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

Melatonin enhanced the restoration of biochemical profile in chlorambucil treated-rats: examination of after-withdrawal effects of the drug

Background: In the wake of global prevalence of different types of cancer, the widespread use of chemotherapy poses threat to the integrity of the reproductive system. Although chlorambucil (Chrm) has anti-calcinogenic action, its administration has been associated with reproductive damage. Similar to chlorambucil, melatonin has anti-cancerous effect. Moreover, the hormone is claimed to protect the reproductive tissues from the insult of different disruptors of their functionality and histoarchitecture. Therefore, the present study investigated the effects of post-administration of melatonin in Chrm treated rats, with an interest in examining the after-withdrawal effects of the drug.Methods: Forty rats of ten animals per group were used for the study which lasted for six weeks. The control group received normal saline (vehicle; 0.1 ml/day, p.o.) for six weeks, while group 2 was administered saline for three weeks and then Chrm during the subsequent three weeks. However, in groups 3 and 4, Chrm was administered during the first three weeks; thereafter, they were administered saline and melatonin respectively during the subsequent three weeks. Chrm and melatonin were administered at 0.2 and 10 mg/kg b.w./day (p.o.) respectively.Results: The administration of Chrm significantly decreased gonadotrophin releasing hormone, follicle stimulating hormone, luteinising hormone, testosterone and antioxidant enzymes, but significantly elevated pro-oxidant and pro-inflammatory markers compared to the control group. Moreover, it was accompanied with selected significant alterations of semen parameters and lipid indices. However, restoration of baseline status of testosterone, catalase, total antioxidant capacity, malondialdehyde, lactate dehydrogenase, uric acid, sperm count, and free fatty acid was simply enhanced by the withdrawal of the drug, while that of gonadotrophin releasing hormone, testosterone, semen parameters, superoxide dismutase, catalase, c-reactive protein, lactate dehydrogenase, and high density lipoprotein cholesterol was facilitated by the administration of melatonin.Conclusion: The restoration of biochemical profile after chlorambucil treatment could be enhanced by the administration of melatonin.Keywords: chlorambucil; melatonin; reproduction; toxicit

Transformation after Early Ecclesiastical Architecture in Nigeria (1845-1980)

Transformation in ecclesiastical architecture had always been noticed from its evolution as each epoch tried to express its own time. This study examined the characteristic factors that led to the transformations from the early period of ecclesiastical architecture in Nigeria to the second phase of its development. The study area was Lagos because it was the cradle of ecclesiastical architecture in Nigeria and its nature being one of the metropolitan cities in the world encouraged the spread of Christianity which is adjudged to be an urban phenomenon. Since the study was explorative and historic in nature, qualitative research methods were adopted. The findings showed that early Churches in Nigeria were established by foreign missionaries and the administration and construction of their church buildings including financing and supply of labour with materials depended largely on foreign input. The second phase witnessed indigenization of the foreign established Churches and the establishment of African Independent and Pentecostal ones. The patronage of local input in terms of labour force and supply of materials was becoming obvious

Al-Qaeda in Islamic Maghreb (AQIM): Terrorist Networks Infiltrate Northern Mali

The Paper provides an overview of the Tuareg rebellion in Northern Mali with particular reference to conditions that are conducive to terrorist networks infiltration of the age-long insurrection in the region In this regard the roles played by the infiltration of Al-Qaeda in Islamic Maghreb AQIM the return of the Migrant workers and Tuareg combatants from Libya as well as the 22 March mutiny and Military coup in the Tuareg rebellion culminating in the total collapse of north Mali and the unilateral declaration of the independence of the State of Azawad were highlighted Noting that the problem in Northern Mali is not that of religious extremism or terrorism and that Military answer cannot be an effective long-term strategy or solution to the recurrent rebellion in the region the Paper indicates that the solution to the problem lies in recognizing the fact that the Tuaregs have legitimate political socio-economic security environmental humanitarian and human rights grievances that must be addressed without which the Tuareg rebellion will continue to resonate for some time to com

