Financial Development, Fiscal Balance and Economic Growth Nexus in Nigeria

This study critically examines the effect of financial development and fiscal deficits on economic growth in Nigeria since a decade after independence (1970) and 2012. The study employs a multiple regression model estimated using the classical least square method of estimation. The estimated model results reveal that financial development (FD) measured by ratio of total private claims to gross domestic product, Fiscal balance proxied by fiscal deficit (FD), and exchange rate (ER) exert positive influence on economic growth proxied by real gross domestic product (RGDP) in Nigeria. Also, financial liquidity/ widening measure as ratio of total money supply to gross domestic product (FL) and monetary policy rate (MP) are found to exert negative effects on economic growth in Nigeria during the period under review. The study later rejects the null hypothesis and concludes that financial development and fiscal balance have significant effect on economic growth in Nigeria. The study recommends some policy options of fostering economic growth on the basis of the reported findings. Keywords: Financial Development, Fiscal Policy, Monetary Policy, Economic Growth. Jel Classification:  H30, O40, E62, H60

Measuring the Impact of Fdi on Economic Growth in Nigeria

Abstract: This study investigates the impact of FDI on Nigeria's economic growth process. In an attempt to do this, the paper tests the validity of the modernization or depending hypothesis by employing various econometric tools such as Augmented Dickey Fuller (ADF) and Phillips Perron (PP) tests, Johansen Cointegration test, the Error Correction Mechanism (ECM) and Granger Causality test on time series data from 1970-2008. The results reveal that a long run relationship exists between the variables and a unidirectional causality from FDI to growth was also established. Thus, empirical findings support the modernization hypothesis that FDI is growth promoting in Nigeria

Is equal access to higher education in South Asia and sub-Saharan Africa achievable by 2030?

Higher education is back in the spotlight, with post-2015 sustainable development goals emphasising equality of access. In this paper, we highlight the long distance still to travel to achieve the goal of equal access to higher education for all, with a focus on poorer countries which tend to have lower levels of enrolment in higher education. Analysing Demographic and Health Survey data from 35 low- and middle-income countries in sub-Saharan Africa and South Asia, we show wide wealth inequalities in particular, with few if any of the poorest gaining access to higher education in some countries. We further identify that wealth and gender inequalities interact and tend to be wider in countries where levels of higher education are higher. This implies that expansion in access to higher education may predominantly benefit the rich, unless measures are taken to tackle inequalities. We find that that the rates of increase necessary for the attainment of the equal access goal by 2030 are particularly high. They pose a particularly difficult challenge given the access inequalities present from primary and secondary education in a wide majority of countries in our analysis. We therefore suggest that any measures aimed at attaining the goal need to tackle inequalities in access within a system-wide approach, focusing on the level of education at which inequalities initially manifest, alongside higher education.This is the final version of the article. It first appeared from Springer via http://dx.doi.org/10.1007/s10734-016-0039-

Production and quality evaluation of extruded snack from blends of bambara groundnut flour, cassava starch, and corn bran flour

Protein dense, fiber-rich extruded snacks were produced from blend of bambara groundnut flour, cassava starch, and corn bran flour using a single screw cooking extruder. The snacks were analyzed for their physical properties and proximate composition using standard laboratory procedures. The expansion ratio, specific volume, breaking force, and breaking strength index (BSI) of the snacks ranged from 0.85 to 1.22, 0.75 to 1.30 g/cm3, 3.95 to 36.45 N, and 0.99 to 9.11 N/mm, respectively. The breaking force and BSI were high and increased at increasing levels of cassava starch and corn bran inclusion. Moisture, protein, fat, carbohydrates, crude fiber, and total dietary fiber contents of the snacks were 5.40–10.80, 3.26–17.62, 0.68–10.35%, 60.56–85.03, 0.32–4.78, and 7.36–28.74%, respectively. The study revealed a great potential of obtaining a nutrient dense extruded snack from underutilized plant commodity (bambara groundnut) and waste from corn milling (corn bran)

Processing parameters influence on wear resistance behaviour of friction stir processed Al-TiC composites

Friction stir processing (FSP) being a novel process is employed for the improvement of the mechanical properties of a material and the production of surface layer composites. The vital role of the integrity of surface characteristics in the mechanical properties of materials has made the research studies into surface modification important in order to improve the performance in practical applications. This study investigates the effect of processing parameters on the wear resistance behavior of friction stir processed Al-TiC composites. This was achieved through microstructural characterization by using both the optical and scanning electron microscope (SEM), microhardness profiling, and tribological characterization by means of the wear. The microhardness profiling of the processed samples revealed an increased hardness value, which was a function of the TiC particles incorporated when compared to the parent material. The wear resistance property was also found to increase as a result of the TiC powder addition. The right combination of processing parameters was found to improve the wear resistance property of the composites produced

Interdependence of slurry erosion wear performance and residual stress in WC-12wt%Co and WC-10wt%VC-12wt%Co HVOF coatings

© 2019 High-velocity-oxygen-fuel deposited WC-12wt%Co and WC-10wt%VC-12wt%Co hardmetal coatings are well anchored to the mild steel substrates, giving good mechanical integrity, as well as low porosity. The mechanical integrity has been investigated in terms of erosion performance and its influence on the residual stress state in the eroded regions. Wear slurry erosion tests reveal similar rates of erosion for both systems, that becomes more severe as the impact angle increases due to higher direct impact deformation normal to the surface. The 10wt%VC-12wt%Co coating renders slightly better erosion performance throughout. Stress evaluations using X-ray and neutron diffraction reveal substantial compressive residual stresses in the WC-phases for both coating compositions in their as-coated conditions. Within their erosion scars, the stresses become more compressive with erosion angle due to the increased impact component normal to the surface. It is concluded that the better wear performance of the WC-10wt%VC-12wt%Co coatings with impact angle, correlates with larger induced in-plane compressive stresses in the WC phase

Root Cause Analysis for Fuel Losses in Bulk Oil Storage Tanks

Petroleum and its products are a major source of energy that plays a vital role in society, powering many essential tools that human life depends on. Supply-chain management is very important in the petroleum industry. Few continents have petroleum reserves, hence there is a need for efficient methods of managing the sourcing, storage and distribution processes across the globe. There have been major improvements in safety management practices, during extraction and processing, in transit, and in situ distribution. Bulk storage of petroleum plays a crucial role across the world as it eases distribution hassles and can act as emergency reserves in the event of disruptions in the supply chain. However, lighter fractions of petroleum have a tendency to evaporate during storage as they are highly volatile. Although there are mechanisms such as floating roofs that have been invented to effectively reduce evaporative losses of light petroleum fractions, the percentage of losses are still high, particularly in some climatic conditions. On average, floating roofs allow leeway for loss tolerances of +/- 0.2% of throughput. Unleaded petrol tanks record significant losses beyond the acceptable tolerances. The Botswana climate is semi-arid, which makes bulk oil storage facility manager cautious about prevailing conditions at their storage reserves. Trends analysed show losses well above the stated tolerance range. This article illustrates the analysis conducted to comprehend the root cause for losses experienced by bulk oil storage tanks (BOSTs) and decision making solution to tackle the problem of excessive evaporative losses in similar climatic conditions