Friday, 16 July 2021

ANTIBACTERIAL ACTIVITY OF SOME SELECTED MEDICINAL PLANTS USED BY THE NASARAWA COMMUNITY

ANTIBACTERIAL ACTIVITY OF SOME SELECTED MEDICINAL PLANTS USED BY THE NASARAWA COMMUNITY

ABSTRACT

The antibacterial activity of some selected medicinal plants used by the Nasarawa community was carried out in different parts of Toto Local Government Area of Nasarawa State, Nigeria. The aim was to determine the occurrence of some indigenous plants used for treatment by the people of Toto by aqueous extraction method. The result reviewed that the plant has some degree of antibacterial activity forming zone of inhibition ranging from 3.30-4.10 at 100mg/ml giving the best activity on salmonella. Facts were obtained with the aid of interview with the old and experienced people in Toto. common plant species with medicinal value commonly used in Toto Local Government of Nasarawa State is Cymbopogon citratus (lemon grass) and Ocimum gratissimum (scent leaf). The antimicrobial susceptibility of the commonly used plant Cymbopogon citrates and Ocimum gatissimum was also determined to know the minimum inhibitory concentration (MIC) of the organism ( Salmonella typhi and Aspergillus spp). The susceptibility test also showed that at the concentration of 62.5 there was moderate inhibition of the growth and at concentration 31.25 there was no inhibition. This study recommends the use of Cymbopogon citratus (lemon grass) and Ocimum gratissimum (scent leaf) for treatment in Toto Local Government Area of Nasarawa State.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Plants are free gift of nature available to man for various pharmacological uses, plant kingdom served as the best natural source of drugs and medicine for the very start of human civilization (Sofowora, A, 2014). In the preparation of antibiotics, many pharmaceutical industries process and utilize plants and plant parts as raw materials to produce plant derived drugs (Sofowora2014). Medicinal plantmake a significant contribution to the primary health care needed by individuals around the world. In recent years the world populations have focused their attention on therapeutic plants and plant-based products due to the side impacts of a number of artificial drugs as well as improvement of sedate resistance to irresistible maladies. As a result the demand for medicinal plants has been expanding drastically day-by- day in both developing and developed countries for the utilization in traditional medicine (TM) and contemporary and alternative medicine(CAM) (Veillex,C.and king 2015) on a report of world health organization (WHO) over 80% of the global population relies on the herbal medicines for its essential health carenecessities and approximately 21,000 plants species seems possibly be utilized as therapeutic plants (WHO ,2013). More than 6000 plant species occur in Nasarawa community of which about 500 species are recognized as having medicinal or curative properties (WHO,2013).

Since the beginning of human civilization, people used plants as medicine. Perhaps as early as Neanderthal man, plants were believed to have healing power. The earliest uses are found in Babylonian Circa 1770BC in the code of hummurabi and ancient Egypt circa 1550BC. In fact, ancient Egyptians believed medicinal plants to have been recorded from the circa pyramids and can be found on display in a dark corner of cairo museum. The knowledge of botanical studies is utilized by foresters agronomist development advisors and pharmacologist and has become pivotal in preserving the cultural identity and knowledge of indigenous people whose traditional way of life could be under threat (posey , 2016).our ancestors made use of all types of plants in their daily lives, and early in the history of the human race they learned through trial and error that certain plants could be used to support well being, herbal preparation, usually made from roots, flowers, barks, or their extracts, were the only effective remedies available to our ancestors. Today 30% of conventional drugs are derived from plants. In spite of the worlds population still rely primarily on herbal medicines (Wondimu, 2007). Medicinal plants are gaining wider recognition in recent initiatives for conservation and development at the global level. This is the evident in the vision and mission statement of the World Health Organization (WHO) on health improvement and in community based conservation initiatives by the international organizations, including the world bank, the international development research center (IDRC) and United nations development programme (UNDP). The effort of the WHO to recognize and promote the use of local medicinal plant knowledge system in the health sector particularly in developing countries, is prominent (Tin-wa et al, 2011) plants are prospective source of antimicrobial agents in different countries (Alviano DS, 2019). About 90% of the populations in developing countries use plants derived medicine. Traditionally , crude plant extracts are used as herbal medicine for treatment of human infectious diseases (Malini M, Abirami et al, 2013). Plants are rich in a variety of phytochemicals including tanins, terpenoids, alkaloids, and flavonoids which have been found in vitro to have antimicrobial properties, (Dorman HJ, Deans SG, 2000). Recent emergence of antibiotics resistance and related toxicity issues limit the use of antimicrobial agents (Eggleston K, Zhang R, et al, 2010).and is prompting a revival in research of the antimicrobial role of plants against resistance strains due to comparable safety and efficacy(Alvino DS et al, 2009).

Ethnobotany is the study of how the people of a particular culture and religion makes use of indigenous plants .botany explore how plants are used for such things as food, fuel, shelter, medicine, clothing, hunting , and religion ceremonies (veilleux and King, 2008)botany originated in parts from an interest in finding plants to help fight illness.

Medicinal plants in Nigeria were considered by several researchers like Gbile (2014) and Lyamo (2014) to form an important component of natural wealth of the country like the guinea savannah in which Toto local government of nasarawa state belongs. Many of these plants are explain by Gbile (2014) and Iwu et al, (2014) to contain substance that can be used for therapeutic purpose, if used by man.

Sorungbe (2018) estimated that the ratio of doctors to patients in Nigeria was 1:200,000 and hence there is need for rural areas in particular to use medicinal plants. These plants have been traditionally used in Nigeria because they are natural products, environmentally friendly, easily available, cheap and curative than many sub standardorthodox medicine imported into the country today. Sometimes the conventional medications have been confirmed by Murray 2016 to have toxic effects on the human and according to Maingietal2017, there is the development of resisitance by man and animals to some of thses drugs by target parasites as well as high cost of some drugs. (Chem and ward , 2014). Reiterated that those misgiving on some orthodox medicines, herbal medicine has become a reasonable alternative. As recorded by Kafaru(2015), these ancient practices were discovered by a series of “trial and error” which could not be proven by scientific theories though, the result have been beneficial and efficient compared to the conventional modern medicines.

1.2 HISTORY OF MEDICINAL PLANTS

The use of plants for medicinal purpose is the oldest form of health care known to mankind. It was an integral parts of the development of modern civilization. Primitive man observed and appreciated the great diversity of plants available to him. Much of the medicinal uses of plants seem to have been developed through observation of wild animals and by trial and error. Dioscorides (1^st century AD) A Greek physician who worked with roman army, was the greatest and most influential ancient Greek writer on material and recording medical. He travelled far and wide gathering , using and recording the folk uses of many herbs as well.His work was considered absolute, and was copied, recopied and commented on for 16 years. The earliest surviving manuscript was codex vindobonesis from 512AD, De material medical is a 5-volume pharmacooeia that include 1000 simple remedies prepared from 600 different plant species. Although , it includes a lot of willow bark to relieve pain associated with gout. During the renaissance, with overall renewal of intellectual activity in Europe in the 15^th century and the invention of the printing press, age of herbal begins. Herbals are books that includes illustration of useful plants. Authors of these herbal were predominantly german botanist who had spent some time in monasteries (monk). Such man like Otto Brufels (2013-2016). Hieronymus Bock (2000-2010). In the 19^th century, the advancement in chemistry led to isolation and extraction of active component of medicinal plants e.gsalicin isolated from willow (salixspp). In 2010, lead to the development of acetylsalicylic acid or aspirin, a related compound with less side effects, by Felix Hoffman of Bayer company in 2000. In the 20^th century, further scientific advancement led to increase use of synthetic drugs plants. E.g development of drugs by the rational drug design model. However, 25% of all prescription medicines contain plants chemical and an even greater proportion contain synthetic analogue of plant chemicals. The rate at which a drug can be designed as opposed to discovered, may not differ greatly, so many drug companies have once again turned to natural sources of medicines. Finally, westeners are turning to herbal alternatives rather than to conventional medicines (Hobb, 2013)

1.3 STATEMENT OF THE PROBLEMS

The genetic base of plants biodiversity in Nigeria and in Nasarawa local government area is being seriously eroded as a result of human natural causes, such as high population growth rates, rapid urbanization, rural unemployment and value placed on traditional medicines. Some of these plants being very useful in the treatment of typhoid fever that has caused so many deaths in Nigeria, it will be very important to document the use of these medicinal plants in Nasarawa local government area.

