INTERNATIONAL JOURNAL OF FINANCE, MANAGEMENT AND GOVERNANCE
International Journal of Finance, Management and Governance (IJFMG) is a quarterly publication by Word Astra Publishers. It is an open-access, peer-reviewed journal dedicated to advancing scholarly research and professional practice in finance, business management, corporate governance, public sector governance, and related fields. The journal provides a platform for researchers, practitioners, policy makers, and industry experts to interrogate contemporary issues in financial systems, organizational performance, leadership, accountability, regulation, and sustainable development across local, regional, and global contexts.
The Petroleum Industry Act (2021) and Nigeria’s Fiscal Regime: A Desk Review of Taxation, Governance, and Revenue Mobilization
The Petroleum Industry Act (PIA) 2021 represents a landmark reform of Nigeria's petroleum sector, introducing a comprehensive legal, fiscal, and regulatory framework intended to improve governance, enhance transparency, strengthen revenue generation, and promote sustainable investment in the oil and gas industry. This study critically reviews the fiscal and regulatory provisions of the PIA, with particular emphasis on petroleum taxation and its implications for tax administration and revenue mobilization. The study adopts a qualitative desk research approach, relying exclusively on secondary data obtained from statutory documents, government publications, academic literature, institutional reports, and policy papers. Data were examined using content and documentary analysis to identify major reforms, implementation challenges, and emerging policy issues. The findings indicate that the PIA has significantly modernized Nigeria's petroleum fiscal regime through the introduction of a dual tax framework comprising Hydrocarbon Tax and Companies Income Tax, the establishment of specialized regulatory institutions, and improved governance mechanisms for host community development and petroleum operations. However, the implementation of the Act continues to face several challenges, including regulatory overlaps, administrative bottlenecks, oil theft, inadequate production monitoring, revenue leakages, unresolved contractual issues, and limited institutional capacity. These challenges constrain the realization of the Act's intended fiscal and economic objectives. The study concludes that although the PIA provides a robust framework for petroleum sector governance and taxation, its long-term success depends on effective implementation, institutional strengthening, enhanced inter-agency coordination, and sustained regulatory certainty. The study recommends strengthening compliance mechanisms, deploying monitoring technologies, improving regulatory collaboration, and ensuring policy consistency to maximize revenue generation and enhance investors' confidence in Nigeria's petroleum industry.
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Capital Market and Economic Development in Nigeria: Examining the Effects of Market Capitalization, All-Share Index, and Number of Deals
This study examines the effects of selected capital market indicators on economic development in Nigeria over the period 1981–2022, focusing on the influence of market capitalization, the All-Share Index, and the number of deals on gross domestic product per capita (GDP per capita), which served as the proxy for economic development. Annual time-series data were obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin and the Nigerian Stock Exchange (NSE) Annual Reports. The study adopted a quasi experimental research design and employed the Dynamic Ordinary Least Squares (DOLS) estimation technique after conducting unit root and Johansen cointegration tests to establish the stationarity and long-run relationship among the variables. The findings revealed the existence of a long-run equilibrium relationship between capital market indicators and economic development. The DOLS results showed that market capitalization exerted a positive and statistically significant effect on GDP per capita, indicating that an expansion in the size of the capital market promotes economic development. Conversely, the All-Share Index exhibited a negative but statistically insignificant effect, suggesting that fluctuations in stock prices did not significantly influence economic development during the study period. The number of deals was found to have a negative and statistically significant effect on GDP per capita, implying that increased trading activity did not necessarily translate into improved economic development, possibly due to speculative market activities. The study concludes that while the Nigerian capital market contributes to economic development, its developmental impact is driven primarily by market capitalization rather than stock price movements or trading volume. The study recommends policies aimed at deepening the capital market, encouraging productive long term investments, and strengthening market regulation to enhance the contribution of capital market activities to sustainable economic development in Nigeria.
Working Capital Management and Profitability of Maritime Logistics Firms in Nigeria: Evidence from 2016–2025
This study examined the effect of working capital management on the profitability of maritime logistics firms in Nigeria over the period 2016 2025. Profitability was proxied by operating cash flow, while working capital management was measured using the accounts receivable period, inventory holding period, accounts payable period, cash conversion cycle, and liquidity ratio. Secondary data were obtained from the published annual financial statements of the sampled firms. The data were analysed using multiple linear regression analysis. The findings revealed that none of the working capital management variables exerted a statistically significant influence on the profitability of the firms during the study period. However, descriptive statistics indicated unusually high values for several working capital indicators, with accounts receivable period ranging from 1.8 to 1,489 days, inventory holding period from 2.8 to 8,785 days, accounts payable period from 9.53 to 2,440 days, cash conversion cycle from 4.05 to 6,366 days, and liquidity ratio from 1.17 to 20.91. These extreme values may reflect operational inefficiencies, financial distress, industry-specific reporting practices, or the presence of influential outliers that warrant further investigation. Although the regression results indicate no statistically significant relationship between working capital management and profitability, the findings emphasise the necessity of effective management of receivables, inventories, payables, and liquidity to enhance operational efficiency and support long-term financial sustainability.
