Financial Development, Investment and Economic Growth: Evidence from Nigeria

The paper evaluates the relationship among financial development, investment and economic growth in Nigeria. It also examines the role of investment in financial development and how it influences economic growth in Nigeria. The paper applies the standard Vector autoregression (VAR) framework of Johansen, the Inoue (1999) cointegration framework with endogenous structural break model and Johansen et al. (2000) cointegration test with exogenous structural breaks, respectively. After accounting for structural breaks in the series, the study establishes a long-run relationship among financial development, investment and economic growth. This indicates that failure to account for structural breaks in the series may lead to bias estimates and may mislead policy conclusion. It further reveals that investment is a critical channel that influences economic growth through financial development

The Day of the Week effect on stock market returns and volatility: Evidence from Nigeria and South Africa.

This paper examines the day of the week effect for the Nigerian and South African equity markets over pre-liberalisation and post-liberalisation periods. The paper uses Exponential Generalized Autoregressive Conditional Hetroskedasticity (EGARCH) model to estimate the day of the week effect both in the mean and variance equations. The post-liberalisation period for the Nigerian equity market exhibits day of the week effect on Fridays only in the mean equation. While in the variance equation, there is evidence of day of the week effect on Tuesdays and Thursdays respectively. In South Africa, there is significant evidence of the day of the week effect on Mondays and Fridays during the pre-liberalization period. During the post-liberalisation period, there is evidence of day of the week effect on Thursdays in the mean equation and Fridays only in the variance equation

Manifestation of Income Inequality and Poverty Prevalence in Selected North Central States of Nigeria

Poverty in Nigeria has been described as pervasive owing to the fact that the nation has witnessed a persistent increase in poverty level over the years. More so, there has been a renewed and growing concern about poverty and income inequality due to their negative implications for both economic growth and social peace. In Nigeria, the twin issues of poverty and inequitable income distribution present a paradox. This is because, though the country is rich in land, human and natural resources, yet 70 percent of Nigerians are still considered poor with low per capital income. More so, it has been argued that income inequality is a manifestation as well as strong cause of poverty. The study therefore analyses the empirical relationship between manifestation of income inequality and poverty prevalence among households in selected North Central States in Nigeria. This study employed survey method using structured questionnaire. A representative sample of 600 respondents was planned for the survey in order to have at least 462 households responding. However, the study has 501 household respondents representing 84 percent success rate. The result shows that 84 percent households believe that income inequality is a major determinant of poverty in Nigeria and 76 percent also agreed that poverty occur most in rural area than urban areas. It was found that a disproportionate share in income across divide would exacerbate poverty among rural dwellers particularly farmers, artisans, and traders. The study therefore recommends a deliberate policy of reducing income inequality so as to reduce the incidence of poverty especially among the rural dwellers

A fractional cointegration VAR analysis of Islamic stocks: A global perspective

In this study, we analyse the behaviour of Islamic stocks from a global perspective covering an array of regional Islamic stock markets. Both the fractional integration and fractional cointegration techniques are employed. Thus, we are able to establish whether Islamic stocks are individually integrated with a fractional order on the one hand and whether they are fractionally cointegrated on the other hand. We find that all the regional Islamic stock markets exhibit long memory but are mean reverting regardless of the choice of fractional integration technique and data sample. Second, using the fractional cointegration VAR (FCVAR) approach of Johansen and Nielsen (2012), we find that all the regional stock markets are cointegrated with a fractional order and this behaviour may be influenced by global economic conditions. Further analyses suggest that ignoring the fractional integration property of Islamic stocks when modelling their long run behaviour may lead to wrong conclusions. Also, the economic significance test conducted indicates that Islamic financial markets offer risk hedging characteristics and the results are robust to alternative data frequencies

Prevalence of Dermatophytes and other Associated Fungi among School Children

The study investigated the prevalence of dermatophytosis and associated non-dermatophytes among Islamiyya school children of ages 5 – 13 years old in Kano metropolis. A total of 100 samples were collected and 91 (91%) yielded positive to fungal growth from which 66 (72.5%) were identified from males and 25 (27.5%) from females school children respectively. Dermatophytes amounting to 53 (58.2%) in frequency were recorded out of which 39 (73.6%) were isolated from males and 14 (26.4%) on females. Non-dermatophytes were also more in males (27 isolates) than females which had 11. The etiological agents of dermatophycoses recorded in this study in descending order of prevalence are M. ferrugineum (15.4%), M. canis (15.4%), M. audounii (9.9%), T. concentricum (5.5%), T. verrucosum (3.3%), T. rubrum (3.3%), T. mentagrophyte (2.2%), T. tonsorans (1.1%) and T. schoenleini (1.1%). A. flavus (9.9%), A. niger (8.8%), Penicillium sp. (7.7%), Candida albicans (5.5%), Mucor sp. (4.4%), Trichoderma sp. (3.3%) and A. fumigatus (2.2%) constituted the non-dermatophytes associated with these cutaneous infections. Higher frequency of dermatophytosis occurred more in children with greater propensity for play, interaction with domestic animals and who lacked the luxury of school seats during classroom learnin

