TRADE, REVENUE AND WELFARE EFFECTS UNDER AN ECONOMIC PARTNERSHIP AGREEMENT BETWEEN BURKINA FASO AND THE EUROPEAN UNION

This study estimates the impact on Burkina Faso of eliminating tariffs on imports from the EU under EPAs, considering trade, revenue and welfare effects. At complete elimination of tariffs on all products imports from trade classification sections (TDC 01-13) from the EU. Burkina Faso is likely to experience both welfare gains and losses depending on the values of imports of each trade classification section in question. The overall welfare effect relative to GDP tends to be very small and positive, but potential tariff revenue losses are enormous even when the country has up to fifteen - twenty-five years in which to implement the tariff reductions, unless with scope for tax substitution. EPAs effects are concentrated on those product sections where trade creation outweighs trade diversion such as Animal products, Vegetable products, Animal/Veg. products, Mineral products, and Textiles products. Besides, product sections with the greatest market opportunities for EU suppliers to displace any of the other suppliers, ECOWAS and/or ROW include sections where trade diversion outweighs trade creation effects, such as prepared foodstuffs, product of chemicals, plastics, raw hides & skin, etc. The sensitive products (SPs) to be excluded from tariff removal should include sections in which ECOWAS member nations are suppliers to regional importers so that excluding them as SPs would improve the welfare gain compared to estimates where tariff are removed from those products in which ECOWAS have zero potential. The results at this level of aggregation will provide useful information to the on-going negotiations between ECOWAS and the EU in determining Burkinabe's products to be exempted from tariff removal during EPAs based on the severity of the effects on varied trade classification (TDC) sections, among other considerations

Adjusting Liberalization due to Trade, Revenue, and Welfare Effects: An Economic Partnership Agreement Scenario between Cape Verde and the EU

The paper identifies intra and extra-regional import trade in 1868 HS 6-digits products by Cape Verde at the single country and 13 trade classification section levels, from the EU, the ECOWAS sub-region, and the ROW. Sensitive products enumeration was based on "Cape Verde's imports of products from the different trade classification (TDC) sections- from ECOWAS, the EU and the rest of the world (ROW), of which ECOWAS member nations were suppliers at the single country level". It investigates the likely trade, revenue and welfare consequences of Cape Verde of embarking on free trade under economic partnership agreements (EPAs) with the EU, using the partial equilibrium analysis and suggesting how EPAs can facilitate intra-regional trade. Cape Verde and indeed most other ECOWAS member nations would likely benefit from EPAs by adjusting to and treating all products of trade classification sections currently imported from the region as sensitive for EPAs, hence postponing any reductions or removal of tariffs on imports of such products from the EU. This measure would likely deepen regional integration and sustain markets and traded products within the regional markets. The EU could therefore support measures that enhance the productivity and competitiveness of domestic producers to ensure improved supply-side capacity. Cape Verde entering into such agreements should consider liberalization of products of the trade classification sections that are not produced and marketed among members of the region. Liberalizing substantially across all products of all trade classification sections, even considering 20% as sensitive products across board would have adverse trade, revenue and welfare impacts. Policies should be geared towards careful adjusting to liberalization patterns and reforms that would sustain regional markets and reallocate resources from contracting to expanding products of various trade classification sections. This will go a long way to improving, sustaining and deepening regional integration through trade on TDC sections 01-13 products

Assessment of National Special Programme for Food Security (NSPPS) Project on Productivity and Income of Beneficiary Farmers in Plateau State, Nigeria

