Saturday, 4 February 2017

FINAL YEAR PROJECTS: IMPACT OF TREASURY SINGLE ACCOUNT (TSA) IMPLEMENTA...

FINAL YEAR PROJECTS: IMPACT OF TREASURY SINGLE ACCOUNT (TSA) IMPLEMENTA...:                                                                   CHAPTER ONE INTRODUCTION 1.1 Background of the study               ...

Monday, 23 January 2017

THE IMPACT OF LIQUIDITY MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING COMPANY (A CASE STUDY OF NIGER MILL PLC, CALABAR)

CHAPTER ONE
1.1 Background of the study
Liquidity management is a concept that is receiving serious attention all over the world especially with the current financial situations and the state of the world economy. The concern of business owners and managers all over the world is to devise a strategy of managing their day to day operations in order to meet their obligations as they fall due and increase profitability and shareholder’s wealth. Liquidity management, in most cases, are considered from the perspective of working capital management as most of the indices used for measuring corporate liquidity are a function of the components of  working capital. The importance of liquidity management as it affects corporate profitability in today’s business cannot be over emphasis.
             The notion of liquidity in the economic relates to the ability of an economic agent to exchange his or her existing wealth for goods and services or for other assets. In this definition, two issues should be noted. First, liquidity can be understood in terms of owes (as opposed to stocks), in other words, it is a own concept. In this framework, liquidity refers to the ability of an institution or organization to meet demands for funds. Liquidity management means ensuring that the institution maintains sufficient cash and liquid assets to satisfy client demand for goods and services, and to pay the institution’s expenses. Liquidity management involves a daily analysis and detailed estimation of the size and timing of cash inflows and outflows over the coming days and weeks to minimize the risk that savers will be unable to access their deposits in the moments they demand them. Liquidity and its management determines to a great extent the growth and profitability of a firm. This is  because  either  inadequate  liquidity  or  excess  liquidity  may  be  injurious  to  the  smooth  operations  of  the organization.  This  seeming  controversy  has  attracted  a  lot  of  interest  in  the  subject  of  liquidity  management. The primary aim of this research work is to investigate the relationship between liquidity and profitability.
             Manufacturing sector plays a crucial role in modern economy and has many dynamic benefits for economic transformation. In a typical economy, the manufacturing sector is a leading sector in many respects. It is an avenue for increasing productivity related to import replacement and export expansion, creating foreign exchange earning capacity; and raising employment and per capital income which causes unique consumption patterns. Furthermore, it creates investment capital at a faster rate than any other sector of the economy while promoting wider and more effective linkages among different sectors. In terms of contribution to the Gross Domestic product, the manufacturing sector is dominant but it has been overtaken by the services sector in a number of Organizations for Economic Co-operation and Development (OECD) Countries.
                  Before independence, agricultural products dominated Nigeria’s economy and accounted for the major share of its foreign exchange earnings. Initially, inadequate capital investment permitted only modest expansion of manufacturing activities. Early efforts in the manufacturing sector were oriented towards the adoption of an import substitution strategy in which light industry and assembly related manufacturing ventures were embarked upon by the formal trading companies. Up to about 1970, the prime mover in manufacturing activities was the private sector which established some agro-based light manufacturing units such as vegetable oil extraction plants, turneries tobacco processing, textiles, beverages and petroleum products. The strategy of light and assemblage manufacturing shifted somewhat to heavy Industries from the period of the third National Development plan (1975-1980) when government intervened to establish care industrial plants to provide basic imports for the downstream industries. The import dependent industrialization strategy virtually came to a halt in the Late 1970s and early 1980s when the liberal impart policy expanded the imports of finished goods to the detriment of domestic production. In this regard, industrialization constitutes a veritable channel of attaining the lofty and desirable conception and goals of improved quality of life for the populace.
           However, liquidity has an important relationship with profitability in the manufacturing industry.  If companies have enough liquid resources, it may be able to get benefit of cash discount on purchases and consequently that will result in increasing profits.  If  they  cannot  pay  the  creditors  for  goods  in  the  given  period, they have to pay interest on the amount of purchases. Thus, shortage of liquid resources will  result  in  low  of  cash  discount  and  payment  of  interest.  Both the losses will certainly decrease over profits.  Secondly,  companies  may  keep  the  stock  at  desired  manners  and  that  will benefit  them  in  circulation  of  business  activities.  Contrary  to  this,  if  they  are  not  able  to  keep sufficient  stock  due  to  shortage  of  liquid  resources,  then  the  production  cycle  may  not continued and that will result in heavy losses. Liquid resources of a business concern for all over to expand huge business activities more, and less in financial.
             Again, the management of cash resource is also an important concept in liquidity management.  In this context the objectives of a firm can be unified as bringing about consistency between maximum possible profitability and liquidity of a firm. Cash  management  may  be  defined  as  the  ability  of  a management in recognizing the problems related with cash which may come across in future course of action, finding appropriate solution to curb such problems if they arise, and finally delegating  these  solutions  to  the  competent  authority  for  carrying  them  out  The  choice between liquidity and profitability creates a state of confusion. It is cash management that can provide solution to this dilemma. Cash management may be regarded as an art that assists in establishing equilibrium between liquidity and profitability to ensure undisturbed functioning of a firm towards attaining its business objectives.   Profitability is a measure of the amount by which a company's revenues exceeds its relevant expenses. Profitability ratios are used to evaluate the management's ability to create earnings from revenue-generating bases within the organization.
1.2 Statement of the problem

