Nigerian Market Research Articles

Quality assessment of nine brands of metformin hydrochloride tablets marketed in Abuja, Nigeria

Metformin is a drug of first choice in management of type II diabetes mellitus and the Nigerian market is flooded with many brands of metformin tablets. The aim of this study is to assess the pharmaceutical quality of nine brands of metformin tablets circulating in pharmacy outlets in Abuja. The brands were assessed for uniformity in weight, hardness, friability, disintegration time and in vitro dissolution using official methods. The content of active ingredient was also determined spectrophotometrically. All the brands had weights within the official limits, hardness was found to differ across the brands with values ranging between 1.20 and 11.50 kgF. Friability values were between 0.00 and 2.25%, disintegration time was between 2.06 and 10.36 min and within official specifications for film-coated tablets. Drug release within 60 min was between 93 and 103%, however, one of the brands fell outside the lower limit of the official specification and therefore, failed the dissolution test. Similarly, all but one of the brands were within the official specification of the percent content of active ingredient. The results highlight the need to routinely carry out market surveillance on drug products so as to safeguard the health of patients.

Modelling and optimization of metals (As, Ca, Cd, Cr, Cu, Fe, Mg, and Pb) and Ethylene glycol butyl ether in paints using response surface method

Response surface methodology (RSM) and principal component analyses (PCA) modelling tools have been used in this study to quantitatively describe the interaction effects of more than one factor on system response for the modelling and optimization of experimental data. In Nigeria, there are no stringent policies in place by the government on paint production and this has led to unregulated paint products by producers in the commercial markets. Water-based paints currently available in Nigerian market were sampled. Experimental data of Metals (As, Ca, Cd, Cr, Cu, Fe, Mg, and Pb) and Ethylene glycol butyl ether (Volatile organic compounds (VOC)) measured using Inductively Coupled Plasma-Optical Emission Spectrometer (ICP-OES) and Gas Chromatography-Flame Ionisation Detector (GC-FID), respectively was used to develop a mathematical model. The principal component analyses were explained with a cumulative variance of 82% for the VOC and 76% for metals based on manufacturers. Estimated responses were compared with the experimentally determined responses and prediction capabilities of Response Surface Methodology. In the RSM, the 2 developed model had R value of 0.9569, with optimized value at 0.10 % (1000ppm) of Ethylene glycol butyl ether and concentration (ppm) ranges of As (383.0-1,930.0), Ca (614.0-10,400.0), Cd (98.0-2,000.0), Cr (10.3- 225.0), Cu (133.0-1,840.0), Fe 742.0-2,910.0, Mg (4,000.0-99,510.0), Pb (170.0-3,230.0). The correlation and optimization study employed are applicable for assessing the impact of hazardous air pollutants on indoor air quality and a good applicability in paint industries to produce products within the set limit of international standards. For the purpose of reducing sick building syndrome and protecting public health, it was important to investigate paints and sealers extensively.
 Keywords: VOCs; Paint; metals; Ethylene glycol butyl ether; Response Surface Method

MEMORY RESPONSE OF CAPITAL MARKET PERFORMANCE TO INTEREST RATES ANNOUNCEMENT: ATHEORETICAL EVIDENCE IN NIGERIA

Despite the management of interest rates by the monetary policy authorities over these years, the performance of the capital market has not been impressive in Nigeria. The study analyzed the memory response of the capital market performance to interest rates announcement in Nigeria. The study used monetary policy rate, and deposit market rate as against market capitalization. The study sourced data from the Central Bank of Nigeria Statistical Bulletin between 1985 and 2020. The study adopted the Augmented Dickey-Fuller, and the Autoregressive Distributed Lag for the analysis. The findings showed that, deposit money rate was stationery at levels, while monetary policy rate, and market capitalization were at first differences, and no long run co-integrating equation. The theoretical evidence from the Error correction test findings revealed that, interest rates announcement did not constitute significant variables on the memory of the Nigerian capital market performance. Regular monitory and downward review of interest rates by the Nigerian monetary policy committee were recommended.

Electronic cigarette use among adolescents and young adults in Nigeria: Prevalence, associated factors and patterns of use.

