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Solomon, Ponman. "Molecular characterization of Newcastle disease viruses from live bird markets in Nigeria." Diss., University of Pretoria, 2011. http://hdl.handle.net/2263/24950.
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Although Newcastle disease is reported to be endemic in Nigeria, little information exists on the molecular epidemiology and the lineage distribution of the Newcastle disease viruses (NDVs) in the country, especially in the live bird markets. Recent studies reported the identification of three distinct sub-lineages namely; 5f, 5g and 5h in West Africa, particularly sub-lineages 5f and 5g were identified in Nigeria. In this study a total of 41 NDV isolates were analysed. Thirty six NDVs were recovered from a variety of poultry species from live bird markets in the six geo-political zones of Nigeria during active surveillance from 2007 to 2008. Five NDVs recovered from outbreaks in backyard and commercial poultry farms within the same period were also genetically characterized. A commonly used region of the virus genome that spans nucleotide 61 to nucleotide 374 of the Fusion protein, including the cleavage site was targeted. Based on sequence analysis, 39 of the isolates were classified as virulent. Of these, 20 were classified as sub-lineage 5g and 17 were classified as sub-lineage 5f. One isolate differ markedly from all other strains included in the phylogeny. Interestingly, 13 strains from the 5f group formed a distinct cluster that was not identified by other groups in similar studies. Phylogenetic analysis, amino acid sequence determination of the F0 cleavage site sequence analysis, pair wise distance analysis of the partial fusion protein gene sequences and Geographic Information System (GIS) mapping was done. Results showed close genetic similarities and provided evidence for the first time of the epidemiological link between the viruses circulating in the LBMs and those identified in outbreaks in backyard and commercial farms in Nigeria between 2007 and 2008. The emergence and identification of new sub-lineages gives an insight in to the high rate of genetic drift occurring in NDV strains in Nigeria, and raises concerns about the efficacy of current NDV control measures in the country. Thus there is need for continuous surveillance and characterization of NDV from Nigeria to monitor the emergence of new lineages and sub-lineages in the Nigerian poultry industry. CopyrightDissertation (MSc)--University of Pretoria, 2011.
Production Animal Studies
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Akabogu, Kennedy Chinwuba. "Rural financial markets in Anambra State, Nigeria, with special reference to five local government areas." Thesis, University of Liverpool, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.252710.
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Ogbechie, Christopher Ike. "Key determinants of effective board of directors : evidence from Nigeria." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/7667.
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The 2008 financial crisis that led to the collapse of companies and economic recession in most countries has also increased the concern for transparency, accountability and regulatory oversight and once more put corporate governance and board effectiveness on the front burner of big business issues all over the world. The board is seen as a key player in governance of companies and there is need for a better understanding of how this body works. Majority of the research work in these areas has been in developed economies and not much work has been done in the area of board effectiveness in the emerging markets of Africa. This thesis examines the relationship between key board characteristics and board effectiveness. It also explored the impact of certain mediators on this relationship. Unlike most studies on board which focus on firm performance and mostly in developed markets, this study was conducted in an emerging market and the focus was on board effectiveness. Based on the work done by other researchers in developed economies the researcher developed a theoretical framework and a set of hypotheses to examine the relationship between board characteristics and board effectiveness and the impact of certain mediators on this relationship. Board characteristics considered in this research include board size, CEO duality, board independence, and board diversity. In addition, the impact of board human capital on board effectiveness was also considered. Additionally, the researcher examined if the relationships between board characteristics and board effectiveness will be affected by organization type, ownership, age and size. The empirical examination of the hypotheses developed from the theoretical framework presented in this study show that board characteristics, apart from professional human capital, do not have any significant impact on board effectiveness. Board professional human capital was found to have a positive relationship with board operations and board cohesiveness and also with board effectiveness. The results show that in Nigeria, board diversity and human capital are the most important board structural factors that impact board effectiveness. They also show that board processes of operations, cohesiveness and decision making have significant impact on board effectiveness. Finally the results show that board process factors are more important than board structural factors in determining board effectiveness. The study shows that these relationships were not significantly affected by organization type, ownership, age or size. The study contributes to understanding of board effectiveness in an emerging market where board roles and processes are still developing; by examining both traditional variables such as board size, CEO duality, board independence and other organizational attributes such as board job related diversity and board professional human capital variables. In addition, this is the first study to examine board effectiveness in publicly quoted companies in Nigeria. The study will also contribute to better governance practices in Nigeria, where lack of good governance has been blamed for the slow economic development and growth. The theoretical framework and the findings of this thesis are expected to stimulate scholars for further research into identifying the characteristics that boards must possess if they are to be active and effective. They should also stimulate practitioners and scholars of strategy, organizational behaviour and corporate governance to examine boards and their activities from many perspectives, particularly from the process side.
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Richards, Darlington Chikwem. "Military governments and economic development : a case study of Nigeria from 1960-2000." Thesis, Sheffield Hallam University, 2001. http://shura.shu.ac.uk/20275/.
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Through a study of the history and performance of successive military regimes, this thesis examines the role of military governments in economic development, particularly the creation of a market-enabling environment in Nigeria. The key question underlying this research is: did the policies formulated and implemented by the different military governments accelerate or decelerate economic, and concomitantly markets developments in Nigeria? Essentially, an evaluation of the military governments (1966-1999), is undertaken to determine the nature of the linkage, if any, between regimes and economic and market development policies. Also evaluated are two civilian governments within the relevant period, and only as a reference point to more effectively identify the military's role in economic development. Regime profile outlines the scope and economic effects of policies; case studies of the individual regimes illustrate the underlying reasons for economic underperformance. Measured in real terms and relative to its contribution to the welfare of the average citizen, the study shows that successive military governments' relative economic development achievements are not commensurate with the magnitude of resources expended. Indeed that the decades of military regimes have not seen, in real terms, any significant improvements in the distribution of national income and wealth. Indications also are that the military structure and its paternalistic policy accommodation account for much of the pervasive corruption found all through the regimes. Also identified is the role of the institutional civil service in policy formulation and implementation.
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Agulonye, Uzoma Vincent Patrick. "Indigenous manufacturing in Nigeria : the Anambra case." Doctoral thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20783.
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Doutoramento em Estudos de DesenvolvimentoTrade to industry transition in Anambra that began in the 1980s and keeps growing could hold hope for Africa’s increasing population. Pioneer Anambra manufacturers began during post-Civil War recovery after trading and capital accumulation. Years of trade specialization, networking and link with foreign manufacturing firms aided the birth and growth of indigenous manufacturing firms. The business environment has adapted to security, economic and other situations over the years. This thesis is made up of two parts, A and B with three and four chapters, respectively. Related literature employed in the first part of traced the root of a better business environment, trade specialization, big businesses, the effects of the Civil War, public policies and programmes. An ethnographic study that involved a three months field work in Anambra building on the works of previous scholars was carried out to get the current state of the firms. It began with a two weeks pilot study. Afterwards, participant observation, interviews and focus group discussions were employed in getting the data presented in the second part of the thesis. The state of industries in Onitsha shows that some of the first-generation firms have closed. The remaining one has also invested in other businesses across Nigeria and the initial industry is now in its shadows. The second-generation firms have grown and the third are struggling to stand. Though each firm struggles to survive, they support each other by clustering and rare political attention leaves them to fate. Nnewi reveals that some of the manufacturing firms that began in the first industrial wave have closed after infrastructural and macroeconomic issues. Some have divested into other economic ventures and the survivors have grown. Same with those in the second and third industrial waves in Nnewi. The surviving firms presented in the fifth and sixth chapter are actively engaged in the economic, social and political activities in the state. Two interviews conducted with a Civil Servant and Politician are presented in this chapter to get the government’s response to complaint from the private sector. Like multiple taxation which they see as the unwillingness to paying taxes. Anambra state government recently attracted considerable agro-investment in the state. Such is needed in the manufacturing sector to boost the local and regional economy and meet their needs. In this last chapter, the thesis also looks at opportunities provided by formal institutions in Africa that Anambra manufacturing firms can key into to meet the needs of the region and boost intra-regional trade. The chapter explores the prospects and challenges confronting Anambra as a possible continental hub.
A transição do comércio para a indústria em Anambra, iniciada na década de 1980 e que continua crescendo, pode ter esperança para o aumento da população da África. Os fabricantes pioneiros de Anambra começaram durante a recuperação pós-Guerra Civil após o comércio e a acumulação de capital. Anos de especialização comercial, criação de redes e vínculo com empresas estrangeiras de fabricação ajudaram o nascimento e o crescimento de empresas indígenas. O ambiente de negócios se adaptou às situações de segurança, econômicas e outras ao longo dos anos. Esta tese é composta de duas partes, A e B, com três e quatro capítulos, respectivamente. A literatura relacionada empregada na primeira parte traçou a raiz de um melhor ambiente de negócios, especialização comercial, grandes empresas, os efeitos da Guerra Civil, políticas e programas públicos. Um estudo etnográfico que envolveu um trabalho de campo de três meses em Anambra, com base nos trabalhos de acadêmicos anteriores, foi realizado para obter o estado atual das empresas. Tudo começou com um estudo piloto de duas semanas. Posteriormente, a observação participante, entrevistas e discussões em grupos focais foram empregadas na obtenção dos dados apresentados na segunda parte da tese. O estado das indústrias em Onitsha mostra que algumas das empresas de primeira geração fecharam. O restante também investiu em outros negócios em toda a Nigéria e o setor inicial está agora nas sombras. As empresas de segunda geração cresceram e a terceira está lutando para se manter. Embora cada empresa se esforce para sobreviver, elas se apoiam agrupando-se e rara atenção política as deixa no destino. Nnewi revela que algumas das empresas de manufatura que começaram na primeira onda industrial fecharam após problemas de infraestrutura e macroeconômica. Alguns se desinvestiram em outros empreendimentos econômicos e os sobreviventes cresceram. O mesmo acontece com os da segunda e terceira ondas industriais em Nnewi. As empresas sobreviventes apresentadas no quinto e sexto capítulo estão ativamente engajadas nas atividades econômicas, sociais e políticas do estado. Duas entrevistas realizadas com um funcionário público e político são apresentadas neste capítulo para obter a resposta do governo às queixas do setor privado. Como tributação múltipla que eles vêem como a falta de vontade de pagar impostos. O governo do estado de Anambra recentemente atraiu um considerável investimento agrícola no estado. Isso é necessário no setor manufatureiro para impulsionar a economia local e regional e atender às suas necessidades. Neste último capítulo, a tese também analisa as oportunidades oferecidas por instituições formais na África nas quais as empresas de manufatura da Anambra podem se beneficiar para atender às necessidades da região e aumentar o comércio intra-regional. O capítulo explora as perspectivas e os desafios que a Anambra enfrenta como um possível centro continental.
