It is an indisputable fact that Small and Medium-sized Enterprises (SMEs) are the engine for the growth of every economy; particularly the Ghanaian economy which is SME dominated. Unfortunately, the SME sector in Ghana is constraint by many factors such as lack of external financing; technology and information; management; legal; policies and processes. This research empirically examines how the factors which have created SME financing gap can be arranged in a pyramid and matched with the 3M Pyramid of the methodological frame work. Also, the study aim is to logically develop SMEs project financing model to help bridge SMEs financing gap. This study used questionnaire and interview as the survey instrument. Questionnaires were administered to a selected sample, consisting of 31 randomly selected respondents. They include: 10 heads of credit and SME officers of banks; 12 heads of credit and SME officers of Savings and Loans and Microfinance institutions; 5 equity firms investment analysts; 1 cooperative society credit manager and 3 SME owners operating in Accra – Ghana. The T-values are significant at .01 levels for technology and information, management; finance and economic, legal; policies and processes. T-value of amount on the part of SMEs owners is significant at .05 levels. The result of T-tests shows these have significant effect on SMEs projects financing. The result further showed that knowledge economy factors influence SMEs financing as measured through the 3M pyramid. It also revealed a positive significant correlation between the total scores of the knowledge economic factors and SMEs financing gap (P ˂ 0. 01) and a significant P-value =0.000 (less than 0.05) for predicting the relation between Knowledge economic factors and SMEs financing gap. The study proved that there is the presence of a strong positive relationship between SMEs projects funding and Knowledge economy factors.
The aims of the study were to describe socio-economic characteristics of urban and peri-urban broiler farmers, profitability of broiler production and determine its profit efficiency in Kwara State, Nigeria. Both primary and secondary data were collected from 120 respondents selected using simple random sampling techniques. Data were collected through field survey with the aid of structured questionnaire and production records between March and August, 2014. Data collected were analyzed using net farm income, multiple regression and stochastic frontier profit function. The results of socioeconomic characteristics revealed that the bulk of the respondents (72%) were within the active age of 25-50 years and about 92% had formal education. Broiler production is profitable with mean profit of ₦912 per bird and an average return of ₦1.98 for every ₦1 invested in the study area. The coefficients of drugs (p<0.01), day old chicks (p<0.01), feed (p<0.01) and education (p<0.05) of multiple regression analysis were significant determinants and the postulated explanatory variables explained about 58% in the variations of net income of broiler farmers. Results of profit frontier indicated that cost of family labour, feed, capital items and investment were significant (p < 0.01 and P < 0.1). The mean profit efficiency is 74% while the range is 30-98%. Also, age, household size and cooperative membership were the socio-economic variable responsible for the variation in profit efficiency of the broiler producers. It recommended that broiler farmers should form a formidable group to enjoy economic of scale to purchase broiler inputs and should be given adequate training through their cooperative by inviting resource personnel.
This study evaluates the consequences of dominant individuals on budget preparation in Nigeria; the main objective was to suggest ways of getting out the jinx of continual and repeated adverse budget preparation in Nigeria. The methodology used in the study is content analysis method. The empirical review revealed that the activities of dominant individual ranges from budget padding, chief executives of ministries, departments and agencies (MDAs) normally settling lawmakers and sometimes build in the interests of legislators in their budget proposals. These actions invoke lack of transparency and failure of the budget to meet the international standards. The implications of this finding include the gap existing between budget formulation and development projects due to poor resource allocation practices and resource management. This study hinged on public interest theory. We therefore recommend the establishment of budget office at the national assembly to advise lawmakers on the complexities on national budgets and in line with the anti-corruption stand of the current administration, all abuse of powers and privileges by public and elected officials in all arms of government must be prosecuted, public officers should be sacked while elected officials ban from contesting political office.
This paper highlights an application of Gradient or Hamiltonian (Grad-Ham) Systems in deriving multivariate total functions. The objective is to establish a relationship between Gradient or Hamiltonian systems and economic-oriented multivariate marginal functions, and demonstrate how they can significantly be applied to the derivation of economic multivariate total functions. The multivariate marginal functions are represented by the Grad-Ham systems of differential equations whose analytical solutions are based on the partial antiderivative technique. The paper establishes that all economic multivariate marginal functions can respectively be expressed as exact differential equations. It also uncovered that functions that can be optimized are conservative along their optimal paths and that these functions become the first integrals of their respective marginal systems. Finally, it introduces two model examples- one hypothetical and the other based on the Cobb-Douglas Production function- and presents their derivations thereof.
Ronald McKinnon  and Edward Shaw  explicate the notion of financial repression noting that Financial liberalization is meant to foster economic growth through increase in savings via an increase in real deposit rate and increase in private investment in high priority sectors, but how this policy has contributed to the growth of the Nigerian economy remains a lacuna. It is based on this that the study seeks to test the validity of McKinnon and Shaw Hypothesis Using Empirical evidence in Nigeria. The study employed annual time series data from 1981 to 2014 to provide response to the various determinant of Real Money Demand Balance in Nigeria, the Various determinant of Economic Growth as proxied by Gross Domestic Product in Nigeria with volatility in Financial Ratios and Various Determinant of Nigeria Investment Rate as a result of the capriciousness in Financial Ratios in Nigeria. Autoregressive Distributed lag model was used to analyze three regression models while conducting the Augmented Dickey Fuller, the Johansen Cointegration Test and Granger causal test. Of all financial ratios, It was observed that that interest rate has negligible, trifling or insignificant effect on Real Money balance, Investment Rate and Real Gross domestic Product in Nigeria at 95% level of Significance. Theoretical literature revealed that McKinnon-Shaw hypothesis have been seen to be valid in developed countries but its validity on Real Interest rate based on this findings when tested with empirical evidence is questionable in developing country like Nigeria owing to the undeveloped and unstructured financial system, policy inconsistency and policy mortality hence it is recommended that Nigeria financial system be revamped for a more structured, organized and developed financial system to further enable financial inclusion of all economic agents.