Browsing by Author "Vincent, Harrison S."

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    The Determinant of Equity Share Price and the Listed Deposit Money Banks in Nigeria
    (Department of Accounting, Nasarawa State University Keffi, 2019-01-01) Godwin, Emmanuel Oyedokun; Olusegun, Adebawale Arotolu; Vincent, Harrison S.
    In this study. the researcher examined the financial variables influencing the share price of listed deposit money banks in Nigeria. An ex-post facto research design was employed with the population consisting of all fifteen (15) listed deposit money banks on the Nigeria Stock Exchange (NSE), and a sample of twelve (12) listed deposit money banks on NSE was taken using filter criteria and judgmental sampling techniques. Secondary data used were sourced from the annual reports of the sampled banks and GTI Securities Ltd. for five years period from 2013- 2017. Ordinary Least Square (OLS) was used to analyze the data. The results of the multiple regression revealed that the dividend payout ratio and price-earnings ratio have a significant positive relationship with the share price. The results also showed that dividend yield has a significant negative association with share price; the book value per share has no meaningful relationship with the share price. This study recommends that the shareholders in the deposit money banks should be guided by industry financial ratios, especially the profitability measures ofprice-earnings ratio and dividend payout ratio, as they are critical factors in predicting share price behavior.
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    Domestic Debt Servicing, Inflation rate and Domestic Debt Stock in Nigeria: An Empirical Analysis
    (Department of Banking & Finance, Nasarawa State University, Keffi, 2018-06-08) Vincent, Harrison S.; Mairafi, Salihu Liman; Abdul, Zaiban Hussaini
    Countries borrow when they are unable to generate enough revenue to meet up their expenditures on productive activities to improve economic growth and development which transient into better standard of living. Nigeria’s case of borrowing over the years has been on the increase that has attracted lot of attentions. This study examines the effect of domestic debt servicing and inflation rate on domestic debt stock in Nigeria. An ex-post facto research design was employed. Secondary quarterly data were collected from Central Bank of Nigeria Statistical Bulletin for twenty years period spanning through 2000 - 2019. Employing Johansen Cointegration and Vector Error Correction Model, the study established a long run relationship among the variables. The Ordinary Least Square result shows that domestic debt servicing has significant effect on domestic debt stock in Nigeria, while inflation rate has no significant effect on domestic debt stock in Nigeria. The study recommends that the Debt Management Office should be more proactive by reforming part of the short-term domestic debt to long term through repayment of portion of short-term domestic debt when they mature. Also, the Federal Government should invest the borrowed funds in projects that will ultimately repay the interest and principal in the nearest future.
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    EEFECT OF EXCHANGE RATE FLUCTUATIONS ON THE NIGERIA STOCK MARKET
    (Department of Banking and Finance, Nasarawa State University Keffi, 2017-03-01) Gimba, John Toro; Mahmoud, A.; Vincent, Harrison S.
    Exchange rate fluctuation has implications for the financial system in the country especially the stock market. However available literature revealed contrasting views of researchers on the issue of exchange rate fluctuations impacting on stock market. Through the Regression model, this study assess the effect of exchange rate fluctuations on and Nigeria stock market. Secondary data relating to the study were obtained from Centra! Bank of Nigeria Statistical Bulletin and Nigeria Stock Exchange fact hook for the period 1986 to 2016 Market Capitalization and AH Share Index were used as the dependent proxies and naira against American dollar rate as the independent proxy. If was found that exchange rate has a significant relationship with Nigeria stock market. It was cone!tided based on the analysis that exchange rate has more significant relationship on All Share index. Based on the findings, it was recommended that a coordinated monetary and fiscal policies should be put in place to check mate the fluctuation of exchange rate in order to deepen the depth of the Stock Market.
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    EFFECT OF FINANCIAL PERFORMANCE ON EQUITY SHARE PRICE OF QUOTED DEPOSIT MONEY BANKS IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2019-03-03) Ajah, Boniface Audu; Vincent, Harrison S.