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Onyeajuwa, M. "Assessment of ordinary consumer representation in liberalised mobile telecommunications markets : a case study of Nigeria." Thesis, University of Westminster, 2016. https://westminsterresearch.westminster.ac.uk/item/9z7wy/assessment-of-ordinary-consumer-representation-in-liberalised-mobile-telecommunications-markets-a-case-study-of-nigeria.
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This study on the assessment of ordinary consumer representation in the liberalised mobile telecommunications market in Nigeria is situated within the broader perspective of the public interest and in the context of policy and institutional failure (what happens after policies are adopted?). It focuses on aspects of compliance monitoring and enforcement; areas that do not receive adequate attention in policy literature. The study is conducted using the New Institutional Economics framework and its analytical tools: transaction costs, property rights and agency. It adapts and extends the Saleth and Dinar (1999) institution decomposition model to deconstruct the mobile institution into four main components: policy, law, administration and enforcement for analytical purposes. Using document analysis and semi-structured interviews as main methods, this study provides insights into how the regulatory framework relegates the protection of ordinary consumer interest and how this has implications for the delivery of the stated policy objectives. The main findings reveal that: 1) due to inconsistency in the procedural definition of consumer interest and weak institutional structures, such as enforcement mechanisms, the regulator and mobile service providers do not hold ordinary consumers’ interest at levels consistent with policy and law; 2) there is need for legal provisions for independent statutory consumer bodies to ensure ordinary mobile consumers’ influential participation in the regulatory-decision-process and facilitate their capacity to harness the legal provisions in their interest; 3) there is need to make the arbitration process focused on the ordinary consumer, as currently it involves substantial resources-funding, time and expertise- beyond the capacity of ordinary consumer. Telecommunications policy and the institutional framework in place have so far benefitted mobile companies in Nigeria rather than ordinary consumers. The existing policy failure, as discussed in this case study, can provide inspiration for rethinking the place of the ordinary consumer. The study’s focus on mobile is important given the growing significance of this sector throughout Africa and globally too.
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Enyolu, Evans A. "Resource allocation and urban growth the role and significance of urban housing markets in Nigeria." Thesis, University of Ottawa (Canada), 1987. http://hdl.handle.net/10393/5376.
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Clarke, Nikia R. "Of people, politics and profit : the political economy of Chinese industrial zone development in Nigeria." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:194625ba-9a35-408c-851c-9f2078547de5.
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This project approaches ongoing debates over the impact of increased Chinese engagement in African countries through the lens of production and industrialisation. Emerging market FDI into Africa is growing rapidly, and an increasing proportion of this investment is into manufacturing and productive sectors. This trend is led by the commercial expansion of private Chinese manufacturing firms across the continent. The goal of this project is to examine the differentiated impacts on African industrialisation attempts of this phenomenon. It takes as its case study industrial zone development projects in Nigeria, namely, the two official economic and trade cooperation zones being developed as large-scale FDI projects by Chinese firms, with Chinese and Nigerian government support, in Lagos and Ogun states. Analytically, four dimensions of this process are identified for study: the home country context, the host country context, the zone structures and institutions, and the firms themselves. Special attention is paid to the interface between foreign actors and the particular political economy of Nigerian manufacturing, as well as the at times substantial gaps between policy and practice in terms of industrial planning, investment and production. The thesis argues that SEZ projects in general, including the Chinese ETCZs, are industrial policy tools that operate on particular assumptions regarding the organisation of global production. As such, they incentivise the insertion of export-oriented firms into established global networks supplying international markets. However, a closer examination of industrial policy in China, the production environment in Nigeria and the behaviour of internationalising firms reveals that these assumptions are not always accurate. Thus, the SEZ institution as it is currently conceived in Nigeria is ill-suited to lend support to the trend towards Chinese relocation of producer firms, as well as to the reality of Nigerian production—both of which are predicated on domestic and regional markets as the primary driver of African industrialisation and productive sector growth.
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Ogboo, Adanma Nelo. "THE GEOGRAPHY OF AUTOMOBILE SPARE PARTS TRADE: ASPMDA AND LADIPO AUTOMOBILE SPARE PARTS MARKETS, LAGOS, NIGERIA." Miami University / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=miami1313490568.
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Abdul-Hadi, Ayman Shafiq. "The role of capital markets in underdeveloped countries with particular reference to South Korea, Brazil and Nigeria." Thesis, University of Exeter, 1989. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.236316.
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Somers-Cox, Tamara Joy. "Political risk in the oil and gas industry in emerging markets : a comparative study of Nigeria and Mexico." Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/86335.
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Thesis (MA)-- Stellenbosch University, 2014.ENGLISH ABSTRACT: The interplay between political risk and emerging markets is current and dynamic. As global interest shifts, investors cannot ignore emerging market behaviour and their influence. However, with great potential and opportunities, too comes great political risk. This research study begins with the point raised by the Eurasia Group that emerging market risk differs to that of developed market risk, and that risk in some instances can be ‗unbounded‘. Subsequently, the Eurasia Group deems emerging markets a top risk for 2013. Focussing on the oil and gas industry in emerging markets, Nigeria and Mexico offer valuable case studies. This research study offers a comparative study of these two countries in order to determine a generic list of political risk factors that are facing the oil and gas industries in emerging markets. In an increasingly volatile world, with a growing global demand for energy sources, and greater uncertainty surrounding investments and potential returns, political risk analysis is an invaluable decision-making tool for Transnational Oil Corporations (TNOCs) in order for their assets and interests to be protected. The central research question concerns the main political risk factors facing investors who want to participate in the oil and gas industry in emerging markets. The aim of the research study is to answer the central research question through the help of supplementary questions. The first of these ask what the main political risk factors for TNOCs operating in the Niger Delta are. The second question asks what the main political risk factors for TNOCs operating in the Gulf of Mexico are. So as to complete the political risk picture, the last question asks how political risk in the oil and gas industry can be mitigated. This research study will contribute to existing research, and will assist investors with risk identification, analysis and mitigation. By utilising the generic list of essential political risk factors, TNOCs are made aware of the most salient political risks in the oil and gas industry in emerging markets, and therefore are better placed to make rational and informed decisions when it comes to foreign investment.
AFRIKAANSE OPSOMMING: Die wisselwerking tussen politieke risiko en opkomende markte is intyd en dinamies. Soos globale belange verskuif, kan beleggers nie die opkomende markte se gedrag en invloed ignoreer nie, alhoewel met groot potensiaal en geleenthede kom daar ook groot politieke risiko. Die navorsingstudie het begin met die Eurasia Groep wat uitgelig het dat opkomende markrisiko verskil van die van ‘n ontwikkelde mark en dat die risiko in sekere gevalle ―ongebonde‖ kan wees. Gevolglik is opkomende markte as ‘n top risiko vir 2013 geklassifiseer. Met ‘n fokus op die olie- en gasindustrie in opkomende markte, bied Nigerië en Mexiko waardevolle gevallestudies. Die navorsingstuk bied ‘n vergelykende studie van dié twee lande met die doel om ‘n generiese lys van politieke risikofaktore wat die olie- en gasindustrie in opkomende markte in die gesig staar, vas te stel. In ‘n toenemende onstabiele wêreld met ‘n toenemende globale aanvraag vir energiebronne en groter onsekerheid rakende beleggings en potensiële opbrengs, is politieke risiko-analise ‘n waardevolle besluitnemings-meganisme vir Trans-Nasionale Oliekorporasies (TNOKs) om hul bates en belange te beskerm. Die sentrale navorsingsvraag fokus op die hoof politieke risikofaktore vir beleggers wat in die olie- en gasindustrie van opkomende markte wil belê. Die doel van die navorsingstudie is om die sentrale navorsingsvraag te beantwoord met behulp van aanvullende vrae. Die eerste vraag raak die hoof politieke risikofaktore vir TNOKs aan wat in die Niger-Delta opereer. Die tweede vraag handel oor die hoof politieke risikofaktore vir TNOKs wat in die Golf van Mexiko opereer. Die laaste vraag voltooi die politiese risiko profiel deur te vra hoe die politieke risiko in die olie- en gasindustrie verminder kan word. Die navorsingstudie sal bestaande navorsing aanvul en beleggers help om risiko‘s te identifiseer, analiseer en verminder. Deur ‘n generiese lys van politieke risikofaktore te gebruik, word TNOKs bewus gemaak van die mees prominente politieke risiko‘s in die olie- en gasindustrie van opkomende markte, wat hulle in staat stel om rasionele en ingeligte besluite te neem wanneer dit by internasionale beleggings kom.
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Maidugu, Joseph M. "Investigating the Transfer of Service Culture through Internal Service Quality: A Case of Subsidiary Hotels in an Emerging Market like Nigeria." Thesis, University of Bradford, 2017. http://hdl.handle.net/10454/17442.
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This study explores how foreign owned service firms with headquarters in developed markets transfer their service culture into a country with an emerging market like Nigeria. This study is motivated by the need to understand this process considering the unique features of these markets, and the expansion into countries with emerging markets by service firms located in countries with developed markets to take advantage of both natural and human resources. The research uses case studies of two hotels from different firms, both in Abuja, Nigeria, to explore activities that enhance the transfer of service culture from the Headquarters of these hotels based in the USA. Both hotels were investigated through semi-structured interviews, based on elements of internal service quality from the service profit chain model, in addition to documents and observation notes.
