Challenges and Potentiality of GCC Countries towards Achieving Sustainable Economic Growth: Analytical Framework (Published)
The paper provides an overview of the key challenges, which face GCC countries in their efforts to attain sustainable growth and development. Their capacity to diversify the economy outside the energy sector, youth unemployment and labour market imbalances represent good examples for these challenges. The paper shows the efforts made by GCC countries to diversify their economies and to have sustained growth. Achievements were not impressive in terms of innovation and human development but relative satisfactory performance is obtained in the domain of governance and infrastructure development. As a policy recommendation, the GCC countries need to adapt new diversification strategies by encouraging innovation and developing the skills of the human resources.
Challenges and Potentiality of GCC Countries towards Achieving Sustainable Economic Growth: Analytical Framework (Published)
The paper provides an overview of the key challenges, which face GCC countries in their efforts to attain sustainable growth and development. Their capacity to diversify the economy outside the energy sector, youth unemployment and labour market imbalances represent good examples for these challenges.The paper shows the efforts made by GCC countries to diversify their economies and to have sustained growth. Achievements were not impressive in terms of innovation and human development but relative satisfactory performance is obtained in the domain of governance and infrastructure development. As a policy recommendation, the GCC countries need to adapt new diversification strategies by encouraging innovation and developing the skills of the human resources.
Local Content Development in the Oil and Gas Industry in Nigeria: Problems and Prospects (Published)
In the past, the major players in the oil and gas industry in Nigeria were the international oil companies (IOCs). There was inadequate skilled workforce in the industry especially with respect to indigenous participation in the oil and gas projects. Consequently, the IOCs relied heavily on expatriates to carry out projects in the oil and gas industry in Nigeria which ordinarily would have been handled by Nigerians. In order to boost local participation in the oil and gas projects and create more employment opportunities for the locals, the federal government of Nigeria in 2010, enacted the Local Content Act in recognition of the inadequacy of the indigenous human capital development in the oil and gas industry in Nigeria. However, the Local Content development policy of the federal government is without some problems which have affected the effective and efficient implementation of the policy. This paper therefore, examines the local content development policy of the federal government, identifies its problems and prospects, and makes appropriate recommendations.
Physico-Chemical, Antibacteriail Activity and Fatty Acid Composition of Oil Extracted From Sprouted Ackee Apple (Blighia sapida) (Published)
Blighia sapida seed has been reported to have some levels of toxic substances when consumed. Most of these substances can be transferred to the oil during extraction thereby increasing the health risk of the oil. Sprouted Blighia sapida seed oil was evaluated to see if the reactions that take place during germination could reduce this toxic effect and increase its industrial values. These results were obtained for the physico-chemical properties: Oil Yield (%)(15.500±0.02), Refractive index (1.4615±0.01), Specific gravity (0.9140±0.01), Acid value(mg/g)(25.10000.10), Iodine value(g/100g)(27.50100.20), Saponification value(mg/g)(225.30000.20), Peroxide value(mmol/kg)(4.24000.20) and Free fatty acid(mg/g)(oleic)( 7.07820.10) respectively. The Fatty acid composition of the oil were Palmitic Acid (C16:0)( 32.3349), Stearic Acid (C18:0)( 5.2555), Arachidic Acid(C20:0)(0.8528), Behenic Acid (C22:0)(0.6326) and Lignoceric acid(C24:0)(0.3061) as polysaturated fatty acid with abundance in Palmitic Acid respectively. The monounsaturated fatty acid were Oleic Acid (C18:1)( 45.7362), Palmitoleic Acid (C16:1)(0.7655), Erucic Acid (C22:1)(0.4601) and Linoleic Acid (C18:2)(11.6010) and Lenolenic Acid (C18:3)(0.9773) as polyunsaturated fatty acid. The antibacterial activity of the oil from Blighia sapida seed indicated that the oil is susceptible to some pathogenic organism like Escherichia Coli(4.00 0.01) and Staphylococcus aureus (2.00 0.02), but had no effect on Proteus, Pseudomonas Spp and Klebsiella pneumonia. These results indicated that the oil from sprouted Blighia sapida seed had industrial and pharmaceutical value than the raw Blighia sapida seed oil.
Comparative Study of Mineral and Fatty Acid Composition of Oil Extracted From Raw and Anaerobic Fermented Tiger Nut Seed(Cyperurs esculentum) (Published)
Comparative study of raw and anaerobic fermented tiger nut seed oil was investigated to know whether the effect of anaerobic fermentation will alter the mineral and fatty acid composition of the oil from the sample. The mineral composition observed in mg/kg for oil from raw and anaerobic fermentation tiger nut were Potassium(K)(3265.48±0.50and22851.200±0.50),Sodium(Na)(20.210±0.10 and18.750±0.10),Calcium(Ca)(5.330±0.10and6.471±0.10),Lead(Pb)(0.130±0.05and 0.101±0.05)Copper(Cu) (2.024±0.10 and 3.530±0.10), Zinc(Zn) and manganese were very significant in both while Magnessium(Mg) had 121.120±0.20 and 147.470±0.20 respectively.The fatty acid present in the oil of raw and anaerobic fermentation were: Palmitic Acid (C16:0) (17.2689 and 17.8269), Palmitoleic Acid(C16:1)(0.1568 and 0.2138), Margaric Acid (C17:1) ( 0.0834 and 0.1130), Stearic Acid (C18:0) (2.7919 and 3.1444), Oleic Acid (C18:1) (64.9437 and 64.2864), Linoleic Acid (C18:2) (13.8846 and13.3413), Lenolenic Acid (C18:3) (0.3201and 0.4372), Arachidonic Acid (C20:0)( 0.3507 and 0.3646) and Behenic Acid (C22:1)( 0.1999 and 0.2725) respectively. Anaerobic fermentation increased the saturated fatty acid and reduced the monounsaturated and polyunsaturated in the oil sample as indicated in the raw oil sample. Oil from Anaerobic fermentation is prone to deterioration and oxidative rancidity due to the level of the saturated fatty acid.