1.4 JUSTIFICATION

Due to the facts that the local government area is a guinea savannah zone with rich biodiversity, therefore, there is need to document the medicinal plants used by the indigenes of the area to cure various ailments. And to also create awareness as to the usefulness and importance of these not only in the local government but also to the nation at large.

1.5 AIM OF THE STUDY

The aim of this research work is to achieve the following objectives which includes:

To determine the occurrence of some of the indigenous plants used for the treatment of ailments in Toto local government area of Nasarawa state.
To determine the minimum inhibitory concentration (MIC) of some selected medicinal plant extract on some bacteria and fungi that can cause disease in human.
To carry out microbial susceptibility test on the selected organism (Salmonella typhi and Escherichia coli). Using extract from the most commonly used plants, used for treatment of some ailments in the local government area.

1.6 OBJECTIVES OF THE STUDY

To support the traditional uses of medicinal use plants by the indigenous communities of Nasarawa.
To investigate some plants or plants part under different families for their antibacterial activities against human pathogenic bacterial by agar well diffusion method.

ANTIBACTERIAL ACTIVITY OF SOME SELECTED MEDICINAL PLANTS

ANTIBACTERIAL ACTIVITY OF SOME SELECTED MEDICINAL PLANTS USED BY THE NASARAWA COMMUNITY

ABSTRACT

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

1.2 HISTORY OF MEDICINAL PLANTS

1.3 STATEMENT OF THE PROBLEMS

1.4 JUSTIFICATION

1.5 AIM OF THE STUDY

The aim of this research work is to achieve the following objectives which includes:

To determine the occurrence of some of the indigenous plants used for the treatment of ailments in Toto local government area of Nasarawa state.
To determine the minimum inhibitory concentration (MIC) of some selected medicinal plant extract on some bacteria and fungi that can cause disease in human.
To carry out microbial susceptibility test on the selected organism (Salmonella typhi and Escherichia coli). Using extract from the most commonly used plants, used for treatment of some ailments in the local government area.

1.6 OBJECTIVES OF THE STUDY

To support the traditional uses of medicinal use plants by the indigenous communities of Nasarawa.
To investigate some plants or plants part under different families for their antibacterial activities against human pathogenic bacterial by agar well diffusion method.

Friday, 9 July 2021

EFFECT OF INTERNAL ENVIRONMENTAL FACTORS ON THE PERFORMANCE OF SMALL SCALE BUSINESS ENTERPRISES IN NASARAWA STATE

EFFECT OF INTERNAL ENVIRONMENTAL FACTORS ON THE PERFORMANCE OF SMALL SCALE BUSINESS ENTERPRISES IN NASARAWA STATE

ABSTRACT

This study examines effects of internal environmental factors on the performance of small scale business enterprises in Nasarawa state. Specifically the study seek to assess the effect of capital on small scale business enterprises performance in Nasarawa state, examine the effect of entrepreneurial skills on the performance of small scale business enterprises and examine the effects of marketing strategy on the performance of Small Scale Business Enterprises in Nasarawa state. The population of the study consists of 1753 registered SME’s in Nasarawa but the study sampled only 95 of them randomly selected using Yamane (1967) formular. The research design adopted for this study is survey design and experimental research. The research analyzed the respondent’s opinion using tables while hypothesis was tested using regression analysis (OLS). The findings of this study shows that internal environment factors have significant effects on the performance of small scale business enterprises in Nasarawa state. Specifically, the study shows that capital, entrepreneurial skills and marketing strategy have significant effect on small scale business enterprises performance in Nasarawa state. Finally the study recommends that the federal government should come up with economic policy and regulatory framework that will make capitals available for owners of small scale business enterprises or entrepreneur to enhance their performance and also entrepreneurs should ensure they acquire all the necessary skills and marketing strategies that will promote their performance.

CHAPTER ONE

INTRODUCTION

Background to the study

The role of small and medium scale enterprises in the most developing nations cannot be overemphasized. Worldwide, Small scale business enterprises are regarded as the engine for growth, job creation and human development, particularly in developing countries. Available studies have over the years confirmed that Small scale business enterprise provides a strong foundation for economies around the world providing about 60% of employment and constitute about 95% of enterprises around the globe (Keynes, Kolstad & Wiig, 2017). A report released by the World Bank Group on registered formal SMEs is that they contribute up to 45% of employment and 33% to GDP in developing economies.

Small and medium scale enterprises comprise of business that employed little capital for establishment and operate small scale business with the objective of making profit. Small and medium scale enterprises have continued to increase and survive because they require few capitals for establishment, less labour, low technological knowledge and little managerial capacity for establishment (Essien, 2014). Also, small and medium scale enterprises are seen as major tool for reducing unemployment and poverty through the generation of employment, contribution to rapid economic growth and export earnings, industrialization and utilization of local resources.

A business internal environment plays the most significant part in charting out the direction and the unique qualities that define it from others (Aldrich, 2015). This micro environment comprises of factors which a firm can effectively use in adapting to the ever-changing external environment. Unlike the external, the internal environment factors are largely within control of the management of a business enterprise. Such factors as tangible business resources, its workers, its management, competencies, production, marketing and strategic choices are so strong conventional contributors to the effective and efficient operation of any business (Kibera, 2016).

Each of the internal factors whether tangible or not are significant to the success of the business, based on how each firm employs and maintains them (Nzomo, 2015). A business plant, machinery, equipment or tools for instance should be those that are cost effective in terms of their acquisition, installation, maintenance, repair and replacement. This would make an entrepreneur to retain some funds for other operational plans. These facilities are equally important for the quality and quantity of product output, market size and niche, companies / firm image and general public approval of the company’s product. All these translate into sales, profit and size of a business which effectively define the business success or failure (Karingiti, 2019).

SMEs performance is the ability of a firm to provide value to its stakeholders such as owners, customers, society and government. Aminu and Shariff (2015) defined firm performance as the procedures of quantifying business actions in terms of accomplishing its objectives. According to Abdulmalik, Moahammed and Salem (2014) financial performance such as profit maximization, maximizing profit on assets and maximizing shareholders’ benefits are the core of the firm’s effectiveness. Operational performance measures such as growth in sales and growth in market share provide a broad definition of performance as they focus on the factors that ultimately lead to financial performance.

The performance of small and medium scale enterprises can be significantly influenced by both internal and external environment factors. The success and failure of an organization is solely not determined by the firm’s specific characteristics but also, prevailing factors in the environment in which the firm operates. Small and medium scale enterprises operate in a complex and multi-facet environment which shape organizational objectives and could have a wide effect on the performance of the organization (Eruemegbe, 2015).

Statement of the Problem

Small Scale Business Enterprises are the engine of growth and development of most developed and developing nations in the world, but unfortunately the state of economic growth of Nigeria appears to be very low despite the large concentration of businesses in the country. The poor performance of small scale business enterprises in Nigeria and its low contribution to the development of the country is due to some economic and environmental factors such as high unemployment rate, low income level, high inflation, low interest rates, high tax rates, fluctuation exchange rate, poor consumer confidence levels, recessions size of the available market, low demand for the company’s products or services, competition, etc. Small and medium enterprises (SMEs) in Nigeria have not performed creditably well and hence have not played the expected vital and vibrant role in the economic growth and development of Nigeria, (Basil, 2005). Year in year out, government at federal, state and local level make an effort in support of entrepreneurship development, but still the contributions of SSBs to economic development is low. It is worrisome that despite the incentives, favorable policies, regulations and preferential support by government aimed at improving SSBs, the sub-sector have performed below expectation in Nigeria (Abiodun, 2011). Inspite of the large volume of studies on Small Scale Business Enterprises in developing countries, there is a death of literature on studies relating to internal environmental factors on the performance of small scale business enterprises.