            Business financing, especially at the wake of the 2008 financial crisis, which has become a major source of concern for business managers as bank loans are becoming too expensive to maintain as a result of tightening of the local financial market and the reluctance of the public to invest in the share of companies sequel to the crash of the capital market. These situations compel business managers to device various strategies of managing internally generated revenue to enhance their chances of making profit and meeting existing shareholders expectations.

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IMPACT OF TREASURY SINGLE ACCOUNT (TSA) IMPLEMENTATION ON GOVERNMENT FISCAL OPERATION IN NIGERIA (A STUDY OF MINISTRY OF FINANCE CROSS RIVER AND AKWA IBOM STATES)

                                                                  CHAPTER ONE
INTRODUCTION
1.1 Background of the study
               The introduction of Treasury Single Account is as a result of numerous corrupt practices that exist in the Country’s public accounting system. This was as result of lack of transparency and accountability in the management of public funds. Treasury Single Account (TSA) is one of the financial policies implemented by the federal government of Nigeria to consolidate all the revenue from all the ministries, departments, and agencies (MDAs) in the country by way of deposit into Commercial banks traceable into a single account at the Central Bank of the country. They are critical for ensuring that all tax and non-tax revenues are collected and payments are made correctly in a timely manner; and government cash balances are optimally managed to reduce borrowing costs (or to maximize returns on surplus cash). This is achieved by establishing a consolidated government bank accounts via a treasury single account (TSA). Treasury single account (TSA) is a prerequisite for modern cash management and is an effective tool for the ministry of finance/treasury to establish oversight and centralized control over government’s cash resources (Adeyemo and Salami, (2008). It provides a number of other benefits and thereby enhances the overall effectiveness of a public financial management (PFM) system.
            Treasury single account (TSA) also facilitates debt management, and monetary policy coordination as well as reconciliation of banking data, which in turn improves the quality of fiscal information (Aluko, 2008). Treasury Single Account (TSA) is one of the proven practices in improving the payment and revenue collection systems, and carrying out consistent control of public expenditures by centralizing the free balances of government bank accounts. The TSA infrastructure is usually implemented as a part of the Financial Management Information System (FMIS) solutions. In other words, treasury single account (TSA) is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets a consolidated view of its cash position at the end of each day.
                 However, fiscal operations are actions taken by the government to implement budgetary policies, such as revenue and expenditure measures, as well as issuance of public debt instruments and public debt management. Fiscal operations include accounting and financial reporting, cash management, investments, accounts payable, payroll, fixed assets, internal control, and debt service management. This includes maintaining the general ledger and all subsidiary ledgers, preparation of required reconciliations, ensuring compliance with the annual budget ordinance, reporting to State and Federal agencies, updating the Capital Improvements Plan and preparation of the annual operating budget.
               The Office of Fiscal Service is to develop policy and operate the financial infrastructure of the federal government, including payments, collections, cash management, financing, central accounting, and delinquent debt collection. They provides policy oversight of the bureaus under it and develops policy on payments, collections, debt financing operations, electronic commerce, government wide accounting, government investment fund management, and other issues. The office also performs two critical functions for the department: it manages the daily cash position of the government and it produces the cash and debt forecasts used to determine the size and timing of the government's financing operations. Fiscal Operations and Policy, oversees the development and implementation of policies relating to the government's cash management operations, investment and administration of trust funds, payments, collections, and debt collections.
       Therefore, treasury single account (TSA) is an essential tool for consolidating and managing governments’ cash resources, thus minimizing borrowing costs. Considering Nigeria as a country with fragmented government banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda as well as meeting the preconditions and desirable sequencing for its successful implementation. From the foregoing, it is obvious that the primary objective of a TSA is to ensure effective aggregate control over government cash balances. It avoids borrowing and paying additional interest charges to finance the expenditures of some agencies while other agencies keep idle balances in their bank accounts. There were situations where some MDA’s manage their finances like independent empire and remit limited revenue to government treasuries. Under a properly run TSA, this is not possible as agencies of government are meant to spend in line with duly approved budget provisions. The maintenance of a single account for government will enable the Ministry of Finance monitor fund flow as no agency of government is allowed to maintain any operational bank account outside the oversight of the ministry of finance. The full implementation of this programme therefore is a critical step towards eradicating corruption and other financial irregularities ravaging the country. Therefore by introducing economy and efficiency in the management of scarce public resources, the Government is in a better position to realize its policy goals
1.2 Statement of the problem

