Tag Archives: Economic Development

The Impact of International Fund for Agricultural Development (IFAD) On Economic Development in Nigeria: 1985-2015 (Published)

IFAD intervention programmes are tailored towards the seeming problems of poverty through increased domestic savings and investments. There is no gainsaying the fact that the literature is complete on various policy mix that could usher in the much desired economic development especially in developing economies. Since the mid 80’s, IFAD has been involved directly in development programmes of LDCs, but to what extent have these programmes impacted on some of the major or key indicators of economic development such as literacy level, income generation, life expectancy, infant mortality amongst others, hence the need to examine the impact of IFAD programmes on these variables. The objectives of the study included to identify the key IFAD intervention programmes on incremental income, literacy rate, life expectancy and infant mortality. Secondary data were sourced and analyzed using the Ordinary Least Squares (OLS). The major findings of the study showed that the long-run determinants of economic development; measured by per capita income, are largely from IFAD funded project inputs in Nigeria (IFPN) and life expectancy in Nigeria (LERN). Literacy rate proxied by total enrolment in primary education regardless of age and expressed as a percentage of the population of official primary education age have negative coefficient and results in -0.382% change in economic development in the long run. Similarly, the coefficient of infant mortality rate in Nigeria measured by 1000 live births is indirectly related to economic development. It is against this background, that the study recommended increase funding of agricultural activities and rural savings mobilization, and by extension promotes development through increasing the volume and productivity of human capital as result improvement in life expectancy.

Keywords: Agricultural Development, Economic Development, International fund

Oil and Gas Sector Law Reform and Its Implications for Economic Development in Nigeria (Published)

This study focused primarily on oil and gas sector law reform and its implications for economic development in Nigeria. The objective is to review the reform in the oil and gas sector law since the adoption of democracy in 1999 and what implications it portends for economic development. The study adopted the political economy method to x-ray the issues that are germane to the study. Findings revealed that a consensus has not been reached on the proposed Petroleum Industry Bill as there are points and counterpoints for the passage of the Bill into law. Also, the enactment of the Nigerian Content Act is impacting positively on economic development. It is therefore recommended that political will be geared towards seeing the bill through and that the Nigerian Content Development and Monitoring Board be strengthened to carry out her oversight functions.

Keywords: Economic Development, Political Economy and Nigeria., Reform, oil and gas sector

Public Sector Expenditure and the Economic Development in Nigeria (1999-2015) (Published)

The study examined the interaction of public sector expenditure and economic development from 1999 – 2015.  The specific objective was to assess the extent to which GDP affects EDU, HLT, DFS, AGR and PDS.  Secondary data employed were from the CBN bulletin published in 2016. Multiple regression analysis and t-test were the statistical tools applied, with the use of SPSS for both data analysis and to test the hypotheses formulated for the study at 5% level of significance.  The result revealed that GDP does not significantly affect EDU, HLT and AGR and as a result they do not have impact on economic growth.  On the contrary, GDP significantly affects the DFS and PDS which do not have effect on economic development.  The result shows that government spending on defense, security and public debt servicing has not brought about economic development.  Therefore, there is need for change of orientation.  The government should concentrate on investing in provision of proper education and adequate health facilities for the citizenry.  More attention should also be given to agriculture for the purpose of sufficient food supply.  All these measures could provide solution to insurgency and militancy which the government has spent so much to no avail.

Keywords: Agriculture, Economic Development, Education, Health, Public sector expenditure, defense and security, public debt servicing

Empirical Review of Government Expenditure on Education and Economic Development in Nigeria (2000 – 2015) (Published)

The study empirically reviewed government expenditure on education and economic development in Nigeria from 2000–2015.  The specific objective is to examine the extent to which the Nigerian GDP affects the government expenditure on education, social and community services and the number of school enrolment within the period being reviewed.  Secondary data employed were from the EFA 2015 report and CBN bulletin published in 2016.  Multiple regression analysis and student t-test were the statistical tools applied, with the use of SPSS for both data analysis and to test the hypotheses formulated for the study at 5% level of significance. The result indicated that expenditure on education is significant and impacts on the economy.  While the result on SCS and ENRL showed a significant relationship with the GDP but little or no impact.  The conclusion is that, the anti-graft fight by the present government to encourage proper use of resource allocation has to be encouraged by all good citizens and lovers of education.  If the resources allocated are efficiently utilized to equip Government owned schools, education will be affordable by all and number of school drop-outs will reduce significantly.  

Keywords: Economic Development, Education, GDP, enrolment, social and community services.

An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES) (Published)

This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.

Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise

Role of Cottage Industry in the Economic Development of Bangladesh: An Empirical Study (Published)

Economic development generally refers to the quantitative and qualitative changes in the economy to promote the standard of living and economic health of a specific area. This article focuses on the role of cottage industry in economic development. We have identified various factors of economic development on which the cottage industry is contributing a lot. To explain it we have collected primary data through structured questionnaire. This paper also discusses the problems associated with cottage industry. Five sectors of cottage industry have been included into this study. This paper focuses on the contribution of each sector to the economic development of Bangladesh. Finally, some recommendations are put forth for the development of cottage industry so that this industry can thrive and contribute more to the economic development of Bangladesh.

Keywords: Bangladesh, Cottage Industry, Economic Development

Food Insecurity: Causes and Policy Framework in Strengthening Food Security in Kenya’s Agricultural Sector. (Published)

According to  United Nations Food Agriculture Organization and the United States of America  department of agriculture in the World Food Summit in 1996, Food security exists when all people at all times, have physical and economic access to sufficient, safe and nutritious food to meet their dietary needs and food preferences for an active and healthy life. Food security is basic to the survival of any nation, be it at individual, family or national level. This therefore means that food security should have top priority since no meaningful development in economic, social or cultural sphere is possible without it. However in Kenya, with a population of more than 40 million people, about 10% is classified as food insecure according to United States of America Department of Agriculture – Food Security Analysis March 2009. This is growing at an annual rate of about 30%. Kenya is the largest import market for food and agriculture products in East Africa. Kenya imported about 725 million in agriculture products during 2009, up from 525 million in 2007 in an attempt to mitigate the crisis. This implies that the Government of Kenya should come up with policies that ensure people have access to enough food. This paper examines the role of policy framework in strengthening food security in Kenya.

Keywords: Agricultural Sector, Economic Development, Food Security, Kenya, Policy Framework

Re -Engineering Vat Administration in Nigeria for Economic Development (Published)

The study examined the possibility of “Re-engineering VAT Administration in Nigeria for Economic Development (1994-2014)”. The study used  across sectional survey design involving the survey of existing data (secondary sources). The research instruments used in collection of data for this study were mainly secondary data from the FIRS Website, CBN & NBS Annual Statistical Bulletins. This study used the econometric technique of Ordinary Least Square (OLS) in form of Multiple Linear Regressions. The regression model was estimated through the use of Statistical Package for Social Sciences (SPSS). The study found that VAT is of immense benefit to government. Through taxation, government ensures that resources are channeled towards important projects in the society. However, VAT is being mismanaged in Nigeria as the study has conclusively revealed that: There is no significant relationship between value added tax and revenue growth in Nigeria, there is significant relationship between value added tax and the consumption pattern in Nigeria and there is no significant relationship between value –added tax and the economic development in Nigeria from 1994-2014. Therefore, the study recommends that: Efforts should be made by the government to fight corruption and if possible, introduce capital punishment depending on the degree of mismanagement of public funds or  embezzlement of public funds to deter those who steal VAT funds. Also value added tax (VAT) Act should be amended further to impose VAT based on destination principle. This will enable VAT to be imposed on imported services rendered by a non-resident company outside Nigeria.

Keywords: Administration, Economic Development, Government Revenue, Re-Engineering, Value Added Tax, consumption patterns

An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects. (Published)

This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.

Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise

Constraints to Agricultural Development in Nigeria (Published)

The role of agriculture in accelerating economic growth and development process of any nation cannot be overemphasized. However, in Nigeria, the sector has suffered severe neglect, due in part, from the windfall from the discovery of oil in the 1970s and other structural rigidities. The study investigated the constraints to agricultural development in Nigeria using time series data spanning the period 1970 – 2010 and contemporary econometric methods of unit root test, co-integration and error-correction mechanism. Empirical findings reveal that rainfall, exchange rate and food export (lag one) are the most significant positive determinants of agricultural output in Nigeria. However, food imports, diversion of funds meant for agricultural purposes and low technology diffusion in agriculture are among the factors identified as constraints to agricultural development in Nigeria. The study recommends among others, maintenance of stable and favourable exchange rate regime, and the pursuance of programmes that will bolster partnerships between research institutions and other stake holders in agriculture as a route to facilitating agricultural development and hence, economic development in Nigeria.

Keywords: Agricultural Constraints, Agricultural Development, Economic Development, Food Export

Russian Interest in Central Asia in Natural/Energy Resources (Published)

Natural/energy resources are considered as the key factors of the nation’s economic development. In the modern world, energy has been considered as the lifeline since it is required in almost every human activity. In order to support national development, any country wants to exploit as much natural/energy resources as possible (Skipka and Theodore, 2014). The powerful countries are not only using their own resources but also paying interests to resources of other countries. This assessment tires to critically explore Russian interest in Central Asia in natural/energy resources.  

