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UTILIZING ACCOUNTING INFORMATION FOR IMPROVED FUNDS SOURCING AND CAPITAL STRUCTURE DECISIONS OF MASS TRANSIT COMPANIES IN NORTH-CENTRAL NIGERIA

 

Demenongu Wuana, Ph.D

Department of Business Education,

College of Education, Katsina-Ala,

Benue State

sundaywuana@gmail.com

 

 

Abstract

The study determined the utilization of accounting information for improved funds sourcing and capital structure decisions of the BMT companies in the area. The study adopted a descriptive survey design. The population for the study comprised 36 (20 government-owned and 16 privately-owned) bus mass transit companies in Benue, Nasarawa and Plateau States. A total of 72 managers made up of 36 General Managers (GM) and 36 Finance Managers (FM) were involved in the study. A structured questionnaire comprising 27 items was used for data collection. Mean with standard deviation was the statistical tool used in answering the research questions while t-test at 0.05 level of significance was used to test the null hypothesis using the statistical package for social sciences (SPSS) analysis. Major finding were that the BMT company managers in the area did not utilize accounting information for improved funds sourcing and capital structure decisions and  significant mean differences occurred between the ratings of government and privately-owned BMT company managers on the extent of utilization of accounting information for improved funds sourcing decisions. This difference was found to be in favour of the privately-owned BMT managers who utilized accounting information in funds sourcing more than their counterparts in government owned BMT companies. It was recommended among other measures that the management of the mass transit companies in states studied should strictly enforce the use of accounting information in their funds sourcing and capital structure decisions. This, they can do by ensuring that all accounting information relevant to funds sourcing and capital structure decisions are properly accumulated and timely disseminated to persons that make these decisions for and on behalf these companies especially the General Managers and the Finance Managers.

 Key Words: Accounting Information, Financial Management, Funds Sourcing, Capital Structure, Bus Mass Transit.

 

Background

 

As a means of moving people, goods, and services from one place to another, transportation is a prime mover of a nation’s economy. Even the recent advances in the field of electronic communication and the Internet have not weakened the crucial role of transportation to a nation’s economic development. This explains why Agarwal (2002) asserted that a well planned, adequately maintained, efficiently managed and properly operated transport system is a pre-requisite to all sectors of national development.  An important component of transportation the world over is the mass transit system otherwise known as public or mass transportation.

The mass transit system is a means of moving large number of passengers from one place to another in a single vehicle. It refers to public shared transportation in which the passengers do not travel in their own vehicles. The Federal Urban Mass Transit Agency (FUMTA, 1990) identified three categories of mass transit systems in Nigeria, namely the rail mass transit, the ferry mass transit, and the bus mass transit. This study focused on the bus mass transit because it is the dominant mode of mass passenger transportation in Benue, Nasarawa, and Plateau States.

The bus mass transit (BMT) is a system of moving commuters from one destination to another by means of buses of varying sizes – mini buses, medium-sized buses and big buses or coaches. In other words, the BMT is a transport system that comprises motor-buses that convey fare-paying passengers from various origin-locations to various destination-locations. In Nigeria, the BMT constitutes the major mode of intra-city, inter-state and semi-urban transportation. In fact, Olujide and Adeoti (2009) reported that the BMT system meets eighty-five per cent of the commuting needs of Nigerians including those in Benue, Nasarawa, and Plateau States. Public preference for this mode of transportation in the area could be attributed partly to the less government attention in developing the other modes of mass transportation in the country. Other reasons for public preference of the BMT include easy access and flexibility of route selection by commuters. In addition, Olujide and Adeoti (2009) contended that the BMT is the most convenient and cheapest mode of mass passenger transportation in Nigeria in recent times. The above reasons explain why an efficient and reliable BMT system is indispensable to the people of Benue, Nasarawa, and Plateau States.

In order to provide efficient and reliable BMT services to the people, most operators including government-owned BMT outfits have been registered as limited liability companies. Thus, there are basically two forms of BMT companies operating in the area, namely publicly-owned BMTs (owned by state or local/municipal authorities) and privately-owned BMT (owned by individuals and organizations). Mass transportation, however, is not a new development in Nigeria.

The  bus mass transit system in particular, existed in Nigeria prior to the 1980s and was mainly operated by private operators and some few States government such as Lagos, Rivers, Oyo, Kaduna, and Kano States. Nevertheless, Ikya (1993) stressed that the system of public transportation in Nigeria assumed much significance during the Structural Adjustment Programme era of 1986. During this period, oil subsidy was removed and the local currency, the Naira was devalued giving rise to high cost of imported vehicles and spare parts. Also, rapid urbanization, increased political, economic and social activities gave rise to high demand for public transportation. The few available vehicles in the country then could not cope with the mobility needs of the people. According to Ikya (1993), the Federal Government of Nigeria (FGN) then waded into this mobility crisis by setting up the Federal Urban Mass Transit Programme (FUMTP) in 1988. The FGN also provided soft loans to States, municipal councils, trade unions, and even private entrepreneurs to establish their own mass transit schemes. The presence of these companies in Benue, Nasarawa, and Plateau States significantly boosted the tempo of economic activities in the area.

However, operational efficiency challenges are fast crippling these companies in recent times. This is evident by the frequent break down of their buses on the high way thereby causing a lot of inconveniences to passengers, the drastic reduction in the fleet of buses and the folding up of most of them as a result of poor management especially in the area of finance.

Nwude (2003) defined financial management as the process of planning, acquiring, and using funds in an enterprise in order to realize its set goals with minimum discomfort and maximum benefit to the enterprise and its owners. The focus of financial management, according to Breadley, Myers and Marcus (2009), is how individuals, organizations, governments and companies raise funds/finance and how they utilize it. Financial management, as used in this study, is in the areas of funds sourcing and capital structure decisions of the BMT companies in the area of study.

Funds sourcing is the conscious efforts by managers to raise funds to finance the operations of their companies. According to Pandey (2003), financing decision is so crucial to an enterprise that whenever a firm makes an investment decision, it must at the same time make the financing decision also. For example, if a BMT company decides to acquire additional buses to boost its operations, it must as well decide on ways of financing the acquisition. Funds sourcing as used in this context refer to long term sources of financing the BMT companies.

There are basically two sources of long term financing available to a firm, namely; equity funds and debt funds.  Equity funds are generated from the ordinary shareholders (owners of the company) who receive dividends as return on their investment in the company. Debt funds, on the other hand, are fixed interest-bearing funds supplied by lenders. These include bonds, debentures, preference shares, loans, hire purchase financing, leasing, etc. Since companies in general (including the BMT companies) make use of equity funds as well as debt funds in their financing arrangement, managers of these companies must make capital structure decisions as well.

