BUSINESS AND FINANCE JOURNAL

This paper examines the dynamic relationship between foreign portfolio investment and exchange rate volatility in Nigeria between 1990 and 2024, a time frame characterised by different capital flow patterns and exchange rate regimes. The study used nominal exchange rate, real exchange rate, exchange rate regime, and exchange rate misalignment as important variables to capture the subtleties of exchange rate volatility; net inflow of portfolio investment was used as a stand-in for foreign portfolio investment. The study verified data stationarity and looked at both short- and long-term associations using the AutoRegressive Distributed Lag (ARDL) model and the Augmented Dickey-Fuller unit root test. The World Bank's World Development Indicators (WDI) and the Central Bank of Nigeria's (CBN) Statistical Bulletin were the sources of the data. A long-term relationship between exchange rate volatility and foreign portfolio investment was validated by the boundaries test. In particular, portfolio inflows were positively and significantly impacted by both nominal and real exchange rates in the near term, indicating that foreign investors are sensitive to changes in exchange rates. On the other hand, the exchange rate regime had a long-term negative and substantial impact on portfolio inflows, underscoring policy unpredictability as a barrier to consistent investment. It's interesting to note that over time, exchange rate misalignment showed a strong and positive correlation with inflows, suggesting that investors were speculating on currency mispricing. In order to boost investor confidence and draw in capital inflows, the study finds that exchange rate dynamics are crucial in determining foreign portfolio investment patterns in Nigeria and advises the CBN to maintain stable and market-reflective exchange rate policies.

The Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service (Establishment) Act (NRSA) and the Joint Revenue Board (Establishment) Act (JRBA) were finally signed into law by President Bola Ahmed Tinubu on 26 June 2025, and will take effect from 1st January 2026, thus representing the most comprehensive restructuring of Nigeria's fiscal architecture in decades. This paper does a doctrinal and conceptual analysis of the reform package and its impact on three constituencies namely, individual and corporate taxpayers, practitioners and the Nigerian economy. The paper finds the tax reforms increase the personal income tax exemption band; adopt a progressive tax rate system with a higher threshold for taxing high earners; abolish the corporate income tax on small companies, and implement zero-rating for essential goods instead of exemption from VAT. The reforms provide relief to welfare providers at the bottom of the income distribution, and put new demands on welfare providers at the top. The RNIO will provide opportunities for tax practitioners in a variety of ways, including the preeminence of transfer price, minimum effective tax rate, and dispute resolution issues before the new Tax Appeal Tribunal and Tax Ombudsman, and the burden of retraining in this new framework with multiple statutes merged into one. The reforms offer the economy a greater tax-to-GDP ratio, better fiscal federalism via a derivationbased VAT-sharing formula, and a more predictable investment climate, but these benefits depend on the institutional capacity, digital infrastructure and political will. The paper ends with recommendations for implementing gradually, educating taxpayers on the changes over time, and ongoing checks on the distributive and revenue impacts of the changes.

This study examined the barriers to FinTech adoption and their implications for financial inclusion in Bayelsa State, Nigeria. The objectives were to assess the level of awareness and adoption of FinTech services, identify the key barriers to adoption, and examine the relationship between these barriers and financial inclusion outcomes in the study area. A descriptive survey research design was adopted, and primary data were collected through structured questionnaires administered to 582 respondents drawn from different socioeconomic groups in Bayelsa State. Data were analyzed using descriptive statistics such as frequency, percentages, and mean scores. Findings revealed that awareness of FinTech services among respondents is relatively high; however, actual adoption remains moderate. Major barriers identified include poor internet connectivity, irregular electricity supply, low digital literacy, lack of trust in digital platforms, fear of fraud and cybercrime, and high transaction costs. The study further found that FinTech services have positively influenced financial inclusion by improving access to financial services, enhancing money transfer efficiency, and promoting savings and financial participation. However, access to credit through digital platforms remains limited. The study concluded that while FinTech has significant potential to enhance financial inclusion in Bayelsa State, its impact is constrained by infrastructural, socio-economic, and security-related challenges. It was recommended that government and relevant stakeholders improve digital infrastructure, enhance financial literacy, strengthen cybersecurity systems, and promote awareness campaigns to encourage wider adoption of FinTech services. 

