Implications of financial development on poverty and inequality: Evidence from Nigeria

This paper examines the short and long run implications of the four measures of financial development on poverty reduction and income inequality in Nigeria within the period 1996-2017. The study employs the Autoregressive distributed lag (ARDL) long run co-integration approach. The results revealed a positive but economic insignificant relationship between financial development, poverty and inequality both in the short and long run. The study further revealed that corruption and inflationary levels exhibited positive effect on poverty reduction and income inequality. These results advocate for an establishment of more bank branches as well as the development of informal/micro financial institutions in the rural areas. Since the result particularly pointed out the significance of the financial institution efficiency and stability has germane to foreign and domestic investment attraction, the government should embark on policies that strengthen the efficiency and stability of the sector. It also recommends that since the control of corruption has been highlighted as a panacea for poverty and inequality reduction, the government should tilt toward policies that would address corruption which is the most important element in institutional quality

Poverty and employment impact of trade liberalization in Nigeria: empirical evidence and policy implications

This paper analyzes quarterly data which spans the period 1985 to 2010 to investigate the interrelationship between trade liberalisation, employment dynamics and the implications for poverty alleviation in Nigeria. An overview of macroeconomic trends and patterns during the period show that although the Nigerian economy experienced growth, it was accompanied by rapid rise in unemployment and poverty. The econometric analysis, estimated by systems equation model, related terms of trade, implicit producer price incentives, openness and macroeconomic policy outcomes on agricultural and industrial sector incomes per capita and total trade. The findings tended to show that the fortunes of these sectors deteriorated contrary to the assertion that a positive relationship exists between liberalization and poverty reduction via improved productivity of labor intensive smallholder farm and firms enterprises. While the apparent growth in total trade seemed to be buoyed by positive export supply shocks, deteriorating terms of trade and biased producer incentives structure penalized domestic manufactures and farming, thereby accentuating poverty. This adverse consequence is attributable to the adoption of import substitution industrialization strategy which encouraged the influx of foreign firms that are appendages of multinationals. In concluding, the paper calls for a shift in policy approach to economic development from the pervasive import substitution trade strategies which tended to displace labor to an export led strategy guided by the doctrine of factor endowments

Poverty and employment impact of trade liberalization in Nigeria: empirical evidence and policy implications

This paper analyzes quarterly data which spans the period 1985 to 2010 to investigate the interrelationship between trade liberalisation, employment dynamics and the implications for poverty alleviation in Nigeria. An overview of macroeconomic trends and patterns during the period show that although the Nigerian economy experienced growth, it was accompanied by rapid rise in unemployment and poverty. The econometric analysis, estimated by systems equation model, related terms of trade, implicit producer price incentives, openness and macroeconomic policy outcomes on agricultural and industrial sector incomes per capita and total trade. The findings tended to show that the fortunes of these sectors deteriorated contrary to the assertion that a positive relationship exists between liberalization and poverty reduction via improved productivity of labor intensive smallholder farm and firms enterprises. While the apparent growth in total trade seemed to be buoyed by positive export supply shocks, deteriorating terms of trade and biased producer incentives structure penalized domestic manufactures and farming, thereby accentuating poverty. This adverse consequence is attributable to the adoption of import substitution industrialization strategy which encouraged the influx of foreign firms that are appendages of multinationals. In concluding, the paper calls for a shift in policy approach to economic development from the pervasive import substitution trade strategies which tended to displace labor to an export led strategy guided by the doctrine of factor endowments