Occurrence of antibodies against hepatitis C virus (HCV) among alcoholics

Studies have shown that hepatitis C virus (HCV)-infected alcoholics have more severe biochemical and histological evidence of liver disease than anti-HCV-negative patients. One possible mechanism for the increased liver damage is that alcohol may have a stimulatory effect on HCV replication. This study was therefore carried out to investigate the seroprevalence of HCV virus among alcoholics. Two-hundred and seventy (270) alcoholics and fifty (50) control subjects at selected locations in Jos South local government area (LGA), of Plateau State were screened for HCV antibodies using grand rapid diagnostic test strip. Structured questionnaire was employed to obtain demographic data of studysubjects. Overall, the prevalence of HCV infection was found to be 45(16.7%) in response to alcoholics while the non-alcoholic (control) subjects recorded 3 (6.0%) positivity, [(x2 = 3.765); P > 0.05]. Genderconsideration showed that females subjects had a higher prevalence of 25 (9.3%) compared to males with 20 (7.4%) among the alcoholic subjects. The 19 – 30 years age group recorded the highestseroprevalence of 14 (5.2%) to the HCV, [(x2 = 4.757); P > 0.05], while no significant difference was observed among positive subjects screened for serum aminotranferase levels in relation to age and gender. Available evidence from this study indicates that alcoholic consumption is a strong determinant of HCV infection. Drastic measures at creating awareness and the need for routine screening among alcoholics should be given due consideration. However, future HCV studies need toquantify concurrent alcoholic consumption to further our understanding of the total burden of illness from alcohol associated HCV in the community.Keywords: Alcoholics, hepatitis c virus, occurrenc

Studies on Prevalence and Risk Factors for Hepatitis B Surface Antigen among Secondary School Students in North-central, Nigeria

Hepatitis B virus (HBV) Infection is one of the major global public health problems, with its attendant risks especially among the young adults. This study was therefore carried out to assess the sero-prevalence of hepatitis B surface antigen (HBsAg) and associated risk factors among students of a secondary school in Jagindi Tasha, Kaduna State, Nigeria. One hundred and ninety (190) apparently healthy students were screened and sera samples obtained were separated and analysed for HBsAg using a commercially available Enzyme Linked Immunosorbent Assay (ELISA)-based kit (Dialab). Information was obtained for risk factors using structured questionnaire. Out of the 190 samples screened, 35 (18.4%) were sero-positive. Subjects aged 13-15 years recorded 6.8% positivity (x2 = 1.084; p>0.05) and male subjects had 25.5% positivity compared to 10.9% positivity for females (x2 = 6.768; p<0.05). Risk factors such as blood transfusion was 32.0% among male subjects compared to 30.0% in females (x2 =18.07; p-value = 0.113). Furthermore, alcoholic consumption, the predominant lifestyle of the youths in this community was 20.0% among male subjects as compared to none in females. Unfortunately, the prevalence of HBV appears high among the studied population. This suggests that public awareness on the virus be accorded urgent attention, while vaccination programme should be improved in the community

Analysis and Computation of the Performance of Micro Finance Banks in Nigeria---A Case Study of Standard Microfinance Bank, Yola

This paper deals with the analysis and computation of the performance of Microfinance Banks in Nigeria in terms of credit performance, portfolio growth, link relative portfolio growth,  and categorization of portfolio, food security and employment generation using a case study of Standard Microfinance Bank, Yola. The withdrawal of licenses from 103 out of 407 listed Microfinance Banks in Nigeria was a concern to the researcher, being that Microfinance institutions are the major financial servers to the majority of Nigerians who are low income earners that are hardly served by the commercial banks. Using a standardard computer package, the chi-square test application shows that, although the portfolio growth of Standard Microfinance Bank Yola is not averagely 50.20% as claimed by the bank, there is an appreciable growth of 28.96%. But again, with 2005 as the base period, it recorded all time high link relative total portfolio growth of  548%. And other indices such as credit performance of the bank and portfolio by category indicate that microfinance banking in the country may be heading to the right direction except for grossly inadequate portfolio allocation of 6% for Agriculture which is supposed to be in the driving sit of the food security and employment generation. In trying times for institutions such as Microfinance Banks which bear benefits to the masses, it is recommended that either or both the regulatory body or/and the institution should publish a hope-giving-information that will dispel the possibility of the public completely losing hope in such institutions. And also calculated attempt be made to reform the land use act of March 1978 coupled with insurance provision for farmers to ease access to fund

Distribution of HBs Antigenaemia in Pregnant Women-A Community Based Epidemiological Studies

Infection with hepatitis B virus (HBV) is a serious public health problem worldwide and leads to a wide spectrum of clinical presentations, ranging from asymptomatic carrier state to acute self-limiting infection or fulminant hepatic failure, chronic hepatitis with progression to cirrhosis, and hepatocellular carcinoma (HCC). Transmission of HBV from carrier mothers to their babies can occur during the perinatal period, and appears to be the most important factor in determining the prevalence of infection in high endemic areas. Three hundred (300) sera samples were screened among pregnant women attending a rural ante-natal clinic, using standard ELISA and the 5-panel test methods to estimate the prevalence, Markers and identify risk factors associated with the infection. Structured questionnaire was administered to subjects to obtain risk factors associated with the Hepatitis B Virus. Result showed a prevalence of 38 (12.6%) among the pregnant women screned.Based on Age, subjects aged 20-24 recorded the highest prevalence of 14(4.7%) years, closely followed by those aged 15-19 with a prevalence of 10(3.3%) This Prevalence on age of subjects in this category was found to be statistically insignificant P>0.005. Subjects at the second trimester of pregnancy recorded a higher prevalence of 34(11.3).P>0.005Seroloical markers showed; 28 (9.3%), 35 (11.6%), 5 (1.7%), 33(11.0%) and 20(6.7) for HBsAg, Anti HBs, HBeAg, Anti HBe and Anti HBc respectively (P< 0.005)}. The findings showed a high prevalence of HBV infection among pregnant women. Screening of women in this category therefore would help in the early detection of HBsAg and possible prevention of neonatal transmission; hence the need for routine antenatal screening of all pregnant women. Keywords: Screening, HBsAg, Hepatitis B markers, Pregnancy