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- ItemOpen AccessJob Performance as a Function of Motivation in the Nigerian Public Service(University of Lagos, 1990) Fagbemi, A.OThis study is concerned with exploring the relationship between job performance and motivation using data from five federal ministries in Nigeria. The aim is to build a behavioural model of the relationship between job performance and motivation. The conceptual model of the study is that job performance is a function of motivation. Personal characteristics are proposed as mediating factors. The model is from the standpoint of middle level officer and their bosses in the Nigerian public service. Boss Rated, Self-Rated and Boss Reported Objective performance were utilised. Motivation was self reported. The motivation variables were grouped into Self-Actualising Intrinsic motivation. Higher Order Intrinsic Motivation and Extrinsic Motivation. The effect of Global job satisfaction on rated job performance was investigated. Seven general propositions having many specific propositions were tested to establish the extent of dependence between rated job performance and self reported motivation. Four instruments were designed by the researcher and administered to rated officers and their bosses. The instruments were Self-Rated performance instrument. Self Reported Motivation instrument. Boss Rated performance instrument and Boss Reported Objective performance instrument. The analytical tools used in the study included the chi-square test, contingency - coefficient, t-test and protocol analysis. All tests were carried out at 5 per cent significance level. The results of the tests of the propositions carried out indicated some significant relationships: - Self Rated Performance and Self-Reported Higher Order Intrinsic motivation were significantly dependent: - Self Rated Performance and Self-Reported Self-Actualising Intrinsic Motivation were significantly dependent; - SRP and Self-Reported Extrinsic Motivation were significantly dependent; - Boss-Rated Performance and perceive trust worthy colleagues by bosses were significantly dependent; - Years spent in position by rated officers and Higher Order Intrinsic motivation were significantly dependent; - Total years of work experience of rated officers and Higher Order Intrinsic Motivation were significantly dependent; - Self Ratings of Performance were found to be higher than Boss Ratings of performance; Two of these findings were pertinent to the open performance evaluation practice in the Nigerian public service. The first is that subordinates tend to rate themselves higher than their bosses. The second is that bosses perception of their colleagues as trustworthy significantly influences their ratings of their subordinates. These findings indicate that both boss and self ratings tend to be subjective. Boss ratings as practiced in the current open performance evaluation system should be complemented with an objective performance assessment method. Contrary to the findings on Self Rated Performance, Boss Rated Performance was not dependent on Self Reported motivation. The Boss Reported objective performance obtained from the bosses on the officers were incomplete. They were therefore not amenable to the statistical test of independence. The significant relationships found in this study gave some support to the conceptual model of job performance as a function of motivation in the Nigerian Public Service. A revision of the conceptual model was carried out on the basis of the findings. Further studies are required to establish the relationship between ability of middle level public officers and their job performance. There is also the need to study further the possibility and implications of using objective performance measures in the Nigeria Public Service.
- ItemOpen AccessManagerial philosophiesand transfer of industrial relations practices: the case of British multinational companies in Nigeria(1991) Fajana, I.OThis is a study of the incidence of adoption, diffusion and adaptation of some British industrial relations (IR) practices in Nigeria since 1900.
- ItemOpen AccessThe effects of organizational commitment and communication on organizational effectiveness in the Nigerian Banking Industry(School of Postgraduate Studies, University of Lagos, Akoka, 1994) Gbadamosi, G.This research seeks empirically assess the relationship between organizational commitment and organizational communication on the one hand and organizational effectiveness on the other in the Nigerian banking industry. The theory states that each of organizational commitment and organizational communication influence the effectiveness of the organization.
