The Effect of Federal Government Size on Economic Growth in Nigeria, 1961-2011

This study investigates whether there is statistical evidence for a causal relationship between federal government expenditures and growth in real per-capita GDP in the Nigeria, using long and up to date available time series data (1961-2011). After studying the time-series properties of these variables for stationarity and cointegration, we adopted Toda and Yamamoto’s (1995) Granger non-causality tests and investigate Granger causality in detail in the context of a Vector Autoregressive Model. The Empirical results from cointegration test indicate that there exists no long-run relationship between government expenditure and economic growth in Nigeria. The Toda and Yamamoto’s causality test results show that Wagner’s Law does not hold over the period being tested. However, using VAR Granger causality test we found a weak empirical support in the proposition by Keynes that public expenditure is an exogenous factor and a policy instrument for increasing national income in the short run. Keywords: Federal government size, Wagner’s Law, Cointegration, Granger causality, Vector Autoregressio

The Effect of Federal Government Size on Economic Growth in Nigeria, 1961-2011

This study investigates whether there is statistical evidence for a causal relationship between federal government expenditures and growth in real per-capita GDP in the Nigeria, using long and up to date available time series data (1961-2011). After studying the time-series properties of these variables for stationarity and cointegration, we adopted Toda and Yamamoto’s (1995) Granger non-causality tests and investigate Granger causality in detail in the context of a Vector Autoregressive Model. The Empirical results from cointegration test indicate that there exists no long-run relationship between government expenditure and economic growth in Nigeria. The Toda and Yamamoto’s causality test results show that Wagner’s Law does not hold over the period being tested. However, using VAR Granger causality test we found a weak empirical support in the proposition by Keynes that public expenditure is an exogenous factor and a policy instrument for increasing national income in the short run. Keywords: Federal government size, Wagner’s Law, Cointegration, Granger causality, Vector Autoregressio

Bounds Testing Approaches to the Analysis of Macroeconomic Relationships In Nigeria

The main objective of the paper is to estimate the dynamic interrelation among the macroeconomic variables viz., real output, money supply, government expenditure, inflation, exchange rate, interest rate, trade openness and financial deepening using annual data for Nigeria covering the period from 1970 to  2013 using ARDL approach to cointegration. The bounds test revealed that there exists a long-run relation between real output, money supply, interest rate and exchange rate when the price and financial deepening variables were the dependent variables. However, reverse cointegration relationships were not found when real output, money supply, government expenditure, exchange rate, interest rate and trade openness were the dependent variables. This study finds feedback effect from the short run dynamics between government spending and money supply, trade openness and government spending, trade openness and real output, trade openness and financial deepening, real output and financial deepening, and finally financial deepening and nominal effective exchange rate. Furthermore, the short run dynamics revealed a unidirectional causality from money supply to inflation, from government spending to exchange rate and to financial deepening, and from interest rate to financial deepening. The policy implication that can be deduced from the above findings are: Interest rate will not serve as an efficient intermediate target for the monetary policy; policy should be geared towards promotion of international trade and financial development; government spending should be checked especially extra budgetary spending in order to reduce money in circulation and subsequently control inflationary tendency in the economy. Keywords: Real Output, Money, Price, Interest Rate, Exchange Rate, ARDL JEL Classifications: E41, E52, C2

Imperative Role of Dental Pulp Stem Cells in Regenerative Therapies: A Systematic Review

Stem cells are primitive cells that can differentiate and regenerate organs in different parts of the body such as heart, bones, muscles and nervous system. This has been a field of great clinical interest with immense possibilities of using the stem cells in regeneration of human organ those are damaged due to disease, developmental defects and accident. The knowledge of stem cell technology is increasing quickly in all medical specialties and in dental field too. Stem cells of dental origin appears to hold the key to various cell‑based therapies in regenerative medicine, but most avenues are in experimental stages and many procedures are undergoing standardization and validation. Long‑term preservation of SHED cells or DPSC is becoming a popular consideration, similar to the banking of umbilical cord blood. Dental pulp stem cells (DPSCs) are the adult multipotent cells that reside in the cell rich zone of the dental pulp. The multipotent nature of these DPSCs may be utilized in both dental and medical applications. A systematic review of the literature was performed using various internet based search engines (PubMed, Medline Plus, Cochrane, Medknow, Ebsco, Science Direct, Hinari, WebMD, IndMed, Embase) using keywords like “dental pulp stem cells”, “regeneration”, “medical applications”, “tissue engineering”. DPSCs appears to be a promising innovation for the re‑growth of tissues however, long term clinical studies need to be carried out that could establish some authentic guidelines in this perspective.Keywords: Dental pulp stem cells, myocardial infarction, regenerative therapy, tissue engineerin

