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CORRUPTION AND ECONOMIC GROWTH IN NIGERIA

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ABSTRACT

Corruption is an ancient practice that has been traced back to prebiblical time and made itself known in the ancient civilizations of developed and developing countries. This study empirically investigates the impact of corruption on the growth of Nigerian economy using granger causality and regression techniques. The study used gross domestic product GDP as a proxy of economic growth and corruption index as a proxy of corruption in our analysis. The study revealed that the level of corruption in Nigeria over the years has significant negative impact on economic growth in Nigeria. The implication of this study is that economy cannot grow fast without zero tolerance in corruption. The study recommended that the policies that will enhance economic growth are expected to be encouraged in reducing corruption and poverty so that the level of economic growth can be improved. And that the activities or programmes of the anticorruption agencies in Nigeria such as the Economic and Financial Crime Commission EFCC and the Independent Corrupt Practices and related Offences Commission ICPC should be strengthened.

CHAPTER ONE

1.0 Introduction

Public debates recently in Nigeria have centred on the increasing rate of corruption resulting from inappropriate public finance planning and implementation mostly in some of the developing countries, Nigeria inclusive which in turn reduce the level of economic growth in the country. Corruption made itself visible when the institution of the government was founded due the behaviour of people appoint or elect to manage the government institutions Anyanwu, 2002; Idomeh, 2006. Corruption has recently become a major issue in foreign aid and Nigeria nation as a whole. Corruption is an ancient practice that has been traced back to prebiblical time and made itself known in the ancient civilizations of developed and developing countries. Political and social corruption is not a recent phenomenon that pervades the Nigerian state. Corruption is a social problem that has interested many scholars. Ruzindana 1999 sees corruption in Africa as a problem of routine deviation from affordable standards and norms by public officials and parties with whom they interact. The major concern for internation aid policy during the last five decades has been to improve the living condition for the poor in the poorest countries of the world. But governments in poor countries are also the most corrupt country due to high level of poverty. Treisman 2000 and Paldam 1999 cited in Jens and OddHelge 2001 states that the level of GDP per capital holds most of the explanatory power of the various corruption indicators.

Corruption is a disease, which eats into the cultural, political and economic growth of any country and as well destroys the functioning of various organs of the government. Transparently international 2005 opine that corruption is one of the greatest challenges of the contemporary world which undermines good government, fundamentally distorts public policy, leads to the misallocation of resources harms the private sector development and as well hurts the poor.

The need to study corruption and economic growth in Nigeria has continued to generate passionate commentaries and academic interest due to the level of corruption in the country and its effect on economic growth. In Nigeria corruption is one of the reasons for many unresolved problems that have critically hobbled and reduce development Ayobolu, 2006. It also remains a longterm major political and economic growth challenge for Nigeria Sachs, 2007. International centre for economic growth 1999 states that corruption is a canker worm that has eaten deep in the fabric of the nation which ranges from petty corruption to political or systematic corruption. Abiodem 2007 in World Bank studies put corruption at over 1 trillion per year accounting for up to 15 of the Gross Domestic Product of nation like Nigeria. Corruption is a canker worm that has reduced development in all sectors of the economy EFCC, 2005. Corruption has been the primary reason behind the country difficulties in developing fast ICPC, 2006. Ribadu, 2003 states that this is the reason why transparency international has consisted rating of Nigeria as one of the top three most corrupt countries in the world.

In Nigeria, the level of corruption, poor state of our electricity, transport sector, health sector, education sector and communications is the major problem of economic growth and it is a major handicap for doing business in the country. As part of fighting corruption and strengthening the economy, Nigeria government has over the years embark on series of economic growth reform through privatization, banking sector reform, anticorruption campaigns and establishment of transparent fiscal standards such as ICPC, EFCC etc. The major aim of economic reform in Nigeria is to provide a conducive environment for private investors and FDI to flow African economic outlook 2011.

1.1Background to the Study

Contrary to the prevailing practice among most social scientists and other students of society like lawyers, historians and philosophers who claim or make a pretense at objective, valuesfree analysis and explanation of any social phenomenon. I openly acknowledge that all attempts to explain social reality, or any aspect of it are necessarily informed by philosophical and moral presuppositions, explicitly or implicitly made by scholars concerned.

