Global Financial and Macroeconomic Fluctuations: Implications for African Economic Development

In the light of dampening effects of the global financial melt-down, the paper examines the trends in financial flows, particularly foreign direct investment (FDI) and the possible effects of the global financial crisis and macroeconomic fluctuations on economic development in Africa. The paper employs simple panel data approach which links panel data methodology that allows for individual heterogeneity, while the method of estimation is the Fixed and Random Effects regression. The method of panel VAR is also used in the paper with a view to capturing the dynamic effects of FDI inflows for policy analysis using the impulse response functions. The number of countries (27) included in the paper and the period of estimation, 1987-2007, are informed by data availability. With some suggestions on the direction of policy to stimulate increased financial flows, the paper opines that there is the need for comparative dynamics of African economies in order to return to the path of sustainable growth and development

Does Microfinance Improve the Standard of the Poor?

Access to microfinance is expected to improve the standard of living of the poor that are economic active and microfinance clients by enabling them to increase their household income. This study examined the contributions of Microfinance institutions to poverty reduction in Southwest Nigeria, using both primary and secondary data collected from Microfinance institutions (MFIs) and randomly selected customers (micro, small and medium enterprises) of the same Institutions. The study adopted a multistage sampling technique. The data from the survey was used to analyze the impact of loan received on earnings using a loan-impact probability model. The study found that Microfinance is an effective poverty alleviation strategy as it reaches the target customers more effectively and helps to a large extent in improving their standard of living and social status and also impacts greatly on Customers’ savings habit and income generation. The study therefore recommended that MFIs should embark on funds mobilisation drive to be able to reach out to more viable customers for provision of financial services. It also recommended that there should be provision of incentives by government to sustain MFIs in order to further extend their services to the rural areas and capacity building of MFIs in Nigeria should be made mandatory so as to develop appropriate policies that will enhance sustainability and stability

Classification Models for Preventing Juvenile Crimes Committed with Malware Apps

Spectacular developments that were recorded in the field of software engineering in recent years have led to the influx of software industry with series of computer apps such as dating apps, games apps, entertainment apps, banking apps, Photoshop apps, meetings and virtual conferencing apps. Studies have shown that most computer apps are widely accessible to adults and juveniles to download and effortlessly navigate through them. However, researchers have now revealed the existence of malware apps as new groups of computer apps that are strongly competing with legitimate computer apps and the latest rates at which some juveniles can adopt them to commit crimes. These discoveries have raised serious doubts about the elements of the crimes, the circumstances that surround vulnerable children to commit the crimes and how these dilemmas are rarely buttressed by pragmatic studies over the years. This chapter adopts mixed methods to critically explore the above issues. Qualitative interviews of 60 teenagers (between the ages of 10 and 17) and 20 grown-up children (between the ages of 18 and 22) together with 5 professionals were carried out. The analysis extended the generic elements of juvenile crime and raised new legal dilemmas regarding the concepts of transfer of criminal liability, compelled (or obligated) liability, ‘act’ that constitutes juvenile crimes and the restrictive applicability regarding criminal consent of extremely young children that are still under the tutelage and guidance of their parents

A Model for Auditing Smart Intrusion Detection Systems (IDSs) and Log Analyzers in Cyber Physical Systems (CPSs)

Suitable models that auditors can adopt to concurrently audit smart Intrusion Detection Systems (IDSs) and log analyzers in Cyber Physical Systems (CPSs) that are also founded on sound empirical claims are scarce. Recently, post-intrusion studies on the resilience of the above mechanisms and prevalence of intrusions in the above domains have shown that certain intrusions that can reduce the performance of smart IDSs can equally overwhelm log analyzers such that both mechanisms can gradually dwindle and suddenly stop working. Studies have also shown that several components of Cyber Physical Systems have unusual vulnerabilities. These key issues often increase cyber threats on data security and privacy of resources that many users can receive over Internet of a Thing (IoT). Dreadful intrusions on physical and computational components of Cyber Physical Systems can cause systemic reduction in global economy, quality of digital services and continue usage of smart toolkits that should support risk assessments and identification of strategies of intruders. Unfortunately, pragmatic studies on how to reduce the above problems are grossly inadequate. This chapter uses alerts from Snort and C++ programming language to practically explore the above issues and further proposes a feasible model for operators and researchers to lessen the above problems. Evaluation with real and synthetic datasets demonstrates that the capabilities and resilience of smart Intrusion Detection Systems (IDSs) to safeguard Cyber Physical Systems (CPSs) can be improved given a framework to facilitate audit of smart IDSs and log analyzers in Cyberspaces and knowledge of the variability in the lengths and components of alerts warned by Smart Intrusion Detection Systems (IDSs)