Objectives of the Study

The main aim of this study is to evaluate the effects of internal environmental factors on the performance of small scale business enterprises in Nasarawa state. Thus, the specific objectives of this study are to:

Assess the effect of capital on the performance small scale business enterprises performance in Nasarawa state.
Examine the effect of entrepreneurial skills on the performance of small scale business enterprises in Nasarawa State.
Examine the effects of marketing strategy on the performance of Small Scale Business Enterprises in Nasarawa state.

Research Questions

The study was designed to seek answers to the following research questions:

What are the effects of capital on small scale business enterprises performance in Nasarawa state?
What are the effects of entrepreneurial skills on the performance of small scale business enterprises?
What are the effects of marketing strategy on the performance of Small Scale Business Enterprises in Nasarawa state?

Statement of Hypothesis

In order to achieve the stated objectives of the study, the following formulated hypotheses are proposed for testing:

H₀₁: Capital has no significant effect on the performance small scale business enterprises in Nasarawa state.

H₀₂: There is no significant relationship between entrepreneurial skills and performance of small and medium scale business enterprises.

H₀₃: Marketing strategy has no effect on the performance of Small Scale Business Enterprises in Nasarawa State

Scope and Limitations of the Study

This study assesses the effects of internal environmental factors on the performance of small scale business enterprises in Nasarawa state. The emphasis is to identify the influence of factors such as capital, entrepreneurial skills and marketing strategy on the performance of small scale business enterprises.

The major limitations of this project are the difficulty in obtaining data as is usually the case with most project.

The lack of data is further compounded by the fact that the researcher has a very tight schedule programme.

For instance, time is too short for the research considering the time within which to submit the project and combined with academic work load could not enable the researcher to carry out wide research on the general environmental impact on small scale business. Finance is another hitch encountered during the course of study.

Significance of the Study

Given the importance of small scale business enterprises to the nation’s economic growth, and also the role they plays in reducing poverty and unemployment, the result of this study would be of great importance to government, researchers and major stakeholders such as investors, staffs, managers, business consultants, financial analyst and consumers. It’s expected to contribute to small scale business enterprises sub-sector development process in developing countries and even developed countries that share similar environmental factors influencing business performance.

In a globalized economy, there is increase recognition that identifying the factors hindering small scale business enterprises performance in a developing country may be meaningful in terms of assistance developed countries provide to developing countries in the area of small scale business enterprises development. Thus, the result of this study is expected to help both Nongovernmental organizations (NGOs) and international agencies that assist in the area of Small Scale Businesses and entrepreneurship development.

The study would draw the management and policy maker’s attention to the urgent need for specific management practice to enhance the effectiveness and sustainability of small scale business enterprises in Nasarawa town and states at large. The study can also assist local entrepreneurs in formulating strategies that will guide against poor business performance.

Definition of Key Terms

Small Scale Business: Is defined as some of all activities which involve distribution of goods and services to making of profit in the business.

Some of the terms used in this study include political economic factor and cultural factor.

Internal Environment: The internal business environment comprises of factors within the company which impact the success and approach of operations.

Capital: Capital is the money or wealth needed to produce goods and services. In the most basic terms, it is money. All businesses must have capital in order to purchase assets and maintain their operations. Business capital comes in two main forms: debt and equity.

Entrepreneurial Skills: Entrepreneurship is ‘an individual’s ability to turn ideas into action. It includes creativity, innovation and risk-taking, as well as the ability to plan and manage projects in order to achieve objectives.

Marketing Strategies: A marketing strategy refers to a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.Performance: A Performance is an act of staging or presenting a play, concert, or other form of entertainment. It is also defined as the action or process of carrying out or accomplishing an action, task, or function.

Sunday, 6 October 2019

Get Paid On NNU Forum V2 Without Referrals

I have participated in many online income programs. I know how uneasy it is to convince prospects to join a program that requires registration fee. I know how painful it is to expect money from a program, only to encounter disappointment.

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Over 500 million naira was shared to NNU version 1 members within 20 months of its existence. Those who joined when the platform wasn’t too crowded took the Lion’s share and that has been the case in every petty online program.

Out of over 0.5 billion naira disbursed by NNU, some people got over O.5 million each (obviously those who joined early and did few smark works) and some got over 300k each. Some got below and above 100k.

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Summary Of NNU V2 (NNU forum)

Registration fee: N1400

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Saturday, 13 April 2019

INVESTMENT OPPORTUNITIES IN NIGERIA

Investmentimplies the production of new capital goods, plants and equipment’s. John Keynes refers investment as realinvestment and not financial investment. Investment is a conscious act of anindividual or any entity that involves deployment of money (cash) in securitiesor assets issued by any financial institution with a view to obtain the targetreturns over a specified period of time.

Investing money is a great source of making passive income in Nigeria. There are many investment opportunities in Nigeria. The Nigerian government has realised that they need to make the country as attractive and lucrative as possible for offshore investors to bring their capital, skills and business trade into the country. One way is to provide tax holidays to ‘pioneer companies’, who are engaged in the production of export goods, establishing new industries, or expanding production in vital sectors of the economy.

Some of the investment opportunities in Nigeria include but not limited tothe following:

Manufacturing: Nigeria’s population is an estimated 186 million people. This population suggests a massive potential workforce, as well as a consumer base. For a manufacturer this is an ideal scenario: not only do you have potential customers, but you also have potential employees. The Nigerian government is eager to expand the manufacturing capability in the country, and to that end they are offering incentives for manufacturers that are able to locally source their raw materials, for example agro-allied manufacturers processing foodstuffs such as fruit juices and vegetable oils. Any manufacturing industry that provides multiplier effect solutions for the economy are also in demand. Examples include machine tools, flat sheet metal, and spare parts manufacturing. Finally, any investment in research institutes, especially those that focus on adaptive research and commercialisation of local inventions, is looked upon favourably by the Nigerian government.
Information and Communication Technology Services: Nigeria is one of the fastest growing internet users in the world. According to Statista, a global statistics company, there were approximately 76.2 million Nigerian internet users as of 2017. This is an increase of nearly 50 percent from the 2013 figure of 51.8 million. There are millions of Nigerians who are interested in involving themselves in Information Communications and Technology Services (ICTS). This new economy does not require someone to be in a specific location to provide the service needed, rather they can be located anywhere in the world. One organisation that has already seen the potential in Nigeria is US-based software trainer Andela. The company offers learning programmes for young adults wanting to become computer programmers. The learning programme is a 2-year practical course where the learner interacts with companies around the world and assists them in building programmes, websites, and mobile applications.
Agriculture: Nearly one third of all employed Nigerians find themselves working in the agricultural sector, which is one of the country’s main foreign exchange earners. The Nigerian government has set up incentives to help modernise and mechanise their agricultural industry. Not only will locally grown foodstuffs be promoted on behalf of the investor, business and enabling companies may receive pioneer company status and qualify for tax incentives.
Private Education: The need for skilled tradespersons, computer programmers, and agricultural workers will only increase in demand as Nigeria transforms its economy and becomes an international economic power. At present there is an opportunity for private education to offer specific programmes that are in demand in the country. Nigeria is a country with vast underemployment and by offering distance learning or night schools, there is potential for strong investment returns in for-profit education. As an example, one can look at the success of Curro in South Africa, which began as a private for-profit primary and secondary schools and now has a post-secondary offering. If a Nigerian model were created that focused on skills development, the potential returns could be very lucrative.
Real Estate: People are always going to need homes, apartments, residences, office spaces etc. Rather than piling your money up in the bank, invest in real estate. You can buy a land in a good location, give it time to appreciate and sell at a much higher price, or rent out an existing property. If you don’t want to go through the ups and downs of running a real estate development business, you can simply invest the development of shopping malls, residential apartments, events and conference halls etc.
OIL AND GAS: Regardless of the shift from over-reliance on oil proceeds, the oil sector still plays an important role in the Nigerian economy as the exploration of the country’s huge oil reserves will not be neglected. The Federal Government also seeks to explore the country’s natural gas reserves as an alternative source of power generation. The Federal Government encourages investments in landmark projects of this kind that will enhance the country’s industrial development and provide employment opportunities for its citizens.
TRANSPORTATION: Investment opportunities lies in the development of infrastructure for transport purposes. The Federal Government approved the construction of the Lagos-Ibadan Railway with the aim of developing infrastructure. There are plans to further develop the maritime industry by constructing two new seaports in Bonny, Rivers State, and Lekki, Lagos State. The Aviation Sector has not been left out from this chain of development as the Federal Government has announced approval to concession the international airports in Abuja and Lagos. Private-Public Partnerships are encouraged in this sector. It is imperative to note that the inland waterways are a transport medium with potentials that are insufficiently harnessed.
POWER GENERATION: Electricity generation is the process of generating electric power from sources of primary energy. For electric utilities in the electric power industry, it is the first stage in the delivery of electricity to end users, the other stages being transmission, distribution, energy storage and recovery, using the pumped-storage method. There is enormous investment opportunities in this sector especially as the Federal Government is currently implementing reforms in this sector under the Power Sector Recovery Implementation Plan approved by the Federal Executive Council in March 2017 to develop the Nigerian Electricity Supply Industry (‘NESI’). This is expected to fast-track the provision of meters to consumers of electricity and encourages