               A country with fragmented government banking arrangements that lack effective control over its resources can pay for its institutional deficiencies in multiple ways. First, idle cash balances in bank accounts often fail to earn returned on capital. Secondly, the government, being unaware of these resources, incurs unnecessary transactions and borrowing costs in raising funds to cover a perceived cash shortage. Thirdly, delay in executing government budgets and projects as a result of lack of funds in Government account. The problem of financial leakages, increase in corruption, lack of transparency and accountability are also major concerned. The researcher, therefore want to examine how treasury single account (TSA) implementation on government fiscal operation can significantly eliminate or reduces the above mentioned problems.

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Friday, 15 July 2016

SOLID WASTE MANAGEMENT TECHNIQUES, PROBLEMS AND PROSPECTS

INTRODUCTION
1.1     BACKGROUND OF THE STUDY
Waste management is the process of treating solid wastes and offers variety of solutions for recycling items that don’t belong to trash. It is about how garbage can be used as a valuable resource. Waste management is something that each and every household and business owner in the world needs. Waste management disposes of the products and substances that you have use in a safe and efficient manner. Waste management is the “generation, prevention, characterization, monitoring, treatment, handling, reuse and residual disposition of solid wastes”. There are various types of solid waste including municipal (residential, institutional, commercial), agricultural, and special (health care, household hazardous wastes, sewage sludge
The influence of poor waste management on environmental health in Nigeria has been a cause of concern, most especially as it affects the inhabitants of Calabar south Local Government of Cross River State.
       Waste has been on existence since the creation of man and the environment. However, awareness on environmental sanitation is presently creating high interest towards environmental education in Nigeria.
       The reason for this development is due to the highly and increasing experiences of environmental filtration. It is observed that the increase in human population and it’s high growth rate, industrial development contribute to solid waste management.
The destructions includes, indiscriminate waste disposal industrial air and water pollution etc. result in the reduction of their healthiness. The United Nation’s conference in human environment held in Stockom in 1972 agreed on a plan of action to safeguard and enhance the environment of global scale in order to improve the standard of ecological health of the earth, through the improvement of right of man to live in an environment that preserves his dignity.
       Obi (1996) disposal of waste in the country (Nigeria) has been assuming disturbing dimension as most authorities connected with waste management have allowed their disposal to create pollution problems to the nation’s environmental health.
The country’s waste falls under three broad classes namely liquids waste, gaseous waste and solid waste.
       These is often generated by human beings and their combined activities in the industrial agricultural rural and urban sectors.
We generate waste but only few of us know or care about what happens to them as it affects human health and the environment. The unplanned urban nature of the developing countries like Nigeria in general and Calabar south in particular has implication for waste management among other social services like provision of shelter and efficient management of solid waste policies face threat of being entirely shocked in the ever growing refuse generation.
The parcel of land like (garden street) which could have been used for waste disposal are normally has taken over for other urban land uses, this factor made it impossible to acquire permanent disposal sites.
Solid waste is the most acute type of environmental degradation that has engulfed our cities in recent times piles of refuse dumps blocked the street and drain in most part of Nigerian towns, they have produced unbearable stinking odour in market places, parks etc and breed rats, cockroaches flies and other pests that are dangerous threat to our environmental health.
       But in most parts of the civilized countries of the world, the traditional ways of disposing refuse are by dumping on land fills and by incineration. Organic maters are composited and feed to pigs. Liquids wastes are often diluted with fresh water after some treatment before being passed into the surface waster system while industrial gaseous waste are generally diluted by emission into atmosphere. Today, waste disposal is a major industry itself
       It has acquired very sophisticated technology to avoid environmental health contamination. Most waste treatment technologies ranges from recycling of metals and papers to the disposal of nuclear waste in sealed resistant containers at selected disposal site, landfill, incinerators at selected disposal sites far away from the city are the methods for handling the common solid waste generated by most household and the few industries in our country. What is simply required is for city dwellers to wait for their refuse vans to come round and pick them up from one part of the city to the other thereby causing serious health hazard to the people living around that environment.
The waste disposal agencies in Calabar South Local Government Area include the city scavengers, Calabar Urban Development Authority (CUDA), Environmental Sanitation and Protection Agency etc. They complain of lack of funds to maintain their refuse vans and other running cost of the agencies as major problems of refuse collection and as a result of this refuse piles are seen on every major road, junction over the areas.
       On it’s parts the Federal Government has since 1985 promulgated a decree in response to the filthiness of refuse problem in this country by introducing the National Environmental Sanitation Programme. This was to indicate in every Nigerian the basic public sanitation habit such as proper disposal of refuse and clearing of one’s surrounding.
Environmental sanitation ediths has also been promulgated at state government levels.
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IMPACT OF ECONOMIC INDICES ON BUSINESS DECISION IN NIGERIA