EXCHANGE RATE FLUCTUATIONS AND MACROECONOMIC PERFORMANCE IN SUB-SAHARAN AFRICA: A DYNAMIC PANEL COINTEGRATION ANALYSIS

In the light of the widespread effects of the recent global financial crisis on exchange rate and other macroeconomic developments, this paper investigates the implications of exchange rate fluctuations on output and other critical determining factors of exchange rates. We use Panel data set containing 40 countries from Sub-Saharan Africa (SSA) over a period of 13 years: 1995-2007. In the paper, we employ the dynamic generalized methods of moments (GMM) panel data framework using the xtabond2 Difference/ System GMM. We also examine the panel co-integration properties of the variables in order to establish long-run relationship between exchange rate and other macroeconomic variables in the SSA countries. The Panel Granger Causality test confirms the bilateral relationships between some variables in the model. Though the results of the study are tentative, in view of the many assumptions underlying the methods used, they reveal their potency to determine exchange rate (EER), a long-run relationship with variables of the model and bidirectional relationships

FOREIGN DIRECT INVESTMENT AND ECONOMIC DEVELOPMENT IN AFRICA

Africa unlike other developing regions of the world has experienced declining flows of foreign direct investment (FDI).The flow of FDI is expected to result into gradual reduction in reliance on external borrowed capital and acceleration of economic development. The study examined the declining flow of FDI to the African regions as well as the impact that it has had on economic development of the region, using the proxies of Income per capita, Life expectancy and Education indices. The study made use of pooled data from thirty nine African countries within the period 1993 and 2012.The method of analysis utilized for the study was the fixed effect least-square dummy variable model, employed to estimate the impact of foreign direct investment on economic development for the selected host African countries. The study finds that foreign direct investment is statistically significant in relation to economic development for host African countries. It is therefore recommended that the governments of host countries should consider closely the sectors that FDI flows into, encourage investment domestically in such sectors such that dependence on external financial flows could be reduced, resulting in sustained increases in income, literacy level and hence improved life expectancy which are expected to result into sustained economic development

The Disappointing Performance of Foreign Direct Investment in Industrial Development in Sub-Saharan African Countries

The Sub-Saharan African (SSA) region compared to other developing regions has been the most vulnerable as regards foreign capital inflow. The flow of foreign direct investment (FDI) is expected to result into advanced managerial and technological capacities and acceleration of industrial development. The study examined how the flow of FDI to the SSA region has impacted the industrial development of the region, using the proxy of industry value added growth. The study made use of pooled data from thirty three SSA countries within the period 1993 and 2012. The method of analysis utilized for the study was the fixed effect least-square dummy variable model, employed to estimate the impact of FDI on industrial development for the selected host countries. The study finds that FDI is statistically significant in relation to industrial development for host SSA countries; but it is disappointing that the expected desired features of industrial development, like increased manufacturing outputs, reduction in high level of import and manufactured goods; etc., have not been realized. It is therefore recommended that the governments of host countries should put policies in place to encourage development of industries domestically, to enhance sustained industrial development, such that dependence on external financial assistance and borrowing could be reduced, resulting in sustained increases in non-oil export earnings, domestic income, savings, investment, technology, and hence improved living standard

Effects of drying methods on nutrients and organoleptic properties of dried pawpaw chips

Fruit dehydration is one of the ways of preserving fruits and supplying consumers with healthy and nutritious fruits, particularly when these fruits are in their off-seasons. Pawpaw (Carica papaya L.) is a tropical plant grown for its edible fruit, having commercial importance because of its high nutritive and medicinal value. However, it is highly perishable. Hence, its processing and preservation are important to retain the product quality and nutritional value. This study investigated the effect of drying methods on the nutrient and organoleptic qualities of pawpaw. Fresh pawpaw fruits were purchased at Oje market in Ibadan, Nigeria. The pawpaw samples were sorted, washed with clean water, peeled and sliced into chips, then the chips were dried using five techniques - solar, open sun, oven, cabinet and dehydrator. Fresh and dried samples were evaluated for physico-chemical properties, selected bioactive compounds, colour, fibre, microbial quality and organoleptic properties. Significant (p≤0.05) differences were observed in the effects of the drying techniques employed. The pawpaw samples that were dried in the dehydrator had significantly (p≤0.05) higher amounts of bioactive compounds and TSS (8.10 ± 0.00°Bx). They also had the most appealing organoleptic properties and showed the least bacterial growth (0.14 ± 0.21 x 104cfu/g) in comparison to the samples dried using other techniques and the fresh sample (91.5 ± 13.44 x 104). While the sun-dried samples had the least fungal load (0.05 ± 0.07 x 103) in comparison to the samples dried using other techniques and the fresh sample (315 ± 7.07 x 103). Results also showed that the samples dried in the dehydrator were the lightest (26.81 ± 0.01) and yellowest (11.42 ± 0.00) of all dried samples. Generally, findings from the study showed that dried fruits portray a greater nutrient density and increased shelf life compared to fresh fruits