Dr. E. Isibor

The study is set to investigate capital structure and performance of oil and gas companies in Nigeria, by employing various indicators such as return on equity (ROE) short-term debt ratio (STDR), long term debt ratio (LTDR), total debt ratio (TDR) and total debt to equity ratio (TDER). The data used for the study were sourced from the NSE fact book 2021 and annual financial reports of the purposefully selected quoted Manufacturing firms on Nigerian Exchange Limited (NGX) for the period 2014-2023 (10years). The study adopted the Panel Least Squares estimation technique for all the series employed. The findings of the study revealed that long term debt (LTDR), short term debt (STDR), and total debts (TDR) are positively related to financial performance (ROE) of manufacturing firms. Furthermore, long term debt ratio and total debt ratio (that is leverage) are significantly related to manufacturing firms’ financial performance (ROE). In addition, short term debt ratio and total-debt equity ratio have no significant influence on manufacturing firms’ financial performance. While, short debt has positive influence on manufacturing firms’ financial performance, total debt-equity ratio has a negative influence on performance. Hence, long term debt rather than short term debt and debt- equity ratio is the significant determinant of financial performance (ROE) of manufacturing firms in Nigeria. The study recommends that the managers of the nation’s manufacturing firms should strive to boost return to equity owners by increasing theirs use of debts, particularly long term debts in their capital structure in order to promote the growth of their corporate organizations. Also, reasonable use of long-term debts, as needed to finance expansion of manufacturing firms infrastructures and other investments, recommended in order to avoid the financial risk of default and possible bankruptcy.

The study is set to investigate capital structure and performance of oil and gas companies in Nigeria, by employing various indicators such as return on equity (ROE) short-term debt ratio (STDR), long term debt ratio (LTDR), total debt ratio (TDR) and total debt to equity ratio (TDER). The data used for the study were sourced from the NSE fact book Q2021 and annual financial reports of the purposefully selected quoted Manufacturing firms on Nigerian Exchange Limited (NGX) for the period 2014-2023 (10years). The study adopted the Panel Least Squares estimation technique for all the series employed.
The findings of the study revealed that long term debt (LTDR), short term debt (STDR),
and total debts (TDR) are positively related to financial performance (ROE) of
manufacturing firms. Furthermore, long term debt ratio and total debt ratio (that is
leverage) are significantly related to manufacturing firms’ financial performance (ROE).
In addition, short term debt ratio and total-debt equity ratio have no significant influence on manufacturing firms’ financial performance. While, short debt has positive influence on manufacturing firms’ financial performance, total debt-equity ratio has a negative influence on performance. Hence, long term debt rather than short term debt and debt equity ratio is the significant determinant of financial performance (ROE) of
manufacturing firms in Nigeria. The study recommends that the managers of the nation’s manufacturing firms should strive to boost return to equity owners by increasing theirs use of debts, particularly long term debts in their capital structure in order to promote the growth of their corporate organizations. Also, reasonable use of long-term debts, as needed to finance expansion of manufacturing firms infrastructures and other
investments, recommended in order to avoid the financial risk of default and possible
bankruptcy.

The study examined the influence of carbon footprint on Economic Growth (EG) of selected
African countries. Quarterly time series data and panel data of five (5) African countries from
1980 to 2023 were sourced from the World Bank Development Index (WBDI) database. Statistical techniques of descriptive statistics, correlation analysis, stationarity test, cointegration test, Error Correction Model (ECM) and panel Vector Error Correction Model
(VECM) were employed to analyse the data. Findings show that four (4) out of five countries
traded-off Economic Growth to reduce carbon emissions in the long run. Thus, EKC
(Environmental Kuznet Curve) proposition is confirmed in these countries (Nigeria, Algeria, Libya, and Egypt). Also, electricity consumption, human capital, and trade openness are
significant channels via which renewable energy technology may affect the countries’ Economic Growth, although in different magnitude. In Africa, Economic Growth must be
traded-off in the long run to reduce the quantum of consumption carbon emission (CO2) in
the long run. Only trade openness is identified as a significant conduit via which renewable
energy technology impact the region’s Economic Growth. From the foregoing analysis, the
study concludes that better EKC hypothesis practice and favourable trade openness is a useful
tool for preventing environmental degradation process and promoting economic growth and
development in Africa.