Socio-economic analysis of catfish (Clarias gariepinus) production in Bayelsa State, Nigeria

The study which was conducted in Bayelsa State, Nigeria, examined the socio-economic characteristics of catfish (Clarias gariepinus) production in Bayelsa State, Nigeria. A multi-stage sampling technique was used to select three (3) Local Government Areas (Yenagoa, Ogbia and Kolokuma-Opokuma) purposively based on their predominance in commercial catfish farming and randomly five (5) communities each from the three (3) LGAs. Furthermore eight (8) catfish farmers in each community were randomly selected making a total number of one hundred and twenty (120) catfish farmers and analyzed using descriptive statistics and budgetary technique. The costs and returns analysis indicated that the Total Fixed Cost was ₦881,500.00 while Total Variable Cost was ₦3,956,025.01 with Net Farm Income of ₦3,113,183.32 during production period of six months. Return on investment was ₦0.64 which implies profitability of catfish production in the study area. The study also identified high cost of feed (18.6%), inadequate finance (13.2%), inadequate seed supply (11.1%), lack of land (10.5%), lack of organized market (9.5%), high cost of transportation (8.9%), lack of modern technologies (7.4%), high cost of labour (7.4%), inadequate water supply (6.3%), high spread of pest and disease (5.3%) and inadequate storage facilities (3.3%) were the major problems faced by catfish farmers. It is therefore suggested that there is a need of government support in terms of revitalization and prioritizing funding of extension delivery system of the state owned Agricultural Development Programmes (ADPs). This will help to mobilize and motivate the extension agents to reach the target farmers with relevant information on improved farm management practices.Keywords: Socio-economic, Returns, Production, Catfish, Bayelsa Stat

Determinants of Capital Structure of Listed Agro Firms in Nigeria

This paper examines the determinants of capital structure of agro-listed firms in Nigeria, using data generated from the financial statements of twenty eight (28) agro-allied firms, which have been listed in the Nigeria Stock Exchange (NSE) from 2005 to 2010. The major tool for data analysis was Ordinary Least Squares (OLS), which was used to analyze the identified firm-specific variables that affect short and long term debt ratios. All measured capital structure were scaled by the book value of total assets. In terms of short term debt ratio, large firms were perceived to have enough tangible assets at their disposal to pledge as collateral and access debt capital. Highly tangible firms also use more short-term debts, as high tangible asset reduced the magnitude of debt loss incurred by debt providers if the firms default. Growing listed firms used more short term debts, presumably due to their huge capital requirement for financing new short term investment opportunities and the need to meet current liabilities and other overhead expenses. Growing firms are presumed to lack both tangible assets and cheap long term credit sources of information and as such depends mostly on short term debts. The result further shows agro-listed firms with high taxes use more short term debts in their finances. Highly profitable firms do not depend on short-term debts, as they are perceived to be liquid enough to finance their short term investment through retained earnings at the expense of taking short term debts. In terms of long term debt ratio, highly profitable firms use less long term debts, implying that they have enough internally generated funds for their financing needs at the expense of borrowing. Large sized firms depend on long term debt for their finances because of high tangible assets at their disposal as collaterals. Firm age was positively related to long term debt ratio. The estimated growth coefficient was positively and significant, implying that growing firms use more long term debts. Finally, asset structure was found to be positively related to long-term debt ratio. Firms with high tangible assets are perceived to use more long term debts. It is recommended among others that appropriate protectionist policy be put in place for agro-based listed firms seeking short-term financing. Keywords: capital structure, listed Agrofirms, finance, Nigeri

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

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