Consequently, a historical perspective of corruption in Nigeria begins with seeing corruption as a form of antisocial behavior by an individual or social group which confers unjust or fraudulent benefits in its perpetrators, is inconsistent with the established legal norms and prevailing moral ethos of the land and is likely to subvert or diminish the capacity of the legitimate authorities to provide fully for the material and spiritual wellbeing of all members of society in a just and equitable manner. It is important to note the following;

A. Corruption was not invented by, nor is it peculiar to Nigerians. On the contrary, it is a global phenomenon with deep historical roots, although it manifests itself with significant similarities and differences in different societies, depending on the particular system of power c distribution and the legal and moral norms operating therein.

B. Corruption, like all social phenomenon, is intelligible only in its total social context: its peculiar form, dynamics and degree of social and cultural acceptability or tolerance being critically related to the dominant mode of poverty distribution power configuration; and the underpinning moral and ethical values of operation in a given society.

C. Corruption in Nigeria is a kind of social virus which is a hybrid of traits and those derived from and nurtured in the indigenous Nigerian context.

1.2 Statement of Problem

The causes of corruption are myriad; and they have political and cultural variables. According to Lipset and Lenz, there is a strong evidence points to a link between corruption and social diversity, ethnolinguistic fractionalization, and the proportions of countrys population adhering to different religious traditions. And studies note also that corruption is widespread in most nondemocratic countries, and particularly, in countries that have been branded neopatrimonial, kleptocratic and prebendal NORAD 2000. Thus, the political system and the culture of a society could make the citizens more prone to corrupt activities. However, the statement of this research problem is focus on the fact that corruption has degraded our nation and yet its not adequately considered or looked into as a serious fact to poor economic growth of the nation Nigeria, therefore the researcher seeks to address this issue and highlight the effects of corruption in Nigeria and call for adequate attention to its clarion call.

1.3 Objectives of Study

This research work will evaluate corruption, its conceptual effects to the economic growth of Nigeria. Other forms of objectives are.

To review Nigerian corruption and its effect to the economy.

To alternate an option to how corruption can be adequately tackle and handle in our country Nigeria.

To call Nigerians to stand out, and shown corruption.

1.4 Research Hypothesis

For the purpose of this research work, two relevant research hypothesis will be stated and tested for the cause of this study.

Hnull There is no significance relationship between corruptions to economic growth of Nigeria.

Halt There is a significance relationship between corruptions to economic growth of Nigeria.

Hnull Corruption cannot be resolved in Nigeria as a result of the level attain to.

Halt Corruption can be resolved in Nigeria even though the level it has attain to

1.6 Significance of the Study

The significance of this work lies on the fact that with less corruption, the Nigerian economic growth stands to gain in its efforts towards development. This study attempts to answer the question; what is the correlation between corruption and economic growth, the cause of corruption and how the present state of corruption will be lessen.

This will form the basis upon which suggestions will be made as to how corruption can be eradicated.

This work stands to benefit:

Nigeria as a whole. The research intends to bring forth ways to lessen corruption for the purposes of increasing economic growth.

The research will be beneficial to schools teachers and students and will help them understand the consequence of corruption to our nation.

1.7 Scope and Limitations of the Study

This study focuses on Nigeria and on the impact of agricultural development on the economic growth of Nigeria.The originality and reliability of any study or research work is based on the quantity and quality of available data. Though it is the duty and intention of any researcher to bring out and show everything the study is to have, but there are constraints which include, time, finance, difficulty in getting data, etc.

1.8 Research Methodology

This research work will employs simple econometric models like Augmented DickerFuller test, granger casualty test and cointegration test to investigate the impact of corruption on economic growth in Nigeria. Therefore, secondary method of data collection is used.

1.9 Definition of Key Terms

Corruption may be conceptualized as the perversion or change from good to bad, right or wrong. It may be defined generally as the misuse or abuse of position, power or procedures for personal or group interest, need and wants. It involves the violation or established rules, practices and procedures personal and/or group interests.