Capital structure decision, according to Pandey (2003), dwells on determining the appropriate mix of equity and debt funds which a firm uses to finance its operations in the long term. A firm’s capital structure is said to be optimum when the firm selects such combination of debt and equity funds such that the wealth of the firm and that of its shareholders are maximized. At the optimal capital structure level, Mehta (2011) contended that the firm’s cost of capital, the weighted average cost of capital (WACC), of the firm is lowest and the firm’s market price per share is at its peak. There is a relationship between funds sourcing and capital structure decisions.

Funds sourcing and capital structure decisions are closely related in the sense that while sourcing for long term funds, a company must ensure appropriate mix of equity and debt funds and thus, avoid the risk of over relying on one source of financing. Over reliance on debt financing, in particular, is dangerous because it is capable of plunging a company into financial distress. Financial distress is a situation where a company encounters difficulty in honouring debts obligations to creditors which also include servicing debts owed to long term creditors. The extreme form of financial distress is insolvency which could lead a company into liquidation.  Therefore, for the BMT company managers to be able make worthwhile decisions in funds sourcing and capital structure, Nwude (2003) argued that such managers need to be guided by information drawn from the field of accounting.

The American Institute of Certified Public Accountants (2011) defined accounting as a service activity that provides quantitative information which can be used for managerial decision-making. Accounting information, therefore, represents the output from an accounting system that assists managers in making decisions especially financial decisions. Accounting information comes in the form of financial statements, financial ratios, capital budgets, credit ratings, variances, inventory levels, cost and profitability projections, break-even analysis reports, financial plan, etc. It is expected, therefore, that managers of BMT companies in the area should use these accounting information to improve their financial management particularly as it relates to funds sourcing and capital structure decisions.

However, the inefficient operations of the bus mass transit companies in the North-central states of Nigeria particularly in Benue, Nasarawa and Plateau States in recent times point to the inability of managers of these companies to utilize accounting information in sourcing for funds. Also, doubtful is the managers’ ability to use accounting information in the capital structure decisions of these companies so as to protect them from financial distress. Hence the study was designed to determine the extent of utilization of accounting information for improved financial management of the mass transit companies in the area of study.

 

Statement of the Problem

The BMT companies like any other commercial outfit should utilize accounting information as a management tool to improve their financial management. However, the epileptic operations of most of these companies in Benue, Nasarawa and Plateau State in the North-central Nigeria point to the fact those managers of these companies are not taking advantage of this management tool to improve their financial decisions notably in the areas of funds sourcing and capital structure. The collapse of most of these companies in the area in recent times attests to this fact. The study is, therefore, undertaken to answer the question: To what extent do the BMT companies in Benue, Nasarawa and Plateau States utilize accounting information for improved funds sourcing and capital structure decisions?

 

Purpose of the Study                

The main purpose of this study was to determine the utilization of accounting information for improved financial management of mass transit companies in Benue, Nasarawa and Plateau States, Nigeria. Two basic purposes guided the study:

  1. To determine the extent to which BMT companies utilize accounting information to improve their funds sourcing decisions, and
  2. To determine the extent to which BMT companies utilize accounting information to improve their capital structure decisions.

 

Significance of the Study

The findings of this study will be beneficial to the managers of mass transit companies, commuters, providers of finance/creditors (banks and suppliers of vehicle spare parts and fuel), shareholders of mass transit companies in the area and prospective investors in the mass transit business sub- sector.

Research Questions

  1. To what extent do the BMT companies utilize accounting information for improved funds sourcing decisions?
  2. To what extent do the BMT companies utilize accounting information for improved capital structure decisions?

 

Null Hypothesis

Ho1  There is no significant difference between the mean ratings of managers of government and privately-owned BMT companies on the extent of utilization of accounting information for improved funds sourcing decisions.

The null hypothesis was tested at 0.05 level of probability.

 

Methodology

The study adopted a descriptive survey design to illicit the opinions of the BMT managers on the extent to which they utilize accounting information in their financial management decisions in the three states in the North-central Nigeria, namely: Benue, Nasarawa, and Plateau States. The population for the study comprised 36 (20 government-owned and 16 privately-owned) bus mass transit companies in the area. A total of 72 managers made up of 36 General Managers (GM) and 36 Finance Managers (FM) were involved in the study. Owing to the fact the population was accessible and manageable, the entire population was surveyed.

A structured questionnaire comprising 27 items was used for data collection. The questionnaire comprised two sections, A and B. Section ‘A’ requested for the personal data of the respondents while Section ‘B’ contained items meant to answer the two research questions on a 5-point scale with response options of  Very Highly Utilized (VHU), Highly Utilized (HU), Averagely Utilized (AU), Lowly Utilized (LU), and Not Utilized (NU). Three experts, two from Business Education and one from Measurement and Evaluation Departments of the University of Nigeria, Nsukka validated the instrument. The questionnaire was subjected to reliability testing and it obtained a reliability index of .80. Mean with standard deviation was the statistical tool used in answering the research questions while t-test at 0.05 level of significance was used to test the null hypothesis using the statistical package for social sciences (SPSS) analysis. For the research questions, any item with a mean rating of equal to or more than 3.50 was accepted as highly utilized while any item with a mean rating that is less than 3.50 was rejected. For the null hypothesis, if the computed SPSS significant t-test value was above 0.05 and with a t-test decision of “Not Significant” (NS), the null hypothesis was accepted. However, where the SPSS computed significant t-test value equaled to or less than 0.05 and with t-test decision of “Significant” (S), the null hypothesis was rejected.

 

Results

Research Question 1

To what extent do the BMT companies utilize accounting information for improved funds sourcing decisions?

Data collected to answer this research question is presented in table 1 below.