Relationship between contemporary office facilities and job performance of staff in public tertiary institutions in Rivers State, Nigeria studied in this work. Correlational research design was employed in this paper, while sample of 306 respondents was used for the study. Data were generated from a structured questionnaire covering information and communication technology (ICT) facilities, lighting and ventilation office space, office furniture, and layout, communication facilities, and job performance. Data were analysed using mean, standard deviation, Cronbach's alpha, Pearson Product-Moment Correlation and multiple regression. The reliability coefficients ranged from .839 to .907, indicating satisfactory internal consistency. The results showed significant positive relationships between ICT facilities and job performance, r = .410, p < .001; office furniture and job performance, r = .371, p < .001; lighting and ventilation and job performance, r = .408, p < .001; office space and layout and job performance, r = .442, p < .001; and communication facilities and job performance, r = .408, p < .001. Multiple regression showed that contemporary office facilities jointly explained 36.2% of the variance in job performance, R² = .362, F(5, 300) = 34.06, p < .001. Four of the five dimensions made statistically significant unique contributions. The study concludes that contemporary office facilities are significantly associated with staff job performance.

The recurrent episodes of distress that have characterised the Nigerian banking industry have consistently been traced to weak internal oversight and the opportunistic exercise of accounting discretion by bank management. This study examined the effect of board independence and creative accounting practices on financial distress among Nigerian listed deposit money banks. Anchored on Agency Theory and Positive Accounting Theory, the study adopted an ex post facto research design and a positivist research philosophy, relying on secondary data extracted from the audited annual reports of eleven purposively sampled deposit money banks listed on the Nigerian Exchange Group over the period 2015 to 2024, yielding a balanced panel of 110 bank-year observations. Financial distress was proxied by the Ohlson O-Score, board independence was measured as the proportion of non-executive directors to total board size, and creative accounting practices were proxied by discretionary loan loss provisions (DLLP) obtained as residuals from a fixed-effects provisioning regression. Bank size, return on assets, and leverage were included as control variables. The Hausman specification test favoured the fixed-effects estimator over the random-effects alternative, and all models were estimated with cluster-robust standard errors to address cross-sectional dependence identified through Pesaran's test. The results showed that board independence had a positive but statistically insignificant effect on financial distress (β = 0.7822, p = 0.691), while creative accounting practices, proxied by discretionary loan loss provisions, also exerted a positive but statistically insignificant effect on financial distress (β = 0.8595, p = 0.821). Both null hypotheses were therefore not rejected. Leverage and bank size, however, emerged as consistently significant determinants of financial distress across both models. The study concludes that, within a tightly regulated banking environment such as Nigeria's, internal governance and accounting discretion do not independently drive distress outcomes, as regulatory and prudential controls appear to substitute for internal monitoring mechanisms. The study recommends that regulators move beyond numerical compliance with board-independence thresholds toward assessing the substantive competence and engagement of non-executive directors, while sustaining prudential oversight of loanloss provisioning practices under the IFRS 9 expected credit loss framework.

This study examines the influence of social media influencers on the brand perception of alcoholic beverages in Abia State, Nigeria. Social media influencers are individuals who leverage their online credibility and engagement to shape consumers' perceptions and attitudes toward brands, making them an important component of contemporary digital marketing. The broad objective of the study was to assess the influence of social media influencers on the brand perception of alcoholic beverages in Abia State. A descriptive survey research design was adopted. Primary data were collected through a structured questionnaire administered to 250 respondents selected from Aba North, Aba South, and Umuahia North Local Government Areas of Abia State. Data were analyzed using descriptive statistics and simple linear regression with the aid of the Statistical Package for the Social Sciences (SPSS). The findings revealed that perceived authenticity, quality of content, and consumer engagement each had a positive and significant influence on brand perception, with quality of content emerging as the strongest predictor. The study concluded that social media influencers significantly shape consumers' perceptions of alcoholic beverage brands. It was recommended that firms collaborate with credible influencers, develop high-quality content, and encourage consumer engagement to strengthen brand perception and improve marketing effectiveness.

