom. (www.iiste.org) ISSN 2222-1905 (Paper); ISSN 2222-2839 (Online)

Bhole (2006) contends that the bulk of recent studies, including World Bank publications overwhelmingly, stress the role of the stock market in maximizing speculative returns for investors and corporate operators, while completely side tracking the vital issue of the extent to which the stock market at the other extreme, also helps the corporate sector in raising fresh capital (New Issues). This study examines consequently, the nature and direction of prevailing causal relationships between Nigeria’s Stock market annual capitalization and new issues in order to evaluate the extent to which capital market performance empirically promotes corporate issuance of new securities in Nigeria. The Unit Root and Standard Granger Causality tests were executed on employment of data sourced from Nigerian Stock Exchange over the period of 1970 to 2011 (42 yrs). The results indicate stationarity of the time series data and significant bi-directional causality between stock market capitalization and new issues thus, providing strong evidence in support of Bhole’s contentions with respect to Nigerian data. Replication of this study in every market setting is strongly recommended in order to understand country specifics and confirm the extent to which Bhole’s valid theoretical contentions are empirically supported and/or contradicted in each circumstance.       

13.

Nwakanma, P.C., Nnamdi, I.S. and Omojefe, G.O. (2014)

From Rural to Micro Finance Banking: Contributions of Micro Credits to Nigeria’s Economic Growth – An ARDL Approach, International Journal of Financial Research, 5(3), 73-85, Sciedu Press, Canada. (www.sciedu.ca/ijfr) ISSN 1923-4023 (Print); ISSN 1923-4031 (Online) 

Given current emphasis on potentials of micro credits as a means of addressing poverty alleviation and improved economic growth especially in developing economies, this study seeks to evaluate the nature of long-run relationship and the direction of causality between economic growth and micro credits disbursed by private sector-led micro credit institutions in Nigeria. Covering the period 1982-2011 (30 years), the Auto Regressive Distribution Lag Bound (ARDL) technique was employed in analyzing the time series data. The study finds a significant long run relationship between Nigeria’s GDP and disbursed micro credits, while causality runs from GDP to micro credits (Unidirectional). Accordingly, increase in quantum of micro credits as well as development of long  tenured micro credit products are recommended as strategies to enhance the contributions of micro credits to Nigeria’s economic growth.    

14.

Nwakanma, P.C., Nnamdi, I.S. and Omojefe, G.O. (2014)

Bank Credits to the Private Sector: Potency and Relevance in Nigeria’s Economic Growth Process, Accounting and Finance Research, 3(2), 23-35, Sciedu Press, Canada. (www.sciedu.ca/afr) ISSN 1927-5986 (Print); ISSN 1927-5994 (Online)

This study aims at evaluating the nature of long run relationship prevailing between bank credits to the private sector of Nigeria’s economy and the nation’s economic growth as well as the directions of causality between them. Covering the period 1981 to 2011 (31 years), the Auto Regressive Distributed Lag Bound and Granger Causality techniques were employed. The results indicate significant long run relationship between the study variables but without significant causality in any direction. Measures including development of relatively long tenured bank credit products as well as enforcement of credit regularization contracts are recommended in order to strengthen the operations of micro credit operations in Nigeria and their expected roles in financing entrepreneurship 

15.

Nwakanma, P.C. and Nnamdi, I.S. (2012)

Corporate Sectoral Investments and Economic Growth In Nigeria: Evidence from the Capital Market, Journal of Business Administration Research, 1(2), 99-109, Sciedu Press, Canada. (www.sciedu.ca/jbar) ISSN 1927-9507 (Print); ISSN 1927-9515 (Online)

This study aims at articulating an empirical basis for prioritizing corporate sectoral investments in the Nigerian capital market and also, evaluating the extent to which, market capitalization of the Nigerian Stock Exchange reflects the net sectoral investments of corporate organizations quoted therein. Covering the period 1984 to 2009 (26 years), the study population consists of all the thirty (30) classified sectors of the market, while the study sample is made up of eighteen (18) sectors with operational activities over the period of study. Multiple correlation and step wise regression techniques were utilized and the relevant hypotheses tested at 0.05 level of significance. The F-test and F-change tests were employed. The results establish a significant multiple correlation between the Nigerian Stock Exchange market capitalization and corporate net sectoral investments. Net corporate investments in four (4) sectors of capital market activity (petroleum marketing, building materials, packaging and banking), are found to significantly contribute to variations in Nigeria’s GDP. The study recommends that these four sectors should continually enhance their capitalizations to facilitate further investments and also, engage in product diversification. Further, the banking sector is recommended to adopt sectoral contributions to the GDP as one of the plausible criteria for lending decisions, while a resolution of an optimal portfolio for sectoral investments in the Nigerian capital market is recommended as an issue arising from this study for further investigation/research.         

16.

