Remediation of contaminated marine sediment using bentonite, kaolin and sand as capping materials

There is a growing public concern over the issue of sediment contamination resulting from industrial, municipal wastewater, mining activities, and improper use of chemical fertilizer or pesticides. The conventional treatment of contaminated sediment is dredging, but this treatment is expensive and requires a large area of land for disposal. In situ capping of contaminated sediment is considered as a cheaper technique compared to dredging and efficient treatment technology to immobilize pollutants in sediments on site. In this technique, sediments are capped by placing a layer of inert materials like sand, clean soil, or gravel or active materials like activated carbon, zeolite, or apatite over sediments in order to reduce the risk to the aquatic environment. The objective of this study is to determine the effectiveness of using active materials; bentonite (B), kaolin (K), mixture of bentonite with kaolin (1:1) (BK) as capping materials to block the release of five heavy metals (Pb, Cr, Cu, Cd and Zn) from artificially polluted sediments. The effectiveness of B, K, and BK for preventing the leachability of the trace metals was assessed on a bench-scale laboratory experiment in glass tanks for 90 days, where 1cm thick layer of capping material and sand was placed above the contaminated sediment. The results showed that B and BK reduced the leachability of Pb, Cr, and Cu from the sediments. The results also showed that B and BK could be used as potential capping materials for the remediation of contaminated sites due to their significant entrapping of Pb, Cu, and Cr. The pollutants were released into the overlying water from the contaminated sediment in the following decreasing order; Cd > Zn > Pb > Cu > Cr. The adsorption kinetics analysis also showed that the process of adsorption was by chemisorption. This study proved that bentonite and mixture of bentonite with kaolin clays covered with sand could be used as capping materials for in situ treatment of Pb, Cu, Cr, Zn, and Cd for contaminated marine sediment

Exchange Rate Volatility and Export Trade in Nigeria: An Empirical Investigation

The paper seeks to quantitatively assess the impact of exchange rate volatility on non oil export flows in Nigeria. Theoretically, volatility-trade link is ambiguous, although a strand of studies reported inverse link between export flow and volatility. The paper employed fundamental analysis where the flow of non oil exports from the Nigerian economy is assumed to be predicated on fundamental variables: the naira exchange rate volatility, the US dollar volatility, Nigeria’s terms of trade (TOT) and index of openness (OPN). Empirical results showed presence of unit root at level, however, the null hypothesis of nonstationarity was rejected at first difference. Cointegration results revealed that a stable long run equilibrium relationship exists between non oil exports and the fundamental variables. Using quarterly observations for twenty years, vector cointegration estimate revealed that the naira exchange rate volatility decreased non oil exports by 3.65% while the same estimate for the US dollar volatility increased export of non oil in Nigeria by 5.2% in the year 2003. The paper recommends measures that would promote greater openness of the economy and exchange rate stability in the economy

Openness and growth in Sub-Saharan Africa: Time series and cross-country analysis

This paper presents empirical evidence from a cross-section sample of thirty six Sub-Saharan African countries and time-series sample of selected seven. The evidence suggests that countries in the region that open generally tend to grow faster than those that are closed. However, the country-case study suggests that whether a particular country experiences higher output growth as it “opens up” is contingent upon its own peculiaritiesOpenness, FDI, Africa, Growth, Sub-Sharan Africa

Lessons from the foreign exchange market reforms in Ghana: 1983-2006

This paper critically examines the trade and exchange reforms that paved way for the implementation of the current flexible, market-based exchange rate regime in Ghana. Using descriptive method, the paper argues that Ghana has succeeded in unifying its exchange rates without the inflationary consequences, as Pinto (1988, 1990) predicts, partly because of the strategy used. The strategy involved a gradual, rather than overnight, exit from the rigidly fixed exchange rate regime. It therefore enabled the development of a relatively more liquid and deeper foreign exchange market as well as the development of monetary authorities’ capacity to monitor and supervise the operations of the market. In addition, the IMF/World Bank’s support with foreign exchange (loans and aid) enabled an orderly and gradual exit to a flexible regime in Ghana. The paper then examines the macroeconomic response to the reforms by analysing the trends in some major economic aggregates during the reform process. One major policy lesson from the Ghanaian exchange rate reforms is that unless there is a reliable source of foreign exchange, liberalising trade could cause policy reversals by causing substantial and sudden exchange rate depreciations that are politically risky.Economic Reform, Trade Reforms, Parallel Market, Exchange Rates Unification, Ghana