Compositions Optimization of Antang Corundum for Developing Advanced Ceramic

The research aims to study and optimize the formulation of materials required for advanced ceramic production using response surface methodology (RSM). In this research effort, the five (5) process independent variables studied with their corresponding levels are: Antang corundum powder, A (92.2 – 100 %W); polyvinyl alcohol, B (0 – 5 %W); CaO, C (0 – 2.3 %W); MgO, D (0 – 0.5 %W); and the sintering temperature, E (1200 – 1500 °C). The mechanical property responses determined were density, ρ, compressive strength, C/S, flexural strength, F/S; which are key characteristics of ceramics for armour applications. The optimized density, compressive strength and flexural strength of the sintered Antang corundum are 3.45 g/cm3 g, 1982 MPa and 295 MPa respectively; while the respective RSM prediction values are 3.45 g/cm3 g, 1982 MPa and 295 MPa. On comparing the determined optimum mechanical responses of the sintered Antang ceramic with the maximum RSM prediction values, there is high level of assurance in using RSM for the formulation process in ceramic armour development

A HYBRIDIZED ENCRYPTION SCHEME BASED ON ELLIPTIC CURVE CRYPTOGRAPHY FOR SECURING DATA IN SMART HEALTHCARE

Recent developments in smart healthcare have brought us a great deal of convenience. Connecting common objects to the Internet is made possible by the Internet of Things (IoT). These connected gadgets have sensors and actuators for data collection and transfer. However, if users' private health information is compromised or exposed, it will seriously harm their privacy and may endanger their lives. In order to encrypt data and establish perfectly alright access control for such sensitive information, attribute-based encryption (ABE) has typically been used. Traditional ABE, however, has a high processing overhead. As a result, an effective security system algorithm based on ABE and Fully Homomorphic Encryption (FHE) is developed to protect health-related data. ABE is a workable option for one-to-many communication and perfectly alright access management of encrypting data in a cloud environment. Without needing to decode the encrypted data, cloud servers can use the FHE algorithm to take valid actions on it. Because of its potential to provide excellent security with a tiny key size, elliptic curve cryptography (ECC) algorithm is also used. As a result, when compared to related existing methods in the literature, the suggested hybridized algorithm (ABE-FHE-ECC) has reduced computation and storage overheads. A comprehensive safety evidence clearly shows that the suggested method is protected by the Decisional Bilinear Diffie-Hellman postulate. The experimental results demonstrate that this system is more effective for devices with limited resources than the conventional ABE when the system’s performance is assessed by utilizing standard model

Global overview of the management of acute cholecystitis during the COVID-19 pandemic (CHOLECOVID study)

Background: This study provides a global overview of the management of patients with acute cholecystitis during the initial phase of the COVID-19 pandemic. Methods: CHOLECOVID is an international, multicentre, observational comparative study of patients admitted to hospital with acute cholecystitis during the COVID-19 pandemic. Data on management were collected for a 2-month study interval coincident with the WHO declaration of the SARS-CoV-2 pandemic and compared with an equivalent pre-pandemic time interval. Mediation analysis examined the influence of SARS-COV-2 infection on 30-day mortality. Results: This study collected data on 9783 patients with acute cholecystitis admitted to 247 hospitals across the world. The pandemic was associated with reduced availability of surgical workforce and operating facilities globally, a significant shift to worse severity of disease, and increased use of conservative management. There was a reduction (both absolute and proportionate) in the number of patients undergoing cholecystectomy from 3095 patients (56.2 per cent) pre-pandemic to 1998 patients (46.2 per cent) during the pandemic but there was no difference in 30-day all-cause mortality after cholecystectomy comparing the pre-pandemic interval with the pandemic (13 patients (0.4 per cent) pre-pandemic to 13 patients (0.6 per cent) pandemic; P = 0.355). In mediation analysis, an admission with acute cholecystitis during the pandemic was associated with a non-significant increased risk of death (OR 1.29, 95 per cent c.i. 0.93 to 1.79, P = 0.121). Conclusion: CHOLECOVID provides a unique overview of the treatment of patients with cholecystitis across the globe during the first months of the SARS-CoV-2 pandemic. The study highlights the need for system resilience in retention of elective surgical activity. Cholecystectomy was associated with a low risk of mortality and deferral of treatment results in an increase in avoidable morbidity that represents the non-COVID cost of this pandemic