The purpose of this study is to examine the link between technical efficiency and both the corporate governance and financial performance of listed financial firms on the floor of the Nigerian Stock Exchange using three theoretical approaches: shareholder theory, stakeholders’ theory, and resource dependence theory. We employed a stochastic frontier analysis to examine the impact of technical efficiency on the link between corporate governance and financial performance on the one hand, and, on the other, multiple regressions comprised of OLS and Poisson estimates to analyze a data-generating set sourced from 2007 to 2020. The results of our OLS estimates suggest that a negative but significant relationship exists between the corporate governance mechanism and the financial performance of the listed firms. When we subject the analysis to the Poisson estimates, the relationship becomes positive and significant. Our results have some positive implications.
Dairy farming is essential to most developing economies, including Nigeria, due to its contribution to livelihoods in terms of food supply, income and employment generation. This study examines the determinants of profitability of dairy business among smallholder dairy farmers in Nigeria. Data were collected from 150 dairy farmers selected through a multistage sampling procedure and analyzed using descriptive statistics and the ordinary least square (OLS) regression method. The majority of the dairy farmers had primary education (45.45%). Most were married (92.91%), while many were economically active (60.67%). Most (50%) of the respondents had 7 household members and above and the majority (76.67%) had 20 years of experience in dairy farming. Age, vocational education, other forms of education, herd size and total production cost significantly influence the profitability of the dairy business. Major constraints include insufficient forage access, low-quality fodder and lack of credit. Feed technology training, health care management and dairy cooperatives are strongly advocated. Dairy cooperatives are also important for better bargaining in input delivery and better prices for output supply to the market. It will also enable the farmers to pull resources together and guarantee access to benefits like soft loans, literacy programmes, and social protection, among others.
Small and medium enterprises (SMEs) are vital for achieving sustainable development. However, it remains unclear whether engagement in international trade-oriented policies improves SMEs operations, particularly in Africa, where concluded arrangements are made to partake in the African Continental Free Trade Agreement (AfCFTA). This study examined the role of trade liberalization on SMEs performance in Nigeria using the Central Bank of Nigeria’s statistical bulletin and the World Development Indicators from 1981 to 2019. The ARDL model showed that a 1% rise in trade openness improves SMEs performance by approximately 2% but only in the short run. For the control variables, a 1% increase in labor force participation reduced SMEs performance by about 6% in the short run and increased it by approximately 9% in the long run. The results also showed that a 1% rise in gross fixed capital formation in the short run reduced SMEs performance by approximately 5%. The results showed an inconclusive short-run effect of the exchange rate and taxes on SMEs performance. With a 1% increase in the exchange rate, SMEs performance improved by approximately 0.04% in the long run. Similarly, a 1% increase in taxes improves SMEs performance by approximately 2.90% in the long run. Findings suggest a positive effect of trade liberalization on SMEs performance and support the operation of AfCFTA in achieving sustainable development. Policy efforts should focus on productive investment strategies and using locally sourced inputs to raise the competitiveness of SMEs.
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