The main objective of this study is to establish why NEPA has persistently failed to effectively turnaround with a view to recommending an effective corporate turnaround strategy. The corporation has performed very poorly for several decades in both monetary returns and service quality. Several attempts to reverse the situation have failed, thus frustrating the government who own the corporation and the consumers who use its services. To do this we start by building a theoretical framework to learn from experience of other organisations and establish the parameters for performance measurement, necessary for a successful corporate turnaround. Corporate turnaround strategy is only necessary if there is corporate decline. Corporate decline, however, does not occur as one of those things in an organisation but starts in one area and systematically spreads to the other areas. There are two sources of corporate decline, one internal to the company and the other external to it. While the managers may influence the internal causal factors of decline, it is not easy for them to influence the external causal factors of decline. However, good managers may minimise the effects of external factors of decline on their organisation. The main internal cause of corporate decline is management, along with other variables such as finance, organisation structure, bureaucracy and poor management decisions. Most corporate decline situations arise as a result of poor and inefficient management among others which include ineffective financial policy and control, overexpansion and large scale investments without proper costing. Yet. other factors include building.... of high cost structure in an organisation, poor marketing efforts and wrongly judged acquisitions and mergers. NEPA possesses most of these attributes of decline during the period of 1970 to 1992. The key symptoms of declining organisations are grouped in seven basic families of problems which are mainly liquidity, poor debt collection, declining profitability, quality failures, low employee morale and poor organisation structure. To reverse these trends. most turnaround strategies start with change of top management. The new management carries out the restructuring of the rest of the organisation, first by assuring that the organisation has enough funds to function and is heading towards the desired direction. Such actions include assets I reduction, improved cost efficiency and redirected investment. Following the completion of theoretical framework, we carried out field research directed at four stakeholders of NEPA. We drew up and administered a different questionnaire on Residential Consumers, Commercial and Industrial Consumers, NEPA Staff and Other Interest Groups (Ministries and other Parastatals) to capture the perception of these groups on the performance of NEPA. The responses from the questionnaires have been analysed and reported in the study. Our findings show that NEPA is characterised by the indicators of corporate decline such as: • poor management • weak finance team • high cost structure • bureaucracy The combined effect of these is poor performance in product quality and loss of revenue as shown in its operating records. The first attempt to improve product quality of NEPA in 1972 by merging the two bodies (ECN and NDA) into one body failed to produce noticeable effect. The corporation has therefore continued to decline over the years and the consumers had to tolerate the situation as there was no ready alternative source of power supply. Recognising the problem, another attempt to turn NEPA around was made in 1989, by adopting turnaround strategies which involved changing top management and restructuring the organisation. It still did not improve its performance because the new management was not better than the one replaced. The corporation thus continues to decline. Recognising NEPA's operational problems and managerial difficulties, we recommended corporate turnaround strategies that will lessen the burden on the executives and make NEPA an efficient company. We have recommended change of management, preferably with an outsider, as the first step in the corporate turnaround process in NEPA. This step was followed by the recommendation of large scale reorganisation of the industry. The reorganisation involves the formation of a Holding Company out of the current headquarters, with drastically reduced workforce and ten subsidiary companies. Our recommendations involve the creation of a generating company, a national grid company and eight distributing and supplying companies. We appreciate the resource implications of our recommendations, which involves the injection of new funds, new personnel requirement and the government's approval. The subsidiary companies would inherit most of their staffing requirements from the current NEPA staff, except for Distribution and Supply companies, where a large number of new personnel should be employed. The staffing requirements of Distribution and Supply companies will differ from the other companies in the group. The high calibre professional staff needs shall be met by offering appropriate incentives, comparable to those in the private sector. The corporation has already got premises that will house the subsidiary companies and funding will come from both improved operating and financial performance as well as a one off grant from the government. Despite these resource implications, we are convinced that if NEPA is keen to improve on its performance, our recommendations will be the way out for the corporation.

This study sets out to model non-bank public's desired holdings of five different measures of money in the Nigerian economy. These are currency outside banks (COB), demand deposits (DD), narrow money (Ml), quasi money (QM), and broad money (M2).The study addresses many of the pitfalls inv

This study discusses the performance and prospects of the Nigerian economy in the wake of the oil euphoria. It produces some empirical evidence for the rapid destruction of Nigerian agriculture in the past ten years or more and it demonstrates that the plight of the Nigerian economy in general and the rural sector in particular was in part a direct consequence of the increase in oil revenue which pushed up the exchange rate and made it unprofitable to grow crops for export. It concludes that unless a radical change in government policy is effected to revive the agricultural sector, Nigeria will experience a depletion of both her oil and her agricultural resources to the extent that the economy could eventually face a food crisis like those recently experienced in Ethiopia, Sudan, Mali or Chad, and without an industrial base. The study argues that contrary to the view commonly held in Nigeria, the benefits in the medium and long term of devaluing the Nigerian currency(naira) will greatly outweigh the costs which are likely to be only temporary. We use the term "Dutch disease", as it was in the Netherlands, that the phenomenon of the adverse effects on the rest of the economy of a rise in the exchange rate, brought about by the discovery of natural gas, was first observed.