CHAPTER ONE
1.1      BACKGROUND OF THE STUDY
The good of most national economies of the world is to attain a level of full utilization of factors of production to reach full production capacity, reduce unemployment to its bearest minimum and amongst other stability in the economy.
In economics and finance, an index is a statistical measure of changes in a representative group to individual data points. These data may be derived from any number of sources, including company performance, price, productivity and employment. Economic indices allow analysis of economic performance and prediction of future performance.
Economic indices (index phrasal) track economic health from different perspectives economic performance can be evatiated with thee index and conclusion reached which would affect the economy at large. Business firms have heirachy and levels of management, which Ewurum and Unamka gave two broad categories. Administrative and Executive, they also went ahead to divide them into Top Management, Middle management and Operational management. These levels of management are vested with different levels of decision making ranging from policy formulation, planning, organizing, staffing, leading, directing, communicating and controlling of activities in the organization including the employees.
These levels of management make decision which affects business as well as the economy as a whole. The decisions therefore, are stimulated by data information from economic indicators. Management hence makes decision that will affect both their organization and the economy at large. These economic indices includes: stock market index, consumer price index, producer price index, GDP deflator, labour market index. Other measurement of economic performance may include, unemployment level, inflation rate, level of industrialization among others.
Economic indicators therefore is simply any economic statistic such as inflation, unemployment rate, GDP etc which indicates how well the economy is doing and how the economy is going to do in the future. It is this information at the disposal of the managers decision makers of organization that aid in decision making process in Nigerian business environment.
To this end, all regulatory bodies should ensure that appropriate information are passed across and that such information about these economic indices are timely for decision making purposes which will in turn help in stabilizing the economy and aid sustainable growth of the Nigerian economy. This background information is the basis for analyzing the impact of economic indices on business decisions in Nigeria.
1.2   STATEMENT OF THE PROBLEM
The recent occurrence in economic activities in Nigeria and the global economic meltdown has rendered many companies hopeless to the next move or decision to take concerning the production distribution and consumption of economic commodities. Managers therefore, depend on the economic indices for decision making resulting in the selection of a course of action among several alternatives. In as much these indices help business decision, it has also aided fraudsters in siphoning off profits from business into their personal bank account.
Now, could the impact of economic indices on business decision in Nigeria be considered really positive in the fact of it’s few negatives side? It is very necessary that the positive aspect of economic indices is harnessed properly to ensure effectiveness and efficiency in the Nigeria business decision process and also to minimize the efforts of it’s negative side. How often do Nigeria business and organization update her knowledge of current economic indices? Have these businesses fully maximize the advantages deriable from decision making with the knowledge of movement of the country’s economic indices. Some organizations are yet to incorporate economic indices into their information system for decision purpose. This has led to inefficiency, therefore are the numerous advantages economic indices has brought to the Nigeria business environment.What is the role of government in ensuring that proper indies are made available and that they are not misleading to the economy? Are the regulatory bodies in Nigerian business environment vigilant enough to detect these fraudsters and ensure a healthy business environment?

