Central Bank Of Nigeria Research Articles

The Role of Central Bank of Nigeria in Exchange Rate Stabilization

The study X-rays the role of Central Bank of Nigeria (CBN) in exchange rate stability in Nigeria, using quarterly time series data. The study adopts GARCH family models to decipher the potency of CBN’s monetary policy in exchange rate stability in Nigeria. Anchor interest rate, official exchange rate, and money supply were incorporated into the variance equation to determine their exact impact on the volatility variable (conditional variance). Empirical results show that Anchor interest rate, official exchange rate, and money supply are key in exchange rate stability in Nigeria. The study also finds that despite CBN’s official intervention, exchange rate instability in Nigeria persists overtime. It concludes that Central Bank of Nigeria has a major role to play in managing exchange rate volatility in Nigeria especially when it uses the aforementioned monetary policy tools.

Gender Inequality and Economic Growth in Nigeria: A Granger-Causality Analysis (2009–2023)

This study examined the causality relationship between gender inequality and economic growth in Nigeria, covering the period 2009–2023. The study was anchored on two inequality theories, namely functionalist theory and conflict theory. The ex-post facto was used as the research design for the study. Data for the study were extracted from the World Development Index of the World Bank and the Central Bank of Nigeria (CBN) Statistical Bulletin (2023). The method of data analysis adopted in the study was the Granger-Causality Analysis with the Unit-Root employed to estimate the stationarity status of the variables. The results of the study reveal that there is a causality relationship existing between gender inequality and economic growth in Nigeria, covering the period 2009 to 2023. However, the result reveals that the relationship is bi-directional, flowing from gender inequality to economic. The F-statistics and corresponding probability values show that gender inequality granger causes economic growth. The GIE yielded a p-value of 0.0037 < 0.05, GIEPP yielded a p-value of 0.0137 < 0.05, GHIC yielded 0.0108 < 0.05, and GIED yielded 0.0341 < 0.05. Comprehensive policy interventions that promote gender equality in education, employment, and political representation are necessary to ensure that Nigeria's economic growth is inclusive and resilient.

Manufacturing Sub-Sector Dynamics and Economic Growth in Nigeria (1981-2022)

This study examined the impact of manufacturing sub-sectors dynamics on economic growth in Nigeria covering the period 1981-2022. Data for the study were extracted from the Central Bank of Nigeria (CBN) statistical bulletin and World Development Index (WDI) 2022. The method of data analysis used is the linear regression method with the application of the Error Correction Model (ECM). The major findings of the study reveal that Cement production (CP) contributes positively but insignificantly to economic growth in Nigeria (β = 2.622724 and p-value = 0.4414 > 0.05), Beverages and Tobacco Production (BTP) contributes positively but insignificantly to economic growth in Nigeria (β = 2.040513 and p-value = 0.0018 > 0.05), Chemical and Pharmaceuticals Production (CHP) contributes negatively but insignificantly to economic growth in Nigeria (β = -17.39120 and p-value = 0.5188 > 0.05) and Pulp paper and paper products (PPP) contribute positively but insignificantly to economic growth in Nigeria (β = 56.85029 and p-value = 0.5062 > 0.05). It is therefore the recommendation of the study that the government should create an enabling environment and adjust its taxation rate on these companies which is currently at 24% to around 18% and the federal and state governments should create a system to protect forests from illegal loggers who are indiscriminately exploiting and felling the national trees.

