This paper models global geopolitical psychodynamics. The globe’s land surface is specifically divided into distinct regions called geopatoms. A single target space is defined for the entire ensemble of geopatoms. The target space is parameterized by the segment . Three target points, marked with the numbers , , and , play a special role. The three listed target points define: the geopatoms’ desire for individual existence for goal , for unification into large associations for goal , and in the absence of a desire for the first two goals for goal . All geopatoms in the ensemble are classified as geopatoms of goals , , and . To describe the individual behavior of individual geopatoms, as well as groups of geopatoms of an ensemble in the target space, a mathematical model of psyphysics, previously developed by the author, is used. In the target space, the movement of geopatoms is described in terms of “will”, “freedom”, “force” and “power”, which are defined and calculated in the model of psyphysics. Using a computational experiment, we study various types of psychodynamics in the target space of low- and high-ranking geopatoms’ associations. It is shown that all types of psychodynamics can be roughly divided into two categories: indefinitely lasting quasi-periodic movements and regimes in which geopatoms dynamics may cease. The presence of the latter mode fundamentally distinguishes psychodynamics from ordinary dynamics over time. The work calculates a single index for all states on the globe, which describes the relationship between psyphysics and geophysics in the structure of each state. A primary analysis of the values found is carried out, and a table of index values is provided for countries and territories with other status.
To promote youth employment and entrepreneurship, the 2Jiajiri Program; a component of the broader Young Africa Works (YAW) initiative in partnership with the Mastercard Foundation. The program sought to create dignified and sustainable work opportunities for youth aged 18–35 by equipping them with vocational, entrepreneurial, and financial management skills, The Research objectives was Improved management, financial literacy, and entrepreneurship capacity, Enhanced MSME formalization, productivity, and profitability. Increased access to credit and financial products for institutions. Strengthened mentorship culture and local enterprise support networks. Creation of new employment opportunities within the target counties and Enhanced participation of women and youth in enterprise development. The research was anchored on the ILO–SIYB methodology, which emphasized practical, participant-centered learning tailored to micro and small enterprises. The researcher approach integrated adult learning principles, participatory facilitation, and continuous feedback mechanisms to enhance skill retention and behavior change among participants. Findings was that out of the total enumerated MSMEs, 1,334 (71%) were female-led, while 541 (29%) were male-led. 91.7 had attained secondary and higher Education. (86%) MSMEs had operated Business for 1–5 years. 260 (14%) had been in business for 6–10 years. Tax/ compliant: 675 (32%), Holding business licenses: 1,203 (58%) Non-compliant: 209 (10%) Small enterprises (< Ksh. 500,000 turnover) (93%)Medium enterprises (Ksh. 500,000–5 million): 115 (6%) and Large enterprises (> Ksh. 5 million): 10 (1%) Area 1: study key recommendations were Strengthening Financial Readiness & Access to Finance, Institutionalize Credit-Readiness Clinics at Branch Level, Develop Tiered Loan Products Tailored to MSME Maturity Levels, Enhancing Business Management Capacity & Continuous Learning, Extend Mentorship Duration and Introduce a “Post-Mentorship Check-In Cycle, Improving Operational Efficiency, Compliance & Formalization and establish a Compliance Support Desk in the Bank Strengthening Digital Literacy, Marketing & Market Positioning and Introduce Market-Linkage and Branding Clinics and Conduct a Longitudinal Impact .
This paper develops a simple dynamic model to examine how the public misperception that “higher interest rates increase inflation” may constrain monetary policy and, as a result, actually prolong inflation. Under the standard monetary policy transmission mechanism, an increase in the policy interest rate reduces future inflation. However, when a central bank raises interest rates in response to high inflation, the public observes a positive association between high interest rates and high inflation. If individuals confuse the central bank’s policy response with the causal effect of monetary policy, they may form the mistaken belief that interest rate hikes increase inflation. This paper considers an environment in which such a misperception strengthens public opposition to rate hikes and thereby weakens the effective degree of monetary tightening. The analysis shows that when the misperception exceeds a critical threshold, inflation no longer declines and may instead persist or increase. Moreover, if persistent inflation reinforces the initial misperception, the economy may fall into a self-confirming monetary policy trap.