- ItemOpen AccessStructural and Strategic Changes and Managerial Performance in Nigerian State-Owned Enterprises(1999) Umukoro, F.GFull papers attached
- ItemOpen AccessExternal Influence on the Human Resource Management Function in Nigerian Public Enterprises(1999-07) Fasan, F.YThis study seeks to examine through primary and secondary information the various ways in which government and its agencies influence and/or control the practice of human resource management, and to further determine if such external influence aids or hinders the effective practice of this management function in public enterprises. To critically examine the issues highlighted above, archival and survey information were utilised. The study was carried out in four public enterprises of contrasting characteristics and data were gathered using four instruments viz: a questionnaire survey, content analysis of organizational data, structured interview and non-participant observation. The study confirmed the propositions that: * Human resource policies and practices are adversely affected by governmental influence and/or control; * the public enterprises studied are treated as extensions of government departments (supervising ministries) and are thus forced to apply civil service bureaucratic procedures and methods in their operations; * Complete divestment of government equity holdings in public enterprises through privatisation tends to restrict governmental control of the human resource function. On the contrary, the studied evidence failed to confirm the hypothesis that governmental or external influence on the human resource function is drastically reduced after commercialisation. Thus, in spite of the fact that some of the enterprises have been commercialised with the avowed and often declared objective of infusing autonomy into their operations, this has often not turned out to be the case. In fact, partial commercialisation has not brought about any significant change in the style of enterprise management, and in the type of relationship that exists between enterprise management and government. Thus, due to this excessive governmental control and interference in the day-to-day running of the human resource function in these enterprises, their human resource departments have not been able to perform effectively. These departments have not been able to ensure the availability of well trained and well-motivated staff who can work efficiently and co-operatively together in the achievement of enterprise objectives and thus make for good organizational health.
- ItemOpen AccessThe Management of Shift Work in Nigeria and its Implications f or Labour-Management Relations(1999-07) Omoarukhe, OSeveral issues in employment and organisation of work have the potential for great impact on the personnel and industrial relations function. One of such issues for which research and adequate information is lacking in developing economies is shift work. This study presents an examination of the management of shift work in Nigeria and its implications for labour-management relations. It also attempts to reverse the trend in current literature on shift work, which focuses on mainly the impact of shift work on the health and family life of the shift worker. Discussions centre on an explanation and appraisal of the policies in Nigerian organizations concerning shift systems; individual adaptation to shift work; an examination of the sociological and socio-psychological meaning and function of industrial relations among shift workers and shift practitioners and the implications of all these, for labour-management relations. The study was carried out in two major settings of manufacturing and service industries, both of which cut across the private and public sector. It thereby affords an inter-sectoral comparison. Primary data for the study were obtained through the use of questionnaires and semi-structured interviews. Secondary data were also obtained through an analysis of records and collective agreements. Data were analyzed using simple statistics (e.g. frequency and percentages) Mean Ordinal Ranking (MOR), Pearson Product Moment Correlation Coefficient and Multiple Regression Analysis. Results obtained show that: (1) Shift work is prevalent among factory workers and nurses in Nigeria. (2) The most difficult shift to adjust to is the night shift. (3) With respect to the relationship between some "developmental process" variables such as age and tenure on the job and some specific dependent variables as satisfaction with and adjustment to shift work, liking for shift work is significantly related to time spent in shift work. (4) Workers that derive satisfactory benefits from shift work would be favourably disposed to working on shifts than those who do not. Those that perceive a discrepancy between the inconvenience of shift work and its benefits are the ones who readily express shift-related problems. (5) Certain conditions under which shift work leads to unfavourable worker responses with implications for labour-management relations include low pay, safety on the way to and from work and lack of the use of the collaborative problem-solving approach especially by night shift supervisors. (6) Shift workers would seem to be generally apathetic to union affairs. This is even more pronounced in the public sector. (7) Though the check-off system makes for an organized way of collecting union dues, payment of dues is not synonymous with workers' commitment to the union. (8) The nature of ownership of the enterprise is important in considering the participatory role of shift workers and their ability to ensure that shift-related issues are brought to the fore in negotiations with management. (9) Shift-related problems are not necessarily a function of lack of community orientation to shift work. This is notwithstanding the fact that the recognition of the peculiarities of shift work, in terms of the provision of facilities at "odd-hours" of the day, has not been well exploited by the communities in which shift workers live. Since the focus of this study is a departure from that found in current literature especially in advanced economies the findings above can be re-examined within the context of other developing economies. It is expected that a generalization of the results here can be achieved taking similar situational and environmental factors into consideration.