The finding reveals the process of transferring service culture is difficult and complex because of unique contextual challenges. Some of these challenges were shown to be country specific, while some may be unique to countries with emerging markets. The country specific challenges include; strong religious allegiance and cultural affinity, and unique societal factors. Other factors could apply to any country with an emerging market these include; corruption, inadequate infrastructure, and lack of skilled labour. Similarly this study identified new elements that enabled both firms to address these challenges as well as enhance the transfer of focal areas in their signature service culture. Some of these elements have also been identified to be country specific i.e. inclusiveness and provision of social support, while the remaining three are emerging market specific i.e. transfer of knowledge and skills, accommodating corruption, and improvisation. These new elements also add to the existing five elements of internal service quality, which are employee selection, job description, reward and recognition, tools to serve customers, and workplace design. The study demonstrates the important role that intermediaries can play in achieving accommodations to achieve at least partial transfer of the parent service culture.
Overall, the research contributes to management practice by highlighting areas to focus on when attempting to transfer service culture in similar circumstances. This thesis adds to the academic literature on the transfer of service culture from headquarters in a developed country to a unit in a country with an emerging market. It does this by extending concepts from the service profit chain to show how internal elements can enhance or block the transfer of service culture.
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Mhlanga, Richard. "A comparative analysis of profit performance in the three largest Sub-saharan banking markets of South Africa, Kenya and Nigeria." Thesis, University of Newcastle Upon Tyne, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.401531.
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Packies, Hilton. "The market abuse control legislative regime of South Africa, Nigeria and the United Kingdom - an approach to regulation and monitoring in relation to certain aspects of the financial markets of South Africa." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/5174.
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Magister Legum - LLMThe regulation of market abuse is currently an ever evolving subject, to such an extent that it has been placed as a high priority for regulators worldwide.¹ The Financial Markets Act 19 of 2012 (FMA) of South Africa² prohibits improper practices and is aimed at ensuring that market participants operate in a market that is free, safe and fair. In light of the above and as per example, all members of the stock exchange ensure that they accordingly adhere to the aims of the FMA by exercising functions such as due diligence and having a shared goal in embedding the values entrenched in the FMA.³ The purpose of this dissertation is aimed at assessing the key elements of the transformation process that the South African financial markets have embarked on, since the introduction of the FMA. More specifically, the paper aims to focus on the elements in relation to market abuse practices.⁴ The paper seeks to: 1. provide an overview analysis of the current market abuse control enforcement framework in relation to some selected aspects of the financial markets in South Africa. 2. look at the regulation employed in one of the biggest trading products namely, equities and current lacuna, the legislation that governs high frequency trading under these trading products and in general. 3. review whether regulation in South Africa on market abuse practices are robust enough to deal with key market abuse practices such as insider trading and market manipulation that manifested during the recent global financial crisis. 4. provide a comparative review of the current market leaders regulatory mechanisms on market abuse.
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Ilonze, Chinyere Charity. "Knowledge and practice of live bird sellers on health risks and preventive measure of Avian Influenza in an urban community of Lagos state, Nigeria." Thesis, University of the Western Cape, 2010. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_1395_1299233761.
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Avian Influenza (AI) is a contagious viral zoonotic disease with great public health implications and negative socioeconomic impact (WHO, 2006a). The highly pathogenic avian influenza (HPAI) infection is transmitted from birds to man mostly through contact with contaminated poultry and objects (INFOSAN, 2005), hence people who come in contact with birds such as live bird sellers (LBS) are the more vulnerable population (WHO, 2006a). Inadequate knowledge of AI health risks and poor practice of AI preventive measures amongst LBS increases the risk of spread of the infection in both humans and animals.The aim of this study was to describe and quantify the knowledge and practice of LBS with regards to avian influenza health risks and preventive activities in Agege, an urban area in Lagos State, Nigeria.
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Omar, Mahmoud Abdulsalam Taib. "Stochastic modelling in financial markets : case study of the Nigerian Stock Market." Thesis, Sheffield Hallam University, 2012. http://shura.shu.ac.uk/16847/.
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This research uses suitable stochastic models typically encountered in empirical and quantitative financial economics to analyse stock market data from the Nigerian Stock Market (NSM), in light of a) possible changes in the policy environments as result of the 2004 financial reforms by the then Governor of Central Bank of Nigeria, b) effects or otherwise of the 2008-09 global financial crises on the Nigerian financial system, and c) more technical issues underpinning performance of financial markets for example market efficiency, anomalies, bubbles, volatilities and their implications for investment decisions, stock market development and financial policy. There are substantial differences in the operation and characteristics of developed, emerging and pre-emerging (African) financial markets in terms of the above mentioned issues. Sometimes as part of general discussion of results we comment on the extent to which the characteristics of the NSM differ from known results in developed markets. A wide range of financial econometric methods and models including multivariate regression, Goodness of fit tests, Runs, Autocorrelation Function, Variance Ratio, Autoregressive tests, and discrete log logistic and GARCH-type models are applied. Both the All Share index and return data for 2000 to 2010 are used in this study. The time series data are divided into two periods namely pre-reforms (2000-2004) and postreforms (2005-2010). This study provides both investors and researchers in emerging African markets with a clear understanding of key financial characteristics of the NSM. Some useful results were obtained. Key characteristics of the NSM analysed in terms of market index prices and returns reveal evidence of market inefficiency and volatility. The data do not provide evidence of bubbles and anomalies in the NSM. This study, according to the author’s best knowledge, is possibly the most comprehensive combined study of crucial issues affecting the NSM including volatility, anomalies, bubbles and market efficiency. However, some other issues are excluded from the study because of the limitations of the data for example valuations and predictability, which are more suitably studied within specific companies and market sectors.
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Morah, Ejindu Iwelu MacDonald. "Market orientation and organizational performance in Nigeria." Thesis, Anglia Ruskin University, 2015. http://arro.anglia.ac.uk/700987/.
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The received wisdom and dominant view hold that market orientation (MO) leads to higher organizational performance. Although widely researched and the literature is replete with studies on the subject, conflicting, contradictory, inconsistent and inconclusive findings beset the marketing domain on the efficacy of MO on organizational performance. These lingering obfuscations and the need to develop a method of implementing the construct underpin the present study. Therefore, this study examines the extent of MO, its effect on objective and subjective performance measures, the roles of mediating and moderating variables in the hypothesised relations and how to implement the construct in organizations within Nigeria. The convergent parallel mixed methods research design is employed to allow for the fusion of breadth and depth in the study. In the quantitative strand, using a random sampling technique, data were collected from a sample of 258 managers in diverse functions in 180 organizations across industries through intensive questionnaire survey in Nigeria. While in the qualitative study, in-depth interview approach was used to interview a sample of 10 managers purposively drawn from micro, small, medium and large organisations representing diverse sectors. Scales well established in the literature and re-validated for the Nigerian context were employed. Confirmatory factor analysis was used for scale validation, structural equation modelling- bootstrapping method in AMOS 21 and hierarchical regression analysis in SPSS 20 for a test of hypotheses. The study finds that (a) inter-functional coordination predicts market share- an objective measure of performance, while no empirical support was found for the effects of composite MO, customer orientation and competitor orientation (b) technological turbulence moderates the inter-functional-coordination-subjective performance links (c) MO and its sub-dimensions have direct and significant effects on subjective performance (d) these relationships are mediated by innovation, learning orientation and total quality management (e) No empirical evidence was found for the moderating roles of market turbulence, competitive intensity and market growth (f) but the moderating variables IV moderate the mediated effects and mediators mediate the moderated effects (g) technology emerged as an antecedent of MO and (h) MO implementation was prescribed drawing on Lewin's model of change. Integrating mediators and moderators in a single model strengthens the MO-performance relations and enhances our understanding of the hypothesised links. Thus, moderated-mediation and mediated-moderation models offer support for the efficacy of MO in varying market conditions. These findings positively and significantly refine the body of extant knowledge regarding the effect of MO on performance and offer an enhanced conceptual framework for academics and practising managers. The study recommends the implementation of MO in conjunction with other strategic orientations for the full benefit to accrue to managers and organizations as higher levels of performance outcomes.
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Okhiria, Joseph, and Godstime Nwankwo. "The functions of intermediaries in Swedish SMEs internationalization to the Nigerian market." Thesis, Högskolan Dalarna, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:du-12699.
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Over the years so many academic literatures has revealed that increased number of firms have seen internationalization as a means to gain and sustain competitive advantage and even increase economic of scale, and this has led many western companies to emerging markets. In this paper we discovered that among the pool of Swedish firms, only the MNEs have seen Nigerian market attractive to internationalize to, but just a few of the Swedish SMEs has expanded to the Nigerian market. This research was conducted by doing a qualitative study with the use of phenomenological research approach, during our investigation on the functions of intermediaries in Swedish SMEs internationalization to Nigeria market.Furthermore, we were able to understand the importance and functions of the different marketing intermediaries’ in Swedish SMEs internationalization to Nigeria market. These intermediaries equip the Swedish firms with the required objective knowledge of the Nigerian market, updating them with recent development of the opportunities and threats involved in the Nigerian marketing environment, and linking these Swedish firms to the required government departments, distributors, agent/broker, customers, middle men etc, thereby impacting them with the experiential knowledge. Moreover, it is important for firms to have objective or pre-market knowledge of a particular market before entering that market, but this knowledge is regarded as non-helpful knowledge to firms. But the experiential knowledge is acquired over time in the market, which is regarded as the helpful knowledge. It is evident that the intermediaries equip these firms with both objective and experiential knowledge.Although the opportunities in some emerging markets are very attractive, but the threats in these markets are other factors firms also put into consideration before internationalizing to these markets. This is why thorough market research has to be done so that firms can create effective marketing strategies when they want to expand their marketing activities to emerging markets. Despite the risk and uncertainties involved in doing business in foreign countries, still yet companies selling global products do not have any choice than to internationalize their marketing operations.
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Ochia, Krys Chukwuma. "Commercial Activities and the Geography of Movement in a West African Urban Market: A Study of Market-Stall Traders in Onitsha with Implications for Transport Policy." PDXScholar, 1989. https://pdxscholar.library.pdx.edu/open_access_etds/1397.