Tuesday, 26 March 2019

TRIPLE BOTTOM LINE ACCOUNTING

INTRODUCTION

Globalization has brought with it a widerealization that companies do not operate in isolation, but can have significantimpacts on the environment and people at local, national and global levels(International Forum on Globalization, 2008). For the purpose of measuring theimpact of business activities on the environment and the society, Hamilton(2001) noted that the conventional system of business and national accounts isinadequate, because it does not deal with the priceless environmental andsocial externalities, which are important in a sustainable development thusrequires an extension of the standard framework. This has led to an increasingawareness of the “triple bottom-line” of business success – measuring thebusiness not only in its financial performance, but by its social andenvironmental impact as well (Henri & Journeault, 2006).

The triple bottom line (TBL) refers to thesocial, environmental, and economic value of an investment. The concept isincreasingly salient to economic development related fields such as business,finance, planning, and real estate. Triplebottom line is an accounting framework with three parts: social,environmental (or ecological) and financial. Some organizations have adoptedthe TBL framework to evaluate their performance in a broader perspective tocreate greater business value. In traditional business accounting and commonusage, the “bottom line” refers to either the “profit” or “loss”,which is usually recorded at the very bottom line on a statement of revenue andexpenses.

OBJECTIVES OF THE STUDY

Theobjectives of this seminar paper is toexamine the concept of triple bottom line accountings standard so as ascertainits relevant to the accounting systems of an organization and its impact on thesocial, economic and environmental effects of the firms activities on the localpeople.

SCOPE OF THE STUDY

Aspects of the Triple Bottom Line (TBL) conceptare addressed in economic development literature; however, a clear definitionof TBL economic development is lacking. Furthermore, little research has beenconducted regarding how economic development professionals view and practicethe concept. This study addresses those gaps, paving the way for moreproductive engagement with an important and timely topic. The study begins withan introduction to the TBL concept, review literatures on TBL; discuss thefindings based on the reviewed literatures and draw conclusions.

LIMITATIONS

Thisseminar paper is limited to the above stated scope because of time, lack ofavailable materials and financial implications of the research. However, the researchermakes necessary effort within his reach to ensure that the seminar paper isresearched and conducted to a reasonable conclusion.

LITERATURE REVIEW

The Triple Bottom Line Concept

The triple bottom line term was coinedin the 1990s by business consultant John Elkington to describe economic,environmental, and social value of investment that may accrue outside a firm’sfinancial bottom line (Elkington, 2004). The TBL approach aims to moreaccurately value assets and leverage resources, so that capital is employed asefficiently and effectively as possible. The concept is sometimes referred to asthe 3Ps (people, planet, profit), triple value adding (Roberts & Cohen,2002), and blended value (Emerson, 2003). Triple bottom line thinking isinformed by and relates to the concept of sustainable development—the premisethat development should occur in ways that meet the needs of current generationswhile maintaining conditions and opportunities for future generations to do thesame (World Commission on Environment and Development, 1987). Inherent in the definitionof sustainable development are concepts of environmental stewardship and inter-and intra-generational equity.

Efforts to define and address sustainabilitywere born from the recognition that existing development patterns cannot proceedwithout jeopardizing the environmental systems necessary to sustain life andeconomies, and that significant disparity within and between generations isneither sustainable, ethical, nor in tune with development goals. Triple bottomline and sustainability concepts have gained traction in fields related toeconomic development including business, planning, finance, and real estate.This is evidenced by the growing number of journals, books, professionalorganizations, certifications, and conferences addressing sustainability inrelated topics such as impact investing, responsible property investment, andcorporate responsibility. As discussed below, aspects of the TBL are addressedin economic.

According to Bernardez (2005), sustainable development isa concept, which underscores that the rate of consumption or use of naturalresources should approximate the rate at which these resources can be sustainedor replaced. It is a development process that aimed at achieving the needs ofthe present generation without depriving the future generation the ability toachieve their own needs. There are several approaches to achieving sustainabledevelopment. This paper is however concerned with the application of accountingframework in sustainable development effort. Spreckley (1981) argued thatconsidering the impacts of business activities on the environment and society,enterprises should measure and report on social, environmental and financial performanceto evaluate their contributions to sustainable development. He thereforearticulated the triple bottom line in a publication called Social Audit – AManagement Tool for Co-operative Working. The phrase “triple bottomline” was coined by John Elkington in his 1997 book Cannibals with Forks:the Triple Bottom Line of 21st Century Business (Brown, et al, 2006). A TripleBottom Line Investing group advocating and publicizing these principles wasfounded in 1998 by Robert J. Rubinstein.

Over the last decades, environmentalists andsocial justice advocates have struggled to bring a broader definition of“bottom line” into public consciousness, by introducing full costaccounting. For example, if a corporation shows a monetary profit, but theirasbestos mine causes thousands of deaths from asbestosis, and their copper minepollutes a river, and the government ends up spending taxpayer money on healthcare and river clean-up, how do we perform a full societal cost benefitanalysis? The triple bottom line adds two more “bottom lines” social andenvironmental (ecological) concerns (Magee & Scerri, 2012).

For reporting their efforts companies maydemonstrate their commitment to CSR through the following: top-levelinvolvement- CEO, Board of Directors, policy investments, programmed, signatoriesto voluntary standards, principles – UN Global Compact-Ceres Principles, and reporting– Global Reporting Initiative(Bernardez, 2005; Kaunfman, 2011 ).

Dixon (1994) identified the followingfunctions of triple bottom-line accounting: it assists corporate managers intargeting costs reduction, improving quality in reinforcing quality’ principles;reveals the firm’s financial, social and environmental assets and liabilities,hence employees are motivated to search for creative ways of reducing theliabilities; encourages changes in processes to reduce waste, resources used,recycle waste or identify markets for waste; allocates costs to the appropriateproduct, process, system or facility and thus reveals costs to responsible manager; provides better estimatesof the true cost to the firm of producing a product and this improves pricing,thereby increasing sales and consequently profit; reassures shareholders and investorsabout the operations and performance of the company and this enables managersreduce the information gap between them and investors, thus gaining investors’confidence. This requires the firm to lower its cost of capital, raise itsstock valuation multiples, increase stock liquidity and enhance interest by institutionalinvestors; and indicates the level of business dependences on environmentalresources thereby serving as a premonition to the business on its use ofnatural resources and the impact on the society (Matthews, 1993).