Nigeria’s economic trajectory has increasingly been shaped by the expansion of Digital Financial Services (DFS), driven by innovations, and digital banking. DFS is a catalyst for inclusive finance and macroeconomic performance, yet Nigeria’s outcomes remain mixed. This study examines the impact of DFS on economic growth, measured through GDP per capita, and explores how digital financial indicators contribute to short- and long-run growth dynamics. Anchored in Human Development Theory and the Unified Theory of Acceptance and Use of Technology (UTAUT), the study employed an ex post facto design using secondary data from 2010–2024, sourced from the World Development Indicators and related databases. Analytical methods included descriptive statistics, Autoregressive Distributed Lag (ARDL) bounds testing, and Error Correction Models (ECM) to capture the effects of DFS on GDP per capita. Robustness was ensured through pre-estimation and post-diagnostic tests. Findings revealed that DFS significantly influence GDP per capita (Adj. R² = 0.824, F(5,9) = 12.299, p ˂ 0.05), with account ownership and internet penetration emerging as critical drivers. Both indicators exerted positive short-run effects and sustained long-run impacts, underscoring the transformative role of digital connectivity and financial access in Nigeria. The study concludes that DFS are pivotal to Nigeria’s economic growth, though their effects vary across time horizons. Policy recommendations include scaling up equitable financial literacy programs, expanding internet infrastructure, reducing interest spreads, and strengthening regulatory effectiveness. A focused policy framework integrating DFS into Nigeria’s growth agenda is essential to maximize their potential as drivers of sustained GDP per capita growth.
Generative AI (GenAI) is an advanced form of artificial intelligence (AI) that can analyse large amounts of data and generate new data from existing datasets. The use of it in business supports the acceleration of productivity and innovation, i.e., by automating content creation, enhancing customer service, and optimizing workflows. Companies need continuous training and learning strategies that embed GenAI to align employees' development with organizational goals, bridge skill gaps, and drive long-term growth. This ongoing process should be based on upskilling, reskilling, and cross-skilling. Employees should be supported within an informal, proactive learning effort to acquire knowledge and adapt to evolving technological, personal, and professional environments. This paper presents first the potential of GenAI to boost productivity and enhance customer experience. Organizations must address questions about GenAI's impact on their businesses, as advances in AI could transform traditional business models and the nature of employees' work. Then, the process of embedding GenAI into a continuous training and learning company strategy, along with the requirements to consider when developing such strategies, is presented. Necessary methods are provided to evaluate the strategy, including the effectiveness of training programs, which is assessed through the collection and analysis of analytical data, as well as the monitoring of upskilling, reskilling, and cross-skilling programs. The primary conclusion of this paper is that by embracing continuous training and learning, promoting lifelong learning, and cultivating a culture of innovation, businesses can unlock the full potential of Gen AI. This process drives growth and efficiency and ensures that employees are equipped with the skills needed to work successfully in an AI-enhanced world.
This study examines the relationship between board gender diversity and corporate performance among listed Nigerian deposit money banks and insurance companies. Using descriptive statistics, trend analysis, and correlation analysis, it compares female board representation and its effect on firm performance in both sectors. Between 2020 and 2024, female board representation in listed banks rose from 25% to 38%, while in 2024, insurance companies averaged 30%. Both sectors showed a steady increase in gender diversity from 2020 to 2024, but at different rates. However, the analysis found no strong or statistically significant link between female board representation and corporate performance in either sector. These findings contrast with some previous Nigerian studies but reflect the mixed results found elsewhere in Africa. While board gender diversity grew substantially, its direct effect on firm performance remains inconclusive and differs between banks and insurance companies.
