An Error Correction Model of the Impact of Private Sector Credit on Private Domestic Investment in Nigeria

The study investigated the impact of private sector credit on private domestic investment in Nigeria using the error correction model technique. The objective of the study was to determine the impact of private sector credit (PSC) on private domestic investment (PDI) in Nigeria using the error correction model that addressed all errors associated with time series data. The study found out that increase in private sector credit (PSC) though not statistically significant leads to increase in private domestic investment (PDI) as typified by 10% increase in private sector credit which led to 6% increase in total domestic investment in Nigeria. However, the non statistical significance of private sector credit showed that there is need for increase in private sector credit in the Nigerian economy. Keywords: Private Sector Credit, Private Domestic Investment, Error Correction Model

Aluminium - Magnesium Silicate enhances antibacterial activity of Ampicillin trihydrate, against Salmonella gallinarum

Solutions of different concentrations, of Ampicillin trihydrate (AT) and of a formulation of AT in Aluminium Magnesium Silicate (AMS), were used for sensitivity test on Salmonella gallinarum cultures. Also, S. gallinarum-infected chicks were treated with; 10 mg / Kg (AT), 10 mg / Kg (AT in AMS), 7.5 mg / Kg ( AT), 7.5 mg /Kg (AT in AMS). Mean inhibition area, 28.39 mm produced by AT did not vary significantly (P ) from 26.36 mm produced by AT in AMS. However, 17.5 105 Salmonella gallinarum culture forming units per ml of bile of the untreated chicks and 3.4 105 (80.58 % reduction), 2.5 105 (85.7 % reduction) , 5.4 105 (69.2 % reduction ) and 0.38 105 (97.8 % reduction ) of the respective treated groups, showed AMS significantly (P 0.01) improved AT`s ability to clear the infection, in vivo

Key Learning Outcomes for Clinical Pharmacology and Therapeutics Education in Europe: A Modified Delphi Study.

Harmonizing clinical pharmacology and therapeutics (CPT) education in Europe is necessary to ensure that the prescribing competency of future doctors is of a uniform high standard. As there are currently no uniform requirements, our aim was to achieve consensus on key learning outcomes for undergraduate CPT education in Europe. We used a modified Delphi method consisting of three questionnaire rounds and a panel meeting. A total of 129 experts from 27 European countries were asked to rate 307 learning outcomes. In all, 92 experts (71%) completed all three questionnaire rounds, and 33 experts (26%) attended the meeting. 232 learning outcomes from the original list, 15 newly suggested and 5 rephrased outcomes were included. These 252 learning outcomes should be included in undergraduate CPT curricula to ensure that European graduates are able to prescribe safely and effectively. We provide a blueprint of a European core curriculum describing when and how the learning outcomes might be acquired

Impact of disaggregated public expenditure on inflation rate in selected African countries: A panel cointegration analysis

The study examined the long run association between disaggregated public expenditure and inflation rate in selected African countries with data spanning 1990-2019. The study employed a panel cointegration technique and estimated the cointegrating relationship using the Fully Modified OLS (FMOLS), and Dynamic OLS (DOLS) proposed and advanced by Pedroni (1996, 2001) and Kao and Chiang (2001). The findings from the cointegration result reveal the existence of a long run equilibrium relationship among the variables. Also, the panel dynamic OLS revealed that a 1percent change in infrastructure (capital) and defense expenditures leads to about 0.56 percent and 0.27 percent incremental change in inflation rate respectively. On the other hand, expenditure on education has a positive and an insignificant relationship with inflation, while expenditure on health has an inverse but insignificant influence on inflation rate in the region within the period under study. The study recommends that public expenditure on infrastructure in the selected African countries be appropriately channeled to stimulate investment and production, thereby stabilizing prices

