An Empirical Analysis of Inflationary Impacts on Profitability and Value of Selected Manufacturing Firms in Nigeria

The study investigated the nature of the relationship between inflation and the value of firms in the manufacturing sector of a developing economy like Nigeria. It also tried to discern the nature of the relationships between inflation and profitability (proxied by return on assets) and economic value added and return on assets. The study employed secondary data collated from the audited financial statements of the sampled firms. These were analyzed using multiple regressions and analysis of variance. Results indicate a strong negative relationship between inflation and firm value and an insignificant negative relationship between inflation and return on assets (proxy for profitability). Further, the relationship between return on assets and economic value added is insignificant. Inflation, even at low level, seriously understates the true value of the firm. The implication of the findings is deducible from the fact that accurate estimation of the real value of the firm necessitates incorporating inflation element to arrive at the value of investments in fixed assets and other long term investments. It also highlights the fact that most business failures are caused by unwise investments in fixed assets that could easily have been detected if inflation rate is incorporated to get at the real cost of investible funds. Keywords: Inflation, Return on Assets, Firm Valuation, Manufacturing Firm

Studying the Influence of Board Size on the Financial Performance of Selected Manufacturing Firms in Nigeria

This study examined the effect of board size on financial performance (proxied by both economic value added (EVA) and return on assets (ROA) of the manufacturing sector in Nigeria using publicly listed firms.  The study investigated the extent and nature of the relationship between board size and profitability of publicly listed manufacturing firms; and nature and extent of the relationship between board size and firm size of same firms. The study adopts quantitative panel methodology in analyzing secondary (panel) data collected and collated from the audited financial statements of 46 quoted manufacturing firms drawn from 95 subsectors of (NSE) for the twelve year period (2003-2014). It revealed that manufacturing firms with smaller board size are more viable than those with larger board size.  It also reported that firms within the sector with larger boards recorded lesser profits in contrast.  The implication of the findings can be deduced from the problem associated with free rider syndrome characteristic of chief executive officer dualizing as managing director for firms in Nigeria.  Further, stricter regulating of corporate institutions is imperative because of the significant role that these institutions play in the stock markets and negative repercussions that are experienced when their risk-taking is not properly regulated.  The study, recommends, among others, that firms seeking some improvement in their performance should constitute smaller sized boards of directors composed of few independent directors.  Moreover, there may be a need to revisit regulation with respect to constituting board size which would balance the interest of executives and shareholders. Key words: Board size, Financial Performance, Quoted Manufacturing Firm

Effectiveness of the Economic and Financial Crimes Commission (EFCC) in Enhancing Accountability in the Nigerian Public Sector

The study is aimed at identifying strategies and measures that will strengthen the effectiveness of the commission in their fight against corruption in the Nigerian public sector to ensure accountability and transparency. The research adopted content analytical method and revealed that lack of societal cooperation, poor staff training, pre-bargaining and systemic disorder affect the effectiveness of the Economic and Financial Crimes Commission (EFCC) in their fight against corruption in the Nigerian public sector. The implication of the findings is that, it will be difficult for the government to succeed in the fight against corruption in Nigeria if the identified problems are not addressed. The study, suggests, that concerned and enlightened individuals should collaborate with the EFCC to get rid of corruption in Nigeria. Further, the government should adopt appropriate measures no matter how bitter, to root-out these causes of corruption if Nigeria is really serious about the fight against corruption. Government should ensure that the public sector officials discharge their duties in compliance with the code of conduct guiding the public sector. Key words: Effectiveness, EFCC, Accountability, Public Secto

An Evaluation of the Effectiveness of Tax Incentives on Economic Growth: Evidence from Nigeria