Fintech Development and Corporate Financing Structure Adjustment
Fintech has changed the world financial architecture, bringing about some benefits as well as challenges. The capital structure of organizations in recent times has undergone some adjustments due to the introduction of fintech into the financial ecosystem of businesses. This study explored the relationship between fintech development and the corporate financing of listed firms in Nigeria. The study specifically examined the impact of fintech on equities, corporate bonds, and all share indexes of listed firms in Nigeria from 2009 to 2024. Data on fintech proxies (ATM, mobile pay, POS, and web pay) and proxies of corporate financing (equities, corporate bonds, and all share index) were obtained from the Central Bank of Nigeria (CBN) statistical bulletin for 2024. An ex post facto research design was adopted for the study in which secondary data were used, and the ordinary least squares (OLS) estimation technique in a multiple regression model was employed to estimate the relationship among the variables of interest. Findings revealed a significant impact of fintech proxies (POS and mobile pay) on equity and all share indices, while there was no significant impact of fintech on corporate bonds. The conclusion is that, since corporate bonds are sparingly used as a corporate financing structure, the impact of fintech on them may not be feasible at the moment. It was also concluded that fintech reduces transaction costs and promotes efficiency. Yet, there are challenges as well, including cybercrime, resistance to change, poor fintech infrastructure, among others. However, it was recommended that an effective legislative and regulatory framework be established to address cybercrime, along with user education to enhance users' confidence in the new technology.
Technology and Financial Innovation: Implications for Banking, Fintech and Monetary Policy in Nigeria
The study explored the implication of technology and financial innovation on banking, fintech, and monetary policy in Nigeria for the period 2009 2024. The study adopted an ex-post facto research design in which the regressors proxied by ATM, check, mobile pay, NEFT, POS, and web pay were regressed against the response variable in a multiple regression model using Ordinary Least Square (OLS) estimators in functional forms. Data for each of the variables was obtained from the Central Bank of Nigeria (CBN) statistical bulletin for 2024. Findings showed that financial innovation in its various forms wholly or partially has significant positive and negative impact on both banking and monetary policy. In view of the findings, it is concluded that technology and financial innovations have a significant impact on banking proxied by deposit money, bank loans, and credit to the private sector as well as monetary policy proxied by the brought money supply, exchange rate, and interest rate. In view of the findings, it was recommended that a proper regulatory framework should be put in place to check the abuse of financial innovation on the monetary system. It is also expedient that proper education should be provided to users of the technology so as to guard against cyber fraud associated with the innovations.
The American–Iran War and the Nigerian Economy: Vulnerabilities, Transmission Channels, and Policy Recommendations
The eruption of direct military confrontation between the United States and the Islamic Republic of Iran in February 2026 and the subsequent closure and contestation of the Strait of Hormuz produced one of the sharpest geopolitically induced energy shocks of the past two decades, with Brent crude surging from approximately $72 per barrel to a peak near $120 per barrel within weeks. This study examines the transmission of that shock into the Nigerian economy, a country whose fiscal architecture remains heavily dependent on crude oil receipts even as its domestic fuel market has been substantially reorganised by the 2023 removal of the petrol subsidy and the emergence of the 650,000 barrels-per-day Dangote Petroleum Refinery. Adopting a descriptive, ex-post-facto research design anchored in secondary macroeconomic data drawn from the Central Bank of Nigeria, the National Bureau of Statistics, the Nigerian National Petroleum Company Limited, and reputable international financial institutions, the article traces the principal channels through which the conflict transmitted to Nigeria: the federation oil revenue windfall channel, the domestic pump-price and inflation pass through channel, the exchange-rate and external-reserves channel, the shipping, insurance, and trade-logistics channel, and the investor-confidence and capital-flow channel. The findings indicate that Nigeria experienced a paradoxical short-run outcome in which higher international crude prices simultaneously swelled federally distributable oil revenue while elevating headline inflation, which climbed from 15.06 per cent in February 2026 to 15.93 per cent by May 2026, driven substantially by transport and food sub indices. The naira's relative stability, underpinned by central bank reforms and a build-up of external reserves to over $50 billion, partially cushioned the pass-through of imported inflation, while persistent shortfalls in crude allocation to the Dangote refinery limited the extent to which Nigeria could convert its position as Africa's largest crude producer into domestic price stability. The study concludes that Nigeria's vulnerability to exogenous Middle Eastern conflict is structural rather than incidental, rooted in mono product export dependence, import-dependent refined-fuel logistics in the short transition period, and shallow buffers against imported food and energy inflation. Policy recommendations centre on accelerating feedstock security for domestic refining, deepening the Excess Crude Account and sovereign wealth buffers, diversifying non-oil export receipts, and strengthening social protection instruments to shield vulnerable households from imported price shocks.
The Effect of Value Added Tax on the Nigeria Tax System: A Conceptual Review of the Revenue Mobilisation, Allocation and Fiscal Commission, Abuja
Abstract Value Added Tax (VAT) has, since its introduction in 1994, become one of the most significant sources of non-oil revenue within the Nigerian tax system, yet its administration continues to generate considerable legal, institutional and intergovernmental controversy. This paper presents a conceptual review of the effect of value-added tax on the Nigerian tax system, with particular reference to the statutory role of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Abuja, in the mobilisation and equitable distribution of federally collected revenue. Anchored in the ability-to-pay and benefit theories of taxation and on the theory of fiscal federalism, the paper traces the legislative evolution of VAT in Nigeria from the Value Added Tax Decree of 1993 through the Finance Acts of 2019 to 2023, to the sweeping reforms introduced by the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025, which together establish the Nigeria Revenue Service and revise the statutory formula for VAT revenue sharing. The paper examines the persistent constitutional contestation over the competence to impose and collect VAT, most notably in Attorney-General of Rivers State v Federal Inland Revenue Service, and situates the Commission’s revenue allocation mandate within this contested fiscal federal architecture. It concludes that although VAT has consistently proved to be a buoyant and administratively efficient revenue instrument, its long-term contribution to a stable and equitable Nigeria tax system is constrained by unresolved constitutional ambiguity, weak enforcement capacity and the informal sector’s continued exclusion from the tax net. Recommendations for legislative, institutional and administrative reform are proposed.
