Modelling Cryptocurrency High-Low Prices using Fractional Cointegrating VAR

This paper empirically provides support for fractional cointegration of high and low cryptocurrency price series, using particularly, Bitcoin, Ethereum, Litecoin and Ripple; synchronized at different high time frequencies. The difference of high and low price gives the price range, and the range-based estimator of volatility is more efficient than the return-based estimator of realized volatility. A more general fractional cointegration technique applied is the Fractional Cointegrating Vector Autoregressive framework. The results show that high and low cryptocurrency prices are actually cointegrated in both stationary and non-stationary levels; that is, the range of high-low price. It is therefore quite interesting to note that the fractional cointegration approach presents a lower measure of the persistence for the range compared to the fractional integration approach, and the results are insensitive to different time frequencies. The main finding in this work serves as an alternative volatility estimation method in cryptocurrency and other assets’ price modelling and forecasting

Enhancing linkages of oil and gas industry in the Nigerian economy

The dearth of linkages between the oil sector and the other sectors of the Nigerian economy is a critical developmental problem. Thus, the primary objective of this study is to examine the extent of the linkages that the oil sector has created with the rest of the Nigerian economy. Based on an earlier study which identified areas where local servicing firms in Nigeria have technological and employment potentials, this study covers three of such areas; Fabrication and construction; well-construction and completion, and Control system and ICT.? We have used both primary and secondary data and the methods of analysis are both descriptive and inferential. Survey results revealed that the degree of local sourcing of inputs (by local suppliers or servicing firms) in the Control system and ICT sub-sector is less than what obtains in the other sub-sectors. It was also found that linkage between first-tier and second-tier suppliers is weak, though information exchange is relatively higher. In the opinion of the servicing firms, their linkage with the oil sector is weak, but fair in the opinion of the oil firms.. Most servicing firms are national, but the control system and ICT sub-sector has highest multinational presence. Multinational firms dominate the oil sector, followed by joint venture, and few are national. Only public power supply was rated grossly inadequate by the servicing firms, On the average, about half of the servicing firms have agreements with foreign companies and local research centres. Import tariff and taxes are found to be the most inconsistent. Firms are involved in some innovations to survive stiff competition.? Control system and ICT sub-sector with higher multinational presence suffer less liquidity problems, but liquidity falls over time. High price of imported raw materials is the largest raw materials problem that affects servicing firms.? Based on a regression analysis, it was discovered that the MMCP drivers, other drivers and their interactions affect linkages. In all, availability of skilled labour (skill), policies (tax) and NSI stand out as the major drivers. Based on the above findings, some recommendations are made to the various stakeholders to promote linkages

CSR and sustainable community development in Nigeria: WAPCO, a case from the cement industry

Purpose – Following the scarcity of studies in the developing countries, particularly Africa, on corporate social responsibility (CSR) and sustainable community development, this paper intends to examine the case of a major cement company, WAPCO plc, and its host communities. Design/methodology/approach – A total of 15 CSR factors covering the three elements of sustainable development (economic, social and environment) were adopted, and with data extracted from the company's annual reports the contributions of WAPCO to sustainable development in the host communities in Nigeria were analysed. Findings – Analysis of 15 CSR factors shows that WAPCO has gone beyond assistance and community development per se to sustainable development in the host communities; its recent inclusion as a member of Lafarge SA may have attributed to this. However, the position of WAPCO seems not to be clear in the area of social and environmental reporting, and codes of conduct on bribery and corruption. Some areas such as health seem not to be given priority in the WAPCO's CSR expenditure. Further, WAPCO's CSR activities are observed to be directly related with its turnover; however, CSR as a ratio of turnover is less than 0.5 per cent throughout the study period. Research limitations/implications – The limitation of this study lies in the fact that although the firm used as a case study accounted for over half of the output in the industry, this study is based on a single firm in the cement manufacturing industry. Besides, data extracted from the company's annual reports are taken as given. Thus, caution needs to be exercised in the interpretation and generalisation of the results and conclusions/recommendations. Practical implications – WAPCO and polluting firms in general should devote more resources to CSR activities. Besides, there is the need to design a clear policy/strategy and enforcement mechanism in the area of social and environmental reporting, and codes of conduct on bribery and corruption. The area of health needs to be given priority in a firm's CSR expenditure and regulations. Originality/value – The study adopts both theoretical and empirical approaches to analyse the contributions of a firm (which generates negative externalities) to sustainable development of its host communities so as to forestall crisis between the two stakeholders. To the authors' knowledge, no previous study in a developing continent such as Africa has taken such an approach to analyse the case of a firm in the cement industry.Community development, Corporate social responsibility, Nigeria, Stakeholder analysis, Sustainable development