Assessing the Relationship between Tax Incentives and Economic Growth in Nigeria is aimed at determining the effect of tax incentives on economic growth in Nigeria. The study adopted Ex Post Facto Research Design and time-series data was used. Relevant secondary data for this study were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin and the National Bureau of Statistics (NBS) and the Federal Inland Revenue Service (FIRS). The study employed ordinary least square estimation and used regression analysis to test the relationship between Tax Incentives and Economic Growth in Nigeria. The study shows that tax incentive policy is positively and significantly related to gross domestic product. The findings showed that there is a degree of relationship between corporate income tax and gross domestic product; and that there is degree of co-variability between investment allowance and gross domestic product in Nigeria. The implication of this finding is that since tax incentives have positive and significant impact on gross domestic product, policy reform in other factors that affect economic growth is needed also to complement these incentives so that a better result can be achieved. The study recommends that tax incentive policy should be designed bearing in mind the economy’s macroeconomic objectives like rapid economic growth and development. Keywords: Tax incentives, Economic growth, Corporate Income Tax, Investment Allowance DOI: 10.7176/RJFA/11-14-13 Publication date:July 31st 202

A year of genomic surveillance reveals how the SARS-CoV-2 pandemic unfolded in Africa.

The progression of the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) pandemic in Africa has so far been heterogeneous, and the full impact is not yet well understood. In this study, we describe the genomic epidemiology using a dataset of 8746 genomes from 33 African countries and two overseas territories. We show that the epidemics in most countries were initiated by importations predominantly from Europe, which diminished after the early introduction of international travel restrictions. As the pandemic progressed, ongoing transmission in many countries and increasing mobility led to the emergence and spread within the continent of many variants of concern and interest, such as B.1.351, B.1.525, A.23.1, and C.1.1. Although distorted by low sampling numbers and blind spots, the findings highlight that Africa must not be left behind in the global pandemic response, otherwise it could become a source for new variants

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance.

Investment in severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing in Africa over the past year has led to a major increase in the number of sequences that have been generated and used to track the pandemic on the continent, a number that now exceeds 100,000 genomes. Our results show an increase in the number of African countries that are able to sequence domestically and highlight that local sequencing enables faster turnaround times and more-regular routine surveillance. Despite limitations of low testing proportions, findings from this genomic surveillance study underscore the heterogeneous nature of the pandemic and illuminate the distinct dispersal dynamics of variants of concern-particularly Alpha, Beta, Delta, and Omicron-on the continent. Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve while the continent faces many emerging and reemerging infectious disease threats. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century

The evolving SARS-CoV-2 epidemic in Africa: Insights from rapidly expanding genomic surveillance

INTRODUCTION Investment in Africa over the past year with regard to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) sequencing has led to a massive increase in the number of sequences, which, to date, exceeds 100,000 sequences generated to track the pandemic on the continent. These sequences have profoundly affected how public health officials in Africa have navigated the COVID-19 pandemic. RATIONALE We demonstrate how the first 100,000 SARS-CoV-2 sequences from Africa have helped monitor the epidemic on the continent, how genomic surveillance expanded over the course of the pandemic, and how we adapted our sequencing methods to deal with an evolving virus. Finally, we also examine how viral lineages have spread across the continent in a phylogeographic framework to gain insights into the underlying temporal and spatial transmission dynamics for several variants of concern (VOCs). RESULTS Our results indicate that the number of countries in Africa that can sequence the virus within their own borders is growing and that this is coupled with a shorter turnaround time from the time of sampling to sequence submission. Ongoing evolution necessitated the continual updating of primer sets, and, as a result, eight primer sets were designed in tandem with viral evolution and used to ensure effective sequencing of the virus. The pandemic unfolded through multiple waves of infection that were each driven by distinct genetic lineages, with B.1-like ancestral strains associated with the first pandemic wave of infections in 2020. Successive waves on the continent were fueled by different VOCs, with Alpha and Beta cocirculating in distinct spatial patterns during the second wave and Delta and Omicron affecting the whole continent during the third and fourth waves, respectively. Phylogeographic reconstruction points toward distinct differences in viral importation and exportation patterns associated with the Alpha, Beta, Delta, and Omicron variants and subvariants, when considering both Africa versus the rest of the world and viral dissemination within the continent. Our epidemiological and phylogenetic inferences therefore underscore the heterogeneous nature of the pandemic on the continent and highlight key insights and challenges, for instance, recognizing the limitations of low testing proportions. We also highlight the early warning capacity that genomic surveillance in Africa has had for the rest of the world with the detection of new lineages and variants, the most recent being the characterization of various Omicron subvariants. CONCLUSION Sustained investment for diagnostics and genomic surveillance in Africa is needed as the virus continues to evolve. This is important not only to help combat SARS-CoV-2 on the continent but also because it can be used as a platform to help address the many emerging and reemerging infectious disease threats in Africa. In particular, capacity building for local sequencing within countries or within the continent should be prioritized because this is generally associated with shorter turnaround times, providing the most benefit to local public health authorities tasked with pandemic response and mitigation and allowing for the fastest reaction to localized outbreaks. These investments are crucial for pandemic preparedness and response and will serve the health of the continent well into the 21st century