BackgroundElectronic cigarettes (e-cigarettes) have emerged in the Nigerian market, and if used without supervision, may have damaging effects on the physical and mental health of users. Therefore, there is a need to determine the patterns of use, especially among adolescents and young adults. This study aims to assess the prevalence and factors associated with electronic cigarette use, as well as the relationship between their use and anxiety among adolescents and young adults in Lagos, Nigeria.MethodAn online cross-sectional study among participants aged between 15–35 years. The survey had three sections: sociodemographic information, the pattern of e-cigarette use, and a 7-item Generalized Anxiety Disorder (GAD-7) scale. Bivariate and multivariable logistic regression analysis was used to identify factors associated with e-cigarette use. P-values <0.05 were considered significant. Statistical analysis was done using STATA-15.0 software.ResultsData from a total of 949 respondents was analysed. Participants had a mean age of 23.36 years (±3.97) and were predominantly female (55.64%). The prevalence of e-cigarette ever-use was 7.9% (95% CI: 5.8,10.0). Older age and being male were independently associated with higher odds of e-cigarette use. After adjusting for age and sex, alcohol use (p<0.001), friend’s use (p<0.001), and other tobacco product or substance use (p:0.05) remained significantly associated with higher odds of e-cigarette use. There was no association between anxiety levels and e-cigarette use.ConclusionThese findings suggest a higher likelihood of e-cigarette use among alcohol consumers, poly-tobacco or substance users and individuals with friends who use e-cigarettes. Health providers and policy makers in Nigeria might consider preventive measures aimed at young adults with the identified risk factors, as well as close monitoring of trends in e-cigarette use in the coming years.

Human dietary exposure to metals in the Niger delta region, Nigeria: Health risk assessment

The contamination profile and the human health risk assessment of various heavy metals (Cd, Cr, Mn, Ni and Pb) in vegetable oils, palm oils, butter and shea butter purchased from the Nigerian market were evaluated. Univariate and multivariate analyses including the principal component analysis (PCA), hierarchical cluster analysis (HCA) and heat map visualization were used to evaluate correlation, similarity and source of metals. Dietary intake and dermal absorption through the application in skin were also assessed. The heavy metals 5th and 95th percentile interval range (in mg/kg) were 0.003–0.208, 0.003–0.392, 0.003–1.344, 0.003–0.369 and 0.006–0.531 for Cd, Cr, Mn, Ni and Pb, respectively. Concentrations of Cr and Mn were significantly different across sample categories, being the levels of Mn and Ni positively correlated in both oil and butter samples. The result of PCA, HCA and heat map revealed the profile of heavy metals in oils was different from that of butters, with Pb mainly associated to oils, and Cd, Cr, Mn and Ni to butters. In some samples, the international maximum levels for Cd, Ni and Pb in edible oils were exceeded. Cadmium and Pb dietary intake through Nigerian oils and butters should not be considered negligible for human health protection.

ANALYSIS OF COVID-19 DISCHARGED CASES AND EQUITY TURNOVER IN THE NIGERIAN CAPITAL MARKET: AN EVENT STUDY APPROACH

Purpose — The purpose of this study is to investigate the effect of cumulative and new discharged cases of COVID-19 on equity turnover value in the Nigerian Stock Exchange(NSE) between March 2, 2020, and September 25, 2020.Design/methodology/approach — Correlation test and Vector Autoregressive (VAR) model were used to analyze the daily time series data sourced from the Nigerian Stock Exchange and the Nigeria Centre for Disease Control(NCDC) websites.Findings — The study found evidence of a weak negative correlation between measures of COVID-19 recovery and equity turnover value in Nigeria. Furthermore, the VAR model results indicate that cumulative and new discharged cases of COVID-19 have a negative but non-significant impact on equity turnover value in Nigeria over the study periodPractical implications — This implies that COVID-19 recovery cases still have the potential to shrink equity turnover value in the Nigerian capital market, though its influence may not be significant. There is therefore the need to speed up the vaccine development/commercial launch pace and other measures to curb the pandemic and ensure quicker recovery of those infected persons. These will help to reduce the long-run potential threat of COVID-19 on the Nigerian capital market. Originality/value — This paper provides empirical evidence on the nexus between COVID-19 discharged cases and equity turnover in a developing economy, this is Nigeria. It is expected that this case will help the investment community particularly, the capital market investors on the potential influence of COVID-19 on market transactions in terms of turnover, such that the prolongation of the coronavirus pandemic constitutes an important source of financial volatility in the capital market of the country.Keywords — Coronavirus; COVID-19; Discharge cases; Recovery rate; Equity turnover value; Nigerian Stock Exchange; Vector Autoregressive (VAR).Paper type — Research Paper