This study investigates the effect of monetary policy on unemployment in Nigeria from 1986 to 2024, a period marked by significant macroeconomic shifts, including the Structural Adjustment Programme (SAP) and recent post-COVID-19 recovery efforts. The study examines how monetary policy instruments—monetary policy rate (MPR), inflation rate (IFR), exchange rate (EXR), money supply (MS), and cash reserve ratio (CRR)—affect the unemployment rate. An ex-post facto research design was adopted using secondary time-series data sourced from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), and the World Bank. The study is grounded in the Solow Growth Model, Keynesian Theory, and Endogenous Growth Theory. Unit root tests were conducted to determine stationarity, while cointegration was examined using the ARDL bounds testing approach. The Autoregressive Distributed Lag (ARDL) model was then estimated, followed by post-estimation diagnostic tests. The findings reveal that monetary policy significantly affects unemployment in Nigeria. Money supply exhibits a positive effect on employment generation, while a high monetary policy rate constrains economic growth and employment. Inflation and exchange rate instability show significant short-run and long-run relationships with unemployment. The study recommends balanced MPR settings, effective inflation targeting, and exchange rate stability to promote employment growth. It also suggests complementing monetary policy with supportive fiscal reforms for optimal macroeconomic outcomes.
Tax revenue generation is crucial for economic development and fiscal sustainability in African countries, as it provides the resources needed for public services and infrastructure. However, many African nations face challenges in generating adequate tax revenue, particularly taxes from goods and services. By streamlining business processes, ease of doing business strategies, starting a business, getting electricity, registering property, getting credit, paying taxes, trading across borders, enforcing contracts, resolving insolvency, could offer a sustainable solution to address low tax revenue generation. Ex-post facto research design was adopted for the study. The result of the multiple linear regression analysis conducted using sample of 39 countries for a period of 10 years (2014–2023) revealed that ease of doing business had significant effect on taxes from goods and services (W(2, 723) = 1139.21, p < 0.05) in selected African Countries. The study concluded that enabling business environment, strategies, and policies enhanced taxes from goods and services in selected African Countries. It is recommended that governments, tax authorities, policymakers, the private sector, and business associations in selected African countries should strengthen public-private collaboration efforts to improve an enabling environment for business growth, and optimize tax revenue collection mechanisms.
This study investigates the effect of ownership structure and firm size on corporate performance of listed deposit money banks in Nigeria, using Return on Assets (ROA) as an accounting-based proxy for internal corporate value/performance. Panel data covering twelve listed deposit money banks over the 2015–2024 period was analysed using an ex-post facto research design and secondary data sourced from audited annual reports, the Nigerian Exchange Group. Ownership structure was decomposed into ownership concentration, managerial ownership, institutional ownership, and foreign ownership, while firm size was introduced as a control variable. Descriptive statistics, correlation analysis, panel unit root tests, Pedroni panel cointegration tests, Error Correction Model (ECM), and Fully Modified Ordinary Least Squares (FMOLS) estimators were employed to capture both short-run dynamics and long-run relationships. Empirical findings revealed that ownership structure variables exert not statistically significant short-run effect on ROA, while firm size has a negative and significant short run impact on ROA. This indicates a negative and significant short-run impact, indicating possible scale-related inefficiencies. In the long-run, managerial ownership and institutional ownership exhibit positive and statistically significant effects on ROA, supporting agency theory predictions that enhanced managerial alignment and institutional monitoring improve operational efficiency. Ownership concentration, foreign ownership, and firm size remain statistically insignificant in the long-run. The study concludes that governance quality, rather than ownership concentration or asset size, is critical to sustaining corporate performance in Nigeria’s banking sector. This study therefore recommends that listed deposit money banks (DMBs) should strengthen managerial and institutional equity participation to enhance long-term performance and financial stability.
