IMPACT ANALYSIS OF INFORMATION AND COMMUNICATION TECHNOLOGY ON FINANCE AND ECONOMIC GROWTH IN NIGERIA (2001 – 2011)

The study analyses an impact relationship of Information and Communication Technology (ICT) on Bank Performance and Economic Growth in Nigeria. The study obtained an annual data of selected commercial banks in Nigeria for an 11 years period i.e. 2001 – 2011. The data comprises of net profit, total assets, total equity, ATM machines including e-banking services of the stated banks. The ordinary least squares (OLS), among the commonly used models in analysing panel data were used. Results of the study reveals that the use of ICT, from random effects model, does not improve bank performance in the Nigerian commercial banks. However, increased profitability, total equity showed significant relationships between bank performance and hence economic growth in the country. Similarly, a positive influence on bank performance is also revealed but is not statistically significant. The conclusion draws is that improved investment in ICT equipment does not improve bank performance. Rather relevant policies which could boost bank performance in term of profitability, capitalisation and consolidation should be pursued which are also the main determinants of economic growth

Audit Tenure, Audit Independence, Audit Committee Independence, Board Independence, and Audit Quality in the Listed Deposit Money Banks in Nigeria: The Moderating Effect of Institutional Ownership

The study examined the moderating effect of institutional ownership on relationship between audit tenure, audit independence, board independence and audit quality of listed deposit money banks (LDMBs) in Nigeria. The study population comprises 14 LDMBs on the Nigerian Stock Exchange as at 31st December, 2020. 13 LDMBs were used as sample of the study. Logit regression technique was used as a tool of data analysis. Findings of the study revealed that, in the direct relationship, audit independence, board independence and institutional ownership have significant effect on the audit quality of LDMBs in Nigeria. The finding of the moderated model of the study reveals that institutional ownership has a significant negative moderating role on the relationship between audit tenure, audit independence, board independence and audit quality of LDMBs. It is therefore recommended among others that listed deposit money banks in Nigeria should ensure that they consider long-term institutional shareholding since those with a long-term stake have the motivation to monitor management and thereby, requesting a better audit quality through BIG4 auditors

An Analytical Review of Financial Intermediation in the Rural Areas of Nigeria

This study analyses financial intermediation in the rural financial sub-sector of Nigerian economy. In achieving the objective of the paper, we investigate the relationship between the total deposit mobilized and the total loan advanced by the formal bank branches located in the rural areas of Nigeria from 1982-2009. The study uses time series secondary data collected from various issues of the Central Bank of Nigeria (CBN) statistical Bulletin, the data was analysed using the Augmented Dickey Fuller unit root tests and Johansen cointegration tests allowing for using fully modified Ordinary Least Square (OLS) method. The study found that rural deposit has a significant positive influence on rural loans while the influence of interest rate is positive but not significant. The result of Pearson Product Moment Correlation revealed a fair correlation between deposits mobilised and credits allocated in rural areas of Nigeria. As such, 48% of the deposit mobilised is given out to rural customers as loan. The study concluded that formal bank branches in the rural areas have done fairly well in terms of credit creation although there is still room for expansion. However, limited presence of financial institutions in the rural areas is the major problem inhibiting financial intermediation in the rural areas of Nigeria. The study, therefore, recommends that the CBN should direct all rural banks to give out at least 60% of their deposit as the loan to rural borrowers while linkage banking should be used for the very remote communities where formal bank branches could not be located

