Monetary Policy and Share Pricing Business in Nigeria

The anatomy of Nigerian financial system is composed of the money and capital markets. Monetary policy is a framework used by the apex bank to regulate the flow of loanable funds in the economy, though the pricing of equity used by private investors to raise capital from the economy is carried out at the capital market end of the system. As earlier empirical studies have shown the relationship between monetary policy and stock market, this study provide a precise insight in the mechanism of interaction that co-exist between monetary policy and share pricing in Nigeria. The study identified money supply and interest rate (credit creation) as the main channels through which monetary policy influence sharing pricing in an open economy like Nigeria.Monetary Policy, Share Pricing, Monetary instruments, Money supply, Equity/capital market, money market, financial system, IPO pricing, Nigeria

Does Macroeconomic Indicators exert shock on the Nigerian Capital Market?

This study examines the long-run and short-run effect of macroeconomic variables on the Nigerian capital market between 1984 and 2007. The properties of the time series variables are examined using the Augmented Dickey-Fuller (ADF) test and most of the variables have a unit root at level. The Augmented Engle-Granger Cointegration test revealed that macroeconomic variables exert significant long-run effect on stock market performance in Nigeria. Also, the employed Error Correction Model (ECM) showed that macroeconomic variables exert significant short-term shock on stock prices as a result of the stochastic error term mechanisms. However, the empirical analysis showed that the NSE all share index is more responsive to changes in exchange rate, inflation rate, money supply and real output. While, all the incorporated variables which serve as proxies for external shock and other macroeconomic indicators have simultaneous significant impact on the Nigerian capital market both in the short and long-run.Economic Shock; Macroeconomic Variables; Capital Market; Unit root and Cointegration.

Development Finance Institutions in Nigeria: Structure, Roles and Assessment

The efficient channelling of funds and allocation of financial resources are roles expected to be undertaken in the financial system to facilitate productive growth in the real sector of the economy. There have been overlapping roles in the Nigerian financial system and this has resulted to inefficient intermediation and under-development of vibrant sectors of the economy. Thus, necessitated the emergence of development financial institutions to render services to the large un-catered economics agents (especially in the rural areas) by the universal banks. The institutions are expected to offer specialized and micro financial services, offer relative cheap and accessible financing options, provide long-term finance for infrastructure development, industrial growth, agriculture, small and medium enterprises (SME) development and provide financial products for certain sections of the people. However, this paper evaluates the roles and structure of the development financial institutions in Nigeria and also assesses their performance over time.Development Finance Institutions, Financial Institutions, Financial Intermediation, Real Sectors, Financial Services, Financial Products, Small and Medium Scale Enterprises, Nigeria

Color Removal from Combined Dye and Fruit Nectar Wastewater Using Adsorption and Microfiltration

Pollution of the waterways is a great challenge of the 21st century. Textile effluents contain compounds which have the capacity to cause more harm when ingested. There are many dye removal technologies like coagulation, photo oxidation which help to remove color from dye wastewater. The use of adsorption to remove color from dye wastewater has been used for many centuries. Activated carbon can efficiently remove color from dye wastewater but it is very expensive and so different researches have been conducted to get the adsorption capacity of different forms of adsorbents. These adsorbents can be gotten from agricultural waste, biomass, and industrial waste and even household materials like paper. In this research, agricultural adsorbents like orange peel, banana peel and onion peel are being used as adsorbents to treat dyes like Acid red 88, Direct blue 15 and Rhodamine 6G. The amount of adsorbent dose and dye concentration is being varied to know at what dye concentration or adsorbent dose effectively removes color from dye wastewater. In this study, the treatment of a binary mixture of dye wastewater with fruit drink of different concentrations, low (10ppm), medium (50ppm) and high (100ppm). The dye waste water was prepared in the laboratory while the fruit drink was bought from a local grocery store. Color removal efficiency was investigated for the three adsorbents; orange peel, banana peel, onion peel. Transmittance and Absorbance values were used to determine the removal efficiency of the adsorption proces

Capital Flight and Investment Dynamics in Nigeria: A Time Series Analysis (1970-2006)

This study critically examines the implications of capital flight on investment growth in Nigeria between 1970 and 2006, because of the consequential effect it has on economic growth. The time series data properties incorporated were examined using the Augmented Dickey-Fuller (ADF) unit root test and the results revealed that Investment, capital flight, interest rate and exchange rate were stationary at levels excluding exchange rate found to be integrated at first difference. The Augmented Engle-Granger (AEG) co-integration test employed to investigate the dynamic relationship between capital flight and investment level in Nigeria, revealed that there exist long-run interaction. Though, capital flight was found to exert positive but insignificant effect on investment growth during the review period. While, the short-run dynamic interaction as a result of the structural instability in the long-run was captured by the Error Correction Mechanism (ECM) model which was found inestimable due to the high collinearity existing among the incorporated variables. Policy recommendations were proffered base on the research findings.Capital flight, Investment behaviour, Long-run, Stationarity, ECM, Cointegration, Nigeria