Managerial ownership is widely regarded as a mechanism for aligning incentives and reducing bank risk-taking; however, its effectiveness remains uncertain within Nigeria’s evolving regulatory environment. Existing empirical evidence provides mixed findings on whether managerial ownership mitigates or exacerbates risk, while limited attention has been given to the role of regulatory capital in shaping this relationship, particularly in emerging banking systems such as Nigeria. This study therefore examines the relationship between managerial ownership and bank risk-taking, with a specific focus on the moderating role of capital adequacy. The study adopts an ex post facto research design using panel data from fourteen Nigerian deposit money banks over the period 2009 - 2023. Data are obtained from audited annual reports and the World Development Indicators. A two way fixed effects model was employed as the preferred estimation technique. The findings revealed that Managerial ownership has a positive and statistically significant effect on bank stability leading to reduced taking and supporting the alignment hypothesis, although this effect becomes statistically insignificant in the lagged specification. There is no statistically significant evidence of a nonlinear relationship, while capital adequacy exerts a positive and statistically significant moderating effect on risk taking, highlighting the dominant role of regulatory capital in shaping bank risk-taking behaviour. The study concludes that managerial ownership has a significant stabilizing effect on bank risk-taking in the short term, while its effectiveness is strengthened under higher levels of capital adequacy. It is therefore recommended that regulators reinforce capital adequacy requirements alongside governance reforms to enhance the effectiveness of managerial ownership in promoting sustained bank stability.
Using deductive, inductive, and analytical methodologies, this paper aims to explore the early inception of Islamic financial institutions (IFIs) in Muslim countries throughout the modern era. The literature on Islamic banking and finance clearly shows that IFIs emerged in two stages: in the 1960s and 1970s. The 1960s saw the creation of two organizations in two countries, based on different objectives and aspirations. However, they share a common characteristic, namely their "community-oriented" nature. These were the local savings bank or local development bank and/or the people's bank in Mit-Ghamr, in the Nile Delta province of Egypt, and the Tabung Haji (Hajj Fund) in Malaysia. The main business of these initiatives was based on a community-driven approach, in a way that resembles, to some extent, the widespread ecosystem of the Local Exchange Trading System (LETS). In contrast, the 1970s experiment began with the creation of the Islamic Bank of Dubai in 1975, based on the universal business model of a traditional commercial bank that has been operating for centuries in the West. Rather than focusing on a historical narrative of the development of IFIs over time in different jurisdictions, this paper has adopted a heterodox approach that has two objectives: (1) to make a quick comparison between the core business models of the two experiments, and (2) to draw lessons for the future directions of the sector's development in the age of AI and digitalization. In doing so, it is hoped that this research will lead to future studies focused on the relevance or irrelevance of a traditional financial business model in meeting the needs and aspirations of societies in the territories where IFIs operate. The initial results of the study indicate that the community-based approach is more appropriate and flexible for achieving people's aspirations by genuinely and realistically implementing the principle of asset-based financing in Islamic finance (IF), which links finance to real activities in an authentic and substantive manner. In addition, it encompasses social aspects that foster cooperation in a "win-win" scenario, thereby improving the effectiveness, resilience, and efficiency of financial resource allocation. Furthermore, AI and other digital developments seem to enable community-based initiatives that respond more effectively to the needs and aspirations of people within a well-defined "virtual" or "geographical" location. However, a balance must be sought between the benefits of such developments and the risks associated with their execution
While a comparative review of some selected applicable and controversial aspects of AI is presented in addressing both academic and operational concerns, respecting the supremacy of credible data, the data massiveness, and the significance of varying essential facts, instead of hypothesizing a predetermined economic or any other scientific models, we are proposing a data-based Vector Autoregression (VAR) methodology for AI optimal application to the ongoing fraud and anti-fraud structure and hence, more effective policymaking. It may include many other macro or microeconomic policy optimization. Hopefully, the entire attempt will portend some tangible prospective contribution in an achievable positive societal change. Our adopted data will be compiled in a broad international and national similarly surveyed source by Dorris (2022) and/or various governmental fraud data sources.
Informal supply chains ensure the circulation of essential goods despite significant local constraints. In rural villages in sub-Saharan Africa, community networks organize the transport of basic foodstuffs despite impassable roads, distant markets, and seasonal supply fluctuations. In urban diasporas in North America and Europe, communities structure the transnational circulation of food, clothing, and cultural products, overcoming limitations in market access and regulatory frameworks. Drawing on the concept of social capital—structural, relational, and cognitive dimensions—the analysis highlights how actors anticipate needs, adjust operations in real time, and maintain the continuity of flows under variable conditions. The illustrations from rural and urban contexts broaden understanding of logistical mechanisms beyond conventional approaches centered on efficiency and optimization. Insights gained from these illustrations suggest pathways for hybrid supply systems that reconcile formal efficiency with local adaptability. By linking anthropology and supply chain management, the article provides an original perspective on how social relationships, local knowledge, and embedded practices shape resilience and operational agility in informal supply chains.