Implication of Macroeconomic Fundamentals on the Twin-Evil of Macroeconomic Phenomena: “With the Focus on Nigeria”

Purpose of the Study: This study was designed to analyze the implication of Macroeconomic fundamentals on twin-evil of Macroeconomic phenomena: “with the focus on Nigeria.’’ Methodology: The study Utilized annual time-series data on exogenous variables (Government Deficit Spending, GDS; Official exchange rate, OEXCHR; Monetary policy rate, MPR) to capture Macroeconomic fundamentals. While, Unemployment rate, UNEMPLR; Inflation rate, INFLR and Consumer price index, CPI were used as a summation of Macroeconomic phenomena to capture Misery index. The data on variables used in the study were sourced from Nigerian federal ministry of finance; Central Bank of Nigeria; and World Bank data bank between 1991and 2022 respectively. The study employed econometric techniques of ordinary least square and Two-stage least to analyze its data. Findings: The study of Ordinary Least Square revealed that Government deficit spending and official exchange rate significantly eradicate misery index in a positive manner. Meanwhile, monetary policy rate insignificantly eradicate misery index in a negative manner. There was also a further revelation from the findings of two-stage least square that government deficit spending and official exchange rate exert concerted significant strength to eradicate misery from every citizen of Nigeria within the periods under study.. Meanwhile, the result found that it was insignificantly weak for monetary policy rate (MPR) to minimize misery index from every Nigerian citizen within the periods under study. Unique Contribution to Theory, Practice and Policy: The study concluded that the authority should maintain a sound policy that will oversee money borrowed for critical projects and use it to create employment opportunity for Nigerian citizenry, ensure exchange rate is kept within a certain band that will reduce high cost of goods and services in the economy that we are currently facing and jettison the idea of increasing monetary policy rate, since this displayed a negative sign to help reducing misery index of the Nigerian populace during the periods of study.

Cashless policy and socio-economic development in Aba City Nigeria

The study examined impact of cashless policy on socio-economic development in Aba City. Specifically, the study sought to: examine the impact of automated teller machine (ATM) transaction on living condition in Aba City and determine the impact of Point of sales transaction (POS) transaction on employment generation in Aba City. The research design was descriptive survey research design. Study Area was Aba City, Nigeria. The sample size of 400 respondents was drawn from population of 2.534 million (estimated population 2016) indigenes of Aba City. The sample size of 400 respondents was drawn with Taro Yamane sampling technique. Research questions of the study were answered using mean score and standard deviation. The hypotheses stated were tested using regression analysis. The empirical result of the study showed that automated teller machine (ATM) transaction has significant impact on living condition in Aba City (t-statistic = 6.446; P-value (0.000) < Sig-value (0.05) and Point of sales transaction (POS) transaction has significant impact on employment generation in Aba City (t-statistic = 7.238; P-value (0.000) < Sig-value (0.05). The study recommended that monetary authority of Nigeria (Central Bank of Nigeria) should provide public enlighten education and awareness on the benefits of automated teller machine, point of sales, and internet banking as enhancers of cashless policy in Nigeria.

Empirical Analysis of the Impact of Debt Servicing on the Performance of the Nigerian Economy

The study interrogates the impact of debt servicing on the performance of the Nigerian economy. Using yearly time series data from 1980 to 2022 obtained from Debt Management Office, Central Bank of Nigeria and the World Bank National Account. The dependent variable in the model was Growth Rate of Gross Domestic Product (GRGDP), and the explanatory variables were External Debt Service (EDS), Domestic Debt Service (DDS), Interest Rate (INR) and Exchange Rate (EXR). The methodology utilized was the popular Auto-Regressive Distributed Lag (ARDL) model. Findings reveal that in the long run, EDS has a positive though insignificant nexus to GRGDP. For DDS the relationship is a significant negative association with GRGDP. Whilst for Exchange Rate a positive and significant relationship was found. INR had a positive but insignificant nexus to GRGDP. Based on the findings the study recommended the review of Nigeria’s debt sustainability plan, imposition of strict limits on amount to borrow, type and the sources from where to borrow. Also, Nigeria government should ensure that debt or borrowings are channeled towards project that are self-liquidating and infrastructure development as well as minimize the use of huge debt to finance recurrent expenditures.