 

Table 1         

              Mean ratings and standard deviations of BMT managers’ extent of utilization

              of accounting information for improved funds sourcing decisions

 

S/N Item Statement N SD Decision
1 The estimated revenue to be generated from the funds that the company is seeking to acquire

 

72 3.06 .92  AU

 

2 The amount of money required for the investment

 

72 2.12 1.15 LU

 

3 The overhead cost (fixed expenses) of operating the investment

 

72 2.17 .99 LU

 

4 The estimated profit from the investment

 

72 2.18 1.13 LU
5 The amount of working capital (cash, spare parts and other consumables) required for the investment to be funded

 

72 3.56  .80 HU
6 The amount of share capital fully paid by shareholders of the company

 

72 2.28 1.20 LU

 

7 The ratio of debts to share capital fully paid by shareholders, that is, debt/equity ratio

 

72 1.26  .93 NU

 

8 The company’s total debts (short-term and long term debts)

 

72 2.21 .96 LU

 

9 he name and value of fixed asset(s) to be used as collateral for the amount of loan being sought for

 

72 2.56 .92 AU

 

10 The level of cash available to settle immediate debts (short-term liquidity of the company)

 

72 3.63 .96 HU

 

11 Evidence of the company’s ability to pay interest charges on the funds being sought for out of annual profits

 

72 2.15 1.07 LU

 

12 The cash flow projections indicating how the company will liquidate the loan facility being sourced for

 

72 2.25 1.05  LU

 

13 Projected revenue growth rates of the company

 

72 2.14 1.30  LU

 

14 Projected profit growth rates of the company

 

72 3.06 1.07  AU
15 The company’s credit ratings by other lending agencies or institutions

 

72 2.75 1.00 AU

 

16  Feasibility report of the proposed investment

 

72 2.53 .87 AU
  Cluster Mean   2.49 1.02  LU
           

 

 

Table 1 shows that out of the 16 items listed for funds sourcing, BMT managers rated two items that are highly utilized in funds sourcing decisions, namely; items 5 and 10 respectively with mean ratings of 3.56 and 3.63 in that order. The items represent the amount of working capital required for the investment and the level of cash available to settle immediate debts (short-term liquidity of the company). However, the overall cluster mean of 2.49 falls under lowly utilized (LU) which is below the acceptance region for utilized indicating that the respondents rated the items in this cluster as not utilized (NU) in sourcing for funds. Again, the cluster standard deviation of 1.02 indicates that the respondents’ opinions are far away from the mean

 

.

Research Question 2

To what extent do the BMT companies utilize accounting information for improved capital structure decisions?

Data collected to answer this research question is presented in table 2.

 

Table 2

Mean ratings and standard deviations of BMT managers’ extent of utilization             of accounting information for improved capital structure decisions

 

S/N Item Statement N SD Decision
49 Ascertain the amount of capital provided by the company’s shareholders (equity capital)

 

72 3.28 .91 AU
50 Ascertain the amount of capital to be borrowed from outside institutions (debt capital)

 

72 3.13 .87 AU
51 Refer always to the amount of money the company is permitted by law to borrow (debt bearing capacity of the company)

 

72 1.31 1.18 NU
52 Ascertain the amount of interest the company is capable to pay on borrowed capital (cost of capital)

 

72 2.47 1.06 LU
53 Ascertain the amount of cash available for payment of interest charged on borrowed capital

 

72 2.25 .73 LU
54 Ascertain the value of fixed assets that can be used as collateral for borrowed capital

 

72 3.57 .62  HU
55 Compute the debt to equity ratio to ascertain the proportion of borrowed capital to company’s owned capital

 

72 2.22 .68  LU
56 Compute total debt to total capital ratio to determine whether or not to carry additional debt capital

 

72 1.39 .76 NU
  Cluster Mean 72 2.45 .85  LU

 

 

The results in Table 2 reveal that only two items out of the eight listed items are highly utilized by the BMT managers in their capital structure decision. These were item 54 (ascertain the value of fixed assets that can be used as collateral for borrowed capital) with a mean rating of 3.57 and item 49 (ascertain the amount of capital provided by the company’s equity shareholders). The cluster mean rating of 2.45, however, shows that the respondents lowly utilize (LU) the items in this cluster in capital structure decisions. The standard deviation of .85 indicates that the respondents’ opinions are not far away from the mean.

 

 

Null Hypothesis

Ho1  There is no significant difference between the mean ratings of managers of government and privately-owned BMT companies on the extent of utilization of       accounting information for improved funds sourcing decisions.

The t-test result showing the responses of government and privately-owned BMT managers on the extent of utilization of accounting information for improved funds sourcing decisions is shown in Table 3.

 

Table 3                                                                                                    

           T-test analysis of the mean ratings of government and privately-owned BMT managers on extent of utilization of accounting information for improved funds sourcing decisions

 

S/N Item Statement Managers SD t-cal Df Sig Dec
1 The estimated revenue to be generated from the funds that are being sought for

 

Government

Private

3.13

2.97

.85

0.99

 

.72

 

70

 

.477

 

NS

2 The amount of money required for the investment

 

Government

Private

1.93

2.38

0.92

1.36

 

-1.67

 

70

 

.09

NS
3 The overhead cost (fixed expenses) of operating the investment

 

Government

Private

2.18

2.16

0.96

1.05

 

.08

 

70

 

.94

NS
4 The estimated profit from the investment

 

Government

Private

2.30

2.03

1.26

0.93

 

1.00

 

70

 

.32

NS
5 The amount of working capital (cash, spare parts and other consumables) required for the investment to be funded

 

Government

 

Private

3.15

 

4.06

.53

 

.80

 

-5.78

 

70

 

.00

 

S

6 The amount of share capital fully paid by shareholders of the company

 

Government

Private

2.33

2.22

1.24

1.16

 

.37

 

70

 

.71

NS
7 The ratio of debts to share capital fully paid by shareholders, that is, debt/equity ratio

 

Government

 

Private

2.25

 

2.28

0.81

 

1.09

 

-.14

 

70

 

.89

 

NS

8 The company’s total debts (short-term and long term debts)

 

Government

Private

1.98

2.50

.73

1.14

 

-2.37

 

70

 

.02

S
9 The name and value of fixed asset(s) to be used as collateral for the amount of loan being sourced for

 

Government

 

Private

3.15

 

4.06

.98

 

.50

 

-4.80

 

70

 

.00

 

S

10 The level of cash available to settle immediate debts (short-term liquidity of the company)

 

Government

Private

2.93

4.50

.57

.51

 

-12.2

 

70

 

.00

S
11 Evidence of company’s ability to pay interest charges on the funds being sought for out of annual profits

 

Government

 

Private

2.15

 

2.16

1.10

 

1.05

 

-.02

 

70

 

.98

 

NS

12 The cash flow projections indicating how the company will liquidate the loan facility being sought for

 

Government

 

Private

2.35

 

2.13

1.19

 

0.83

 

.91

 

70

 

.37

 

NS

13 Projected revenue growth rates of the company

 

Government

Private

1.95

2.38

1.36

1.12

 

-1.38

 

70

 

.17

 

NS

14 Projected profit growth rates of the company

 

Government

Private

2.95

3.19

1.22

.86

 

-.93

 

70

 

.35

NS
15 The company’s credit ratings by other lending agencies or institutions

 