This study analyzes the relationship between remittances and exchange rate movements in Nigeria from 1980 to 2021. It specifically examines the trends in remittances and exchange rates, and investigates the impact of remittance inflows on exchange rate fluctuations in the country. The importance of this research stems from the considerable inflow of remittances relative to the size of Nigeria’s economy, which has led to several adverse effects, including the appreciation of the real exchange rate and the loss of competitiveness in the tradable sector. To evaluate the effect of remittances on the exchange rate, the study models the exchange rate as a function of remittance inflows, inflation, and economic growth. Data spanning from 1980 to 2023 was sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and the National Bureau of Statistics (NBS). Diagnostic tests, including the JarqueBera test for normality and tests for multicollinearity, were conducted to assess the time series properties of the data. The analysis utilized the Fully Modified Ordinary Least Squares (FMOLS) technique. The findings reveal that economic growth has a significant positive effect on remittances (β = 5.656290, t = 6.511424, p < 0.05), while exchange rate movements (β = -0.119294, t = -0.168559, p > 0.05) and inflation (β = 0.024494, t = 0.978400, p > 0.05) have negligible and statistically insignificant effects on remittances. Overall, the results highlight that while economic growth significantly boosts remittances, the exchange rate and inflation do not have a meaningful impact on remittance inflows in Nigeria. The study recommends that the Nigerian government focus on reducing the cost of sending remittances to enhance their poverty-reducing potential and encourage a larger proportion of these remittances to flow through formal financial channels.

This paper examines whether boardroom quality constrains financial statement fraud risk among listed oil and gas firms in Nigeria. The study is motivated by persistent concerns that formal corporate governance compliance does not always translate into effective financial reporting oversight. Using an ex-post facto design, the study analyzes nine listed oil and gas firms over 2016-2024, with a robustness check based on eight firms over 2016-2025. Financial statement fraud risk is proxied by the Beneish MScore, while board composition is measured by board size, board independence, gender diversity, financial expertise, and CEO duality. Random-effects panel regression with robust standard errors shows that board independence, gender diversity, and financial expertise are negatively and significantly associated with fraud risk, while CEO duality and leverage are positively and significantly associated with fraud risk. Board size is not significant. The evidence suggests that board quality matters more than board quantity in constraining manipulation warning signals. The paper recommends stronger substantive board independence, improved financial expertise, meaningful gender diversity, separation of CEO and board chair roles, and closer monitoring of highly leveraged firms.

This study investigates the dynamic relationship between electricity consumption and industrial output, addressing the "power-growth nexus" within a modern macroeconomic framework. Utilizing time-series data spanning from 1990 to 2025, the research focuses on the critical role of energy as a primary factor of production alongside capital and labor. The methodology employs the Autoregressive Distributed Lag (ARDL) bounds testing approach to evaluate both short-run fluctuations and long-run equilibrium relationships. Empirical results from the unit root tests confirm that all variables are integrated of order one, 𝐼(1), providing a robust foundation for cointegration analysis. The ARDL bounds test reveals a statistically significant long-run relationship, with an F-statistic of 7.167 exceeding the critical upper bound. The estimation results highlight electricity consumption as the most dominant driver of industrial productivity; a 1% increase in electricity usage is associated with a 0.72% increase in industrial output. Furthermore, gross fixed capital formation shows a significant positive impact, while the labor force appears statistically negligible in the short-run framework. Diagnostic assessments, including the Breusch-Godfrey, Breusch-Pagan-Godfrey, and Jarque-Bera tests, confirm the absence of serial correlation, heteroscedasticity, and non-normality, ensuring model reliability. The high R-squared value of 0.965 indicates that the model explains 96.5% of the variation in industrial output. These findings suggest that stable energy infrastructure and sustained capital investment are foundational to national industrial trajectories. The study recommends that policymakers prioritize grid stabilization and energy efficiency to foster a resilient manufacturing sector in the post-pandemic era. 

This study investigates the effect of dynamic marketing capabilities and SMEs’ competitiveness, through the mediating role of product innovation. Drawing from the Resource Based View (RBV), this study hypothesizes that SMEs’ capacity to sense, seize and reconfigure enhances their ability to compete by increasing the rate and quality of their new product development. The study used empirical data from 3650 leather-based SMEs in Aba, Abia State of Nigeria and a sample size of 321 obtained through the Taro Yamane sample size determination formula. The Statistical Package for the Social Sciences (SPSS) and Microsoft Excel were used in the study, while Structural Equation Modeling (SEM) was used for data analysis. The study found that market sensing capability positively and significantly (1%) affects product innovation. Market seizing capability was found to positively and significantly (1%) affect product innovation. Market reconfiguration capability positively and significantly (1%) affects product innovation. Product innovation was found to be positively and significantly (1%) related to SMEs’ competitiveness. We conclude by recommending that practitioners and managers of SMEs, like those of the studied leather-based SMEs, should shift their focus from optimizing current operations to investing in the dynamic capability routines themselves. The managers must systematically dedicate resources to proactive market intelligence, customer feedback mechanisms, and technological forecasting. SMEs should also view product innovation not as a spontanous outcome, but as the strategic output directly generated by its dynamic capabilities.