Democratic Governance and Policy Implementation under the Bola Ahmed Tinubu Administration in Nigeria: An Assessment of Achievements and Challenges
This study critically examines democratic governance and public policy implementation under the administration of President Bola Ahmed Tinubu of Nigeria, covering the period from his inauguration on 29 May 2023 through the midterm assessment point of 2025. By analysing the administration's policy agenda, including fuel subsidy removal, foreign exchange unification, tax reform, local government financial autonomy, the Student Loans Act, and the Electricity Act, this research assesses the extent to which Tinubu's governance has fulfilled its democratic obligations to the Nigerian citizenry, strengthened institutional frameworks, and promoted socio-economic development. The study employs a qualitative research design anchored in four theoretical frameworks such as democratic governance theory, new institutionalism, political economy theory, and transformational leadership theory. Data were collected through systematic secondary research, including peer-reviewed journal articles, government documents, international organisation reports, and credible media analyses published between 2020 and 2025. Findings reveal a governance paradox; the administration has achieved demonstrable macro-economic improvements including GDP growth of 3.87 per cent in 2025, a reduction of the fiscal deficit from 5.4 per cent to 3.0 per cent of GDP, a return to trade surplus, increased foreign reserves to $23 billion, and landmark legislative reforms, while simultaneously presiding over a deepening poverty crisis, record inflation, the violent suppression of the August 2024 #EndBadGovernance protests, serious civil liberties concerns, mounting public debt now exceeding ₦159 trillion, and persistent insecurity that has made Nigeria the world's fourth most terrorized country in 2026. The study concludes that while the structural reform direction of the administration is broadly sound, the absence of inclusive implementation, adequate social protection, and robust democratic accountability mechanisms has undermined the developmental potential of otherwise ambitious policies. The paper advances fifteen evidence-based policy recommendations for strengthening democratic governance and improving socio-economic outcomes in Nigeria.
Electricity Pricing and Revenue Performance of Port Harcourt Electricity Distribution (PHED) Commercial Operations in Uyo Metropolis, Akwa Ibom State
Abstract The study examined the various electricity prices or tariff rates based on the MYTO methodology as deployed by the Nigeria Electricity Regulatory Commission (NERC) and its impact on the revenue performance objective of PHED within the Uyo metropolis. The data used for the study was a 72-month monthly time series data sourced from the PHED database. It employed an Auto Regressive Distributive Lag (ARDL) econometric model to demonstrate if a relationship exists between the dependent variable, such as Total Revenue (TREV), and the independent variables such as Population of Customers Billed (POPB), Total energy received from the grid (RKWH), Total energy billed (BKWH); Total amount of energy billed in naira (PKWH), and Total number of customers that responded to payment (CURS). Furthermore, a proportional analysis was conducted to capture the various efficiency competencies and how the electricity company performed within the period under review (2019-2024). The choice of the period was based on the unavailability of data from 2013 when PHED became an entity. With an average of 52% Average Technical, Commercial, and Collection (ATC&C) losses recorded by PHED within the period, it is concluded that despite the relatively yearly reviewed tariff rates, PHED's revenue performance level appears average. It is recommended that the management of the company take advantage of the increases in the prices of electricity charged to the customers by ensuring an adequate power supply of about 18 – 20 hours, a reduction in excessive billing to non-metered customers based on estimation, and, above all, a massive deployment of prepaid meters to electricity consumers, which will greatly stem customers' apathy to payment, and this will impact positively on the revenue.
Cost, Time and Quality Performance in Tertiary Institution Construction Projects in Nigeria: Drivers, Indicators and Implications for Procurement Reform
Persistent cost overrun, schedule delay and quality failure in Nigerian tertiary institution construction projects represent a long-standing governance and procurement challenge. This study examines cost, time and quality performance indicators in tertiary institution construction projects in South-South, Nigeria, identifies their principal drivers, and develops implications for procurement reform. A quantitative cross-sectional survey was conducted with 310 construction professionals, comprising architects, builders, quantity surveyors, civil and structural engineers, and project managers, drawn from federal and state tertiary institutions across six South-South states. Data were collected through a structured five-point Likert-scale questionnaire and analysed using descriptive statistics, the Relative Importance Index (RII), and Spearman rank-order correlation. Schedule overrun (RII = 0.842), cost overrun (RII = 0.822) and rework frequency (RII = 0.808) emerged as the most critical performance challenges. Spearman correlation confirmed significant positive relationships between post-contract monitoring, procurement strategy alignment, contractor prequalification, and PPA 2007 compliance with all three performance dimensions at p < 0.001. Post-contract monitoring recorded the strongest correlation with quality performance (r = 0.688). Findings support targeted procurement reforms encompassing structured strategy selection, rigorous contractor prequalification, PPA 2007 enforcement, and the establishment of dedicated project monitoring units in institutional works departments. This study contributes original sub-regional empirical evidence on the tripartite performance of tertiary institution construction projects in Nigeria and advances a procurement reform framework grounded in field data from South-South institutions.
