Volume 18, July 2022

How Far Does Currency Depreciation Affect Domestic Output in Nigeria?
Akin George Ogunleye
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    Since 1986 when Nigeria implemented series of economic reforms, the country’s currency has experienced considerable changes in value mainly in the form of depreciation. Towards obtaining a realistic value, various exchange rate policies were adopted with the focus of making the exchange rate market driven. The main result from the various experiments has been the continuous depreciation of the Naira against major international currencies. While there is consensus among economists about the importance of exchange rate in macroeconomic management, opinions differ considerably on the specific impact of exchange rate depreciation on aggregate output. It is on this premise that this study examines how far currency depreciation affects domestic output in Nigeria. To achieve this objective, this study uses Granger causality test and ECM estimation technique. The variables were found to be non-stationary at levels but stationary after first differencing and were also co-integrated. The result from the estimation of the domestic output function shows that depreciation of the Naira exerts positive impact on the level of domestic output in the long run but a negative impact in the short run. The main implication drawn is that though a depreciation of the domestic currency could cause domestic output and prices to change, the final effect may be indeterminate, depending on the impact of other output growth determinants. It was recommended that the reinforcement of import substitution strategy should be vigorously pursued to reduce pressure on available foreign currencies and also ensure stability in the exchange rate of the domestic currency.
Enhancing Workgroup Effectiveness Through Inclusive Leadership in a Maritime Institution
Jinan Shihab Ahmed
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    This study investigated the influence of inclusive leadership on workgroup effectiveness. The study posits that (a) encouraging and appreciating employees, (b) respecting and treating employees fairly, and (c) rational tolerance of failure, as dimensions of inclusive leadership, severally and collectively enhance workgroup effectiveness. This relationship was tested using data collected from 125 respondents (Mage = 32.30 years, SD = 4.84) drawn from the General Company for Ports of Iraq (GCPI), the managing company of Umm Qasr Port, Iraq. The data were analysed using IBM SPSS Statistics 26. The results revealed a significant and positive relationship between inclusive leadership (and its dimensions) and workgroup effectiveness. Specifically, the results suggest that workgroup leaders rely more on the “encouraging and appreciating employees” inclusive leadership practice in achieving workgroup effectiveness. The study concludes with highlights about the consequences of this and other outcomes and offers some recommendations for research and practice.
Influence of Executive Directors Compensation and Asset Utilization Ratio on Financial Performance of Quoted Consumer Goods Firms in Nigeria
OLAGUNJU Adebayo and ADENLE Oluwatimileyin Esther 
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    The study examined the influence of executive directors’ compensation and asset utilization ratio on financial performance of Nigeria quoted consumer goods firms. This study employed causal research design. The study was conducted on ten consumer goods firms which were purposively chosen based on accessibility of annual reports. The study covered a period of 5 years ranging from 2015 to 2019. Data utilized for the study were analyzed using both inferential and descriptive statistics, the inferential statistics used are correlation and panel regression. The results of the hypothesis one tested for this study showed that there is a negative significant connection between executive directors’ compensation and return on asset evidenced via t-statistic = -2.222500, p-value (0.0040). However, the result of the second hypothesis tested revealed that there is a positive significant connection between asset utilization ratio and return on equity supported via t-statistics = 2.251443, p-value (0.0051). More so, this study concluded that a significant association exist between executive directors’ compensation, asset utilization and financial performance. The study suggests that management of quoted consumer goods companies in Nigeria should formulate remuneration packages that will give executive directors an inducement to act in the best interests of the shareholders and also inspire them to effectively use firm’s resources and asset. The implication of the study is that high executive directors’ compensation does not guarantee high financial performance. Therefore, company management should ensure that executive compensations are pegged in a constantly flexible manner. Also, managers should aim at increasing the organization asset utilization.
Inclusive Development Milieu of Poverty Alleviation Programmes in Edo State, Nigeria
Young Kenneth IRHUE, Musediq Olufemi LAWAL and Basheer Olalere USAMOTU

Full Text | Abstract

    In line with worrisome picture painted by scholars of pervading poverty situation in the country, this study examined how inclusive development could make a difference in the life of the populace. It discusses the challenges of corruption, lack of visionary leadership and weak institutional framework and others. It acknowledged that various ministries and agencies saddled with responsibility of poverty alleviation have utterly failed in their responsibilities with nothing tangible to show for their efforts. The study showed that existing policy approaches could not achieve expected results due to existing top-down approach in policy formulation thus implying a lack of participation from the general public. The study therefore explored the veracity of policy approach called ‘inclusive development’ in equitable and sustainable livelihood. The position of this paper is that, an inclusive development planning will make a difference as a veritable tool for the alleviation of poverty in Nigeria.
Operating Cash Flow and Financial Performance of Listed Cement Manufacturing Companies in Nigeria
Olagunju,Adebayo(Ph.D), Ojeleye,Ayodele David and Kazeem,Bayo Liafeez Oyero

Full Text | Abstract

    This study examines the influence of Operating Cash flow on financial performance of listed Cement Manufacturing companies in Nigeria. This study employs Ex-post facto research design. There were only three listed Cement Manufacturing companies in Nigeria and all three listed cement manufacturing companies were selected based on the availability. The study used secondary data collected from the Annual Reports, Accounts, and website of the listed Cement Manufacturing companies for the period of the study. Descriptive statistics using E-views software and inferential statistics were used to test variables collected for a period of five (5) years (2015-2019). The result of the study revealed that there is a positive but insignificant relationship between Cash Flow from Operating activities (CFO) and financial performance proxied by ROA evidenced by t-statistics = 2.880670, p-value (0.0121) while there is positive and significant relationship when financial performance was proxied by ROCE of the listed conglomerate companies in Nigeria evidenced by t-statistic =3.341834, p-value (0.0048), p-value < 0.05%. The implication of this finding is that listed companies maintain balance between cash flows which in turn improves the firm performance and that there was a positive relationship between the operating cash flows profitability and the returns of all stakeholders. The study recommends that managements re-evaluate their operating cash flow management strategies in order to enable them operate more profitably as well as generate enough cash sufficient enough to meet their daily obligations as they fall for corporate financial performance.
Bio-Social Factors as Determinants of Labour Union Leaders’ Negotiation Skills in Ogun State, Nigeria
Johnson, FEJOH and Ademola Joshua, ADESEGUN

