Browsing by Author "Udenwa, Theresa A."

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    EFFECT OF FOREIGN CAPITAL INFLOW ON THE GROWTH OF MANUFACTURING SECTOR IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2022-10-10) Udenwa, Theresa A.; Vincent, Harrison S.; Gimba, John Toro
    Nigeria as Africa’s most populous black nation remain underdeveloped, mainly due to shambolic manufacturing sector growth. Rising from problems of insecurity, corrupt practices, consumerism structure have made gains from capital inflows minimal. This anomaly has resulted in shortsighted policy formulation and attendant consequences. Given the prominence of this problem and the gap existing in literature this study examined the effect of foreign capital inflows on the growth of manufacturing sector in Nigeria. The paper adopts ex post facto research design. The study covered a period of thirty-five (35) years from 1986 to 2020. Data were collected from the world Bank and CBN statistical bulletin. The foreign capital inflow was represented by foreign direct investment, foreign portfolio, official development assistance and official remittances inflow while manufacturing sector growth was measured using log of manufacturing sector output growth. This study employed the two-step Engle and Granger estimation procedure and the Granger Causality to estimate parameters of the indices of manufacturing output growth and capital inflows to Nigeria. Findings revealed that foreign direct investment (FDI) and portfolio investment have a significant positive relationship with the manufacturing sector growth in Nigeria while official development assistance and official remittances inflow have insignificant effect on the growth of manufacturing sector. Findings also revealed unidirectional causality of foreign direct investment (FDI) and portfolio investment to the growth of manufacturing sector in Nigeria. Based on the findings, it was recommended that the Nigerian government should create an enabling environment to attract more capital inflow that could augment domestic resources with the sole aim of growing the manufacturing sector.
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    EFFECT OF SELECTED MACROECONOMIC FACTORS ON STOCK MARKET VOLATILITY IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2020-12-12) Ene, Josephine Chinelo; Nwala, Maureen Nneka; Udenwa, Theresa A.
    Instability in stock market is associated with diminished investor confidence, mispricing of shares and reduced participation in the market. This accentuates the need for stock market studies to go beyond conventional dimensions of stock market performance and investigate various features of stock market volatility. This study examines the effect of exchange rate, inflation, money supply and trade openness on stock market volatility in Nigeria using monthly data covering the period 2000 to 2019. The Threshold generalised autoregressive conditional heteroskedasticity (TGARCH) was employed to estimate the stock market volatility while ARDL and error correction model (ECM) were used to analysis the secondary data obtained from CBN statistical bulletin 2019. The ECM model found that only exchange rate had significant effect on stock market volatility, while inflation rate and money supply had no effect. However, the bound test indicated the existence of a long run relationship between macroeconomic factors and stock market volatility in Nigeria. The research then recommended the continuance of expansionary fiscal policies and a shift from the current multiple exchange rate regime to a unified exchange rate as these will increase aggregate investment and minimize distortions in the foreign exchange market respectively.
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    THE INFLUENCE OF FINANCIAL INCLUSION ON BOTH FINANCIAL AND ECONOMIC STABILITY
    (Department of Banking and Finance, Nasarawa State University, Keffi., 2017-10-12) Udenwa, Theresa A.; Vincent, Harrison S.
    Prior to this time little had been known about the extent of financial inclusion both here in Africa and elsewhere and the degree to which such groups as the poor, women, youth and disabled are excluded from formal financial systems, because systematic indicators of the use of different financial services had been lacking for most economies. But evidence available shows that financial inclusion leads to a healthier household and small business sector which ultimately contributes to enhanced macroeconomic stability. Hence as global financial systems are being re-thought, an opportunity emerges for world leaders to promote the ambitious vision of full financial inclusion within the decade using a concept that keeps the needs of clients at the center
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    Understanding Nigerian Financial System
    (Department of Accounting, Nasarawa State University, Keffi, 2015-03-11) Udenwa, Theresa A.; Uwaleke, Uchenna