The study was carried out to examine the effect of economic factors on stock price in a global economy - a case study of the Nigerian stock market. The main objectives of the study was to examine some peculiarities or differences in terms of economic variables that influence stock prices in the Nigerian stock market from those of the global economy. The study makes use of regression analysis and analysis of variance to analyze the secondary data obtained from the Nigerian Stock Market. There are numerous variables that can be identified to determine stock prices in any economy. / Mjeramgatan 2 lag 231 412 76 Göteborg

This study develops comprehensive full-sector macro-econometric models for the Nigerian economy with the aim of explaining and providing a long-term solution for the persistent growth-poverty divergence experienced by the country. The models are applied to testing the hypothesis of existing structural supply-side constraints versus demand-side constraints impeding the growth and development of the country. Structural inadequacies have been the major setback to the achievement of the developmental objectives in the Nigerian economy. The last four decades has revealed several macroeconomic instabilities that hinder much improvement in the performance of the economy. Much of these structural inadequacies have been blamed on the persistent poor governance experienced by the country over the years. The poor political leadership and instability, corruption and the mismanagement of the oil resources have halted an appropriate and sound economic policy that should have alleviated poverty among the majority of the population. A review of the historical performance of the Nigerian economy reveals significant socio-economic constraints as the predominant impediments to high and sticky levels of poverty in the economy. As such, a model of the Nigerian economy suitable for policy analysis needs to capture the long-run supply-side characteristics of the economy. A price block is incorporated to specify the price adjustment between the production or supply-side sector and real aggregate demand sector. The institutional characteristics with associated policy behaviour are incorporated through a public and monetary sector, whereas the interaction with the rest of the world is presented by a foreign sector, with specific attention given to the oil sector. The models are estimated with time-series data from 1970 to 2006 using the Engle-Granger two-step cointegration technique, capturing both the long-run and short-run dynamic properties of the economy. The full-sector models are subjected to a series of policy scenarios to evaluate the various options for government. It is evident from the policy options assessed in this study that there is a need for an improvement in the quality of government spending. Fiscal policy expansion should tend towards increasing the component of government expenditure that will lead to sustained growth and also an improvement in the standard of living of the citizens. In order to be able to reap the benefits of a positive external shock, there is a need to increase the level of competitiveness and the productive capacity of the country. Investment in basic infrastructure such as power and roads is very crucial at this stage of the Nigerian economy. There is an urgent need to refocus the government role in certain critical areas of the economy. Government institutions need to be strengthened by improving the coordination that exists within the government structures. The political environment needs to be more secure in order to attract more private investment. The maintenance of public order, ensuring property rights, a sound regulatory structure and also creating a framework that will increase the provision of public goods and services and the maintenance of infrastructure are urgent elements required in order to achieve the set macroeconomic objectives. / Thesis (PhD)--University of Pretoria, 2010. / Economics / unrestricted

This study is directed towards the relationship between the economic environment in Nigeria and its indigenous private sector from 1960 to 1980. Nigeria practices mixed capitalism aided by the national government, foreign governments and international agencies. The 1972 and 1977 Indigenization Decrees were passed to eliminate foreigners from certain economic fields to be replaced by Nigerian citizens. The economic environment of Nigeria is less than suitable for the operation of modern business. Roads, telephones, telex services, electricity services, law and order and a few other critical underpinnings of business are inefficiently provided for in the economic system of the country. Despite the unfortunate economic environment Nigerian Entrepreneurs, especially the Ibos, have been particularly industrious. However, indigenous private enterprise in the country has not been especially successful.