Non-Performing Loans and Economic Growth in Nigeria: Evidence from an ARDL Approach (2007–2023)
This study examined the effect of non-performing loans (NPLs) on economic growth in Nigeria from 2007 to 2023 using the Autoregressive Distributed Lag (ARDL) model. The study was motivated by the persistent rise in non-performing loans in the Nigerian banking sector despite various regulatory interventions by the Central Bank of Nigeria aimed at strengthening credit risk management and ensuring financial stability. The study employed both descriptive statistics and econometric techniques to analyse the short-run and long-run relationships between non-performing loans and selected macroeconomic variables. The empirical results revealed that non-performing loans have a significant negative effect on economic growth in the long run, indicating that rising loan defaults weaken banking sector stability and constrain productive investment. The results further showed that inflation has a positive and significant long-run relationship with economic growth, while government expenditure exhibits a significant negative effect. Interest rate was found to be statistically insignificant in the long run. In the short run, the results indicated mixed effects among the variables, with interest rate and government expenditure showing significant influence, while unemployment and inflation were largely insignificant. The error correction term was negative and statistically significant, confirming the existence of a long-run equilibrium relationship and a moderate speed of adjustment toward equilibrium. The study concludes that non-performing loans remain a key constraint to sustainable economic growth in Nigeria due to their adverse effects on credit availability and financial intermediation. The study recommends improved credit risk management, stronger regulatory enforcement, macroeconomic stability policies, and efficient allocation of government expenditure to enhance banking sector performance and stimulate economic growth
ardl model (autoregressive distributed lag
Socio-Political Dynamics, Institutional Fragmentation, and Energy Poverty Governance Framework for Nigeria's Niger Delta Region
Despite the region's significant hydrocarbon riches and subsequent national energy reforms, this research looks at how institutional fragmentation, elite capture, and multi-level governance failures maintain energy poverty in Nigeria's Niger Delta (South-South and South-East zones). Grounded in Energy Justice Theory, Political Economy Analysis (PEA), and Multi-Level Governance (MLG) frameworks, the paper adopts a mixed-methods design integrating 45 semi-structured stakeholder interviews, policy document analysis, and quantitative Partial Least Squares (PLS) regression analysis from 347 valid survey responses. Cognitive mapping with 12 expert panellists validated the DNA Governance Framework. Energy poverty was most strongly predicted by elite capture (β = 0.61; relative importance = 38.4%), followed by institutional fragmentation (29.7%) and deficiencies in governance accountability (21.3%). Together, these factors explained 89.4% of the socio-political variation (R² = 0.613). A regulatory governance contradiction was found: for more than 75% of respondents, Nigeria's official Regulatory Governance Index score of 0.897 coexists with fewer than six daily grid-supply hours. Without corresponding capacity-building, the Electricity Act of 2023 increased fragmentation through decentralisation. The Nigeria Energy Poverty Index (NEPI) aggregate scores of 0.38 (South-South) and 0.41 (South-East) confirm governance as the main factor. The study makes three unique contributions: the first contextualised, multidimensional Nigeria Energy Poverty Index (NEPI) calibrated to local political economy realities; the novel theoretical construct of the "regulatory governance paradox" for resource-rich, energy-poor states; and the validated DNA Governance Framework as a sequential reform tool for development partners, policymakers, and energy regulators throughout sub-Saharan Africa.
Examining the Financial Structure and Performance of Listed SMEs in Nigeria
Listed SMEs in the Alternative Securities Market have continued to perform below expectation in terms of profitability and return on investment, which made investors lose billions of Naira in the sector. Hence, many of these firms were delisted. This was in spite of the recent creation of these specialised boards for emerging and high-growth SMEs to access equity funds in the capital market to ease their financial need. It seemed that the optimal combination of this newly introduced equity with the hitherto used debt in their financial structure might pose a challenge, and that provided the motivation for this study. The main objective of this study was to examine the relationship between financial structure and the performance of listed SMEs in Nigeria. This relationship was examined after controlling for firm size and sales growth. An ex-post facto research design was adopted for the study. The population size was the 16 listed firms in these specialised boards. A sample size of 11 was selected based on the availability of their financial statements from 2012 to 2021. The independent variable was financial structure proxied by total debt to total equity ratio (TDTE), current ratio (CACL), long-term leverage ratio (LDTC), and total leverage ratio (TDTC). The dependent variable was financial performance measured by return on investment (ROI). The data were analysed using descriptive statistics, while the multiple regression technique was used to analyse the variables. From the analyses, TDTE indicated a negative, insignificant influence on ROI. The current ratio indicated a positive, insignificant influence on ROI, while both LDTC and TDTC indicated a negative, significant influence. It was concluded that financial structure has significant influence on the performance of listed SMEs in Nigeria. It is recommended that listed SMEs in Nigeria maintain a healthy leverage ratio, as too much debt may negatively influence their ROI. They should also devise new strategies for the proper management of liquidity, as their current ratio values imply poor management of liquid assets.