Keywords: Asia, Economic Development, Energy, Russian, resources

Exports-Led Industrialisation and Development through National Re-Branding and Best Practices: A Comparative Study of Botswana and Zimbabwean Economies (Published)

The purpose of this study was to look at the challenges facing Zimbabwe’s economy compared to Botswana and determine re-branding strategies Zimbabwe can adopt to portray a positive image. Case studies of countries whose economies miraculously recovered were given, they include countries like Korea, China, Japan, Taiwan and Malaysia. Document reviews and in-depth literature review were used to collect data. The findings of the study revealed challenges related to policy issues, corruption, relations with western countries over the land reform programme, corporate governance issues, and macroeconomic fundamentals such as government spending priorities, the country’s credit rating, judicial independence, and property rights. These were some of the factors that contributed to the meltdown of the Zimbabwean economy. The study recommended that Zimbabwe needs to re-establish relations with the west, ensure independence of the judiciary system, ensure property rights to attract foreign investment, improve corporate governance issues, and monitor its macroeconomic fundamentals.

Keywords: Economic Development, Export Led Strategies, Re-Branding, economic growth

The Implementation Of Oil Palm Based Regional Innovation System (Sida) In Supporting The Masterplan For The Acceleration And Expansion Of Indonesia’s Economic Development (Mp3ei) Of The Economic Corridor Of Sumatera-Indonesia (Published)

The purpose of the research is to determine the Implementation of Oil Palm Based Regional Innovation System (SIDA) in Supporting the Masterplan for the Acceleration and Expansion of Indonesia’s Economic Development (MP3I) of the Economic Corridor of Sumatera. It is a qualitative-descriptive research. The population in this research was the residents of Desa Mangkei Lama and Desa Mangkei Baru for 150 families. The sampling was conducted by using the purposive random sampling technique with certain criteria. The minimum sample size in this study was 30 respondents. With the Special Economic Zone (KEK) of Sei Mangkei which cultivates the oil palm it produces the CPO but not fully distributed yet. Many distributed oil palm products still need to be developed into a large-scale laboratory scale industry. The growing oil palm nursery on the developed village which is a supplier of seeds for the oil palm plantations. The developing Cooperative of oil palm midribs based Cattle feeds that supplies the feed for the cattles, Excelent Calves and Bio Gas. The plantation community empowerment through the Biomass stove using the Shells and Briquets. The Oil Palm plantations produce CPO but not fully distributed yet. Many distributed oil palm products still need to be developed into a laboratory-scale industrial scale.

Keywords: Economic Development, Oil Palm, Regional Innovation, Special Economic Zone

THE SYSTEMATIC LITERATURE REVIEW AND RESEARCHES ON DEVELOPMENT OF MICROFINANCE INDUSTRY IN INDIA (Published)

Microfinance is the array of financial services, including loans, savings and insurance, available to Poor entrepreneurs and small business owners who have no collateral and would not otherwise qualify for a standard bank loan. Recent proliferation of microfinance market has swiftly increased the competition in microfinance Indian market, new technology and new devices are emerging at phenomal speed. As the number of microfinance application is increasing at daily rate, quality is becoming major issue. So microfinance system organization need some quality model as guideline to improve and maintain quality of application under development .microfinance application mainly depends on users response and user acceptance so they need maintainability, usability, suitability etc. this research paper presents microfinance recent development model focusing on key quality characteristics. This study is applicable in the context of social development at this time when social services delivery is not only poor but at dismal level. Recent proliferation of microfinance market has swiftly increased the competition in microfinance developmental Market, new technology and new devices are emerging at phenomenal speed. As the number of microfinance applications is increasing at daily rate, quality is becoming major issue. So Microfinance industries need some quality model as guideline to improve and maintain quality of application under development. MicroFinance market mainly depends on poor people of loan response and poor people of loan acceptance so they need maintainability, usability, suitability etc. This research paper presents microfinance market quality model focusing on key quality characteristics mainly extracted from excellent standard quality model, which effect quality of microfinance market. This paper aims to provide a synthetic review of the literature on the Microfinance and development. Systematic Review of literature (SLRs) justifies the reason for our research. It demonstrates the topic. It narrates a brief elaboration of prior studies. Prior research will help us to ensure that we have included all of our major relevant constructs in our study. It talks about the knowledge of our field which allows us to identify the gap which our research could fill and also strength’s the topic that we chosen for our research. The literature review will help us to find and select appropriate measurement instruments. (P.Shakila, 2014) The literature review is needed because it is a necessary skill both for researchers and for practitioners of a profession which claims to be founded on a knowledge base and also to locate and summarize the findings of research on a given topic not uncritically but assessing the evidence and for argument to sustain the conclusions. It is also useful to obviate the need for fresh research or to replicate the study. (P.Shakila, 2014) Polit and Hungler in the year (2001) stated that the term “Literature Review” is often used to cover both the process of searching for relevant literature and the critical reporting of the literature. Cormack in the year (1991) stated that “Literature Review” means to systematically read, critically appraise, and then synthesize the material into a coherent, structured, and logical review of the literature. This paper presents a systematic review of the current use of those modern microfinance developments for the microfinance systems and their actual level. Microfinance modern recent development prediction is a significant part of microfinance quality assurance. A problem is microfinance is to expect the possibility that the microfinance contains problem. Problem in microfinance system are major problems that need to be resolved. The problem prediction in microfinance system is significant because it can help in directing test effort, reducing cost, and increasing quality of microfinance development and its reliability .in this research paper I have studied various predictions, examined, & the performance of these recent microfinance development of India. The main aim is to examine the performance of recent development of microfinance in microfinance a problem prediction. Problem prediction using these techniques helps in improving the quality of the microfinance recent development