An Analytical Review of Financial Intermediation in the Rural Areas of Nigeria

This study analyses financial intermediation in the rural financial sub-sector of Nigerian economy. In achieving the objective of the paper, we investigate the relationship between the total deposit mobilized and the total loan advanced by the formal bank branches located in the rural areas of Nigeria from 1982-2009. The study uses time series secondary data collected from various issues of the Central Bank of Nigeria (CBN) statistical Bulletin, the data was analysed using the Augmented Dickey Fuller unit root tests and Johansen cointegration tests allowing for using fully modified Ordinary Least Square (OLS) method. The study found that rural deposit has a significant positive influence on rural loans while the influence of interest rate is positive but not significant. The result of Pearson Product Moment Correlation revealed a fair correlation between deposits mobilised and credits allocated in rural areas of Nigeria. As such, 48% of the deposit mobilised is given out to rural customers as loan. The study concluded that formal bank branches in the rural areas have done fairly well in terms of credit creation although there is still room for expansion. However, limited presence of financial institutions in the rural areas is the major problem inhibiting financial intermediation in the rural areas of Nigeria. The study, therefore, recommends that the CBN should direct all rural banks to give out at least 60% of their deposit as the loan to rural borrowers while linkage banking should be used for the very remote communities where formal bank branches could not be located

An Analytical Study of the Determinants of Access to Insurance Services in Rural Nigeria

This paper analyses the determinants of accessibility of insurance services in rural areas of Nigeria. The paper uses cross-sectional primary data sourced through a structured questionnaire from 384 respondents dwelling in rural areas of Katsina state. In analysing the data Logit modelling approach was used to find a significant positive influence of age, access to credit, educational attainment and availability of insurance services on access to insurance services. Moreover, the influence of income and gender are positive but statistically insignificant. Contrary, the study finds a significant negative influence of marital status on the accessibility of insurance services in rural areas. The study therefore concluded that deepening of insurance services in rural areas requires a special intervention taken into cognisance of religious viewpoint of these people. We recommended among other things, that while establishing micro-insurance in the rural areas of Northern Nigeria should be in conformity with the principles of Islam

An Analytical Study of the Determinants of Access to Insurance Services in Rural Nigeria

This paper analyses the determinants of accessibility of insurance services in rural areas of Nigeria. The paper uses cross-sectional primary data sourced through a structured questionnaire from 384 respondents dwelling in rural areas of Katsina state. In analysing the data Logit modelling approach was used to find a significant positive influence of age, access to credit, educational attainment and availability of insurance services on access to insurance services. Moreover, the influence of income and gender are positive but statistically insignificant. Contrary, the study finds a significant negative influence of marital status on the accessibility of insurance services in rural areas. The study therefore concluded that deepening of insurance services in rural areas requires a special intervention taken into cognisance of religious viewpoint of these people. We recommended among other things, that while establishing micro-insurance in the rural areas of Northern Nigeria should be in conformity with the principles of Islam

Modelling effects of water stress on the productivity of irrigated wheat (Triticum Aestivum L.) in a semiarid condition of Northeastern Nigeria

Lake Chad region is currently experiencing trending issues. Climate change is among the major influencers of these issues that require inevitable consideration for a sustainable ecosystem. Various crop models have been developed and employed in various environmental conditions and management practices, which are cheaper and easier than field experiments. Therefore, crop models could be used to simulate various water management strategies and suggest suitable options. In this work, the FAO AquaCrop model has been evaluated to simulate deficit irrigation (DI) scenarios for wheat crops using data generated from a field experiment. The model simulated grain yield (GY), biomass yield (BMY), biomass production (BMP) and canopy cover (CC) adequately during its calibration and validation. However, its performance in simulating water productivity (WP) and actual crop evapotranspiration (ETa) was low with average r2, NRMSE, model efficiency (EF) and Willmot Index of agreement (d) of 0.58, 11.0 %, -1.40 and 0.69 respectively. The study of DI scenarios using the model revealed that the application of DI throughout the growth stages of the crop could significantly affect GY and WP. The highest GY and WP of 5.3 t/ha and 1.50 kg/m3 were respectively obtained at the application of full irrigation (T100). Increasing DI beyond 20 % depressed both GY and WP significantly. However, increasing the irrigation interval from seven to ten days did not affect GY, thereby improving WP from 1.28 kg/m3 to 1.38 kg/m3. Therefore, applying an 80 % irrigation requirement throughout the wheat growing season at 10-day intervals could save 25 % of irrigation water, a valuable strategy to improve irrigation water use without significant yield reduction. Furthermore, irrigation-related scientists and managers can use the validated model to decide the current and future irrigation water management for similar wheat varieties in similar environmental conditions