Economic Development in Practice

Having defined TBL and sustainable economicdevelopment, we consider whether and how the concept has been addressed inpractice. Research regarding how economic development practitioners understandand prioritize TBL or sustainable development is sparse, though consistentlyidentifies the population as having limited engagement with sustainabilitythemes. Jepson (2003) surveyed 500 certified city planners and found that thosewho self-identify as economic developers offered slightly lower support for ecologicallyfocused sustainable development activities than planners with otherspecializations. Zeemering (2009) utilized Q methodology with 28 economicdevelopment officials in the nine-county San Francisco Bay Area and found thatparticipants do not hold a unified conceptualization of sustainability (e.g.,varying levels of emphasis on economic, environmental, and social factors) andthat prioritization of potential actions is influenced somewhat by context(e.g., whether a factor is constrained in their jurisdiction or viewed aswithin the organization’s scope of responsibility). Grodach (2011) exploredbarriers to sustainable economic development in 15 Texas cities throughdocument analysis and interviews with economic development officials. He foundthat economic development officials rarely mentioned TBL themes when asked todefine the purpose of economic development, but did mention TBL themes whenasked to identify important assets for economic development (e.g., humancapital, educated workforce, quality of life, accessibility, and regionalcollaboration).

Sustainability themes were viewed primarilyin relation to how they may negatively impact future growth and as outside theeconomic developer’s control. A competitive and reactive approach to developmentwas identified as a barrier, along with a conventional economic developmentmindset that emphasizes attention to economic growth over social equity andenvironmental protection.

DISCUSSION OF FINDINGS

Triple bottom line and sustainable economic developmentunderstand the purpose of economic development to be improved well-being andquality of life through the creation of jobs and wealth, and the process ofeconomic development to include creation, expansion, retention, andrecruitment, of jobs and businesses through a mix of techniques. Thesetechniques include, for example, business assistance, workforce development,and the cultivation of networks, infrastructure, and amenities that supportbusiness development and influence business location decisions. It adds to thisconventional view a recognition that economic development is inextricablyconnected to environmental and social factors, and that all three must beaddressed for economic development to succeed.

The research indicates that economicdevelopment professionals generally favor the consideration of economic, environmental,and social dimensions when making economic development investments, yet few doso. A number of interrelated factors may contribute to this gap. First,economic development is situated in a broader context in which understanding ofand support for TBL concepts may be limited. Research in related areas ofplanning, administration, and sustainability suggests that organizational andcommunity characteristics impeding uptake and implementation of TBL conceptsmay include insufficient capacity, a weak understanding of and support by keyorganizational and political leaders, and low socioeconomic status (Conroy, 2006;Grodach, 2011; Hammer, 2010; Hammer, Allen, &Meier, 2010; Johnson &White, 2010; Saha, 2009; Saha & Paterson, 2008; Svara, Watt, & Jang,2013; Wang, Hawkins, Lebredo, & Berman, 2012). Second, economic developmentoccurs in a highly competitive environment where much of what affects outcomesis outside the jurisdiction’s control and success is narrowly defined.Furthermore, TBL economic development may be impeded by a lack of integration andcoordination among various policies and programs, with existing programs oftenat odds with TBL principles, and trade-offs between economic, environmental,and social goals assumed to be required. Finally, TBL or sustainability principlesare not core to academic and professional accreditation for economicdevelopers, which likely translates into a lack of knowledge and skills toinfuse TBL concepts into practice. For example, accreditation as a CertifiedEconomic Developer or Accredited Economic Development Organization does notrequire any coverage or proficiency with respect to TBL or sustainabilitytheory or practice.

CONCLUSION

Pareto principle posits that a developmentprocess that makes one better off and another worse off, is not desirable. Inlight of this, a business firm that achieves its financial performance andcauses environmental degradation and social imbalance in the society where itoperates needs to be called to order for sustainable development to strive. Inthis study, it was observed that triple bottom-line accounting operationalizedas financial performance, social performance, and environmental performance,has a significant relationship with sustainable development. These findingsagree with the works of Kaufman (2011), and Dixon (1994). This study confirmedthat increase in the adoption of triple bottom-line accounting will result inabout 59% increase in sustainable development in Nigeria.

REFERENCES

Brown, D., Dillard, J., & R. S. Marshall. (2006). “Triple bottomline: A business metaphor for a social construct.” Portland, Portland StateUniversity School of Business Administration Press.

Dixon, J. (1994) “Economic analysis of environmental impact” London,Earthscan Publishers Ltd.

Hamilton, K. (2001) “Indicators of sustainable development” GenuineSavings, The World Bank; Washington.

Henri, J.F., & Journeault, M. (2006) “Environmental performanceindicators” An Empirical Study of Canadian Manufacturing Firms. Journal ofEnvironmental Management, 86, 143-149.

James, P & Scerri, A. (2010) Auditing cities through circles ofsustainability: In Amen, M., Toly, N.J., Carney, P. L., & Segbers, K. (ed)Cities and Global Governance, 111–36.

Magee, L. & Scerri, A. (2012) “From issues to indicators” A Responseto Grosskurth & Rotmans’, Local Environment, 17(8), 915-933.

Matthew, M., R. (1993) “The emergence of ecological & environmentalaccounting” socially responsible accounting. London, Chapman and Hall.

Quarter, J., & Mond, R. (2007) “Social accounting for business”non-profits & cooperatives in Crolia; Academic Research Review 8 (2),34-41.

Scerri, A. & James, P. (2010) “Accounting for sustainability” Combiningqualitative & quantitative research in developing ‘indicators’ ofsustainability”. International Journal of Social Research Methodology13:41-45.

Spreckley, F. (1981) “Social audit: A management tool for co-operativeworking” Working Paper 6.

Saturday, 16 March 2019

QUANTITATIVE TECHNIQUES

INTRODUCTION

Quantitative Techniques are about theanalysis of quantities (measured in physical, so-called objective data). Thesetechniques are scientific in nature, their objective is to provide procedureand process that will aid or assist problem solving. These techniques beingscientific in nature are model (mathematically) – based and therefore, followvery good logical (step by step) order.

Consequently, the areas of applicationsinclude: Accounting – cash flow planning, credit policies, planning ofdelinquent accounting system; Construction – allocation ofresources to projects, determination of proper crew size, maintenance crewscheduling and project scheduling; Facilities planning – factory size andlocation, hospital panning, international logistics system; Marketing– advertising allocation, product introduction timing, selection of productmix; distribution channels; Military – general logistics andsupply; simulation; trajectory etc;

Forecasting – profit, sales volume, market shares, brandswitching, production output, etc; among various others too numerous to listhere. Furthermore, they are devoid of personal opinions or judgment.

The quantitative techniques are essentiallyhelpful supplement to judgement and intuition. These techniques evaluateplanning factors and alternative as and when they arise rather than prescribecourses of action. As such, quantitative techniques may be defined as thosetechniques which provide the decision maker with a systematic and powerfulmeans of analysis and help, based on quantitative data, in exploring policiesfor achieving pre – determined goals. These techniques are particularlyrelevant to problems of complex business enterprises.