Keywords: Development, Development Quality, Economic Development, Economic Development Attitude, Entrepreneurship Development, Evaluation and effectiveness of Microfinance, India Economy, Microfinance Institutions, Microfinance and Development, Satisfaction of Access & Rights to Justice of Poor People, Systematic Literature Review, Systematic Review

VOCATIONAL AND TECHNICAL EDUCATION: A VIABLE TOOL FOR TRANSFORMATION OF THE NIGERIAN ECONOMY (Published)

Vocational and technical education has been integral part of national development strategies in many societies because of the impact on human resource development, productivity and economic development. It holds the key to national development of most nation’s. However, despite its contribution to societal and economic development, Nigerian leaders have not given this aspect of education the attention it desires. This could be one of the reasons for the nation’s underdevelopment. This paper attempts to examine the concept of vocational and technical education, objectives of vocational and technical education, image of vocational and technical education in Nigeria, the importance and role of vocational and technical education in economic development and challenges of vocational and technical education in Nigeria. The paper concludes that through vocational and technical education youths as well as adults will be trained to acquire skills, attitude and knowledge which are needed for the economic growth of our nation. The paper therefore recommends that the nation must invest copiously in education with particular attention given to vocational and technical education.

Keywords: Economic Development, Nigeria, Skill Acquisition, Vocational and Technical Education.

Savings And Credit Cooperatives (Sacco’s) Services’ Terms and Members’ Economic Development in Rwanda: A Case Study of Zigama Sacco Ltd (Published)

The purpose of the study was to find out the contribution of SACCO services’ terms on members’ economic development using ZIGAMA as a case study. The study was based on three specific objectives, that is, to examine the nature of services’ terms at ZIGAMA, to assess the effect of savings services’ terms on members’ economic development at ZIGAMA and to analyze the effect of credit services’ terms on members’ economic development at ZIGAMA. To achieve these objectives, the study adopted a cross sectional, correlational and survey research designs. Data were collected through questionnaires, face to face interviews and observation methods. Data were analyzed by use of statistical methods, (descriptive statistics, Correlations and regressions analyses). The findings revealed that ZIGAMA attaches terms on its services which are annually reviewed by its board members. The services’ terms however are not properly communicated to members. Further, results indicated that savings services’ terms were moderately favorable to members and there was a strong positive and significant relationship between savings services’ terms and members’ economic development and also a significant influence of saving services terms on members’ economic development. Results also indicated that credit services terms were also moderately favorable to members and there was a strong positive and significant relationship between credit service terms and members’ economic development and also a significant influence of credit service terms on members’ economic development. It was concluded that ZIGAMA had services terms in place but were not being communicated properly to members and their review was not involving all stakeholders. It was further concluded that SACCO’s services terms significantly predict variations in members’ economic development. Recommendations were that ZIGAMA should involve all stakeholders in the review of the service terms and the same terms should be properly communicated to all those concerned and should allow its members to withdraw their savings as needed and the minimum balancee should be friendly to the members.