Deposit Money Banks Sectoral Allocation of Credit and Economic Growth in Nigeria

The size of Deposit Money Banks sectoral credit allocation keeps expanding over the years and one wonders if such increases have been accompanied by expanding economic growth in Nigeria. This research examines the impact of Deposit Money Banks sectoral credit allocation on economic growth in Nigeria for the period 1980 - 2014. To achieve this, time series data obtained from the Central Bank of Nigeria were analysed using The Vector Error Correction Model (VECM) estimation technique and VEC Granger Causality Wald test. The findings indicate that only Deposit Money Banks sectoral credit allocation to Production has statistically significant positive impact on economic growth while the other explanatory variables have negative significant impact on economic growth. The causality test indicates that there is no causal relationship between Economic Growth and Deposit Money Banks sectoral credit allocation and interest rate. From the findings, 1% increase in credit to the production sector leads to 3.5% increase in economic growth. It is recommended that the monetary authorities should direct Deposit Money Banks through the Credit Policy Guidelines to give priority and grant more credit to the production sector. The findings also indicate that a 1% increase in sectoral credit  to General Commerce and Services/Government/Personal/Professional/ Miscellaneous results in 1.4% and 1.95% decrease in economic growth respectively. A further recommendation therefore is that the Banking Supervision Department of the Central Bank of Nigeria should conduct thorough field investigation to ensure that loan amounts reportedly allocated to these sectors by the Deposit Money Banks are not diverted to other uses.         &nbsp

Empirical Investigation of the Determinants of Foreign Private Investment in Nigeria

This study empirically examined the Determinants of Foreign Private Investment (FPI) in Nigeria within 1980 to 2014. The study made use of secondary data sourced from CBN Statistical Bulletin various years. The Error Correction Model was adopted following the stationarity status of the data set. From results, it was observed that Gross Domestic Product (GDP) and Openness (OPNS) were the only significant determinants of Foreign Private Investment in Nigeria within the period under review at 5% level of significance. The economic implication of this result is that GDP which measures the market size of the Nigerian economy in this study was a significant determinant of FPI. Furthermore, OPNS which measures the degree of openness of the Nigerian economy in this study was also a significant determinant of FPI. Therefore, this result suggests that FPI inflow flourishes in countries with liberal trade policies. Political Instability (PI) which was a dummy variable showed that there was no significant difference in the inflow of FPI between the military regime and the civilian regime. The result further indicated that coefficients of GDP and OPNS were significantly positive, indicating that there exists a positive and direct relationship between FPI and GDP, FPI and OPNS. The implication of the result is that when GDP and OPNS increase in Nigeria, FPI increases. The error correction mechanism indicated that the model has an adjustment speed of approximately 52% if there was disequilibrium in the shortrun. The result also showed that bi causality relationship exists between FPI and GDP, and between FPI and OPNS. The implication is that both FPI and GDP cause each other so also is with FPI and OPNS. In the light of these findings, this study recommends that government should pursue economic policies which include addressing socio-economic and infrastructural challenges in Nigeria so as to attract FPI inflows in Nigeria. That government should review her commercial and trade policies like the custom regulations and make them friendly so as to attract FPI inflows in Nigeria. That government should address the issues of low wage rates so as to boost domestic consumption and improve aggregate demand in Nigeria

Diagnosis of foot-and-mouth disease of clinically infected cattle using antigen-detection Elisa in South Eastern Nigeria

Foot and mouth disease (FMD) viruses SAT1 and SAT2 were found concurrently causing disease in a dairy farm of 120 cattle and 19 calves in South Eastern Nigeria. Diagnosis was made using antigen detection ELISA (IZLER) a test with deviation from Liquid Phase Blocking ELISA (LPBE) and Solid Phase Competitive ELISA (SPCE). It provides information on presence of FMDV antigen in the specimen and tests for serotype A, Serotype O, Serotype SAT1, SAT2, and Pan FMD virus which are MAB for serotype C, SAT3 and Asia 1. Most common FMDV serotypes reported to cause infections in Nigeria have been consistently Types A, O, SAT1, SAT2. Affected animal were Friesian cattle crossbred with local N’dama breed of cattle. Clinical diagnosis was made using signs of oral and feet lesions causing severe anorexia and lameness respectively in affected animals and calves. Feet lesions were found to be similar to those in exotic animals with sloughing of hoof unlike in indigenous cattle that often are interdigital granulomatous lesions. Mortality among calves was about 60% (11 died out of 19). There was a striking lymphocytosis from haematology of affected animals; other blood parameters were within normal physiological range showing that there were no concurrent haemoparasitic or bacterial infections. Control of FMD in endemic area has to be adapted to local requirements. As such data on serotypes involved in outbreaks are required. To achieve this, clinical diagnosis has to be complemented with serological test and molecular techniques that requires primers, standard molecular laboratory equipment and well trained personnel. The primary challenge remains sample preservation and secure shipping for effective analysis and identification. The challenge of epileptic power supply remains obvious and most viral RNA is readily destroyed with constant freezing and thawing. Antigen ELISA is found as very good diagnostic alternative for FMD in endemic area.Keywords: Antigen detection ELISA – Diagnosis – Foot-and-mouth disease – Nigeri