An empirical analysis of the money supply process in Ghana: 1983-2006

This paper examines the major drivers of the asset counterpart of the observed money supply in Ghana since the adoption of the Economic Recovery Programmes in Ghana. Using the traditional money multiplier approach, the relative contributions of fiscal financing and capital inflows to the money supply process were examined. It is found that until the mid nineties, fiscal deficit financing was the major driver of the money supply process. In the later years, however, changes in the Net Foreign Assets of the Bank of Ghana, driven largely by foreign aid and remittances inflows, appear to be the major cause of monetary expansion. Until 2003 when discipline improved, government borrowing was also the major component and source of changes in the net domestic assets of the BoG. This, the paper argues, implies that the use of foreign exchange market intervention could be an effective way of controlling money supply.Money Supply Process, Capital flows, Money Multiplier, Ghana

An empirical analysis of the money supply process in Ghana: 1983-2006

This paper examines the major drivers of the asset counterpart of the observed money supply in Ghana since the adoption of the Economic Recovery Programmes in Ghana. Using the traditional money multiplier approach, the relative contributions of fiscal financing and capital inflows to the money supply process were examined. It is found that until the mid nineties, fiscal deficit financing was the major driver of the money supply process. In the later years, however, changes in the Net Foreign Assets of the Bank of Ghana, driven largely by foreign aid and remittances inflows, appear to be the major cause of monetary expansion. Until 2003 when discipline improved, government borrowing was also the major component and source of changes in the net domestic assets of the BoG. This, the paper argues, implies that the use of foreign exchange market intervention could be an effective way of controlling money supply.Money Supply Process, Capital flows, Money Multiplier, Ghana

Impact of intangible location attributes on residential property value in Nigeria

Urban violence in the form of ethnic and religious crises and even open warfare has been on the increase in many African cities in the recent years. Observation from literature shows that the role of intangible location attributes as mobilising agents are among the most important questions of this century as conflicts linked to ethnicity and religion have led to significant destruction of life and residential properties. Due to the number of crises in Jos metropolis over the last two decades, there has been a process of residential segregation along religious lines, dividing the city into predominantly Christian and Muslim areas. This thesis, therefore, attempts to examine the impact of intangible location attributes on the values of residential properties in Jos metropolis, Nigeria. Data were collected by interviews, self-administered surveys through questionnaire and direct observation. The stratified random sampling technique was employed in order to generate the data needed for the research. 1000 respondents and 10 consultancy firms were selected among the occupiers of residential properties and estate firms respectively, which form the sample size for the research. However, out of 1000 and 120 questionnaires administered to the respondents and estate firms respectively, only 876 and 110 were retrieved back. Simple percentage distribution tables, charts, graphs, thematic analysis, photographs and narrations among others were used to analyse the data for the research. The findings of the research revealed that intangible location attributes are the main indicators that influence the values of residential properties in the study area. It has also been established through the findings of this research that the intangible attributes of location have great implication on the values of residential properties in the study area. The results of the analysis show that there is relationship between intangible location attributes and provision, availability and maintenance of neighbourhood facilities in the study area. The research has contributed immensely to the existing body of knowledge on residential property value indicators by introducing intangible location attributes as additional and new phenomena that influence the values of residential properties in the study area. The research has thrown up challenges, especially in linking the importance of intangible location attributes in determining residential property value with construction and real estate management, valuation, and project development appraisal. There is an utmost need on the part of the estate surveyors and valuers and real estate appraisers to take into account intangible location attributes when carrying out valuation or feasibility and viability appraisals respectively in the study area. There is also a need on the part of the investors and property developers to take into consideration intangible attributes of location whenever they want to embark on real estate investment to avoid wasting of capital