This study examines the effect of Corporate Social Responsibility Expenditure on the Financial Performance of Selected Listed Manufacturing Firms in Nigeria for the period 2012-2020. Data for the study were collected from the annual reports of the companies under the study. Data on Corporate Social Responsibility expenditures on social responsibility, environmental responsibility, community responsibility and employee responsibility represents the explanatory variables whereas Return on Asset (ROA) of the companies represents the dependent variable of the study. Data obtained were analyzed using Ordinary Least Square multiple regression. Results of the analyzed data demonstrate that CSR expenditures directed toward social responsibility and environmental responsibility have a positive and significant effect on the return on assets. The study also shows that CRS expenditures on community responsibility has positive and insignificant effect on the return on assets while expenditures on employee responsibility is negatively and significantly related the return on asset of listed manufacturing companies in Nigeria. Based on the findings, the study recommends that manufacturing companies should increase and strategically structure their social responsibility expenditures and strengthen their community responsibility initiatives.

This research examines the effect of earnings management on the financial performance of listed deposit money banks in Nigeria. The main objective of this study was to examine the effects of earnings management on financial performance of listed deposit money banks in Nigeria. Earnings management was measured by discretional accruals, (DAC) and abnormal cashflow from operation, (ABCFO) as the independent variables and financial performance which was measured by return on assets, (ROA), as the dependent variable. Correlational research design was adopted and secondary data were obtained from the annual financial statements of listed deposit money banks Nigeria for the period of 9 years (2015 – 2023). The population of the study consists of al fourteen (14) deposit money banks listed on the Nigerian Exchange Group, from which a sample of ten (10) was selected for the study through simple random sampling. The data collected for the study were statistically analyzed using STATA 14. Ordinary least square (OLS) regression analysis was employed to test the formulated hypotheses. The result from the OLS regression reveals that DAC has a positive and significant effect on ROA, ABCFO has a positive and significant effect on ROA. Based on this, the study concludes that earnings management has an effect on financial performance of Nigerian deposit money banks.

Tax incentives is an inbuilt expansionary tax fiscal policy that has the capacity to boost economic growth and prosperity. The scheme over time has been undermined, misused and abused by the relevant quarters. This study tends to rekindle the need and opportunity available in sincere implementation of tax incentives aids available to listed manufacturing firms in Nigeria. The study specifically examined the effect of tax incentives proxied by tax holiday, loss relief, capital allowance and tax credit on profitability of listed manufacturing firms in Nigeria; assessed the impact of tax incentives on market value; evaluated the influence of tax incentives on liquidity and analysed the effect of tax incentives on operational efficiency of listed manufacturing firms in Nigeria. The population of the study consisted of thirty-four (34) consumers and industrial goods firms listed on Nigerian Exchange Group (NGX). Purposive sampling technique was used in selecting 20 firms for a period of twelve years from 2012 to 2023. Secondary data on variables such as tax holiday, loss relief, capital allowance, tax credit, profitability, liquidity, market value and operational efficiency were obtained from the audited annual reports of the sampled firms and website of Nigerian Investment Promotion Commission (NIPC).  Descriptive statistics, correlation analysis, variance inflation factors and Dynamic Generalised Methods of Moment were employed as data analysis techniques. The result from objective one revealed that tax incentives proxied by annual allowance (t= 0.1920,  p

As a nation grapples with development challenges, the strategic utilization of deficit budgets emerge as a prominent policy tool for fostering economic expansion. This study examined the effects of deficit budget financing on economic growth in Nigeria from 1981 to 2023. Ex-post-facto design was adopted for the study. Three hypotheses were formulated and tested at 0.05 level of significance. The study employed secondary data obtained from published statistical bulletin of Central Bank of Nigeria between 1981 to 2023. The data gathered was analysed using ordinary least square regression technique via E-views version 9. Findings revealed that Federal Government domestic debts, external debts and exchange rate have a significant effect on real gross domestic product in Nigeria between 1981 to 2023. It was recommended that the federal government of Nigeria should maintain optimum level of domestic debt as it represents a veritable mechanism through which the much-desired accelerated and sustainable economic growth can be achieved.