- ItemOpen AccessHuman Resource Management Strategy in Non-Unionized Banking Institutions in Nigeria.(School of Postgraduate Studies University of Lagos., 2007) Atanda, A.A
- ItemOpen AccessRelationship Marketing and Survival of Indigenous Companies in the Nigeria Food and Beverage Industry in Lagos Metropolis.(School of Postgraduate Studies University of Lagos., 2008) Dixon-Ogbechi, B.N
- ItemOpen AccessStrategic Management Practices and Organizational Effectiveness in University Teaching Hospitals in Nigeria.(School of Postgraduate Studies University of Lagos., 2008) Anyika, E.N
- ItemOpen AccessCorporate Social Responsibility and The Performance of Small and Medium Scale Enterprises[SMEs] in Lagos State, Nigeria.(School of Postgraduate Studies University of Lagos., 2008) Sulaimon, A.A
- ItemOpen AccessEntrepreneurship,Strategic Management Practices and Firms Performance in Manufacturing Firms in Nigeria(School of Postgraduate Studies University of Lagos., 2008) Kuye, O.L.
- ItemOpen AccessThe Impact of Improved Management Accounting Systems on Manufacturing Sector Performance in Nigeria.(School of Postgraduate Studies University of Lagos., 2008) Ajibolade, S.O
- ItemOpen AccessMultivariate Estimator of Volatility Patterns and Risk-Return Trade-Off in the Behaviour of Equity Prices – the Nigerian Evidence.(2012) Amah, P.NThe incentive for risk-bearing is central to activities in the capital market; and the perception of fair reward system, which reflects in securities prices, attracts more participants and stimulates new investments. Following what is often described as foundation of finance; a rational investor, in his utility preference dynamics, loves return but hates risk. Notwithstanding that this axiom rooted in the random-walk framework has shaped normative thinking in finance, empirical evidence appears less convincing on the exact nature of risk-return relationship. This study sought to investigate equity price behaviour as reflected in volatility patterns and risk-return relationship using a more relevant framework. Following the foundation laid by Engle, Bollerslev and Wooldridge (1988); Zakoan (1994) and Glosten, Jagannathan and Runkle (1993), the researcher formulated unique Multivariate Vec Threshold-GARCH-in-Mean models and fitted these to weekly sample of 21 securities return series for period 1999-2008. Earlier studies of securities prices on Nigeria were limited to the traditional and univariate GARCH frameworks which have been shown to be less suitable for portfolio management. Using maximum likelihood estimation technique, the Researcher ran scalar and rank one regressions on 10,962 observations in the series and found that the Log Excess Return model variant was able to explain the stylized facts of price volatility namely persistence and asymmetry. These patterns were found to be significant and suggest existence of opportunities to earn abnormal returns in the market. The study found that idea of risk-return trade-off is perhaps more general than depicted by traditional literature. The regressions showed appropriately that ‘conditional variance risk’ is significantly priced at positive premium by investors. However using the ‘conditional covariance risk’, the study found compelling but surprising evidence of negative risk-return trade-off suggesting existence of dis-incentive to take additional risk by rational investors. This seemingly anomalous result which reflects enormous challenges faced in portfolio optimization and capital formation processes in the Nigeria market could be a consequence of badly behaved capital market line and indifference curve that characterize most markets that operate outside equilibrium. The study also found that detection of trade- off is more of long run phenomenon while regularity of patterns diminished as one moved from less to more active securities and markets. The researcher accordingly recommends among others; active portfolio management by informed investors, reduction in transaction costs, enhanced information flow, market de-leveraging and sensible diversification as factors that may optimize risk-return trade-off relations.