CHINA’S MARKET EXPANSION AND IMPACTS ON NIGERIA’S TEXTILE INDUSTRY

This study analyses the various ways in which China’s market expansion impacts Nigeria’s textile industry. Two major surviving textile firms in Nigeria were studied: Sunflag Textile Manufacturing Company and the United Nigerian Textile Manufacturing Company. The study made use of documentary research and a qualitative case study, where an interview was employed as the research tool. Global economic integration/trade liberalization formed the theoretical basis for analysis. Findings reveal that China’s market expansion driven by globalisation impacts significantly on Nigeria’s textile industry. For instance, the influx of Chinese cheap textiles (80 per cent of textiles in the Nigerian market today are imported from China) and the re-export of textiles imported from China by neighbouring states such as the Benin Republic to Nigeria through smuggling has led to an almost total collapse of Nigeria’s textile industry. China has also taken advantage of the country’s huge infrastructure deficit and government neglect of the textile sector to replicate Nigerian unique Wax print known as Ankara, thereby displacing local producers. Thus, the once-thriving manufacturing textile sector has become moribund as Chinese textiles take over the Nigerian market. The study recommends that the Nigerian government should support (financially) the distressed/collapsed firms and also upgrade the country’s infrastructure particularly the power sector for the remaining textile firms to survive and compete successfully in a globalised world.

Interdependence among West African stock markets: A dimension of regional financial integration

AbstractUnderstanding the nature of interdependence between international stock markets is vital for portfolio diversification, risk management and market regulation. This paper examines the nature of interdependence among West African stock markets using correlation analysis, the Granger causality test and a multivariate BEKK‐GARCH (1,1) model. The results show evidence of a weak relationship among West African stock markets. The results also show absence of causal dependence between the Côte d'Ivoire BRVM (Bourse Régionale des Valeurs Mobilières), and the Ghana stock market, but evince feedback relationship between the Côte d'Ivoire BRVM and the Nigeria stock market as well as between the Ghana and Nigeria stock markets. The results further reveal no evidence of volatility spillover between the Côte d'Ivoire BRVM and the Ghana stock market, but show evidence of unidirectional volatility spillover from the Nigeria stock market to the Côte d'Ivoire BRVM as well as bidirectional volatility spillover between the Nigerian and Ghanaian stock markets. Overall, the findings reveal existence of weak interdependence among West African stock markets, and that West African financial markets are interdependent through the Nigerian market. These findings are relevant to stock market stabilisation and investment policy in West Africa.

Artificial intelligence model for building investment portfolio optimization mix using historical stock prices data

Purpose The purpose of this paper is to implement a genetic algorithmic geared toward building an optimized investment portfolio exploring data set from stocks of firms listed on the Nigerian exchange market. To provide a research-driven guide toward portfolio business assessment and implementation for optimal risk-return. Design/methodology/approach The approach was to formulate the portfolio selection problem as a mathematical programming problem to optimize returns of portfolio; calculated by a Sharpe ratio. A genetic algorithm (GA) is then applied to solve the formulated model. The GA lead to an optimized portfolio, suggesting an effective asset allocation to achieve the optimized returns. Findings The approach enables an investor to take a calculated risk in selecting and investing in an investment portfolio best minimizes the risks and maximizes returns. The investor can make a sound investment decision based on expected returns suggested from the optimal portfolio. Research limitations/implications The data used for the GA model building and implementation GA was limited to stock market prices. Thus, portfolio investment that which to combines another capital market instrument was used. Practical implications Investment managers can implement this GA method to solve the usual bottleneck in selecting or determining which stock to advise potential investors to invest in, and also advise on which capital sharing ratio to reduce risk and attain optimal portfolio-mix targeted at achieving an optimal return on investment. Originality/value The value proposition of this paper is due to its exhaustiveness in considering the very important measures in the selection of an optimal portfolio such as risk, liquidity ratio, returns, diversification and asset allocation.