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The purpose of this study is to understand the non home-based travel behavior of urban market traders in Onitsha, Nigeria, where 58-70% of the labor force is engaged in trading.
Relevant trip-inducing variables--gender, location, a means of personal transportation, size of stall and, type of good sold--were selected to assist in theorizing about the travel behavior of traders. Using a systematic sampling methodology, 246 stalls were selected and the MLR model was applied in data analyses.
The results show that a typical stall is occupied by either one or two traders. There are three male traders for every female trader and 89.4% of stalls are occupied exclusively by one gender. The mean trips produced by a stall in a typical business day is 2.7 trips, with a variation from zero to ten trips. In the CBD, an average stall produced 4.4 trips while stalls in the periphery generated an average of 2.1 trips. Small stalls generate two trips, while medium (three occupants) to large stalls generate twice as many trips. While stalls occupied exclusively by males have a mean of 3.0 trips, female-occupied stalls generate only 2.0 trips. On the other hand, stalls which have a personal means of transportation generate more trips than stalls where none existed. Even though the maximum number of a personal means of transportation available to a stall was two, there was a substantial difference between the number of trips produced by stalls with the maximum number of vehicles and stalls where vehicles were unavailable. Finally, while provision goods stalls generate a mean of 3.3 trips, foodstuffs stalls generate about 2.1 trips with intermediate results for other commodities.
For policymaking purposes, there is empirical evidence to show that traders, together with consumers, contribute to off-peak trips which directly impact the urban transportation system. There is the need to evolve policies to minimize the frequency of trips by traders, especially by discouraging multiple tripmaking because, it will contribute to a reduction in the amount of resources allocated to the upkeep of the urban transportation infrastructure.
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Awomolo, Abiodun Adegboye. "The political economy of market women in Western Nigeria." DigitalCommons@Robert W. Woodruff Library, Atlanta University Center, 1998. http://digitalcommons.auctr.edu/dissertations/601.
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This study examined the political- economy of market women paying close attention to the impact of governmental economic policies on women’s trade. Our analysis was based on the experiences of market women in western Nigeria as a case study. The study focused particularly on the wage and salary restructuring awards awards (Udoji) of the 1970S and the Structural Adjustment Policies (SAPs) of the late 1980s to present. On a secondary level, the study attempted theory-building of Africana feminism using the position of market women as the focus of analysis. To achieve its primary goal, the study presented and analyzed the following: (a) the impact of presumablY gender-neutral policies on women’s trade; (b) the plight of women traders in a gender-differentiated market arena; and (c) coping mechanisms market women utilize in light of the two preceeding conditions. To fulfill the secondary objective, an examination was conducted of feminist writings theoretizing the situation of African women vis-a-vis the reality of their existence. In this case study, triangulation was used to test the validity of the data collected. Secondary data was collected as well as primary data using a questionnaire and personal interviews. In addition, a videotape recording of markets was undertaken to conoborate survey findings. From our examination of the data, both primary and secondary, we found that market women were adversely impacted by SAPs conditionalities. Three major findings resulted from this study: (1) Stagnation of trade: the combination of devaluation of the naira, lack of money in circulation, ban on imports, high maintenance fees for market space, and non-payment of workers salaries by the government, aggravate consumer buying power and result in the stagnation of trade; (2) Market overcrowding: mass retrenchment brought women and men into the market who would normally not consider trade as an occupation. This situation in turn creates a reduction in individual sales, excessive competition for customers, and market overcrowding; and (3) Political alienation of market traders by the state: The current oppressive administration, fluctuation in leadership, arbitrary enforcement of policies, and police harassment have forced market women to assume a reactionary posture whereby they ignore state policies, attempt to dialogue with government officials, or stage marches and riots in order to demonstrate their dissatisfaction. Finally, our theoretical examination revealed the need for a socio-cultural construct to be integrated into the nexus of race, class, and gender within Africana feminism in order to make it a viable framework to discuss market women as a microcosm of women in developing countries.
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Ajayi, Olukonyinsola. "Regulatory techniques and internationalisation and emerging capital markets." Thesis, University of Cambridge, 1990. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.358419.
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Arowolo, Adewale. "What Market Design and Regulation for the Nigeria Power sector ?" Thesis, Université Paris-Saclay (ComUE), 2019. http://www.theses.fr/2019SACLS045.
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La réforme du secteur de l'électricité du Nigeria a eu lieu en 2010-2013 mais a été jugée infructueuse par la plupart des parties prenantes. L'échec de la réforme est illustré par une myriade de défis économiques, institutionnels, techniques, financiers et sociopolitiques apparemment insurmontables. Cette thèse a pour objectif de proposer des solutions viables aux défis (ex post) auxquels fait face le secteur électrique du Nigéria, en empruntant aux approches de l'économie de l'énergie sur le market design et la régulation. Elle identifie les principales causes de l'échec de la dernière réforme du secteur : privatisation incomplète, intégration horizontale des opérations de transport et de réseau, infrastructure d'approvisionnement gazière sous-développée et cadre réglementaire faible et inefficace. Ainsi, elle recommande de renforcer le cadre réglementaire comme un bon point de départ pour résoudre les problèmes sectoriels (ex-post) de la réforme.Ensuite, cette thèse démontre que des enchères inversées bien conçues peuvent être un mécanisme de marché approprié à la situation du Nigéria, en précisant les variables importantes pour une implémentation réussie. Cette thèse affirme également que ces variables devraient être fondées sur un cadre institutionnel et réglementaire solide pour réussir. Elle recommande donc de concevoir des enchères inversées pour la technologie de stockage solaire photovoltaïque hors réseau /minigrid, en tant que solution potentielle pour accroître l'accès à l'électricité, attirer les investissements, et également discuté de la voie à suivre afin d’adapter la conception au cadre de marché discuter / réglementaire existant.Enfin, cette thèse comble certaines lacunes de l'état de l'art du secteur électrique nigérian en appliquant et combinant des systèmes d’informations géographiques (GIS), un outil d’optimisation de système énergétique et des connaissances du market design et de la régulation. Elle a identifié les clusters de consommateurs les plus peuplées sans accès à l'électricité, fait des projections de la demande de charge et déterminé les tailles de stockage PV et de batteries optimisées sur le plan techno-économique pour obtenir une alimentation de haute qualité d’électricité avec une certaine gestion de la demande. Également, elle a analysé les besoins en terrains / la disponibilité pour obtenir une liste restreinte de 233 clusters de 7,2 millions d'habitants, nécessitant un solaire photovoltaïque de 3 280 MW pour la vente aux enchères proposée. Enfin, cette thèse a examiné la voie à suivre pour adapter la conception proposée de la vente aux enchères de stockage d’énergie solaire photovoltaïque et de stockage au cadre de market design/réglementaire existantThe Nigeria Power sector reform was performed in the year 2010-2013 but has been adjudged unsuccessful by most stakeholders. The failure of the reform is evidenced by a myriad of seemingly insurmountable economic, institutional, technical, financial and socio-political challenges. This thesis aims to propose workable solutions to the challenges in the Nigeria Power sector (ex-post) reform from the field of market design and regulation in energy economics. It finds incomplete privatization coupled with the horizontal integration of the transmission and network operations, underdeveloped gas supply infrastructure and the ineffective/weak regulatory framework as the root causes of the reform failure. Thus, it recommends strengthening the regulatory framework as a good starting point to resolve sectoral problems (ex-post) reform.Furthermore, it argues that reverse auction has the potential to be successful in Nigeria with well-designed market variables and provides the market design variables adaptable to the Nigeria case to achieve a successful auction run. It also argues that these variables should be built on a foundation of a robust institutional and regulatory framework to be successful. It thus recommends designing reverse auctions for offgrid/minigrid solar PV plus storage technology as a potential solution to increase power access and attract investment and also discussed the pathway to adapt the design to the existing market/regulatory framework. In addition, it applied and combined Geographical Information System (GIS), energy system optimization tool and market/regulation knowledge to bridge some knowledge gap in the Nigeria Power sector. It identified the most populated consumer clusters without electricity access, made load demand projections and determined the techno-economically optimized PV plus battery storage sizes to achieve high quality power supply with some demand side management. Furthermore, it analyzed the land requirements/availability to achieve a shortlist of 233 clusters with 7.2 million people that require 3,280 MW solar PV for the proposed auction. Finally, it discussed the pathway to adapt the proposed solar PV plus storage auction design to the existing market/regulatory framework
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Blomgren, Joel, and Tim Viklund. "Distribution i Nollywood -En Potentiell Framtid." Thesis, Örebro universitet, Institutionen för humaniora, utbildnings- och samhällsvetenskap, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-72111.
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Nollywoods distribution is a complex phenomenon that is ever changing. With a competing market, the industry needs to constantly keep up with innovative distribution methods. As the VCD/DVD market fades away, newer distribution platforms rise. In this thesis we are going to analyze and discuss Nollywood's opportunities of growth. With empirical material from previous research and direct contact with professionals in the industry through interviews, we can establish how Nollywood is going to flourish.
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Nkwogu, Uche Obisike. "Locational and structural potential model for development planning of urban market places : case study of Kaduna city market places." Thesis, University of Strathclyde, 1986. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=23789.
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The thesis focuses attention on the unbalanced demand and supply of activity spaces in urban market places, resulting in the congestion of people and vehicles in selected Nigerian market places. A review of existing approaches to retail analyses shows that none offer a sufficient explanation of this phenomenon in a manner that can be useful for planning purposes. This is because, (i) None of these approaches contains explicit inclusion of time in its structure, and (ii) They are designed to predict what is likely to happen as a result of some assumptions, and not the possible range of performance in relation to defined locational and structural potential of the urban market places. A new approach to retail study, which includes the above two factors, is then proposed on these assumptions: (1) That there is strong hierarchical relationship between any pair of demand and supply of activity spaces, (a) for food shopping; (b) for non-food shopping, in an urban market place; (2) That there is strong multiple causal relationship between the growth rate of any demand or supply of activity space, and the locational and structural potential in the urban market place. Case study materials from Kaduna city market places are used to calibrate the equations arising from the propositions 1 (a & b), and 2. The relationships were found to be strong. Examination of the calibrated hierarchical and causal relationships revealed unbalanced distribution, and disproportionate growth rates, of the demand and supply of activity spaces in Kaduna city market places. Four alternative planning strategies were generated. The performance of each over and above the trend strategy, in achieving balanced demand and supply of activity spaces, and in optimising the locational and structural potential in the market places, was evaluated with equations 2 and 1(a & b). The strategy that achieved the best performance, together with the plan management requirements, was recommended as the adopted plan for the market places in the city.