Keywords: Economic Development, Members’, Rwanda, Savings And Credit Cooperatives (Sacco’s) Services, Zigama Sacco Ltd, ’ Terms

FISCAL FEDERALISM AND ECONOMIC DEVELOPMENT IN NIGERIA: THE CONTENDING ISSUES (Published)

An enquiry into the economies of such federations as the United States, Canada and Germany suggests that federalism is compatible with economic success. Such a proposition is, however, unsustainable considering the fact that India, Mexico and Nigeria, which are also federal states, have continuously performed poorly, reinforcing the view that a major explanation for the poor economic performance of the countries in the latter category lies in the manner in which their respective federal systems are operated. This paper therefore brings to the fore the nexus between Nigeria’s fiscal federalism and a lack of economic development in the oil-rich country. Our central argument is that Nigeria’s fiscal federalism has not spurred the desired development as envisaged by the architects of the system. The country’s over-dependence on oil, as well as the concentration of economic resources at the federal centre are at the heart of the country’s lack of economic success. Therefore, if Nigeria’s fiscal system is to achieve its economic objectives, the inherent contradiction manifesting in the over-centralisation of the federal system has to be addressed

Keywords: Economic Development, Fiscal federalism, Nigeria, Political Economy

CO INTEGRATION: APPLICATION TO THE ROLE OF INFRASTRUCTURES ON ECONOMIC DEVELOPMENT IN NIGERIA (Published)

The study appraised the role of infrastructure on economic development in Nigeria measured by the gross domestic product while the infrastructure is measure with the capital expenditure on Transportation & communication (TRC), Education (EDU) and Health (HLT) respectively for a period of 32 years (1981-2013). Using least square (OLS), we find out that, the measure of coefficient of determination shows that about 95.11% of variation in GDP can be explained by infrastructure. The regression model explain that a unit increase in Transport &Communication(TRC) and Education(EDU) will increase GDP by 237% and 174% respectively, while the Health(HLT) will reduces the GDP by 31%. The residual of the regression model is stationary, when subjected to the unit root test and the Johansen co integration test show that two of the equation is co integrated. From this, it can be affirmed that the regression model are not spurious. The co integrating equation also suggesting that the GDP adjust to change in capital expenditure on infrastructures in the same time period and shows that short-run change in TRC and EDU have negative impact on short-run change in GDP but only HLT has positive impact on GDP in the short run.

Keywords: Co-integration, Economic Development, Infrastructure, Regression Model

FINANCIAL LITERACY EDUCATION: KEY TO POVERTY ALLEVIATION AND NATIONAL DEVELOPMENT IN NIGERIA (Published)

Ensuring that all societies’ young people become financially capable is now widely seen as a necessary key pillar in helping Governments build economic stability in the future. The ability to read, analyze, manage, and communicate about the personal financial conditions that affect material wellbeing is of utmost importance. Being able to manage money, keep track of personal finances, plan ahead, choose financial products and stay informed about financial matters enable the avoidance of financial disaster. This research constitutes an essential component of the theory of the strategy of financial literacy framework which articulates a strategic direction for the delivery of financial education in Nigeria. Financial literacy education is very important because the journey to obtain independence and achieve financial success cannot just be prioritized by having good educational experiences, a sound résumé and a career with a nice salary. Rather, the financial freedom road requires development of good financial habits, practice and discipline. This work adopts a secondary data approach which critically examines Nigeria’s financial literacy education framework, the significance of financial literacy education, steps for best practices in financial education and awareness, and the challenges to building sustainable financial literacy education systems. It finds that promoting financial literacy among Nigerians provides them with the essential knowledge and financial responsibility to make decisions that will better their lives and ultimately grow the economy. This is because as financial markets become increasingly sophisticated and as households assume more of the responsibility and risk for financial decisions, financial education is increasingly necessary for individuals, not only to ensure their own financial well-being but also to ensure the smooth functioning of financial markets and the economy. The paper therefore strongly recommends, amongst others, the involvement of all tiers of government as well as key institutions and the private sector in the design and implementation of financial literacy programmes across all segments and sectors of the economy.

Keywords: Economic Development, Education, Financial freedom, Financial literacy, Nigeria

RELATIONSHIP BETWEEN RAIL TRANSPORT AND ECONOMIC & SOCIAL LIFE OF A COUNTRY (CASE ALBANIA) (Published)

This paper aims to identify the perception of Albanian citizens about the effects that a developing rail transport would give in the future. On the other hand, identifying the fields where rail transportation will be more influential according to consumer`s opinion is another important goal. To achieve these objectives a questionnaire was given to about 500 respondents. The result of the paper showed that the development of Albanian Railway would play an important role in economic and social development of Albania.

Keywords: Albanian Railways, Albanian transportation, Economic Development, Social Development, VIII Corridor

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