Akukuiobi, A.B.C. and Nnamdi, I.S. (2010)

Earnings – Dividend Relationship in Corporate Nigeria: A Test of Predictive Efficacy, African Research Review, 4(17), 573-583, Ethiopia, (www.afrrevjo.com) ISSN: 1994-9054 (Print);ISSN: 2070-0083 (Online)

Prompted by the need for evaluation of empirical relationship between corporate net earnings and dividend payouts of quoted Nigerian firms, as well as a search for strong predictive model for this relationship, this study evaluates the predictive efficacies of current and one-year lagged earnings models among Nigerian quoted firms. Applying the ordinary least squares regression technique on one hundred and four (104) firms selected as the study sample, the results indicate that dividend payouts are relatively more sensitive to current earnings per share compared to past earnings per share. Further, the percentage change in dividend payouts attributable to changes in current earnings per share is found to be relatively higher than that attributable to changes in past earnings per share thus, providing evidence that current earnings model is relatively more effective in predicting the dividend payouts of Nigerian quoted firms. The study recommends strong information dissemination to all stakeholders in the Nigerian capital market in order to improve on market efficiency and potential benefits derivable from the market by all participants.      

S/N

AUTHOR(S) YEAR

TITLE OF PUBLICATION

DESCRIPTION/ SUMMARY

1.

Nnamdi, I. S., Ogunbiyi, S. S. and Ebirim, M. (2016).

Transition to a Consolidated Banking Framework in Nigeria: A Comparative Analysis of Predictive Potentials, 11(1), 26-38.

Motivated by the relative death of empirical literature on the comparative nature of productive interrelationships prevailing between the earnings performance of Nigeria’s banking sector and the operational elements over the pre and post banking sector consolidation periods, this study employs secondary data sourced from Central Bank of Nigeria and Nigeria Deposit Insurance Corporation over an eighteen (18) year period, covering the pre and post banking sector consolidation periods in Nigeria. Stationarity, OLS and Granger Causality tests were employed to ascertain the extent to which banking sector earnings could be predicted from the operational elements of deposits, loans/advances and contingent liabilities and also, the extent to which these study elements do support and/or promote themselves in Nigeria’s growth process. The results indicate that the banking sector earnings within the pre-consolidation period were neither significantly related to, nor supported by the operation elements of loans/advances, deposits and contingent liabilities. However, the post-consolidation era results indicate significant improvements as both deposit and loan/advances significantly relates with earnings performance of Nigeria’s banking sector and also, significantly support/promote same. The study concludes that 2004/2005 banking sector consolidation programme in Nigeria has significantly improve the financial intermediation capacity of the banking sector and consequently recommend the following measures; (i) strengthening of on-site and off-site supervision of operating banks in Nigeria by the regulatory authorities to enhance compliance with guidelines, (ii) encouragement of banks to lend themselves to further consolidation in accordance with market dictates, (iii) development of more deposit and credit products by the product development unit of banks, which cost, should be tax deductible to enhance financial intermediation and (iv) enforcement of credit contracts by the state to minimize the incidence of delinquent credit and its resultant reductions of banks earnings through loans-loss provisions.

2.

Nwinee, B. F., Olulu-Briggs, O. V. and Nnamdi, I. S. (2016).

Determinants of Exchange Rate Volatility in Nigeria: An Empirical Review, 11(1), 1-9.

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, given a total of 35 observations were sourced from the statistical database of the Central Bank of Nigeria. The eviews8 statistical 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 exist between exchange rate and inflation rate. This support 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 years volatility in each of the exogenous variables cannot transmit to variability to 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 nations within the domestic economy.

3.

Nnamdi, I.S. and Penu, S.L. (2017).

Money Market Investment in Nigeria’s Dynamic Economy: Lessons and Implications, Federal University Otuoke Quarterly Journal of Contemporary Research, 5(1), 121-134.

This study aims at examining the nature of prevailing interrelationships between Nigeria’s economic growth and money market operations. Secondary data were obtained from publications of Central Bank of Nigeria over the period 1960 to 2014. Application of Stationarity, Multiple Regression, Johansen’s Cointegration, error correction estimates and pair wise Granger Causality tests provide compelling facts to suggest that money markets operations do not only have significant short and long run relationships with economic activities in Nigeria, but also significantly promote and re-enforce same. In the light of the above, the study recommends that Central Bank of Nigeria should not only increase the number of dealing instruments in Nigeria’s Money Market, but should engage in wide publicity to drive further, public’s enhanced patronage of Nigeria’s Money Market products.

4.

Nnamdi, I.S. and Akinpelumi, F.O. (2016).

How Far Do Sectoral Entrepreneurship Contributions to Nigeria’s Economic Growth Influence Disbursement of Microcredits? An Evaluation, Hezekiah University Journal of Management and Social Sciences, 4(1), 13-26.