Development of bio-based cutting fluid from roselle oil with titanium dioxide nano additive for cnc machine turning operation

The research work titled Development of Bio-Based Cutting Fluid from Roselle Oil with Titanium Dioxide Nano Additive for CNC Machine Turning Operation was carried out in in line with the global best practices of ensuring sustainable production during Computer Aided Manufacturing. Nano additive were collected in three different samples base oil 0 wt %, 0.5wt% and 1wt% of TiO2. Viscosity test was carried out using a viscometer with base oil, 0.5wt% and 1.0wt% having 3.19, 2.86 and 2.75m²/s respectively. Furthermore, the identification of unknown materials and confirmation of the sample materials were analyzed using FTIR spectroscopy with the materials being identified as carboxyl, hydroxyl, alkane, amide carboxyl and amide acid. Turning operation was carried out on a Harrison center machine with a mild steel work piece at constant depth of cut (1.5mm), constant feed rate (0.3mm) and cutting speeds at 80, 160 and 240rev/min. tool wear, surface finish, chip thickness and chip formation were analyzed. With an increase in Nano fluid concentration of 0.5wt% and 0.1wt% relative to base oil, a decrease in kinematic viscosity has been observed. In comparison to base oil and 0.5wt% TiO2, Nano fluid equal to 1.0wt% TiO2 shows enhanced results. When titanium dioxide was added instead of base oil, tool wear and surface finish are enhanced more. The percentage increase in nanoparticles, along with the observed changes in chip thickness, shape, and formation, point to the importance of nanoparticles at the tool/workpiece interface

Rural Households’ Attitude to Diversification into Non-farm Enterprises in Katsina State, Nigeria

The study investigated the rural households’ attitude to diversification into non-farm enterprises in Katsina State, Nigeria. A multistage sampling procedure was used to select 256 farmers for the study. Data were obtained with the aid of questionnaire and analyzed using percentage and regression analysis. The most positive attitude was “that non-farm enterprise is a crucial pathway to food security for rural households”.  It was closely followed by “non-farm enterprise is a source of agricultural household savings used for food purchase in hard times” and “non-farm enterprise provides a means to cope or survive when farming fails”. Farmers expressed positive attitude to diversification into non-farm enterprises and do not depend on agriculture as a sole means of livelihood but diversified income sources; the diversified farmers had higher income level. Government should support the existing non-farm enterprises and encourage creation of new ones; also improve formal credit access. Furthermore, technical support and skills acquisition training programs should be provided to enhance the performance and efficiency of non-farm enterprises in rural areas

Rural Households’ Attitude to Diversification into Non-farm Enterprises in Katsina State, Nigeria

The study investigated the rural households’ attitude to diversification into non-farm enterprises in Katsina State, Nigeria. A multistage sampling procedure was used to select 256 farmers for the study. Data were obtained with the aid of questionnaire and analyzed using percentage and regression analysis. The most positive attitude was “that non-farm enterprise is a crucial pathway to food security for rural households”.  It was closely followed by “non-farm enterprise is a source of agricultural household savings used for food purchase in hard times” and “non-farm enterprise provides a means to cope or survive when farming fails”. Farmers expressed positive attitude to diversification into non-farm enterprises and do not depend on agriculture as a sole means of livelihood but diversified income sources; the diversified farmers had higher income level. Government should support the existing non-farm enterprises and encourage creation of new ones; also improve formal credit access. Furthermore, technical support and skills acquisition training programs should be provided to enhance the performance and efficiency of non-farm enterprises in rural areas