Government

Private

2.98

2.47

.97

.98

 

2.18

 

70

 

.03

S
16 Feasibility report of the proposed investment Government

Private

3.28

3.84

.93

.68

 

-2.89

 

70

 

.05

S
  Cluster t Government

Private

2.56

2.83

.33

.30

 

-3.63

 

70

 

.00

S

 

Table 3 posted the cluster significance value of .00 and a cluster decision of significance (S). This means that on the whole, managers of government and privately-owned companies differed in their opinions on the extent of utilization of accounting information in sourcing for funds. Therefore, the null hypothesis which postulated that there is no difference in the mean ratings of government and privately-owned company managers on the extent of utilization of accounting information in sourcing for funds is rejected. That is, there was a significant difference in the mean ratings of privately-owned and government-owned BMT company managers on the extent of utilization of accounting information for improved funds sourcing decisions. From the cluster means shown in the table, it appears that the difference in the opinions of the two groups of managers is in favour of the privately-owned BMT managers who obtained a cluster mean score of 2.83 whereas their counterparts in government-owned companies got a cluster mean score of 2.56. That is, managers of privately-owned BMTs are utilizing accounting information in sourcing for funds more than managers of government-owned BMTs.

 

Discussion of the Findings    

One of the findings of the study revealed that only two sets of accounting information, the amount of working capital required for the investment to be funded and the level of cash available to settle immediate debts were rated as utilized by the BMT company managers while the rest of the remaining sets of accounting information presented for this purpose were rated not utilized by these managers.

The above finding could be interpreted that the BMT company managers in the area of study are not utilizing accounting information in sourcing for funds. That is, the extent of usage of accounting information in sourcing for funds in these enterprises in the area leaves much to be desired. The few sets of accounting information rated as utilized by managers could be the only accounting information that the accounting systems of these firms generates and/or the only accounting information that managers are familiar with. Be that as it may, it then means that the minimum accounting standards prescribed for companies in Nigeria by various bodies such as the Corporate Affairs Commission (CAC), the Securities and Exchange Commission (SEC), and the Nigerian Accounting Standards Board (NASB), etc. are not strictly followed by the BMT company managers in the area of study. Again, it could be explained that managers who are employed to manage the finances of these companies are not quite knowledgeable in the field of accounting and financial management as a whole or that these managers are not doing their jobs well enough.

However, the findings on the use of accounting information in sourcing for funds in the BMT companies in the area of study are consistent with the views of Agudah (2011) that companies in Nigeria are unable to raise loans from banks and other lending institutions largely because of their inability to present bankable financial proposals. On the other hand, the findings contradict that of Otu (2001) who found that commercial banks rely on the applicants’ financial statements in granting loans and the extent of reliance on this information is high among commercial banks in Ebonyi State, Nigeria. Thus, if the commercial banks in the area of study strictly demand for the applicant’s financial statements in granting loans, the present results on the utilization of accounting information in sourcing for funds by the BMT company managers in Benue, Nasarawa, and Plateau States, Nigeria would have been different.

The study further found that respondents gave not utilized ratings to most of the accounting information that are used for improved capital structure decisions. For instance, accounting information such as the interest the company is capable to pay on borrowed capital – cost of capital; the amount of cash available for payment of interest on borrowed capital; the debt/equity ratio; and the debt capacity of the company, all received not utilized ratings by the respondents.

The above findings on improved capital structure decisions, again, creates a worrisome situation because Pandey (2003) contended that the capital structure decision of a company must take these vital financial information into account for obvious reason that decisions in this area of finance determines the long term solvency of the firm. For instance, the not utilized rating received from the respondents on the company’s debt bearing capacity means that the BMT managers are not aware of the limit the law imposes on their companies’ powers to borrow as enshrined in the articles of association of these companies. Hence most of these managers go on borrowing spree to acquire debt capital on terms and conditions most unfavourable to their companies and thus, plunging these companies into financial trouble.

Again, it was found that a significant difference existed between the mean ratings of government and privately-owned BMT managers on the extent of utilization of accounting information in sourcing for funds. Therefore, the null hypothesis of no significant difference was rejected. The significant difference was found to be in favour of the privately-owned BMTs who obtained higher mean score in utilizing accounting information for this purpose more than their government counterparts. This implies that ownership status has a significant influence on the extent of utilization of accounting information by managers in sourcing for funds in the bus mass transit companies.

The above result is consistent with the view held by Mbaezue (2010) that government-owned companies are different from privately-owned companies in the sense that the former are characterized by inefficient management (including financial management) while the latter are more poised to profit-making and therefore, more efficient in management than their government counterparts. Similarly, Ogunsanya (2004) reported that state-owned mass transits were run at a loss. The reasons include nonchalant attitude to government work by the employees, embezzlement on the part of drivers and conductors, and inadequate response to taking immediate actions on repairs and servicing of vehicles by government parastatals established for such purposes.  Hence, the difference noted between the opinions of government and privately-owned BMT managers on the extent of use of accounting information in sourcing for funds.

However, the fact that managers of government and privately-owned companies did not differ significantly on a good number of the accounting information used in sourcing for funds point to the fact that much is happening in the Nigerian bus mass transit sub-sector to harmonize financial management practices between these two types of companies.

 

Conclusion

          The level of utilization of accounting information for improved financial management in the bus mass transit (BMT) companies is generally low in Benue, Nasarawa and Plateau States of Nigeria. Furthermore, even though there is general low level of utilization of accounting information for this purpose among the BMT companies in the area, the privately-owned companies utilized accounting information more than their government counterparts especially in sourcing for funds.

 

Recommendations

  1. The management of the mass transit companies in Benue, Nasarawa, and Plateau States headed by their Board of Directors (BOD) should strictly enforce the use of accounting information in sourcing for funds by ensuring that all accounting information relevant to funds sourcing are properly accumulated and timely disseminated to the persons concerned with sourcing for funds for the company especially the General Manager and the Finance Manager. The BOD should also ensure, through the establishment of routine supervision measures, that financial information is accorded high priority in all funds sourcing decisions of these enterprises. Furthermore, the BOD could direct management to hire the services of professional accountants to draw up financial proposals for loan applications where it is impracticable for this service to be performed by the company managers. These measures are to ensure that the mass transit companies utilize accounting information to obtain funds as and when needed and on terms and conditions most favourable to them.
  2. Managers of the BMTs in the area of study are urged to adopt the use of computers in processing accounting information. This will guarantee more timely and accurate accounting information that will be supplied by the accounting systems of these companies for the purposes of sourcing for and investing funds profitably in these companies.
  3. Also, managers of BMTs, especially government-owned BMTs, should recruit only qualified and experienced accounting personnel to take charge of their accounting/finance departments. Managers should regularly update the knowledge and skills of their principal accounting/finance officers (the General Managers and Finance Managers) through refresher courses/seminars on the latest technologies of accumulating, processing, and use of accounting information especially in critical areas like funds sourcing and capital structure decisions. This will help to improve the use of accounting information and thus, enhance the quality of financial decisions in these areas of financial management.