    The health of every firm can be ascertained through their financial performance, especially the banking sector, hence investors have keen eye on the banks that are performingf inancially. This study examined the effect offinancial performance on equity share price of quoted deposit money banks in Nigeria. An ex-post facto research design was employed for this study. The population of this study consists of all thirteen (13) listed deposit money banks on Nigerian Stock Exchange. A sample size of twelve (12) listed deposit money banks on the Nigerian Stock Exchange was taken. Secondary data were collected from annual reports of the sampled banks for ten years period from 2009-2018. In analyzing the data, Ordinary Least Square was used. The results of the multiple regressions revealed that return on asset and earnings per share have a significant effect on share price. While net profit margin had an insignificant effect on share price. The study recommends that the banks9 should improve more on their profitability which will increase both the net profit margin and return on asset for a better stock returns. Bank activities and operational efficiency that may lead to increase in bank profit should be evaluated.
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    EFFECT OF FIXED INCOME SECURITIES ON CAPITAL MARKET GROWTH IN NIGERIA
    (Department of Banking & Finance, Nasarawa State University, Keffi, 2018-06-08) Udenwa, Theresa A.; Mairafi, Salihu Liman; Vincent, Harrison S.; Abdullahi, Uthman Yahaya
    This study examines the effect of fixed income securities on the growth of capital market in Nigeria over the period 2010-2020. Fixed income securities were proxied by government bond and treasury bill while capital market growth was proxied by market capitalization. Ex post facto research design was adopted as quarterly time series data was obtained from central bank of Nigeria annual statistical bulletin. Descriptive statistics and the ordinary least square multiple regression techniques were the main statistical tools used in the analysis of data. Additionally, the study conducted unit root test and test for cointegration to ascertain stationarity and long run relationship respectively. The result of the regression reveals that government bond have significant effect on capital market growth. However, treasury bills show insignificant effect on capital market growth in Nigeria. Based on the findings, the study concludes that fixed income securities affect the capital market growth in Nigeria. Therefore, the study recommends that the fixed income securities should be properly supervised and regulated as it forms an integral part of a capital market and serves important functions in an economy by means of providing liquidity for both government and private investors.
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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 GOVERNMENT AGRICULTURAL EXPENDITURE ON AGRICULTURAL PRODUCTIVITY IN NIGERIA
    (Department of Accounting, Nasarawa State University Keffi, 2020-01-01) Vincent, Harrison S.; Efionayi, Prosper O.; Nathaniel, Gbadebo
    Agricultural sector in Nigeria is the most sensitive and crucial sector that has a direct link with the well-being of all other sectors, thereby requires more financial attention. This study examines the effect of government agricultural expenditure on agricultural productivity in Nigeria. An ex-post facto research design was employed for this study. Secondary data were collected from Central Bank of Nigeria Statistical Bulletin for a period of twenty-one years spanning through 1999 to 2019. Employing the econometric methodology of the Johansen Cointegration and Vector Error Correction Model (VECM), the study established a long run relationship between the variables. The Ordinary Least Square (OLS) result shows that government expenditure in agriculture has significant effect on agricultural productivity in Nigeria. The study recommends that government should increase its expenditure in agriculture in order to contribute more to the Output (productivity) as against its current contribution in order to achieve the desire goal of food security in Nigeria.
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    EFFECT OF GOVERNMENT BORROWING ON ECONOMIC OUTPUT IN NIGERIA.
    (Department of Banking and Finance, Nasarawa State University Keffi, 2020-01-02) Olaolu, Dele; Vincent, Harrison S.; Kingsley, Nwaigwe O.