Motivated by the need to evaluate the prevailing interrelationships between microcredit operations and outputs in classified sectors of economic activity in Nigeria, this study employs data sourced from Central Bank of Nigeria’s Statistical Bulletin over the period 1992 to 2014. The Ordinary Least Squares (OLS) regression technique, Augmented Dickey Fuller, Johansen’s Cointegration, Error Estimation and Granger Causality tests were employed for analyses. Irrespective of the fact that the results provide evidence of valuable short and long run relationships between the study variables, there is however no evidence to confirm that economic activities in the classified sectors of Nigeria’s economy and microcredit institutions’ operations do reinforce themselves. On the whole, entrepreneurship activities in four out of five classified sectors of economic activity were found to promote microcredit institutions’ credit operations while the manufacturing and food processing sector appears to be significantly operating independent of microcredit institutions. Given the results of the study, it is concluded that Nigeria’s microcredit institutions as presently constituted largely operate in a demand following manner in respect to Agricultural/Forestry, Mining/Quarrying, Real Estates/Construction and Transport and Commerce sectors, while maintaining a Schumpeterian independent hypothesis posture in relation to the Manufacturing/Food Processing sector. Finally, the study recommends development of more relevant and sector-specific micro credits and deposit products to meet their sector specific needs and also enforcement of credit contracts to strengthen microcredit operations in Nigeria.

5.

Nnamdi, I.S. and Saborogha, U.B. (2016).

Domestic Debts and Public Capital Expenditures in Nigeria: A Multi-Variate Analysis, African Social and Educational Journal (Nigerian Edition) 5(2), 59-69.

Motivated by the need for empirical estimation of the nature of long run interrelationships between Nigeria’s domestic debt and classified public capital expenditures, this study employed the Augmented Dickey Fuller test, Johansen’s Cointegration, Error Correction Estimates and Pair Wise Granger Causality tests. Secondary data was sourced from Central Bank of Nigeria over the period 1980 to 2014. The results reveal stationary of the time series variables as well as a significant long run relationship between Nigeria’s domestic debt and classified capital expenditures. While public capital expenditure on economic services and transfers have significant long run influences on Nigeria’s domestic debt, the results further reveal that outstanding domestic debt and public capital expenditure on Administration tend to reinforce themselves in the same manner as public capital expenditure on Economic Services and outstanding domestic debt. Uni-directional causalities are however, observed to flow from public capital expenditure on Economic services to outstanding domestic debt and from outstanding domestic debt to public capital expenditure on Transfers. The study concludes that Nigerian government relies excessively on domestic borrowing to fund classified capital domestic operations and recommends a reversal of that trend by matching as much as possible, revenues and expenditures in order to curtail excessive growth in domestic debt profile.

6.

Nnamdi, I.S. and Akinpelumi, F.O. (2016).

Tax Revenues and Economic Growth Nexus in Nigeria: Anomaly or Divergence? African Social and Educational Journal (Nigerian Edition), 5(2), 98-108.

This study seeks to evaluate the prevailing levels of interrelationship between tax revenues and economic growth in Nigeria. It employs secondary data covering the period of 1981 to 2014 encompassing relevant tax revenue variables in accordance with Nigeria’s Federal Inland Revenue Services classifications (Petroleum Profit Tax, Company Income Tax, Personal Income Tax, Customs and Excise Duties and Value Added Tax) alongside Gross Domestic Product. To achieve the objective, the study employs Unit root, Ordinary Least Squares Regression, Johansen’s Cointegration, Error Correction Estimates and Granger Causality tests. Both the short and long run relationship analyses indicate that while Company Income Tax, Personal Income Tax and Value Added tax exhibit significant relationship with Nigeria’s economic growth, Petroleum Profit Tax and Custom and Excise Duties both fail the relationship test. On the other hand, the Causality results indicate an improvement as Nigeria’s Gross Domestic Product and Value Added Tax are found to reinforce themselves in the economic growth process. Further, significant levels of promotion and support are found emanating from each of Petroleum Profit Tax, Company Income Tax and Personal Income to Nigeria’s economic growth. Consequently, the study concludes against expectation that Petroleum and Custom and Excise Duties seemingly, the most potential tax revenue sources in Nigerian context do not significantly relate to Nigeria’s Gross Domestic Product (economic growth). In line with the prevailing results, this study recommends drastic and urge restructuring measures in the administration of Nigerian petroleum as well as customs and excise department as presently constituted. This could be significantly achieved by contracting out and/or commercializing their operations in order to minimize the prevailing level of leakages in the revenues which arise from obvious diversion of legitimate revenues that should for all intents and purposes, accrue to the government from the statutory operations of both the petroleum and customs and Excise Duties Department. 

7.

Nnamdi, I.S. and Bulo, D.C. (2016).