The word corruption has varied meanings depending on the political culture and civilization of the people. It is effort to secure wealth and power through illegal means for private gain at public expense. Corruption has coexisted with human society for a long time and remains one of the problems in many or the worlds developing economics with devastating consequences. It involves the violation or established rules for personal gains and profits. It includes such behavior as bribery, nepotism and misappropriation of funds sce Sen 1999, Nyc 1967, lipset and Lenz 2000.

Granger causality test is a statistical hypothesis test for determining whether one time series is useful in forecasting another, first proposed in 1969.1 Ordinarily, regressions reflect mere correlations, but Clive Granger argued that causality in economics could be tested for by measuring the ability to predict the future values of a time series using prior values of another time series.

References

Abiodum, E. O. 2007. The effect of corruption and economic reforms on economic growth and development in Nigeria. Journal ofSocial Sciences and Finance, 21: 1525

Ade, A. O., Babatude, H. and Awoniyi, M. A. 2011. The relationship between Corruption, Foreign Direct Investment and Economic Growth in Nigeria. An empirical investigation. Journal of Research in International Business and Management, 19: 278292

Adewale, S. B. 2011. The crowdingout effects of corruption in Nigeria: An empirical study. Journal of Business Management and Economics, 22: 059068

African Economic Outlook 2006. Nigeria. African Economic Outlook 20052006. Retrieved on the 20th April 2007 on www.oecd.org/africanoutlook

Akinpelu, S., Ogunseye, U., Bada, I. S. and Agbayangi, A. 2013. The socioeconomic determinants of corruption in Nigeria. EuropeanJournal of Humanities and Social Sciences, 191: 117

Anyanwu, J. C. 2002. Nigerian Public Finance: Joaneel Publishers, Onitsha

Ayobolu, J. 2006. EFCC, Corruption and the Due Process. Segun Toyin Dawodu, USA

EFCC 2005. Effect of Corruption on Nigerias Economy. Nigeria EFFC Information Communication Technology Department. Abuja

I.C.P.C 2006. Nigeria and Corruption. Independent Corrupt Practices and Other Related Offences Commission

Idomeh, A. O. 2006. Public Finance: A Modern Approach HeadMark Publishers Ltd, Benin City.

Integration. Brookings Papers on Economic Activity,1118.

