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A FACTORIAL STUDY OF CORPORATE PERFORMANCE OF NIGERIAN REFINERIES
Abstract
Realizing that the Nigerian refineries are dysfunctional and therefore are unable to meet the optimal production output, a survey was undertaken as to identifying and ascertaining the inter correlations among a range of variables that influence the operation of the Nigerian refineries. Accordingly, a statistical approach, involving a combined use of Kendall’s coefficient of concordance, which ranks variables in merit order sequentiality, and Principal Component Analysis (PCA), that tries to perceive similarity in dissimilarity by achieving parsimony through factor reduction, was adopted. Our results show that a null hypothesis claiming that the ranking of the range of factors by forty (40) judges is discordant was rejected at a p-value of 0.05, thus suggesting that the computed index of consistent ranking (coefficient of concordance W = 0.56909) is a middling. Besides, the PCA deployed was successful in achieving parsimony by clustering a plethora of sixty-one (61) variables into mere nineteen (19) collections or enfoldments. To boot, an outstanding sturdy cluster wielding remarkable positive factor loadings, which was creatively labelled omnium-gatherum came up trumps as most significant and it’s quite needful as policy instrument. Thus, if NNPC is to square away (neaten up) the dysfunctionality alluded to at the outset and have to nudge their operations towards a decent future, this paper importunes that the omnium-gatherum, in the first instance, needs to be factored into their aggregate planning.