Artificial intelligence (AI) is also becoming an acknowledged game-changer in the world of agriculture, and it has the potential to increase productivity, efficiency, and food security. This paper discussed how AI can transform agriculture in Nigeria, its present use, opportunities, challenges and the possible effects. Qualitative research design was used, and semi-structured interviews with major stakeholders of active Nigerian agribusiness firms using AI were used. The companies offered their experience with AI-driven tools such as chatbots, predictive analytics, recommender systems, and pest detection models. The results showed that the early adoption of AI is transforming the agricultural practices by enhancing crop monitoring, improving farmer-market connections, optimising the use of inputs, and minimizing losses after harvesting. The companies cited positive effects of AI on productivity, farmer earnings, and rural development, and it was considered essential in enhancing food security and financial inclusion. But still, there were recurring issues that were found such as inadequate digital infrastructure, disjointed datasets, lack of digital literacy, and high implementation expenses. To solve these, companies implemented strategies like incremental implementation, open source technologies, offline solutions and collaborations with research institutions. The report concludes that AI can revolutionize the agricultural industry in Nigeria and lead to a tremendous economic growth, as long as systemic obstacles are overcome. Strategies to improve rural digital infrastructure, building centralised agricultural data systems, improving digital literacy, establishing inclusive financing systems, and collaboration between government, academia and the business sector are all recommended. These results can play a role in the continued discussion of digital agriculture and can serve as a means to implement AI usage in Sub-Saharan Africa on a larger scale.
Manufacturing firms in Nigeria continue to face fluctuating profitability levels despite efforts aimed at improving capital adequacy and operational efficiency. This situation raises concerns regarding the extent to which capital structure and financial management variables influence firm performance. The main objective of this study was to examine the effect of capital adequacy indicators on the profitability of listed manufacturing firms in Nigeria. The study adopted a panel research design using secondary data sourced from the annual reports of selected firms. The findings revealed that EQA had a positive significant effect on profitability with a coefficient of 0.2034 and a probability value of 0.0041, suggesting that stronger equity positions enhance financial performance. CIR also exhibited a positive significant influence on profitability, with a coefficient of 1.6317 and a probability value of 0.0308, indicating that efficient cost management contributes to improved returns. Conversely, CAR (–0.2645; p = 0.3684) and DER (–0.0358; p = 0.2720) showed negative but statistically insignificant effects on profitability, implying that leverage and capital adequacy alone do not meaningfully drive firm performance. It is recommended that firms optimize their capital structures by improving equity positions, adopting cost-effective operational strategies, and reducing reliance on debt financing to boost profitability.
This study examines the effect of financial market development on inflation rate in Nigeria over the period 1981–2024. Financial market development was proxied by market capitalization, clearing cheques, total savings, and net financial inflows, while inflation rate served as the dependent variable. The study adopted an ex-post facto research design and employed the Autoregressive Distributed Lag (ARDL) model to analyze both short-run and long-run dynamics. Preliminary tests, including unit root and bounds cointegration tests, were conducted to ensure the suitability of the estimation technique. The findings reveal that financial market development has a significant effect on inflation in Nigeria, although the impact varies across indicators. In the short run, market capitalization exhibits a negative and significant effect on inflation, while clearing cheques, total savings, interest rate, and net financial inflows show positive but insignificant effects. In the long run, market capitalization remains negatively significant, whereas interest rate exerts a positive and significant influence on inflation. However, the bounds test indicates the absence of a long-run equilibrium relationship among the variables. The study concludes that financial market development plays a critical role in shaping inflation dynamics in Nigeria, though its effectiveness depends on the structure and consistency of macroeconomic policies. The study recommended that policymakers strengthen capital market development and ensure policy coordination, particularly between monetary authorities and financial regulators, to achieve price stability and sustainable economic performance.