REASONS

Quantitative techniques though are a greataid to management but still they cannot be substitute for decision making. Thechoice of criterion as to what is actually best for the business enterprise isstill that of an executive who has to fall back upon his experience andjudgement. This is so because of the several limitations of quantitativetechniques. Important limitations of these techniques are as given below:

Theinherent limitation concerning mathematical expressions: Quantitative techniques involve the use ofmathematical models, equations and similar other mathematical expressions.Assumptions are always incorporated in the derivation of an equation and suchan equation may be correctly used for the solution of the business problemswhen the underlying assumptions and variables in the model are present in theconcerning problem. If this caution is not given due care then there alwaysremains the possibility of wrong application of the quantitative techniques.Quite often the operations researchers have been accused of having manysolutions without being able to find problems that fit.
Highcosts are involved in the use of quantitative techniques: Quantitative techniques usually prove veryexpensive. Services of specialised persons are invariably called for whileusing quantitative techniques. Even in big business organisations or publicsector we can expect that quantitative techniques will continue to be oflimited use simply because they are not in many cases worth their cost. Asopposed to this a typical manager, exercising intuition and judgement, may be ableto make a decision very inexpensively. Thus, the use of quantitative techniquesis a costlier affair and this in fact constitutes a big and importantlimitation of such techniques.
Quantitativetechniques do not take into consideration the intangible factors i.e., nonmeasurable human factors:Quantitative techniques make no allowances for intangible factors such asskill, attitude, vigour of the management people in taking decisions but inmany instances success or failure hinges upon the consideration of suchnon-measurable intangible factors. There cannot be any magic formula forgetting an answer to management problems; much depends upon proper managerialattitudes and policies.
Quantitativetechniques are just the tools of analysis and not the complete decision makingprocess: It should always bekept in mind that quantitative techniques, whatsoever it may be, alone cannotmake the final decision. They are just tools and simply suggest bestalternatives but in final analysis many business decisions will involve humanelement. Thus, quantitative analysis is at best a supplement rather than, asubstitute for management; subjective judgement is likely to remain a principalapproach to decision making.

CONCLUSION

Quantitativetechniques helps in cash flow planning, credit policies, planning of delinquentaccounting system in both private and public sector, however due to itslimitations conclude that the use of quantitative techniques for decision onany capital investment in Nigeria is a waste of time since the techniques onlyhelp in analysis while the decision making is left for the managers tocarryout.

REFERENCES

Simon, M.K., 2011. Dissertation and scholarly research: Recipes for success, Seattle, W.A.: Dissertation Success LLC.
Younus, M.A.F., 2014. Research Methodology. In Vulnerability and Adaptation to Climate Change in Bangladesh: Processes, Assessment and Effects (Springer Theses). Springer, pp. 35–76. Available at: http://link.springer.com/10.1007/978-94-007-5494-2_2 [Accessed August 1, 2016].

Monday, 11 March 2019

CONCEPT OF CORPORATE GOVERNANCE

CONCEPTOF CORPORATE GOVERNANCE

Corporate governance is the mechanisms, processes andrelations by which corporations are controlled and directed.Governance structures and principles identify the distribution of rights andresponsibilities among different participants in the corporation (such as theboard of directors, managers, shareholders, creditors, auditors, regulators,and other stakeholders) and includes the rules and procedures for makingdecisions in corporate affairs.

Corporategovernance includes the processes through which corporations’ objectives areset and pursued in the context of the social, regulatory and marketenvironment. Governance mechanisms include monitoring the actions, policies,practices, and decisions of corporations, their agents, and affectedstakeholders. Corporate governance practices are affected by attempts to alignthe interests of stakeholders.

Corporate governancehas also been more narrowly defined as “a system of law and soundapproaches by which corporations are directed and controlled focusing on theinternal and external corporate structures with the intention of monitoring theactions of management and directors and thereby, mitigating agency risks whichmay stem from the misdeeds of corporate officers.

Corporategovernance is the acceptance by management of the inalienable rights ofshareholders as the true owners of the corporation and of their own role astrustees on behalf of the shareholders. It is about commitment to values, aboutethical business conduct and about making a distinction between personal andcorporate funds in the management of a company.”

CATEGORYOF CORPORATE GOVERNANCE

Corporate governanceis the policies and procedures a company implements to control and protect theinterests of internal and external business stakeholders. It often representsthe framework of policies and guidelines for each individual in the business.Larger organizations often use corporate governance mechanisms to manage theirbusinesses because of their size and complexity. Publicly held corporations arealso primary users of corporate governance mechanisms.

1.POLICIES AND PROCEDURES

The first typeof corporate governance is a set of policies and procedures that a corporationuses to control and protect the business interest whether they are internal orexternal. This is represented by the policies and guidelines that need to befollowed by every individual in the business. This type of corporate governanceis oftentimes utilized by large corporations. This is due to the fact thatlarge corporations are complex and this type of corporate governance is a meansof simplifying the complexities that entails having a large corporation. Inaddition to that, publicly held corporations also utilize this type ofcorporate governance.

2.BOARD OF DIRECTORS

Another type ofcorporate governance is the board of directors. The board of directors isactually a mechanism that represents the stakeholders of the company. Itprotects their interest in the business. Board of directors is actuallycomposed of the stakeholders that are elected by them. The board is tasked tomanage and or review the company’s overall performance and to removeindividuals if necessary to enhance the company’s financial performance. Theboard of directors is the means employed by the stakeholders to bridge the gapbetween them and the company owners. The existence of the board of directorswill lose its essence if a corporation or company does not have stakeholders.Board of directors may be utilized by large private organizations andcorporations.

A board ofdirectors protects the interests of a company’s shareholders. The shareholdersuse the board to bridge the gap between them and company owners, directors andmanagers. The board is often responsible for reviewing company management andremoving individuals who don’t improve the company’s overall financialperformance. Shareholders often elect individual board members at thecorporation’s annual shareholder meeting or conference. Large privateorganizations may use a board of directors, but their influence in the absenceof shareholders may diminish.

3.AUDITS:

Auditing is another type of corporate governance mechanism. Basicallyaudits are reviews of the corporation’s financial transactions. Audits ensurethat the business or corporation is in concurrence to the guidelines set by thenational accounting authorities. Audits also ensure that the regulations andother external guidelines are met by the corporation. Auditing is an integraltool in the gathering of information by the shareholders or investors or eventhe general public in their assessment of the business or corporation. Auditscan help improve the corporation’s standing n the business scene. This isbecause business will be conducted willingly by other company if the companiesthey will be doing business with have a good track record.

Audits are an independentreview of a company’s business and financial operations. These corporategovernance mechanisms ensure that businesses or organizations follow nationalaccounting standards, regulations or other external guidelines. Shareholders,investors, banks and the general public rely on this information to provide anobjective assessment of an organization. Audits also can improve anorganization’s standing in the business environment. Other companies may bemore willing to work with a company that has a strong track record ofoperations.

4.BALANCE OF POWER

The last type ofcorporate governance mechanism is the balance of power. This ensures that noone person is vested with all the controlling powers of the company. Thisdistributes the powers to the board members, the directors and theshareholders. The roles established by this balance make sure that the companyis flexible and bend with the changing times. This makes the operation of thecompany smoother and without interruptions to the normal operations of thecompany.

Balancing powerin an organization ensures that no one individual has the ability to overextendresources. Segregating duties between board members, directors, managers andother individuals ensures that each individual’s responsibility is well withinreason for the organization. Corporate governance also can separate the numberof functions that one division or department completes within an organization.Creating well-defined roles also keep the organization flexible, ensuring thatoperational changes or new hires can be made without interrupting currentoperations.

CONCLUSION

Effectivecorporate governance is essential if a business wants to set and meet itsstrategic goals. A corporate governance structure combines controls, policiesand guidelines that drive the organization toward its objectives while alsosatisfying stakeholders’ needs.

REFERENCES

Shailer, Greg. An Introductionto Corporate Governance in Australia, Pearson Education Australia, Sydney,2004.

Luigi Zingales, 2008. “corporate governance,” The NewPalgrave Dictionary of Economics, 2nd Edition.

Williamson, Oliver E. (2002).“The Theory of the Firm as Governance Structure: From Choice toContract,” Journal of Economic Perspectives, 16(3), pp. 178–87,191–92. [Pp. 171–95.]

Pagano, Marco, and Paolo F. Volpin(2005). “The Political Economy of Corporate Governance,” AmericanEconomic Review, 95(4), pp. 1005–1030.

Williamson, Oliver E. (1988).“Corporate Finance and Corporate Governance,” Journal of Finance,43(3), pp. 567–591.

