What are the Determinants of Working Capital Requirements of Nigerian Firms?

The purpose of this paper is to examine the determinants of working capital requirements of thirty non-financial firms listed on the Nigerian Stock Exchange between 2004 and 2011. Panel data methodology was employed and Ordinary Least Squares (OLS) used as estimation technique. The Working capital requirement (firm’s net working capital deflated by total assets) was used as dependent variable. Regression results reveal that five explanatory variables- firm’s leverage, size, industry classification, return on asset and operating cycle are significant factors that determine the firms’ working capital requirements for the period under study. The outcome of this study supports the findings of some previous studies and is also consistent with financial theory. Keywords: Working Capital Requirements, ROA, Leverage, Size, Pecking Order, Nigeria.

Protective Roles of Adansonia digitata (African Baobab), Cucumeropsis mannii (Melon), and Abelmoschus esculentus (Okro) Supplemented Diets against Cadmium-Induced Lipotoxicity, Bone Demineralization, and Cytotoxicity in Rabbits

The present study was undertaken to investigate the protective roles of Adansonia digitata (African baobab) Cucumeropsis mannii (Melon), Abelmoschus esculentus (Okro),  on lipid profile, bone health, and selected organs (liver, kidney, brain, and testis) against cadmium-induced toxicity in rabbits. Twenty male rabbits were grouped into five with four rabbits in each group. Group 1 served as positive control and received standard feed and 1.5 mg/kg body weight normal saline, group 2 served as negative control and were exposed to 1.5 mg/kg body weight cadmium chloride, group 3 received 1.5 mg/kg body weight cadmium Adansonia digitata supplemented feed, group 4 received 1.5 mg/kg body weight cadmium chloride and Citrullus lanatus supplemented feed, while group 5 were given 1.5 mg/kg body weight cadmium chloride and Abelmoschus esculentus supplemented feed. All administrations were orally and lasted for 28 days. At the end of the administration, blood, liver, kidney, brain, and testes were harvested from the rabbits for biochemical and histological analysis. One-way analysis of variance followed by Turkey’s test was used to analyze the results with p < 0.05 considered significant. The results revealed that cadmium exposure caused a significant increase in serum total cholesterol, triacylglycerol, low density lipoprotein cholesterol concentration, and atherogenic index in rabbits exposed to cadmium. Cadmium exposure also reduced bone calcium concentration. Adansonia digitata maintained the atherogenic index of plasma at 2.67 compared with the positive control group (2.66). The three vegetables reversed the cadmium-induced up-regulation of total cholesterol and triacylglycerol in the liver, kidney, and brain but not in the testis. All the vegetables also restored bone calcium. Citrullus lanatus and Abelmoschus esculentus prevented organ damage induced by cadmium exposure. These vegetables however play different protective roles against cadmium exposed rabbits

Laboratory scale bioremediation of crude oil impacted soil using animal waste compost

This study investigated various ways by which the rate of biodegradation of hydrocarbons {ex-situ treatment} can be enhanced in an efficient, cost effective and environmentally friendly manner. To achieve this, bioremediation processes were applied to a crude oil impacted soil. Tests were conducted to evaluate the biodegradation effect of the oil on the soil e.g. effect on density, electrical conductivity, etc. The percentage of organic matter and carbon was evaluated in order to determine the organic carbon interaction with the contaminated soil sample. The effect of contamination on the geotechnical properties of the contaminated soil was also evaluated using compaction test. Two types of compost - sheep waste compost and crude oil (SCRO), and goat waste compost and crude oil (GCRO) - with an application rate of {0g, 350g and 550g} were applied in the treatment. The results showed that all bioremediation agents applied enhanced the natural bioremediation of the contaminated soil and the most preferred results were obtained when treatments were done using SCRO compost. This study revealed that the remediation process was influenced by application period, type of oil, and compost rate

Comparative Analysis of Pre and Post-migration Livelihood Outcomes of Households with Absentee Heads in Osun State, Nigeria

Migration is often linked with a deleterious impact on rural area production and development. Although, the change of location for better opportunities also affect the lives and livelihoods of the migrant households’ in the rural communities. The study was a comparative analysis of the pre and post-migration living outcomes of absentee households’ heads in Osun State, Nigeria. A multistage sampling procedure involving the simple random sampling was used to select 120 absentee household heads. Data collected with interview schedule was subjected to descriptive statistics, t-test and correlation analyses. Findings showed that more men (76.7%) migrated, leaving women to become the interim household heads. It was found that migrants have a higher average monthly income level (₦44,400). Prior to migration, most families were in the lower financial well-being category (83.3%), while only 55% remained in that category after migration. This follows the result of the t-test which revealed that a significant difference (t=0.00; p<0.05) exists between the well-being of migrant’s household before and after migration. Thus, it was concluded that unless the rural push factors are removed, rural-urban migration will continue at an increasing rate because benefits and opportunities acquired in the process influence the well-being of the rural households. The study recommends that enabling environment, facilities and opportunities should be created in the rural communities to transform livelihoods and improve the wellbeing of the people via interventions by national and international agencies

Minimizing Interference in Ultra-Dense Femtocell Networks Using Graph-Based Frequency Reuse Technique

