Comparative Performance of Volatility Models for Oil Price

  In this paper, we compare the performance of volatility models for oil price using daily returns of WTI. The innovations of this paper are in two folds: (i) we analyse the oil price across three sub samples namely period before, during and after the global financial crisis, (ii) we also analyse the comparative performance of both symmetric and asymmetric volatility models for the oil price. We find that oil price was most volatile during the global financial crises compared to other sub samples. Based on the appropriate model selection criteria, the asymmetric GARCH models appear superior to the symmetric ones in dealing with oil price volatility. This finding indicates evidence of leverage effects in the oil market and ignoring these effects in oil price modelling will lead to serious biases and misleading results. Keywords: Crude oil price; Volatility modelling; Global financial crisis JEL Classifications: C22; G01; Q4

Physicochemical Assessment of Ground Water Quality from Borehole and Hand Dug Wells around Obajana Community, Lokoja, Kogi State, Nigeria

The groundwater qualities of Obajana in Kogi State were determined. The study consisted of the determination of some heavy metals and physicochemical properties of drinking water samples. The samples were analyzed for the following parameters iron, copper, manganese, zinc, lead,using AAS Varian AA240FS. Nitrates, sulphate, phosphate, colour, dissolved solids, electrical conductivity, pH, dissolved oxygen (DO), biological oxygen demand (BOD), chemical oxygen demand (COD), temperature, turbidity, total hardness and total alkalinity using standard method. The data showed the variation of the investigated parameters in samples as follows: temperature 26-30oC,  pH 5.53-7.89, electrical conductivity (EC) 6.210-339.670 μS/cm, total hardness 50.00- 424.20 mg/l, alkalinity 1.10-145.67mg/l, turbidity 0.00-34 FTU, colour 5-15TCU, phosphate 0.02-0.760 mg/l, nitrate 10.24-48.20mg/l, sulphate  24.70-222.13mg/l, dissolved oxygen 0.2-1.8 mg/l,  BOD 0.2-1.0mg/l, COD 1.1-3.2mg/l, Cu 0.00.1-0.10mg/l , Fe 0.01-0.060mg/l, Zn 0.029-5.046mg/l, Mn  0.0-0.44mg/l and Pb 0.0348-1.046mg/l. The concentrations of some of the investigated parameters in the drinking water samples from the research region were above the permissible limits of the World Health Organization standard for drinking water quality guidelines. lead was found to exceed 0.01mg/l which is the WHO maximum limit, also zinc and manganese were found to exceed the WHO maximum limit of 3.0mg/l and 0.1mg/l

Influence of crop residue ration supplementation on the attainment of puberty and postpartum reproductive activities of Red Sokoto goats

The general objective of this study was to come up with an appropriate, affordable and locally available crop residue supplementation package that would enhance reproductive performance in small ruminants. Specifically, 28 Red Sokoto weaner does between 3 and 4 months of age weighing between 2 and 3 kg were used in the first experiment to determine the influence of crop residue supplementation on age and weight at puberty as determined by blood progesterone levels. In the second experiment, another 28 adult does (equal to or greater than 2 years old) of the same breed in the same flock with lactation numbers between 1 and 3 were used to determine the length of postpartum acyclic period. In both experiments, a 3 x 2 factorial experimental design comprising three dietary supplements (A, B, C) at two feeding levels (1% and 2% of body weight) fed in addition to a basal diet of Digitaria smutsii hay and natural pasture ad libitum with an unsupplemented negative control group (D) and four goats per treatment was utilized. In ration A, a conventional concentrate supplement consisting of maize, wheat offal, cottonseed cake and bonemeal was utilized; in rations B and C, the supplement consisted of guinea-corn bran, cowpea husk and groundnut haulms; and maize offal, groundnut shells and groundnut haulms respectively. Unsupplemented (ration D) weaner does reached puberty at a later age and had lighter body weights than all the others. Weaner does on ration 2A (concentrate fed at 2% of body weight) attained puberty at the earliest age and heaviest body weight, although the age at puberty was not significantly different from those on rations 1A (concentrate fed at 1% body weight), 1C and 2C. Blood progesterone profiles before and after puberty ranged from 0.05 to 9.0 ng/ml, respectively, and was highest in does fed rations A and C and least in the unsupplemented does. The mean interval between kidding and initiation of ovarian activity was 54.28 plus or minus 17.61 days and the mean interval between kidding and conception was 63.04 plus or minus 25.34 days. Only 25% of the unsupplemented does conceived again during the period under study compared with 100% in rations 1A, 2A, 1C and 2C; 75% in ration 2B and 50% in ration 1B. It was concluded that implementation of supplementary feeding in the dry season improves reproductive performance in the Red Sokoto doe. Furthermore, ration C, a crop residue-based ration, was a suitable dry season supplementation alternative to the expensive conventional concentrate ration for the smallholder goat farmer in the subhumid tropics of Nigeria

Effects of varying levels of dietary protein on the performance of rabbits

Sixteen Newzealand White rabbits aged 9.5 ± 0.5 weeks weighing 0.72-0.99kg were used to evaluate the experimental rations which allowed for good weight gain. They were divided into 4 groups and allotted four different diets for the treatment groups with 10, 13, 16 and 20% CP. Feed intake (Fl) for the treatment groups were 58.52, 61.46, 57.35, and 61.06g while average daily gain (ADG) were 4.22, 4.35, 5.32 and 6.02g for the groups. There were significant increase (P<0.01) in the digestibility of CP, EE and NFE within the treatment groups. Diets containing 16-20% CP may provide adequate nutrients for optimum weight gain of Newzealand rabbits.Keywords: Dietary protein, level, rabbit, performance

Balance of payment constrained economic growth in Nigeria: How useful is the Thirlwall's hypothesis?