Relationship between students’ STEM interests and future career aspirations

Abstract. Despite the crucial role of STEM professionals in the economic and technological development of nations, including Finland, there is a lack of student motivation to pursue STEM-related careers. To address this issue, this study investigates the factors that contribute to compulsory basic school students’ career aspirations in STEM fields, with emphasis on understanding different groups of students based on their STEM career aspirations, preferred information sources, and perceived characteristics of future professions. The data for this study was collected from 1454 grade 8 students, aged 14 to 15 years old, who are enrolled in Finland’s nine-year primary and secondary compulsory basic education. A Likert scale questionnaire was used to gather the data, and analysis included mean, standard deviation, cluster analysis, and Kruskal-Wallis test. The findings revealed that students were divided into three types of STEM career interests (No STEM, medical STEM, and general STEM). Moreover, workplace visits and TET practices were the most preferred sources of information for students in both STEM career aspiration groups, while counselling outside school was the least preferred. The study’s findings also show that medical STEM students prefer jobs that involve working with and assisting people, whereas general STEM students prefer jobs that promote technological development. The study emphasizes the importance of educating teachers and guidance counsellors about STEM careers, incorporating students’ interests into STEM curricula, and developing effective interventions for future careers in STEM

Is Monetary Policy a Growth Stimulant in Nigeria? A Vector Autoregressive Approach

This paper critically examines the dynamic interaction between monetary policy tools in stimulating economic growth, as well as stabilizing the economy from external shocks in Nigeria. The paper considered key monetary time series variables and real growth of output in formulating Vector Autoregressive (VAR) models which showed interdependence interaction between the period of 1970 and 2007. The time series properties of the selected variables are examined using the Augmented Dickey-Fuller unit root test and the results revealed that only growth of real output and broad money supply are stationary at levels, while saving, lending and exchange rates were found stationary at first difference. The long-run dynamic interaction was established through the Johansen’s Trace and Maximum Eigenvalue tests. The pair-wise Granger-Causality test conducted showed that the growth rate of real output is not a leading indicator for any monetary variables. Other innovation accounting tests were also carried out like impulse responses function to test for the response of growth in real output to innovation shock on monetary variables. Also, the forecast error variance decomposition (FEVD) is used to decompose the monetary shock on the growth rate of real output in Nigeria. Proper policy recommendations were proffered based on the results emanated from the econometric analyses.Monetary policy, Monetary Instruments, Economic growth, VAR, Impulse shock response, Variance decomposition

Development Finance Institutions in Nigeria: Structure, Roles and Assessment

The efficient channelling of funds and allocation of financial resources are roles expected to be undertaken in the financial system to facilitate productive growth in the real sector of the economy. There have been overlapping roles in the Nigerian financial system and this has resulted to inefficient intermediation and under-development of vibrant sectors of the economy. Thus, necessitated the emergence of development financial institutions to render services to the large un-catered economics agents (especially in the rural areas) by the universal banks. The institutions are expected to offer specialized and micro financial services, offer relative cheap and accessible financing options, provide long-term finance for infrastructure development, industrial growth, agriculture, small and medium enterprises (SME) development and provide financial products for certain sections of the people. However, this paper evaluates the roles and structure of the development financial institutions in Nigeria and also assesses their performance over time. Keywords: Development Finance Institutions, Financial Institutions, Financial Intermediation, Real Sectors, Financial Services, Financial Products, Small and Medium Scale Enterprises, Nigeri

Growth and survival of different sex combinations of Oreochromis niloticus (L) in glass tanks

Growth performance and survival rates of three different sexes of Oreochromis niloticus fingerlings (27.5~c 0.02g); mixed-sex, all male and all female fed 35% CP at 5% body weight was carried out for 56 days in indoor rearing operations. Aquaria tanks (60x30x 30cm3) were used as rearing tanks and each treatment was replicated. All female tilapia had the best specific growth rate (2.54%/day), food conversion ratio (1.98) as well as survival rate (98%), least value was obtained in treatment containing the mixed sex tilapia. Specific growth rate (2.06%/day), Food conversion ratio (2.27) and survival rate (95% )

Exchange rate variation and fiscal balance in Nigeria: a time series analysis

Exchange rate remains one of the principal determinants of a nation’s external balance and fiscal status of most emerging economies. How better its fluctuation is managed has a long way to go with the performance of major macroeconomic variables in a country. It is behind this backdrop that this paper tries to examine the effects of exchange rate fluctuation on fiscal deficit crisis in Nigeria between 1980 and 2008. The period is so chosen as it covers the range of time that witnessed the greatest fluctuation’s in the external value of the nation’s legal tender (naira). The regression analysis reveals that exchange rate has impacted negatively on fiscal deficit over the period under consideration. The Augmented Dickey-Fuller (ADF) unit root test reveals that all the time series variables employed are non-stationary at levels; both the intercept and deterministic trend. Appropriate policies are therefore recommended on how best to reposition the economy in the face of continuing devaluation of naira