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Unlike prior studies that examined the effect of commercial bank lending on aggregate economy, this study differs by examining the effect of sectoral commercial bank lending on real sectors in Nigeria. Autoregressive Distributed Lag (ARDL) approach was adopted to capture the objective, using Nigeria data from 1981–2021. The empirical findings established both short and run positive relationship between commercial bank lending and sectoral growth (agricultural and manufacturing sectors) in Nigeria. The study outcomes further revealed that gross capital formation and human capital boost agricultural performance in Nigeria, while the duo of capital formation and government expenditure dampened the growth of manufacturing sector. This study therefore concludes that sectoral commercial bank lending is a panacea to propel the growth of real sectors in Nigeria. Based on the findings of this study, it is recommended that monetary authority should engage in a persistent increase in the channelization of commercial bank lending to agricultural and manufacturing sectors. This will create enabling credit facility environment to revitalize Nigerian real sector and embark on large scale production.

Keywords: Sectoral Growth, Commercial Bank Lending, ARDL

Oluseyi Omosuyi & Jacob Sesugh Angahar (2023). Assessing the Sectoral Growth Effect of Commercial Bank Lending in Nigeria. Journal of Money, Banking and Finance, 8: 1, pp. 1-17.

The study examined impact of contributory pension fund assets on Nigeria economy. The specific objective were to ascertain the impact of private sector pension contribution on gross domestic product in Nigeria and to determine the influence of public sector pension contribution on gross domestic product in Nigeria. The study period covered from 2004 to 2020. The stated hypotheses was analyzed with unit root test, descriptive statistic and multiple regression. The finding of the study revealed that private sector pension contribution LOG(PRSP) has positive and insignificant impact on gross domestic product in Nigeria and that public sector pension contribution LOG(PUSP) has positive and insignificant impact on gross domestic product in Nigeria. It was recommended PenCom should ensure effective monitoring, supervision and enforcement of the provision of the PRA 2004, which are the inevitable ingredients in the private sector pension contribution towards Gross Domestic Product (GDP).

Keywords: Contributory pension, assets, public sector, gross domestic product, pension contribution

Chinenye Ruth Ahaoma, Georgina Obinne Ugwuanyi & Ozor, Kelechukwu Colman (2023). Pension Fund Assets and the Nigerian Economy. Journal of Money, Banking and Finance, 8: 1, pp. 19-38.

The main objective of this study was to evaluate the effect of insurance funds on human development index in Nigeria between 2012 and 2022. The design adopted for this study was ex-post-facto; data used for analysis were elicited from Central Bank Statistical Bulletin, World Bank Developmental Indicators Data base and National Insurance Commission Annual Reports. To achieve this objective, a model was formulated based on empirical and theoretical reviews. The model used human development index in Nigeria as the dependent variable, while life insurance funds, pension funds and deposit administration funds were the independent variables in the model. This study employed the Fully Modified Least Squares (FMOLS) Model to analyze data.The findings elicited from this study revealed that life insurance funds and pension funds recorded significant positive effect on human development index, while deposit administration funds had a significant negative effect on human development index in Nigeria. From the inferential result, the researcher concluded that insurance funds have significant effect on human development index in Nigeria. From the foregoing, the researcher recommended that the National Insurance Commission, in conjunction with the government should efficiently work together to ensure that the premium collected and the income generated by the industry through pension funds and life insurance are diversified into economic and productive investment, in order to boost human development in Nigeria.

Keywords: Insurance, Life Fund, Human Development Index, National Insurance Commission, Central Bank of Nigeria

Efanga, Udeme Okon (2023). Empirical Investigation of the Influence of Life Insurance Funds on Human Development Index in Nigeria. Journal of Money, Banking and Finance, 8: 1, pp. 39-54.