Strategies for Post-Conflict Peacebuilding in Africa
Building a lasting peace in a post-conflict environment is one of the most daunting challenges to global peace and security. Peacebuilding requires sustained international supports for national efforts across the broadest range of activities. These include monitoring cease-fire, demilitarizing, demobilizing, and reintegrating combatants, assisting the return of refugees and displaced persons, helping to organize and monitor elections of the new government, enhancing human rights protection and fostering reconciliation, etc. The United Nations has been at the center of expanding international peacebuilding efforts in all the continents of the world. These UN efforts have paid off handsomely, with Africa being one of the greatest beneficiaries. This paper examines the strategies for post-conflict peacebuilding in Africa. It raises questions on the conception, logic, origin, ideology, and practice of post-conflict peacebuilding in the continent. It argues that extant peacebuilding in Africa is wrongly embedded in peacekeeping, and some of the present peacebuilding efforts on the continent are geared toward negative rather than positive peace, and in most cases, it is usually influenced by actors outside the continent. It concludes that the existing logic and practice of peacebuilding in Africa is aimed at ‘stability’ (especially at the macro level) rather than change and security rather than lasting peace.
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Microfinance Institutions and Entrepreneurship Development in Nigeria
With an emphasis on how microfinance services support business expansion, financial inclusion, and economic development, this study investigated the connection between microfinance institutions (MFIs) and the growth of entrepreneurship in Nigeria. Utilizing time series data from the National Bureau of Statistics (NBS), World Bank publications, and the Central Bank of Nigeria (CBN) Statistical Bulletin, the study used the Autoregressive Distributed Lag (ARDL) model to estimate both short- and long-term relationships and the Phillips-Perron test to evaluate stationarity. A long-term cointegrating link between the variables was validated using the boundaries test. According to the research findings, microfinance credits have a major positive impact on the development of entrepreneurship, whereas microfinance deposits have a short-term but long-term positive impact on entrepreneurship. While the short-term effects were large, the long-term benefits of the number of microfinance bank branches were negligible. Furthermore, GDP growth and inflation both have major long-term effects on the rise of entrepreneurship, with inflation having a short-term detrimental effect on the ease of doing business. By enhancing financial access, lowering transaction costs, encouraging business formalization, and fostering the expansion of micro, small, and medium-sized businesses (MSMEs), MFIs are a vital driver of entrepreneurship development in Nigeria, according to the study's findings. Nonetheless, inflation, in particular, and other macroeconomic instability can stifle entrepreneurship. In order to manage inflation, the report suggests expanding the number of microfinance bank branches, particularly in rural and semi-urban areas, as well as implementing coordinated fiscal and monetary policies. To promote inclusive, sustainable entrepreneurship and make doing business in Nigeria easier, the microfinance industry must be strengthened in conjunction with prudent macroeconomic management.
Autoregressive Distributed Lag (ARDL) Model
Assessing the Impact of Tourism on Revenue Generation, Employment Creation, and SMEs in Akwa Ibom State, Nigeria
This study investigates the impact of tourism on revenue generation, employment creation, and the development of small and medium-sized enterprises (SMEs) from 2019 to 2023. Utilizing a descriptive research design and secondary data from government and tourism publications, the analysis shows that tourist activities significantly boost revenue through spending and hospitality services. It also highlights that tourism generates direct and indirect employment across various sectors, including hotels and entertainment. Furthermore, the sector fosters the growth of SMEs by creating opportunities for local entrepreneurs in trade and related businesses. Despite these benefits, challenges such as inadequate infrastructure, limited investment, and insufficient promotion of tourist attractions hinder the sector's full potential. The study suggests that government initiatives should focus on investing in tourism infrastructure, enhancing marketing strategies, and ensuring a safe environment to support tourism growth and optimize economic gains.
Rural Financial Systems and Economic Development in Akwa Ibom State, Nigeria
Rural communities are endowed with natural resources and manpower, but their potentials are not properly explored to improve the well-being of the people because of their inability to access loans. This study was conducted to examine rural financial systems and economic development in Akwa Ibom, Nigeria. It is imperative to note that through collective savings, 'Etibe' and 'Ozu,' the rural people have been able to assist themselves financially and also assist the communities through their contributions to rural projects. Survey design was used in this study with secondary data analyzed using descriptive statistics. This study was guided by functionalism theory. Findings from the study have revealed that rural people were able to assist themselves through various financial systems by accessing loans to support their businesses. Findings have further shown that through financial support and interest from these financial systems, rural people were able to contribute to rural development across communities. This study suggests, among others, urgent advocacy for the establishment of more rural financial institutions. Government grants should be given to these groups, and more training should be given to their personnel in line with modern financial operations.
Dynamics of Indigene/ Settler Conflicts in the Northern Senatorial Zone of Plateau State, Nigeria (1994-2012)
The Northern Senatorial Zone of Plateau State is a multi-ethnic, multi-lingual, multi-cultural, and highly complex society. With groups both indigenous and settlers, the zone from 1994 to 2010 struggled to grapple with the intricacies of the indigenous/settler and ethno-religious dichotomy. The perennial violent conflict in the zone was always between the Hausa/Fulani settlers and indigenous ethnic groups. The Hausa/Fulani claim they deserve the indigeneship of the zone, having been active participants in the political, economic, and resource development of the area, thereby contributing immensely to the development of Jos as a modern city. The indigenous groups, on the other hand, regarded the Hausa/Fulani as settlers who migrated to the place for greener pastures when tin ore was a foreign exchange earner for Nigeria. This paper examines the dynamics of indigene/settler conflicts in Plateau North, its dimension, and the zero-sum nature in which one group wanted to gain and the other lose. The paper argues that what made the conflicts in the zone more complex was the multiplicity of factors such as ethnicity, religion, competition for scarce resources, and an attempt to gain and control political and economic space. It concludes that these negative dynamics hindered and frustrated the dividend of democracy in the zone, as lives and property were lost and scores rendered homeless in the conflicts.