Corporate social responsibility of a Nigerian polluter: the West African Portland Cement (WAPCO) Nigerian PLC's case

Purpose – Owing to the dearth of studies in Africa on corporate social responsibility (CSR) and community satisfaction with them, this study aims to examine the case of WAPCO and its host communities. Design/methodology/approach – Through the use of a simple structured questionnaire, the authors collected data from key respondents including community development leaders, community chiefs, market women leaders, youth development leaders, religious leaders and other opinion leaders in and around the locations of WAPCO's Plants. The authors also extract some useful information from the company's annual reports. In analyzing the data, both a descriptive approach and some measures of linear association are adopted. Findings – The authors found that, although the proportion of resources committed to CSR is small, CSR expenditure rises with the firm's sales. Further, the host community displays a great knowledge of the adverse effects of the company's operation; however, reactions are minimal. This is attributed to the company's elaborate governance structure and CSR practices as well as to a high level of host community satisfaction with them. However, there is the budding predisposition for the company's activities to generate conflict with workers from the community and the community as a whole in the future. Research limitations/implications – The study is limited by the facts that some data extracted from the company's annual reports are taken as given, and by an inability to carry out a large-scale survey of opinions as planned due to unwillingness of the community individual members to cooperate. Besides, the study is based on a single firm in the manufacturing industry. Thus, caution should be exercised in the interpretation and generalization of these results. Practical implications – The company's CSR is rated as satisfactory; nonetheless, involving the community more in the design of its CSR programs is imperative. The idea of institutionalization of collective bargaining procedures in CSR activities is relevant not just to WAPCO, but also to other companies, especially those with much environmental impact, like the oil companies. It is also suggested that a grassroots approach be taken in studying the CSR profile of companies, especially in a developing economy, like Nigeria; in order to serve as early warning signs of conflicts. Originality/value – The study adopts both theoretical and empirical approaches to associate a company's CSR practice with the immediate community needs or satisfaction so as to forestall the replication of the kind of crisis observed in the Nigerian oil industry. To one's knowledge, no prior study in Africa has taken such a holistic and balanced approach.Communities, Corporate image, Nigeria, Pollution, Social responsibility, Stakeholders

Phytochemistry, anti-inflammatory and analgesic activities of the aqueous leaf extract of Lagenaria breviflora (Cucurbitaceae) in laboratory animals