This paper examines the Balance-of-Payment (BOP) constraint growth model in Nigeria for the period of 1980 to 2012 using the bounds testing Auto regressive Distributed Lag (ARDL) approach. The ARDL test suggests that the variables in the framework have a long run relationship. The empirical findings reveal that import is cointegrated with relative price and income, and the equilibrium growth rates coincide with actual growth rates, hence, the result shows that the Thirlwall’s law, of actual growth rate being equal to the predicted growth rate by the balance of payment current account equilibrium holds in Nigeria. This reason may be due the fact that the economy of Nigeria depends mainly on international trade even though oil dominates the export. This Thirlwall’s BOP-constrained growth approach provides some significant policy prescriptions for Nigeria’s development policy. Achievement of potential growth can be stimulated by making exports more competitive through macroeconomic stability, sound institutional qualities, improvement in human and physical capital development, reducing access problems to external market, among other factors. Keywords: Balance of payments, Current account, Thirlwall’s, Growt

Comparative Performance of Volatility Models for Oil Price

In this paper, we compare the performance of volatility models for oil price using daily returns of WTI. The innovations of this paper are in two folds: (i) we analyse the oil price across three sub samples namely period before, during and after the global financial crisis, (ii) we also analyse the comparative performance of both symmetric and asymmetric volatility models for the oil price. We find that oil price was most volatile during the global financial crises compared to other sub samples. Based on the appropriate model selection criteria, the asymmetric GARCH models appear superior to the symmetric ones in dealing with oil price volatility. This finding indicates evidence of leverage effects in the oil market and ignoring these effects in oil price modelling will lead to serious biases and misleading results

Response of finishing broiler chickens to diets containing rumen liquor fermented rice husk meal.

One hundred and fifty Arbor acres broiler chickens aged four weeks were used in determining the effect of fermented rice husk meal diets on the performance and nutrient digestibility of finisher broiler chickens. They were allotted into five dietary treatments containing 0, 5, 10, 15 and 20 % rumen liquor fermented rice husk (RLFRH) meal, respectively. Each treatment was replicated three times with ten chickens each. The experiment was carried out using the completely randomized design. Feed and clean water were supplied ad libitum through the five weeks experimental period . Routine and standard management practices were strictly observed. Data on weight changes, feed intake and mortality were collected while feed conversion ratio was calculated. The results showed no significant (p>0.05) differences in live weight, feed intake, feed conversion ratio and mortality. However, the growth rate was influenced (p<0.05) by the dietary treatments with broiler chickens on dietary treatments containing 15% RLFRH and 20% RLFRH having higher (p<0.05) growth rate than those on 5% RLFRH and 10% RLFRH . Apparent digestibility results showed that dry matter, crude protein, crude fibre and ether extract digestibility were influenced (p<0.05) by dietary treatments. They were optimized at rumen liquor fermented rice husk levels of 9.10, 9.29, 12.03, and 12.31 g/kg DM intake. However, nitrogen free extract was not significantly (p>0.05) influenced by the dietary treatments. The results from this study showed that diets containing RLFRH had no adverse effect on broiler chickens performance and nutrient digestibility at the finisher phase; as most of the performance parameters were not significantly different from the control diet. Twenty percent RLFRH inclusion level is recommended at this phase for improved growth rate.Keywords: Performance, rumen liquor, fermented, digestibilit

Co-infection of a mosquito borne arbovirus and parasite in dogs in Kaduna and Zaria metropolis, Kaduna state, Nigeria: A Case Report

During a survey in Kaduna and Zaria metropolis for West Nile virus and Dirofilaria in dogs, a single case of co-infection of the two organisms was observed in a dog. These organisms are both mosquito borne and are of great zoonotic importance.Running title: Co-infection of West Nile virus and Dirofilaria in dogs. Keywords: West Nile virus, dogs, Dirofilaria, co-infectio

Seroprevalence of Dirofilaria in dogs in Kaduna and Zaria metropolises, Kaduna State, Nigeria.

Dirofilaria is the parasite known to cause filariasis in animals and humans transmitted by mosquitoes. The study was aimed at determining the prevalence of dirofilaria dogs attending government based Veterinary clinics and at slaughters in Kaduna metropolis and Zaria. The diagnosis was based on the use of the Knotts techniques. Blood was collected from 30 animals each from 6 government based veterinary clinics and 45 each from 2 slaughter slabs in Kaduna metropolis and 90 from 1 slaughter slab in Zaria giving a total of 360 animals sampled from the period of October 2016- April 2017. At each collection unit, the animals were selected using systemic random sampling and the blood samples were examined using the Knotts technique. The results revealed a prevalence of 1.1% (4/360) dogs positive for blood dirofilaria parasite. This report on the status of dirofilaria infection in dogs in Kaduna and Zaria metropolis, Kaduna state suggests that dogs there is a decline in the incidence of the disease among dogs in the state. Key words: Seroprevalence, Dirofilaria, dogs, metropoli