Systemic Risk: Overlapping Portfolios, Diversification and Policy Interactions

Systemic risk, the possibility that a triggering event such as the failure of a large financial firm will seriously impair financial markets and harm the broader economy, has taken centre stage since the recent global financial crisis. In the wake of the crisis, policy-makers worldwide have recognised the need to fill gaps in our understanding of the dynamics of the financial system, its non-linear relationship with the real economy, and the factors responsible for alternating phases of stability and instability characterising the system. This thesis addresses the aforementioned gaps under three main headings related to systemic risk: overlapping portfolios, risk diversification and policy interaction. The insights developed suggest that specialised financial institutions pose a great risk to the stability of the financial system when banks are indirectly connected via overlapping portfolios. Furthermore, this work shows that diversification serves multiple roles in relation to financial stability; on the one hand diversification reduces the risk of an isolated bank failure, but on the other hand it increases the risk of many joint failures. The findings of the analyses are used to propose regulatory policies for improving financial stability and social welfare. Lastly, in a bid to avoid the fallacy of composition risk that is associated with the study of regulatory policies in isolation, this thesis also attempts to identify the complex interactions of resolution, monetary, and macro-prudential policies

An examination of challenges educators and families faced in the Aftermath of COVID-19

As schools begin to fully or phase into re-opening, they should ensure that the 3 “I”s that have emerged during Covid-19 in education; infrastructure, interaction, and instruction (both in-person and online) are adequately addressed. This is one of a series of briefs that focused on a ‘critical incident’ surrounding school closure and offers pragmatic suggestions to educational leaders as they continue to grapple with the disruptions of the pandemic

Occurrence, distribution and alternative hosts of Wheat streak mosaic virus infecting ginger in Kaduna State, Nigeria

A field survey was conducted during the 2018 rainy season (June – October) in three major ginger producing Local Government Areas (LGAs) of Kaduna State, Nigeria to determine the occurrence and spread of wheat streak mosaic virus (WSMV) infecting ginger. Symptomatic and asymptomatic ginger leaf samples (n=180) and weed samples (n=45) were collected from the surveyed fields and indexed against WSMV using Double Antibody Sandwich Enzyme-linked Immunosorbent Assay (DAS-ELISA). The results obtained showed that WSMV occurred in all the LGAs surveyed but with significant (P = 0.05) variation in distribution. Jaba had the highest virus incidence (22.67\,\%) followed by Kagarko (17.67\,\%) while Kachia had the lowest virus incidence of 10.00\,\%. To the best of our knowledge, this is the first report of WSMV infecting ginger in Nigeria. Rottboellia cochinchinensis (Lour.) Clayton and Setaria barbata (Lam.) Kunth tested positive against WSMV as alternative weed hosts of the virus. The incidence of WSMV even at lower percentage is significant as population build-up could lead to a disease outbreak. Awareness programs need to be organised for farmers on yield loss potential of WSMV on ginger crop and the role of cultural practices on the incidence and management of the virus

Understanding the consequences of diversification on financial stability

In this paper, we study the consequences of diversification on financial stability and social welfare using an agent based model that couples the real economy and a financial system. We validate the model against its ability to reproduce several stylized facts reported in real economies. We find that the risk of an isolated bank failure (i.e. idiosyncratic risk) is decreasing with diversification. In contrast, the probability of joint failures (i.e. systemic risk) is increasing with diversification which results in more downturns in the real sector. Additionally, we find that the system displays a “robust yet fragile” behaviour particularly for low diversification. Moreover, we study the impact of introducing preferential attachment into the lending relationships between banks and firms. Finally, we show that a regulatory policy that promotes bank–firm credit transactions that reduce similarity between banks can improve financial stability whilst permitting diversification

Sourdough Bread from the Blend of Cassava, Sweet Potato, and Soybean Flours Using Lactobacillus plantarum and Pichia kudriavzevii