 

References

 

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Agudah, O. (2011). A guide to raising finance in Nigeria. Retrieved from http://www.financialNigeria.com/development/  29th October, 2011.

 

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Breadley, R.A., Myers, S. C., & Marcus, A. J. (2009). Fundamentals of corporate finance(6th ed.). Boston:Mcgraw- Hill.

 

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Mehta, C. (2011). Important considerations in determining capital structure of a company.         Retrieved from http://www.mbakol.com/financial… 5th December, 2011.

 

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Olujide, J., & Adeoti, J. O. (2009). Strategic management options for sustainable public         transport      corporations. Retrieved from www.unilorin.edu.ng/publication/../pdf. 6th   February, 2011.

 

Otu, J. U. (2001). Impact of accounting information on the lending decision-making of         commercial banks in Ebonyi State. Unpublished M.Ed Thesis, University of Nigeria,      Nsukka.

 

Pandey, I. M. (2003). Financial management, (8th ed.). New Delhi: Vikas Publishing House,         PVT Limited.

 

 

 

BUSINESS EDUCATION LECTURERS’ PERCEPTION OF CURRICULUM CHANGES REQUIRED FOR INTEGRATING BUSINESS EDUCATION INTO THE CHANGE AGENDA IN NIGERIA

Demenongu Wuana, Ph.D

Jonathan T. Dera

Sundaywuana@gmail.com

jonathandera@gmail.com

Department of Business Education

College of Education, Katsina-Ala, Benue State

 

Abstract

The rapid changes that occur in the business world in form of new products, new technologies, new markets, new legislations, etc demand that the curriculum of Business education to be adaptive to our local demands as well as make us competitive globally.  Thus, the Nigerian Business education curriculum needs to be subjected to regular changes through review, revision, updating, etc to allow for new technologies and new pedagogical strategies to be incorporated into the programme thereby making it more responsive to the current change agenda in Nigeria.  Since teachers constitute a significant source of inputs for curriculum change, the present study was designed to determine the perception of Business education lecturers on the curriculum changes required for integrating Business education into the change agenda in Nigeria. A descriptive designed study, it covered eight (8) Colleges of Education in Benue, Nasarawa and Plateau States in the North-Central Nigeria with a population of 111 lecturers. The entire population was surveyed. A 5-point scale questionnaire was used to elicit responses from the respondents. Mean with standard deviation was used to answer the research questions while t-test was used in testing the null hypothesis at 0.05 level of significance. The findings were that the respondents did not accept the integration of new technologies such as e-commerce, e-banking and e-learning into the curriculum of Business education at the Colleges of Education level. Equally rejected by the respondents were the new pedagogical methods of teaching Business education such as case study, co-operative learning, learning by inquiry, web-based instructional method, etc. Again, the study found no significant difference between the opinions of lecturers in publicly owned and privately owned Colleges of Education on the new pedagogical methods required to integrate Business education into the change agenda in Nigeria. Therefore, it was recommended among other measures that proprietors and managers of Colleges of Education should intensify their staff development efforts in ICT and e-learning in particular so that Business education lecturers will be more acquainted with and alsoembrace new technologies for teaching and learning of the course in Nigeria.

Keywords: Perception, Business education, Lecturers, Curriculum Change, and Change Agenda

 

 


Background of the Study

In order for a nation to remain relevant and competitive in this dynamic and globalized world, its structures, institutions, and indeed, the citizenry must be responsive and adaptive to new trendsand new order both locally and globally. The upswings or upturns through which a nation passes as it matches toward development is what is referred to as change. The Webster’s New Twentieth Century Dictionary thus, defined change as making somebody or something different – to move away from one state, position or direction to another. In other words, change represents a shift from a dissatisfied state (the status quo) to a more desirable state or condition. In this perspective, change is viewed as a course or direction that leads to better attainment of national goals and therefore, add value to human lives (positive change) as opposed to a course or direction that creates pain or retards human progress (negative change).

Since human organizations are not static, change becomes a pre-condition for any society to move forward and this explains why changes are inevitable in all human organizations. It therefore, behooves on members of such organizations to embrace changes or risk lagging behind in new and better techniques of solving problems in their organizations. In fact, the popular adage that if you do not create change, change will create you” implies that whether we like it or not, change must occur and we will be compelled to adjust to it. Positive changes benefit the society enormously.

Some of the benefits of a positive change, according to Budha (2015), are that it brings about flexibility. Frequent changes make one adaptive to new situations, new environments, and new people. Again, change brings about improvements in our finances, jobs, living conditions, etc. So we need to do things differently to improve ourselves. Also, change brings about new opportunities and new beginnings. Each change is a turning page – it is about closing one chapter and opening another one which results to new beginnings and excitements to life. Furthermore, change relieves a person from the boredom of doing the same thing in exactly the same manner for many years which leads to a completely dull, predictable and uninteresting life. Change occurs in families, organizations and the larger society.

Regardless of the level at which it takes place,Ejeka (2007) argued that change is brought about as a result of the perception of managers or the employees or both on better ways of moving their organizations forward. Perception, according to Longman Business English Dictionary (2000), is the combining of sensations into recognition of an object or a phenomenon. In other words, perception represents a way people acquire information about their environment through the five senses of seeing, hearing, touching, tasting and smelling. The information is then organized and interpreted to explain what is happening around them. Therefore, perception is based on personal selection, organization, and interpretation of the stimulus. As used this study, perception refers to the thoughts or views of Business education lecturers on what ought to be included in the curriculum of Business education in order to integrate it into the change agenda in Nigeria.

To integrate means to make somebody or something fit in with a particular group. In this context, integrate means to fit into the curriculum of Business education new contents and new pedagogical methods (teaching methods) in order to make the programme more relevant to the realization of the objectives of the change agenda in Nigeria. The change agenda, on the other hand, is a list of new strategic policies, actions, and programmes packaged by the Federal Government of Nigeria towards rechanneling our development efforts so that better results could be achieved (The All Progressives Congress (APC) Manifesto, 2013). The manifesto identified five key areas under the change agenda. These critical areas are: national security, good governance, human capital development, economic development, land and natural resources, and foreign policy. For each of the sectors identified, there are clearly articulated policy directions and accompanying strategies to indicate how the vision will be implemented. In this study, however, the aspect of the change agenda that is our focus is that of education and Business education, in particular.