This study examines the effect of monetary policy and taxation on the return on assets (ROA) of deposit money banks listed in Nigeria over the period 2005–2024. The study adopts an ex-post facto research design using panel data sourced from the Nigerian Exchange Group, Central Bank of Nigeria, National Bureau of Statistics, and audited financial statements of selected banks. A purposive sampling technique was used to select ten (10) banks with consistent and complete data. The study employs the Panel Autoregressive Distributed Lag (ARDL) model to analyze both short-run and long-run dynamics, given the mixed order of integration among variables. The findings reveal that monetary policy significantly influences bank performance. Specifically, the Monetary Policy Rate (MPR) exhibits a positive and statistically significant effect on ROA in the long run, indicating that higher policy rates enhance banks’ profitability through increased interest income. In contrast, the Cash Reserve Requirement (CRR) shows a significant negative effect, suggesting that higher reserve requirements constrain banks’ ability to generate earnings. However, Liquidity Ratio (LR), Loan-to-Deposit Ratio (LDR), and government tax revenue (GT) do not significantly affect ROA in the long run. In the short run, MPR and government tax revenue negatively and significantly affect ROA, reflecting immediate adjustment costs and fiscal pressures on banks’ profitability. The error correction term confirms the existence of a stable long-run relationship, with a relatively high speed of adjustment to equilibrium. Overall, the study concludes that monetary policy plays a more critical role than taxation in influencing the profitability of deposit money banks in Nigeria. The study recommends that policymakers ensure consistency in monetary policy implementation to enhance banking sector stability, while banks should improve asset utilization efficiency and risk management practices to sustain profitability.
This paper explores the differences of the English textbooks for the seventh graders in Iran, Japan, and Sri Lanka in Asia. Specifically, the seventh graders’ textbooks were analyzed using a readability tool and Correspondence Analysis (hereafter, CA). An analysis of the data suggests that, in terms of readability and content, there were both similarities and differences between the three textbooks. More precisely, regarding readability, the English textbook of Japan is closer to the level of English textbook of Iran, but the level of textbook of Sri Lanka is much higher than the other two textbooks. Also, concerning the content including vocabulary, CA shows that basically the three textbooks are different from each other.
The objective of this research is to develop a mathematical model to calculate the total logistics costs of a manufacturing company. To achieve this objective, seven industrial companies in the auto parts sector in the state of São Paulo were analyzed, identifying the main elements of the logistics process and their substantial costs from the perspective of the supply chain and its management. Logistics costs in manufacturing companies can be evaluated not only from an internal point of view, but also in terms of the relationship between all the actors that make up their production and supply chain. This study adopted a qualitative research design, structured around bibliographic, descriptive, and exploratory approaches, with a focus on identifying and analyzing specific data and information on logistics costs. It is considered exploratory because its main purpose is to develop, clarify, and refine concepts and ideas to guide further research. Following these methodological guidelines, a multiple-case study was conducted in the metropolitan region of São Paulo, involving seven manufacturing firms in the auto parts sector. Fifteen semi-structured interviews were conducted with managers and specialists from the seven manufacturing firms between July and September 2019, each lasting approximately 50 minutes. The findings highlight the need to improve logistics cost control systems and, depending on the requirements of the supply chain, decompose logistics resources using Activity-Based Costing (ABC). In conclusion, this study contributes to the understanding of logistics cost management by providing insights into the integration of direct and indirect costs across the supply chain.
This cross-sectional study uses data from two sources within an organization in the sales industry. Data was collected from employees (n = 75) and their direct supervisors. The purpose of this study is to empirically examine how an employee's mindset and their most recent performance evaluation, both directly and indirectly, influence their job satisfaction. Results indicate that employees with a more fixed mindset were more sensitive to their recent job performance in terms of job satisfaction. At the same time, employees with a more growth mindset were more resilient in the face of poor recent job performance, as measured by job satisfaction. This study empirically tests, in a business setting, what has mainly been tested in other fields (e.g., education) or in experimental settings. This field study in a sales context allows us to confidently suggest best practices for both performance management and employee selection.