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ContentABSTRACT Corruption is an ancient practice that has been traced back to prebiblical time and made itself known in the ancient civilizations of developed and developing countries. This study empirically investigates the impact of corruption on the growth of Nigerian economy using granger causality and regression techniques. The study used gross domestic product GDP as a proxy of economic growth and corruption index as a proxy of corruption in our analysis. The study revealed that the level of corruption in Nigeria over the years has significant negative impact on economic growth in Nigeria. The implication of this study is that economy cannot grow fast without zero tolerance in corruption. The study recommended that the policies that will enhance economic growth are expected to be encouraged in reducing corruption and poverty so that the level of economic growth can be improved. And that the activities or programmes of the anticorruption agencies in Nigeria such as the Economic and Financial Crime Commission EFCC and the Independent Corrupt Practices and related Offences Commission ICPC should be strengthened. CHAPTER ONE 1.0 Introduction Public debates recently in Nigeria have centred on the increasing rate of corruption resulting from inappropriate public finance planning and implementation mostly in some of the developing countries, Nigeria inclusive which in turn reduce the level of economic growth in the country. Corruption made itself visible when the institution of the government was founded due the behaviour of people appoint or elect to manage the government institutions Anyanwu, 2002; Idomeh, 2006. Corruption has recently become a major issue in foreign aid and Nigeria nation as a whole. Corruption is an ancient practice that has been traced back to prebiblical time and made itself known in the ancient civilizations of developed and developing countries. Political and social corruption is not a recent phenomenon that pervades the Nigerian state. Corruption is a social problem that has interested many scholars. Ruzindana 1999 sees corruption in Africa as a problem of routine deviation from affordable standards and norms by public officials and parties with whom they interact. The major concern for internation aid policy during the last five decades has been to improve the living condition for the poor in the poorest countries of the world. But governments in poor countries are also the most corrupt country due to high level of poverty. Treisman 2000 and Paldam 1999 cited in Jens and OddHelge 2001 states that the level of GDP per capital holds most of the explanatory power of the various corruption indicators. Corruption is a disease, which eats into the cultural, political and economic growth of any country and as well destroys the functioning of various organs of the government. Transparently international 2005 opine that corruption is one of the greatest challenges of the contemporary world which undermines good government, fundamentally distorts public policy, leads to the misallocation of resources harms the private sector development and as well hurts the poor. The need to study corruption and economic growth in Nigeria has continued to generate passionate commentaries and academic interest due to the level of corruption in the country and its effect on economic growth. In Nigeria corruption is one of the reasons for many unresolved problems that have critically hobbled and reduce development Ayobolu, 2006. It also remains a longterm major political and economic growth challenge for Nigeria Sachs, 2007. International centre for economic growth 1999 states that corruption is a canker worm that has eaten deep in the fabric of the nation which ranges from petty corruption to political or systematic corruption. Abiodem 2007 in World Bank studies put corruption at over 1 trillion per year accounting for up to 15 of the Gross Domestic Product of nation like Nigeria. Corruption is a canker worm that has reduced development in all sectors of the economy EFCC, 2005. Corruption has been the primary reason behind the country difficulties in developing fast ICPC, 2006. Ribadu, 2003 states that this is the reason why transparency international has consisted rating of Nigeria as one of the top three most corrupt countries in the world. In Nigeria, the level of corruption, poor state of our electricity, transport sector, health sector, education sector and communications is the major problem of economic growth and it is a major handicap for doing business in the country. As part of fighting corruption and strengthening the economy, Nigeria government has over the years embark on series of economic growth reform through privatization, banking sector reform, anticorruption campaigns and establishment of transparent fiscal standards such as ICPC, EFCC etc. The major aim of economic reform in Nigeria is to provide a conducive environment for private investors and FDI to flow African economic outlook 2011. 