What Extent Does Dividend Policy Provide Avenue for Attraction of Fresh Funds in Nigeria’s Brewery Sector? West African Journal of Business and Management Sciences 5(1), 126 – 138

Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37989

This study evaluates the prevailing interrelationships between the issuance of new securities and dividend policies of brewery firms in Nigeria. Employed secondary data are as published by the Nigerian Stock Exchange (NSE) in the Facts Book over the period 1985 to 2012. Augmented Dickey-Fuller, (ADF), Johansen’s Cointegration, and Granger Causality Tests were applied. The results provide compelling evidence to conclude that there is no significant long run relationship between new issues and the study’s dividend policy elements- Payout Ratio (POR), and Retention Ratio (RR). The Granger Causality tests indicate that no significant causalities prevail between Payout Ratio, Retention Ratio and New Issue Ratio. Consistent with the results, the study concludes that Dividend Policies of Nigeria’s brewery sector are independent of new issues as they neither relate nor support themselves significantly in the corporate growth process. Consequently, the study recommends that corporate managers should realize that dividend payout is neither a significant sweetener nor a valuable corporate performance indicator for attraction of fresh funds in the Nigerian Brewery Sector. Rather, reliance should be placed more on employment of retained earnings for the purpose of funding corporate operations and expansion programmes in place of raising new issues given the relative profitability and stability of the brewery sector in Nigeria. 

8.

Nnamdi, I.S. and Akinpelumi, O.F. (2016)

Examination of Economic Performance within a Liberalized Trade Environment: Nigerian Evidence, West African Journal of Business and Management Sciences 5(1), 1 – 17

Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37989

This study seeks to evaluate the interrelationships between trade liberalization and economic performance in Nigeria. It covers the period of 1986 to 2014, and employs proxies which include Trade Openness, Financial Integration, Currency Exchange Rate, Globalization Index and Gross Domestic Product. To achieve the objectives, the study employs Unit root test, Johansen Cointegration, and Pairwise Granger Causality test. The results show that while the study variables are stationary, there exist no significant long run as well as causality relationships among the study variables. The study concludes that there is a prevalence of the Freedman Paradox, implying that all the major trade liberalization strategies/tools have failed to influence the macroeconomic performance in Nigeria. The study recommends that Nigeria should improve on her level of infrastructural development in order to reduce cost of production and make the local outputs more price-competitive. Further measures must be taken to curb the adverse effects of the parallel foreign exchange market and also introduce drastic revitalization of non-oil exports for sustainable economic growth.  

9.

 Torbira, L.L.and Nnamdi,I.S. (2016)

Public Debt Analysis and Economic Performance: What Lessons for Nigeria? Rhema University Journal of Management and Social Sciences 3(2), 149 – 169

Aba, Abia State Nigeria. ISSN: 979-37999 www.rhemauniversityjournals.org

This study empirically investigates the effect of domestic and external debts on economic performance, and the effectiveness of domestic debt as an alternative funding source to external debt in sustaining economic growth in Nigeria for the period 1980 – 2014. Utilizing annual time series data sourced from the Central Bank of Nigeria’s Statistical Bulletin (various issues) and the World Bank, the study specified an estimated Debt-Growth model in tandem with Heckman response equation specification with structural adjustment. The study evaluates the behavior of the annual time series data with descriptive statistics, line graph, pie chart and bar chart as well as stationarity test. The study applied the maximum likelihood estimation technique to empirically analyze the magnitude of correlation between the debt variables and gross domestic product (GDP). The analysis shows that there exists positive and significant relationship between domestic debt and the output level of the gross domestic product. External debt exhibits negative and insignificant relationship with gross domestic product in Nigeria. As such, domestic debt appears to be more important in explaining growth in the output level of goods and services in Nigeria than external debt. This suggests clearly that domestic debt can serve as an alternative funding source to external debt in Nigeria. The study recommends effective implementation of pension scheme and other fund mobilization programmes that will help build large pool of domestic loanable funds. Borrowed funds should be invested into productive ventures in the preferred sectors that can increase the productive capacity of the economy.

10.

Nnamdi, I.S. and Torbira, L.L. (2016)

Leveraging Nigeria’s Economic Growth: Conventional or Microcredits? African Social and Educational Journal, (Nigerian Edition), 5(1), 284 – 299

Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37889

This study aims at evaluating the nature of interrelationships between Nigeria’s economic growth and the credit operations of microcredit and conventional banking institutions. Data was sourced from Central Bank of Nigeria’s Statistical Bulletin over the period,1992 to 2014. The Augmented Dickey-Fuller (ADF), Johansen’s Cointegration, Error Correction Model and the Standard Pair-wise Granger Causality tests were employed. The results indicate stationarity of the study variables as well as significant long run relationship among them. Further, disbursed microcredits and Nigeria’s gross domestic product are found to re-enforce themselves in the economic growth process, while conventional banking institutions’ operations proxied by commercial banks’ disbursed credits are found to be demand following. The study concludes that microcredit operations are in symbiotic relationship with Nigeria’s economy while conventional banking operations are parasitic. Consequently, the study recommends (i) expansion in the private sector led microcredit operations (ii) reduction in taxes and levies paid by microcredit institutions and (iii) more investments in microcredit and deposit products development in order to enhance fund mobilization through microcredit institutions operations.

11.