Monday, 13 August 2018

Real Estate Marketing

The real estate brokerage business is a strong traditional service agency that conveys market information for facilitating trading of the product (namely, real estate developments) within a highly inefficient market and mechanism (Li and Wang, 2006). Various scholars have examined the subject of real estate marketing (agency) from different perspectives. Pheng and Hoe (1994) examined the important attributes for real estate marketing. The study which was questionnaire-based identified twenty two (22) attributes. It was found in the study that ability to provide good service, good track record, dedication and total commitment, ability to achieve defined results and professionalism in dealings are the top most driving attributes of the agency firms for real estate consultancy. Qualified and experience team, big client base, ability to achieve desired results, dedication and total commitment are rated high as the attributes that influence the developers’ choice of appointing an agent. The study further concluded that consistent with the marketing mix concept for the marketing of services, the developer rates ‘people factor’ as a very important attribute which real estate agency firms should possess. The “people factor” includes the marketing team’s dedication and total commitment, their ability to achieve desired results, their experience and qualifications as well as their professionalism in handling deals.

Jud and Roulac (2001) in their study revealed the features of unethical practices in agency in the forms of multiple listing, disrespect of agency regulation, rise of fee for service pricing. The study revealed that the elements of no-service quality may be because of little or no entry barrier. The proliferation of various marketing strategy can also be attributed to the advent of the internet as posited by Nissen (1995), and Li and Wang (2006), that the roles of a service agent on the internet is classified as that of a watcher agent, learning agent, shopping agent, information retrieval agent and helper agent. However, the aspect of online real estate marketing is a ripe area to explore in Nigeria to identity the challenges confronting the practicing ESVs. Xu et al (2010) put forward a novel approach to describe the changing situations of the Chinese real estate market by means of Chinese Real Estate Confidence Index called CRE index, which is synthetically calculated based on its three sub-indices to reflect the three different aspects. The study served as a generic indicator to reflect changes in the Chinese real estate market, the CRE index provides all stakeholders with a quantitative method to verify history and detect tendency with regard to the progressive development of the market which is influenced by dynamic social and national conditions.

Iroham et al (2011) posit that in real estate agency practice, where the market is fraught with dearth of information, the role of the estate agent cannot be overemphasized particularly in bringing together parties of divergent interest in attaining specific goals. The authors surveyed 159 estate surveying firms and 91 property development companies in the commercial nerve centre of Lagos and indicated that multiple agency is mostly adopted in Nigeria real estate practice. The study consequently advocated for the modification of agency practice to eradicate all inefficiencies by safeguarding the interest of all parties. Munneke and Yayas, (2001) confirmed that the differences among brokerage firms and/or their agents suggest the possibility that some homes sell at premium prices and over a shorter time horizon than is the case with other broker-assisted transactions handled by less skilled or motivated agents. In the research conducted by Ke et al (2008), the performance of an estate agent is attributed to market environment volatility such as market uncertainty, housing market liquidity and house price changes. The study hence concluded that the size of a firm does not determine business performance and that there is need for enhancing, through training, the skills of estate agents in Nigeria per effective service delivery.

Considering the strategies in real estate marketing, it is important to state that marketing is the skill of matching the needs of a buyer with the product of a seller, for a profit. It is true to say that development property used to be a soft-sell product. In the light of this, it is ethical in Nigeria to erect bill board and place an advertisement. Nowadays, however, those marketing property developments are faced increasingly with a highly competitive and discerning market and one that demands better information. The days of certain markets, easy lettings and malleable tenants have gone, and for the foreseeable future they unlikely to retain property as a product has become more difficult to sell and those responsible for selling it require bringing a higher degree of professionalism to the market. (Araloyin and Ojo, 2011). This implies that property service is tasking if an agent is to claim any achievement. In accordance with the codes of conduct of NIESV (2005), the following approaches are allowed in real estate marketing: site or bill boards, direct marketing, press marketing, brochure/bulletin and personal contact ethically.

Concepts and Attributes of Marketing

Marketing is a way or philosophy of life, a discipline, as well as organizational function. Alexander (1990) officially defined marketing as the performance of business activities that direct the flow of goods and services from producers to consumers or users. The Ohio State University (1964) described marketing as the process in a society by which the demand structure for economic goods and services is anticipated or enlarged and satisfied through the conception, promotion and physical distribution of such goods and services. It is important to state that the scope of marketing is broadened beyond tangible or physical goods.

It entails service delivery and satisfaction of people (consumers) with non-physical products or services (Olakunori, 2002). The overriding goal of marketing and every marketing organization is the identification and satisfaction of the needs of consumers. This implies that marketing is all about people and the satisfaction of their needs. Marketing is perceived by Kotler (1980) as human activity directed at satisfying needs and wants through the exchange process. Mentzer and Schwartz (1985) described marketing as consisting of the activities performed by individuals or organizations for commercial and non commercial objectives, aimed at satisfaction through the exchange process of buyers’ demand for products, services, people and ideas.

Olakunori and Ejionueme (1997) posit that marketing is the identification and satisfaction of people needs through the exchange process. The business activities in marketing are much of concern to some situations. Anyanwu (1993) opined that marketing consists of business activities that seek to anticipate demand, help in developing and making the products or services available to the satisfaction of the consumers (users and at a profit to the organization). The dynamism in the world of technology is bringing a kind of metamorphosis to the concept of marketing. Kotler (1994) defined marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.

Moreover, Modern (1991) posits that the most important managerial task within the organization is that of understanding the needs and wants of customers in the market, and of adapting the operations of the organization to deliver the right goods and services more effectively and efficiently than its competitors. According to the author, marketing concept situates between two targets; the company and the market. The input of company is determined by the technology, research and development. Consumer or buyer behaviour and causes of changes in demand largely influence the market. As the company (service or goods providers) hit the market, the feedback, new products and service demands are expressed to the providers.

Advantages of Housing Cooperatives

Housing co-operatives basically differ from other market actors by creating value for their members. With this in view UN-Habitant (2010) highlighted some advantages and there are noted below:

Economic Advantages

Co-operative society creates an opportunity for affordability of houses.Lower down payment, much lower closing costs, economies of scale, and a longer mortgage term all make co-operatives more affordable than other ownership housing. Members have no reason to increase monthly charges substantially unless taxes or operating costs go up, so monthly charges remain reasonable.

The cooperative member is usually considered a homeowner and, as such, can deduct his or her share of the real estate taxes and mortgage interest paid by the cooperative. Cooperatives can provide for accumulation of individual member equity. For market-rate cooperative societies, the accumulation of equity and resale prices are based on the market. Limited-equity coops establish limitations on the accumulation of equity to assure long-term affordability to new members.

Members have no personal liability on the cooperative mortgage. The cooperative association is responsible for paying off any mortgage loans. This can often make it possible for persons whose income might not qualify them for an individual mortgage to buy a membership in a limited equity coop.

With the involvement incooperative association, members can jointly exert influence in order to change tax rates and utility prices and obtain improved services from local governments. The cooperative, as consumer advocate, can also join with other organizations. Cooperative society encourages saving among members. Members can benefit from economy of scale in cooperative operating costs as well as from not-for-profit operation. Also, when there are transfers, only the out-going member’s equity must be financed by the incoming member. Transfers of shares are subject to fewer settlement costs (UN-Habitant, 2010).

Social Advantages

Cooperatives housing offer control of one’s living environment and a security of tenure not available in rental housing. As mutual owners, member residents participate at various levels in the decision-making process. This is not true of tenants who usually do not have the opportunity to exercise responsibility. Members own the cooperative together and have the security of being able to remain in their homes for as long as they wish, as long as they meet their monthly obligations, and abide by the cooperative bylaws, rules, and regulations.

Many cooperative members indicate that the possibility for interaction with people from different backgrounds, cultures, and income levels is a positive factor in their decision to become a member.

By establishing cooperative procedures and working together, people are able to provide services for themselves that otherwise would be impossible to obtain. When one cooperatively organized venture is successful it often becomes clear that people can be successful in another area as well. As a result, the original effort often can be strengthened.

Physical Benefits

Shared maintenance responsibilities: cooperative members usually have limited direct maintenance responsibilities. The cooperative association is responsible for major repairs, insurance, replacement of worn-out buildings, and upkeep of common grounds and facilities.