    This study examines the effect of government borrowing on economic output in Nigeria. Government borrowing was proxied by external debt(ED), Domestic debt (DD) and Total debt servicing (TDS) while Economic output was proxied by Gross Domestic Product (GDP). An ex­ post facto research design was employed for this study. Secondary data were collected from Central Bank of Nigeria Statistical Bulletin for twenty years period spanning through 2010 to 2019.Employing the econometric methodology of the Johansen Cointegration and Vector Error Correction Model (VECM), the study established a long run relationship among the variables. The Ordinary Least Square (OLS) result revealed that economic output is significantly influenced by external debt and Domestic debt while debt servicing does not significantly influenced economic output. It is recommended that Government and policy makers should carefully study the present state of the economy before deciding on measures through which deficit will be financed, maintain optimum level of external debt as it is one of the mechanisms for economic output and that all external debt should be effectively utilizedfor the purposef or which it was obtained. Debts should be contracted solely for economic reasons and not for social or political reasons. This is to avoid accumulation of debt stock overtime and prevent an obscuring of the motive behind debt servicing, hence investing this debt finance into capital investment that has the tendency to raise the overall output of the Nigeria economy.
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    EFFECT OF MONETARY POLICY ON THE PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2020-01-01) Gimba, John Toro; Vincent, Harrison S.; Oyedokun, Godwin Emmaneul
    This study examines the effect of monetary policy on the performance of listed deposit money hanks in Nigeria from 2006-2018. The research design adopted for this study was ex post-facto research design. Panel time series data were extracted based on the variables used in the study. Net profit margin (NPM) as the dependent variable, while liquidity ratio (LQR), Interest Rate (INR), Loan to deposit ratio (LDR) and cash reserve ratio (CRR) as independent proxies to measure monetary policy. The findings show that monetary policy has significant effect on the performance of listed deposit money banks in Nigeria. Based on the result, it was concluded that liquidity ratio and loan to deposit are significant on net profit margin, likewise interest rate and cash reserve ratio were insignificant on net profit margin. Therefore, the effect of monetary policy on the Nigeria commercial banks as an engine for controlling inflation, unemployment etc is geared towards finding a positive and constructive role for the economy. Based on the findings, it was recommended that; the Central Bank of Nigeria should manage the monetary policy rate properly, with the recent increase of loan to deposit. Government should also employ other measures to control the loan to deposit and the monetary authorities should also minimize the 22.5 % Cash reserve ratio in order to influence the level of bank performance with capacity to raise a volume of funds and also reduce the liquidity ratio from 30% to 25% to prevent the banks from folding up.
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    EFFECT OF SELECTED MACROECONOMIC VARIABLES ON BANK LENDING IN NIGERIA.
    (Department of Accounting, Nasarawa State University Keffi, 2020-03-20) Vincent, Harrison S.; Gbadebo, Nathaniel; Gimba, John Toro
    Bank lending in Nigeria can never be overemphasis as banks play a very crucial role in the development of evety economy. This study examines the impact of selected macroeconomic variables on bank lending in Nigeria. Secondary data were collectedfrom Central Bank of Nigeria Statistical Bulletin for period spanning through 2000 to 2018. Employing the econometric methodology of the Johansen Cointegration and Vector Error Correction Model (VECM), the study established a long run relationship among the variables. The Ordinary Least Square (OLS) result shows that exchange rate has no significant effect on banks' lending in Nigeria, while gross domestic product has significant effect on bank lending in Nigeria. Based the findings ofthis study and the conclusion derived, the study recommended that macroeconomic policy makers should adopt policy measures geared toward controlling the rising trend of exchange rate in Nigeria. While effort should be made by the managers of the economy toward restoring the Nigerian economy to the path of sustainable and inclusive growth with the view of aborting the harmful effect of loan curtailment on investment and economic growth in the long-run.
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    IMPACT OF BANK CREDITS ON AGRICULTURAL PRODUCTIVITY IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2020-01-20) Efionayi, Prosper O.; Vincent, Harrison S.; Kingsley, Nwaigwe O.
