The Persistence of Stock Market Returns during the Presidential elections in Nigeria

Following empirical evidences that political activities impact stock market performance, this present paper examines efficiency and volatility of Nigerian stock market during presidential elections. We use a 5-month event window approach to obtain the data for each election period. This implies that for each election period, we obtain the daily stock price index for the election month (4 weeks) and two months (8 weeks) before and after it. Our fractional integration technique reveals that the stock price index was persistent during most of the election years, with the exemptions of 2011 and 2019 election year, while 2015 election period recorded the highest volatility. However, accounting for structural breaks following the approach of Enders and Lee (2012a,b) that inculcates nonlinear smooth breaks in the Fourier function, the stock market seemed to be efficient only during the 1999, 2011 and 2019 presidential election periods. The 2011 and 2019 are periods when the elections produced candidates that ran for a two-term each. On the other hand, the highest stock market volatility is still maintained at the 2015 election which was also interestingly the year that the recent 2015/2016 recession in the country kick-started. Our findings have important policy implications for potential investors

Host Suitability of Crops under Yam Intercrop to Root-knot Nematode (Meloidogyne incognita Race 2) in South-Western Nigeria

Twelve crops commonly grown in association with yam in South-Western Nigeria were evaluated for resistance to root-knot nematode Meloidogyne incognita (Kofoid and White 1919) Chitwood 1949, race 2 infection using the quantitative modification by Sasser et al. (1984) of host suitability designations of Canto-Saenz (1983) for plants infected with root-knot nematode in 1998 and 1999 planting seasons. Observations, based on gall indices and recovery of the juvenile larvae from the roots and soil indicated that Abelmoschus esculentus, Corchorus olitoris cv Angbadu and Sphenostylis stenocarpa cv Nsukka Brown were highly susceptible, while Arachis hypogaea cv UGA 4, Cajanus cajan cv Cita-2, Cucumis melo cv Bara To139, Manihot esculenta cv TMS 30572, Sorghum bicolor and Zea mays cv DMR-LSR-Y were hyper-susceptible to Meloidogyne incognita race 2 with reproductive factor and gall index of ≤1 and ≥2 respectively. Crotalaria juncea, Mucuna cochinchinensis and Stylosanthes gracilis were resistant to Meloidogyne incognita race 2 with reproductive factor and gall index of ≤1, ≤2 and ≥2 respectively. These intercrops if planted on yam mounds will play a prominent role in altering the populations of root-knot nematode Meloidogyne incognita race 2

Control of Imperata cylindrica (L.) Raeuschel (speargrass) with nicosulfuron and its effects on the growth, grain yield and food components of maize

Imperata cylindrica (speargrass) is one of the most invasive weeds in the moist savannah zone of sub-saharan Africa. This study was conducted in 2001 and 2002 at Ijaye and Ilorin, Nigeria, to investigate the influence of four nicosulfuron doses (35, 70, 105, and 210 g a.i./ha) on the performance of maize, and its efficacy in the control of Imperata. The experiment was designed as a split-plot with three replications. Nicosulfuron was applied 2 weeks after planting maize. Hoe weeded and unweeded treatments were controls. In both years, 7 weeks after treatment, the unweeded control had lower maize leaf area index (LAI) (19% at Ijaye and 25% at Ilorin) than the weeded control. Maize LAI was highest in plots that received 35 g a.i./ha of nicosulfuron at Ijaye and the weeded control at Ilorin in both years. All plots that received nicosulfuron had significantly higher maize grain yield than the unweeded control at both locations in both years. Maize grain yield in the weeded control was similar to plots that received nicosulfuron at 35–210 g a.i./ha at Ijaye in 2002, 70–210 g a.i./ha at Ilorin in 2001, and 35 g a.i./ha at Ilorin in 2002. The protein content of maize in the weeded control and at 70 g a.i./ha was similar and higher than that at doses of 105 and 210 g a.i./ha while the carbohydrate content was not significantly different. The unweeded control had significantly higher weed LAI, shoot and rhizome biomass than all other treatments at both locations in both years . An increase in the nicosulfuron dose led to a decrease in weed LAI. Imperata rhizome biomass in the weeded control was similar to that in all nicosulfuron-treated plots. The findings of this study show that nicosulfuron is a suitable postemergence herbicide for speargrass control in maize in the moist savannah of Nigeria

Effect of nicosulfuron dosages and timing on the post emergence control of cogongrass (Imperata cylindrica) in corn (Zea mays)

Cogongrass is an aggressive perennial weed, which causes severe yield losses in major crops of the moist savanna of West Africa. Field studies were conducted from 2000 to 2002 at Alabata and Ilorin, Nigeria, to evaluate the influence of dosage and time of nicosulfuron application on the control of cogongrass and corn grain yield. Nicosulfuron dosages were 50, 100, 150, and 200 g ai/ha applied 1, 2, 3, or 4 wk after planting (WAP) corn. Hand-weeded and nonweeded treatments were the controls. Three to 4 wk after treatment and at final harvest, all plots that received nicosulfuron had significantly lower cogongrass shoot dry matter (DM) than the nonweeded control across locations in all years (P ≤ 0.01). Nicosulfuron increased corn grain yield at Alabata by 96% in 2000, 100% in 2001, and 34 to 54% in 2002, and at Ilorin by 79 to 83% in 2001 and 60 to 69% in 2002 when compared with the nonweeded control. The weeded control had corn grain yield similar to plots that received nicosulfuron at 200 g/ha at Alabata in 2001, 150 g/ha at Ilorin in 2001, 50 to 200 g/ha at Alabata in 2002, and 150 and 200 g/ha at Ilorin in 2002. There were negative linear relationships between corn DM, grain yield, and cogongrass shoot DM. Application of nicosulfuron at 1 or 2 WAP, when cogongrass was 22 to 27 cm tall, gave better grain yield and lower cogongrass shoot DM than at 3 or 4 WAP, when cogongrass was 36 to 45 cm tall. The study concludes that 150 to 200 g/ha of nicosulfuron applied at 1 or 2 WAP is effective for cogongrass control without adverse effect on corn grain yield

STUDY OF SPECULATIVE ENTERPRENEUR RESIDENTIAL HOUSING DEVELOPERS’ INITIATIVES IN LAGOS STATE, NIGERIA

The subject of housing has generated much discussion and interest in the developing countries including Nigeria. In the country presently, the availability of shelter in major towns and cities is grossly inadequate in spite of government interventions in its provision. Speculative residential housing developers have joined in developing housing estates all in the hope of ensuring adequate shelter for all. This development has created a real concern for urban residents of Lagos State since speculative residential housing providers, going by the selling prices of the units of housing available, tilt towards addressing the needs of the upper-income class mostly. With week-end spot observations backed by unstructured and semi-structured interviews, activities of five cooperative societies, five religious organisations and three private housing-based companies were studied. The study found that the ratio of involvement of those up to 50 years old and those above were in the ratio of 3:2. Ownership transferability in staff cooperative housing estates can be at will by the owners and same with private company-based housing estates subject to adequate notification and approval. On the contrary, owners of housing units within religious-based housing estates must first obtain written clearance from the organisation and, in most cases, carryout the sale processes through to another member of the organisation. The study recommends government allocation of state land for such developments to bring the cost of such units of accommodation within the reach of a larger segment of the society