Effect of capital market on economic growth: An analysis using the autoregressive distributed lag (ARDL) approach

The limits testing method known as ARDL (Autoregressive Distributed Lag) examines Nigerian capital market improvement and monetary development. Relevant indicators about the capital market are taken into account during analysis while considering influencing factors as well. This study aims to explore the relationship between the capital market and financial development in Nigeria. The study’s theoretical framework, which is based on the ARDL framework, includes both short- and long-term dynamics. The data used in this analysis was collected from the Central Bank of Nigeria (CBN), the World Bank database, and the Nigerian Stock Exchange (NSE). In this study, the Nigerian All-Share Index, foreign direct investment, currency exchange rates, and inflation rates are the free factors, while the increase in GDP is the dependent factor. Through cointegration analysis using the ARDL framework, it was discovered that in Nigeria there’s a lengthy equilibrium correlation between economic expansion and financial development. The coefficients determined allow for a deeper understanding of how capital market factors affect economic growth over time. Furthermore, utilizing an error correction model derived from the ARDL analysis offers insight into both brief dynamics and modified speed toward reaching a lasting state of balance. By utilizing the ARDL approach, this study adds to the continuing discourse surrounding how capital markets impact growth in Nigeria. Its empirical evidence provides valuable knowledge for policymakers and stakeholders looking to utilize capital markets effectively toward achieving long-lasting economic development within the country.

Corporate Governance in Nigeria: Evolution, Regulatory Frameworks and Challenges

Aims: Undoubtedly, good corporate governance is critical for economic growth and development. In Nigeria, corporate governance has undergone a considerable revolution, driven by regulatory reforms, global standards as well as the need to strengthen corporate institutions. This review explored the evolution of corporate governance practices in Nigeria and the operating environment of the Nigerian Stock Exchange highlighting the milestones, regulatory frameworks and key challenges inhibiting the corporate sector. The review emphasized the roles of the regulatory agencies including the Securities and Exchange Commission (SEC), Financial Reporting Council of Nigeria (FRCN), Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM), Pension Commission (PENCOM) as well as the Nigerian Communications Commission (NCC) in enforcing governance codes and principles. Study Design: It is a theoretical review that explores developments in the corporate governance landscape in Nigeria. Place and Duration of Study: The place of study is Nigeria and the duration is 1960 to 2024. Methodology: The study examined policy documents exploring different codes and mechanisms of corporate governance from inception to date. Results: While notable progress has been made through the introduction of corporate governance codes, mechanisms and regulatory oversight, challenges such as corruption, insider abuse and enforcement of governance policies remain prevalent. Conclusion: The review underscored the need for continuous improvement in corporate governance given its role in promoting transparency, accountability, increasing stakeholder awareness as well as stronger enforcement to ensure good governance practices and sustainable economic growth.

Econometric analysis of factors influencing export performance of soybean (Glycine max) production in NIGERIA: An auto-regressive distributive lag (ARDL) approach

This study presents an econometric analysis of factors influencing the export performance of soybean (Glycine max) production in Nigeria using an auto-regressive distributive lag (ARDL) approach. The study used a secondary data covering the period from 2011 to 2022. The used data were collected from CBN (Central Bank of Nigeria), NBS (National Bureau of Statistics), FAO (Food and Agriculture Organization), and the General Household Survey-Panel (GHS-P) in conjunction with the Federal Ministry of Agriculture and Rural Development, and the World Bank publication. The data analysis included descriptive statistics, Augmented Dickey-Fuller (ADF) unit root test, Bound test, ARDL, and principal component model. The result of the ADF unit root test showed that the trade openness, consumer price index, exchange rate, population growth, world trade in oil seeds, agricultural labor, and soybean production were stationary at first difference I (1), while agricultural machinery was stationary at level I (0). The results of ARDL method showed that the consumer price index, population growth rate, world trade in oil seeds, agricultural labor, and agricultural machinery were significant factors influencing export performance of soybean in Nigeria. The trade openness and exchange rate were not different significantly from zero. The trade openness could not expand market access due to non-competitiveness of the Nigerian’s soybean. The exchange rate has lost its role with respect to soybean seed partners in international trade. The policies that would encourage exportation of this crop should be pursued by provision of storage facilities, granting of tax holidays, long term export credit at concessionary interest rate to exporters, and research activities towards improving the quality of produced agricultural products. Keywords: Export Performance, Augmented Dickey-Fuller, Auto-Regressive Distributive Lag, Soybean Production, Nigeria

