College of Management and Social Sciences

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    IMPACT OF INFLATION AND EXCHANGE RATES ON FINANCIAL PERFORMANCE OF CONSUMER GOODS SECTOR OF THE CAPITAL MARKET IN NIGERIA
    (IAEME publication, 2025) Adesina, Tolulope; Areghan, Isibor; Omankhanlen, A. E.; Odukoya, Olusoji; Ogunwale, Olurotimi; Ayoade, Olumayowa Vincent
    This study assesses the impact of inflation and exchange rate on the financial performance of consumer goods sector of Capital market in Nigeria. The study uses purposive sampling technique and elimination method to determine the considered consumer goods companies in Nigeria Capital market over a period of 2012-2023 and analyzed the impact of inflation and exchange rate on the financial performance of these companies measured by earnings per share as the indicator. Regression analysis was used to analyze the data. The result specifically shows that there is inverse relationship between fluctuations in inflation rate, exchange rate and the financial performance of consumer goods sector in the capital market in Nigeria.. The study recommends implementation of price stability programme to regulate inflation and adjustment of exchange rate stabilization policy to reduce import costs and improve the bottom line profitability of the consumer goods companies in Nigeria Capital market.
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    Taxation and Consumers’ Spending Patterns in Nigeria: An Autoregressive Distributed Lag and Error Correction Model Approach
    (International Journal of Economics and Financial Issues, 2024) James, David; Omodero, Cordelia Onyinyechi; Nwobodo, Helen; Odhigu, Festus Onosakponome; Adeyemo, Kingsley Aderemi
    This study evaluates the effects of personal income tax and consumption tax on the spending system of consumers in Nigeria. The autoregressive distributed lag (ARDL) model has been employed for the co-integration test. The research additionally employs the Error Correction Model (ECM) to assess the pace at which any divergence from the long run equilibrium can return to normal in the current period. The findings show that Value added tax has an insignificant impact on purchasing power of consumers in both the short and long intervals. However, personal income tax and exchange rate exert substantial positive effect on consumer spending power in the long run but not in the short run. At the 1% level, the ECT coefficient is shown to be significant and unfavourable. This demonstrates a pretty slow convergence rate, with the model pushing itself towards equilibrium by 37% each year. The consequence is that any disequilibrium caused by shocks from the previous year requires 37% adjustment speed to return to long-run equilibrium in the current year. There have been several studies on how consumption tax affects households’ welfare without considering the effects of income tax and ever fluctuating exchange rate alongside these whole scenarios. This study puts all of these issues into consideration and contributes meaningfully to the existing literature that personal income tax is an integral part of the factors that affect households’ spending capacity. The study recommends that proper tax policy to enhance consumers’ spending capacity.
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    IMPACT OF MACROECONOMIC VARIABLES ON FOREIGN DIRECT INVESTMENT IN OIL AND GAS INDUSTRY IN NIGERIA
    (Covenant University Ota, 2025-06) GBEBIKAN, Anthonia Motunrayo; Covenant University Dissertation
    Foreign direct investment (FDI) has historically been significantly influenced by Nigeria's oil and gas industry, but ongoing inflationary pressures continue to threaten the stability of investments. The overall increase in price levels, or inflation, affects macroeconomic factors including interest rates, currency rates, and investor confidence. Nigeria's inflation rate has fluctuated over time, which has affected capital inflows into important economic sectors. This study investigated the relationship between macroeconomic variables, sustainable development goal (SDG), and foreign direct investment (FDI) in Nigeria while focusing on the oil and gas sector in Nigeria. The study specifically examined how inflation, exchange rate, global oil price, SDG goal 8 of economic growth measured by economic growth rate, and the control variable interest rate impacted FDI in Nigeria using time series data from 1990 till 2023. The study adopted the ex post facto research design and secondary data from the reports of the World Development Index, Central Bank of Nigeria, National Bureau of Statistics, and the Organization of Petroleum Exporting Countries were used in this study. The estimation techniques used in this study was the Autoregressive Distributive Lag. Findings showed that inflation, exchange rate, and the control variable interest rate had negative and significant impacts while economic growth rate, global oil prices, and the second control variable sustainability index had positive and significant impacts on Nigeria’s foreign direct investment. The study thus recommended that the Central Bank should focus more in managing inflation by controlling excess money in the economy.