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Awodele, Oluwaseyi A. "Framework for managing risk in privately financed market projects in Nigeria." Thesis, Heriot-Watt University, 2012. http://hdl.handle.net/10399/2571.
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Shortage of funds and the need to improve the living standards of the people are among the reasons advanced for the recent embrace of Public Private Partnership (PPP) arrangements in developing markets in Nigeria. Construction work generally, and especially projects procured using PPP arrangement are more risk prone than those procured using other forms. This is mainly due to the lengthy concession period and the multi-parties involved in the arrangement. It is therefore, an imperative to properly manage the multi-faceted risks associated with PPP market projects (MPs) in a developing economy like Nigeria. Review of the extant literature show that little has been done on risk management in PPP projects in Nigeria with no known effort on PPP MPs. This is due largely to the novelty of the PPP scheme in Nigeria. The main contribution of this research therefore, is better understanding of the risk management process in privately financed (PF) MPs in Nigeria. A holistic risk management framework is developed that identifies best practices in the risk management process with special emphasis on market projects. The structure specifies what should be done, who should do it and when it should be done throughout the whole life cycle of any PPP market project. Risks in (PF) MPs and their impacts were identified and assessed; allocation preferences of practitioners and mitigation measures to the risks were also assessed within the south-western part of the country Data for the study was collected through a mixed methods approach viz: quantitative and qualitative approaches. Questionnaires were administered to practitioners in the industry within the south-western zone of the country to gain general idea on risks that are likely to occur and affect PF MPs within the region. In-depth interviews were also conducted with stakeholders on three PF MPs in the region. Descriptive and inferential statistics were employed to analyse data for the study. The research identified inadequate knowledge of risk management concept in the Nigerian construction industry; especially in PPP projects, as being responsible for the poor performance of PPP projects using the Triple Bottom Line (TBL) - i.e. people, profit, and planet - as yardstick. It is believed that the framework will serve as a useful tool for rapidly learning about the risks involved in PPP market projects and for understanding viable options for their effective management.
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Ozo, Friday Kennedy. "Dividend policy and stock market reactions to dividend announcements in Nigeria." Thesis, University of Central Lancashire, 2014. http://clok.uclan.ac.uk/23991/.
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The impact of dividend announcements on firm value represents one of the longest standing puzzles in the literature of modern finance. Based on either a behavioural or empirical approach, studies have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. However, these studies have failed to resolve the dividend puzzle, as no single convincing explanation about the observed dividend behaviour of firms has emerged. Moreover, most of these studies have been conducted in countries with developed capital markets; there is very little attention to corporate dividend policy research that addresses issues related to the development of emerging stock markets of sub-Saharan Africa, such as Nigeria. This study aims to provide additional evidence from an emerging market by investigating the managerial perspectives on dividend policy and the impact of dividend announcements on share prices of listed companies in Nigeria. For the purpose of the research in this thesis, a mixed-method research design, consisting of both the quantitative and qualitative approaches was employed. A postal questionnaire survey was employed to investigate the perspectives of Nigerian managers on the factors that drive dividend decision and the relevance of dividend policy to firm value. This was followed by an empirical investigation of the stock market reaction to cash dividend announcements in Nigeria employing a market-based standard event study methodology. Finally, interviews were conducted with 21 financial managers of Nigerian listed companies to ascertain their views on various dividend policy as a means of validating the findings from the questionnaire survey and the event study analysis. The findings from the questionnaire survey and interviews indicate that Nigerian listed companies’ exhibit dividend conservatism and typically focus on the level of current earnings, the stability of earnings and liquidity considerations such as the availability of cash when determining their current dividend levels. Nigerian managers believe that dividend policy affect firm valuation. Nigerian managers express strong support for the signalling explanation for paying dividends, but not for the bird-in-the-hand, tax-preference and agency cost explanations. However, majority of Nigerian listed companies do not have target payout ratios; instead, companies target the dividend per share when determining the disbursement level. Nevertheless, views regarding some of these issues differ between financial and non-financial firms. The results of the event study analysis show that the Nigerian stock market reacts significantly to cash dividend announcements, implying that dividends do convey price-sensitive information to the market. However, there is evidence of both lagging and sluggish response to cash dividend announcements, suggesting that the Nigerian stock market is not semi-strong efficient. The thesis makes a novel contribution to the growing body of corporate finance literature by providing additional evidence on the impact of dividend announcements on share prices from the context of an emerging market. As well as being timely in view of the dearth of empirical studies on stock market reaction to cash dividend announcements in Nigeria, the research is also important because it takes account of a novel feature of the Nigerian tax environment, where personal income from dividends is taxable while capital gains are exempt from taxation during the period of this study. In addition, the study is also unique because it examined the views of managers from both the financial and non-financial firms, thereby contributing to the literature on industry-related dividend effect. The focus of the investigation is also novel in that the study is the first comprehensive investigation of the perceptions of Nigerian corporate managers on dividend policy.
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Ogowewo, Tunde Idolo Ekemena. "Tender offer regulation : thwarting the market for corporate control through opportunities for defensive litigation." Thesis, King's College London (University of London), 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.281714.
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Omonuwa, Odaro. "Securities regulation in an emerging market, a comparison between Nigeria and Canada." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ53119.pdf.
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Wokekoro, Victor Dike, and Bekibele Onome White. "Intellectual Property Protection : an External Factor that Influences a Foreign Company’s Market Entry Mode into a Prospective Market." Thesis, Högskolan Dalarna, Företagsekonomi, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:du-5216.
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Intellectual Property Protection is been understood in this paper as IP laws and enforcement of these laws in order to protect intellectual property rights. The goal of this research work is to understand how Swedish companies view issues regarding to Intellectual Property Protection (IPP) and how it influences a foreign company?s market entry mode. In order to achieve this objective, the Nigerian market situation and its? laws that govern IPP will be used to analyzed this issue. This paper argues that IPP is an important factor that influences a company?s entry mode and this argument finds IP laws and enforcement as two variables that influence the market while the market situation influences the foreign company. In carrying out this research literature was reviewed and interviews carried out. The research methodology section has presented a qualitative research and explains the nature of the interview stages that have been used to achieve the goals concerning the findings of the empirical data. A qualitative method was adopted by carrying out in-depth semi-structured interviews. The empirical data collected from the investigation were gathered and analyzed based on the research questions. The findings show that IPP of a host market influences a potential foreign company through the market situation that is also influenced by IP laws and enforcement. The outcome of these findings argues that the Swedish companies that were interviewed in this research will enter the Nigerian market through an intermediary mode. This has been based on the current IPP system of Nigerian.
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Urama, Thomas. "Stochastic calculus and derivatives pricing in the Nigerian stock market." Thesis, Sheffield Hallam University, 2018. http://shura.shu.ac.uk/23300/.
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Led by the Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE), policy makers, investors and other stakeholders in the Nigerian Stock Market consider the introduction of derivative products in Nigerian capital markets essential for their investment and risk management needs. This research foregrounds these interests through detailed theoretical and empirical review of derivative pricing models. The specific objectives of the research include: 1) To explore the key stochastic calculus models used in pricing and trading financial derivatives (e.g. the Black-Scholes model and its extensions); 2) To examine the investment objectives fulfilled by derivatives; 3) To investigate the links between the stylized facts in the Nigerian Stock Market (NSM), the risk management techniques to be adopted, and the workings of the pricing models; and 4) To apply the research results to the NSM, by comparing the investment performance of selected derivative pricing models under different market scenarios, represented by the stylized facts of the underlying assets and market characteristics of the NSM. The foundational concepts that underpin the research include: stochastic calculus models of derivative pricing, especially the Black-Scholes (1973) model; its extensions; the practitioners’ Ad-Hoc Black Scholes models, which directly support proposed derivative products in the NSM; and Random Matric Theory (RMT). RMT correlates market data from the NSM and Johannesburg Stock Exchange (JSE) and facilitates possible simulation of non-existing derivative prices in the NSM, from those in the JSE. Furthermore, the research explores in detail the workings of different derivative pricing models, for example various structures for the Ad-Hoc Black Scholes models, using selected underlying asset prices, to determine the applicability of the models in the NSM. The key research findings include: 1) ways to estimate the parameters of the stochastic calculus models; 2) exploring the benefits of introducing pioneer derivative products in the NSM, including risk hedging, arbitrage, and price speculation; 3) using NSM stylized facts to calibrate selected derivative pricing models; and 4) explaining how the results could be used in future experimental modelling to compare the investment performance of selected models. By way of contributions to knowledge, this is the first study known to the researcher that provides in-depth review of the theoretical and empirical underpinnings of derivative pricing possible in the NSM. This forms the basis for the Black Scholes approach to asset pricing of European option contract, which is the kind of call/put option contract that is being adopted in the NSM. The research provides the initial foundations for effective derivatives trading in the NSM. By explaining the heuristics for developing derivative products in the NSM from JSE information, the research will support future work in this important area of study.
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Sesan, Temilade Adeyinka. "What's cooking? : participatory and market approaches to stove development in Nigeria and Kenya." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/12042/.
