Stock Market and Economic Growth: The Nigerian Experience

The study examined stock market-economic growth nexus in the Nigerian economy. It specifically investigates the effects and the causal relationship between the two variables in Nigeria. This was with the view to providing empirical evidence for stock market operation to stimulate economic growth with maximising the welfare of the people. The study employed annual time series data from 1981 to 2008 collected from various issues of Central Bank of Nigeria’s Statistical Bulletin and Annual Report and statement of Account of Nigeria Stock Exchange 2009 edition. An Error Correction Mechanism (ECM) Model was adopted in the analyses of the interaction between stock market and economic growth. The granger causality pairwise test was conducted in determining the causal relationship among the variables. The empirical results showed that, there was unidirectional causality between stock market and economic growth, which ran from economic growth (GDP) to stock market (MCAP) at 5 percent significant level., stock market has negative effect on economic growth in the short run but positive effect in the long run with (t=1.6, P>0.05) and (t = 4.6, P<0.05) respectively. However, the effect was statistically significant at 5% level of significance only in the long run. The study concludes that, the Nigerian stock market is no exception to other developing countries which are working towards reforming and deepening their financial systems through the expansion of its stock markets in order to improve their ability to mobilize resources and efficiently allocate them to the most productive sectors of the economy so as to enhance economic growth. Keywords: Market Capitalization, Total Value of Transactions, Total New Issues, Gross Domestic Product and Bank Total Asse

Disaggregated Public Expenditure Patterns and Private Investment Outcomes in Nigeria

This study sought to find out the extent of relationship (if any) between the short- and long-term effects of the disaggregated component of government expenditure on private investments. Using the Auto Regressive Distributed Lag (ARDL) model, the study determined that components of both recurrent expenditure and capital expenditure are significant determinants of the relationships with private investment in the long run only. The results indicates that there is a significant crowding-in effect between components of government expenditure and private investments in Nigeria. This is consistent with the Keynesian school, particular for Nigeria’s economy which requires government to spend heavily in order to create the enabling environment for inflows of private investment while increasing aggregate demand and jobs. The study determined the optimal recurrent and capital expenditure models for the economy and also showed that lending rates inflation rates, exchange rates, and GDP growth rates, are significant determinants of private investments. Keywords: ARDL, Capital Expenditure, Private Investment, Recurrent Expenditure DOI: 10.7176/JESD/14-16-03 Publication date: October 202

Foreign Assistance, Institutional Quality and Economic Growth in Selected Sub-Saharan African Countries: 1990 – 2021

This study adopts the Augmented Mean Group (AMG) estimator to analyse the impact of institutional quality and foreign assistance on economic growth in Sub-Saharan African countries, using time series data sourced from the World Bank Development Indicators (WDI) and World Bank Governance Indicators (WGI) for the period 1990 to 2021. The study went a step further to determine whether there is a significant interactive development effect of foreign assistance and institutional quality in sub-Saharan African countries.   The results show that foreign assistance has a positive conditional marginal effect on per-capita GDP, institutional quality has a positive conditional marginal impact on per-capita GDP and their interaction is also positive. The results are all statistically significant at 10% level of significance. Thus, foreign assistance and good quality institutions improves economic growth. This does not imply that; sub-Saharan African region should heavily rely on foreign assistance, without putting in place specific developmental efforts. Thus, it is opined that policymakers should regulate the allocation of foreign assistance and improve the quality of institutions. In doing so, the production capacity of the region would increase and the region would attract huge amount of foreign direct investment (FDI). Consequently, there would be a distinction between the amount of foreign assistance needed to lessen poverty and the levels of foreign assistance required to achieve economic growth. Keywords: Foreign Assistance; economic growth; AMG Estimator, CCEMG Estimator, Institutional Quality and Sub-Saharan Africa DOI: 10.7176/JESD/14-8-07 Publication date: April 30th 202

Plasma lipid profile, atherogenic and coronary risk indices in some residents of Abeokuta in south-western Nigeria