Most small business are not concerned about economic indices and it’s effect on the economy, what are the numerous advantages of economic indices on business decision? And how can the awareness of it’s need be increased? It is important to note that fraud and other inconsistent economic practices and also the cost of ignorance in this age and century cannot be over emphasized.

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FACTORS INFLUENCING THE PRACTICE OF EXCLUSIVE BREASTFEEDING AMONG WORKING CLASS MOTHERS

        CHAPTER ONE
             INTRODUCTION
1.1     Background of the study
Breastfeeding is an unequaled way of providing ideal nutrition for the healthy growth and development of infants. The global public health recommendation is that infants should be exclusively breastfed for the first six months of life to achieve optimal growth, development and health (WHO, 2003). Exclusive breastfeeding in the first six months of life stimulates babies’ immune systems and protects them from diarrhea and acute respiratory infections, two of the major causes of infant mortality in the developing world and improves their responses to vaccination (UNICEF, 2006).
         Exclusively breastfed infants obtain most of the nutrients required to support growth until six months. Vitamin D which is insufficient in breast milk is supplemented by exposure to sunlight for the skin to synthesize it while iron and zinc are supplemented by prenatal stores (Garza, 2002). Exclusive breastfeeding during the initial months of life and continued breastfeeding through at least the first year of life is associated with substantial reduction in the burden of infections (Fisk et al., 2010; Arifeen et al., 2001; Brown et al., 1989). Breastfeeding reduces the mother's risk of fatal postpartum hemorrhage, the risk of breast and ovarian cancer, and of anemia, and by spacing births, breastfeeding allows the mother to recuperate before she conceives again (Leon-Cava et al., 2002).
Over the years breastfeeding has been regarded as the best way of feeding new borns by mothers as it is healthier and natural, it is a way of fulfilling their God given roles as mothers who are the nurtures of family life. The reason having being that breast feeding has been accepted as the most vital intervention for reducing infant mortality and ensuring optimal growth and development of children as it contains antibodies and lymphocytes that help the body resist infections Gruptal and Arora (2007).
In Nigeria, the level of infant mortality is rated among the highest in the world. This is attributed to, among other factors such as non-practice of exclusive breastfeeding by working class mothers in Nigeria Yewande as reported by Oyebade (2013). According to the 2003 Nigeria Demographic Health Survey (NDHS) exclusive breastfeeding rate was 17%. In 2008 it was rated 13% with 34% of infants aged 0-5 months who were given plain water in addition to breast milk, while 10% were given milk other than breast milk. Then rated 17% in 2013. Despite progress in some countries, Nigeria is still with a low percentage of infants exclusively breastfed to the age of 6 months as expressed by the NDHS.
This is in line with the report by World Health Organization (2009), that sub-optimal breast feeding especially non-exclusive breastfeeding in the first 6 months of life, results in 1 million deaths and 10% of the disease burden in children younger than 5 years of age. Accordingly the United Nations Children Education Fund (UNICEF) in 2012 stated that the leading cause of death among children under age five are pneumonia, diarrhea, malaria and under nutrition. It is estimated that 22% of new born deaths of these diseases would be prevented if exclusive breastfeeding started within the first hours of births. To this end, Adekoya (2013), opined that infants who are not exclusively breastfed are 15 times more likely to die from pneumonia and 11 times more likely to die of diarrhea than those who are exclusively breastfed for the 6 months of life.
Fewtrell (2007) defined exclusive breast feeding as a means that an infant receives only breast milk with no additional foods or liquids not even water WHO and UNICEF (2009), the recommended that children be exclusively breastfed no other liquids, solid food or plain water during the first six months of life. However, appropriate infant feeding practices are needed if Nigeria is to reach the child survival Millenium Development Goals (MDGs) of reducing infant mortality from about 100 deaths per 1000 live births to a target of 35 deaths per 1000 live births. On this note the Nigerian government established the Baby Friendly Hospital Initiative (BFHI) in Benin, Enugu, Maidugri, Lagos, Jos and Port-Harcourt with the aim of providing mothers and their infants a supportive environment to promote appropriate exclusive breastfeeding practices, thus helping to reduce infant mortality. Despite these efforts child and infant mortality continue to be major health issues affecting Nigeria. Exclusive breastfeeding rates in Nigeria continue to fall well below the World Health Organization and United Nations Children Fund recommendation of 90% exclusive breastfeeding in children less than 6 months WHO (2009).
A more detailed understanding of the factors that influence the practice of exclusive breast feeding (EBF) in Nigeria is needed to develop effective interventions to improve the rate of exclusive breastfeeding practices and thus reduce infant mortality.
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AGRICULTURAL CREDIT POLICIES AND DEVELOPMENT IN NIGERIA