Developing a Framework for Integrating Arbitration Into Nigeria’s Banking Sector

Given the evolution of the Nigerian market post the 2005 Bank Consolidation Era, and the 2008 Financial Crisis, there have been some calls for arbitrating banking disputes. This call is yet to be totally embraced because of inherent parties’ bias for referring banking disputes to litigation forum. Similarly, the banking sector, in recent years, witnessed an abysmally low volume of Alternative Dispute Resolution (ADR) mechanisms. However, with the development of the E-Payment Arbitration Framework by the Central Bank of Nigeria (CBN), arbitration appears to be getting deserved recognition by the regulator. Also, the various Multi-Door Courthouses can develop a system that can resolve banking disputes using their existing procedural framework while we await holistic statutory provisions on the subject matter.

Impact of Money Market Instruments on Economic Growth in Nigeria

Money market instruments play a crucial role in the growth and development of the Nigerian economy. Still, it is not yet vibrant and constrained by the absence of sub-markets and availability of adequate credit instruments required for the smooth operations of the market. The study examine the impact of money market instruments (Treasury bill, Treasury certificates, Certificate of Deposits, Banker’s Acceptances, Development Stock and Commercial Papers) on Economic growth based on secondary data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and National Bureau of Statistics (NBS) publications for 30 years. The study employed statistical techniques such as ADF, Unit Root Test, OLS, multiple-regression and Granger Causality Test to analysis data collected for the study covering the period 1990-2020. The study observed that Bank acceptance and Commercial paper granger cause Gross Domestic Product (GDP). Treasury bill, Treasury certificate and commercial papers have a positive relationship with GDP, but its effect is insignificant in the long run. But banker’s acceptance and certificate of deposits has a positive and significant effect on GDP in the long run. In contrast, development stock has no significant effect on GDP in the short and the long run with no granger causal relationship with GDP. The study therefore recommends that Nigerian money market should be reformed in line with the current globalization trend and internationalization of the money market to allow a flow of foreign investment into the economy and also increase the number of tradable instruments in the market.

Comparative evaluation of three histidine-rich Protein-2 based rapid diagnostic tests, microscopy and PCR for guiding malaria treatment in Ibadan, Southwest Nigeria.

Malaria rapid diagnostic tests (mRDTs) are the preferred option for programmatic deployment. There are numerous mRDTs on the Nigerian market and there is a need to guide practitioners on the relative performance of the commonly used brands of mRDT in Nigeria. The performance of three commonly used Histidine-Rich-Protein-2-based mRDTs (SD-Bioline™, Carestart™ and Paracheck-Pf™) against microscopy of Giemsa stained blood and polymerase chain reaction (PCR) was evaluated among 190 febrile under-5 children in Ibadan, Nigeria. We calculated the sensitivity, specificity, predictive values, accuracy, and agreements. There were 53.2% males. The prevalence of malaria parasite by microscopy was 46.8% and 57.9% by PCR. Malaria parasite detection by SD-Bioline™ was 60.5%, Carestart™: 60.0% and Paracheck-Pf™ 60.0%. Using microscopy as the gold standard, the sensitivities of SD-Bioline™, Carestart™ and Paracheck-Pf™ mRDT were 97.8%, 96.7% and 97.8% respectively while the specificities were 73.0%, 72.0% and 74.0% respectively. Using PCR as the gold standard, the sensitivity for both SD-Bioline™ and Paracheck-Pf™ was 85.5% and for CareStart was 84.6% while the specificity of SD-Bioline™, Carestart™, and Paracheck-Pf™ was 73.8%, 72.4%, and 75.0% respectively. The test accuracy was 81.0% for both SD-Bioline™ and Paracheck-Pf™ and 80.0% for Caresatrt™. The kappa coefficient of agreement between PCR and each of SD-Bioline™, Carestart, ParaCheck™ and microscopy was 0.597, 0.578, 0.609 and 0.739 respectively. The performance of the three mRDTs is a proof that any of the three is suitable for use in the diagnosis of malaria in the southwest of Nigeria.