- ItemOpen AccessJustice Perception and Organizational Citizenship Behaviour of Employees in Small and Medium Enterprises (SMEs) in Lagos State.(2012) Adebakin, M.AThis study explores the empirical significance of justice perception and organizational citizenship behaviour of employees in small and medium enterprises in Lagos state, Nigeria. It also aims at establishing the moderating role of organizational commitment, job satisfaction, propensity to leave, and task performance, on the relationship between justice perception and organizational citizenship behaviour. The purpose of the study is to assist managers and operators of SMEs in Nigeria towards improving their human resource skills with a view to boosting the efficiency of their employees. A survey of 71 small and medium enterprises (selected from a population of 238 SMEs) in Lagos was undertaken by means of self administered questionnaire. Data were collected from 1420 employees who were randomly selected from the sampled companies. Responses from the survey were statistically analysed by use of descriptive statistics, Pearson product moment correlation, t-test, analysis of variance, Mann Whitney U test, and stepwise multiple regression analysis. The result of the tests revealed significant correlation among justice perception and organizational citizenship behaviour, which means that the rate at which people exhibit extra role behaviour will be determined by the rate at which they feel fairly treated by their organizations. The findings also revealed that when justice perception is paired with other variables (such as organizational commitment, job satisfaction, propensity to leave, and task performance), the impact on organizational citizenship behaviour appears greater. In addition, the study revealed that justice perception alone may not exclusively account for workers’ citizenship behaviour. Hence, there is no one best variable to explain citizenship behaviour. Rather, it is a combination of several factors including justice perception. The implication of this study is that for Nigerian small and medium enterprises to make their impact like their contemporaries in the developed economies, they must be particularly interested in the way their employees perceive both the procedure through which decisions are made as well as the final outcome. In addition, managers must be interested in programmes which will improve their employees’ perception of fairness and also improve their citizenship behaviour. By this, the SMEs in Nigeria will make significant contribution to industrial development through enhanced productivity from their employees.
- ItemOpen AccessThe Effectiveness of Pricing as a Marketing Tool in Banks- Customers Perception Approach in Nigeria(2012-07) Mbah, C.CThis work investigated the effectiveness of pricing as a tool for marketing banking services in Nigeria. This has become necessary in view of the persistent altering of Nigerian banking landscape since the advent of Federal Government Structural Adjustment Programme (SAP) in 1986. Structural Adjustment programme ushered in a period of bank market liberalization that lowered the industrial entering and exit requirements, introduced deregulation in the industry and offered banking model tending towards universal banking. Consequently, the number of banks in the economy rose from 41 to 118. Eighteen years after, (in 2004), the number of banks had shrunk to 89. That was followed by another period of consolidation that saw the emergence of 25 much bigger banks from the 89 in 2005. The Banks had large capital base, this enabled successful ones among them to pick bigger tickets while offering facilities to multinationals and other high net-worth firms in Nigeria. In less than five years, that is in 2009, over a third of these banks were declared seriously sick by the industrial regulator-Central Bank of Nigeria. The subsequent Audit of all the banks highlighted some of the abuse prevalent in the old system. One of the main abuses is the waste of fund by banks in an ineffective and efficient manner towards achieving corporate goals. A good example is the excessive promotion of banks pricing regimes. This research aims at determining the usefulness or otherwise of promoting banks pricing regimes. Survey method was used and data were sourced from primary (questionnaires) and secondary sources. In answering the research questions and testing the relevant hypotheses some statistical tools such as Simple and Multiple Regressions (processed with SPSS and Startgraphic softwares) were used. The findings of this work show that there are little or no relationship between some important variables – such as bank charges variations and demand for banks products, bank charges variation and profitability etcetera. Secondly, Customers hardly appreciate the disparity induced by most price variations and financial rewards (or bets) offered during promotions because the differences do not attain the mandatory just noticeable difference (JND) level as par Weber’s law. The application of Weber’s law in a search for solution to marketing problems is regarded as a contribution to knowledge. Cogent and germane conclusions together with recommendations were made to key stakeholders- Banks and Marketers are advised not to promote stimulus with benefits less than the appropriate JND.