Reducing the environmental impact of surgery on a global scale: systematic review and co-prioritization with healthcare workers in 132 countries

Abstract Background Healthcare cannot achieve net-zero carbon without addressing operating theatres. The aim of this study was to prioritize feasible interventions to reduce the environmental impact of operating theatres. Methods This study adopted a four-phase Delphi consensus co-prioritization methodology. In phase 1, a systematic review of published interventions and global consultation of perioperative healthcare professionals were used to longlist interventions. In phase 2, iterative thematic analysis consolidated comparable interventions into a shortlist. In phase 3, the shortlist was co-prioritized based on patient and clinician views on acceptability, feasibility, and safety. In phase 4, ranked lists of interventions were presented by their relevance to high-income countries and low–middle-income countries. Results In phase 1, 43 interventions were identified, which had low uptake in practice according to 3042 professionals globally. In phase 2, a shortlist of 15 intervention domains was generated. In phase 3, interventions were deemed acceptable for more than 90 per cent of patients except for reducing general anaesthesia (84 per cent) and re-sterilization of ‘single-use’ consumables (86 per cent). In phase 4, the top three shortlisted interventions for high-income countries were: introducing recycling; reducing use of anaesthetic gases; and appropriate clinical waste processing. In phase 4, the top three shortlisted interventions for low–middle-income countries were: introducing reusable surgical devices; reducing use of consumables; and reducing the use of general anaesthesia. Conclusion This is a step toward environmentally sustainable operating environments with actionable interventions applicable to both high– and low–middle–income countries

Formulation and in vitro characterization of piroxicam solid lipid microparticles for topical application

Swollen body parts or edema is a condition characterized by increased accumulation of fluid. The aim of this research is to develop a delivery system capable of facilitating improved and controlled topical delivery of piroxicam during high energy activities, including sports. Irvingia fat was extracted from the nut of Irvingia gabonensis var. excelsa (Irvingia wombolu) with petroleum ether (40-60 °C) and analyzed using gas chromatography-mass spectrometry (GC-MS). The extracted fat and its lipid matrices with Phospholipon®90G (P90G) (with and without piroxicam) were characterized by differential scanning calorimetry (DSC) and small angle X-ray diffraction (SAXD). Piroxicam solid lipid microparticles (SLM), based on the extracted lipid, were formulated by hot homogenization and characterized by drug encapsulation efficiency (EE), particle size, yield and dispersion pH. Drug release and diffusion studies were performed for the SLM dispersions using dialysis membrane. The GC-MS indicated presence of C12-C18 fatty acids. The DSC thermograms of the piroxicam-loaded lipid matrices showed melting point of 41 °C, whereas reduced enthalpy and crystallinity were observed in the presence of P90G. The EE of the SLMs were above 98 and particle sizes around 10 µm. Piroxicam SLM dispersions formulated with lipid matrices consisting 3:1 irvingia fat/ P90G had the highest drug diffusion across the membrane. Therefore, solid lipid microparticles based on irvingia fat-P90G structured matrices can be used to improve loading, controlled diffusion, and possibly, overall topical performance of piroxicam.