    The study examined the impact of bank credits on agricultural productivity in Nigeria. The specific objectives of the study were to examine the impact of commercial banks' credits to agriculture on agricultural productivity in Nigeria; and evaluate the impact of microfinance banks' credits to agriculture on agricultural productivity in Nigeria. The study adopted ex-post-facto research design. Time series data were generated from Central Bank of Nigeria Statistical Bulletin from 1992 to 2018. Ordinary Least Square (OLS) was the method of analysis used to estimate the Multiple Linear Regression Model (MLRM) through E-Views computer software application. The other tools of data analysis used were descriptive statistics unit root test and co-integration test and VAR. The study found out that both commercial and microfinance banks' credits invested in agriculture were statistically significant with agricultural productivity in Nigeria. The study concluded that bank credits have significant impact on agricultural productivity in Nigeria. The study recommended that the significant impact of commercial and microfinance banks' credits invested in agriculture callf or more allocation of credit to the agricultural sector in Nigeria. This could be achieved by the Central Bank of Nigeria (CBN) cutting down on the interest rate changed on money borrowed by farmers for the purpose of boosting agricultural production.
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    Impact of Leverage on the Financial Performance of fisted Manufacturing Firms in Nigeria
    (Department of Accounting, Nasarawa State University Keffi, 2018-12-12) Gimba, John Toro; Vincent, Harrison S.; Kwagga, John Favekwaggi
    In the capital build-up of an entity, it is usual for firms to select from different sources of finance with which investment can be financed. This research therefore seeks to establish whether or not leverage has an impact on the financial performance of listed manufacturing industries in Nigeria. Samples of four industries listed in the Nigerian Stock Exchange out of a population offifteen listed manufacturing industries were selected for the purpose of this research. Descriptive as well as regression analysis were used to analyze the data collected from the annual audited financial statement of these firms. The independent variables employed in the research were Debt and Equity while the dependent variables were Return on Asset, and Return on Equity. Ratios were computed accordingly and entered into E-views software for analysis. Finding revealed that debt had negative and significant impact on the financial performance of listed manufacturing firms in Nigeria. Recommendations were made that managers of manufacturing firms should prioritize their sources of financing and ensure that minimum debt or optimal debt financing is employed in the capital structure.
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    Impact of Non-Oil Exports on Nigeria’s Economic Growth
    (Department of Banking and Finance, Nasarawa State University Keffi, 2019-03-03) Ahmed, Mahmoud A.; Gimba, John Toro; Vincent, Harrison S.
    Nigeria's economy which was highly dependent on agriculture was transformed to one highly dependent on oil due to the oil boom of 1970s and turned Nigerian economy into a mono culture economy depending on oil revenue for her income. The oil prices fluctuate in the international market and any shock in oil prices will negatively affect her income and economic policies with the consequences of having negative impact on her economic growth. This paper addressed the problem by investigating the impact of non-oil export on Nigeria's economic growth, employing a secondary data from the publications of CBN annual reports of non-oil export and GDP from the period of the study 1988 to 2016, applying simple list square regression analysis on SPSS software, using analysis of variance (ANOVA) based on F distribution at a 5% level of significance. The results of this study indicate a positive impact of non-oil revenue on Nigeria’s economic growth.
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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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    NEXUS BETWEEN FINANCIAL SECTOR DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA
    (Department of Banking and Finance, Nasarawa State University Keffi, 2019-03-05) Vincent, Harrison S.; Aruwa, Suleiman A.S.; Gimba, John Toro
    This study evaluates the nexus between financial sector development and economic growth in Nigeria for the period 1986 to 2016. Secondary data were extracted from Central Bank of Nigeria statistical bulletin 2016. The dependent variable is Economic growth which was proxy by GDP and the independent variable is financial sector development which was proxy by credit to private sector and market capitalization while inflation rate as control variable. Expo-facto research design was thus used. The study applied multiple regression model ofanalysis using Eview statistical package version 8. It was found thatf inancial sector development has positive and significant relationship with economic growth in the period of study. The study recommends that Central Bank of Nigeria (CBN) ensure effective compliance with its credit control policy which direct credit to more productive private sector activities and the Securities and Exchange Commissionformulating strategies to deepen the Nigerian Stockmarket.