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Improved stoves have been promoted in the global South by international organisations from the North since the 1970s for a variety of reasons including mitigation of health and environmental hazards related to the widespread use of solid biomass for cooking. However, uptake of these stoves by poor households in the South remains low, bearing negatively on efforts to alleviate energy poverty and achieve the Millennium Development Goals (MDGs). This thesis examines the framing and impact of participatory and market-based approaches to stove development and dissemination which have been widely promoted since the mid-1980s to address the failures of the predominantly expert-led, subsidy-based models favoured in the early years. Specifically, I investigate and compare two Northern-led stove projects, one established by Project Gaia in Nigeria, where stove development efforts targeted at addressing energy poverty have been limited, and the second by Practical Action in Kenya, where such efforts are more visible. Drawing on empirical data gathered from field observations, interviews and key documents, I argue that despite the rhetorical shift from expert-led to context-responsive approaches, engagement with local priorities is still limited, and the interests and priorities of Northern organisations continue to shape the stove development agenda. The research establishes that Project Gaia’s CleanCook project in Nigeria remains an expert-led intervention that fails to connect with the bottom of the socio-economic pyramid while seeking to create local market conditions for transferring stove technology. In Kenya, Practical Action has been more responsive to local realities in its efforts to engage marginalised women’s groups in participatory stove development; however, success is limited by the constraints of project funding and assumptions about homogeneity of the poor. Cultural preferences and socio-economic differences within Southern target populations challenge the Northern vision of improving stove dissemination through a combination of participatory methods and neoliberal market solutions.
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Agboola, Alirat Olayinka. "The commercial real estate investment market in Lagos, Nigeria : an institutional economics analysis." Thesis, University of Aberdeen, 2015. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=226795.
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Globalization of real estate investments have revealed an increased desire by investors to operate outside their domestic markets. The removal of barriers to international capital movement and liberalisation of financial markets have made cross-border property investments an attractive alternative for investors, as they take advantage of its diversification potential thus spreading their risks. However, international real estate investment entails venturing into the unknown, where there are unfamiliar political and economic environments. Each property market has its rules, business culture and networks, while experience in one market may not translate well to another. This is because the institutions of a market impinge on market outcomes and behaviour by generating transaction costs which weigh against the returns on investment assets, while these costs may affect domestic versus foreign investors differently. Also, the peculiar nature of real estate, for example heterogeneity and asymmetric information makes it a particularly illiquid asset class. The time element of illiquidity represents an important risk to investors because it exposes them to an extended period of uncertainty. Illiquidity in turn makes real estate an asset specific investment as it calls for the input of intermediaries who utilize their extensive knowledge of the market to facilitate transactions. This makes intermediation an essential requirement for successful investment, as intermediaries introduce asset specific knowledge to the investor to promote liquidity and attenuate risk. However, intermediation imposes an additional transaction cost on investors as it is the price paid for immediacy of the transaction. It is therefore argued that the institutional environment of a real estate market not only underpins market structures and behaviour, but also the inherent characteristic of the asset which calls for the need for intermediation further informs the structures of the market through which commercial real estate is traded. Therefore, an understanding of the wider institutional environment of a real estate market is not only important, but also an understanding of the intermediation structure and associated costs which informs market processes is expedient for successful international real estate investment. This study investigates the institutions through which the commercial real estate investment market in Lagos, Nigeria operates. It offers a new and holistic framework for understanding how the institutions of a market influence its operation in terms of the associated transaction costs, particularly in the context of an emerging real estate market. The study adopts a combined Northian and Williamsonian Transaction Cost Economics theoretical framework and employs a qualitative research approach to achieve the objectives of the study. This involves semi-structured interviews with key market players and a process of thematic analyses of the interviews. Findings show that the Land Use Act of 1978 and the indigenous landholding system form the major formal and informal institutions governing the operation of the market respectively. Findings further reveal that transaction costs associated with the formal institution of the market at 15% of assessed property value and additional intermediation cost of between 2.5% and 5% of the property price, are high when compared to the developed market of the UK, for example. Also, while the formal institutions of the market do not affect foreign and domestic investors differently, findings show that the informal institutions and specifically the associated transaction costs do. An implication of the poor enforcement of the formal rule of the market is the increasing informality in the market and consequent difficulty of securing debt financing and high interest rate due to poor evidence of title. The study recommends a review of the key formal institution of the market to remove its ambiguities and eliminate the omo-onile phenomenon which is a negative transformation of the indigenous landholding system, and of which the perpetrators behave opportunistically, exploiting loopholes in poorly written formal law, thus generating transaction costs embedded in informal institutions of land rights.
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Ikioda, Faith. "Limits to communities of practice in an open air market : the case of the Alaba-Suru Market, Lagos, Nigeria." Thesis, University of Sheffield, 2012. http://etheses.whiterose.ac.uk/2376/.
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Since its introduction into the literature over ten years ago, the concept of the community of practice has been prolifically employed in a range of dierent disciplines. A community of practice is regarded as denoting a set of relations through which a group of actors mutually learn and share knowledge in order to produce innovative outcomes in a particular activity. Many authors who have adopted the term have however primarily restricted evidence of such communities to very formally organised contexts that are characterised by relatively homogenous and collaborative events. This thesis therefore examines the activities among market traders in an open-air market and seeks to understand whether evidence of a community of practice can be found in settings that are characterised by actors involved in self-employment and competitive contexts as opposed to the previous contexts that have shaped evidence of the community of practice. From a qualitative ethnographic study of the Alaba-Suru market in Lagos, the thesis proposes a multiscalar representation of the practice of market traders that considers practices of traders as being much more than certain shared and communal ties that permit market trade to be conducted in the midst of intense competition. The thesis uncovers how competing everyday activities of buying and selling displayed by individual traders, their organisation and interactions with other traders, customers and suppliers are further linked with wider systems of regulations operating through cultural, economic and other political linkages which are continually being reordered, contested and renegotiated in ways that defy easy categorisation into a community of practice. The thesis acknowledges that concepts such as the community of practice are potentially useful for understanding how a heterogeneous set of market traders, in competition, are able to accommodate one another in conflictual cooperation. It however is made apparent in the thesis that the scales at which practice is occurring in and through traders in a market, require a flexible and more open relational approach to conceiving the community of practice. The thesis concludes from a geographical perspective that the continued application of the community of practice must accommodate and incorporate the changing structure of events in space and time.
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Cole-Showers, Curtis Lanre. "Population structure and demographics in Nigerian populations utilizing Y-chromosome markers." University of the Western Cape, 2014. http://hdl.handle.net/11394/5326.
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Philosophiae Doctor - PhDNigeria is peopled by ethnically and linguistically diverse populations of which little were known until the last few millennial. The absence of major natural geographical barrier increases the possibility of the populations being affected by the same demographic events. The aim of this thesis was to ascertain the genetic variations and demographics in five major Nigerian populations using Y-markers. This was done by determining the genetic structures of the Afro-asiatic speaking Hausa (n=78) of Northern Nigeria and the Niger Congo speaking populations of Igbo (n=119), Yoruba (n=238), Bini (n=13) and Ijaw (n=15) of Southern Nigeria all spread over 22 geographical origins and four (North, South east, south west and South south) geographical regions. They were compared with more than 2000 individuals from 46 populations of 20 other African and Middle Eastern countries, in published literature. The Scientific Working Group on DNA Analysis Methods (SWGDAM) recommended Y-Short Tandem Repeats (STRs) and nine Y-Single Nucleotide Polymorphisms (SNPs) haplogroups were typed with multiplex Polymerase Chain Reaction (PCR), Restriction Fragment Length Polymorphisms (RFLP) and High Resolution Melting (HRM). Summary statistics and measures of diversity were determined. Population structure was assessed with Population Pairwise Differences, hierarchical Analysis of Molecular Variance, Multidimensional scaling and correspondence analysis plots. Mantel’s test was used to assess the correlation of genetic distances with geographic distances. Demographic inferences were assessed with lineage based Network reconstruction, Spatial autocorrelation plots, effective migrants per population and both Inter and Intra-lineages Times to the Most Recent Common Ancestor (TMRCA). The patterns of diversity of the Y-markers showed a North-South gradient and a notable sub-structure among the Hausa populations. The Niger-Congo speakers displayed rare presence of haplogroups R and E1b1b but a preponderance of E1b1a7. Overall, the Y markers showed high diversities and significant genetic sub-structure within the Hausa populations of Nigeria with stronger linguistic than geographical bias. The demographic evaluations gave credence for genetic validation of both historical records and archeological findings among these Nigerian populations. These populations showed stronger affiliations with other sub-Saharan African populations rather than with North African or Middle Eastern populations, lacking evidence for the Middle Eastern origins of the male founders of these populations. Finally, the contribution of these Nigerian dataset would greatly enhance the Africa meta-population on the YHRD with more than 274 new haplotypes of forensic estimation significance.
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Ndako, Umar Bida. "Financial development, economic growth and stock market volatility : evidence from Nigeria and South Africa." Thesis, University of Leicester, 2010. http://hdl.handle.net/2381/8924.
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This thesis focuses on financial development, economic growth and market volatility in Nigeria and South Africa. For Nigeria, the thesis examines the long-run causality between financial development and economic growth. It uses three measures of financial development: financial development index measured using principal component analysis, bank credit to private sector, and liquid liabilities. For South Africa, the thesis evaluates the causal relationship between stock market development and economic growth. It uses both bank and stock market variables: bank credit to private sector, market capitalisation, turnover ratio, and value shares traded. The study applies Multivariate vector autoregressive (VAR) and Vector Error Correction Model (VECM). It further uses Generalised Impulse Response Function (GIRF) and Variance Decomposition (VDC). The results for Nigeria suggest the existence of unidirectional causality from economic growth to financial development using bank credit to private sector. While using liquid liabilities, it indicates bidirectional causality between financial development and economic growth. In the case of South Africa, the findings suggest the existence of bidirectional causality between financial development and economic growth using the banking system. However, when the stock market variables are used, the results indicate unidirectional causality from economic growth to stock market system. The thesis further examines the effect of financial liberalisation on the Nigerian and South African equity markets. It applies the Exponential Generalised Autoregressive Conditional Heteroskedasticity (EGARCH) model and endogenous structural break tests. These are examined over pre- and post-liberalisation periods. The official liberalisation dummy is added to the augmented EGARCH model to capture the effect of financial liberalisation. The findings show that none of the estimated break dates coincides with the official liberalisation dates for the two countries. When structural breaks are taken into account, volatility tends to decline following financial liberalisation, and the effect of financial liberalisation on the stock markets is negative and statistically significant.