CAPITAL STRUCTURE AND THE PERFORMANCE OF DEVELOPMENT FINANCE INSTITUTIONS IN NIGERIA

The study investigated the effect of capital structure on the performance of selected Development Finance Institutions (DFIs) in Nigeria. The study specifically examined the effect of Total Debt to Total Assets (TDTA) on performance of selected of development finance institutions in Nigeria; and ascertained the effect of Total Debt to Total Equity (TDTE) on performance of selected development finance institutions in Nigeria. The study adopted an ex-post facto research design and data were collected from published annual financial records of the selected DFIs on both TDTA and TDTE, the independent variables and Return on Assets (ROA), the dependent variable, for a period of ten (10) years (2013-2022). The population of the study composed of seven (7) national DFIs namely: Central Bank of Nigeria (CBN), Bank of Agriculture (BOA), Bank of Industry (BOI), Development Bank of Nigeria (DBN), Federal Mortgage Bank of Nigeria (FMBN), Nigeria-Export-Import Bank (NEXIM) and the Infrastructure Bank Plc (IBN). The study sampled four (4) national DFIs using a purposive sampling technique, including CBN, BOI, FMBN and NEXIM. Computation of the relevant ratios were done for the independent variables (TDTA and TDTE); and the dependent variable (ROA). Data analysis was done using multiple regression and the econometric technique of Dynamic Ordinary Least Squares (DOLS) with the aid of E-Views Version 13. The study found that TDTA has a negative but significant effect on ROA, indicating that a percentage change in TDTA leads to lower ROA by 0.071551 and TDTE has a positive effect of TDTE on ROA, showing that a percentage change in TDTE will significantly increase ROA by 0.001696. The study concluded that the investigated DFIs have low equity capital which seems to hinder their ability to attract large loans for operations. The study recommended amongst others that DFIs should maintain a balanced total debt to total assets (TDTA) and ensure the regular monitoring of the debt-to-asset ratio to ensure it remains within a healthy range which will help maintain a balance between leveraging and risk.

EFFECTS OF DISAGGREGATED TAX REVENUES ON ECONOMIC GROWTH IN NIGERIA (1995-2023): ARDL BOUND TEST APPROACH

<p>Tax revenue has been a great tool of fiscal policy harnessed toward the economic development of a nation. Its different components have collective effects on the economic growth of a nation. This study examined the effects of disaggregated tax revenue on Nigeria's economic growth from 1995 to 2023. The data was sourced from the Central Bank of Nigeria and the Federal Inland Revenue Service databases. This study examined the effects of disaggregated tax revenue on Nigeria's economic growth from 1995 to 2023. The data was sourced from the Central Bank of Nigeria and the Federal Inland Revenue Service databases. Employing multiple regression analysis within an Autoregressive Distributed Lag (ARDL) model, the study assessed the impact of Value Added Tax (VAT), Companies Income Tax (CIT), Petroleum Profit Tax (PPT) and Personal Income Tax (PIT) on economic growth. The diagnostic tests confirmed the model's validity, with unit root tests showing that all variables, except PIT, achieved stationarity after differencing. The findings revealed that each tax revenue component positively influences economic growth. Based on these results, the study recommends enhancing the legal and regulatory frameworks for businesses, including regular evaluations and updates of tax laws and stronger enforcement mechanisms. It also underscores the need to strengthen anti-corruption efforts, promote property rights, uphold the rule of law, and prioritise good governance to foster public confidence and ensure the effective use of tax revenues for economic development.</p><p><strong>JEL: </strong>C32, H20, H24, H25</p><p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/soc/0785/a.php" alt="Hit counter" /></p>

