Nurturing an industrial cluster in Nigeria
Daniel Barkley, EOTM Executive Director Nuruddeen Nyako, EOTM Research Fellow Abduhameed Mahmood, American University of Nigeria IT Student
Making It is a quarterly magazine to stimulate debate about global industrial development issues. Published by UNIDO, the specialized agency of the United Nations promoting inclusive and sustainable industrial development.
In the wake of the global financial crisis of September 2008, Islamic financial products were thrust into the spotlight as alternatives to the shaken conventional equity markets. To examine the resilience of Islamic equities indexes, we compare the performance of the Dow Jones Islamic Market Index (DJIMI) against the Wilshire 5000 (W5000), FTSE All Share Index (ASX), and Shanghi Stock Exchange Composite Index (SSECI) between 2008 and 2011. We found the DJIMI had lower levels of volatility relative to the W5000, ASX and the SSE. The DJIMI annual returns were less than the W5000 but comparable to those of the ASX and SSE. Although these equity indexes are highly correlated, our cointegration analysis revealded no the long-term relationships between the DJIMI and its international counterparts. Although the DJIMI is comprised of equity shares from over 50 countries, our Granger causality results suggest that the DJIMI is the least susceptible the global contagion effects.
Daniel Barkley, Ph.D. ,Executive Director Zubair Akbar, Research Fellow
Journal of Islamic Economics, Banking and Finance Vol. 11, No. 14, January – March 20, 2015
Pablo Andres Bejar EOTM 2010-2011 Research Fellow
Pablo Andres Bejar, Economics On The Move’s (EOTM) 2010-11 Research Fellow has graduated with a Masters Degree from Columbia University’s School of International and Public Affairs (SIPA).
EOTM awarded Pablo a Research Fellowship in 2010 to support the revision of his thesis paper: “A Current Analysis of Firm Foundation Giving and its Effects on Corporate Financial Performance for American Companies” for presentation at the Imgard Conix Foundation’s “Workshop II: Financialization and Corporate Social Responsibility” in Berlin, Germany in 2011.
Pablo has made many important contributions to EOTM; he has written grant applications and letters of inquiry to private foundations and government agencies on our behalf.
Please join me in congratulating Economics On The Move Research Fellow Pablo Bejar on his remarkable achievements. We are grateful to have been able to contributed to his success.
EOTM Executive Director, Dr. Daniel Barkley and EOTM Research Associate Nuruddeen Nyako deliver safety items
EOTM Research Associate Nuruddeen Nyako and EOTM Executive Director delivered safety items to the PantekaYola Industrial District last week. This included spirits (isopropyl alcohol), plasters (bandages), hydrogen peroxide, gauze, cotton balls, Repel anti-mosquito wipes, anti-diarrhea tablets, throat lozenges,100 pairs of rubber gloves and a 6000 kg fire extinguisher. The proceeds from the sale of safety goggles were use to purchase these safety items.
EOTM Research Associate, Nuruddeen Nyako interviewing Panteka workers on the benefits of wearing safety glasses.
Panteka workers say they prefer the EOTM safety glasses because they cost less and are more durable than the ones sold locally.
Some of the beneficiaries of EOTM safety glasses have been children.
Economics On The Move’s (EOTM) Research Associate Nuruddeen Nyako began interviews with PantekaYola workers on the use of safety glasses.
The PantekaYola Industrial District is where hundreds of blacksmiths, craftsmen, welders use Yola’s refuge to make everything from deep freezers to automobile spare parts. Many Panteka workers labor without the benefit of hard hats, face masks, protective shoes or gloves. Some of these workers are children.
EOTM purchased 35 safety glasses in the U.S. and paid to ship them to Yola where they were subject to: “Custom Duties,” “Recall Fees,” “Redirection Charges,” “Trade Charges,” “Retention Fees,” and “Parcel Handling Charges” totaling 4,957 naira. However, the glasses were sold to Panteka workers at cost, or N250 each. Proceeds from the sales are going toward the purchase of first-aid kits and a fire extinguisher for Panteka workers.
During the interviews, workers mentioned that the glasses help protect their eyes and they purchased the EOTM glasses instead of ones sold locally because of the cost and quality.
Nuruddeen believes that high prices for safety items discourages Panteka workers and Nigerians in general from developing a “work-safe” environment/ attitude. He plans to use examples from Panteka to advocate for policy reforms that promote worker safety.
Evanston Memorial Day Parade
The Evanston Community Council in Cincinnati has invited members of the Bicycle Riders International Cooperative Society (BRICS) to their annual Memorial Day Parade on May 25, 2015. BRICS is a Nigerian-based co-operative society (reg. no. 18633) that promotes cycling sports and related activities for under-privileged youth (Evanston Memorial Day Parade Letter of Invitation).
BRICS Unicycling Kids
Like Us on Facebook
BRICS is sustained through donations and its advertising venture, which features unicycling youth showcasing sponsors’ products, services and causes at parades, grand openings, and sporting events. BRICS eye-catching performances feature unicycling kids wearing jerseys, helmets and attire displaying the sponsoring organization’s name, logo, and/or products.