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Suleiman, Hassan. "Oil price shocks, exchange rate dynamics and stock market behaviour : empirical evidence from Nigeria." Thesis, Abertay University, 2012. https://rke.abertay.ac.uk/en/studentTheses/239cb4ff-47e7-4512-a187-1cf3ec6e99bd.
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This thesis explores the relationship between oil price shocks, exchange rate dynamics and stock market behaviour in Nigeria using a variety of econometric specifications. The response of exchange rates and stock markets to oil price fluctuations is an issue of great interest to policy makers, monetary authorities and investors in both oil exporting and oil importing economies. Despite over 30 years of empirical research, there is still no consensus on their relationship, in addition there have been limited empirical efforts exploring this relationship for Nigeria. First, the thesis applies a Multivariate Vector Error Correction Model (VECM) and a Structural Vector Autoregression (SVAR) to investigate the interaction between real oil price, real exchange rate and productivity differentials. On the one hand results from the VECM suggest that, as predicted by the theoretical literature, oil price exercise a significant positive influence on Nigeria’s real exchange rate but contrary to the Balassa-Samuelson hypothesis, productivity differential exerts a significant negative influence on Nigeria’s real exchange rate. On the other hand, results from the SVAR analysis using short run restrictions do not offer much support for the theoretical literature on the impact of oil price shocks on exchange rates. The response of real exchange rate and productivity differentials to an oil price shock although positive is not statistically significant. Second, the thesis applies Generalised Autoregressive Conditional Heteroscedasticity (GARCH) class models to explore the influence of oil price return on exchange rate return in Nigeria during periods of extreme oil price volatility. Empirical estimates suggest that over the study period oil price return in Nigeria exercised a significant negative influence on exchange rate return. Third, on the relationship between oil price shocks and the stock market, the thesis employs a multivariate VAR along with a Generalised Impulse Response Function (GIRF) and Variance Decomposition (VDC) as well as an Ordinary Least Square (OLS) and Quantile Regression (QR) technique to examine the role of oil price on the Nigerian stock market. Results of the VAR analysis, OLS and quantile regression indicates that oil price changes do not play an important role in affecting real stock return in Nigeria. However, by employing the QR technique on a recent sample, overall results point to the importance of negative oil price changes in explaining movements in the Nigerian stock market lending credence to the view that the impact of oil price on the stock market occurs in the short run. Finally the thesis applies a DCC-IGARCH (1,1) to evaluate the dynamic correlation between oil prices and the Nigerian stock market. The dynamic correlation findings demonstrate a number of notable positive and negative correlations between the two. While the Nigerian stock market does not always move in the same direction with oil price, correlations between the two tend to increase and decrease over time. The results of this study are of value to policy makers and investors who are interested in understanding the response of exchange rates and stock markets to an oil price shock in Nigeria. In addition, the results are also transferable and generalizable to other oil exporting economies.
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Usar, Joseph Iornumbe. "An economic analysis of retail pharmaceutical market in Nigeria : towards access expansion and policy." Thesis, Queen Margaret University, 2014. https://eresearch.qmu.ac.uk/handle/20.500.12289/7466.
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Rural areas in much of sub-Saharan Africa access needed health care from untrained and often poorly regulated drug vendor shops with concerns over the quality of products and services provided and their public health implications. The thesis undertook to understand market relationships in a rural retail drug market in the light of the structure-conduct-performance paradigm and isolate opportunities for potential policy interventions for improved access to quality and safer medicines. Data was collected from a sample of patent medicine vendors and drug purchasers in Katsina-Ala Local Government Area of Benue State, north central Nigeria, over 9 months in 2012. Information from drug vendors and drug consumers was generated through semi-structured questionnaires, in-depth interviews and systematic business transaction observations. Key state and national drug regulatory officials were also interviewed in-depth and related documentary data collected and evaluated. Data analysis focussed mainly on the relationships between market structure, provider conduct, consumer behaviour and the nature of regulation, with the aim of understanding market performance in relation to access to medicines and their rational use. The study established that patent medicine vendors were an important source of medicines for inhabitants of the local government for ambulatory primary health care. Drug retailers were said to be a reliable source of a wide range of drugs provided at relatively more affordable prices and in a convenient way that satisfied consumer expectations. However, a number of market failures existed: low quality of treatment due to poor provider knowledge of diseases and drugs and therefore inappropriate prescription and dispensing practices. Ineffective regulation was also demonstrated by way of inappropriate and inadequate regulatory regime, occasioned by wide spread regulatory infractions. To attain the desirable public health objective of sustained improvement in the quality of products and services obtainable at patent medicine vendor outlets, regulatory strategies must be contextually relevant, providers must be trained and offered financial and business incentives and consumers must be empowered by accessible and timely health information for informed choices against the backdrop of strengthened and better incentivized inspectorate unit in a systematically intertwined approach.
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Eromosele, Joseph, Micheal Agosi, and Ekpen Aluebhosele. "Entry strategy for Swedish SME in the Nigeria market: challenges, entry mode, and interaction focus. A case study of TePe AB." Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-15017.
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Ojeaga, Paul, and Folajin Victor Olushina. "THE EFFECT OF ECONOMIC FACTORS ON STOCK PRICE IN A GLOBAL ECONOMY : A CASE STUDY OF THE NIGERIAN STOCK MARKET." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1126.
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The study was carried out to examine the effect of economic factors on stock price in a global economy - a case study of the Nigerian stock market. The main objectives of the study was to examine some peculiarities or differences in terms of economic variables that influence stock prices in the Nigerian stock market from those of the global economy. The study makes use of regression analysis and analysis of variance to analyze the secondary data obtained from the Nigerian Stock Market. There are numerous variables that can be identified to determine stock prices in any economy.Mjeramgatan 2 lag 231 412 76 Göteborg
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Widauer, Philipp. "The Business-Related and Logistical Challenges of Entering the African Solar Market." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198222.
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The thesis evaluates the principal business-related and logistical opportunities and risks on the African solar market which is often associated to offer the last unexploited economic opportunities on this planet. For this purpose, the author examines three major African trade unions and reviews the strengths and weaknesses of each regional coalition. It becomes obvious that each respective trade bloc contains one dominant player, in this case Nigeria, Kenya and South Africa. The practical section starts with an analysis of the appropriate entry market for the Czech solar wholesaler Solarity. Subsequently, the author identifies South Africa as the best fitting market primarily because of good infrastructure, high purchasing power and a similar business culture. The author recommends that Solarity should apply an exporting entry mode due to its size and inexperience on the African market. Secondary research, first-hand experience and close cooperation with Solarity support the author in his final conclusions.
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Akinwunmi, Adeboye. "An investigation into factors affecting housing finance supply in emerging economies : a case study of Nigeria." Thesis, University of Wolverhampton, 2009. http://hdl.handle.net/2436/89154.
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This study investigated factors affecting housing finance supply in Nigeria. Housing finance is a major factor determining the quality and tenure of housing consumption, the overall financial portfolio of the public and the stability and effectiveness of the financial system. In both developed and emerging economies, sovereign governments have intervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often with governments providing subsidised housing finance. Attempts were made to develop an empirical model to reveal the underlying factors affecting housing finance in Nigeria. Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheets between 2003 and 2007 were used to assess the ability of the financial institutions to engage in long-term lending. Additional instruments in form of questionnaire, for the sectoral allocation of loans and advances by these financial institutions were employed to gather information from Corporate Banking / Loans and Advances Managers coupled with unstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings. Applying a multiple regression approach, the model identified that housing finance supply in Nigeria is significantly driven by clusters of factors related to share capital and the reserves of the financial institutions. It is closely observed that housing finance models in the developed economies, which are largely financed by deposit liabilities, cannot be wholly adopted in the emerging economies. The implication for practice therefore is that financial institutions in the emerging economies must adequately increase their capital base for effective housing finance supply and introduce mortgage products with long-term tenure to actively mobilise resources for mortgage lending.
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Adeshina, Oladepe Funmi. "Biomass ethanol the alternative fuel : what role would it play in the Nigerian energy market and what developmental impact would it have on the future of Nigeria's economy?" Thesis, University of Dundee, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.505606.
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Odusote, Oladimeji. "Stimulating Nigeria's emerging real estate markets : investment opportunities through the public sector." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58651.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 68-69).
In its Global Economics Paper Nc.134, the Goldman Sachs Economics Group highlights the West African country of Nigeria as having the potential to be among the next generation of emerging markets around the world the next eleven (N-11) - after their much publicized BRIC countries: Brazil, Russia, India and China. Nigeria - the only country included from Sub-Saharan Africa - is shown to have the potential to become one of the top 20 economies of the world by 2025: owing to such indicators as recent GDP growth - and projections for continued growth - and its substantial population. As is typical with emerging markets, rapid growth in Nigeria's economy translates into an equally rapid growth in the demand for institutional quality real estate and the first signs of this can already be observed in the country's major markets of Lagos, Port-Harcourt and Abuja. This growirg demand has however been met with very limited supply, resulting in high and growing rents in these markets and an opportunity for profitable real estate investment, where they can be found. This paper examines the role of the public sector as one such source of real estate investment opportunity: The public sector having hitherto played a very active role in the country's real estate development. An analysis will be made of the historical development of public sector inflence on real estate; and then an evaluation made, on the opportunities being created, as this influence is directed towards encouraging private sector investment and expertise.
by Oladimeji Odusote.
S.M.in Real Estate Development
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Osazee, Eseosa. "Employee Referral in developing countries - A case study of the Nigerian Labour Market." Thesis, University of Oxford, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.508647.
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Osun, Taiwo [Verfasser]. "Impact of Agricultural Technology and Market Access on Welfare of Rice Producing Households in Nigeria / Taiwo Osun." Kiel : Universitätsbibliothek Kiel, 2015. http://d-nb.info/1067441484/34.