Ensuring affordable electricity as a vital socio-economic right in South Africa

This article examines the socio-economic impacts and effects of unlawful electricity tariff increase in South Africa. Access to electricity is a vital socio-economic right in South Africa because of its intrinsic role in the fulfilment of other social economic rights. The availability and accessibility of electricity guarantees the success of many businesses and the survival of many households, particularly the rural poor. Eskom, a governmental parastatal, generates, transmits and distributes electricity for the people, and charges for these services are rendered based on the tariff approved by the National Energy Regulator of South Africa (NERSA). Recently, NERSA decided to approve tariff increase requested by Eskom which was against the Electricity Regulation Act 4 of 2006 and the Constitution of the Republic of South Africa 1996. This increase was contested and nullified in court. If this tariff increase had not been challenged in the court, it would have had a devastating impact on the well-being of the people, particularly the poor. Using literature relevant to socio-economic rights to modern energy, particularly electricity, this article accentuates that electricity is a basic socio-economic right in South Africa that must be accessible and affordable to all. It explains the importance of judicial intervention in ensuring that socio-economic rights are made available and accessible to the people. It points out that the court will not hesitate in using its judicial power to extend any opportunity which allows poor people to access and enjoy right to modern energy and electricity and other socio-economic rights in South Africa

Accentuating criminal sanctions for environmental degradation: issues and perspectives

This article examines the need to enforce criminal sanctions for environmental crimes being perpetrated daily, particularly by those who engage in mining and extractive ventures. In South Africa, more often than not, the sanctions for environmental crimes are usually premised on civil suits or administrative actions against the perpetrators. However, these sanctions have not been effective in dissuading perpetrators from environmental harm and degradation because they have the financial means to settle any claims or fines imposed by the courts or the administrative tribunals. It is against the backdrop of this culture of deliberate impunity that this article accentuates the need to strengthen sanctions against perpetrators by imposing criminal sanctions in order to serve as deterrent. A precedent was set by the court in the case of Blue Platinum Ventures (Pty) Limited and Maponya, where the court emphatically invoked and applied criminal sanction against the defendant and was held criminally liable for degrading the environment. The case is a landmark, as it sets a new precedent, where the perpetrator was criminally sanctioned. Countries like United States of America and Australia have been successful in criminal sanctioning of environmental crimes; many mining and extractives companies’ executives and managers have been criminally sanctioned and sent to jail. This article looks at the jurisprudence from these jurisdictions and draws useful lessons that could be used to strengthen prosecution and conviction of perpetrators in South Africa

Polymer-drug nanoconjugate – an innovative nanomedicine: challenges and recent advancements in rational formulation design for effective delivery of poorly soluble drugs.

The published manuscript is available at EurekaSelect via - See more at: http://dx.doi.org/10.2174/2211738504666160213001714Abstract Background: Over the last four decades, the use of water soluble polymers in rational formulation design has rapidly evolved into valuable drug delivery strategies to enhance the safety and therapeutic effectiveness of poorly soluble drugs, particularly anticancer drugs. Novel advances in polymer chemistry have provided new generations of well defined polymeric architectures for specific applications in polymer-drug conjugate design. However, total control of crucial parameters such as particle size, molecular weight distribution, polydispersity, localization of charges, hydrophilic-lipophilic balance and non site-specific coupling reactions during conjugation has been a serious challenge. Objective: This review briefly describes the current advances in polymer-drug nanoconjugate design and various challenges hindering their transformation into clinically useful medicines. Method: Existing literature was reviewed. Results: This review provides insights into the significant impact of covalent and non-covalent interactions between drug and polymer on drug loading [or conjugation] efficiency, conjugate stability, mechanism of drug release from the conjugate and biopharmaceutical properties of poorly soluble drugs. The utility values and application of Quality by Design principles in rational design, optimization and control of the Critical Quality Attributes [CQA] and Critical Process Parameters [CPP] that underpin the safety, quality and efficacy of the nanoconjugates are also presented. Conclusion: It was apparent that better understanding of the physicochemical properties of the nanoconjugates as well as the drug-polymer interaction during conjugation process is essential to be able to control the biodistribution, pharmacokinetics, therapeutic activity and toxicity of the nanoconjugates which will in turn enhance the prospect of successful transformation of these promising nanoconjugates into clinically useful nanomedicines

Risk in CNS drug discovery: focus on treatment of Alzheimer's Disease

Despite rapid progress in our understanding of disease mechanisms and an exploding list of new targets for therapeutic intervention, drug discovery and development remains a highly risky business. Understanding the risk involved requires appreciation of the differing perspectives of risk held by the various stakeholders involved in drug research. Risk can be reduced by thoughtful management of drug candidate selection, careful planning and program execution by a team of engaged experts, and disciplined decision making. Drug development is particularly challenging for treatments of neurodegenerative diseases such as Alzheimer's disease, in which translation from animal models of efficacy to human success is poor or unknown, the timelines for clinical study are long, and the markers of efficacy are still evolving. Despite this there are several therapies in clinical development that hold the promise of influencing this disease through novel and possibly synergistic mechanisms