This thesis assesses the significance of real bank credit in stimulating real output paying particular attention to the factors that prompt financial intermediation within the economy. The thesis contributes to the existing literature on finance and growth by providing fresh empirical evidence in the case of the Nigerian economy and Africa as a whole. In the context of Nigeria, credit Granger causes output, but the reverse is not true. In testing the factors that mobilise credit, I find that exports are negatively related to credit. Moreover, since credit usually fund non-oil exports, I also find that oil exports is negatively related to credit, whereas non-oil exports is positively related to credit. The latter also explains why capital inflows and imports are positively related to credit in my study. Extending the analysis to Africa as a whole, I find that causality is bi-directional. In examining the factors which mobilise credit (based on three measures of output); I find that output consistently exerts a positive influence on credit, whereas inflation and exports exert the opposite effect. However, the impact of government expenditure on credit is ambiguous. These results are re-confirmed when I use an alternative estimator for robustness. In line with the variables used in the Nigerian case, both capital inflow and imports positively influence credit while the impact of exports is negative for the whole of Africa. When examining the drivers of output in the African context, I find that credit and exports positively influence output whereas inflation exerts the opposite effect. The role of government expenditure is equally ambiguous. A further robustness test again confirms these results. The relationship between exports and credit in the literature is positive hence, it is important to investigate why the opposite holds in the Nigerian and African context. As such, I examine the efficiency of the banking system using three different measures, which includes loans, other earnings and other operating income since this may explain the counter intuitive result: export sales in Africa are largely intermediated by multi-national firms who prefer to obtain financing from credit markets that are more efficient than the African banking system. Across Africa, efficiency of the banking system is 74%, 76% and 92% when loans, other earnings and other operating income are respectively used as the output variables. This implies that 26% of credit is allocated in an unproductive way while 24% and 8% of expenditure could be better managed. When dividing the sample into medium and low-income countries, I find the respective levels of efficiency for each of the measures to be 94% and 11%; 83% and 0%; 90% and 0% for loans, other earnings and other operating income as the output variables respectively. This result supports bank loans as the best output variable, which I use further in the estimation. Further clues as to why there should be such differences in efficiency are obtained when the sample is split by regions, since there are regional variations in the use of credit. The Central African region is the least efficient. In these economies, resources are typically held and allocated by a few individuals.

This is a demographic study of Nigeria between 1952-1982. Relationships between population growth and economic development are described in detail. Comparisons are made of demographic growth in Nigeria with other developing countries, particularly those in Africa. Population pressure, the condition of the rural areas, and some internal and external population problems are discussed in length. The government's position and the public view on population control and family planning programs are also examined. Current programs of family limitation are discussed and evaluated. The study concludes with recommendations for solutions. Emphasis is placed on the need for immediate recognition and action. Various solutions, particularly education, are evaluated.

This study examined the effects and expectations of external economic dependence on foreign investment policy outputs with particular reference to the Nigerian experience between 1954 and 1980. Three basic kinds of external economic dependence were studied: foreign investment, the penetration of the Nigerian economy by foreign capital through the agency of the multinational corporations (MNCs); foreign trade, a measure of the Nigerian economy's participation in the world market; and foreign aid (loans and grants), a measure of Nigeria's reliance on financial assistance from governments and international financial inst itutions. For the most part, the level of Nigeria's economic dependence was very high. However, economic dependency is not translated into changes in foreign investment policy in favor of the foreign investors in Nigeria as is predicted by the dependency paradigm. The Nigerian case casts doubt on the dependency paradigm as a framework for fully explaining factors that may determine foreign direct investment policy changes that occur in a less developed Third World country. In other words, the dependency paradigm has a limited explanatory power; there is a factor independent of the economic factor operating out of the control of global capitalism (the center of the center in alliance with the center of the periphery); and that factor is the political process in Nigeria. The web of the Nigerian political process involves the various aspects of its internal functioning such as the manner in which needs, interests and demands are conveyed from the individuals and groups in the country to those performing state duties. Thus, Nigerian policy makers were more influenced by those elements than pure economic considerations treated in isolation.

L’influence montante de la Chine en Afrique est souvent analysée comme la simple exprsssion d’unevolonté étatique chinoise. Le rôle des migrants et diasporas contribue pourtant de manière primordialeau dynamisme des échanges. C’est notamment le cas des Chinois au Nigér ia. Entre la Chine et leNigéria, les relations inter-étatiques sont peu significatives, contrairement aux échanges initiés par laprésence de migrants et entrepreneurs chinois. Implantées solidement dans les tissus économiques duNigéria, les communautés chinoises créent une dynamique forte qui associe affaires et politique. Lathèse met en lumière et analyse à partir d’observations participantes et d’entretiens (formels etinformels) , le rôle d’impulsion joué par une « diaspora économique » largement autonome par rapportaux relations officielles. Elle décrypte les stratégies du quotidien et l'importance de ces individusordinaires et leurs actions, entretenus essentiellement par les réseaux de toute nature, dans l’animationdes relations sino-nigérianes. / The rising influence of China in Africa is often considered as the mere expression of the will theChinese state. The role of migrants and Diasporas contributes decisively to the dynamism of theseinteractions. This is notably the case of the Chinese in Nigeria. Between China and Nigeria, inter-staterelations carry little significance, unlike the interactions associated with the presence of Chinesemigrants and entrepreneurs. The Chinese communities are solidly anchored in the Nigerian economicissue, and they create a momentum that combines business with politics. The thesis highlights anddiscusses, through observer-participant observations and interviews (both formally and informallyconducted) the impulse given by an 'economic Diaspora' that remains largely autonomous vis a visofficial relations. We analyze daily strategies and contrast these with official relations. In doing so, thethesis decrypts the daily strategies and the importance of ordinary individuals and their networks in thedevelopment of a diversity of networks that contribute, in their own way, to deepen Sino-Nigerianinteractions.