Nnamdi, I.S. and Olulu-Briggs, O.V. (2016)

Capital Inflows, Fiscal Dynamics and Real Exchange Rates in Nigeria, African Social and Educational Journal, (Nigerian Edition), 5(1), 155 – 167

Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37889

This study utilized secondary annual data to examine the relationship between capital inflows from foreign direct investments, government’s fiscal policy on capital expenditures and real exchange rates in Nigeria’s economy between 1981 and 2014. E-views 8 statistical software was employed to perform more robust analyses 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 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 investment as well as government’s investments in capital projects. First, it is recommended that monetary and fiscal authorities should implement more stringent policies that will control the level of money supply and allow for greater determination of the value of Naira with subsequent tariff measurest.   

12.

Nnamdi, I.S. and Olulu-Briggs, O.V. (2015)

Corporate Valuation within the Nigerian Environment: A Re-examination of Bhattacharyya’s Bird-in-hand Argument, Hezekiah University Journal of Management & Social Sciences 3(1), 268 – 281 Umudi Imo State, Nigeria. ISSN: 979-41323 www.unihezjournal.org

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 Nigerian Stock Exchange Facts book for the period 2005 to 2014 for 13 firms. The E-views 8 statistical software was adopted for analyses of data obtained. The ADF and PP unit root tests 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 share (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 an increasing dividend payout policy enhances the market value of a firm’s shares. From the Johansen’s co-integration analysis, the Trace test indicates two (2) co-integrating equations while the maximum Eigen value 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.  

13.

Nnamdi, I.S and Onyemaechi, P.T. (2015).

Macroeconomic Determinants of Foreign Capital Flows in Nigeria, Hezekiah University Journal of Management & Social Sciences 3(1), 212 – 224, Umudi Imo State, Nigeria. ISSN: 979-41323 www.unihezjournal.org

This study aims at evaluating macroeconomic factors that influence capital flows in Nigeria. The Augmented Dickey Fuller (ADF), Johansen’s Co-integration, Error Correction Model and the standard pair-wise Granger Causality test were employed in processing data which were obtained from the statistical bulletin of the Central Bank of Nigeria over the period 1980 – 2014. Employed macroeconomic determinants of foreign capital flows include: exchange rate, degree of trade openness, gross domestic product at current market prices and external reserves. The results reveal a valuable long run relationship among identified variables of study. Among the explanatory variables, gross domestic product and exchange rate are statistically significant in explaining variations in foreign capital flows. There are bi-directional causalities between net capital flows and gross domestic products, and uni-directional causalities between foreign capital flows and exchange rate. Consequently, it is concluded that foreign investors do not only reap from Nigeria’s economy, but also support the economy through investments. Measures to encourage greater capital inflows should be encouraged. Also, strengthening of currency and export earnings through diversification of exports (Agriculture, solid minerals etc) should be encouraged. Local manufacturers should be supported, while excessive importation/ consumption of expensive foreign goods should be discouraged through tariffs. Also, sustainable exchange rates should be encouraged in Nigeria for long run economic performance. 

14.

Nnamdi, I.S. and Torbira, L.L. (2015)

Microcredits in Nigeria’s Economic Growth Process: A Multi-Sectoral Analysis, Nigerian Journal of Financial Research, 10(1), 1 – 14

Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051

Aimed at evaluating the nature of interrelationships between Nigeria’s economic growth and micro credit allocations to classified sectors of economic activities, this study employs Augmented Dickey-Fuller Johansen’s Cointegration, Error Correction Model and standard pairwise Granger Causality tests. Data was source from the Central bank of Nigeria’s statistical bulletin over the period of 1992 to 2014. The results reveal stationarity of the time series data and significant long run relationship among the study variables. No significant causalities are found between Nigeria’s gross domestic product and microcredit allocations to agriculture/forestry and other mining/quarrying. On the other hand, microcredit allocated to other manufacturing/food processing as well as real estate/construction are found to witness significant causalities with Nigeria’s gross domestic product. The causalities flow from gross domestic product to microcredit allocated to these sectors. On the whole, Nigeria’s GDP and microcredits allocated to transport/general commerce sector are found to have significant bi-directional causality thereby, mutually promoting and reinforcing each other. The study concludes that microcredit operations are exerting enlarged influence in Nigeria by becoming significant in increasing number of sectors and recommends improvement in micro deposit and micro credit products which must meet sector specific needs of enterprise. Finally, reduction in tax and levy rates are recommended in favour of operating microcredit institutions in order to minimize their operating costs and boost their capacities to contribute more to Nigeria’s economic growth.

15.

Torbira, L.L. and Nnamdi, I.S. (2015).

Detecting the Response of Banks’ Financial Performance to CBN Liquidity Management Measures, Nigerian Journal of Financial Research, 10(1), 26 – 39.

Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051

Liquidity management policy in Nigeria is conceivably one of the most controversial of all monetary policies but the exact nature and magnitude of its influence in the long run on the financial performance of commercial banks constitute our research burden. This study examines the issue of the nature of long run influence of Central Bank of Nigeria’s liquidity management measures on commercial banks’ financial performance and especially how the latter responds to the former in Nigeria. This paper constructs and specifies a predictor model of liquidity management performance, patterned after multivariate regression and cointegration mechanism. We sampled four liquidity management measures (liquidity ratio, loan to deposit ratio, cash reserve ratio and minimum rediscount rates) for the period 1987 to 2014 and regressed them on the Returns on Assets of commercial banks. Descriptive statistics and augmented dickey fuller unit root tests were used to analyzed the behaviour of the time series Nigerian data while the cointegration mechanism was employed to test the existence of long run relationship between the correlates. The augmented dickey fuller test results indicated that the data series achieved stationarity at first differencing at the order I(1). The analyses revealed that the Central bank of Nigeria’s liquidity management measures assert strong influence on the financial performance of commercial banks in the long run in Nigeria through the window of Money supply, credit creation and the price of money. This suggests that adjustment in the liquidity control measures by the regulatory authorities could either raise or reduce the return on assets of the commercial banks through either increase or reduction in money supply, adjusted credit creation ability of banks, and the control of price of money. The study posits that liquidity ratio, loan to deposit ratio, cash reserve ratio and minimum rediscount rate all play significant roles in determining return on the assets of commercial banks in Nigeria. The study recommends that the managers of the Nigerian economy should invoke policies and action programmes that will enhance the development of more efficient liquidity management measures that will not help the banks to meet customers’ loan demand (control credit creation ability) and stabilize the price of money but will also mop up cash or funds from the informal financial sector into the banking sub-sector and provide adequate liquidity, increase investment and raise bank financial performance in Nigeria.

16.

Nnamdi, I.S. and Mgbataogu, I.S. (2015)

Bank Deposits and Demand for Credits in Nigeria: What Lessons are Available? Journal of Accounting and Finance Management, 1(8), 11 – 22, Nigeria/Glasgow (United Kingdom) ISSN 2504-8856, www.iiardpub.org

This study examines the relationship between bank credits and deposit composition of Nigeria’s deposit money banks over the period 1981 – 2013. It employs Unit root, Co-integration, Error Correction and Granger Causality techniques in evaluating the secondary data sourced from Central Bank of Nigeria. The results indicate that the time series variables are stationary as well as the prevalence of a significant long run relationship between the loans and advances disbursed by Nigerian banks and various forms of deposits. Further, the Error Correction Model (ECM) reveals an R² value of 65.6% which estimation is significant at 0.05 level while the Granger Causality results indicate significant uni-directional causality between bank credits and demand deposits flowing from demand deposits to loans and advances as well as a bi-directional causal relationship between fixed deposits and loans and advances. The study concludes that increase in business activities as indicated by expansion in operation of demand deposit accounts by Nigerian bank customers significantly influences the demand for business and private credits in Nigeria and consequently, recommends intensified deposits and credit product development by Nigerian banks in order to meet the increasing demands for credit products by both the private and public business sectors in Nigeria.

17.

Nnamdi, I.S. and Ibe, R.C. (2015)

Oil Price Volatility and Stock Market Returns: The Nigerian Evidence, West African Journal of Business and Management Sciences, 4(3), 91 – 102, Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37989

This study sets out to investigate the effect of oil price volatility and stock market returns in Nigeria using time series data from 2006 to 2013. The stationarity properties of the data were tested using the Augmented Dickey Fuller (ADF) and Phillips Perron (PP) unit root tests. Volatility is estimated with the Generlarized Autoregressive Conditional Heteroscedasticity (GARCH) model and interrelationship within the multivariate VAR framework. Results from the ADF and PP unit root tests show that the variables were non stationary at level but became stationary after first difference. The VAR result shows that individually, the lags of stock price (ASPI) at 1 and oil price (OILP) at lags 1 and 2 were statistically significant at 5% level. Stock market returns and oil prices are tied together in the long run. However, contrary to a priori expectation,  the negative coefficient (-0.876218) of the spillover term (GARCH), provides compelling evidence to suggest that oil price volatility significantly transmits to stock market by affecting stock prices negatively. The study recommends that Nigeria must as a matter of urgency, employ a high proportion of her foreign exchange earnings from crude oil towards improving industrial production including final petroleum and petro chemical products. There is also need to develop hedging techniques for stock prices which is basically derived from international oil price movements.    

18.

