Volume 4, Issue 1, 2016

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    Open Access
    Power Sector Reforms in Nigeria: Challenges and the Way Forward
    (University of Lagos Press, Akoka, 2016) Wakeel, I
    It is almost a decade now since the Electric Power Sector Reforms Bill was signed into law. The law, among other objectives, is to ensure a system of electricity generation, transmission, distribution and marketing that is efficient, safe, affordable and cost-effective throughout the industry. It appears, however, that the effectiveness of the reforms in transforming the sector has remained uncertain. The major objective of this paper therefore, is to examine the challenges facing the power sector reforms in Nigeria by employing a purely descriptive method and to suggest the way forward. The focus of exposition is on the appropriate energy mix in generation, workable tariffs and supply gap in the electricity generation within the context of power reforms. The paper offers a number of suggestions that can move the power sector forward in Nigeria.
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    Open Access
    Corporate Governance Practices and Banks ’ Performance in Nigeria
    (University of Lagos Press, Akoka, 2016) Sulaimon, A.A; Ifere, S.E; Rahim, G.A; Ebulo, J
    In the aftermath of the bank consolidation exercise in Nigeria of 2006, the regulatory authorities intensified their focus on how business is managed and run, which led to developing different forms of framework for corporate governance. This study investigates the relationship between corporate governance practices of First Bank (Formerly First Bank of Nigeria PLC) and its performance in the banking industry. The study adopted the survey research design, using the quantitative research approach. The primary source of data was the use of self-completed questionnaire administered on 120 employees of the bank. The data were analysed using mean, standard deviation and correlation analysis. The results show that First Bank embraced the codes of good corporate governance. The study further established a positive significant relationship between corporate governance practices and the performance of the bank. On this note, the study recommends that, to improve bank performance in Nigeria, banks should conduct their businesses in a transparent and accountable manner, and cultivate a high ethical standard to promote corporate governance.
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    Open Access
    Demand for Reinsurance and Solvency of Insurance Business in Nigeria: An Empirical Analysis
    (University of Lagos Press, Akoka, 2016) Obalola, M.A; Abass, O.A
    The importance of reinsurance in the insurance business cycle cannot be overemphasized. The benefits of reinsurance include increased capacity, technical expertise, allocation of risks and limitation of financial distress. However, as an insurer gathers more underwriting experience, it is expected that less reinsurance is demanded. Hence, frequent demand may be a sign of insolvency because it simultaneously reduces the variability of cash flows and financial leverage. The purpose of this research is to investigate if the excessive use of reinsurance is an indication of insolvency in the Nigerian insurance industry. Using purposive sampling techniques, ten (10) general insurance companies were selected from forty-nine (49) operating in Nigeria. Returns on assets (ROA), Returns on equity (ROE) and size were used as indicators to measure the level of solvency while product diversification, claims ratio, combined ratio, reinsurance price, liquidity ratio and expense ratio were used as indicators to measure demand for reinsurance by primary insurers. The findings of the study reveal that there is significant relationship between the solvency and demand for reinsurance, though product diversification, combined ratio and reinsurance price are more significant than loss ratio, liquidity ratio and expense ratio. It is recommended that primary insurer should be more concerned about its concentrated business mix, combined ratio and the price (premium) of reinsurance.
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    Open Access
    Table of Content
    (2016) UNILAG Journal of Humanities
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    Open Access
    Exchange Rate Volatility and Inclusive Growth: The Nigerian Experience
    (University of Lagos Press, Akoka, 2016) Babatunde, A
    This study investigates the influence of exchange rate volatility on inclusive growth in Nigeria, using a Vector Error Correction (VEC) estimation technique. The period of the study is 1981 to 2014. The study shows that volatility in exchange rate has increased the unemployment rate which has made the growth rate in GDP experienced over the years not to be inclusive. The volatility in exchange rate does not promote investment and create room for absorptive capacity in the economy. The results from the variance decomposition show that the total variance in exchange rate volatility is significant.Based on the above revelation, it is recommended that the monetary authority, Central Bank of Nigeria (CBN) should include in its policy objectives the pursuance of weak exchange rate targeting. Fixing exchange rate, at all costs, should be discouraged. This is because the policy of fixing exchange rate without regard for inflation is misguided. The policy of raising interest rates to control inflation without paying attention to what is happening to the exchange rate is counter productive. Nevertheless, flexibility in the exchange rate should be welcomed since it enables a country to cope with macroeconomic shocks arising from policy changes. Monetary authority should avoid unhealthy speculation in the foreign exchange, as well as a rent-seeking behaviour and adopt positive attitudes geared towards ensuring a stable naira exchange rate.
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    Open Access
    A Hedonic Pricing Model of the Impact of Housing Structural Features on House Rent in the Lagos Residential Property Market
    (University of Lagos Press, Akoka, 2016) Ajide, K.B
    Housing is not a homogeneous commodity, but rather a multidimensional bundle of services. The hedonic price model is employed to model effectively the heterogeneous nature of housing in this paper, based on the Lagos State Housing Survey of 2006, for which a 6000 sample size was used. The results of the hedonic pricing model show that when renting or buying a house, people are willing to pay more for desirable structural traits provided rather than staying away from these facilities. Therefore, if proliferation of urban slums, shanties and squatters’ settlements is to be drastically minimized or completely eliminated, it would be more beneficial for government and housing suppliers to provide such basic social amenities and important housing accessories.
