Efficiency across Time: Evidence from the Nigerian Stock Exchange

This paper examines the Weak-Form Efficient Market Hypothesis across time for the Nigerian Stock Exchange (NSE) by hypothesizing Normal Distribution and Random walk in periodic return series. Monthly all share indices of the NSE are examined for three periods including January 1985 to December 1992, January 1993 to December 1999, and January 2000 to December 2007. Our Normality tests are conducted using Skewness, Kurtosis, Kolmogorov-Smirnov, and Q-Q Normal Chart; whereas Random walk is tested using the non-parametric Runs test. Results of the Normality tests show that returns from NSE do not follow normal distribution in all the periods. Runs test results reject the randomness of the return series of the NSE in the periods studied. Overall results from the tests suggest that the NSE is not Weak-Form efficient across the time periods of this study. The results however, show that improvements in NSE trading system have positive effect on efficiency. Relaxing institutional restrictions on trading securities in the market and strengthening the regulatory capacities of NSE and Nigerian Securities and Exchange Commission (NSEC) to enforce market discipline were recommended.Weak-Form Efficiency, Random Walk, Normal Distribution, Nigerian Stock Exchange, Trading System

Liberal Economics, Governance, and Official Development Assistance: Empirical Comments on Theoretical Themes

This study presents a comparative analysis of the relative impact of official developmental assistance/foreign aid (ODA) that was given by the OECD countries to select developing countries of the South (sub-Saharan Africa) during the last decade of the Cold War (1980-1990), and the immediate Post-Cold War period (1990-2002). Firstly, this study seeks to illuminate the specific role of foreign aid and its contributory effect in the economic growth and development of these countries between the two time periods, and secondly, delineates specific institutional and governance problems and how these militate against a more effective application of foreign aid or official development assistance. Findings from the data analysis indicate that ODA had no noticeable effect on economic growth as measured by average annual percentage change in GDP growth. While inflation had a negative effect on annual GDP growth during the last decade of the Cold War, it was relatively inconsequential in the period following the end of the Cold War. Only the human development index had a positive impact on annual GDP growth during the post-Cold War years (1990-2002) –suggesting that sub-Saharan Africa countries would need to develop a more robust institutional capacity and human capital skills as a prerequisite for aid effectiveness

Towards environmental sustainability in the Niger Delta region of Nigeria: a theological framework for broader involvement of the Presbyterian Church of Nigeria

The Niger Delta environmental crisis fuelled principally by the degration from oil and gas exploration activities has had negative impact on the sustainability of the region into the long-term future. The fallout of the frequent confrontations between the government and oil companies on one hand and the communities (supported by the so-called Niger Delta militants) on the other has had adverse consequences on the wellbeing of the people and the environment. Tracing the issues that posed threats to the sustainability of the Niger Delta environment led to the discovery of a complex mix of bio-physical, economic, and socio-political factors. These factors have compounded the state of degradation. In this thesis, the response of the Presbyterian Church of Nigeria (PCN) to these problems was brought under scrutiny in the light of the failure of key stakeholders, namely, the government, the oil companies and the local communities, to resolve the issues. The results from the fieldwork show that the PCN is not engaging with these issues in a rigorous and systematic manner. The thesis unravels factors militating against the PCN’s participation, and reveals opportunities open to the church. However, what is lacking is a conscious effort by the PCN to pull together a local ecological theology of creation from its inherited theology and from local wisdom. A framework for such a local holistic ecotheology (LHE) is therefore suggested to drive PCN’s involvement, and potentially step into the void left by the earlier-mentioned stakeholders. The LHE is designed to be practical and contextual, having its starting point in the local socio-cultural, economic, political, and ecclesiastical context. It draws from elements of local cultures and tradition, the lived experiences of the people at the grassroots, and from Christian theology. It is proposed as a holistic framework that factors in the challenges facing the people and the environment, and proffers practical suggestions towards resolving the problems

Poverty and its Alleviation Lessons for Nigeria

The study focused on the persistent poverty status in Nigeria in spite of all the actions and activities directly and indirectly put in place to reduce it. Nigerian poverty statistics and government actions in tackling poverty were examined. Few countries that have succeeded in reducing poverty position were briefly examined. Specifically, we highlighted how Malaysia, China and South Korea aspired and attained high level poverty alleviation. The lessons of their success stories were the basis for recommendations for Nigeria as a panacea for poverty reduction which has persevere in spite of every efforts over the years. Among the recommendations made include designing of poverty line for the entire geopolitical zone, stating target of poverty reduction within a time frame, and sincerely implementing and monitoring of strategies, programmes and policies. Kalu E. Uma | Paul C.Obidike | Frank O. Ozoh "Poverty and it's Alleviation: Lessons for Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 201