MINERAL PRODUCTION AND ENVIRONMENTAL POLLUTION IN NIGERIA

This study empirically determined the effect of mineral production on environmental pollution in Nigeria from 1985 to 2022. The research utilised time series data obtained from the Central Bank of Nigeria (CBN) data bulletin and the World Development Indicators (WDI) of the World Bank. The data analysis methodologies utilised include descriptive statistical analysis, ADF Unit Root test, ARDL Bound Co-integration test, and ARDL methodology. The result of the ADF unit root test indicated the presence of a combination of stationary and non-stationary elements. That is a mixture of I(0) and I(1). Furthermore, the ARDL limits co-integration test has shown the presence of a long-term link between the variables. Finally, the ARDL estimation revealed that crude petroleum and natural gas production, likewise mining and quarrying had significant and positive implication on emission of CO2 in both long and short runs. Coal production had positively significant impact on CO2 emission in the long run but positively insignificant impact in the short run. In addition, metal ores positively and insignificantly impacted on CO2 emission in both the long and short runs. The study's results indicated that mineral mining in Nigeria resulted in a rise in environmental contamination. The report proposed that the Nigerian government should thoroughly evaluate and revise current environmental laws and regulations in order to effectively address the environmental consequences of mineral development. This should include establishing clear standards, guidelines, and permits for mining operations, waste management, pollution control, and rehabilitation of mining sites. KEYWORDS: Mineral Production, Environmental Pollution, CO2 Emission

Comparative Performance Evaluation of Real Estate Investment Trusts Shares and Money Deposit Bank Shares in Nigeria (2013 – 2022)

This study presented a need to evaluate the investment performance of Real Estate Investment Trust shares and Money Deposit bank shares in Nigeria using dividend yields between 2013 to 2022. The aim of the study was to determine the mean annual dividend yields of both investment media and subsequently compare the relative performance so as to enable investors to make informed decisions about their choice of investment. The objectives of the study were to ascertain the dividend yield of both investment platforms over the last ten years, from 2013 to 2022 and to determine whether or not REIT shares outperformed Money Deposit Bank shares in dividend yield between 2013 to 2022.The methodology of data sample technique used was the purposive sampling technique, quantitative method of data collection was used to gather, assemble and collate data from the annual reports of selected of Real Estate Investment Trust and Money Deposit bank companies as well as through special publications of the Nigerian Stock Exchange (NSE) and Central Bank of Nigeria (CBN). Descriptive statistical techniques (Mean, standard deviation) were employed in analysing the data. The study found out that the performance of REITs shares showed a mean return of 5.275% over the ten years, this was compared to that of the performance of Money Deposit bank shares at 8.632% over the same ten years, showing under-performance. The study also found out that investments in Money Deposit Bank shares are much riskier than investment in REITs between 2013 to 2022. The study recommended that investment appraisal should be carried out before a decision is made towards embarking on such investment. It was also suggested that stakeholders in REIT should create an enabling environment for REIT to thrive in Nigeria.

TAX PERFORMANCE AND QUALITY OF GOVERNANCE IN NIGERIA

Government cannot run in isolation, they need revenue to run their operations and one of the sources of this revenue is taxation. Despite government lamentations of a lack of funds for infrastructure development, there is a scarcity of literature in Nigeria on how tax performances may influence the quality of governance. This study examined the impact of tax performance on the quality of governance in Nigeria. Data for the study were taken from the OECD, the World Bank, and the Central Bank of Nigeria's annual reports, and the research design used is ex-post facto. The Hausman test was employed to analyze the data collected after subjecting it to the unit root test. Tax performance is proxy by company income tax, personal income tax, and value-added tax while the corruption perception index was used as a proxy for quality of governance. This study's findings revealed that the quality of governance and personal income tax are positively and significantly related, with a p-value of 0.0000, a t-statistic of 6.320390, and coefficients of 0.200227. This study's findings revealed that quality of governance and company income tax are negatively and significantly related, with a p-value of 0.0000, t-statistic of -9.743164, and coefficients of -0.228796. However, this study's findings revealed that the quality of governance and value-added tax are not related, with a p-value of 0.3252, a t-statistic of -0.984622, and a coefficient of -0.033803. This study concluded that tax performance had a significant impact on governance quality in Nigeria. This study recommends that taxation if appropriately controlled will improve the quality of governance, create jobs in the country, lower inflation, and boost economic growth.