The incidence of chronic degenerative diseases like stroke and myocardial infarction in African subpopulations is reported to be increasing. In view of the association between dyslipidemia and these chronic degenerative diseases, we investigated some well-established cardiovascular risk factors (plasma cholesterol and its fractions as high-density lipoprotein (HDL), low-density lipoprotein (LDL), triglyceride, adiposity and blood pressure) in 92 subjects (43 males and 49 females) in Abeokuta, Nigeria. LDL cholesterol was significantly higher in the women compared with men (128.58mg/dl vs 108.73mg/dl; p = 0.028). Total cholesterol, although slightly higher in women, was not significantly different from that of men (155.71mg/dl vs 147.26mg/dl). HDL cholesterol and triglyceride were not significantly different between the two sexes, although women tended to have lower HDL cholesterol when compared with men. LDL/HDL cholesterol and total cholesterol/HDL cholesterol were significantly higher in women compared with men (4.20 vs 2.97; p = 0.004; 5.03 vs 4.06; p = 0.024, respectively). Systolic blood pressure was higher in men compared with women (117.58 vs 104.84; p = 0.002). Results indicate that the association between cholesterol and chronic degenerative diseases is continuous with no single cholesterol level separating those who are at high risk from those who are not. Rather in defining cardiovascular risks in African populations, the ratios LDL/HDL cholesterol and total cholesterol/HDL cholesterol should be considered. It might be appropriate at this time in Nigeria to consider physical activity and pharmacological interventions in lowering blood lipids

Extensible business reporting language (XBRL): a tool for accounting education in the 21st century

21st century education standards focus on 21st century skills, content knowledge and expertise. Technology advances such as eXtensible Business Reporting Language (XBRL) have revolutionized the way information is exchanged and the way business is conducted. These days, speed is of the essence and loss of accuracy, lack of transparency, and difficulty in analysis are increasingly becoming apparent risks. This research exposes XBRL as a phenomenon that represents the future of global accounting education. It discusses the concept and need for XBRL as well as its potential uses and challenges. The research found that there is an ongoing transformation in the way business is conducted and regulated world-wide. The onslaught of the information revolution has profound ramifications for corporate reporting information preparers and users. It therefore recommends that the greater the degree of collaboration between all participants in the financial information supply chain, including government regulators and public sector accountants, the greater the benefits that this information format enables for all participants, educationists, academics, companies, regulators, investors, and government agencies alike

Fatty acids Analyses of n-Hexane Fractions of Ageratum conyzoides Leaf

Lipidomics is an emerging field, where the structures, functions and dynamic changes of lipids in cells, tissues or body fluids are investigated. This study revealed the GC–MS metabolic profiling of the polar and non-polar fractions from n-hexane extracts of Agerantum conyzoides. After extraction, the n-hexane leaf extract has a yield of 1.20% and the GC-MS result reveal that A. conyzoides have w-6: w-3 PUFA ratio of 2.1 and other fatty acids of biochemical relevance. Keywords: Lipidomics; Cardiovascular disease; Agerantum conyzoides leaf; Fatty acids, GC-MS

Evidence of Heavy Metals Distribution in Placenta in Association with Residual Levels in Some Dams’ Organs from Bodija abattoir, Oyo State, Nigeria