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    Open Access
    Infrastructure Development, Unemployment Rate and Poverty Level in Nigeria (1980-2013)
    (University of Lagos Press, Akoka, 2016) Oladipo, S.O
    The study investigates the dynamic interaction among Infrastructure Development, Unemployment and Poverty Level in Nigeria. The study examined the interactive effects among Infrastructure Development, Unemployment and Poverty Level; and investigated the nature and direction of causality among Infrastructure Development, Unemployment and Poverty Level in Nigeria. This was with the view to providing empirical evidence on the linkages among Infrastructure Development, Unemployment and Poverty Level. Secondary data were used in this study. Data on government capital expenditure as a measure of government capital expenditure, unemployment rate and Real consumption expenditure per capita used as a proxy for poverty level were sourced from statistical Bulletin published by Central Bank of Nigeria (CBN) and the National Bureau of Statistic (NBS) Abuja. Vector autoregressive Model was conducted in determining the interaction effects among the three variables and Pair-Wise granger causality Test was conducted in determining the direction of causality among the variables. The empirical result showed that an attempt to reduce poverty brings about a reduction in unemployment rate in the country. Moreover, government expenditure on capital projects reduces the level of unemployment over time in Nigeria. In addition, an attempt to reduce unemployment brings about reduction in poverty level while poverty increases at an initial stage of increase in capital expenditure but reduces poverty level over time. The study also indicated that as unemployment rate increases, the economic policies adopted by the government increases the capital expenditure of the government. There exists no causal relationship among the variables in Nigeria as revealed by the study.
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    Open Access
    Effect of Currency Devaluation on Macro - Economic Variables: The Nigerian Experience
    (University of Lagos Press, Akoka, 2016) Amah, P.N
    This paper investigates past exchange rate management regimes adopted by the Central Bank of Nigeria since 1959, and attempts to find out whether devaluation can be used to restore equilibrium and significantly achieve national economic growth and development. The Multiple Least Squares method was used to estimate coefficients of the identified relationships following one period lag and autoregressive models formulated to correct errors detected in the data of macroeconomic variables. Significantly, a negative and statistically significant relationship was found between exchange rate and non-oil exports. Devaluation had a negative cause-effect relationship with inflation. It was also negative and significant with national output in the one-year lag specification. Accordingly the paper recommends that devaluation should not be relied upon as a primary tool for restoration of macroeconomic balance. Instead, a system of managed float supported with strong trade and exchange controls should be used. Complementary fiscal policy measures should also be adopted.
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    Open Access
    Land Use Mix in the Classified Residential Areas of Lagos Metropolis, Nigeria
    (University of Lagos Press, Akoka, 2016) Farinmade, A
    The struggle for space in Lagos has resulted in the overlapping of the various land uses. The pressure on the existing buildings has resulted in regular change of use in major corridor, especially in the study area. This paper presents the mix of informal commercial activities with the residential building in residential areas of the Lagos metropolis, Nigeria. The study relied largely on primary survey to elicit information from 975 residents in the classified residential areas of the Lagos metropolis, using disproportionate sampling technique. Data from existing literature were adopted in appropriate instances to enrich the study. Analysis of data was carried out with the use of both descriptive and inferential statistics. Logistic regression analysis was employed to investigate the degree of mix of commercial activities with residential building of the study area. The study found out that land use mix characterized the entire landscape of Lagos Metropolis though in varied proportion. Minor, medium and major conversions characterized the low, medium and high residential density areas respectively. The study recommends that at regular interval of residential plots, provision should be made for informal commercial activities to cater for the minor needs of the community in a way to enhance the cityscape.
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    Open Access
    Remediation of Poor Achievements in Some Perceived Difficult Concepts in Mathematic s among Selected Senior Secondary School Students’ in Lagos Metropolis
    (University of Lagos Press, Akoka, 2016) Akanni, O.O
    This study investigated the remediation of poor achievements in some perceived difficult concepts in mathematics among selected senior secondary school students in the Lagos metropolis. The participants were 300 students consisting of 150 male and 150 female SS III students drawn from three Senior secondary schools in Educational District IV of Lagos State through the Stratified Random Sampling Procedure.. The study used Quasi-Experimental Pre-test, Post-Test Control Group Design. Mastery Learning and Problem-Solving were used as treatment approaches while a control group was exposed to the traditional teaching method. The relevant data were generated using a Validated Mathematics Achievement Test (MAT). The instrument has a reliability coefficient of 0.80 when tested during the pilot study.. Two hypotheses were formulated to guide the study and tested at 0.05 level of Significance. The two hypotheses were rejected and the findings revealed that mastery learning and problem solving are efficacious in ameliorating student poor achievement in the perceived difficult concept in mathematics. The study also found that the significant effect of mastery learning and problem solving on adolescent achievements was due to gender. In the light of these findings, a number of recommendations were given one of which is that teachers should redouble their efforts in the teaching of some topics that are perceived as difficult by students in mathematics by ensuring adequate coverage of syllabus and its applications so as to demystify the topics. Teachers are also encouraged to have frequent revision exercises as well as diagnostics and remedial evaluations with their students, so as to enhance students’ mastery of the knowledge and various skills gained in previous lessons.