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Nwanesi, Peter Karubi. "Development, Micro-credit and Women's Empowerment: A Case Study of Market and Rural Women in Southern Nigeria." Thesis, University of Canterbury. Sociology and Anthropology, 2006. http://hdl.handle.net/10092/958.
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This study investigates women's economic empowerment in relation to micro'credit schemes in southern Nigeria. The study also evaluates the benefits and limitations of micro'credit as a resourceful means of enhancing women's economic activities in the labour market and eliminating poverty among market and rural women. Micro'credit schemes and institutions which provide soft loans to women have become a critical tool in development programmes aiming to empower them. The Nigerian government (both at Federal and State levels) has pursued this development trend since 1985 and today, it is estimated that an increasing number of Nigerian women participate in these schemes. Besides, it is widely accepted among development practitioners that micro'credit schemes not only contribute to poverty reduction but also empower the have'nots. My research design has drawn on gender analytical frameworks such as the 1980 Harvard Analytical Framework, Kabeer's 1998 Women's Empowerment Assessment, and Mayoux' 2001 micro'credit empowerment paradigm. This study employed as its methodology, ethnographic field research. This includes semi'structured interviews and participant observation. In addition, data was obtained from state databases, archives and development websites. Throughout, both qualitative and quantitative methods and analysis were used. This study found that women in southern Nigeria are extensively engaged in economic activities. It also established that micro'credit provides finance to enhance market and rural women's participation in production and trade. The study further ascertains that women have some control over their loans. However, increased economic activities may have also increased participants' financial responsibilities and household decision'making is still a prerogative of male head of the family. In addition, this study found that older married women in this region enjoy a comparatively high degree of personal mobility, but restrictions on travel in terms of distance and time are very common for younger married women. These restrictions are sanctioned by customs, household obligations, and social infrastructures. While problems with the transportation network have enhanced the middlemen's domination of economic activities in this region they increased women's dependence on their services. All this renders empowerment for women more difficult to achieve although it makes a practical contribution to their everyday lives.
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Chizea, John. "Stock market development and economic growth in Nigeria : a time series study for the period 1980-2007." Thesis, Northumbria University, 2012. http://nrl.northumbria.ac.uk/10337/.
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This research empirically examines the relationship between stock market development and economic growth in the context of Nigeria. The question guiding this study is focused on whether the development of the stock market has had an impact on economic growth in Nigeria. The thesis examines the long run causal relationship between the stock market and economic growth. It uses one bank and three measures of stock market development: the loans to deposit ratio of banks, Market capitalisation ratio, value traded to market capitalisation ratio as well as value traded to GDP ratio. Essentially the study uses the endogenous growth theory as a basis of its theoretical foundation. The study exploits time series analysis techniques to test for the existence of a relationship and, where one is found to exist, the casual nature of that relationship. The study particularly applies Multivariate vector autoregressive models (VAR) and Vector Error Correction Models (VECM) in testing for the existence of a relationship. The evidence obtained from the study shows the existence of co-integration between the stock market development and economic growth in the short as well as the long run. This suggests that stock market development has impacted on economic growth in Nigeria. The Granger causality test findings indicate the presence of a bi-directional relationship between stock market development and economic growth. The findings of the study support the view that stock market development and economic growth in Nigeria are complementary and any improvements in the stock market would have a positive impact on economic growth in Nigeria. The findings also support the hypothesis of endogenous growth models that financial development causes higher economic growth. The contribution of this study lies in the fact that it provides additional evidence on the ongoing debate of the impact stock markets on the economic growth process within a specific country.
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Oniku, Ayodele Christopher. "Moderating effects of market orientation on the performance of small and medium scale enterprises (SMEs) in Nigeria." Thesis, University of East London, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.532982.
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This dissertation investigates the moderating effects of market orientation application on performance among SMEs in Nigeria. It examines the most pertinent factors and dimensions emerging from a review of previous related work. This provides a base for the study to examine the dimensions and antecedents of market orientation, the effects on SMEs operations, and importantly, on market offerings and customer satisfaction under the government economic/market reforms in the economy. Market orientation focuses on, and entrenches the use of market intelligence and information to determine market offerings to meet customer satisfaction. MARKOR scale, the dominant methodology for measuring market orientation, emphasises application of intelligence generation, intelligence dissemination and responsiveness among firms to meet and improve customer satisfaction in operations. The research is important in that it provides an holistic overview of MARKOR scale application by examining the implication and effects of the dimensions in the light of SMEs operations in a developing economy like Nigeria. Importantly, the study examines market orientation implementation with reference to ongoing economic and market reforms in the economy. The underlying research approach used was quantitative technique. This was employed to give adequate interpretation and meaning to the causal relationships that exist among variables as they interacted in the operations and decision processes. This resulted in development and testing of hypotheses and application of relevant statistical instruments that are appropriate for the study. The hypotheses were related to the dimensions of market orientation and other themes that the study covered. The use of SPSS 10.1 was employed for data analysis, and application of Cronbach alpha for reliability and internal consistency of data. A total sample of 234 respondents was drawn from specific states across the six geo-political zones of the economy. The statutory definition of SMEs guided the sampling process. As a part of method/data triangulation procedure, the qualitative technique was also employed to give adequate information and meaning to analysis and finding. The main finding of the research was a mixture of confirmation of existing findings on market orientation application in businesses, and new developments in relation to the operation of SMEs in Nigerian economy. The new developments were found in terms of the effects on performance (financial and non-financial categories), responsiveness and managerial representation, internal management, reward systems and effects under economic reforms. For example, the cross-functional and multi functional of staff to strengthen market oriented behaviours, and higher consumer representation or information among SMEs. By and large, the study shows the applicability of market orientation and the usage of MARKOR scale among SMEs in Nigerian economy; hence, they provide a basis to understand developments in the market and areas of improvement to enrich customer satisfaction.
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Uhumuavbi, Ikpenmosa. "The legal conceptualisation of investment securities in the Nigerian Capital Market : challenges and opportunities." Thesis, University of Bolton, 2018. http://ubir.bolton.ac.uk/2027/.
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Tensions created by continuous disruption in the financial landscape leading to increased market convergence have suddenly rekindled the age long philosophical dispute between ‘form’ and ‘function’ as it relates to the conflict between indigenous and received legal traditions. This research tests these competing theories in the conceptualisation of securities. The formalist explanation considers the degree of institutional influence a sole reliance on legal texts play in achieving statutory coherence and utility; such as applying the strict interpretation of legal letters to reduce the uncertainties of contexts. By contrast, the functional explanation captures the limitation of legal texts without an examination of contexts. Therefore, statutory design and definition must seek to operationalise the outcomes of historical, political, economic, and socio-cultural contexts in its formation. This research raises the hypothesis that formalism places significant constraints on the language of statute to optimise products development, while functionalism enables the aggregation of legal and non-legal themes to create products. It goes further to tests these hypotheses on critical literature review and on a data set of regulatory agencies and market participants in Nigeria. It explores the conflicts created and how they continuously erode the underlying conceptual structure of securities. The research finds strong support for the functionalist context sensitive explanations. Therefore by developing and proposing a functional court-centred context-sensitive model as solution, this research suggests that formalist structure contributes to definitional incoherence of securities and places significant constraints on the capacity of language to optimise securities laws for increased product development in capital markets. The research further stresses the usefulness of real world semantics within language philosophy in shaping representionality of legal texts by providing a basis for the context sensitive conceptualisation. Through the use of focused group case study research technique, the thesis identified the legal obstacles to the conceptualisation of securities in the Nigerian Capital Market. It clarifies the place of negotiability, transferability and circularity components within the context of securities concepts of rights and duties. This is with a view to unearthing the legal nature of negotiable risk that sits at the core of securities. The research proposes a context sensitive definition of securities for the Nigerian Capital Market to replace the current definition in Section 315 of Investment and Securities Act 2007.
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Analogbei, Mathew Abanum. "An investigation into the market entry mode decisions of international retailers in the developing Nigerian market : an institutional and transaction cost perspective." Thesis, University of Strathclyde, 2012. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=18868.
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Chief executives and management teams of large retail organisations and other type of firms acknowledge that globalization is the most critical challenge they face today. They are also keenly aware that it has become tougher now to identify internationalization strategies and to choose which countries to do business with. While some have stuck to the strategies they have traditionally deployed, which emphasize standardized approaches to new markets, others have operated with a few local twists. As a result, many multinational corporations are struggling to develop successful strategies especially in emerging markets. Retail entry into the developing Nigerian market has been seen to be particularly challenging as a result of the absence of specialized intermediaries, regulatory systems, and contract-enforcing mechanisms - "institutional voids," which hamper the implementation of company strategies. Using a multiple case study of twelve retail firms in the Nigerian market, this study assesses the entry mode strategies used by foreign retail firms in Nigeria. It draws on both the Institutional theory and the Transaction cost theory. The present study reveals that both internal and external factors (firm specific and host market environmental factors) influence the entry strategies adopted by foreign firms in the Nigerian market. These include unique brand concept, international experience, product/company reputation, firm size/ market resource commitment, cost of operation, network relationships in the market, as well as company habits, market population and wealth, close retail market distance, regulatory, legal, political and economic systems in the host Nigerian market, etc. The cost of operation and network relationships in the market directly relate to the transaction cost perspective while the formal and informal classifications of the institutional theory cover such other areas as: regulatory, legal, political and economic systems in the host Nigerian market, unique brand concept, international experience, product/company reputation, firm size/ market resource commitment, as well as company habits, market population and wealth, and close retail market distance. This study is one of the foremost to consider these two important perspectives in the context of a developing market like Nigeria. This study has several implications for the companies and their managers and also implications for the underpinning theories of transaction cost and institutional theory. Several recommendations are provided some of which are that: international retail firms should consider granting greater autonomy in decision making and use of networks to the subsidiaries in Nigeria because this increases their ability to learn from the foreign market and to realise innovation advantages associated with linkages to valuable sources of information and knowledge. The firms should better understand the characteristics of the various ent ry modes open to them and align these with their company strategies. The host Nigeria government is also called upon to improve the various institutional frameworks to boost FDI into the retail sector of the economy.