BRICS at Wetland Amusement Park, Yola Nigeria
We are looking for parade sponsors who can donate money, and/or in-kind items such as cycling helmets, jerseys, and tennis shoes. We also welcome volunteers who can help with logistics, transportation and housing.
In sponsoring BRICS you are promoting the development of self-sufficient entrepreneurs. Your support acknowledges you as a responsible global citizen who has taken an active role in promoting the social, cultural, health and economic development of less-privileged youth living in Adamawa State, Nigeria.
Contact EOTM U.S. Coordinator if you can help
3314 Monteith Ave
Cincinnati, Ohio 45208
Phone: +1 513 675 5060
Today’s Learners, Tomorrow’s Leaders (TL²) is a highly selective, three week summer program at the University of Cincinnati. TL² participants will learn to better understand Cincinnati neighborhoods and economy, why jobs are scarce in some communities and abundant in others, why some jobs pay more than others, and how individuals from all backgrounds can become entrepreneurs and successful business owners. TL² is not a residential program.
TL² begins June 8, 2015-June 26, 2015!
TL² allows students the opportunity to earn three semester hours of transferable credit at the end of the program. Time is spent on the main campus of the University of Cincinnati and tours at top nationally known businesses such as P&G, Ford, Citi bank, CVG airport and many more. Three weeks of college level class earns you three college credits. TL² is not a residential program.
What You Will Gain:
- Knowledge about the local economy and businesses
- Three semester hours of transferable credit for a freshman economics course
- Understanding of what it takes to run a business
- Opportunity to tour Cincinnati area industries and successful businesses
- Instruction in personal finance knowing how to budget, earn, save, and responsibly spend your money
- Time on a real urban college university campus
- Networking with peers from all over the tri-state with different backgrounds.
How to Apply:
To be considered for TL², students must fill out the application form on The Economics Center for Economic Research’s website.
In addition, interested students should submit:
- at least one letter of recommendation from a teacher or academic advisor who can attest to the students academic qualifications.
- one-page personal statement that outlines your leadership skills and defines your history of academic success.
- Copy of your most recent high school transcript.
After submitting the application, please mail the release form (on The Economics Center for Economic Research’s website) from your parent to:
Attn: Adrijana Kowatsch
225 Calhoun Street Suite 370
Cincinnati, Ohio 45219-0228.
Current 10th-11th grade students are invited to apply.
The Panteka Market, a large fabrication center in Yola Nigeria is comprised of hundreds of individual craftsmen, artisans, welders, and blacksmiths who use discarded metal, rubber, and wood to produce a vast array products ranging from deep freezers to automobile spare parts. EOTM’s Panteka projects focus on finding ways to enhance efficiency and profitability of the Panteka firms by expanding their market and customer base though TV advertising, creating a Facebook page and street-level billboards. Our efforts to improve quality, organization and productivity include exposing administrative and manufacturing workers to U.S.-styled business operations though summer internships with an American firm.
The Panteka Industrial District is 12 min. video that documents some of the activities of the Panteka Market. This film was produced by Nuruddeen Nyako, EOTM’s 2014-15 Research Fellow and features EOTM Executive Director, Dr. Daniel Barkley. The Panteka Industrial District was broadcast December 18, 2014 on TV GoTel in Yola Nigeria.
EOTM Donates School Supplies to Standard Academy
EOTM Executive Director, Dr. Daniel Barkley with Standard Academy, President Nuruddeen Nyako
Education is a critical component of development. UNESCO recommends 26% of a country’s annual budget be dedicated to education.Ghana spends 31 %, Cote d’Ivoire, 30%; Uganda 27%; Morocco 26. 1; Swaziland, 24.6; South Africa 25.8%; Kenya, 23%; Botswana, 19%Nigeria hugs the bottom spending only 8.4% of its GDP on education.
One results of this in Nigeria is 10.5 million drops outs; the highest amount in the world. Here in Yola it is not uncommon to see kids in the street when they should be in school.
The security situation in the North has exacerbated the drop out problem in the north.
UNICEF, in its statement, said recent kidnappings and violent attacks had made it difficult for children in northern Nigeria to get education, as thousands of families are fleeing their homes and pulling their children out of school.
In the first three months of 2014, the United Nation’s organisation reported that at least 15,000 children in northern Nigeria had stopped attending classes.
According to UNICEF, almost one of three primary-school aged children and one in four secondary-school aged children is not enrolled.
Standard Academy is doing it’s part to address the problem. Since its opening in August 2013, Standard Academy has attracted primary-school aged children from more than 70 families. Its fees are very reasonable and several students are on scholarship.
Standard Academy teachers are dedicated, passionate and qualified. The curriculum is an unapologetic amalgamation of Western educational methodology, Islamic principles and Hausa-Fulani culture. Kids are learning their lessons in Arabic, English, and Hausa.
In January 2014, Economics On The Move (EOTM) donated pencils, books, flash cards to Standard Academy in Yola Nigeria
EOTM Sponsors Umar
EOTM sponsors Umar’s education.
I first met Umar (age 6) wondering the dusty streets of Yola alone wearing short pants, no shirt or shoes. Today, Umar is attending Standard Academy primary school. This transformation was made possible with through EOTM sponsorship.