The study was conducted to assess the impact of National Special Programme for Food Security (NSFS) project on Productivity and income of Beneficiary farmers in Plateau Sate. The specific objectives included: (i) identify, describe and evaluated the socio-economic characteristics of the NSPFS project beneficiary and non beneficiary farmers (ii) determine the factors that influenced farmers participation in NSPFS projects in the study area (iii)determine the net farm income of beneficiary and non non-beneficiary farmers before and after the project intervention; (iv) determine the impact of NSPFS on beneficiary farmers income in the study area (v) determine the impact of NSPFS on beneficiary and non-beneficiary farmers before and after the project intervention (vii) identify the problems faced by the beneficiary farmers in participating in NSPFS project in the study area. Primary and Secondary data were obtained from the respondents of 412 (206 beneficiary and 206 non beneficiary farmers) and NSPFS coordinating offices for baseline survey data. Data were analysed using descriptive statistics; probit model; farm budgeting techniques of net farm income, production function; multiple regression and double difference method. The result showed that the socio-economic characteristics have a lot of influence on income and productivity of the respondents in the study area. Results showed male dominance in both beneficiary and non-beneficiary farmers. Majority of the respondents (beneficiary and non-beneficiary farmers) had farm size of between 0.5 "“ 1.oha before and after NSPFS project respectively. Based on statistical analysis, there was significant difference between the socio-economic characteristics of NSPFS project beneficiaries and non-beneficiaries. Therefore, the null hypothesis that there is no significant difference between socio-economic characteristics of beneficiaries and non-beneficiaries have been rejected and alternatives accepted. On the decision to participate in NSPFS project, 4 factors significantly influenced decision to participate in NSPFS project by the respondents. Participation in other agricultural projects was significant at 1% of t-value = 2.66. The net farm income realized by the responder is indicates an increase in the net farm income of both beneficiaries and non-beneficiaries. On impact of NSPFS on beneficiaries income, a positive mean difference of about N243,299.61 in income was realize and the difference in income was significant at 1% level with t-value = 3.86. This implies that there was an impact of the project on beneficiary's income. The regression result showed that NSPFS project has positive impact on crop productivity of beneficiary farmers in the study area. The f-chow calculated value was 104.45, while that of tabulated f-value was 2.6) at 5% for the three degree of freedom and the population sample N = 412. This implies that NSPFS had impact on crop productivity of beneficiaries. Resource use efficiency indicates that beneficiaries over utilized chemical and underutilized other resources like seed, fertilizer and labour but there was an improvement on the use of productive assets like hoes, cutlass and bicycle. Capital and fertilizer were major problems encountered by beneficiaries in participation in NSPFS project. Findings also revealed that the respondents claimed that their lack of participation in the project was based on their perceived idea that there are no meaningful results from government projects. Other reasons by the non-beneficiaries for not participating include lack of capital, not being a member of any farmer's cooperative society and also bad experience from other agricultural projects. The study recommends among others expansion of the NSPFS project to include at least three quarters of the small "“scale farmers, adequate and timely supply of farm inputs be intensified and there should be a strong reawakening of the farmers' cooperative movement or societies as well as the encouragement of farmers to joint other local groups and association for easy accessibility to inputs, agro services and technological innovations in farm practices

Erratum: "A Gravitational-wave Measurement of the Hubble Constant Following the Second Observing Run of Advanced LIGO and Virgo" (2021, ApJ, 909, 218)

[no abstract available

An analysis of interest rate deregulation as a policy instrument for stimulating agricultural finance and growth in Nigeria

The study examined interest rate deregulation as a policy instrument for stimulating agricultural finance and growth in Nigeria. The study specifically ascertained the factors that determine the aggregate credit volume to agriculture within the periods of regulation and deregulation in the Nigerian economy, determined the effects of government finance interventions on agricultural sector performance in the Nigerian economy, determined the periodic effects of macroeconomic financial indicators on Agriculture’s gross domestic product (GDP) contribution to Nigerian economy and estimated the level of real credit growth of agricultural finance in Nigeria. Descriptive statistics, Ordinary Least Squares (OLS) regression technique and chow test were used for data analysis. The chow test showed that there was a significant differential effect on the aggregate credit volume to agricultural sector between the regulated and deregulated regimes. Interest rate was an important determinant of aggregate credit volume to the agricultural sector in Nigeria, especially during the deregulated period but monetary authorities should ensure appropriate determination of interest rate level that will break the double-edge effect of interest rates on savers and investors

ANALYSIS OF CAPITAL STRUCTURE AND EFFICIENCY OF CAPITAL EMPLOYEDIN AGRO-ALLIED FIRMS IN NIGERIA

The study examines and compares the capital structure and efficiency of capital employed between listed and unlisted agro-based firms in Nigeria. Data collected from 88 agro-based firms using random sampling technique for the period 2005-2010 were analysed using Z-test, Capital Structure Ratio (CSR) and Return on Capital Employed Ratio (ROCE) analysis as well as descriptive statistics. The result revealed significant differences between the capital structure of listed and listed agro-based firms. Listed agro-based firms recorded the highest debt to equity ratio than their unlisted counterpart. Short term debts also constituted a greater percentage of the total debt ratios of both sample groups. Unlisted agro firms were more efficient than listed firms in terms of return on capital employed. Accordingly, series of recommendations have also been offered

ANALYSIS OF CAPITAL STRUCTURE AND EFFICIENCY OF CAPITAL EMPLOYED IN AGRO-ALLIED FIRMS IN NIGERIA

The study examines and compares the capital structure and efficiency of capital employed between listed and unlisted agro-based firms in Nigeria. Data collected from 88 agro-based firms using random sampling technique for the period 2005-2010 were analysed using Z-test, Capital Structure Ratio (CSR) and Return on Capital Employed Ratio (ROCE) analysis as well as descriptive statistics. The result revealed significant differences between the capital structure of listed and listed agro-based firms. Listed agro-based firms recorded the highest debt to equity ratio than their unlisted counterpart. Short term debts also constituted a greater percentage of the total debt ratios of both sample groups. Unlisted agro firms were more efficient than listed firms in terms of return on capital employed. Accordingly, series of recommendations have also been offered