Didactic Analysis Of Active-Passive Fire Safety Measures In Tejuosho Ultra Modern Market Complex, Yaba, Lagos

Fire outbreaks are a leading cause of loss of property and lives in the Nigerian market scene and its neighbouring areas. Although this menace of market fire outbreak has been a recurring index since the early 2000s up till now, a lot of marketplaces still do not have standard fire protection measures in place to prevent fire spread. Neither are they adequately equipped for efficient fire outbreak control. This study investigated the existing active and passive fire safety measures adopted in Tejuosho ultramodern market to create policy guidelines for effective fire safety management practices. This study was carried out in Tejuosho market, Yaba, Lagos because it is one of the most recent market developments where effective fire protection strategies were put in place. Primary data for this research was obtained employing observation and questionnaires. The study revealed that all the active fire protection measures put in place have been well maintained, regularly serviced, highly effective and supported by the passive measures. This study recommended didactic procedures and strategies accessible to the market users and traders whenever an emergency fire outbreak occurs.

COLOUR VARIATIONS AND PERFORMANCE CHARACTERISTICS OF THE INDIGENOUS CHICKEN OF SOUTH WESTERN NIGERIA

The survey of indigenous chicken was carried out in 8 states comprising 119 local government of South Western Nigeria between October 1994 and May 1995 to evaluate colour variation relative to performance characteristics as selection criteria for development of improved indigenous poultry types for the Nigerian market. The colours recorded were those of the skin of the shank, the earlobe, the comb and the beak as well as that of the feathers. Significant differences were recorded for the feather colour effect on the liveweight, breast girth and breast length (P &lt; 0.05). The shank and earlobe colours significantly affected the birds shank length, comb height, live weight ad backbone length (P &lt; 0.05) with a highly significant (P &lt; 0.05) earlobe effect on the breast girth Out of the 2032 birds analysed with complete records, 45.9% had mottled feather colour. The black white and brown colours were 17.4; 16.4; and 19.98% respectively while only 0.34% were red. Birds with yellow shanks were 35% while black, white/ash, white and piebald (yellow or white laced with black spots) were 23.3; 28.1; 10.8 and .8% represented 28.4 and 29.9% of the population whilst white earlobe was found in 53.4% of the birds. Though 45.9% of the birds had mottled feather colour, highest shank length of 8.04 and 8.05cm and liveweight of 1.37 and 1.41kg were black feather colours respectively. Eggs laid varied from 30.5 to 37.4 for the black and white feathered chicken with 25.65 to 30.98 hatched (i.e % hathability of 81.06 – 88.78%) by the mottled and white feathered chickens. A highly significant (P &lt; 0.001) positive correlation of 0.982 between eggs laid and eggs hatched and correlations of 0.517 and 0.497 between these variables and those of comb height indicate their usefulness as selection criteria. Coupled with a high heritability estimate of 0.597 and 0.513 for liveweight, and the phenotypic colour variance of feather and shank, selection based on these colour variances could be effective in breed development.

Capital Market and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Bounds Testing Approach

The role of the capital market in the growth and development of any economy need not be over-emphasized. The capital market is a complex institution and mechanisms through which economic units desirous to invest their surplus fund, interact directly or through financial intermediaries with those who wish to procure funds for their businesses. The Nigerian capital market started operations in mid-1961 with eight stocks and equities; with about seven United Kingdom (UK) firms quoted on the Nigerian Stock Exchange (NSE) which had, at the same time, dual quotations on the London Stock Exchange. This study examined the impact of the capital market on economic growth in Nigeria from 1981 to 2018. The expo facto research design was adopted for this study. The time-series data for the study were sourced from CBN statistical bulletin. Autoregressive Distributed Lag (ARDL) was used with the aid of e-view 10 software. The ARDL Bounds test revealed the existence of a long-run relationship among the variables. The result revealed that market capitalization has positive and insignificant effects on economic growth both in the short and long run. There is unidirectional causality among the variables. The study recommended that regulatory authorities should restore confidence in the market by ensuring transparency and fair trading dealings and transactions in the market to enhance economic growth. There should be an improvement in the moribund market capitalization, by encouraging more foreign investors to participate in the market, maintain a state of the art technology like automated trading and settlement practices, electronic fund clearance, and eliminate physical transfer of shares.