The plant, and especially the fruit of Lagenaria breviflora is widely used in folklore medicine in West Africa as a herbal remedy for the treatment of human measles, digestive disorders, and as wound antiseptics (e.g. umbilical incision wound), while livestock farmers use it for Newcastle disease and coccidiosis treatment in various animal species, especially poultry. The purpose of this study was to contribute with new information on this plant leaves extract effect, as few studies have considered their effects. We collected fresh leaves of Lagenaria breviflora from the school farm of the University of Ibadan, Nigeria in May 2011. Dried leaves were ground and a 200g sample was used to prepare the extract. The grounded leaves material was allowed to shake in 1 000mL distilled water for 48h, in an orbital shaker at room temperature of 24°C. The obtained extract was filtered and concentrated to dryness under reduced pressure at 40ºC, and the thick solution was lyophilized, for a final extract yield of 12.6%. Standard phytochemical methods were used to test the presence of saponins, alkaloids, tannins, anthraquinones, cardiac glycosides, cyanogenetic glycosides and flavonoids. The anti-inflammatory activity of the aqueous leaf extract of the plant was assessed using carrageenan-induced paw edema and histamine-induced paw edema in rats. The analgesic effect was determined using the acetic acid writhing method as well as formalin test in mice. Our results showed that the extract at 100 and 200mg/ kg body weight significantly reduced the formation of the oedema induced by carrageenan and histamine. In the acetic acid-induced writhing model, the extract showed a good analgesic effect characterized by reduction in the number of writhes when compared to the control. The extract caused dose-dependent decrease of licking time and licking frequency in rats injected with 2.5% formalin, signifying its analgesic effect. These results were however less than those of indomethacin, the reference drug used in this study. Since the plant extract reduced significantly the formation of oedema induced by carrageenan and histamine, as well as reduced the number of writhes in acetic acid-induced writhing models and dose-dependent decrease of licking frequency in rats injected with 2.5% formalin, the results have validated the basis for the traditional use of Lagenaria breviflora against inflamed purulent wounds, swellings, and bruises seen in some infectious diseases such as New Castle disease.La planta, y sobre todo el fruto de Lagenaria breviflora es ampliamente utilizada en medicina tradicional en África occidental como un remedio herbal para el tratamiento del sarampión humano, trastornos digestivos y como antiséptico de la herida umbilical (por ejemplo, herida de incisión), mientras que los ganaderos la utilizan para tratar la enfermedad de Newcastle y la coccidiosis en varias especies animales, especialmente aves de corral. El propósito de este estudio fue analizar el efecto del extracto de esta planta, ya que hay pocos estudios sobre la temática. Se recolectaron hojas frescas de Lagenaria breviflora en la finca demostrativa de enseñanza de la Universidad de Ibadan, Nigeria, en mayo 2011. Las hojas secas se trituraron y una muestra de 200g fue utilizada para preparar el extracto. El material se mezcló en 1 000ml de agua destilada durante 48 horas, en un agitador orbital a temperatura ambiente de 24°C. El extracto obtenido se filtró y se concentró hasta sequedad a una presión baja y a 40°C, la solución espesa se liofilizó, para un rendimiento de extracto final de 12.6. Para probar la presencia de saponinas, alcaloides, taninos, antraquinonas, glucósidos cardíacos, glucósidos cianogénicos y flavonoides se utilizaron los métodos fitoquímicos estándares. La actividad anti-inflamatoria del extracto acuoso de hojas de la planta se evaluó mediante la inducción de un edema por carragenina e histamina en la pata de las ratas. El efecto analgésico se determinó utilizando el método de contorsiones inducidas por ácido acético y la prueba de formalina en ratones. Nuestros resultados mostraron que el extracto de 100 y 200mg/kg de peso corporal redujo significativamente la formación de edema inducido por la carragenina e histamina. En el modelo de contorsiones inducidas por ácido acético, el extracto mostró un buen efecto analgésico caracterizado por una reducción en el número de retortijones en comparación con el control. El extracto causó una disminución dependiente de la dosis en el tiempo y frecuencia de lameo en ratas inyectadas con 2.5% de formalina, demostrando su efecto analgésico. Estos resultados sin embargo fueron menores que los de la indometacina, fármaco de referencia utilizado en este estudio. El extracto de la planta redujo significativamente la formación de edema inducido por carragenina e histamina, así como la baja en el número de retortijones por ácido acético y una disminución de la dosis-dependiente de la frecuencia de lameo en ratas inyectadas con formalina al 2.5%, los resultados validan el uso tradicional de Lagenaria breviflora contra la inflamación de las heridas purulentas, inflamaciones y contusiones que se dan en algunas enfermedades infecciosas como la enfermedad de New Castle