Vandalism and Security: cooperative members vigorously protect their association’s property. An important benefit of converting rental properties to cooperative ownership is reduction in vandalism and abuse of property and improved and shared security arrangements. Recent studies show that the cooperative’s presence in the neighbourhood brings neighbourhood crime down (UN-Habitant, 2010).

Standard cooperative practices: it is evident that cooperative housing associations are most successful when operated in accordance with specific recommended practices, in addition to the general co-op principles. The cooperative’s board of directors should keep its members informed of all its actions. A regular communication system for instance, through frequent newsletter, information bulletins, special meetings, solicitation of members for opinions and priorities-strengthens the relationship between the board of directors and the members.

The cooperative society must maintain adequate financial reserves to protect the cooperative and its members’ interests. These usually include a general operating reserve and a reserve for replacing components of buildings as they deteriorate. Such reserves reduce the possibility of members having to pay unexpected special charges in emergencies. An annual audit should be conducted by professional accountants and made available to all members. To protect the interests of the remaining residents, the cooperative board must have the right to approve incoming members who take the place of those leaving the cooperative. A credit check and a visit with the membership committee are usually required. This process also helps orient the incoming member to their rights and responsibilities as coop members (UN-Habitant, 2010).

HOUSING CO-OPERATIVE SOCIETY APPROACH TO HOUSING DELIVERY

According to Dogarawa (2005), Co-operative Societies emerged as an option explored by the majority which are mostly low income group and are somewhat alienated by the privileged minority that control the resources of an economy. The Societies have become a strong, vibrant and viable economic alternative in a period when many people feel helpless, powerless or disenfranchised to change their living conditions. Co-operative Societies are formed principally to meet peoples’ mutual needs based on the idea that together, a group of people can achieve goals that none of them could achieve alone. The formation and goal of Co-operative Societies is not to meet unessential collective or individual needs. Rather, it is aimed at providing basic needs which otherwise might take a long time to realize or completely unaffordable without assistance.

The UN-Habitat (2002) identified co-operatives as an important way of achieving the two goals of Habitat Agenda which are “Adequate Shelter for all” and “Sustainable Human Settlement Development”. Also, the Global Strategy for Shelter to the year 2000 states that implementation of a shelter strategy will involve the redistribution of responsibilities to a variety of actors and stakeholders, including individual households, cooperative groups, informal and formal private producers, governmental agencies and ministries (UN-Habitat, 1989).

Co-operatives are people-centred and are owned, controlled, used and invested in by their members, who have a responsibility to support their co-operative by being an active member. In return, the co-operative must ethically service the needs of its members (Cooper 2012). Members are the heart and soul of a co-operative. The main purpose of a co-operative is for all members to join with a group of like-minded people to share in the benefits of co-operation, which are designed to meet the social, economic and cultural needs of its members. Co-operatives promote member development through their participation in governing the organisation, and usually provide local social or economic development, such as providing employment, goods or services that would not otherwise be available or affordable to the members.

Whether the term is used as co-operative housing or housing co-operative the literature on the subject matter is extant with conceptual clarifications (Wikipedia 2013, Sazama, 2000; Fasakin, 1998; NCHAA, 2001; Kennedy, 1996). The different definitions however reflect varying typologies rather than kinds of co-operatives. For instance, Wikipedia defined Housing co-operative as “a legal entity, usually a corporation, renting own real estate, consisting of one or more residential buildings, and that, it is one type of housing tenure”.

According to Sazama (2000) housing cooperative is one in which member-residents jointly own their building, democratically control it and receive the social and economic benefits accruable from living in and owning a cooperative. Housing co-operatives are often established to meet the needs and visions of certain groups of people, such as people from low income households, of specific ethnic or religious background, artistic persuasion, age, sex, sexual preference, disabilities, or environmental awareness.The general objective function of the housing co-operatives is to provide for the low and medium income class, decent and affordable housing. In terms of structure and function, they are mostly set up by civic organisations or private realtors with partial funding from governments which in most cases act as policy maker or facilitator (Adeboyejo & Oderinde, 2013).

In Nigeria, co-operative housing is not new, as the principle is embedded in the customs of many Nigerian ethnic nationalities. Among the Yorubas of South-western Nigeria, for instance, informal co-operative means, known as aaro in local language, have been used to achieve aspects of home ownership. This involved pooling physical efforts of relatives and friends, and obtaining loans, aajo or esusu from saving societies. However, there are very few, if any formal, or real housing cooperative movements in the country (Adeboyejo & Oderinde, 2013).

NATURE OF HOUSING DELIVERY IN NIGERIA

UN-Habitat (2010; 2012) estimated total housing needs in Africa at around 4 million units per year with over 60 per cent of the demand required to accommodate urban residents and that the figure may likely increase to 5 million per year in the cities. This translates into nearly 15,000 dwellings per day in order to accommodate the expected urban population growth. UN-Habitat (2010) also observed that rapid urbanization is generating extraordinary demographic pressure and demand for housing, land and infrastructure especially in African cities.

In many developing countries, including Nigeria, urban housing crisis is escalating unabated despite a number of new policies, programs and strategies being engaged in by public and private sectors in addressing this problem. Government has recognized that the majority of those in need of housing in many less-developed nations in Africa, Asia and South America are in the low income categories and that some require special housing programs to be able to live in decent housing (Offiaet, 2014).

Several studies have indicated that public housing provision involves policy formulation, institutional development, actual housing provision, allocation and management (Omole, 2001; Valenca, 2007; Sengupta and Tipple, 2007). This goes to suggest that challenges in public housing provision are related to policy formulation, institutional growth and development as well as actual production and consumption of housing units and services. In fact, Sengupta and Tipple (2007) noted that the performance of public-sector housing in terms of total supply and quality, price and affordability of housing and services depends on these key areas and perhaps on other intervening factors.

Specifically, the actual production of housing units and associated services is one of the key objectives of public housing provision which aims at increasing decent and affordable housing stock within a country, state or locality. However, evidence from literature review clearly shows that public housing provision in many developing countries, including Nigeria, has not recorded any impressive result in matching housing production to housing demand, as there are huge housing supply deficits in many less developed countries (Rondinelli, 1990; Mukhija, 2004; Sengupta and Ganesan, 2004; Olotuah, 2010).

The burgeoning housing supply deficit in Nigerian which as at 2015 was put at over 35 million housing units (Onwuemenyi, 2015) for instance, has been blamed on low productivity in public-sector housing. Taking a closer look at planned and constructed number of housing units in the different public housing programs initiated between 1962 and 1999 record shows that a total of 618,498 housing units were planned for production in the various public housing schemes across the country and around 85,812 housing units representing around 14% of the planned housing units were actually completed. This achievement level clearly shows that many of the public housing programs initiated by government within that period failed to meet the targeted number of housing units.

With respect to affordable housing provision, the UN-HABITAT (2006) report on Nigeria noted that past public housing policies and programs in the country were aimed at enabling low-income earners gain access to decent housing at affordable cost. According to Aribigbola (2008), the 2002 New National Housing and Urban Development Policy (NNHUDP) for instance, asserted that no Nigerian is expected to pay more than 20% of his or her monthly income on housing. But to the contrary, prior studies (Onibokun, 1985; Awotona, 1990; Mba 1992; Olotuah and Bobadoye, 2009; Ibem, 2010) have shown that the targeted population of many past public housing schemes in Nigeria did not benefit from such schemes. This was due to high cost of housing units provided. Consequently, several authors have contended that the constraints in accessing housing inputs (land, building materials and finance) as well as cost of providing infrastructure were partly responsible for the hike in the cost of public housing beyond the reach of an average Nigerian (Ikejiofor, 1999; UN-HABITAT, 2006; Aribigbola, 2008).

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ANTIBACTERIAL ACTIVITY OF SOME SELECTED MEDICINAL PLANTS USED BY THE NASARAWA COMMUNITY

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