Journals

Globally, target-driven policies are formulated and implemented to enhance public and private sector operational activities and development. It is vital, therefore, to articulate and implement policies to drive economic growth and financial sector development through stable, available, affordable, and clean energy supply. This study examines the causal nexus between economic growth, electricity consumption, and financial sector development in Nigeria. The nexus between economic performance and energy utilization is unanimously established in the literature. Findings on the nature of this nexus reveal mixed outcomes justifying more research. Using the autoregressive distributed lag method, the study estimates the effect of energy consumption on economic growth and financial sector development in Nigeria between 1981 and 2020, incorporating financial development, gross fixed capital formation, labour force, and inflation rate. The results indicate that labour and inflation are positive determinates of economic growth and development. A negative nexus was observed between energy consumption and gross fixed capital formation (a proxy for infrastructure) in Nigeria. The study also presents empirical support for the delayed response of an endogenous variable to its shocks as well as shocks to explanatory variables. It, therefore, asserts that energy consumption is a major determinant of economic growth in Nigeria. The observed negative impact of electricity and capital consumption provides calls for government and private sector investment in energy and infrastructural development to close the energy supply-demand gap for effective and efficient productivity.

The purpose of this study is to examine the relationship between board attributes and the existence of risk management committees (RMC) among Nigerian listed companies from 2013 to 2020. The paper examines the relationship between board size, board independence, board gender, board meeting frequency and the existence of a risk management committee. The sample size comprise 100 public listed companies selected based on the data availability. Pearson's correlation and fixed-effect regression model were used in the data analysis. The findings show that both board busyness, board independence and board meeting attendance have a significant positive relationship with the existence of the RMC, while board size, board gender and board meeting frequency have insignificant relationships with the existence of the RMC. Research limitations/implications: The sample of this study is limited to Nigerian non-financial companies.

The usefulness of sound corporate governance principles can never be overstated in the business arena, as these principles set standard parameters that express transparency, fairness and accountability in the management of organizations. These traditional practices have become imperative and almost inevitable recipe for corporate success and sustainable development in national and global economies. In fact, the benefits of adopting sound corporate governance ethics remain enticing. Like other nations, Nigeria has made painstaking efforts over the years to develop and strengthen its corporate governance structures and practices by formulating a variety of sector-specific and general regulations aimed at this purpose. Nigeria's most recent effort to institutionalise good corporate governance standards in Nigerian enterprises is shown in the Nigerian Code of Corporate Governance (the "Code"), which was released in 2018. Despite the fact that the Code is to improve firm management, it appears to be mostly a voluntary and administrative guideline. There is more room for improvement given the lack of optimal implementation and enforcement techniques, as well as penalties for disregarding its rules. The study recommends that Financial Reporting Council of Nigeria should revisit the code with respect to number of board composition, firm number of board of directors should be determined by the size of the firm. Firms with turnover below N25,000,000 should be considered as small firms, and their board members should be nine, firms with turnover above N25,000,000 but less than N100,000,000 should be considered as middle firms and their board member size should be 12 while firms with turnover above N100,000,000 should be considered as large firms and should have board member size of 15.

The central objective of this study was to assess the effects of innovativeness on the performance of exporting manufacturing small and medium enterprises (SMEs) in Kano, Nigeria. Based on a theoretical consideration a model was proposed and hypothesis was formulated. Survey questionnaires were used in the data collection and a total of 110 usable responses were received from the owner/managers of exporting manufacturing SMEs in Kano. Partial Least Squares Structural Equation Modeling (PLS-SEM) was employed in the data analysis. The results of the analysis depict that innovativeness has significant effect on export performance of manufacturing SMEs. The managerial implication of this study indicates that innovativeness is a significant internal determinant of export performance. Exporting SMEs’ managers could take complementary advantage of innovativeness resources to perform more than their competitors. The study recommends leverage renewal strategy on incentives giving to SMEs and reconfigure innovativeness; revamping all old industrial development centres (IDCs) and establish new ones; establishing SMEs clusters; upgrading rural urban road, introduce innovative studies; and emphasize science among others.

This study examined the impact of IFRS 5 on REM of listed manufacturing firms in Nigeria. Data for the study were sourced from the annual reports of sampled manufacturing firms. The study employed the quantile regression method of analysis to analyse the data. The study found that assets and liability disclosure, gain and lost disclosure on asset and liabilities held for sale and discontinue operation on IFRS 5 have negative influence on REM of the sampled manufacturing firms, which suggest that IFRS 5 reduced real earnings management. The study recommends that regulatory bodies like Financial Reporting Council of Nigeria (FRCN), International Accountant Standard Board (IASB), Security and Exchange Commission should make it compulsory for firms to make full disclosure IFRS 5. Doing this would prevent real earnings management. The study also recommends that external auditors should ensure that firms they are auditing make full disclosure of IFRS 5 before appending their signature on the annual reports and accounts.