1.1Background to the Study Contrary to the prevailing practice among most social scientists and other students of society like lawyers, historians and philosophers who claim or make a pretense at objective, valuesfree analysis and explanation of any social phenomenon. I openly acknowledge that all attempts to explain social reality, or any aspect of it are necessarily informed by philosophical and moral presuppositions, explicitly or implicitly made by scholars concerned. Consequently, a historical perspective of corruption in Nigeria begins with seeing corruption as a form of antisocial behavior by an individual or social group which confers unjust or fraudulent benefits in its perpetrators, is inconsistent with the established legal norms and prevailing moral ethos of the land and is likely to subvert or diminish the capacity of the legitimate authorities to provide fully for the material and spiritual wellbeing of all members of society in a just and equitable manner. It is important to note the following; A. Corruption was not invented by, nor is it peculiar to Nigerians. On the contrary, it is a global phenomenon with deep historical roots, although it manifests itself with significant similarities and differences in different societies, depending on the particular system of power c distribution and the legal and moral norms operating therein. B. Corruption, like all social phenomenon, is intelligible only in its total social context: its peculiar form, dynamics and degree of social and cultural acceptability or tolerance being critically related to the dominant mode of poverty distribution power configuration; and the underpinning moral and ethical values of operation in a given society. C. Corruption in Nigeria is a kind of social virus which is a hybrid of traits and those derived from and nurtured in the indigenous Nigerian context. 1.2 Statement of Problem The causes of corruption are myriad; and they have political and cultural variables. According to Lipset and Lenz, there is a strong evidence points to a link between corruption and social diversity, ethnolinguistic fractionalization, and the proportions of countrys population adhering to different religious traditions. And studies note also that corruption is widespread in most nondemocratic countries, and particularly, in countries that have been branded neopatrimonial, kleptocratic and prebendal NORAD 2000. Thus, the political system and the culture of a society could make the citizens more prone to corrupt activities. However, the statement of this research problem is focus on the fact that corruption has degraded our nation and yet its not adequately considered or looked into as a serious fact to poor economic growth of the nation Nigeria, therefore the researcher seeks to address this issue and highlight the effects of corruption in Nigeria and call for adequate attention to its clarion call. 1.3 Objectives of Study This research work will evaluate corruption, its conceptual effects to the economic growth of Nigeria. Other forms of objectives are. To review Nigerian corruption and its effect to the economy. To alternate an option to how corruption can be adequately tackle and handle in our country Nigeria. To call Nigerians to stand out, and shown corruption. 1.4 Research Hypothesis For the purpose of this research work, two relevant research hypothesis will be stated and tested for the cause of this study. Hnull There is no significance relationship between corruptions to economic growth of Nigeria. Halt There is a significance relationship between corruptions to economic growth of Nigeria. Hnull Corruption cannot be resolved in Nigeria as a result of the level attain to. Halt Corruption can be resolved in Nigeria even though the level it has attain to 1.6 Significance of the Study The significance of this work lies on the fact that with less corruption, the Nigerian economic growth stands to gain in its efforts towards development. This study attempts to answer the question; what is the correlation between corruption and economic growth, the cause of corruption and how the present state of corruption will be lessen. This will form the basis upon which suggestions will be made as to how corruption can be eradicated. This work stands to benefit: Nigeria as a whole. The research intends to bring forth ways to lessen corruption for the purposes of increasing economic growth. The research will be beneficial to schools teachers and students and will help them understand the consequence of corruption to our nation. 1.7 Scope and Limitations of the Study This study focuses on Nigeria and on the impact of agricultural development on the economic growth of Nigeria.The originality and reliability of any study or research work is based on the quantity and quality of available data. Though it is the duty and intention of any researcher to bring out and show everything the study is to have, but there are constraints which include, time, finance, difficulty in getting data, etc. 1.8 Research Methodology This research work will employs simple econometric models like Augmented DickerFuller test, granger casualty test and cointegration test to investigate the impact of corruption on economic growth in Nigeria. Therefore, secondary method of data collection is used. 1.9 Definition of Key Terms Corruption may be conceptualized as the perversion or change from good to bad, right or wrong. It may be defined generally as the misuse or abuse of position, power or procedures for personal or group interest, need and wants. It involves the violation or established rules, practices and procedures personal and/or group interests. The word corruption has varied meanings depending on the political culture and civilization of the people. It is effort to secure wealth and power through illegal means for private gain at public expense. Corruption has coexisted with human society for a long time and remains one of the problems in many or the worlds developing economics with devastating consequences. It involves the violation or established rules for personal gains and profits. It includes such behavior as bribery, nepotism and misappropriation of funds sce Sen 1999, Nyc 1967, lipset and Lenz 2000. Granger causality test is a statistical hypothesis test for determining whether one time series is useful in forecasting another, first proposed in 1969.1 Ordinarily, regressions