Sourdough is specialty bread made from a combination of flour, lactic acid bacteria, and yeasts. Composite flour of cassava, sweet potato, and soybean was used for the production of sourdough bread employing autochthonous lactic acid bacteria and yeasts isolated from the composite dough. The flour samples were assessed for functional properties, while the sourdough breads were evaluated for nutritional composition and organoleptic properties. The flour samples possessed good proximate profiles and phenolic contents. The lactic acid bacterium and yeast with the most desirable properties were identified as Lactobacillus plantarum and Pichia kurdriavzevii. Fermentation improved the nutritional indices of the composite sourdough bread samples. Lactobacillus plantarum SLC21 and P. kudriavzevii SYD17 bread had a shelf life of 7 days, while the control bread lasted for at least 4 days. Lactobacillus plantarum SLC21 and Pichia kudriavzevii SYD17 bread had the best overall acceptability. Utilisation of these local crops in a composite blend for sourdough will increase commercial profit for local farmers and developing economy. The composite blend will be of great importance in the preparation of pastries that do not require high gluten content. The strains exhibited great potentials for a better nutritional composition of the composite sourdough bread

Antimicrobial activities and phytochemical properties of Annona muricata leaf

Annona muricata is a well-known economic and traditional plant of Nigeria. The study investigated the properties of constituents and antimicrobial activities of extracts of the leaf of A.muricata. The extracts were tested against Escherichia coli, Pseudomonas aeuroginosa,Staphylococcus aureus and Candida albicans by the agar well diffusion method at concentration of 20 mg/mL. The methanol (AM2) and ethyl acetate (AM4) extracts were characterized using UV and IR spectroscopy.The morphological structure of the A. muricata leaf was observed at a magnification of 20,000X using SEM and then subjected to EDX analysis.The results of the phytochemical screening revealed the presence of phenolic compounds, flavonoids, tannins, alkaloids, saponins and cardiac glycosides in the extracts. Anthraquinone was found absent. The ethyl acetate extract was found highly active against gram positive bacteria, S. aureus (ZI of 42mm; AI = 1.31) and ampicillin resistant gram negative P. aeruginosa (ZI of 34 mm; AI = 1.13). The IR spectra of AM2 and AM4 extracts of A. muricata showed peaks at a frequency of 3377 cm-1 to 3440 cm-1 indicating the presence of a phenolic OH stretch. This supports the phenolics detected chemically. The UV spectrum of methanol extract showed peaks that are typical of flavonoids and phenolics. The SEM revealed the sizes of the leaf particles as inhomogeneous. EDX results showed high oxygen concentration of 73.5 % and carbon concentration of 26.5 %.The findings proved the antiinfective potential of Annona muricata leaf and established physico-chemical markers for the active extracts

Antimicrobial activities and phytochemical properties of Annona muricata leaf

Annona muricata is a well-known economic and traditional plant of Nigeria. The study investigated the properties of constituents and antimicrobial activities of extracts of the leaf of A. muricata. The extracts were tested against Escherichia coli, Pseudomonas aeuroginosa, Staphylococcus aureus and Candida albicans by the agar well diffusion method at concentration of 20 mg/mL. The methanol (AM2) and ethyl acetate (AM4) extracts were characterized using UV and IR spectroscopy. The morphological structure of the A. muricata leaf was observed at a magnification of 20,000X using SEM and then subjected to EDX analysis. The results of the phytochemical screening revealed the presence of phenolic compounds, flavonoids, tannins, alkaloids, saponins and cardiac glycosides in the extracts. Anthraquinone was found absent. The ethyl acetate extract was found highly active against gram positive bacteria, S. aureus (ZI of 42 mm; AI = 1.31) and ampicillin resistant gram negative P. aeruginosa (ZI of 34 mm; AI = 1.13). The IR spectra of AM2 and AM4 extracts of A. muricata showed peaks at a frequency of 3377 cm-1 to 3440 cm-1 indicating the presence of a phenolic OH stretch. This supports the phenolics detected chemically. The UV spectrum of methanol extract showed peaks that are typical of flavonoids and phenolics.  The SEM revealed the sizes of the leaf particles as inhomogeneous. EDX results showed high oxygen concentration of 73.5 % and carbon concentration of 26.5 %.The findings proved the anti-infective potential of Annona muricata leaf and established physico-chemical markers for the active extracts

First Report of Dactylispa lenta Weise (Coleoptera: Chrysomelidae) as a Vector of Rice Yellow Mottle Virus