Real Exchange Rate Misalignment: An Application of Behavioral Equilibrium Exchange Rate (BEER) to Nigeria

Abstract This paper seeks to estimate the long run behavioral equilibrium exchange rate in Nigeria. The empirical analysis builds on quarterly data from 1986Q1 to 2006Q4 and derives a Behavioral Equilibrium Exchange Rate (BEER) and a Permanent Equilibrium Exchange Rate (PEER). The econometric analysis starts by analyzing the stochastic properties of the data and found all the variables stationary at first level of differencing. Accordingly, the paper proceeds by estimating vector-error correction models. Regression results show that most of the long-run behavior of the real exchange rate could be explained by real net foreign assets, terms of trade, index of crude oil volatility, index of monetary policy performance and government fiscal stance. On the basis of these fundamentals, four episodes each of overvaluation and undervaluation were identified and the antecedents characterizing the episodes were equally traced to the archive of exchange rate management in the country within the review period. Among others for instance, large inflow of oil revenues into the country and stable macroeconomic performance were discovered to account for undervaluation of the real exchange rate between 2001Q1 and 2006Q4 in Nigeria. The results further suggest that deviations from the equilibrium path are eliminated within one to two years. The paper recommends the pursuance of sound monetary policy as an instrument for achieving real exchange rate cum macroeconomic stability in Nigeria.Keywords: real exchange rate equilibrium, stationarity, cointegration, Hodrick-Prescott decomposition, BEER and PEER

Exchange Rate Volatility and Export Trade in Nigeria: An Empirical Investigation

The paper seeks to quantitatively assess the impact of exchange rate volatility on non oil export flows in Nigeria. Theoretically, volatility-trade link is ambiguous, although a strand of studies reported inverse link between export flow and volatility. The paper employed fundamental analysis where the flow of non oil exports from the Nigerian economy is assumed to be predicated on fundamental variables: the naira exchange rate volatility, the US dollar volatility, Nigeria’s terms of trade (TOT) and index of openness (OPN). Empirical results showed presence of unit root at level, however, the null hypothesis of nonstationarity was rejected at first difference. Cointegration results revealed that a stable long run equilibrium relationship exists between non oil exports and the fundamental variables. Using quarterly observations for twenty years, vector cointegration estimate revealed that the naira exchange rate volatility decreased non oil exports by 3.65% while the same estimate for the US dollar volatility increased export of non oil in Nigeria by 5.2% in the year 2003. The paper recommends measures that would promote greater openness of the economy and exchange rate stability in the economy.exchange rate volatility, non oil exports, terms of trade, index of openness, unit root and cointegration analysis

Stock Prices and Exchange Rate Interactions in Nigeria: An Intra-Global Financial Crisis Maiden Investigation

This paper examined the long run and short run interactions between stock prices and exchange rate in Nigeria based on a sample from 1st February, 2001 to 31st December, 2008. Three models were derived from the sample, albeit pre-crisis, crisis and basic models. The paper set out by testing the time series properties of the series using the ADF and PP tests. In addition, the Engle and Granger two-step and Johansen and Juselius cointegration procedures were applied. Empirical results showed that all the series are I(1) and evidence of cointegration was established using the Johansen and Juselius methodology. Furthermore, causality tests revealed strong evidence of long run bidirectional relationship between stock prices and exchange rate in the models. Policy wise, the findings implied that monetary authorities in Nigeria are not constrained to take into account stock market development in achieving their exchange rate policy objective given the symbiotic nature of relationship between the two. The paper recommends measures that would promote greater stability and efficiency of the Nigeria’s foreign exchange marketStock prices, exchange rate, Granger causality, cointegration and vector error correction