Exchange Rate Volatility and Economic Growth in Nigeria
Given the persistent fluctuations in the naira and their implications for investment, trade, inflation, and overall economic performance, it is imperative for monetary authorities to adopt policies that enhance exchange rate stability and support sustainable growth. It is against this backdrop that this study seeks to investigate the impact of exchange rate volatility and economic growth in Nigeria: an investigation of monetary policy effects, using secondary annual time series data from 1981 to 2024 from the Central Bank of Nigeria Statistical Bulletin and data from World Development Indicators (WDI). The dependent variable is real gross domestic product (RGDP), while real effective exchange rate (REER), broad money supply (M2), credit to private sector (CTS), interest rate (INT), inflation rate (INFL), foreign direct investment (FDI), and trade openness (TOP) were the independent and control variables, respectively. The test mechanisms adopted were the unit root test for co-integration and the Autoregressive Distributed Lag (ARDL) technique. Findings revealed that there is a positive and significant relationship existing between the real effective exchange rate, interest rate, credit to the private sector, and foreign direct investment in both the long and short run periods, suggesting that these variables contribute immensely to economic growth and monetary policy effectiveness in Nigeria when properly harnessed. However, broad money supply, inflation rate, and trade openness exhibited a shocking negative and insignificant relationship with economic growth in both periods, showing that during the period under review, the underlisted variables were not properly or adequately harnessed to bring about monetary policy effectiveness, thereby improving growth in Nigeria. Therefore, for policy, the study recommended that Government should strengthen the monetary policy transmission mechanism by improving credit flow to the productive sectors and enhancing financial market efficiency ,adopt a more credible and transparent inflation-targeting framework, support by stronger coordination with fiscal authorities to minimize deficit financing pressures, ensure that Exchange rate stability is essential to ensure that trade openness promotes competitiveness and supports domestic production and finally, structural reforms such as improving infrastructure, diversifying exports, and addressing supply-side constraints should complement monetary policy to ensure that changes in money supply, price levels, and trade conditions translate effectively into sustainable economic growth.
The Double Burden of HIV/AIDS on Livelihoods in Akwa Ibom State, Nigeria
Akwa Ibom State consistently ranks among the Nigerian states with the highest burden of HIV/AIDS, facing the dual challenge of addressing a public health crisis while mitigating its profound impact on livelihoods (NACA Spectrum Estimates, 2024). This study critically examines how the spread of HIV/AIDS directly and indirectly erodes diverse aspects of livelihood, including financial and human assets, social support systems, and overall productivity. A mixed-methods approach was employed, combining quantitative economic indicators with qualitative insights from community leaders and healthcare providers. The findings reveal significant economic distress manifested in rising healthcare expenditures, asset depletion, and the loss of productive labour. The study also highlights adverse social consequences such as stigmatisation, weakened social capital, and disrupted educational attainment, underscoring the systemic nature of the epidemic's impact. The study recommends the formulation of policies aimed at strengthening resilience, enhancing social support systems, and promoting sustainable livelihoods for individuals and households affected by HIV/AIDS in the state.
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Militating Factors and Strategic Pathways for Nigeria's SocioEconomic Development in the 21st Century
Nigeria's quest for socio-economic development remains constrained by persistent structural, institutional, and policyrelated challenges. Despite abundant human and natural resources, the country continues to grapple with factors such as weak governance, corruption, political instability, insecurity, inadequate infrastructure, poor policy implementation, and overdependence on external economies. These militating factors have collectively hindered Nigeria's ability to achieve sustainable development outcomes in critical areas such as income distribution, employment generation, education, healthcare, technological innovation, and industrialisation. Anchored on the national interest, dependency, and game theories, this study interrogates the impediments that obstruct Nigeria's development trajectory and identifies practical strategies to address them. Employing a qualitative research design, with reliance on both primary and secondary sources, the research adopts a historical and descriptive approach to provide an in-depth analysis of these developmental constraints. Findings reveal that the entrenchment of corruption, policy inconsistency, insecurity, and weak institutions are central barriers that perpetuate socio-economic stagnation. However, the study also highlights feasible pathways for transformation, including the institutionalisation of good governance practices, strengthening of policy frameworks, diversification of the economy beyond oil, investment in human capital development, and the adoption of technology-driven innovations. It was concluded that without a decisive and coordinated strategy to dismantle these militating factors, Nigeria's socio-economic aspirations will remain elusive. The study therefore recommends an integrated framework of reform-driven governance, inclusive economic policies, infrastructural renewal, and security sector reforms, aimed at repositioning the country on a sustainable development path in the 21st century.
The Impact of Small Arms and Light Weapons in the Indigene Settler Conflict in the Northern Senatorial Zone of Plateau State, Nigeria (2000-2012)
This study investigates the impact of small arms and light weapons (SALWs) proliferation on the indigene–settler conflict in the Northern Senatorial Zone of Plateau State, Nigeria, between 2000 and 2012. It argues that the circulation of illicit arms intensified the frequency and lethality of violence, particularly within the ethno-religious dynamics that set indigenous groups against Hausa/Fulani settlers. Using [insert methodology, e.g., qualitative interviews, archival analysis, or conflict event data], the study finds that weak security institutions, insufficient political will, and the partisan role of security agencies facilitated arms availability and conflict escalation. The research concludes that unless Nigeria's security apparatus is comprehensively restructured to regulate arms possession and prosecute offenders, the cycle of violence is likely to persist.