reflect mere correlations, but Clive Granger argued that causality in economics could be tested for by measuring the ability to predict the future values of a time series using prior values of another time series. References Abiodum, E. O. 2007. The effect of corruption and economic reforms on economic growth and development in Nigeria. Journal ofSocial Sciences and Finance, 21: 1525 Ade, A. O., Babatude, H. and Awoniyi, M. A. 2011. The relationship between Corruption, Foreign Direct Investment and Economic Growth in Nigeria. An empirical investigation. Journal of Research in International Business and Management, 19: 278292 Adewale, S. B. 2011. The crowdingout effects of corruption in Nigeria: An empirical study. Journal of Business Management and Economics, 22: 059068 African Economic Outlook 2006. Nigeria. African Economic Outlook 20052006. Retrieved on the 20th April 2007 on www.oecd.org/africanoutlook Akinpelu, S., Ogunseye, U., Bada, I. S. and Agbayangi, A. 2013. The socioeconomic determinants of corruption in Nigeria. EuropeanJournal of Humanities and Social Sciences, 191: 117 Anyanwu, J. C. 2002. Nigerian Public Finance: Joaneel Publishers, Onitsha Ayobolu, J. 2006. EFCC, Corruption and the Due Process. Segun Toyin Dawodu, USA EFCC 2005. Effect of Corruption on Nigerias Economy. Nigeria EFFC Information Communication Technology Department. Abuja I.C.P.C 2006. Nigeria and Corruption. Independent Corrupt Practices and Other Related Offences Commission Idomeh, A. O. 2006. Public Finance: A Modern Approach HeadMark Publishers Ltd, Benin City. Integration. Brookings Papers on Economic Activity,1118.This work evolved out of the zeal to provide an immense understanding of the Nigeria economic of debt. The broad objective of this study was to evaluate the impact of external debt on the development of the Nigeria economy within the life-span of 1985-2011.The models in this study were used to evaluate the developmental relationship between the independent variables and the dependent variables. The data were sourced from the Federal office of statistics CBN statistical bulletin 2011 and international monetary fund (IMF). The ordinary least square method (OLS) was employed in the cause of study. Also the Augmented Dickey Fuller test (ADF) revealed that the variables are reliable for forecasting while the use of OLS was most appropriate for the study in terms of goodness of fit and significance of regression coefficient. The outcome of the analysis revealed that increase in external debt positively affects the economic development of Nigeria while increase in external debt services positively affects economic development in Nigeria. Thus conclusion was made that external debt rises rapidly because loans were secured for dubious projects and private pockets rather investing the loan in productive ventures by increasing exports. And by recommendation government should incur external fund for developmental projects and as well monitor effectively the use of external funds so as to ensure the development of Nigeria economy.The work was on the impact of Government Expenditure on Nigeria Growth (1981 ? 2010) dealing with secondary data from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics Regression Analysis with (OLS) technique was used. Our findings indicate that there is a positive correlation between Inflation, money supply Government Consumption Expenditure. While Money Supply and LGDP-I has a positive impact on the dependent variable (GDP). But the GE (Government Expenditure) and M2 (Money Supply) has a significant impact on the model with 2.800 and 0.190 respectively. Also, the model shows a good fit at 96% of the dependent variable accounted for by independent variable.CHAPTER ONE INTRODUCTION Background of the Study Impulse buying is a habit which every consumer often displays in his or her daily buying experiences. Although, Consumers hesitate to associate with impulse buying attitude, they hardly adhere strictly to the original buying plan which had earlier been articulated before visiting the retail stores, and this reflects impulse buying habit. Engel and Blackwell (2002) described impulse buying as a buying action undertaken without a careful buying plan previously having been articulated or formed prior to entering the retail store. Also, Bateman and Holmes (2005) defined impulse buying as a sudden strong wish or need to buy something without thinking about it carefully. In the same vein, Phillips and Bradshaw (2002) affirmed that impulse buying is a sudden strong wish or need to buy something without planning or thinking about it carefully or comparing such goods with similar or related goods with a view to making a better purchasing choice. Impulse buying also paints a scenario which de-emphasizes the fixed plan of items to be purchased prior to visiting the retail store on the argument that store environment could provide a better purchase stimulation. Cobb and Hoyer (2006) affirmed this assertion by positing that shopping is much easier with products highly visible and store environment acting as prompt lists, allowing consumers to defer decision making until they are in-store. Also, Dittmer (2008) noted that consumers? intent to purchase is far from fixed and can continue to be modified right up to the point of purchase. Douglas and Isherwood (2008) supported the above idea by stating that consumers need not have a fixed or permanent plan of buying action prior to visiting the retail store because store environment always provides a better buying stimulation on account of the presence of large varieties of highly visible products displayed and competing for attention of consumers who visit the retail store. Therefore impulse