An Evaluation of the Impact of Nigeria’s Trade and Investment Policy Reforms

Current efforts at reforming Nigeria’s economy cover all known approaches to trade and investment reforms. At unilateral level the National Economic Empowerment and Development Strategy (NEEDS) forms was adopted. Bilateral efforts manifests in the increasing number of bilateral investment treaties and bilateral trade agreements in the recent years. Efforts at regional level include intra-regional efforts under the auspices of the Economic Community of West African States (ECOWAS) and extra-regional efforts as exemplified by the on-going negotiations of an Economic Partnership Agreement (EPA) between West African countries and the European Union (EU). Multilateral efforts are not lacking as Nigeria is actively engaged in the negotiations of Doha Development Round (DDR) of the World Trade Organization (WTO). Efforts at liberalizing trade and investment regimes in the country are not new as the country attempted structural adjustment programme (SAP) was pivoted on trade, exchange rate and investment reforms, perhaps the dimension and the speed at which the current efforts are being conducted are the new elements in the current wave of trade and investment reforms. Against the background of various attempts at liberalizing trade and investment policy regimes in Nigeria since the mid-1980s and the current efforts at negotiating and/or designing new trade and investment policy at unilateral, bilateral, regional and multilateral levels this paper presents an evaluation of past efforts with a view to informing the current efforts. Trade and investment theories and the linkages between them provides evidence on potential impacts of reforms on economic growth and performances; lessons from the design, implementation, expectation and effects of the past reforms provided rich information on the limit to realizing these potential effects. Notwithstanding that the nature and form of agreements are currently under negotiations, different estimates of possible impacts of these agreements have pointed to opportunities and challenges. The emerging trend points to a relatively fixed costs of reforms that are invariant to approach (unilateral, bilateral, regional and multilateral) to trade and investment reforms. However, the benefits appear to be dependent on the approach with multilateral promising the greatest benefits of all. More importantly the realization of the benefits not automatic and it may not even be realized at all if the reforms are truncated. There is, therefore, the need to manage the trade and investment reforms in order to optimize the potential benefits. The paper suggested some practical steps forward in guiding commitments to be made at the different levels of negotiations which include (1) tying the rate (depth, height and width) of reforms to be committed to progress made at addressing supply response constraints. (2) Given the diverse interest of stakeholders and the country in general, there is a greater role for external agent of restraint hence unilateral trade and investment reforms may not offer the best option. However, for other approaches to be optimally beneficial to the country there is the need for mainstreaming trade in the adopted development strategies and also for prioritizing issues at regional as well as at multilateral level. (3) There is a greater need in Nigeria for coordinating and harmonizing institutions and policies for improved performance of the economy. For instance, trade and investment policy reforms process needs to balance interests of stakeholders at both the design and implementation stages. The realization of optimum benefits from trade and investment reforms is contingent on complementary policies that among other things guarantee macroeconomic stability, a necessary and almost sufficient condition for sustainable pro-poor growth that is the long-term goal of the Nigerian economy

Modelling Cryptocurrency High-Low Prices using Fractional Cointegrating VAR

This paper empirically provides support for fractional cointegration of high and low cryptocurrency price series, using particularly, Bitcoin, Ethereum, Litecoin and Ripple; synchronized at different high time frequencies. The difference of high and low price gives the price range, and the range-based estimator of volatility is more efficient than the return-based estimator of realized volatility. A more general fractional cointegration technique applied is the Fractional Cointegrating Vector Autoregressive framework. The results show that high and low cryptocurrency prices are actually cointegrated in both stationary and non-stationary levels; that is, the range of high-low price. It is therefore quite interesting to note that the fractional cointegration approach presents a lower measure of the persistence for the range compared to the fractional integration approach, and the results are insensitive to different time frequencies. The main finding in this work serves as an alternative volatility estimation method in cryptocurrency and other assets’ price modelling and forecasting