- ItemOpen AccessUnethical Behaviour of Managers in the Public and Private Corporate Organizations in Nigeria(2012-11) Uche, C.BIt is a sad truth that the employees of just about every business, in every business, will occasionally encounter team members who are taking part in unethical behaviours. Such unethical behaviours include a wide variety of different activities. Among the most common unethical business behaviour of employees are making long-distance calls on business lines, duplicating software for use at home, falsifying the number of hours worked, or much more serious and illegal practices such as embezzling money from the business or falsifying business records. This study investigated Unethical Behaviour of managers in Public and Private Corporate Organisations” using selected companies in Nigeria. Survey method of research was mainly used in the study. Method of data collection was structured questionnaire administered on managers of selected companies in Nigeria. A sample size of 560 managers was selected for the study using stratified random sampling method, out of which 220 copies of the questionnaires were received and adjudged usable for the analysis. Analysis of data was carried out with the aid of Statistical Packages for Social Sciences (SPSS v. 14). Findings revealed that both public and private organizations encourage ethical practices in organizations, correlation coefficient value for CCPVT and STEAL was r = .740** RISKK, WHSTB and ARRST were (r =.3.92; r=066 and r = 0.236) all positively correlate, the level of corruption in the country has a significant effect on the operations of managers in both private and public organizations, that managers in both public and private sectors resist corporate unethical standards in their operations in an attempt to achieve organisations’ objectives, while KLTMC and GODFR were (r = 0.384 and r = 0.135), CRDT, FLSDL and ACAST were (r = 0.352, r = 0.324 and r = 0.312). For the last hypothesis the coefficient for INSRS and JUDOR were (r = 0.475 and r = 0.426) respectively. The implications of these results were that top management officers in either public or private organizations encourage honesty and openness among workers in their organizations. The study therefore recommended that efforts should be made to reduce or totally prevent any act of embezzlement in either the public or private organizations in Nigeria through the use of control system and work procedure. Effort by any employee to circumvent the accepted work procedure should therefore be conceived as a means of sabotaging the organization’s good intention towards effective performance and productivity.
- ItemOpen AccessCapital Flight and Economic Growth in Nigeria (1970 -2011)(2014) Oke, M.OThis study examines the determinants of capital flight in Nigeria and their effects on economic growth between 1970 and 2011. In analyzing the determinants of capital flight, eight (8) variables classified as political, economic and institutional were employed. These include: Degree of Openness, Inflation rate, Gross capital formation, Change in External debt, Deposit rate, Credit to Private sector, Interest rate differentials and Government consumption expenditure (GOCE). Six models were formulated models; model 1, 3, and 4 examined the determinants of capital flight in the Pre and Post-SAP era while model 2, 5 and 6 examined the effect of capital flight on the economy in the Pre and Post-SAP era with Gross Domestic Product as the dependent variable and Change in External debt, Direct Foreign Investment, Current Account Balance, Change in External Reserve and Change in Net Foreign asset of Domestic Financial Institutions as explanatory variables. The study employs the residual method of capital flight estimates while data were sourced from the Central Bank of Nigeria’s Statistical Bulletin, the Nigeria Stock Exchange Fact Books and IMF’s Financial Reports. The Ordinary Least Square Method of Regression analysis and Co-integration Technique were employed to estimate and test the formulated models and hypotheses. Findings from the analyses reveal that both short and long run relationships between the dependent and independent variables. Specifically, the results reveal that Change in External Debt, Inflation rate, Political and Institutional risks constitute the major determinants of capital