Impact of Bank-Specific Factors on Capital Adequacy in the Nigerian Banking Sector: An Empirical Analysis

The study investigates the divergence between the capital adequacy of banks in Nigeria and the Bank for International Settlements' (BIS) global standards for bank capital adequacy. It specifically examines the factors affecting capital adequacy in Nigerian banks. The main objective is to evaluate how specific factors impact capital adequacy within this context. Data spanning from 2012 to 2022 from the Central Bank of Nigeria's Statistical Bulletin was collected for 13 selected deposit money banks in Nigeria. Econometric methods were employed to analyse this data. The findings indicate that asset quality and return on equity (ROE) adversely affect the capital adequacy of Nigerian deposit money banks during the study period. Conversely, bank liquidity, bank size, management efficiency, non-performing loans, and return on assets positively influence bank capital adequacy in Nigeria. It is recommended that particular attention be given to bank liquidity and bank size, as these factors significantly enhance the capital adequacy of Nigerian banks within the reviewed of period

Trend in agricultural growth and cassava productivity in Nigeria (1961 – 2020)

This study analyzed the trend in agricultural growth and cassava productivity in Nigeria (1961 – 2020). Time series on variables of interest were sourced from the Central Bank of Nigeria (CBN) statistical bulletin, the National Bureau of Statistics (NBS), and FAOSTAT. The secondary data obtained were analysed using trend analysis, instability index, compound growth rate model, and the Granger causality test. The results showed that Nigeria’s agricultural output generally experienced an upward trend from 1960-2020. The findings also revealed a general increase in the output of cassava produced in an area in the country within the study period. The yield however experienced some relatively stable trend with mild fluctuations and a noticeable decline in 2013. Across the major policy line considered in this study, the pre-SAP era (1961 – 1985) had the lowest mean output, while the SAP and post-SAP era had the highest mean output of 24772.15 and 45181.94 respectively. The values of instability of production and land put under cassava cultivation are more pronounced in Period II [1986–1998] and Period III [1999–2020]. During period I, (Pre – SAP; 1961 – 1985), the compound growth rate (CGR) for production accelerated while yield stagnated with a CGR of 0.2%. In period II, (CGR for production (6.2%) and area (6.3%) for cassava accelerated; both CGR and instantaneous growth rate for yield experienced stagnation. For period III, there was an acceleration in output and area. There was unidirectional causality between production (output) and area under cultivation, agricultural growth and cassava production, agricultural growth and area under cassava cultivation at a 5% level of significance; while area under cassava cultivation and cassava productivity, productivity and area under cultivation exhibited a bi-directional causality at 5% significant level. The findings are compelling reasons for encouraging cassava production for sustainable food production in Nigeria as it is a versatile staple to address food security.

An Econometric Evaluation of the Variation effect of the Nigerian Rate of Exchange on the Economic Progression

This research work investigated an econometric evaluation of the variation effect of the Nigerian rate of exchange on the economic progression between the years 1986-2017. A secondary source of data was employed in this work, which was extracted from the National Bureau Statistical Bulletin published by the Central Bank of Nigeria. Maximum Likelihood estimation of the R-software was carried out to evaluate the parameter estimate of the multiple regression coefficients and analyzed the influence of the explanatory variables (Gross Domestic Product, Unemployment and Inflation on the rate of Exchange). It was observed that the Gross Domestic Product and Unemployment rate influenced negatively on the Exchange rate but significant with (β = -1.646, t = -2.409, sig.val = 0.0228) and (β = - 0.8602, t = -3.302, sig.val = 0.00263) respectively. Nevertheless Inflation rate had positive influence on the rate of Exchange but not significant with (β = 1.311, t = 0.852, sig.val = 0.40122). The Coefficient of determination (R2 = 82.7) implies that the variation of the Nigerian rate of exchange has significant effect on the economic progression between the years 1986-2017. However, the paper recommends the following; a control of the sequential rising of inflation so as to have a stabilized rate of exchange and a promising economy for the citizens, adequate security, effective fiscal and monetary policies, as well as the provision of infrastructural facilities so that foreign investors will be attracted to invest in Nigeria.