Rice yellow mottle virus (RYMV) is a severe disease of rice in Africa. It is naturally transmitted by several species of beetles. Chaetocnema pulla is widely believed to be an important vector of RYMV in Tanzania. However, the high incidence of RYMV in some rice fields where C. pulla was not seen in large numbers indicated that more vectors of the virus might exist. Transmission studies conducted showed Dactylispa lenta to be a vector of RYMV in Tanzania. This has not been previously known

In vitro and in vivo antioxidant activities of the leaves of Chrysophyllum albidum

Chrysophyllum albidum G. Don. (Sapotaceae) which is distributed in Nigeria is used for the treatment of yellow fever, malaria, diarrhea, vaginal disorders, etc [1]. The study was aimed at investigating the antioxidant properties using in vitro and in vivo models. The effect of 1,1-diphenyl-2-picrylhydrazyl (DPPH) antiradical activity on ethanol, petroleum ether, ethylacetate, butanol, and water fractions of C. albidum was determined. The ethylacetate fraction was purified in column chromatography which led to the isolation and characterization of a myricetin rhamnoside [2]. The structure was elucidated by NMR and mass spectroscopic techniques. Furthermore, ethanol extract was administered to five groups of eight 04: 311-404 03: 207-308 | E10 02: 107-204 01: 1-100 rats per group.The positive control animals were administered with vehicle on the first four days, and with the vehicle and CCl4 on the fifth, sixth and seventh day [3]. The animals in the treatment category were respectively administered (by gastric intubation) with 500, 1000 and 1500mg/kg bw of extract & distilled water for the first four days, and with distilled water, extract and CCl4 on the last three days. Animals were anaesthetized and blood samples were collected for some antioxidant assays. Petroleum ether fraction showed the least antiradical activity (4057.5±809.6g/kg) while ethyl ether fraction exhibited the highest activity (414.4±92.0g/kg). Myricetin rhamnoside also exhibited an excellent radical scavenging activity (314.1±60.2). C. albidum exhibited significant (p<0.05) differences on the activity of malondialdehyde, catalase, and reduced gluthathione. The plant therefore possesses antioxidant activities and could be employed as natural antioxidant boosters

Training of trainer manual for production of Orange Fleshed Sweetpotato (OFSP): planting to harvesting

Sweetpotato (Ipomoea batatas) originated in Central America or north-western South America from where it was introduced to Europe, Africa, Asia and North America in more recent times. Sweetpotato is now cultivated in nearly all parts of the tropics and sub-tropics as well as in the warmer parts of the temperate regions (CIP, 2019). This is because Sweetpotato is a dry-land crop, tolerant to a wide range of edaphic and climatic conditions. It is more tolerant of cold than other tropical root and tuber crops, hence, it can be grown at altitudes as high as 2500 m. China is the highest producer of Sweetpotato in the world, followed by Malawi, Tanzania and Nigeria (FAO, 2023). In more than 100 developing countries (including Nigeria), Sweetpotato is a smallholder crop grown with limited inputs on marginal soils. The yields in these developing countries are therefore far below the average for developed countries. Sweetpotato is a rich source of calories, fibre, micronutrients and vitamins when consumed. Its bio-fortification (as a means of addressing Vitamin A Deficiency (VAD) through nutrition based approach) led to the development and release of Orange Fleshed Sweetpotato (OFSP). Orange Fleshed Sweetpotato (OFSP), rich in β carotene (pro-vitamin A), is one of the well established and documented bio-fortified crops in Africa. It is the only biofortified crop providing up to 100% of daily vitamin A requirements when consumed (Bouis and Saltzman, 2017). Just 125 grams of most OFSP varieties can supply the recommended daily allowance of vitamin for children and non-lactating women (300-700μg RAE). According to Ezeocha, et al. (2010), OFSP are naturally biofortified with β carotene. Its consumption has been reported to improve vitamin A status in children. It can serve as a feasible long-term food-based strategy for controlling VAD in children in developing countries (van Jaarsveld et al., 2005; Korieocha et al., 2009). Strengthening the value chain (production, processing, marketing, and consumption) of OFSP in Nigeria is a key opportunity for addressing malnutrition and improving rural livelihoods. Leaves and peels of OFSP can be fed to animals thereby reducing cost of production of such animals. These can generate additional source of income for the farmers