Education, according to Bisong (2000) involves the transmission of knowledge, skills and attitudes in such a way that individuals who submit themselves to the process are transformed (changed) for the better.There is a conceptual truth here that a person is transformed by what he knows and understands. It follows clearly that students who go through the educational process and do not change in any way for the better have not only remained uneducated but have wasted their time and the nation’s resources. Education generally prepares people to live and adjust to their changing environment. Business education, on the other hand, is perceived by Aliyu (2013) as an education programme meant to adjust individuals to their business environment. It is essentially education for and about business. In other words, Business education offers intellectual and vocational preparation for people to fit into industrial, businessand office occupations and to meaningfully contribute to the development of the national economy. Business education programmes are offered at the levels of basic education, senior secondary school, Colleges of Education, Polytechnics and Universities in Nigeria. Teachers that handle this programme at the tertiary level of education (Colleges of Education, polytechnics, and Universities) in Nigeria are referred to as Business education lecturers. However, the present study covers Business education lecturers in the Colleges of Education because they provide the foundation training for business teachers as well as prepare students for advanced studies/careers in business. The vocational nature of Business education has made it a focal point of attention by the Federal Government of Nigeria (FGN) in recent times.

The APC-led government in its manifesto (2013) has pledged to ensure the availability of quality education (including Business education) at all levels and to also strive to increase the number of skilled Nigerians that would form the bedrock of national economic development. On vocational and technical education in particular, the APC manifesto maintained that government plans to embark on vocational training, entrepreneurial and skill acquisition schemes for graduates along with the creation of a Small Business Loans Guarantee Scheme to create at least one million jobs every year for the foreseeable future. Furthermore, government would ensure a greater proportion of expenditure on higher education is devoted to science and technology education with more spaces allocated to science and technology-oriented courses. These pronouncements on vocational education are clear indications that the present Nigerian government desires to use this form of education to reshape the country via the change agenda.However, as observed by Wuana and Abul (2014), the Business education programme in Nigeria is bedeviled by notable challenges prominent of which is that of making the curriculum relevant to the needs of learners and to the current realities in Nigerian. According to the authors, unless these curriculum deficiencies are urgently corrected, business education may not be able to contribute its quota meaningfully towards the realization of the nation’s vision on vocational and technical education. Curriculum broadly is defined as the totality of student experiences that occur in the educational process. It may incorporate the planned interaction of pupils with the instructional contents, materials, resources, and processes of evaluating the attainment of educational objectives. Offorma (2009) viewed curriculum as a document, plan, or blue print or an instructional guide which is used for teaching and learning to bring about desirable learner behavioural change.It is an instrument by means of which schools seek to translate the expectations of the society in which they function into concrete reality.Nigeria, as a nation is undergoing transformation through the change agenda of the government. It is, therefore, expected that all aspects of the education system (Business education inclusive) should offer concrete solutions to the nation’s challenges. This can only be possible where the school curriculum undergoes regular revisions or changes to reflect current national challenges.

Curriculum change, according to Onyesom, Egbule and Okwuokenye (2012), means regular update of curriculum objectives, contents, instructional delivery techniques, modern equipment/facilities, and evaluation methods that will fit Business education into the new agenda in Nigeria. It is also referred to as retooling the curriculum which involves taking a fresh look at what employers/industry expect from our graduates, and incorporating these expectations into the curriculum.This conforms with Offorma (2009) assertion that curriculum should not be rigid but should be adaptive and embrace societal changes.

Rapid changes are taking place in the business world particularly in Information and Communication Technology (ICT) such as e-business, e-commerce, e-banking, e-learning, etc. Similar technologies are emerging in teaching, learning and evaluation in Business education.All these changes need to be incorporated in the curriculum of the discipline to make it more relevant to current trends in Nigeria. Furthermore, Ottewill and Macfarlane (2003) argued that the need to maintain a strong real world focus in the teaching of Business education is necessitated by the fact that the Business education curriculum is vocational, practical and training-oriented. Besides the incorporation of new technologies into the curriculum of Business education, there is need to employ teaching approaches that ensure that learning takes place in authentic and real-world context. Generally, teachers are a major source of information for curriculum development/ improvement. Therefore, Business education lecturers (as key operators of Business education curriculum) are in a better position to suggest appropriate curriculum changes in the area. Hence the present study is intended to find out from these lecturers their perception of the curriculum changes that are required at the level of Colleges of Education to make Business education programme (General Business education component) aligned with the current change mantra inNigeria.

 

Statement of the Problem

For any nation to advance, the education system through the curriculum should be able to prepare people with the right competencies to bring about desirable changes. The Nigerian business environment is changing at a blistering pace and Business education curriculum should capture these changes so that products of the programme will be sufficiently grounded both in theory and practice to be able to fit into these changes.However, as noted by Wuana and Abul (2014), the Business education curriculum particularly at the Colleges of Education level in Nigeria is deficient in terms of new trends in business particularly in the area of ICT (contents) and the emerging pedagogical methods to respond to ICT demands of the contemporary business environment in Nigeria. As potential source of information for curriculum improvement/change, Business education lecturers should offer valuable inputs on how best to improve the curriculum. The study is, therefore, set out to determine the perception of Business education lecturers in the North-Central Nigeriaon the curriculum changes required to integrate Business education into the change agenda in Nigeria.

 

Purpose of the Study

The central purpose of the study is to find out the perception of Business education lecturers on the curriculum changes required to integrate Business education into the change agenda in Nigeria. Specifically, the study sought to:

  1. Find out the perception of Business education lecturers on the content changes required to integrate Business education into the change agenda in the North-Central Nigeria; and
  2. Find out the perception of Business education lecturers on the new pedagogical methods required to integrate Business education into the change agenda in the North-Central Nigeria.

 

Significance of the Study

The study will be beneficial to curriculum planners in the field of Business education, Business education students at the Colleges of Education level, proprietors of Colleges of Education in Nigeria, the National Commission for Colleges of Education, Business education lecturers, and future researchers in Business education.

 

Research Questions                                                            

  1. What is the perception of Business education lecturers on the new curriculum contents required at Colleges of Education for integrating Business education into the change agenda in the North-Central Nigeria?
  2. What is the perception of Business education lecturers on the new pedagogical methods required at Colleges of Education for integrating Business education into the change agenda in the North-Central Nigeria?