Characteristics of Early Ecclesiastical Architecture in Lagos State in Nigeria

Considering the fact that the period between 1854 and 1929AD has been identified as the first phase of emergence and development of ecclesiastical architecture in Nigeria, this, therefore, became the earliest period and this study examined the characteristics of the church buildings during this period. Among the churches that were built during this period, five were significantly prominent and still exist. This study examined two because those buildings shared similar characteristics. As the study was an explorative one and historical in nature it adopted qualitative method of non-participant observation, historical and unstructured interview methods of gathering data using descriptive method of analysis. This study found that Churches were dominated by foreign established missions as indigenous ones were yet to evolve. Gothic style dominated the period characterised by its usual strong focus on verticality, pointed arches, rib vaults, flying buttresses, large stained glass windows, ornaments and pinnacles. Construction works and financing relied heavily on foreign input. It also noted that construction materials were imported and the church buildings were more of foreign monuments rather than industrial or make-shift. Nigerian cultural, geographical, geological, climatic, existing religious and social factors were not major considerations. The study concluded that the characteristics of the early church buildings were significantly at variance with the current trends

Design and Construction of NBRRI Pozzolana Cement Pilot Plant Access Road

Nigerian Building and Road Research Institute (NBRRI), in trying to solve the menace of housing deficit ravaging the country, established a Pozzolana Cement Pilot Plant at its Laboratory Complex, Ota, Ogun State. When the plant is fully in operation, it would bring respite/succour to the low-medium class citizenry as the cost of pozzolana cement will be affordable to build a light weight/bungalow structures. This gave rise to the birth of this access road, as it became imperative to design and construct an access road to the Pozzolana Cement Plant using a ‘’stage construction’’ approach. The ‘’stage construction’’ approach/method was adopted to construct a 300m long by 7m wide roadway, where the subgrade (poorly graded sand and clay) was stabilized by proportioning technique of mechanical stabilization with well graded lateritic sub-base and base layers of 100mm thickness each. With the development of the bitumen sprayer by the Engineering Material Research Department, the pozzolana access road was used to test the effectiveness and efficiency of the innovation. The combined lateritic road surfacing of 200mm thickness was overlaid with 80mm thick stone-dust (8mm; ø) interface which was smeared with a thin layer of bitumen MC1. The bitumen surface was then covered with a 100mm thick granite (10mm; ø) layer. All the layers were well compacted using a 730kg pedestrian roller to an average of 20 passes on each layer.  However, when the plant is fully operational, the road would facilitate the movement of goods/ NBRRI Pozzolana cements in and out of the Institute (NBRRI) as this would contribute greatly to the economy of the nation after being adopted/accepted by the larger masses as an affordable alternative to conventional Ordinary Portland Cement (OPC) to erect their light weight concrete structures. Keywords: Pozzolana cement, Subgrade, Subbase, Base, Pedestrian roller, Light weight, Stabilization, Ordinary Portland Cement (OPC), Bitumen MC1

Effects of Bath Temperature on Cooling Rate, Mechanical Properties and Microstructure of Medium Carbon Steel during Quenching Operations

The effects of variations of bath temperatures of Selected Nigerian Vegetable oils on cooling rates, mechanical properties and microstructure of the quenched steel samples were investigated in this work. Cooling curves at different bath temperatures have been experimentally determined. From the cooling curves, the cooling ability variations were then analysed. The results obtained show that increasing bath temperatures increased the cooling rates of the quenched steel. These cooling rates are found to enhance mechanical strength with limited ductility of the quenched carbon steel. The hardness and tensile strength for palm kernel quenched sample increased from 40.8 HRC to 43 HRC. However, percentage elongation and impact values decreased from 0.28% to 0.21% and 9.5 N/mm2 to 7.5 N/mm2 respectively as bath temperature increases from 35 °C to 100 ºC. The results also showed that the microstructure of the quenched steel samples can be changed and significantly improved by varying the bath temperature. Reasons for variation in mechanical properties and microstructure are discussed. Keywords: Quenching, temperature, vegetable oil, steel, cooling rate, mechanical properties.