Effects of Capital Market Development on the Economic Growth of Nigeria

This study examines the effect of capital market development on the economic growth of Nigeria using data on Real Gross Domestic Product as a proxy for economic growth while capital market variables constitute the independent variables. This includes Market Capitalization, All Share Index, Number of Listed Securities and the number of listed companies The study adopted an expost-facto research design which utilized secondary data for the period 1983 -2016. While an Augmented Dickey-Fuller unit root test was used for preliminary analysis; an Autoregressive Distributed Lag (ARDL) was used for the model estimation. .A combination of ARDL bounds test for co-integration, ARDL short and long run error correction models were used for estimation. All the tests helped to confirm the integrity of our models. Findings of the study indicate that, the Number of listed Securities and All Share Index maintained a significant relationship with economic growth in Nigeria both in the short and long runs. Based on the findings of study it was recommended that government should help to remove all impediments to stock market development in the form of tax, legal and regulatory barriers as they act as disincentives to investments in the capital market. Again, government should help to maintain policy consistency in the pursuit of growth in the Nigerian capital market. By so doing, counter developmental policies should not be allowed to crowd out the gains of capital market development and by extension on economic growth in the long run. Lastly the government should find ways and means of boosting the confidence of investors to retain their portfolio investments.

Heavy metal content of rice meals sold in a Nigerian market population with a high prevalence of hypertension.

Context:Some market populations in Nigeria have been shown to have high prevalence of hypertension. Current evidence includes environmental pollutants such as heavy metals as risk factors for hypertension.Aim:To study the heavy metal content of rice meals sold in a market population with a high prevalence of hypertension.Settings and Design:This was a descriptive, cross-sectional study conducted in Ogbete market in Enugu, Southeast Nigeria.Subjects and Methods:Five different cooked rice meals were obtained from 25 locations of the market. The rice meals included jollof rice, white rice and tomato stew, fried rice, white rice and vegetable sauce, and white rice and palm oil stew (ofeakwu). Accompanying protein (meat, fish, and egg) and vegetable salad were excluded. Similar rice meals were homogenized and analyzed in triplicates using spectrophotometric methods for mercury, copper, cadmium, lead, and arsenic determination.Statistical Analysis Used:The mean concentrations of the heavy metals were compared using analysis of variance, and P < 0.05 was considered statistically significant.Results:Twenty-five rice dishes were evaluated, five of each kind. Arsenic content ranged from 503 to 550 mg/kg and was comparable across the five rice dishes (P = 0.148). Copper was significantly highest (16767 mg/kg) in the white rice and tomato stew dish (P < 0.001), while mercury was significantly highest (33 mg/kg) in white rice and ofeakwu (P < 0.001). Jollof rice had the highest cadmium content (23 mg/kg), which was statistically significant (P = 0.021). Lead was not found in any of the rice dishes.Conclusions:Risk factors such as heavy metals may play a role in the high prevalence of hypertension observed in market populations, and rice meals may be a major source of these heavy metals.

Chemical Characterization of Nine Locally Made Cement Products for Quality Assurance in Nigeria Cement Industry

Chemical characterization of Portland limestone cement products collected across the nine existing cement manufacturing plants in Nigeria was conducted using Energy Dispersive X-ray Fluorescence Spectrometer (EDXRF) with the aim of determining conformity with global and local standards and investigating likely variation in quality resulting from differences in the sources of major raw materials, especially limestone used in production. The cement samples are composed essentially of CaO, SiO2, Al2O3, Fe2O3, MgO, Na2O, K2O and SO3 while P2O5, MnO and TiO2 were present in trace amount. In addition to oxide compositions, the mineralogical components: Alite (C3S), Belite (C2S), Celite (C3A), and Ferrite (C4AF), and other cement quality control variables such as Lime Saturation Factor, Silica Modulus and Alumina Modulus of all the nine cement samples analyzed in this study are in agreement with the specifications for Portland limestone cement published by the Standard Organisation of Nigeria (SON), the American Society for Testing and Materials (ASTM), and the British Standards Institution (BSI). The nine cement products also have their compositions in close proportion indicating none of the products is superior in quality irrespective of manufacturer or production site, a common misconception in the Nigerian cement market.

