Effects of Some Selected Macro-Economic Indicators on Exchange Rates (1986-2019)

Background: The foreign exchange market plays a significant role in the development of a country and the stability of her currency in recent years. Objectives: This article reports the effect of macro-economic indicators on foreign exchange parallel markets for a period between 1986 – 2019. Methods: The macro-economic indicators used were inflation rate, demand for money, the supply of money, OPEC crude oil and the real GDP growth with the dependency of the foreign exchange market. The data for this project was extracted from the publication of the Statistics Unit of the Central Bank of Nigeria in recent years. Multiple Linear Regression was used with special attention on Multicollinearity, Serial Correlation and Heteroscedasticity. The coefficient of determination value of 0.740 shows that the demand for money, the supply of money, OPEC crude oil and the real GDP growth accounted for over 74 percent of the variation in the exchange rate in Nigeria between the years 1986 and 2019. Results: It was discovered from the findings that, money supply into the circulation determines the foreign exchange rate. And it was also discovered that the money supply has a high dependency ratio on the exchange rate among other macro-economic indicators. Thus, the reduced model is a result of the insignificancy of other variables while only variable two (supply of money) is significant. Conclusions: The use of a flexible exchange rate had eliminated the over-valuation of the naira. The parallel market premium has also been narrowed from 600 percent in 1986 to about 11.0 percent in 2018. These were attributed to the weak and import-dependent production structure of the economy. The suggested solution was articulated towards increasing foreign exchange inflows, reducing demand, as well as reforming the foreign exchange market to evolve a more realistic exchange rate for the naira.  Keywords: Multiple Linear Regression, Macro-Economic Indicators, Exchange Rate, Multicollinearity, Serial Correlation and Heteroscedasticit

The role of cattle manure in enhancing on-farm productivity, macro- and micro-nutrient uptake, and profitability of maize in the Guinea savanna

An on-farm trial was conducted in the northern Guinea savanna of Nigeria, over a period of five years, with the objectives of quantifying the effects on maize of applying cattle manure in combination with synthetic fertilizer with regard to soil characteristics, yield, plant nutrition and profitability. Maize grain yield was significantly increased by the annual application of cattle manure, compared to maize receiving an equal amount of N through synthetic fertilizer, but only from the third year of the experiment. The application of manure resulted in higher soil Kjel N, Bray-I P and exchangeable K values, and an increased N utilization efficiency by maize, suggesting that yield-limiting factors other than N deficiencies were of lesser importance than in the treatment receiving sole inorganic fertilizer. Nutrients other than N applied via the manure, particularly P, K and/or B, may have contributed to the higher grain yields in treatments receiving manure. A partial budgeting analysis revealed that, over a 5-year period, investments in the application of manure, in combination with synthetic fertilizer, resulted in higher margins than the application of fertilizer alone. However, analyses of marginal rates of return of changes from low urea N to high urea N or additional manure applications suggested that it was more profitable to invest in additional urea than in organic manure in the first two years of the experiment. The results suggested that manure applications, even when applied at relatively high rates, did not serve as a quick fix to on-farm soil fertility problems, but over a longer period, manure applied in combination with synthetic fertilizers did provide a significant and profitable contribution to enhanced cereal production

A comparison between legume technologies and fallow, and their effects on maize and soil traits, in two distinct environments of the West African savannah

Legume¿maize rotation and maize nitrogen (N)-response trials were carried out simultaneously from 1998 to 2004 in two distinct agro-ecological environments of West Africa: the humid derived savannah (Ibadan) and the drier northern Guinea savannah (Zaria). In the N-response trial, maize was grown annually receiving urea N at 0, 30, 60, 90 and 120 kg N ha¿1. In Ibadan, maize production increased with N fertilization, but mean annual grain yield declined over the course of the trial. In Zaria, no response to N treatments was observed initially, and an increase in the phosphorus (P) and sulphur (S) fertilizer application rate was required to increase yield across treatments and obtain a response to N applications, stressing the importance of non-N fertilizers in the savannah. In the rotation trial, a 2-year natural fallow¿maize rotation was compared with maize rotated with different legume types: green manure, forage, dual-purpose, and grain legumes. The cultivation of some legume types resulted in a greater annual maize production relative to the fallow¿maize combination and corresponding treatments in the N-response trial, while there was no gain in maize yield with other legume types. Large differences in the residual effects from legumes and fallow were also observed between sites, indicting a need for site-specific land management recommendations. In Ibadan, cultivation of maize after the forage legume (Stylosanthes guianensis) achieved the highest yield. The natural fallow¿maize rotation had improved soil characteristics (Bray-I P, exchangeable potassium, calcium and magnesium) at the end of the trial relative to legume¿maize rotations, and natural fallow resulted in higher maize yields than the green manure legume (Pueraria phaseoloides). In Zaria, maize following dual-purpose soybean achieved the highest mean yield. At both sites, variation in aboveground N and P dynamics of the legume and fallow vegetation could only partly explain the different residual effects on maiz