flight in Nigeria over the period of study. The post-SAP analysis shows that Change in External Debt and Inflation rate greatly induced capital flight which adversely affected the economy. Statistically, the test of hypotheses conducted at 95% level of confidence shows the significance of the variables. The results also show that Change in external debt negatively impact economic growth, while Direct Foreign Investment, Change in Foreign Asset of Domestic Banking System and Change in External Reserve positively impact the economic growth. The study established a link between External debt, poverty and economic growth. It was also revealed that capital flight was more prevalent in Nigeria during the period of transition from one regime of government to another due to political crises and uncertainty. The study recommends among others that Government should provide economically viable environment that will encourage investment while statutory agencies like the Economic and Financial Crime Commission and the Independent Corrupt Practices and Other Related Offences Commission should be adequately funded and empowered to handle financial crimes. Finally, it was recommend that serious and sincere effort should be made by the government to recover stolen and ill-gotten wealth by public officers and the proceeds recover from corrupt officials should be ploughed back into the economy while the government should implement policies that are suitable for the Nigerian environment. One of the major contributions of the study to knowledge is that it confirmed that economic, political and institutional factors are the main determinants of Capital Flight in Nigeria.
- ItemOpen AccessExternal Finance and the Growth of Firms in Nigeria (2007 – 2011)(2014) Oke, B.OThis study examines the impact of external finance on the growth of firms in Nigeria for the period 2007 - 2011. A growing literature has used micro-data to show that external finance has a strong positive effect on firm’s growth and that this relationship provides the mechanism through which finance promotes economic growth. This study investigates these claims with respect to Nigerian firms. Focusing on non-financial firms listed on the Nigerian Stock Exchange (NSE), this study employs a sample of 105 non-financial firms, representing about 88 percent of the sample frame. With secondary data extracted from published annual reports of the sampled firms from 2007 to 2011, this study first determines the direction of causality between external finance and firm’s growth by means of the pairwise panel Granger Causality Tests. Thereafter, it uses both static panel Fixed Effects (FE) and the dynamic panel Generalized Method of Moments (GMM) estimation techniques to analyze the effect of external finance on firm’s growth in Nigeria. This study finds evidence of a unidirectional causality from external finance to firms’ growth, as against a two-way causality or feedback mechanism. In other words, external finance influences firm’s growth in Nigeria and not vice versa. Both static and dynamic panel estimations, however, show that this influence is insignificant, with confirmation coming from results of the three sources of external finance. This implies that external financing of firm’s growth is not a major channel through which finance promotes economic growth in Nigeria. Conversely, firm’s growth relies heavily on internal finance, thereby validating the postulation of the “pecking order” theory of capital structure that firms prefer internal finance to external finance. The results concerning the effects of firm size, firm age, profit, management efficiency, operating efficiency and labour on firm’s growth are, however, conflicting. Thus, the empirical test of the evolutionary principle of the “growth of the fitter” regarding the impact of profit on firm’s growth is inconclusive. In spite of the inconclusiveness of the effects of firm size on firm’s growth, this study invalidates the celebrated Gibrat’s law of proportionate effect. Consequent upon the results of this study, it is recommended that appropriate policies should be put in place to enhance the availability of and access to external finance in the country. Financial inclusion (broad access to financial services) will undoubtedly boost firm’s growth at the micro level and economic growth at the macro level.
