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All Journal Asean International Journal of Business Journal of Governance Risk Management Compliance and Sustainability
Isiaka, Najeem Ayodeji
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other

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Foreign Debts and Exchange Rate in Nigeria: The Stepwise Regression Osifalujo, Babatunde Bunmi; Isiaka, Najeem Ayodeji; Taiwo, Oluwaseun Kayode
Journal of Governance Risk Management Compliance and Sustainability Vol. 2 No. 2 (2022): October Volume
Publisher : Center for Risk Management & Sustainability and RSF Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1693.073 KB) | DOI: 10.31098/jgrcs.v2i2.909

Abstract

The considerable argument on the relationship between foreign debt and exchange rate remains debatable among the researchers. Various conclusions had been drawn with different methodology and variables considered in the existing studies. Therefore, this study investigated the relationship between foreign trade and exchange rate in Nigeria for the period of 30years between 1990 and 2019. The study relied on a secondary source of data gathered through CBN statistical bulletin 2020 version. Foreign debt was strictly represented with multilateral debt, bilateral debt, Paris club and London club debt while exchange rate was considered as a dependent variable. Stepwise regression and vargranger were considered for the analysis and revealed that multilateral debt, Paris club and London club debt are the major debt positively influencing exchange rate fluctuation while bilateral debt has a negative relationship. Also, multilateral debt, bilateral debt and London club debt have a significant impact on exchange rate compared to Paris club debt with insignificant impact on exchange rate. Various models analyzed in the study show Multilateral debt remains significant in the entire model while bilateral debt became insignificant in model 4 and Paris club debt is not significant in Model 4 and 5. The granger causality test revealed that exchange rate does not influence multilateral debt but multilateral debt influences exchange rate. The study concluded that foreign debt has a significant relationship with the exchange rate. Therefore, the study recommends the government should maintain a favorable and controlled public external debt in order to reduce the exchange rate in Nigeria.
The Effect of Cost Control on The Survival of Manufacturing Sectors in Nigeria: Panel Data Analysis. Isiaka, Najeem Ayodeji; Ayuba A Jimoh; Orebiyi, Mary Ayomide; Adenekan, Sheriff Abayomi
Asean International Journal of Business Vol. 1 No. 2 (2022)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (283.853 KB) | DOI: 10.54099/aijb.v1i2.176

Abstract

The persistent decline in the survival of manufacturing sector in Nigeria, especially during recession has spurred research interest amongst professionals, researchers and scholars. Despite the huge attention given to the development of manufacturing sectors, a good number of companies cannot withstand the poor economic wave. This necessities the study to examine the effect of cost control strategies on the survival of manufacturing sector in Nigeria, using panel data gathered from annual reports of five selected firms for the period five (5) years between 2015 and 2019. Data on finance cost, salaries, and wages, and sales cost were taken as independent variables to measure the level at which manufacturing companies have been able to manage their costs while return on asset (Income/Total Asset) was taken as dependent variable proxied the performance of manufacturing companies. The study revealed that finance cost and cost of goods sold were insignificant cost to influence the performance of manufacturing sector, however, salaries and wages pose a significant impact on financial performance of manufacturing sector in Nigeria. It is therefore recommends that salaries and borrowing costs should be strategically controlled to help companies survive during recession without resorting to downsizing. Also, the company budget should not be fixed, but should be revised to reflect any sudden changes in the economy.
Co-Authors Adenekan, Sheriff Abayomi Ayuba A Jimoh Orebiyi, Mary Ayomide Osifalujo, Babatunde Bunmi Taiwo, Oluwaseun Kayode