This paper investigates the performance of graph colouring schemes for frequency assignment in Long-Term Evolution (LTE) networks with ultra-dense femtocells. The aim of the study is to minimize interference in such networks while ensuring efficient spectrum use for these femtocells. The three schemes investigated are the conventional greedy graph colouring algorithm, the saturation degree algorithm and our proposed graph-based theory (GBT) algorithm. The process of frequency assignment is similar in the last two except that the proposed GBT partitions the femtocells into independent sets for an efficient frequency re-use. The performance of these three schemes was analyzed through extensive simulations to determine the SINR and network capacity that can be obtained with the deployment of these schemes using the ITU-R P1238-7 path loss model. The outcome of this study showed that with the absence of a dynamic frequency assignment scheme, interference level is increased as the number of femtocell users within a particular coverage is increased, leading to a reduction in the capacity of such networks. Simulation results showed that all three algorithms considered have the ability to allocate frequencies to femtocells and minimize interference in a densely deployed environment, thereby increasing network capacity. The proposed GBT assigned the least sub-band thereby ensuring spectral efficiency while minimizing harmful interference. Results show that the greedy algorithm has a disadvantage of inefficiently assigning sub-bands randomly, while the saturation degree assigns more sub-bands when compared with the GBT scheme.Keywords — Femtocell, graph colouring, frequency assignment, LTE

Pollution Studies on Ground Water Contamination: Water Quality of Abeokuta, Ogun State, South West Nigeria

Changes in water levels in wells reflect changes in recharge to, and discharge from an aquifer. Generally groundwater is rain water or water from surface water bodies, like rivers, lakes or streams that permeate into the soil and bedrock and is stored underground in the pores spaces between soil particles. Groundwater pollution occurs when hazardous substances come into contact and dissolve in the water in the soil or on the surface. Groundwater is generally less susceptible to contamination and pollution when compared to surface water, naturally impurities in rainwater or surface water which replenishes groundwater systems, get removed while infiltrating through soil strata. In Nigeria, groundwater is used intensively for irrigation and domestic purposes, a variety of land and water-based human activities are causing pollution of this precious resource. Its over-exploitation is causing aquifer contamination in certain instances, while in certain others its unscientific development with insufficient knowledge of groundwater flow dynamic and geo-hydro-chemical processes has led to its mineralization. Adequate supply of safe and portable fresh water is an inevitable factor for socio economic development.  Although the recent global attention focuses on how the current and foreseeable water crisis and associated consequences would be addressed, quite a lot of factors such as  low level of education, insufficient budgetary funding, inefficient government policies,  drought are increasingly contributing to the pollution of domestic water in Nigeria. Keywords: Nigeria, Groundwater, Pollution, soil strata, Qualit

Micro Financing and Entrepreneurial Development in Nigeria; The Mediating Role of Marketing

Micro finance bank that is popularly known as bank for the poor is basically established to alleviate poverty and also to serve as a platform for promoting entrepreneurial development. The question is; to what extent has it been able to fulfil its basic functions in Nigeria? The primary objective of this study is to ascertain the extent to which micro financing has contributed to entrepreneurial development and also to find out the extent to which marketing techniques have be employed for effective and efficient delivery of their services. Copies of questionnaire were distributed purposively to only those that applied for or came to access credit facilities that were physically found in the banking hall in that particular week of study. The study is limited to the customers of ten micro finance banks located in Ojo LGA of lagos state, Nigeria. Three hypotheses were developed and were subjected to descriptive, correlation and regression analysis. It was discovered that micro finance bank has been able to contribute significantly to the entrepreneurial development in Nigeria. Descriptive statistics show that some marketing techniques have not been fully employed by micro finance banks. The study makes useful policy recommendations which these banks will find beneficial if faithfully implemente

Numerical Comparison of Line Search Criteria in Nonlinear Conjugate Gradient Algorithms

One of the open problems known to researchers on the application of nonlinear conjugate gradient methods for addressing unconstrained optimization problems is the influence of accuracy of linear search procedure on the performance of the conjugate gradient algorithm. Key to any CG algorithm is the computation of an optimalstep size for which many procedures have been postulated. In this paper, we assess and compare the performance of a modified Armijo and Wolfe line search procedures on three variants of nonlinear CGM by carrying out a numerical test. Experiments reveal that our modified procedure and the strong Wolfe procedures guaranteed fast convergence

EVALUATION OF VIABLE OPERATING STRATEGIES FOR PUBLIC TRANSPORT BETWEEN FUNAAB CAMPUS AND CAMP TERMINUS IN ABEOKUTA

Transportation is a live wire for national development regardless of a nation industrial capacity, population or technological development. It gives expressions to policy initiative in areas like health, education, employment, etc., and in the absence of it, these facilities would be inaccessible. Viable operating strategies for public transport between Federal University of Agriculture, Abeokuta (FUNAAB), Ogun State Nigeria Campus and Camp Terminus in Abeokuta were evolved. Traffic study was conducted for seven (7) days to determine traffic volume and peak periods (morning and evening) along the route. Questionnaires were administered to the road users to obtain factors (availability of vehicles, travel time from Camp Terminus to FUNAAB, road condition, operational cost, comfortability of the vehicle) needed to generate operating strategies. These factors were subjected to statistical analysis. The traffic volume revealed that Private cab had the highest traffic flow for a.m. peak period (8: 00 – 9: 00 am) from Mondays to Thursdays while Public cab had the highest on Fridays to Sundays, and at the pm peak period (4:00 – 5:00 pm), Public cabs had the highest traffic volume on Wednesdays, Saturdays and Sundays while the Private cabs had the highest on the rest days of the week. The analysis of the sampled population showed that public cab had the least total time travel (36.1 minutes) followed by mini- bus (37.8 minutes) while the school bus had the highest (43.7 minutes) and this justified the reason why 40% of the population choose to travel by public cab, 33% by mini– bus  and 27% by the school bus. However, for the viability of the operating strategies, more public cab and min-buses should be provided to ply the road because of their lesser travel time, also provision of more school buses because of the large number of passengers they carry per trip should be provided.     &nbsp