- ItemOpen AccessThe Impact of Taxpayers’ Perception of Good Governance on Voluntary Tax Compliance in Lagos State, Nigeria.(2014) Adeyeye, G.BGood governance has been suggested in the literature, to be very crucial to taxation and tax compliance. It has been argued that tax compliance will improve if there is accountability and transparency in the way public funds are managed by elected leaders. This argument appears to suggest that “good governance” by those saddled with the responsibility of managing the resources of any nation is key to voluntary tax compliance. These challenges informed the concern of this study to examine the “impact of taxpayers’ perception of good governance on voluntary tax compliance”. This study is anchored on the theory of planned behaviour (TPB) because it is considered an appropriate theoretical framework with the tendency of providing a better understanding of taxpayers’ intention and behaviour toward voluntary tax compliance in Nigeria. Both primary and secondary sources were used to gather data for this study. Furthermore, the study adopted a cross-sectional survey approach with the use of a structured questionnaire for the primary data. A population of 11,900 tradesmen and artisans, belonging to seventeen trade associations in the twenty constitutionally recognised local government areas of Lagos State was established. A sample size of 3,400 participants was randomly selected from these groups of taxpayers and a 64% usable response rate was achieved. Cronbach alpha values of above 0.70 for each of the variables suggest good reliability indices. Descriptive statistics, regression analysis, correlation analysis, Chi-square and Cross-tabulation statistics were used to analyse the data gathered for the study. The outcome of the study suggests that all the components, representing good governance in this study (accountability and transparency, reduction in fiscal corruption, efficient and effective tax administration, efficient and effective tax laws and tax policies, and socio-economic considerations) have varying degrees of relationship with voluntary tax compliance and that the relationships are significant at p<0.01. However, taxpayers’ perception of socio-economic considerations has the most outstanding relationship with voluntary tax compliance, with correlation coefficient, r = 0.789 at p<0.01 and coefficient of determination, r² = 0.569 (≈ 57%). Empirical evidence from this study suggests that good governance, represented by all the independent variables combined, has greater impact on the dependent variable than any of the individual independent variables. Findings from this study form the basis for providing some recommendations (such as redirection of taxing efforts to the informal sector and up-holding and sincere practice of good governance) aimed at improving voluntary tax compliance in Nigeria.
- ItemOpen AccessThe Impact of Macroeconomic Variables on Stock Prices in Nigeria.(2014) Adaramola, A.OThis study investigates the impact of macroeconomic variables on stock prices in Nigeria. Since most of the previous studies in this area did not consider the topic at the individual firm’s level, the work therefore made an attempt to unravel the complex relationship between stock prices and macroeconomic variables at the market level as well as at the individual firm’s level. Secondary data on stock prices of selected firms, Nigerian Stock Exchange (NSE) stock price index and six macroeconomic variables between 1985:1 and 2009:4 were used for the analysis. The macroeconomic variables used in the research work were: money supply (BRDM), interest rate (INTR), exchange rate (ECHR), inflation rate (INF), oil price (OIL) and gross domestic product (GDP). The work was considered at two different levels using two separate models for the estimations. At the firm’s (microeconomic) level, a panel model was used to examine the impact of macroeconomic variables on stock prices of the selected firms in Nigeria. This model was considered appropriate for its ability to combine both time series and cross-sectional data. At the market (macroeconomic) level, the Johansen co-integration technique was used to determine whether there is a long run dynamic relationship between stock prices and macroeconomic variables in Nigeria. The empirical findings of the study revealed that macroeconomic variables have strong significant impacts on stock prices both at the market level and at the individual firm’s level in Nigeria. The results are useful and indicate a strong linkage among the macroeconomic variables and stock prices. The respective null hypotheses which state that money supply, exchange rate, interest rate, oil price and gross domestic product do not have any significant impact on stock prices were rejected at 5% level of significance. The study also revealed that there is a long run relationship between macroeconomic variables and stock prices in Nigeria. Arising from the causality test, with exception of oil price, there was no sufficient information that causation exists between stock prices and the selected macroeconomic variables. This implies that the macroeconomic variables are not good predictors of stock prices in Nigeria. The lack of causation agrees with theories on security pricing. Theories emphasize an indirect channel of influence between macroeconomic variables and stock prices. Given the indirect channel of influence, the study therefore concluded that the choice of an appropriate monetary policy which guarantees better management of exchange rate, interest rate, money supply and steady economic growth will significantly impact stock prices in Nigeria.