Nnamdi, I.S. and Mgbataogu, I.S. (2015)

Stock Price Determinants within a Dynamic Macroeconomic Environment: Nigerian Evidence, West African Journal of Business and Management Sciences 4(2). 253 – 266, Faculty of Business Administration, Imo State University Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37989

This study evaluates the nature and direction of prevailing long run relationship between some selected macroeconomic variables and stock prices in the Nigerian stock market. All Share Index is employed as proxy for stock price movement while interest rates, inflation rate, exchange rate and foreign direct investment inflows constitute the study’s selected macroeconomic variables. Johansen’s multivariate co-integration and Error correction Model techniques were employed for analyses of secondary data sourced from the Central Bank of Nigeria’s statistical bulletin and stock exchange fact book over the periods of 1985 – 2013. The results provide evidence of the prevalence of a significant long run relationship between the set of selected macroeconomic variables and stock prices in Nigeria. The Error Correction Model result further provide compelling evidence to confirm the prevalence of significant positive long run relationship between stock prices and each of inflation and foreign direct investment, while indicating a negative but significant relationship between stock prices and exchange rates. Interest rate is found to have an insignificantly negative long run relationship with stock prices. Consequently, it is recommended that potential investors should pay relatively greater attention to inflation and exchange rate trends as well as changes in periodic foreign direct investment inflows compared to interest rate movements. Further, policy makers are recommended to pursue and implement policies that guarantee predictable business environment in Nigeria in order to make these findings implementable and ensure optimal performance of the Nigerian stock market.

19.

Nnamdi, I.S. and Dibia, S. (2014)

Export Structure and Economic Growth in Nigeria: A Re-Examination of the Evidence Via Co-Integration, West Africa Journal of Business and Management Sciences, 3(2A), 119-136, Faculty of Business Administration, Imo State University, Owerri, Nigeria. (www.imsubiznessjournals.org) ISSN: 978-37989

This study aims at evaluating the nature of interrelationships prevailing between exports and economic growth in Nigeria. Secondary data were sourced from Nigeria’s Central Bank’s Statistical Bulletin over a period of 30 years (1981-2010). Johansen’s Co integration and Granger Causality tests were applied. The results indicate a significant long run relationship between the study variables. The Causality tests indicate a significant Unidirectional Causality running from oil exports to Nigeria’s GDP, while there prevails no significant causality between non-oil exports and GDP. The study recommends that the state should as a matter of urgency, employ significant part of oil revenue to develop the non-oil export sector for balanced economic growth and diversification purposes.

20.

Nnamdi, I.S. (2013)

Stock Market Performance Indicators and Economic Growth In Nigeria: A Causality Perspective, Journal of Business and Value Creation, 2(1), 79 – 92, Department of Marketing, University of Port Harcourt, Nigeria. ISSN: 2315-8212

Given various developments within and outside the Nigerian economy, this study aims at evaluating the prevailing level and direction of causality between Nigeria’s Stock Market Performance indicators and economic growth. The study applies Augmented Dickey-Fuller (ADF) and Granger Causality techniques in analyzing data on Nigeria’s GDP as economic growth indicator and stock market capitalization and new issues as stock market performance indicators over the period 1970-2011 (42 years). The results evidence the absence of bi-directional causality for any of the pair-wise causality analysis, but confirm existence of three unidirectional causalities which flow from; (i) stock market capitalization to new issues, (ii) GDP to stock market capitalization and (iii) GDP to new issues. The study concludes that Nigeria’s stock market plays a demand-following role, depends on the economy for survival and as such, does not significantly promote economic growth. Intensified development of capital market products which will enhance mobilization of saved resources for capital market investment and further relaxation of conditions for quotation of firms and listing of securities for improved stock market operations are recommended      

21.

Nwakanma, P.C. and Nnamdi, I.S. (2011)

Frauds and Destabilization of Financial Services Industry: The Case of Nigerian Banking Sector, Trend Journal of Management and Social Sciences, 4(4), 17 – 27. (Nigeria) ISBN-13 : 9783438352002

This study analyses the statistics on bank frauds in Nigeria and the consequent erosion of shareholders’ funds through provision for loan losses and ultimately, weakening and/or liquidation of several banks in Nigeria. It recommends increased surveillance through on and off-site means and the need to maintain vibrant team of internal controllers in order to enhance customers’ confidence.     

22

Nwakanma, P.C. and Nnamdi, I.S. (2011).

Public Debt: Structure and Influence on Nigeria’s Economic Performance, Nigerian Journal of Financial Research, 8(1), 1-22, Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051

This study evaluates the prevailing interrelationships and predictive effects of domestic and external debts on Nigeria’s GDP. Applying the multiple regression technique, the results indicate that while domestic debts are positively related to the GDP, external debts are on the other hand, negatively related to Nigeria’s GDP at very significant levels. The study makes case for a preference in favour of domestic debts if Nigeria’s growth process can be sustained. 

23.

Nnamdi, I.S. and Omojefe, G.O. (2009).

A Predictive Model for Nigeria’s External Debt: A Revisit, Journal of Finance, Banking and Investment, 3(1), 131-139, Department of Banking and Finance, Abia State University, Uturu, Nigeria. ISSN: 1596-9061

This study follows up Isu’s (1997) Publication. It applies a multivariate analytical framework to the issue of Nigeria’s public debt. Operating from the stand point that the classical causative factors for acceptance of foreign debt (productivity index, inflation rate, foreign reserves, population growth and balance of payment on current account) are interrelated within the socio-economic milieu, the study finds none of the above classical factors significant in explaining Nigeria’s continuously rising foreign debt profile as opposed to Isu’s earlier study which finds only population growth among all the other classical variables  significant. The study therefore, calls for a re-examination of Nigeria’s debt psychology as all known classical economic and socio-political variables fail to significantly explain Nigeria’s growing foreign debt profile.