Community Policing and Crime Prevention in Nigeria
Nigeria faces persistent security challenges ranging from armed robbery and kidnapping to terrorism, cybercrime, and communal violence. In Akwa Ibom State, these threats undermine public safety, weaken institutions, and disrupt socio-economic development. Conventional policing has proven inadequate, prompting interest in community policing as an alternative. Anchored on strategic policing theory, this study adopts a qualitative, historical–descriptive approach using secondary sources, including academic works, policy documents, and civil society reports. Findings reveal that community policing enhances police–citizen trust, improves intelligence gathering, and fosters proactive crime prevention. However, weak institutional capacity, corruption, inadequate officer training, public distrust, and Nigeria's over-centralised policing structure limit its effectiveness. The study argues that while community policing is not a cure-all, systematic implementation, supported by decentralisation, improved police–community relations, inter-agency collaboration, and modern crimemapping technologies, can significantly reduce crime and strengthen social stability. Beyond Akwa Ibom, the research contributes to debates on security sector reform in developing democracies, emphasising the need to reframe policing as a shared responsibility between the state and communities to safeguard lives, property, and sustainable development.
Border insecurity in the Republic of Niger has been exacerbated by porous entry points, weak institutional capacity, and inadequate surveillance, creating conditions for armed banditry, insurgency, and cross-border criminality. Despite government interventions, responses have been slow, costly, and largely ineffective, fuelling public scepticism about the state's capacity to guarantee safety and stability. This study examines the relationship between border monitoring and armed banditry as a central c h a l l e n g e t o p e a c e i n N i g e r. D r a w i n g o n frustration–aggression, resource access, and conspiracy theories, and employing a historical–descriptive method with secondary data, it identifies key drivers of banditry, including the proliferation of small arms, the influx of excombatants from neighbouring conflict zones, and rising youth unemployment. Findings reveal that weak surveillance, corruption at border points, and ungoverned rural spaces enable bandits to mount violent attacks, disrupt livelihoods, and intensify displacement. The study concludes that an effective response requires a multidimensional approach: integrating technology into border management, institutionalising intelligence-sharing and coordinated patrols with neighbouring states, and addressing socioeconomic triggers through employment creation and community engagement. Strengthening these measures is vital for safeguarding Niger's territorial integrity and promoting sustainable peace.
Selected Macroeconomic Variables and Economic Growth in Nigeria
This study examines the impact of specific macroeconomic factors on economic growth in Nigeria from 1981 to 2024. Per capita income is used as an indicator of economic growth, with the Johansen cointegration method and an error correction model (ECM) employed to analyse the dynamic interrelationships among exchange rate, inflation, trade openness, and balance of payments. Unit root tests indicate that all variables are integrated of order one, validating the use of cointegration analysis. The Johansen test reveals three cointegrating vectors, signifying a long-term equilibrium relationship among the variables. Long-term estimates indicate that the exchange rate adversely affects economic growth, while inflation and trade openness have a positive influence. In the short term, the error correction term is correctly signed and significant, indicating convergence to long-run equilibrium at an annual adjustment rate of 24%. In addition, the lagged values of trade openness and balance of payments exert a favourable impact on short-term economic growth. The findings underscore the importance of macroeconomic stability, especially in exchange rate regulation, inflation management, and trade policy, for promoting sustained economic growth in Nigeria. The study advocates for measures that encourage trade liberalisation, maintain moderate inflation, and improve external sector performance to support long-term economic development.
ESG-Driven Financing Strategy and Capital Structure Evolution
This research investigates how Tesla Inc. transformed conventional corporate financing approaches through the strategic integration of Environmental, Social, and Governance (ESG) principles between 2010 and 2024. Through comprehensive financial analysis and strategic assessment, the study examines Tesla's evolving capital structure, highlighting how sustainability-oriented strategies influenced investor relations, debt capacity, and equity valuation. The findings indicate that Tesla's genuine commitment to ESG generated significant financing advantages, including a 460-basis-point reduction in borrowing costs, 52 per cent institutional ESG fund holdings, and access to specialised green capital markets. The company's transition from a venture-backed start-up to a profitable industry leader illustrates how ESG positioning can yield measurable capital market benefits. Tesla's exclusive focus on electric vehicles mitigated stranded asset risks and provided natural hedges against carbon-pricing regulations. The results suggest that authentic ESG integration fundamentally reshapes traditional models of capital structure optimisation, creating sustainable competitive advantages in contemporary financial markets. This analysis offers valuable insights for organisations seeking to leverage sustainability positioning for financial competitiveness while simultaneously addressing global sustainability challenges.