Impact of Tax-based Revenue on Economic Development in Nigeria, 1999 to 2023

This research measures the contributory impact of Tax-based revenue on economic development in Nigeria, 1999 to 2023, with a specific focus on the nuanced dynamics of oil-based tax (OBT), non-oil-based tax (NOBT), and aggregate tax revenue (ATR). Leveraging comprehensive data extracted from the Central Bank of Nigeria's Statistical Bulletin and Federal Inland Revenue Service (FIRS) database, the study employs the Autoregressive Distributed Lag Model (ARDL) with Gross Domestic Product Growth Per Capital (GDPPC) as the outcome variable. The empirical analysis supports a significant and positive impact of non-oil-based tax revenue on GDPG while the oil-based tax shares no significant impact on economic development. Also, aggregate tax revenue (ATR) was found to negatively but significantly impact on economic development. The study recommends the adjustment of the tax system to address the developmental constraint on investment and consumption posed by taxation while optimizing the benefits that accrue from an efficient and good tax system.

Non-Oil Revenue and the Impact on the Economic Development of Nigeria

Nigeria as one of the major oil-producing countries in the world has been diversifying into more non-oil revenue while more attention is paid to tax revenue as it has the potential of taking the country to the Promised Land. As a result, the study sought to examine Non-Oil Revenue and its impact on the Economic Development of Nigeria, leveraging on tax revenue for the period 1994–2023. The objectives of the study examined the effect of corporate income tax, capital gain tax, value-added tax, customs and excise duties on economic growth. Tertiary Education Tax, Stamp duty, and Other Levies were used as controlled variables. Data were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue (FIRS) Statistical Reports. ARDL Regression Analysis was applied to test the hypotheses. The findings revealed that the coefficients of variation for the lag values showed that the RGDP was positively impacted by TDT and CED, while negatively impacted by CIT, CGT, VAT, and SD. The ARDL model's R2 and Adjusted R2 statistics together explained almost 69% of the variation in RGDP, according to the adjusted R2 of 0.518719. This implies that a significant portion of volatility is still unaccounted for despite the model's poor predictive power. The study concluded that the aggregate tax revenue does not show the hope of taking the country to the promised land, as only two (CED and TDT) showed a positive relationship with the economic growth of the country. Thus, it recommended that the Nigerian government need to pay more attention to tax income since it can promote the necessary growth in the nation.

Effect of exchange rate volatility on financial reporting of consumer goods firms in Nigeria (2019 – 2023)

This study examines the effect of exchange rate volatility (ERV) on financial reporting of consumer goods firms in Nigeria. Ex-post facto research design was adopted for this study. Data were sourced from the published annual reports of fourteen consumer goods firms listed on the Nigeria Exchange (NGX) and the Central Bank of Nigeria (CBN) Statistical Bulletin for the period 2019-2023. The analysis employed the Panel Error Correction-Generated Least Squares (EGLS) method, focusing on three key financial metrics: Earnings Per Share (EPS), Current Ratio, and Debt-to-Equity Ratio. The findings reveal that ERV has a significant positive effect on EPS. Conversely, a significant negative effect is observed on the current ratio. However, the effect on the debt-to-equity ratio is found to be insignificant, suggesting that ERV does not substantially influence capital structure decisions. The study recommends that firms should continue to develop and implement robust strategies to manage the impacts of ERV, such as hedging, strategic pricing, and cost control measures, to safeguard and potentially enhance their financial performance during periods of exchange rate fluctuations. Keywords: Exchange Rate Volatility, Financial Reporting, Earnings Per Share, Current Ratio, Debt-to-Equity Ratio, Consumer Goods Firms.