buying in the context of this research is a sudden strong wish or need to buy something without careful planning or without adhering strictly to the original buying plan which had earlier been articulated before visiting the retail stores. Buying habit involves the planning and articulation of the goods to be purchased before visiting the retail store, however, the prevalent practices of impulse buying is a buying habit which consumers often display due to the influence of in-store-stimuli. Philip and Duncan (2008) distinguished four types of impulse buying habit as follows: pure impulse buying, reminder impulse buying, suggestion impulse buying and expected impulse buying. Pure impulse buying is the type of impulse buying which lacks any element of cautious and considered approach to a purchase. Pure impulse buying exposes the consumer or shopper to a feeling of overwhelming force from the products to be purchased and also a feeling of having to buy the product-immediately thereby ignoring any negative consequences from the purchase. Reminder impulse buying occurs when a consumer or shopper sees an item and remembers that the stock at home is exhausted or low or recalls an advertisement or other information about the item which triggers up the sudden decision to buy the item. Suggestion impulse buying occurs when the consumer or shopper sees a product for the first time and visualizes the need for it, even though she has no previous knowledge of the item. Under suggestion impulse buying consideration, product quality, function and the like are evaluated at the point of purchase. Expected impulse buying occurs when the consumer or shopper enters the retail store with some specific purchases in mind, but with the expectation and intension to make other purchases that depend on price specials or coupons offers. Female lecturers could exhibit any of the above form of impulse buying habit based on the extent to which certain features of such goods influence their impulse buying. In more specific terms therefore, the researcher intends to examine six features or characteristics of goods which pre-dispose such goods or make them prone to impulse buying and investigate the extent to which female lecturers perceive these features or characteristics to determine their impulse buying. Stern, in Geof and Clive (2004) articulated these features or characteristics and referred to them as determinants of impulse buying. A determinant therefore is an element that identifies the nature of something or fixes or conditions an outcome. Determinants of impulse buying are those features or characteristics or qualities of goods which induce or stimulate consumers? impulse buying of such goods. These determinants are low price goods, small size goods, colour of goods, low weight goods, portable goods and brand of goods. Low price goods are goods whose prices are deliberately reduced by retailers without tampering with the quality. Another dimension of low price goods are those frequently used household consumer goods that are bought immediately and mostly in small amount without meticulous planning and search efforts and they are often categorized under household convenience goods such as salt, pepper, toiletries, provisions, to mention a few (Kotler, 2003). Narasimhan, Neslin and Sen (2006) noted other aspects of low price goods to include those goods whose qualities have deliberately been reduced by retailers and other middlemen in the channel of distribution as an instrument of reduction in their prices, for instance, hard discs for music and other low quality electronics, handsets, shoes, dresses and many other low quality consumer goods. Whichever form of price reduction associated with low price goods, the ultimate aim is to stimulate or induce impulse buying of such goods, using low price as a strategy. Consequently, most of these household consumer goods have relatively low prices which attract impulse buying. Secondly, retailers employ various low pricing policies to attract impulse attention and buying among consumers. Retailers also employ advertising messages, tradeshows, among others, to inform and sensitize consumers about the low price goods and these enlightenment campaign elicit tremendous amount of impulse attention and buying among consumers (Stanton, 2001). However, most consumers or shoppers engage on impulse buying of goods that are not necessary for the family or individual use. When such goods are bought on impulse due to low price the goods are not used at the appropriate time because the goods are bought without intention to make any specific and immediate use. Sometimes such goods got wasted. Also retailers could reduce the prices of low quality and expired goods to attract impulse buying and these retailers? action are always at the expense of consumers who buy on impulse without carefully examining the goods being bought. Rampant cases of house wives or house helps buying all sorts of low price, but needless jewelries, fashion outfits and the like at the expense of highly needed family food stuff and other family consumer goods abound. Another characteristics of goods that can cause impulse buying is small size goods. Small size goods are described as goods that are not large in size, number, amount or degree. Small size goods stimulate impulse buying consideration because these goods are easily picked and purchased without any form of meticulous planning coupled with the fact that most of them have low prices. Consequently, supermarkets and department stores display large quantities and varieties of small size goods such as provisions, cosmetics and soft drinks in front and shelves or counters of their retail stores instead