Heavy metals have been known to be causing serious detrimental effect on the health of livestock and human populace in general. However, little study had been carried out on the ability of heavy metal to cross placental barrier, which has already been bio-accumulated in the dam. Therefore, this study aimed at showing the evidence of placental barrier crossing by selected heavy metals. The study was carried out in Bodija abattoir, Ibadan, Oyo-state, Nigeria, located on latitude 70020N, longitude 3005E. A cross-sectional study design was adopted and lasted for 6 weeks. Samples were collected from kidney cortices, apical lobe of dam’s liver and a portion of fetal placenta. 12 sample each from liver, kidney and the placenta which were analyzed using Atomic Absorption Spectrophotometer (AAS). Results were subjected to descriptive statistics, t-test and correlation using SPSS17.0 package.From this study cadmium (Cd) and lead (Pb) residues were not found in the samples, while chromium (Cr) was found in all the samples (100% prevalence) and the total prevalence for the heavy metals in the study was 33.4%. The mean chromium (Cr) residual values in placenta, kidney and liver were 0.89±0.66mg/kg, 1.32±0.94mg/kg and 1.00±0.87 mg/kg respectively. The correlation between chromium (Cr) in the dam’s kidney and placenta was 0.3, while for the dam’s liver and placenta was 0.6.  In comparison with permissible limit, the residual level in kidney 1.32±0.94, liver 1.00±0.87 and placenta 0.89±0.66, were within the permissible limit. The study revealed that chromium (Cr) residue was a major challenge in the organs sampled. Liver of the dam had the highest level of bioaccumulation and stronger correlation in the distribution to the placenta. It is therefore recommended that attention should be paid on the disposal of chromium (Cr) residues on the grazing floor where the bulk of the residues were from. Keywords: Heavy metals, Liver, Kidney, Placenta and cattle

Biopolymer-mediated Green Synthesis of Noble Metal Nanostructures

Polymer-coated noble metal nanoparticles are currently of particular interest to investigators in the fields of nanobiomedicine and fundamental biomaterials. These materials not only exhibit imaging properties in response to stimuli but also efficiently deliver various drugs and therapeutic genes. Even though a large number of polymer-coated noble metal nanoparticles have been fabricated over the past decade, most of these materials still present some challenges emanating from their synthesis. The metal nanoparticles when encapsulated in a polymer and taken up by human cells might show a lower degree of toxicity; however, the degree of toxicity for some of the starting materials and precursors has raised serious concerns. Hence, there is a need to implement the principle of green chemistry in the synthesis of nanomaterials. The use of environmentally benign materials for the synthesis of metal nanoparticles provides numerous benefits ranging from biocompatibility, availability, cost-effectiveness, amenable scale-up to eco-friendliness. The biopolymer-based nanovehicles have been found to be more suitable in the field of nanotechnology owing to their high reproducibility, ease of manufacture, functional modification and safety (they are not carcinogenic). Unlike synthetic polymers where the raw material can be derived from petrochemicals or chemical industrial processes, biopolymers are produced from renewable resources such as plant and/or living organism. They are degradable by natural processes down to elemental entities that can be resorbed in the environment. Furthermore, they can also be modified to serve a particular purpose which explains the myriad of their potential applications. The macromolecular chain of these biopolymers possesses a large number of hydroxyl groups which can easily complex with metal ions. Additionally, these biopolymers also contain supramolecular structures that can lead to new functionalities of their composites with metal and semiconductor nanoparticles. In this chapter, a comprehensive discussion on different biopolymers, green synthesis of noble metal nanostructures, mechanisms, characterization and application in various fields is presented

Estimation of Human Health Risk Due to Heavy Metals around Schools and Auto-Mobile Workshops near Frequented Roads in Kaduna State, Nigeria

Heavy metals are widely known for their potential to cause carcinogenic and non-carcinogenic health risks. In this work, the carcinogenic and non-carcinogenic health risks associated with heavy metals in the vicinity of schools and auto mechanic workshops close to busy roads in Kaduna state was assessed using NEX CG EDXRF MODEL with brand name RIGAKU situated at a UTM Laboratory, Malaysia. The obtained heavy metals concentrations were used to estimate the health effects that might result from exposure to carcinogenic and non-carcinogenic chemicals for both the population ages using US EPA methodology. Findings indicated that in some locations the carcinogenic and non-carcinogenic hazards associated with exposure for residents was greater than the US EPA acceptable thresholds of 10-4 and 1 respectively. This indicated that the heavy metals may result to unacceptable carcinogenic and non-carcinogenic risks, which is an issue of concern in public health especially looking at the way school children play around these areas. The present study therefore provides scientific basis for strategies required to protect human and environmental health in schools and automobile workshops