Inclusive Growth in Tourism-led Growth Hypothesis: Evidence from Nigeria

This study investigates the direction of causality between tourism and inclusive growth in Nigeria using quarterly data between 1995Q1 and 2018Q4. The study uses four indicators of tourism; tourist arrivals, tourism receipts and expenditures, and a tourism activity index, generated with the Principal Component Analysis, from the first three indicators. The study employs the Toda-Yamamoto granger causality test. The results validate the tourism-led inclusive growth hypothesis using tourist arrivals and tourism activity index, while the neutrality hypothesis of no causality is accepted for inclusive growth and each of tourism receipts and expenditures. The findings have implications for policymakers in Nigeria. These include promoting tourism, by means of appropriate measures, in the economy in order to create jobs and reduce income inequality and poverty; putting in place measures to reduce corruption to avoid mismanagement of tourist receipts; and making sure that there is a necessary due process towards tourism expenditures

Effects of financial distress and financing constraints on trade credit provisions

Existing studies that documented the effect of financial distress on trade credit provisions did not include measures financial constraint. It is possible that financial distress is tie to financial constraints, and both financial distress and financial constraints mutually reinforce each other in their effects on trade credit provision. The purpose of this study is to evaluate the effects of financial constraint and financial distress on trade credit provisions in the UK FTSE 350 listed firms. This study employs panel data in the estimation of the determinants of accounts payables and accounts receivables of the UK FTSE350 firms from 2009 to 2017. This study finds that financial distress has significant positive effect on accounts payables and a significant negative effect on accounts receivables. Financial constraints has significant negative effect on accounts payables and a significant positive effect on accounts receivables. Trade creditor desiring to maintain an enduring product-market relationship grant more concessions to customer in financial distress. The amount of trade credit that sellers provide to financially constrained firm is an increasing function of the buyer’s creditworthiness. The urgent cash needs of financially distressed firms lead them to sell trade receivables to factoring company leading to reduction in trade receivables. Firm facing external financing constraints increase trade credit to customers in anticipation of cash flow inflow to enhance liquidity. This study shows that financial distress and financial constraints mutually reinforce each other in their effects on trade credit provisions, and firm’s financing condition contributes to divergence in trade credit policies

Editorial: Corporate board structure, strategy and performance in uncertain times

Corporate managers make choices that seek to improve the performance of their organisation. These decisions involve interpreting and framing the environment, developing and implementing programmes and services, and creating processes and structures to monitor and control resources for optimal impact (Brown & Iverson, 2004). Improved performance results for organisations that systematically addressed these challenges (Miles, Snow, Mathews, Miles, & Coleman, 1997). Board performs a critical function to monitor environmental trends that might affect organisational performance. A misinterpretation of the environment could result in errant policies and programmes. Consequently, boards must have mechanisms in place to ensure understanding of critical environmental trends (Brown & Iverson, 2004). The spread of environmental awareness is guided by the strategic purpose of the organisation, consequently, the structures in place should reflect those purposes. The literature suggests that the composition of the board will be contingent upon the characteristics of the firm's external environment, the demands of its strategy, the salient contextual factors, and the past financial performance of the company (Pfeffer & Salancik, 1978). Although research in corporate governance argues that the board of directors' composition and leadership structure can influence a variety of organisational outcomes (Dalton, Daily, Ellstrand, & Johnson, 1998), the academic literature is yet to provide specific guidance on the superiority of specific board composition and leadership structure. These issues are addressed in the collection of high-quality papers in this issue of Corporate Board: Role, Duties and Composition

The Nigerian Educational Systems and Returns to Education

While each tier of education has at various times been the concurrent (joint) responsibility of both Federal and state governments, the former has historically been much more involved at the post secondary level. The shares of Federal Government recurrent and capital expenditures by level of education between 1996 and 2002. Over the period, the share for the (24) Federal universities has varied between roughly 40 and 50 percent of total Federal expenditures, while those for the (16) polytechnics and (20) colleges of education have remained fairly constant (apart from one year) at around 17 percent and 11 percent respectively. Overall, during the whole period, the tertiary education sub sector has received between 68 percent and 80 percent of the total Federal expenditures for education.Educational System, Returns to Education, Universities Financing in Nigeria

Foreign Private Investment And Economic Growth In Nigeria

Despite the increased flow of investment to developing countries in particular, Sub-Sahara African (SSA) countries, Nigeria inclusive, are still characterized by low per-capita income, high unemployment rates and low and falling growth rates of GDP, problems which foreign private investment are theoretically supposed to solve. The Nigerian government has been focusing on policies that will help attract foreign investors and yet the economy is still dwindling. It is against this background, that this study analyzed the direction and significance of the effect of foreign private investment on economic growth in Nigeria. Secondary data for the period 1970 to 2005 was used for the study. Among the findings was that Foreign Private Investment, Domestic Investment growth and Net Export growth were positively related to economic growth in Nigeria. More so, the Foreign Private Investment, Domestic Investment growth, Net export growth and the lagged error term were statistically significant in explaining variations in Nigeria's economic growth.Foreign Private Investment, Domestic Investment Growth, and Economic Growth

Foreign Direct Investment and Exchange Rate Volatility in Nigeria.