Economic Liberalisation and Employment Generation in Nigeria
The relationship between economic liberalisation and employment is of growing significance to policymakers, particularly in developing countries. This has become a veritable source of public debate, and the scope of that debate is broadening. Economic liberalisation is a m u l t i d i m e n s i o n a l c o n c e p t e n c o m p a s s i n g telecommunications, trade, finance, and other sectors. This study investigates the relationship between economic liberalisation and employment generation in Nigeria from 1985 to 2023 using the auto-regressive distributed lag (ARDL) bounds testing approach. Labour force participation rate is used to measure employment generation, while current account as a ratio of GDP, real exchange rate, foreign direct investment as a ratio of GDP, and trade openness are used to measure economic liberalisation. The unit root test is conducted using the Augmented Dickey-Fuller test. The results reveal that all the variables are integrated of order one, except FDI, which is integrated of order zero. The CUSUM and CUSUMSQ stability tests show that all the parameters in the error correction model are dynamically stable. The empirical results of the ARDL model indicate mixed effects. The liberalisation of the current account reveals a significant long-run negative relationship with employment generation. However, the liberalisation of exchange rate, foreign direct investment, and trade openness enhances the level of employment generation in Nigeria. The Granger causality test indicates that causality runs from labour force participation rate to foreign direct investment. The study concludes that economic liberalisation significantly promotes employment generation in Nigeria. Therefore, it recommends that policies should be targeted at promoting foreign direct investment, export promotion strategies, and the creation of a conducive environment for investment.
Current Account and Labour Force Participation Rate
Constitutionalising Infrastructure Governance
Infrastructure is a foundational pillar of national development; however, the governance architecture underpinning its planning and delivery in Nigeria is often characterised by fragmentation, politicisation, and implementation gaps. This study critically examines whether infrastructural policy in Nigeria is most effective when expressed as a binding legal framework, a strategic master plan, or a hybrid of both. Employing a qualitative, doctrinal, and comparative research design, the paper analyses statutory instruments and planning documents from Nigeria, the United Kingdom, and Singapore. The analysis is framed by Institutional Theory, New Public Management, and Developmental State Theory. Findings reveal that purely strategic blueprints, such as Nigeria's National Integrated Infrastructure Master Plan (NIIMP), while visionary, lack the enforceability and continuity required to withstand political transitions and administrative changes. By contrast, legal frameworks such as the UK's Planning Act and Singapore's statutory master plans provide regulatory clarity, cross-party legitimacy, and institutional resilience. The paper proposes that Nigeria adopt a hybrid model by elevating infrastructural policy to a constitutional-like status through the enactment of a National Infrastructure Development Act. This would codify planning instruments into law, institutionalise implementation structures, and secure long-term alignment with national and global development goals. The recommendations include legislative codification, enhanced intergovernmental coordination, targeted capacity building, and judicial recognition of infrastructure as a public good. By advancing a governance model that transcends partisan, ethnic, and administrative divides, the study offers a durable framework for infrastructure-led national transformation in Nigeria and other comparable developmental contexts.
Agricultural Development and Sustainable Development Goal 2 in Akwa Ibom State
Food security is paramount for the development of any nation. A healthy population makes up a healthy workforce; thus, it is pertinent for government to initiate and implement agricultural programmes capable of improving food production, accessibility, and affordability. Akwa Ibom State is endowed with vast arable land for agriculture; however, these lands are not effectively utilised to address food insecurity. The state still largely depends on other states for food consumption, as the bulk of garri, beans, rice, millet, and maize, among others, are externally sourced. Despite the existence of various agricultural programmes, the agricultural sector in Akwa Ibom State continues to grapple with issues such as low productivity, limited access to resources, and lack of effective implementation and coordination, thereby hampering its ability to contribute to sustainable development. This paper assessed the impact of the Akwa Ibom Agricultural Development Programme (AKADEP) on achieving SDG 2 in Akwa Ibom State, which focuses on reducing hunger, improving food availability, enhancing nutrition, and promoting sustainable agriculture. Sustainable agriculture theory was adopted as the theoretical framework to guide the study. The study employed descriptive and documentary methods. It was found that the majority of Nigerians, including Akwa Ibom residents, live on less than USD 1 per day, which is insufficient to meet the daily dietary intake approved by the United Nations. Data from the National Bureau of Statistics indicated a high level of food inflation in Akwa Ibom State, resulting in widespread hunger due to the high poverty rate. The study recommended, among other measures, that government should properly monitor and fund agricultural programmes to achieve the envisaged objectives.
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Entrepreneurial Skills and Operational Efficiency of Small-Scale Businesses in Akwa Ibom South Senatorial District
The study examined the influence of entrepreneurial skills on the operational efficiency of small-scale businesses in Akwa Ibom South Senatorial District, Nigeria. Two research questions and two hypotheses, derived from the study's specific objectives, guided the investigation. A descriptive survey design was adopted. The population comprised 890 managers of small-scale businesses in the district, from which a sample of 274 was drawn using the Taro Yamane formula. A simple random sampling technique was employed in selecting the participants, and data were collected using a researcher-developed instrument titled Entrepreneurial Skills and Operational Efficiency of SmallScale Businesses Questionnaire (ESOESSBQ). The instrument was face-validated by three research experts. Its reliability was established using Cronbach's Alpha, yielding a coefficient of 0.85, indicating an acceptable level of internal consistency. Data were analysed using simple linear regression, and the hypotheses were tested at the 0.05 level of significance. The analysis revealed, among others, that marketing skills and innovative skills had a very low level of influence on the operational efficiency of small-scale businesses in the study area. Based on the findings, it was recommended, among others, that the state government should organise seminars and workshops to train and equip managers of small-scale enterprises with marketing skills to enhance the effective operation of their businesses in Akwa Ibom South Senatorial District.