This study investigates the enduring structural and institutional constraints affecting Nigeria’s personal income tax system from 1960 to 2025, focusing on issues of equity, taxpayer compliance, and administrative efficiency. The objective is to assess the extent to which successive legislative reforms have addressed these challenges and enhanced revenue mobilisation. Adopting a qualitative doctrinal and historical research approach, the study traces the development of personal income tax legislation from the Income Tax Management Act 1961 through the Personal Income Tax Act 1993 to the Nigeria Tax Act 2025. The analysis is anchored on the Ability-to-Pay, Equity, Optimal Tax, Tax Compliance, and Institutional theoretical frameworks. The findings reveal that although successive reforms have improved legal clarity, progressivity, and the formal inclusiveness of the tax system, persistent weaknesses in institutional capacity, inconsistent enforcement, and low levels of taxpayer trust continue to undermine compliance and limit revenue performance. While the Nigeria Tax Act 2025 introduces significant innovations—particularly in expanding exemptions for low-income earners, accommodating digital and cross-border income, and promoting administrative modernisation—legislative reform alone has proven insufficient to deliver optimal outcomes without corresponding institutional strengthening. The study concludes by recommending sustained investment in tax administration, enforcement mechanisms, and trust-building measures to complement legal reforms. It contributes to the literature by offering a longitudinal doctrinal analysis of Nigeria’s personal income tax regime and by providing policy-relevant insights for enhancing equity, compliance, and revenue sustainability in emerging economies.

The sustainability of Nigeria's economic growth has come under scrutiny due to its significant reliance on oil exports and mounting external debt. Foreign direct investment (FDI) has been viewed as a possible engine for economic growth and diversification. Thus, the impacts of external debt, oil export and FDI on economic growth in Nigeria are examined in this study. Time series data was utilized spanning 43 years between 1981 and 2023 to analyze the dynamic relationships between external debt, oil exports, FDI, and economic growth. The empirical process includes preliminary analysis (descriptive analysis; pre-test: unit root test [using ADF test]; cointegration test [ARDL bounds test]); model estimation (ARDL model) and post-estimation test. Following the empirical analysis, it was found that economic growth was positively and significantly impacted by external debt and FDI in Nigeria. Similarly, it is discovered that oil export has a beneficial impact on economic growth, indicating its potential as a catalyst for economic expansion and diversification. The findings have significant ramifications for decision-makers who want to support Nigeria's sustainable economic development and prosperity. Based on the foregoing outcomes, the study recommends that the government should give careful external debt management first priority which would entail a thorough evaluation of the project, open reporting of debt, and a dedication to keeping debt-to-GDP ratios within reasonable bounds. The government should also look into value-added potential in the oil industry, and efforts should be made to draw in more FDI. 

The main objective of this study examines the effect of audit quality on financial performance of listed consumer goods sector in Nigeria. Specifically, the study assesses the effect of audit fee, audit size and auditor committee on financial performance of listed consumer goods sector in Nigeria. The theoretical framework for the study is the agency theory. The research design was ex-post facto research design. The research work used secondary data collected from financial statements of the listed consumer goods firms in Nigeria. The analysis was done using descriptive statistics, correlation analysis, fixed and random effect test and regression analysis for the test of hypotheses. The result of the study indicate that audit fee and audit size has significant effect on financial performance of listed consumer goods sector in Nigeria while and auditor committee has no significant effect on financial performance of listed consumer goods sector in Nigeria. The study therefore concludes that audit quality has positive and significant effect on financial performance of listed consumer goods sector in Nigeria. Amongst the recommendations is that consumer goods firms should determine the optimum audit fee that will not affect performance. Consumer goods firms should improve the audit size below the mean value and consumer goods firms should not be in a hurry to assign more than one responsibility to each of the auditor committee since it has significant effect on return on asset.

The main objective of this study examines the effect of audit quality on financial performance of listed consumer goods sector in Nigeria. Specifically, the study assesses the effect of audit fee, audit size and auditor committee on financial performance of listed consumer goods sector in Nigeria. The theoretical framework for the study is the agency theory. The research design was ex-post facto research design. The research work used secondary data collected from financial statements of the listed consumer goods firms in Nigeria. The analysis was done using descriptive statistics, correlation analysis, fixed and random effect test and regression analysis for the test of hypotheses. The result of the study indicate that audit fee and audit size has significant effect on financial performance of listed consumer goods sector in Nigeria while and auditor committee has no significant effect on financial performance of listed consumer goods sector in Nigeria. The study therefore concludes that audit quality has positive and significant effect on financial performance of listed consumer goods sector in Nigeria. Amongst the recommendations is that consumer goods firms should determine the optimum audit fee that will not affect performance. Consumer goods firms should improve the audit size below the mean value and consumer goods firms should not be in a hurry to assign more than one responsibility to each of the auditor committee since it has significant effect on return on asset.