The Determinants of Capacity Utilization in the Nigerian Manufacturing Sector.

This study empirically investigated the determinants of capacity utilization in the Nigerian manufacturing sector between 1975 and 2008. The study used capacity utilization as the dependent variable while its determinants such as Real Manufacturing Output Growth Rate (MGDP), Real Interest Rate (INTR), Consumer’s Price Index (CPI), Fixed Capital Formation in Manufacturing Sector (CPF) and Electricity Generation on Rate(ELEGR)(Proxy for energy) were used as independent variables. Cointegration and Error Correction Model(ECM) were employed as the estimation techniques so as to study the time series properties of the variables and to ascertain the existence of long-run relationship between capacity utilization and its determinant indicators. Structured questionnaire was administered to assess the operational materials and the performance of the selected firms. The findings of the study revealed that there is positive relationship between consumer’s price index, Fixed capital formation in manufacturing sector and capacity utilization. The study also showed that there is negative relationship between Electricity Generation, Real Manufacturing Output Growth Rate and Capacity Utilization which resulted in low manufacturing productivity growth rate in Nigeria. Based on the findings, the study strongly recommended that government should make adequate provision of infrastructural facilities especially Electricity Generation to boost production. Keywords: Capacity Utilization, Real Manufacturing Output Growth Rate, Electricity Generation, Co-integration and Error Correction Mechanism and the use of descriptive survey typ

Determinants of Household Choice of Cooking Energy in Ondo State, Nigeria

The choice of domestic cooking energy in Nigeria is an issue for addressing deforestation, and health hazards resulting from indoor air pollution, as result of fuel wood consumption. This study analysed the factors determining the choice of cooking energy in ondo state, Nigeria. Random sampling technique was used to sample 409 households in the study area. The data used for the study were obtained with the use of well- structured questionnaires. Descriptive statistics and multinomial logit were employed for the analysis. Descriptive analyses show that the energy sources available for the use in the study area are kerosene (45%), firewood (43%) and cooking gas (12%). The analysis shows further that 63.7% of the rural populace and 22.9% of people in urban areas utilize fuel wood for cooking in the study area. The results of the multinomial logit show the household income, level of education, household size, occupation of the respondent, nature of the dwelling house and ownership of the dwelling house are the significant factors influencing fuel choice. In order to encourage households to make fuel substitution that will result in more efficient energy use and less adverse environmental, social, and health impacts, a promotion of higher level of education and a promotion of general economic development could be effective instruments. Keywords:  Cooking Energy, households’ characteristics, multinomial logit and the use of descriptive survey type

The Impact of Stock Market Development on Economic Growth in Nigeria

This study examines the impact of stock market development on economic growth between1970 and 2008. Co-integration Analysis and Error Correlation Mechanism were adopted as the estimating techniques to verify the existence of long-run relationship between stock market development and economic growth. Questionnaires were administered to access the investor’s confidence in the Nigerian stock exchange and to authenticate the impact of stock market development on economic growth in the period under review. The empirical results revealed that there is existence of long-run relationship between stock market development and economic growth in Nigeria. The findings also showed that there is positive relationship between market capitalization and money supply with economic growth while total value traded, turnover ratio and gross capital formation have inverse relationship with the growth. Market capitalization is highly significant and appears to be the major stock market indicator.  Based on these findings government should address the shortage of investment assets through effective policy measures that enhance the performance of stock market in Nigeria and to restore confidence of the investors. Keywords: stock market development, economic growth, Co-integration and Error Correction Framework and the use of descriptive survey typ

The Size, Growth and Profitability of Quoted Manufacturing Companies in Nigeria: Panel Data Analysis

The study examines the relationship among the size, growth and profitability of quoted manufacturing companies in Nigeria, using data from the Fact Books of Nigerian Stock Exchange between 2007 and 2011. For adequate capturing of the objectives, three models are formulated: growth is expressed as a function of size in the first equation, growth is expressed as a function of profitability in the second model, and size is expressed as a function of profitability in the third model. The technique of panel data model is employed to capture the three models and the results of the study reveal that there is independent relationship between growth and size of the firms which is in line with Gibrat’s law. The study also indicates positive relationship between the growth and the profitability of the firms but statistically insignificant because the probability statistic is greater than 0.01 and 0.05 but it is rather 0.875. Moreso, the study reveals negative relationship between firm size and profitability and the coefficient of determination ( ) which is 0.82 indicates that about 82% variations in size of the firms can be explained by the variations in profitability. Based on the findings, the study therefore recommends that government should put in place policy options that can enhance manufacturing profitability in order to boost the performance of the sector and create employment in Nigeria. Key Word: Size, Growth, Profitability and Manufacturing Companies

PEPPo: Using a Polarized Electron Beam to Produce Polarized Positrons

An experiment demonstrating a new method for producing polarized positrons has been performed at the CEBAF accelerator at Jefferson Laboratory. The PEPPo (Polarized Electrons for Polarized Positrons) concept relies on the production of polarized e+/e− pairs originating from the bremsstrahlung radiation of a longitudinally polarized electron beam interacting within a 1.0 mm tungsten pair-production target. This paper describes preliminary results of measurements using an 8.2 MeV/c electron beam with polarization 84% to generate positrons in the range of 3.1 to 6.2 MeV/c with polarization as high as ∼80%