ON EXTREME VALUE THEORY IN MODELING NIGERIA MARINE AND AVIATION INSURANCE CLASS OF BUSINESS

Extreme value theory is applied to model extreme occurrences, and it is applied in business and finance to measure tail risk. Marine and aviation class of insurance business is an important component of non-life business because it insures all risks relating to aviation and marine vessels which play a significant role in the economic development of Nigeria. Recent claims experience has necessitated the investigation of tail risks with a small probability of occurrence but with high potential impact on a company’s survival. The study employs the Extreme Value Theory (EVT) to estimate the minimum expected claims for the marine and aviation insurance business using historical claims data. Diagnostics plot like the mean excess plot suggest the threshold to choose, to fit a Generalized Pareto model based on EVT and the excess distributions were obtained over a chosen threshold. Linear Q-Q plots and tail plots reveal that the parametric model fits the data well. VaR estimate was finally obtained using the extreme value method at a 5% confidence interval and the empirical results show that Extreme VaR is most suitable to calculate VaR as against the Historical and Gaussian methods. This will guide proper underwriting process and loss reserving in this class of business

Improving Yield of Corchorus Olitorus I. with Legacy Fertility of Jack Bean Fallow and Compost Amendments in an Organic Farming System

Ability of applied soil fertilizer to sustain crop production beyond a cropping season is an advantage to farmers, especially resource constraint organic farmers who cannot afford repeated application of organic fertilizers. Thus, this report presents evaluation of legacy soil fertility (residual) influence of previous Jack bean-fallow and a commercial compost application on the yield of corchorus in an organic farming system in two cropping seasons. The experiment was conducted at the Organic Vegetable Garden of Teaching and Research Farm, University of Ibadan, Corchorus seed were sown in plots of Brewery Waste Compost grades A and B, Brewery Waste Compost grade A +Jack bean residual fertility, Brewery Waste Compost grade B + Jack bean residual fertility, Jack bean residual and Control (no soil additive). The experiment was laid out in a Randomized Complete Block Design (RBCD) replicated four times having a total land area of 166.4m2 with 24 beds of 1.5m x 1m each. Plant yield data were subjected to statistical analysis of variance using GENSTAT edition 5 and means were separated using least significant difference (LSD) at (p≤ 0.05). In the first season, Brewery Compost Grade B resulted into the highest dry weight of corchorus (1.93 t/ha) which was not significantly higher than that of combination of Brewery Compost Grade A+ Jack bean (1.84 t/ha), while Brewery Compost Grade A+Jack bean (2.21 t/ha) resulted into highest dry matter yield in the second cropping. Thus, it could be concluded that combination of Brewery Compost Grade A + Jack bean could be used for producing corchorus by resource constraint farmers who may not be able to apply additional fertilizer in second cropping

MODELING THE EFFECTS OF CLIMATE VARIABILITY ON MALARIA PREVALENCE

 Malaria is believed to be one of the deadly killers of humans worldwide and a threatto one-third of the world’s population. Based on this assertion, this study is used to determine the effect of Ibadan climatic variability on Ibadan malaria prevalence proportion since the city has a holoendemic malaria transmission. Multiple Trigonometric regression model was used to determine the effects of rainfall and temperature on Ibadan malaria prevalence since it can be used to model series that exhibit two or more types of variations simultaneously. From the results, the residuals of the fitted multiple trigonometric regression model are not serially correlated based on the value of the Durbin Watson Statistics. The coefficients of the fitted model were used to establish that for every unit increase or decrease in Ibadan city rainfall and temperature, there might be an increase or decrease in the malaria prevalence proportion over the years. The values of coefficient of determination  revealed that Ibadan city monthly rainfall and temperature jointly explained the variations in Ibadan malaria prevalence proportion up to 61%. The fitted multiple trigonometric regression model as well as a good fit and high predictive power based on the value of the adjusted coefficient of determination Based on these results Multiple trigonometric regression model is suitable and adequate for modelling the effect of Ibadan monthly climatic variability on malaria prevalence proportion which can cause a high rate of morbidity and mortality if not curtailed or curbed

Role of Corporate Governance in the Financial Crisis; Evidence from Nigerian Banks