CHAPTER ONE
1.0               INTRODUCTION
Rapid economic development in the developing countries can be possible through developed barking system and its credit policies and development. The banks and other financial institutions  mobilize saving on a large scale and finance a wide range of  activities in the fields of agriculture industry, commerce, transport, exports and other priority sectors. Agricultural is the most important constituents of the priority sectors.
Agricultural development presupposes a greater flow of inputs as well as institutional and organizational reforms. Agricultural credit policy is one of the most crucial inputs in an agricultural development programmes. The need for credit increases with the modernization as it involves financial investments. The overall impact on the economy and the attendant welfares and improved standard of living of Nigerian citizens by the agricultural credit policies/ development programmes inspired me to embark me to work on this master’s research work.

1.1    Background to the study
          Since Nigeria attained independence in 1960, there has been a consistent drive towards the improvement of the agricultural sector of the economy. This can be seen in the various agricultural policies that have been embarked upon by different regimes of both military and civilian governments so as to attain food security through agricultural, a core and pivotal sector of the entire economy.
          FAO (1996) defined food security as that which exists when all people, at all times, have physical and economic access to sufficient, safe and nutritious food that meets their dietary needs and food preferences for an active and health life. This widely accepted definition points to the following dimensions of food security:
-        Food availability: The availability of sufficient quantities of food of appropriate quality supplied through domestic production or imports (including food aid).
-        Food access: Access by individuals to adequate resources (entitlements) for acquiring appropriate foods for a nutritious diet. Entitlements are defined as the set of all commodity bundies over which a person can establish command given the legal, political, economic and social arrangements of the community in which they live (including traditional rights such as access to common resources).
-        Utilization: Utilization of food through adequate diet, clean water, sanitation and healthcare to reach a state of nutritional well being where all physiological needs are met. This brings out the importance of non-food inputs in food security.
-       Stability: To be food secure, a population, householder individual must have access to adequate food at all time. They should not risk losing access to food as a consequence of sudden shocks (e.g. an economic or climate crisis) or cyclonical events (e.g; seasonal food insecurity). The concept of stability can therefore refer to both the availability and access dimensions of food security.
Agriculture is the cultivation of land, raising and, rearing of animals for the purpose of production of food for man, animals and industries. It involves and comprise of crop production, livestock and forestry, fishery, processing and marketing of those agricultural production (Mabuza et al, 2008).
          In the theories of economic development (agricultural and economic development) propounded by Lewis (1954), he saw agriculture as the basis for industrial growth and development. He saw agriculture as freeing disguised labour for industrial production and hence the engine of growth and development of any society must obviously start with agricultural production. In this sense, Irgco et al (2004) with heavy modernization and mechanization of agriculture, labour is free for industrial development.

Arnold (2001) referred Economic Growth either to absolute real economic growth or to per capita real economic growth. Absolute real economic is an increase in real GDP (Gross Domestic Product from one period to the next. But per capita real economic growth is an increase from one period to the next in per capita Real GDP, which is Real GDP divided by population. 

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