 

Null Hypothesis (Ho)

There is no significant difference between the mean perception of Business education lecturers in publicly-owned and privately-owned Colleges of Education in the North-Central Nigeria on the new pedagogical methods required for integrating Business education into the change agenda.

The null hypothesis will be tested at 0.05 level of significance.

 

Methodology

The study adopted a descriptive survey design to obtain the perceptions of Business education lecturers on the curriculum changes required to integrate Business education into the change agenda in the Nigeria. The study covered 8 Colleges of Education in the three states of North-Central Nigeria, namely Benue, Nasarawa, and Plateau. There are 5 publicly-owned and 3 privately-owned Colleges of Education in the area of study (The National Commission for Colleges of Education (NCCE, 2015). A total of 111 lecturers are on the academic staff list of these institutions made up of 71 lecturers in public Colleges of Education and 40 lecturers in private Colleges of Education. The entire population was surveyed.

A structured questionnaire comprising 35 items was used for data collection. The questionnaire titled “Business Education Lecturers’ Perception of Curriculum Changes Required for the Change Agenda in Nigeria Questionnaire” (BEDLECPCCRECANQ) comprised two sections, A and B. Section ‘A’ requested for the personal data of the respondents while Section ‘B’ contained items meant to answer the two research questions arranged on a 5-point scale with response options of Very Highly Perceived (VHP), Highly Perceived (HP), Averagely Perceived (AP), Lowly Perceived(LP), and Not Perceived (NP). Section ‘B’ was further sub-divided into two (2) clusters to address the two research questions. Three experts, two from Business Education Section, Benue State University, Makurdi validated the instrument.The questionnaire was subjected to reliability testing and it obtained a reliability coefficient of .80. Mean with standard deviation was the statistical tool used in answering the research questions while t-test at 0.05 level of significance was used to test the null hypothesis. For the research questions, any item with a mean rating of equal to or more than 3.50 was accepted as highly perceived (HP) while an item with a mean rating of less than 3.50 was rejected as not perceived (NP). In order to accept or reject the null hypothesis, the Statistical Package for the Social Sciences (SPSS) computedsignificant t-test values and the SPSS t-test decisions were used. The null hypothesis was accepted if the SPSS computed significant t-test value was above 0.05and with SPSS t-test decision of “Not Significant (NS)”.However, where the SPSS computed significant t-test value equal to or less than 0.05 and with t-test decision of “Significant (S)”, the null hypothesis was rejected.

 

Results

Research Question One

What is the perception of Business education lecturers on the new curriculum contents required at Colleges of Education for integrating Business education into the change agenda in the North-Central Nigeria?

 

Table 1

Mean and Standard Deviations of the Business Education Lecturers’ Perception of the New Curriculum Contents required at Colleges of Education for integrating Business Education into the Change Agenda in North-Central Nigeria

table1

 

 

The results in Table 1 revealed that fourteen (14) items had mean scores ranging from 3.52 to 3.95 implying that these items received favourable perception of the respondents as the new curriculum contents required at the Colleges of Education for integrating Business education into the change agenda in Nigeria. However, the table further showed that five (5) items, viz; item numbers 15, 16, 17, 18 & 24 respectively with means scores ranging from 3.11 to 3.45 were not perceived by the respondents for this purpose. Nevertheless, the cluster mean of 3.51 and a standard deviation of 0.58 indicated that the respondents highly perceived all the items in this cluster as the new curriculum contents required for integrating Business education into the change agenda in Nigeria.

 

Research Question Two:

What is the perception of Business education lecturers on the new pedagogical methods required at Colleges of Education for integrating Business education into the change agenda in the North-Central Nigeria?


Table 2

Mean and Standard Deviations of Business Education Lecturers’ Perception of the New Pedagogical Methods required at Colleges of Education for integrating Business Education into the change agenda in North-Central Nigeria

table2

 

The results presented in Table 2 showed that three (3) items, namely; item numbers 27, 33 and 34 with mean ratings of 3.59, 3.54 and 3.64 respectively were highly perceived as the new pedagogical methods required at Colleges of Education for integrating Business education into the change agenda in the North Central Nigeria. Six (6)

 

of the items, however, did not receive the respondents’ favourable perception since their mean ratings fell below the bench mark of 3.50. Again, the cluster mean of 3.27 and a standard deviation of 0.67 indicated that all the items in this cluster were not perceived by the respondents as the new pedagogical methods for integrating Business education into the change mantra in the area.

Null Hypothesis

There is no significant difference between the mean perception of Business education lecturers in publicly-owned and privately-owned Colleges of Education in the North-Central Nigeria on new pedagogical methods required for integrating Business education into the change agenda.


 

Table 3

T-test analysis of the significance difference between the mean perception of Business education lecturers in publicly-owned and privately-owned Colleges of Education in the North-Central Nigeria on new pedagogical methods required for integrating Business education into the change agenda

table3

 

 

 

Results in Table 3 showed the t-test analysis of the significant difference between the mean perception of Business education lecturers in publicly-owned and privately-owned Colleges of Education in the North-Central Nigeria on new pedagogical methods required for integrating Business education into the change agenda. The results showed that all the items had significant or probability values greater than 0.05 which is the set level of significance. Also, the cluster t-value of 0.22 with a significant value of 0.82 showed that the mean difference in the perception of the two categories of Business education lecturers is not statistically significant. Therefore, the null hypothesis which postulated that there is no significant difference between the mean perception of Business education lecturers in publicly-owned and privately-owned Colleges of Education in the North-Central Nigeria on new pedagogical methods required for integrating Business education into the change agenda is accepted.

 

Findings of the Study

The study found that:

  1. Business education lecturers in the area of study did not favourable perceive the inclusion of the emerging technologies in Business education such as e-business, e-commerce, e-banking and e-learning in the curriculum of Business education for the change agenda.
  2. The case study, business internship and field interview pedagogical methods were accepted by the Business education lecturers. On the other hand, the lecturers rejected the use of co-operative learning strategy, learning by inquiry, team-based learning, web-based instructional strategy, classroom video conferencing and peer instruction methods.
  3. Business education lecturers in publicly owned and privately owned Colleges of Education in the North-Central Nigeria shared the same view on the new pedagogical methods required for integrating Business education into the change agenda.