24.

Nnamdi, I.S. (2009)

A Virile Commodity Exchange and Futures Market for Nigeria: Good Intentions and Hard Realities, Nigerian Journal of Financial Research, 7(1&2), 54-69, Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051 

In view of the fact that Abuja Securities and Commodity Exchange which took off in 2006 after being in the cooler for eleven (11) years has not made any significant public impact, this study appraises the necessary conditions that need to be fulfilled to ensure a successful operation of the Exchange. The study therefore, articulates definite conditions for the viability of the commodity exchange to guarantee sustenance of a robust commodity exchange and futures market in Nigeria.

25.

Osiegbu, P.I. and Nnamdi, I.S. (2008).

Efficacy of Central Bank’s Credit Regulations in the Banking System of a Developing Economy: Evidence from Nigeria, Nigerian Journal of Financial Research, 6(1), 65-86, Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051

This study evaluates the extent to which any significant correlations as well as differences prevail between the target credits approved for Nigerian banks by the Central Bank of Nigeria and their actual credit disbursements.  The results provide sufficient evidence to show that while the targeted credits are significantly correlated with the actual credits allocated to the government sector, the actual credits allocated to the private sector are not significantly correlated with the targeted credits. The study finds that Central Bank of Nigeria fails significantly in controlling bank credits since the test of difference between means employed shows the prevalence of significant differences between the means of targeted credits by CBN and the actual disbursed by the operating banks. Consequently, the study recommends that CBN should intensify controls and surveillance in order to strengthen the Nigerian banking system while the government should seek more long tenured capital market funds in order to reduce pressure on operating banks. 

26.

Nnamdi, I.S. (2008)

Export Trade and External Performance of Nigeria’s Economy: A Case for Non-Oil Exports, Nigerian Journal of Economic and Financial Research, 2(1), 26-41, Department of Banking and Finance, Abia State University, Uturu, Nigeria. ISBN: 978-37794-9-4

This study evaluates empirically, the basis for various calls for reactivation of the Nigerian non-oil sector. The non-oil export earnings data as well as those for oil exports are employed, while external reserves is employed as proxy for Nigeria’s external economic performance. The results indicate that Nigeria’s external reserve is 2.5 times more sensitive to variations in non-oil exports compared with oil exports. The study therefore, calls for immediate actions for reactivation of the non-oil export sector and a huge funding of same from oil export proceeds.

27.

Nnamdi, I.S. (2008)

Savings – Interest Sensitivity In Nigeria Implications for Policy, Profitability and Marketing of Financial Services, the Nigerian Journal of Financial Research, 5(1), 31-40, Department of Finance and Banking, University of Port Harcourt, Nigeria. ISSN: 1599-8051 

This study analyses the sensitivity of savings funds to interest rate variations in Nigeria from 1970 to 2005. Ordinary least squares regression technique was employed. The results indicate a negative and insignificant relationship between interest rate paid on savings deposits and the value of mobilized savings by Nigerian banks. In view of this result, the study recommends that interest rate should be deemphasized as a critical factor for capital formation and savings mobilization in the Nigerian context. Rather, banks should develop sufficient and attractive products to enhance and sustain savings mobilization for the financial and economic growth process of Nigeria.

28.

Nnamdi, I.S. (2007)

Deposit Structure, Lending Rates and Risk Asset Creation in the Nigerian Banking System, Nigerian Journal of Economic and Financial Research, 1(2), 50-60, Department of Banking and Finance, Abia State University, Uturu, Nigeria. ISSN: 0795-2740 

This study predicts the empirical interrelationships prevailing among credits disbursed by Nigerian banks and their deposit components as well as the contributions of these varied deposit components to risk asset funding. Applications of general multiple regression as well as the stepwise variant reveal that demand for loans is significantly interest inelastic, and further, that savings deposit contributes most significantly to risk asset funding, followed by fixed deposits. Demand deposit is found to be highly volatile or unstable and contribute insignificantly to risk asset funding within the Nigerian banking framework. On the whole, the study recommends greater emphasis on product development for greater deposit mobilization as opposed to the use of interest rate as a sweetener for same in Nigerian banks.

S/N

AUTHOR(S) YEAR

TITLE OF PUBLICATION

DESCRIPTION/ SUMMARY

1

Nnamdi, I. S.  (2011)

Marketing Of Financial Services Products, in Nwinee, B. F. ( ed), Banking Laws and Regulations, Port Harcourt, University of Port Harcourt Press, pp. 287-301, ISBN: 978-978-50726-3-1

This chapter presents the evolution of marketing of financial services as a subject of both professional and academic interest in Nigeria. It provides details of the various types, as well as characteristics of financial services products. Finally, the chapter concludes with an evaluation of the prevailing level of competition as a key variable that will continually influence both the level of development and sophistication of the Nigerian financial services industry.