This study investigated the empirical evidence on the effect of exchange rate volatility on foreign direct investment (FDI) in Nigeria, using secondary time series data from1970 to 2004. In doing this, the study utilized the error correction model as well as OLS method of estimation. The results suggest, among others, that exchange rate volatility need not be a source of worry by foreign investors. Also, the study further reveals a significant positive relationship between real inward FDI and exchange rate. This implies that, depreciation of the Naira increases real inward FDI. Also, the results indicate that the structural adjustment programme (introduced in Nigeria in 1986) had a negative impact on real inward FDI, which could be due to the deregulation that was accompanied by exchange rate volatility. As such, a major challenge before the Central Bank of Nigeria therefore, is to attain a stable and realistic exchange rate that will boost domestic production, increase real inward FDI and maintain internal and external balance.Exchange rate, exchange rate volatility, real inward foreign direct investment

Macroeconomic Policies and Pro-Poor Growth in Nigeria

Recently the depth and severity of extreme poverty in Nigeria has been alarming. And over the years, the government undertook some macroeconomic policies with the aim of reducing, if not totally eradicating poverty. These policies were expected to at least raise the standard of living of Nigerians. The impact of these policies on alleviating poverty has been contentious. Some studies in the past have argued that the poor has benefited more from these policies while some found that there was positive real growth yet poverty and inequality still worsened. This can be traced to the nature of growth pursued and the macroeconomic policies that underline it. This study empirically evaluates macroeconomic policies vis-?-vis pro-poor growth in Nigeria using secondary data covering the period 1960-2000. The study found among others that economic growth in Nigeria has been slightly pro-poor. This implied that growth was actually weakly pro-poor. Also, those that are far below the poverty line have not really been enjoying the benefits of growth. Infact, the benefits getting to them has been decreasing at an increasing rate. More so, economic growth in rural areas will be slightly more pro-poor than in urban areas. Overall, growth in Nigeria is not necessarily always pro-poor. --

Settlement of Multi-Story Buildings on Sand Fills

The behaviour of two residential buildings with shallow foundations supported on sand fills with underlying soft alluvial deposits are discussed. Regular settlement measurements were taken for four and seven years on the foundations of the nine-storey and five-storey buildings respectively. Measured settlements have been compared with predictions based on the theory of one-dimensional consolidation. The factors that might have been responsible for the lower predicted settlement values are highlighted

Effect of normal and pre-eclamptic pregnancies on plasma cholinesterase in Nigerian women

Background: Pre-eclampsia can be devastating and life-threatening for both mother and baby, particularly in developing countries. It is a major cause of maternal and foetal mortality and morbidity. Early diagnosis and management are very important to the reduction of mortality and morbidity. A sensitive diagnostic and prognostic marker will therefore be of great value. There is paucity of data on the effect of pre-eclamptic pregnancy on plasma cholinesterase activity especially in Nigerians. Objective: Our aim was to determine the changes in plasma cholinesterase concentration in normal and pre-eclamptic pregnancies in Nigerians. Setting: Antenatal Clinic and Prenatal Diagnostic and Therapy Centre in a Tertiary University Teaching Hospital in Lagos. Patients and Methods: Plasma cholinesterase concentration was determined using a colorimetric method in 30 healthy non-pregnant, 30 healthy pregnant, 30 and 27 pregnant women with mild and severe pre-eclampsia, respectively, between 28 and 41 weeks of gestation. Cholinesterase activity was re-assessed 6 weeks postpartum. Results: The mean plasma cholinesterase levels in healthy non-pregnant women, women with normal pregnancy, pregnant women with mild pre-eclampsia and those with severe pre-eclampsia were 3594±1042, 2135±422, 1781±330 and 1630±326 (m/L), respectively. Six weeks postpartum, the mean cholinesterase levels in the normal pregnant, mild eclamptic and severe eclamptic groups were 3212±346, 3157±750 and 2864±700 (/L), respectively. Conclusions: Our study suggests that normal pregnancy, mild and severe pre-eclampsia cause a significant (p< 0.01) reduction in plasma cholinesterase activity compared to non-pregnant state, with the greatest decrease in severe pre-eclamptic pregnancy. This decline does not return to normal non-pregnant state in subjects with severe pre-clampsia within six weeks postpartum. The place of plasma cholinesterase concentration as a diagnostic and prognostic marker in pre-eclamptic and eclamptic pregnancies should be further explored. Keywords: Cholinesterase, Eclampsia, Pre-eclampsia, Pregnancy, Succinylcholine

Effects of Compactive Effort on Laterite - Oil Palm Empty Fruit Bunch Ash Mixture

The effect of three compactive efforts, i.e., British Standard light; BSL (or standard Proctor), West African Standard; WAS (or ‘Intermediate’) and British Standard heavy; BSH (or Modified Proctor) on laterite treated with up to 14 % oil palm empty fruit bunch ash (OPEFBA) by dry weight of the soil was investigated. Index and compaction (Optimum moisture content, OMC and Maximum dry density, MDD) tests were carried out. The Atterberg limits (Liquid Limit, Plastic Limit and Plasticity Index) generally decreased with increasing OPEFBA content. The OMC values increased from 18.5, 17.1 and 16.1% to 23.3, 20.1 and 21.4 %, respectively, while MDD values generally decreased from 1.60, 1.60 and 1.75 Mgm-3 to 1.51, 1.49 and 1.58 Mgm-3 respectively for BSL, WAS and BSH compactive effort, respectively. Based on the results obtained, laterite treated with 8 % OPEFBA and compacted with at least BSL energy is recommended for use in the construction of the sub-base layer of low-volume roads. The benefits of using OPEFBA as a sustainable indigenous construction material include reductions in the adverse environmental impact of oil palm empty fruit bunch waste as a result of its application in road construction