of allowing them in cartons for whole sale. Displaying of small size goods can induce impulse buying because small size goods form the bulk of goods that are routinely purchased and used by consumers sometimes, on the spur of the moment and therefore consumers often look forward to seeing such goods displayed in retail stores (Henry, 2004). In many cases however, small size goods are grossly inadequate for use by larger families and also uneconomical when considered in terms of large scale economic benefit which stipulates that large scale purchases lead to low price per unit cost and piece meal or small scale purchases increase the cost per unit of goods purchased. Hence, such small size purchases lead consumers to waste of financial resources. Furthermore, the colour of goods can influence consumers to make impulse buying. Colour of goods describes the appearance that goods have which results from the way in which the goods reflect light. Duane and Sarah (2004) distinguished the colours of good as follows: yellow, green, blue, violet, red, orange, yellow-green, blue-violet, red-violet, red-orange and yellow-orange. Other colours include golden colour, metallic colour, gray colour, light blue, silver colour, white colour and so on. Colour of goods identified specific goods whose colour represents any of the above mentioned colours, among others (Duane and Sarah, 2004). Colour of goods induces or stimulates impulse buying among consumers because different colours represent different attractions, feelings, emotions, affections and purchase considerations among different consumers of different goods (Kotler and Armstrong, 2004). Female lecturers may select colours that match their dresses, handbags, shoes or slippers as well as headties and necklaces. According to Duana and Sarah (2004), female lecturers prefer colours of dresses, in purple and accessories in gold or silver colours. Accessories are fashion elements which support and bring out the beauty of main dress or outfit, such as shoes, ear or handrings, necklaces and headties. Thus, Supermarkets, department stores and related retail outlets display varieties of goods with different colours to entice consumers, including female lecturers. Incidentally, it is a common saying that all that glitters is not gold. Some retailers and manufacturers of goods could be fraudulent in the name of profit maximization. Experience has shown that inferior, expired and old consumer goods are carefully refurbished and repainted in enticing colours to attract impulse purchases from unsuspecting and, of course, sometimes careless and passive consumers or shoppers at very exorbitant prices using the colours to deceive consumers to believe such goods are new. Some exaCHAPTER ONE INTRODUCTION 1.0 Introduction to the Study Internal financial controls are systems within a company that design methods and procedures to produce effective operations, establish reliable financial reporting, avoid fraud and maintain compliance with regulations and laws. Internal financial controls evaluation is meant to help institution review and assess the structure of accountability within the organization. An effective system of internal financial controls gives assurance regarding the integrity of financial reporting and safeguarding of assets. Fraud can easily be detected through internal controls. Such controls also help accuracy in financial reporting (Asare, 2006). Internal financial controls are used by organisations to make sure financial information is accurate and valid. The existences of internal financial controls are important because they protect the integrity of an organisation's financial information and allow stakeholders a measure of financial health. Strong internal controls can also increase the profitability of a company (Krishnan, 2005). Public corporations have shareholders demanding accountability. However, in public hospitals accountability demands are not as strong. In the case of hospitals, the taxpayers and donors typically are late in taking action, but because of funding questions, the incentives for and number of effective internal financial controls in the public sector continues to increase (Hardimam, 2006) U.S. Government Accountability Office (GAO) recommends the use of internal financial controls to improve financial reporting in the public sector (George, 2005). 1.1 Statement of the ProblemThe petroleum sector is an indispensable body in Nigeria economy. It has remained the Nigerian biggest revenue earner. It still brings in more than 80% of the foreign exchange earned by the country. However this resulted in the shortage of the quantities of petroleum products consumed locally in the country. Hence the problem of development is generally faced in Nigeria. This work will as well go to show what actually constitute the petroleum subsidy in Nigeria. It will analyze the cost to the government if not removed and the welfare of the local consumers. It will also reveal to a greater extent what effect it has on the GDP of the economy at its full sustenance partly to be taken in the issue of petroleum subsidy in Nigeria. The research work used a dummy variable to explain its finds(1 when there is subsidy and 0 when there is no subsidy).The research work however, looks into the impact of petroleum subsidy on the consumption of petroleum products in Nigeria and it was found that there are more consumption of petroleum products with subsidy than without. Among other recommendations the study opines that government should diversify the economy as quickly as possible and direct its positives to other sectors of the economy that have been overlooked.
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