The purpose of this study was to investigate the impact of inventory levels on customer service, innovativeness and demand flexibility of petroleum depots in Rivers State. This study was anchored on two supply chain management theories. Data were collected through well-structured questionnaire from eighty (80) managers drawn from sixteen (16) petroleum depots in Rivers State. The data collected were analysed using multiple regression to measure the relationships between (inventory management) and the measures of (supply chain performance) which include customer service, innovativeness and demand flexibility with the aid of the statistical package for social science (SPSS) version 25.0. Hence, the analysis revealed that there is very strong, strong, positive and significant relationship between the variables. Based on the above findings, we therefore conclude that inventory management has great effects on supply chain performance of petroleum depots in Rivers State. Inventory management enhances customer service, innovativeness and demand flexibility. As a result, recommends that, management of petroleum depots should try as much as required to maintain optimal inventory level (not holding excess stock and not holding too few inventory) so as to reduce their frequent irregular supply of petroleum products and always stock out, as a result increasing their level of supply chain performance. Also, the study recommends that petroleum depots should strengthen processes, and automated systems (innovativeness) that will shorten their lead time and as well as improving customer satisfaction and loyalty by ensuring timely delivery of petroleum products, always availability of products in order to avoid stock outs and its disadvantages which most times causes the customers look elsewhere.

Keywords: Inventory Levels, Customer Service, Innovativeness and Demand Flexibility

Nwiepe, Naata Michael & Ikeere, Lucky (2023). Inventory Levels and Supply Chain Performance of Petroleum Depots in Rivers State. Journal of Money, Banking and Finance, 8: 1, pp. 55-69.

The broad objective of this study is to examine the relationship between library development in tertiary institutions and education tax in Nigeria. Secondary data covering the period from 1999-2018 were sourced from Tertiary education trust fund, and Bureau of statistics. The study adopted the Ordinary Least Square estimations technique for data analysis. The result of the empirical analysis shows that on the average, there is a significant relationship between education tax and library development in tertiary institutions in Nigeria. It is therefore recommended that relevant government agencies should put appropriate strategies in place to ensure that monies meant for library development in tertiary institutions are not diverted for other purpose or looted at the expense of the development of universities libraries in Nigeria.

Okoror, Justina. A., Mainoma, M.A., Ilaboya Ofuan James, Uche Jack Osimiri & Izevbigie (2023). The Impact of Education Tax on Library Development in Tertiary Institutions in Nigeria. Journal of Money, Banking and Finance, 8: 1, pp. 71-85.

The broad objective of this study is to examine the relationship between academic development of tertiary institutions and education tax in Nigeria. Secondary data covering the period from 1999-2018 were sourced from Tertiary education trust fund, and Bureau of statistics. The study adopted the Ordinary Least Square estimations technique for data analysis. The result of the empirical analysis shows that on the average, there is a significant relationship between education tax and academic development in tertiary institutions in Nigeria. It is therefore recommended that relevant government agencies should put appropriate strategies in place to ensure that monies meant for academic development are not misappropriated for other purpose forthwith.

Okoror, Justina. A. Aruwa, S.A.S., Uche Jack Osimiri & Ilaboya Ofuan James (2023). Effect of Education Tax on Academic Development of Tertiary Institutions in Nigeria. Journal of Money, Banking and Finance, 8: 1, pp. 87-103.

The paper examined the impact of exchange rate fluctuations on the performance of export trade in Nigeria, between 1960 and 2019. In achieving its objective the paper employs the use of Autoregressive Conditional Heteroscedasticity (ARCH), Generalized Autoregressive Conditional Heteroscedasticity (GARCH) and Autoregressive Distributed Lag (ARDL) model to estimate the influence of exchange rate volatility on export. The findings revealed that exchange rate fluctuations have positive and significant influence on export performance. GDP and real interest rate were found to have significant negative impact on export, while inflation has insignificant negative impact on the export performance. It is therefore recommended that the government in Nigeria should take measures to improve its export production by providing enabling environment for the private sector to flourish especially those involved in the production of export. It is also suggested that our natural resource endowments should be harnessed to encourage the production of exportable products.

Keywords: Foreign Exchange, Foreign Exchange Fluctuations, International Trade, Foreign Trade, Nigeria.

JEL Classification: F31, F40, F43.

Sani Muhammad & Haruna Mohammed Aliero (2023). Impact of Exchange Rate Fluctuations on Export Performance in Nigeria. Journal of Money, Banking and Finance, 8: 1, pp. 105-117.