Accessing problems from the perceived causes usually leads to a relief or solution. This paper examines corporate governance and the Nigerian financial crisis which was majorly characterised by poor credit risk management, with the aim to determine the relationship that exists between corporate governance and credit risk management. Secondary data were gathered from 19 listed Nigerian banks for a 5 year period between 2005 and 2009; the postconsolidation to financial sector crash in Nigeria. Corporate governance is measured by statutory committee, committee independence, board size, board composition, executive duality and directors’ interest; while credit risk management is measured by non–performing loans ratio, loan loss provision, and loan to deposit ratio. The data were analysed by Ordinary least square panel data analysis. Findings revealed that banks with good corporate governance have better credit risk management. Results of the hypotheses tests revealed that there is a significant relationship between corporate governance and the credit risk management variables: non–performing loans ratio; loan loss provision; and loans to deposits ratio. This paper recommends that directors of banks should ensure compliance with corporate governance policies for a more thorough administration of the financial syste

Embryogenesis of Heterobranchus longifilis (Curvier and Valenciennes, 1840)

Studies on development of H. longifilis (Curvier and Valenciennes, 1840) were conducted at a temperature of 25EC ( 1Ec) in aquaria tanks continuous development were monitored with the use of wild Heerbrugy photomacroscope and length of yolk and larva were monitored using Stereo Olympus microscope with ocular micrometer. The division into animal and vegetal poles was observed 22 minutes after activation. The first cleavage occurred 65 minutes after activation while the second division which was perpendicular to the first line of division occurred 74 minutes after activation. This was quickly followed by the third and fourth cleavage at 80th and 82nd minutes after activation respectively. Morular stage was reached at 4 hours 20 minutes with formation of optic bud at 14 hours 35 minutes. (DBO) Developing embryo hatched after 27 hours of activation at a mean length of 6.63 and mean yolk length of 2.17. Yolk size decrease at an average rate of 38.5 % till the 5th day of total absorption. Growth of larvae proceeded faster in tail-anus region than in anus-snout portion of the body. The rate of yolk absorption and larva development (survival) as monitored in this work gives important information in Research and development programme for H. longifilis larva - an important aspect of Research development and implementation of appropriate technologies in small scale fisherie

Implementation of Wi-Ap; An IEEE 802.11b/g Based Electrical Switch Module With Web Enabled Interface for Electrical Appliances Control

The aim of this research study is to design and implement a Wi-Fi-based control panel for remote control of lights and electrical appliances with a web functionality that allows for wide area control via the intranet or Internet. This eliminates the inconvenience of moving from one switch to another for analog operation of light fixtures and appliance in home, office and campus environment. The wireless technology we adopted is IEEE 802.11 (2008) b/g, also called Wi-Fi (Wireless Fidelity) which operates in free band and is easily accessible. Wi-Ap (Wi-Fi Automated Appliance) control system contains a web portal which allows for management and control purposes via the intranet or Internet. We built a standalone Wi-Ap console that allows the wireless switching on and off of any appliance(s) that is(are) ) plugged into it. The prototype we built was tested within the Electrical and Information Engineering department, Covenant University, Nigeria intranet and the test achieved our aim of remote appliances control from a web portal vial the intranet

Impact of gari consumption on the water resource of Nigeria

The consumption of gari (or roasted cassava granule) is connected to a chain of impacts on the water resource in the country where cassava crop is grown, processed and consumed. The aim of this paper is to assess the impact of gari consumption on the water resource of Nigeria. The paper elaborates on two types of impact: evaporation of infiltrated rainwater for cassava plant growth (green water use) and the abstraction of ground and/or surface water for processing, including that of consumption athousehold level (blue water use), while water pollution impacts during processing and consumption (at households) are neglected. Using the 2007 cassava production estimates for Nigeria as baseline, the water impact related to the consumption of gari either as snack or as “eba” (gari reconstituted with hot water to form a dough-like paste) is estimated at 10.52 x 109 m3, out of which 0.38% is due to the use of blue water and 91.3% is due to the use of green water (no dilution water impacts measured in this paper). Under the traditional farming practices, the major volume of water needed to grow the cassava plant is from rainwater. For the total water needed in gari consumption starting from cultivation, thewater used in the processing and consumption (at household level) is a significant fraction (about 0.4%) of the soil moisture used to grow the cassava plant. However, the impact of this fraction is often significant: One, it is the blue water (abstracted from surface and/or sub-surface sources) that is often scarcely available and two, it is this blue water sources that are also polluted by the waste flows from the processing and consumption sites