Financial Structure and the Profitability of Manufacturing Companies in Nigeria

Finance mix is a major factor that affects the liquidity and the going concern of a business enterprise. After an idea has been conceived by an entrepreneur, there is need to also analyse the capital required for startup and means of financing the project. A good combination of sources of finance is expected to boost the profitability of an organization, but if not properly mixed, could have a negative effect on the profitability of the organization. The main objective of the study is to evaluate the effects of financial structure on the profitability of manufacturing companies in Nigeria. This study employed the use of secondary data. The Spearman’s Rank correlation and regression techniques were used for analysis, using the STATA Package for a sample of 25 manufacturing companies quoted on the Nigerian Stock Exchange for the period 2008-2012. The study showed that equity has a significant positive relationship with the profitability of manufacturing companies in Nigeria. The study recommends that managers should place greater emphasis on the facilitation of equity capital and policy makers should encourage manufacturing companies by reducing the cost of debt

Assessing the Connectedness between Corporate Governance Mechanisms and Financial Performance of Listed Oil and Gas Companies in Nigeria

This research examines the nature of relationships that exist between corporate governance mechanisms (board composition, audit committee, board size and corporate governance disclosure) and financial performance (return on equity, profit margin and return on asset) in the Nigerian oil and gas industry. Secondary data from the audited financial statements of the fifteen listed oil and gas companies in Nigeria were employed. The test of hypotheses and other analysis of data were done using Pearson Correlation and regression analysis generated from SPSS, version 17. Findings from the study revealed that insignificant but positive relationship does exist between board composition and the performance of oil and gas companies in Nigeria. Evidence also exist that corporate governance disclosure level has a positive and significant impact on the ROE. This study therefore suggests that board of directors and stakeholders of oil and gas companies in Nigeria should pay more attention towards enhancing the independence of their audit committees and the extent of their corporate governance disclosure in order to enhance their level of profitability

Budgetary System Reforms in Nigeria: Implications for Poverty Reduction

This study was conceptualized to investigate the influence (if any) of budget reforms specifically the Medium Term Expenditure Framework (MTEF) and the Fiscal Responsibility Act (FRA) on related reforms and poverty reduction in Nigeria. Budgetary reforms in particular and Public Finance Management (PFM) reforms in general are believed to bring about improvement in the budgetary outcomes which translate directly or indirectly to improvement in national wellbeing including poverty reduction. Conceptually, an indirect association exist between budget reforms and poverty reduction, an empirical nexus is however a moot. Historical time series data were collected representing 7 years before and 7 years after the adoption of MTEF and 5 years before and 5 years after the enactment of FRA. Utilizing the pre-test/post-test deign of a Paired sample t-test, the results revealed that Poverty Index (POI) in Nigeria reduced after the introduction of both MTEFand FRA. However, while the reduction after the introduction ofMTEF was statistically significant, the reduction after the enactment FRA was not insignificant. The study ecommends the enforcement of stricter adherence tobudgetaryand other public finance management reforms in order to generate greater impact and on the economy