Risk is inherent in every Deposit Money Bank (DMB), but those that embed the right risk management strategies into business planning and financial performance management are more likely to achieve strategic and operational objectives. This study sought to fill the existing research gap by providing empirical evidence on the impact of risk management on financial performance of deposit money banks (DMBs) in Nigeria. It adopted ex-post facto research design. The population of the study comprises all the 15 listed DMBs in Nigeria as at 31st December, 2018. Secondary Data was collected from the annual reports and accounts of sampled DMBs descriptive statistics and regression analysis were used in the data analysis. The study reveals that credit and foreign exchange risk management has a significant positive relationship with financial performance of DMBs, while capital, liquidity and operational risk has an insignificant impact on financial performance of the Nigerian listed DMBs

This study examined the relationship between taxation and dividend pay-out policy in listed oil and gas companies in Nigeria. The research employed a descriptive design. An empirical investigation was conducted on 6 listed oil and gas firms in Nigeria from 2011 to 2020. The proxy of the dependent variable of the study is dividend per share while the independent variables were effective tax rate, statutory tax rate and marginal tax rate. Using Ordinary Least Square multiple regression analysis, the study found that Effective Tax Rate has a significant negative relationship with Dividend Policy. Also, the Statutory Tax Rate has no significant relationship with the Dividend Policy. In addition, the Marginal Tax Rate has a significant negative relationship with the Dividend Policy. This indicates that the marginal tax rate of listed oil and gas firms in Nigeria is capable of reducing the amount of profit available for distribution as dividend to shareholders. The study, therefore, recommends that the regulatory authorities in Nigerian tax administration, such as the Federal Inland Revenue Service and the national economic management team, should introduce tax incentives in form of tax holidays, etc in an effort to mitigate the tax burden so as to improve the profit after tax of companies under the oil and gas sector. This will rejuvenate their dividend￾paying potential to continually attract investment in the sector.

This study was carried out to investigate the effect of selected macro-economic variables on the performance of Small and Medium Scale Enterprises (SMEs) in Kebbi State, Nigeria. The research employed a quantitative survey design. The purpose of the study was to assess effect of interest rate, exchange rate, and inflation rate on the SMEs financial performance in Kebbi State. SMES was seen in the study as indispensable components of natural development in both developed and developing economies. The research employed purposive sampling technique to sample 100 SMEs out of 815 across all the 21 local governments of Kebbi State. Secondary data extracted from reports of the Central Bank of Nigeria (CBN) statistical bulletin (2018), Federal Ministry of Finance (2018), and Nigerian National Petroleum Corporation Annual Statistical Bulletin (2018) were used. The collected data were analysed with Time Series analysis tool but estimated with Fully Modified Least Square (FMLS) Regression Technique. The findings of the study revealed that when all the explanatory variables are kept constant, the output of the SMEs sector in Kebbi State is 3.012. Also, the result showed that exchange rate significantly impacted on SMEs output in Kebbi State. Its value of .028 implies that while keeping constant inflation rate and interest rate, a percentage increase in the naira relative to the US dollar (currency depreciation) brought about 2.8% increase in the output of SMEs in Kebbi State. The study, therefore, concludes that monetary policy has a very important role to play in determining the performance of the SMEs in Kebbi State. The study recommended that there should be flexibility in monetary and expansionary policies that will stimulate the performance of SMEs in Kebbi State

The objective of this study is to compare the level of compliance with musharakah and Mudarabah Shariah standards for Islamic financial institutions by the Jaiz Bank Nigeria, Plc and Islami Bank Limited Bangladesh. The data were extracted from the annual reports and accounts of the banks from 2013 to 2017. The study established that Islami Bank Bangladesh is more stable than Jaiz Bank Plc in terms of compliance index of musharakah and mudarabah standards as required by AAOIFI standards. The study adopted the ex-post facto research design. It was found that Jaiz Bank Nigeria Plc does not adopt the disclosure requirements of the provisions of AAOIFI’s mudarabah and musharakah standards. On the other hand, Islami Bank Bangladesh has been found to perfectly adapt the disclosure requirements of the AAOIFI’s mudarabah and musharakah standards. Based on the findings, it is recommended that Jaiz bank Nigeria Plc should improve its level of compliance with AAOIFI’s standards by employing accountants who have deep knowledge in the application of the standards. In addition, Jaiz Bank Nigeria Plc should once again seek for technical services of the accounting staff of the Islami Bank Bangladesh Limited to improve its level of compliance practically.

This study examined the empirical nexus of global reporting initiative role on environmental reporting and market value addition of manufacturing companies in Nigeria. The methodology adopted for the study was descriptive research design and ex-post facto (quasi non experimental) research design, while multiple regression model was adopted for the analysis of data. Jarque-Bera statistical test was carried out to ascertain the normality in the distribution of data and Lin, Levin, and Chu (LLC) tests were carried out to ascertain stationarity or non- stationarity of the variables. The Kao residual test was used to test the long￾run relationships among the variables; Hausman test was applied to choose between fixed effect or random effect. Panel regression was used to analyse the data using fixed effect model. Findings from the multiple regression model indicates that environmental reporting using the global reporting initiative framework has a positive and significant impact on the market value addition of manufacturing companies in Nigeria. The study recommends that manufacturing companies should adopt the global reporting initiative framework to report the environmental footprints of the business operations to enable the manufacturing companies improve their market value to operate competitively and perform sustainably in the long run.