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    Purpose: The study examined bio-social factors as determinants of negotiation skills of labour union leaders in Ogun State, Nigeria using sleep, diet and sport as biological factors, and religion and income as social factors. It established how bio-social factors impacted on the negotiation skills of labour union leaders during collective bargaining process. Methods: The study adopted ex-post facto design. One hundred labour union leaders across two labour unions, NUPENG and NUT in Ogun State, were selected using convenience sampling technique. Primary data were collected through the use of adopted scale titled “labour union leaders’ negotiation skills scale”. Data were analysed descriptively and inferentially using frequency count, simple percentage, summary values, multiple regression and t-test. Findings: The findings established that diet had significant effect on negotiation skills of union leaders (β=.072; β=.089; t=.116; p=.005; p<0.05). Also, sleep had significant effect on negotiation skills of union leaders (β=.072; β=.083; t=1.946; p=.005; p<0.05). Sport had significant positive effects on the negotiation skills of union leaders (β=.024; β=.047; t=0.774; p=.007; p<0.05). Likewise, negotiation skills of union leaders did not differ according to their religion (t=1.96; p>0.05), while union leaders differ on their negotiation skills based on their level of income (t=2.437; p<0.05 all in Ogun State, Nigeria). Conclusion: The study concluded that bio-social factors (sleep, sports, diet and income) were determinants of negotiation skills among labour union leaders in Ogun State, Nigeria. Meanwhile religion was not a potent determinant of negotiation skills among labour union leaders in Ogun State, Nigeria. Recommendation: The study recommended that labour union leaders should eat well, engage in exercise and sleep well in order to improve their negotiation skills during collective bargaining process to engender better welfare packages and sound conditions of service for their members.
Job Burnout and Organizational Cynicism Among Employees in Banking Industry in Osun State, Nigeria
OJO, SOLOMON PH. D. and ODUFUWA, Bunmi Bose

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    This study examined the relationship between job burnout and organizational cynicism among employees in First Bank Plc., in Osun State. The study was a survey which employed Ex-post Facto design, which was adopted because the authors of study were not actively involved in any manipulation of variable (s) of interest in the study. However, quota samplinsg techniques was used in selecting the sample size. A total of 198 staff members of First Bank Plc was selected from First bank branches in Osogbo in which 90 (45.5%) were male while 108 (54.5%) were female. Questionnaire format was employed for data collection. Collected data were analyzed by both descriptive and inferential statistics, using the of Statistical Package for Social Sciences (SPSS) version 21.0. The results showed there was a significantly positive relationship between job burnout and organizational cynicism among employees in First Bank Plc [r (196) = .43 , P<.01], there was also a significantly positive relationship between emotional exhaustion and organizational cynicism among bank employees in First Bank Plc [r (196) = 37 P<.01], there was a significantly negative relationship between personal accomplishment and organizational cynicism among employees in First Bank Plc [r (196) = -.36** P<.01]; there was a significantly positive relationship between depersonalization and organizational cynicism among employees in First Bank Plc [r (196) = .27** P<.01] and it was concluded that job burnout significantly had influence on organisational cynism in the banking industry. It was recommended that banks should give their employees breaks and time off from time to time in order to guide against job burnout since it has a significant relationship with organizational cynicism.
Impact of Industrial Conflicts and Its Management on Workers’ Job Commitment and Optimal Productivity in State-Owned Universities in Ogun State, Nigeria
Johnson, FEJOH and Opeoluwa Adesuwa, EGIARUOYI

Full Text | Abstract

    Purpose: The study examined the impact of industrial conflict and its management on workers’ job commitment and optimal productivity in state-owned universities in Ogun State, Nigeria. It established how industrial conflict and its management impacted on workers’ job commitment and optimal productivity in state-owned universities. Methods: The study adopted survey research design method. One hundred and fifty workers across two state-owned universities (Olabisi Onabanjo University, Ago-Iwoye and Tai Solarin University, Ijagun, Ijebu-Ode) were selected at the rate of 75 academic staff and 75 non-teaching staff using an adapted Rahim Job Conflict Inventory (ROC-I-II). Data were analysed using regression analysis. Findings: The findings established that industrial conflict and its management had significant effect on workers’ job commitment in state-owned universities in Ogun State, Nigeria (β=.565; β=.687; t=.17.023; p<0.05). Also, industrial conflict and its management had significant effect on workers’ optimal productivity in state-owned universities in Ogun State, Nigeria (β=.594; β=.798; t=23.800; p<0.05 Conclusion: The study concluded that industrial conflict and how they are managed have significant effects on workers’ job commitment as well as optimal productivity. The inability of university managements and other relevant agencies of government who are saddled with the responsibilities of managing industrial conflicts in these state-owned universities have been discovered not to fully key into the idea of adopting appropriate industrial conflict management styles when seeking for the resolution of industrial conflicts. Recommendation: The study recommended that the Ogun State Government, as proprietor of these universities should strive hard to ensure that our universities are managed in a way that encourages industrial harmony. It is only through this that the universities can be centres of excellence they are established to be.