The Development of natural antioxidant Active Ehuru Polysulfone Film and its effect in lipid oil stabilization (Published)
A natural antioxidative Monodora myristica (Ehuru) active film package for lipid food preservation was produced by cast method. 0 – 5% w/w ehuru antioxidant extract (EAE) was incorporated into PSF film. Into another PSF resin was incorporated 5% alpha tocopherol (AT) and another, a blend of (EAE)/ α-tocopherol (AT). Tetrahydrofuran (THF) and N-methylpyrrolidinone (NMP), were used as solution solvent, in ratio 3:1. The radical scavenging abilities of the developed films were analyzed and compared to the pure PSF (control) using 2, 2-diphenyl-1-picrylhydrazyl (DPPH) solution. Finally, the ability of the films to stabilize peanut oil against oxidation were tested by measuring some rancidity analysis of the actively packaged peanut oil. The result showed that the radical scavenging properties of the active films increase with concentration of EAE infused inside the film increased from (0% – 5%), and 5% EAE incorporation created a compact film without any optical noticeable pore. This was confirmed by the permeation rate of oxygen across the film which decreased from (0.1079-0.0277) m3/s as concentration EAE increased. Generally, results showed that natural antioxidant derived from Ehuru seeds (EAE) exhibited the best delay of lipid hydrolyses by exhibiting the shortest oxidation time. It was also deduced that concentration between 2.5 and 5% could comfortably be used to produce the active package because their effect on oxidation of lipid oil are not significantly different from each other 7.85± 1.13 and 7.27± 1.69 respectively. Results obtained from the oxidative analysis confirmed the effectiveness of the active film of natural antioxidant derived from Ehuru seeds (EAE) in slowing down lipid hydrolysis and increasing the oxidative stability of peanut oil, having the smallest PV of 7.35±2.00 and the smallest P-AnV of 18.12± 1.57
The activities of multinational oil companies in Nigeria have remained a source of controversy over the years. The study examined the impact of multinational oil companies in the economic growth of Nigeria (1960-2010). Hence, the specific objective is to ascertain the extent of economic growth impacted by the multinational oil companies in Nigeria. The study adopted a survey design. Data were obtained through secondary sources. The findings revealed that the extent of economic growth impacted by the multinational oil companies in Nigeria was significant based on the Ordinary Least Square (OLS) regression analysis result where the calculated F-statistics of 212.1293 is greater than the tabulated F-statistics of (5.35147). The study found that extent of oil contribution to economic growth in Nigeria was significant.
This research aims to identify the potential government revenue diversification sources in Saudi Arabia. The purpose behind this was the fact that the Saudi economy rely on oil as main source of export and fiscal revenue. That said, the shock in oil prices directly affect government revenue. The current Saudi economic model has weaknesses due to its over-reliance on oil revenue. Therefore, an increasing economic divarication is paramount as it would reduce exposure to volatility and uncertainty in oil market. To achieve above stated aim, secondary data is collected from the Saudi Ministry of Finance, IMF, world bank and OPEC from 2000- 2015. The data analysis approaches used in this research is a great contribution to knowledge as it covers three main analysis tools: Trend analysis, Correlation and Contribution analysis. Trend analysis revealed that although Saudi revenues are showing an increasing trend but the high proportion of oil revenues cause a fall in total revenue due to dropping oil prices in global market. This finding was further supported by correlation analysis. The results show strong positive correlation between total revenue, oil revenues and non-oil revenues before financial crisis 2007-2008 however, the situation changed to a negative correlation between total revenues and non-oil revenue sector signalling to a presence of revenue diversification effort. Similarly, the correlation between oil prices and revenues show high positive correlation but negative correlation with production proving the fact that oil production increases in Saudi Arabia when oil prices drop to cover the revenue need of the economy. These results led the researcher to examine the potential sources that can help Saudi policy makers to diversify revenues and reduce revenue volatility. Contribution analysis is employed to examine the proportion of other sectors in total revenues. Investment, document fee and taxes are recognized as main predictors of total revenues other than oil revenues. This research concluded that revenue diversification is necessary not only for Saudi economy but the results can be generalized to those economies too which are relying on only one or few revenue sources. The study shows great implications for policy makers, government and authorities responsible for stabilizing the economy
“PEAK OIL” – REALITY OR MYTH? (Published)
Oil industry is one of the biggest industries in the whole world, as oil is our most important natural resource. We cannot imagine the society as we know it without oil. Still, specialists say it is possible that, not in a very long term, to have to learn how to live without oil, because the moment known as “Peak Oil” has already passed or is just around the corner. Of course, there are also specialists who say that the world is still “bathing” in oil and we shouldn’t worry for that for many years ahead. So, who is right and who is giving the wrong signals? Who should we trust? What are the figures saying? Should we start looking for an alternative as soon as possible or should we relax and wait for the moment when we must start to worry? Is “Peak Oil” only a myth or is it the reality that we are confronting nowadays? The literature and specialist in the domain don’t give us too many information, but we can still draw some conclusions from what we know.