 

Discussion of Findings

          The first finding of this study revealed that Business education lecturers in the area of study rejected the integration of emerging technologies such as e-business, e-commerce, e-banking and e-learning into the curriculum contents of the Business education programme at the Colleges of Education level. This is somehow surprising because Business education graduates are expected to make use of these technologies either in teaching or in other areas of business application. The rejection of these new technologies by Business education lecturers is therefore, worrisome because the situation may further widen the gap between school (theory) and real life experiences (practice) which should be the concern of all business educators. In any case, the above finding shows that Business education lecturers in the area of study are ignorant of the relevance of these new technologies in modern business environment in Nigeria and globally. It could also be explained that facilities for the teaching and learning of these new technologies are not readily available in the Colleges of Education in the covered by the study.     Furthermore, the situation could be explained on the lecturers’ inability to acquire relevant skills to handle these emerging technologies in business hence their apathy toward these new technologies. Better still, it could mean that these lecturers are simply reluctant to embrace change and would rather prefer the status quo to be maintained. Be that as it may, the Business education lecturers’ non-acceptance of the inclusion of emerging technologies into the Business education curriculum is totally unacceptable. This is in view of the fact that for any business organization to remain competitive in the modern era, it must be adaptive to new changes particularly in the area of emerging technologies in business. It is important that skills in these new technologies need to be imparted to the business teacher trainers at the Colleges of Education early enough so as to meet the current challenges posed by globalization.

The above finding is consistent with that of Nwanewezi and Isifeh-Okpokwu (2008) who also found that the right environment for teaching and use ofICT is lacking in most Nigerian educational institutions. Similarly, Nonye and Nwosu (2012) attributed the non-performance of Business education graduates in the use of modern technological facilities to lack of proper training in the handling of these technologies in schools and colleges. This situation makes the Business education graduate unsuitable in a modern business work environment.

Again, the study found that new teaching methods such as the co-operative learning, learning by inquiry, team-based learning, web-based instructional strategy, class-room video conferencing, and peer instruction methods were not perceived by the Business education lecturers as suitable instructional delivery methods that could help Business education to meet the needs of the change agenda in Nigeria. Just like the finding on emerging technologies portrayed, this finding again demonstrates that Business education lecturers in the area of study are not abreast of the new pedagogical methods to cope with the changing nature of business. Put somewhat differently, the finding indicates that Business education lecturers are more comfortable with their traditional teaching methods.

The above finding presents yet another unacceptable situation because just as we advocate for changes in curriculum contents, new methods of teaching also need to be adopted in Business education so as to meet the objectives of the change agenda in Nigeria.To support this line of thinking, Attwell and Hughes (2010) contended that the modern Business education curriculum demands an e-teachnig approach (i.e. e-learning pedagogy) which is achievable only when teachers adopt modern teaching approaches and that educational institutions are adequately funded to provide facilities for these instructional methods to thrive.

The study also found that no significant difference existed between the mean perceptionof Business education lecturers in publicly-owned and privately-owned Colleges of Education on the new pedagogical methods required for integrating Business education into the change agenda in Nigeria. That is, ownership status of Colleges of Education in the area of study does not significantly affect the opinion ofBusiness education lecturers on the new pedagogical methods required to align Business education to the objectives of the change agenda in Nigeria. This could mean that these lecturers, whether in public or private Colleges of Education, have the same training background and their work environments do not significantly differ. The finding, however, is in line with that of Amesi, Akpomi and Okwuanaso (2014) who also found that there was no significant difference in the mean ratings of lecturers on the effectiveness of teaching strategies in business education and how it sustains ICT in the Niger Delta, Nigeria.

 

Conclusion  

Business education lecturers in the Colleges of Education in the North-Central Nigeria did not perceive as necessary the integration of new technologies like e-commerce, e-business, e-learning and e-banking into the curriculum contents of Business education. Similarly, these lecturers did not perceive the new pedagogical methods like the co-operative learning strategy, learning by inquiry, team-based learning, web-based instructional strategy, classroom video conferencing and peer instruction methods as appropriate pedagogical methods to be incorporated into the Business education programme. This trend portends great danger for Business education in Nigeria as it denies both the lecturers and the recipients of the programme the opportunity of maximizing the benefits of the emerging technologies in business that could be exploited for the realization of the objectives of the change agenda in Nigeria.

 

Recommendations

  1. Proprietors and managers of Colleges of Education should intensify their staff development efforts in ICT and e-learning in particular so that Business education lecturers will be more acquainted with and also embrace new technologies for teaching and learning the course. This, they can do by organizing regular sensitization workshops and also sponsoring teachers on in-service training in ICT.
  2. Proprietors and managers of Colleges of Education in the area of study should properly fund these colleges by way of providing adequate ICT facilities and making the college environment conducive enough for the teaching and learning of ICT.

 

 

References

 

Aliyu, M. M. (2013). Business education in Nigeria: Trends and issues. Kaduna: Sunjo A J Global Links Ltd.

 

Amesi, J., Akpomi, M. E., & Okwuanaso, S. I. (2014).Teaching strategies in Business Education for         sustaining Information and Communication Technology learning in the Niger Delta.Global Journal        of Arts, Humanities and Social Sciences. 2, (3), 10 – 21.

 

Attwell, G., & Hughes, J. (2010).Pedagogical approaches to using technology for learning – literature review.    UK: Life-long learning.

 

Bisong, J. O. (2000). Quality anc competence in teacher education.In Wokocha, A. M. (ed). Quality in     Nigeria education: Agenda for action. A publication of the Association for Promoting Quality Education in Nigeia (APQEN), 3, 248 – 256.

 

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Offorma, G. (2009). Climate change and the need for new curriculum development in Nigerian Universities. Paper presented at the sensitization workshop on “Influencing Curriculum Development and   Knowledge about Climate Change Issues” held at the University of Nigeria, Nsukka, 3rd December,           2009.

 

Onyesom, M., Egbule, N. C., & Okwuokenye, A. E. (2012). Business education in Nigeria: Changes,     challenges and chances. In Ekpenyong, L. E. (ed) Emerging Challenges in Business Education.        Association of Business Educators of Nigeria (ABEN), 2 (1), 97 – 104.

 

Ottewill, R., & Macfarlane, B. (2003). Pedagogical challenges facing business management educators:    Assessing the evidence. The International Journal for Management Education, 3, 33 – 41.

 

The All Progressives Congress (APC, 2013).A new party – a new Nigeria.The APC Manifesto. Retrieved     October15, from www.apcpressreleases.com/the-apc-ma

 

The National Commission for Colleges of Education (NCCE, 2015). List of NCCE approved colleges of   education. Retrieved  November, 10 from www.ncceonline.edu.ng/colleges.php.

 

Wuana, S. D. & Abul, J. N. (2014).Restructuring business education curriculum for adaptation to climate change in Nigeria.In Denga, D. I. (ed). Vocational Technical Education   and Climate Change:    Issues,        Challenges and Prospects. Katsina-Ala: SVTE Publications.