Scholarly Works
Permanent URI for this collectionhttps://repository.ui.edu.ng/handle/123456789/11960
Browse
2 results
Search Results
Item Promoting Export-Led Economic Growth in Nigeria –The Export Processing Zone Option(IJHSSI (International Journal of Humanities and Social Science Invention), 2016) Onwuka, I. O.; Nwafor, M. C.The volatility in crude oil production in Nigeria, which in recent times, have been heightened by militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in international oil market has once again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil prices with attendant Mconsequences and multiple effects on the economy and businesses as well. Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37. These developments have put the nation’s fiscal operations in quandary. The government has rightly responded by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of these short-term measures to shore up revenue could be impeded by political exigencies which often times overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led economy.Item Impact of rural credit facilities of Micro-Finance Banks on poverty alleviation – the Nigeria experience(European Scientific Institute (ESI), Macedonia, 2015) Onwuka, I. O.; Udeh, S. NThe study focused on the impact of rural credit facilities of Micro- Finance Banks (MFBs) on poverty alleviation in Nigeria from 2005-2012. The overall objective of the study was to assess the impact of rural credit facilities of MFBs on rural financial markets and the implication on the rural economy and poverty alleviation. Multi–stage random sampling technique was utilized in the selection of rural MFBs and household respondents. In the first stage, 3 states – Anambra, Imo and Enugu were randomly selected from the 5 states that make the South Eastern Nigeria. Furthermore, from the 77 rural–based MFBs in South Eastern Nigeria, 27 were randomly selected from 27 communities. Finally, 10 household head respondents were selected from each of the 27 communities, making a total of 270 respondents, out of which 265 were successfully administrated with instruments of data collection. Data for the study were collected from primary and secondary sources. Primary data were collected from the respondents with the aid of interview schedule and questionnaire while secondary data came largely from annual financial statements of MFBs as collated and published in statistical bulletins of the Central Bank of Nigeria. Analysis of data collected was done with Multinomial Logistic Regression Model and descriptive statistics such as means and percentages. The study showed, among others, that deposits mobilized from rural communities by MFBs were siphoned out of the communities by way of fixed deposits with commercial banks usually located outside the communities, thereby defeating the sole idea of financial intermediation within the communities. The paper concluded that in spite of modest impact of rural credit facilities from MFBs with respect to deposit mobilization, wide areas for improvement still exist in relation to participation of women in credit facilities, among others. The study recommended the institution of gender equalization policies that would create incentives for increased lending to women.