Chemical Characterization of Nine Locally Made Cement Products for Quality Assurance in Nigeria Cement Industry

Chemical characterization of Portland limestone cement products collected across the nine existing cement manufacturing plants in Nigeria was conducted using Energy Dispersive X-ray Fluorescence Spectrometer (EDXRF) with the aim of determining conformity with global and local standards and investigating likely variation in quality resulting from differences in the sources of major raw materials, especially limestone used in production. The cement samples are composed essentially of CaO, SiO2, Al2O3, Fe2O3, MgO, Na2O, K2O and SO3 while P2O5, MnO and TiO2 were present in trace amount. In addition to oxide compositions, the mineralogical components: Alite (C3S), Belite (C2S), Celite (C3A), and Ferrite (C4AF), and other cement quality control variables such as Lime Saturation Factor, Silica Modulus and Alumina Modulus of all the nine cement samples analyzed in this study are in agreement with the specifications for Portland limestone cement published by the Standard Organisation of Nigeria (SON), the American Society for Testing and Materials (ASTM), and the British Standards Institution (BSI). The nine cement products also have their compositions in close proportion indicating none of the products is superior in quality irrespective of manufacturer or production site, a common misconception in the Nigerian cement market.

Assessment of the moderating effects of Nigerian market environment on the relationship between management success determinants and SMEs’ performance

A reported eighty-five percentage failure rate of SMEs in Nigeria before five years of operation was ascribed to a lack of knowledge of the market environment. Hence, this study investigated the moderating effects of the Nigerian market environment on the relationship between management success determinants and SMEs’ performance to see how the environment has affected SMEs’ performance. The study employed a survey research design, the population of the study comprised chief executive officers (CEOs) of registered SMEs, and a sample size of 1,102 was used. Probability sampling methods of stratified, proportionate, and random sampling were adopted. Responses were collected through a predetermined set of questions and a self-administered questionnaire. Data were analyzed using descriptive and inferential statistics. The study found that the Nigerian market environment had moderating effects on the relationship between management success determinants and SMEs’ performance (R = 0.817, R2 adjusted = 0.664, R2 change = 0.041, and Fchange = 19.694 at ρ = 0.000), most of the Nigerian market environment’s components have significant moderating effects on all the management success determinants relationship with SMEs’ performance; management skills (β = 0.220, 0.182; ρ &amp;amp;lt; 0.05), innovation (β = 0.147, 0.135; ρ &amp;amp;lt; 0.05), operating system (β = 0.083, 0.061; ρ &amp;amp;lt; 0.05), organizational structure (β = 0.290, 0.303; ρ &amp;amp;lt; 0.05), business reporting system (β = 0.142, 0.137; ρ &amp;amp;lt; 0.05), system flexibility (β = 0.110, 0.107; ρ &amp;amp;lt; 0.05), environmental scanning (β = 0.091, 0.062; ρ &amp;amp;lt; 0.05). Only decision-making is not statistically significant (β = 0.037, 0.004; ρ &amp;amp;gt; 0.05). These imply that Nigerian SMEs’ decisions under intense environmental turbulence are mostly ineffective, and the effects of management success determinants in facilitating performance were also drastically reduced as well as firms’ system flexibility. The study has a practical value of identifying the effect of the Nigerian market environment on the relationship between management success determinants and SMEs’ performance, thus revealing the gaps in the Nigerian SMEs’ management factors. Acknowledgment(s)To Small and Medium Enterprises Development Agency of Nigeria and Small Scale Enterprises Association of Nigeria for their support in ensuring participation of their members.