Inflation steadily reduces the value of money, and with it the assurance that tomorrow’s funds will mean what they do today. Anyone dealing with long-term commitments, governments issuing bonds, insurers planning payouts, or families saving for retirement has to confront this gap between the numbers on paper and what those numbers will buy. The usual present value formulas assume that inflation stays fixed at a single rate, but this is a convenient fiction rather than a reflection of reality. In practice, inflation changes with economic policy, financial markets, and even demographic forces, sometimes gradually and at other times in sudden, disruptive bursts. This paper develops a framework for valuing future funds when inflation is neither constant nor predictable but variable and occasionally stochastic. We extend traditional formulas to handle both discrete and continuous inflation paths and establish theoretical results on their behavior, including monotonicity, bounds, and convergence properties. To bring ideas to life, we combine real-world data with controlled simulations to show how even modest changes in inflation can dramatically change long-horizon outcomes. The analysis speaks to practical concerns about retirement planning, insurance, and sovereign debt, while also suggesting directions for more robust forecasting.

Keywords: Inflation, Present Value, Real Value, Factor Reduction, PCA, LASSO, Time series, Stochastic Inflation.

This study examined the effect of liquidity ratio on economic growth in Nigeria, using selected banking sector indicator, liquidity ratio. The study adopted an ex facto research design, where data were sourced from the CBN Annual Statistical Bulletin 2000–2022. The study adopted the Augmented Dickey-Fuller (ADF) unit root test to test for the stationarity of the variables, multiple regression and Johansen co-integration rank test. The findings showed that liquidity ratio (LQR) exert a negative and non significant effect on real gross domestic product (RGDP). The study therefore concluded that the Nigerian banking sector plays a critical role in influencing macroeconomic outcomes. Particularly, the level of non-performing loans is detrimental to economic growth, as it reflects inefficiencies in credit risk management and a fragile lending environment. The researchers’ recommended that, banks and regulators must reinforce risk assessment and loan monitoring frameworks to reduce the volume of non-performing loans.

Keywords: bank distress, economic growth, Nigeria, liquidity ratio, real gross domestic product.

A robust board composition that is able to carry out effective oversight functions and necessary scrutiny has the capacity to drive firm performance. This study investigates the impact of board composition on the financial performance of listed manufacturing firms in Nigeria, utilizing 15 listed manufacturing firms for the period 2014 to 2023. Return on asset (ROA) is used to capture firm financial performance, which was regressed on board composition, and two other corporate governance variables of board size and board gender diversity, in addition to a firm-internal control variable, size. It employs descriptive statistics, correlation matrix, OLS and panel data estimation technique. The results indicate that board composition has a positive and significant impact on firm financial performance in Nigeria. Board size and the diversity of board gender also have significant impact on firm financial performance It is further found that that firm size has a weak impact on ROA firms in Nigeria. Based on these findings, findings, it is recommended that effective and well-composed board be put in place by firms, alongside other corporate governance variable, such as board size and gender diversity to drive firm performance in Nigeria.

Keywords: Board composition, Firm performance, Listed firms Corporate code of governance, Panel Data.
JEL Classification: G30, G34, L25.

Human capital investment is widely acknowledged as a crucial driver of industrial growth, particularly in developing economies such as Nigeria, where the industrial sector remains underdeveloped despite abundant natural resources. This study investigates the relationship between human capital investment and industrial growth in Nigeria, with a focus on the manufacturing sectors. Drawing on Human Capital Theory, and Endogenous Growth Theory, the study examines the effects of human capital, composed of education, training, and workforce health and wellness as well as personal development on industrial productivity. Secondary data that were sourced from the World Bank Development Indicators (WDI) covering the period 1992- 2023, and the OLS regression estimation technique was employed for the study. The findings suggest that human capital has a positive and significant impact on industrial growth in Nigeria, while infrastructure development is positively related to industrial growth, albeit a weak impact due to poor infrastructure spending and lack of proper resource utilization in Nigeria. In view of the foregoing, it is suggested that there be increased spending/investment in human capital development, as well as infrastructure development and greater access to credit and finance to stimulate industrial growth and development in Nigeria.

Keywords: Human Capital, Industrial Growth, Infrastructure development, Economic, OLS.

India’s start-up economy has grown exponentially over the last decade, driven by policy instruments at the national and state levels, deepening innovation capabilities, and maturing capital markets. As of July 25, 2025, India had ~1.81 lakh DPIIT?identified startups (1,80,683) showing reliable growth since 2016. In this national context, Tamil Nadu has become a Best Performer in the States’ Startup Ranking (2022 edition), powered by robust sectoral strengths in auto and electronic manufacturing, SaaS, and deep-tech efforts like the i?Tamil Nadu Technology (iTNT) Hub. This paper reviews India’s start-up evolution with emphasis on Tamil Nadu, combining secondary data from government archives and policy reports, and offering a framework—5Cs (Capital, Capability, Connections, Compliance, Culture)—for evaluating ecosystem maturity. We address policy architecture, financing and incubation infrastructure, inclusion programs, spatial diffusion outside metro hubs, and current challenges. The paper concludes with actionable suggestions for state and national stakeholders and suggests an evaluation dashboard for longitudinal monitoring.

Keywords: India start-ups; Tamil Nadu; Startup TN; TANSIM; iTNT Hub; States’ Startup Ranking; DPIIT; innovation policy; entrepreneurship; MSMEs; deep tech; SaaS.