Digital Commons Network^™

Welcome Address: The New Partnership For Africa's Development: An African Renaissance?, A. O. Agholor

Economic and Financial Review

This is a Welcome Address by Mr. A. O. Agholor, Branch Controller, CBN Benin Branch to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

Keynote Address: The New Partnership For Africa's Development: An African Renaissance?, Ernest C. Ebi

Economic and Financial Review

This is a Keynote Address by Mr. Ernest Ebi, Deputy Governor. (Policy) Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

Opening Address: The New Partnership For Africa's Development: An African Renaissance?, M Okunfolami

Economic and Financial Review

This is an Opening Address by Mr. M Okunfolami, Director, Human Resources Department, Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

Special Remarks: The New Partnership For Africa's Development: An African Renaissance?, O. J. Nnanna

Economic and Financial Review

This is a special remark by Dr. O. J. Nnanna Director of Research, Central Bank of Nigeria, to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

Foreign Private Investment In Nigeria - 2002, Division Research Statistics Department

Economic and Financial Review

This report presents the results of the survey on foreign private investment in Nigeria in 2002. The survey covered 254 establishments that are either fully foreign owned or are in partnership with Nigerian agencies or enterprises doing business in Nigeria. The net flow of foreign investment into the Nigerian economy rose by 143 per cent from N3,377.0 million in 2001 to N8,206.8 million in 2002. The analyses of the survey returns are presented in eight parts.

Promoting Savings And Investment Culture For National Development, O. J. Nnanna

Economic and Financial Review

The paper examined the performance of Nigeria's savings and investment profile relative to some selected economies of the world. It noted that the fundamental issues militating against an effective savings and investment culture in Nigeria has remained, financial sector distress, high inflationary expectation, low yield on investments and inappropriate institutional structures. Amongst the various efforts being made to enhance savings and investment culture in Nigeria, the paper identified the recently introduced National Savings Certificate ( NSC) as a key investment window for the low income group with attractive yield and thus, a strong alternative to bank deposits, the proposed pension …

Unshackling The Private Sector In West Africa: Regional Integration And Macroeconomic Perspectives By Addison, E. K. Y. (West African Journal Of Monetary And Economic Integration, Vol. 1, No. 2 December 2001), Raliat A. Ojibara

Economic and Financial Review

The private sector is noted to be more efficient than the public sector in terms of ownership, allocation and productive efficiencies based on empirical and theoretical studies thus the objective of the paper centered on the need to explain the problems of the private sector in West Africa and how regional monetary integration could alleviate some of them. The paper is structured into five sections namely; Section one looks at the theoretical perspective of the efficiency of the private sector, Section two traced the evolution of macroeconomic policies viz-a-viz economic development in the West African Monetary Zone {WAMZ), Section three …

A Review Of Nigeria’S Exchange Rate Policies Since Deregulation In 1986, External Sector Division

Economic and Financial Review

This article examined foreign exchange policy measures adopted since 1986. Nigeria's economic policy prior to 1986 was characterized by the overwhelming influence of oil and public sector dominance of productive activities. Prior to this period, the economy faced serious crisis and was characterized by an over-valued currency, low oil receipts, depleted external reserves and high import bills, emergence of trade arrears and rapid accumulation of debts. The various measures adopted were aimed at restructuring the economy and diversifying its revenue base, as well as achieving a realistic exchange rate for the naira. An appraisal of these exchange rate policies indicated …

Rationale Behind Oil, Gas, And Electricity Industries Reforms: Is There A Consistency By Mohammad Mazraati Et Al. (22nd Annual North American Conference Of The Usaee/Iaee, 2002) - A Review, I. S. Abdullahi

Economic and Financial Review

The paper investigated the main rationale behind the energy industry reforms. It also sought to examine the relationship between inter-industry reforms and ascertain the soundness of the rationale as well as their consistencies. The paper was structured into six sections opening with an introduction. Sections two, three and four reviewed reforms in the oil, electricity and gas industries, respectively. Section five discussed the performance against expectation while section six presented the concluding remarks.

The Demand For Foreign Currencies In Nigeria: An Empirical Analysis, O.M. Fakiyesi

Economic and Financial Review

The effective management of foreign reserves and the exchange market in Nigeria continue to pose challenges to the Central Bank of Nigeria. From inception to date and particularly after structural adjustment programme of 1986, different foreign exchange policies had been formulated not only to reduce the demand for foreign currencies, but also to enhance the supply and conserve the level of international reserves. These policies achieved varying degrees of success. Against this background, this paper utilized the effort correction framework in identifying relevant factors that impact on the demand for foreign currencies in Nigeria. The essence of our results was …

The Role Of Equipment Investment In Nigeria's Growth Process, James Akperan Adam, Oladipo Tajudeen Busari

Economic and Financial Review

This paper examines empirically the role of equipment investment in Nigeria's growth process. A growth accounting equation was utilized to analysed the contribution of private capital stock to growth. A Granger-causality test was also employed to explore the relationship between components of domestic fixed investment, productivity growth, labour force growth and economic growth. In addition, regression analysis was employed to complement the other methods. The first conclusion is that for sustainable growth, private capital stock growth need to rise to a level of 9 percent, for fixed investment- GDP ratio to oncrease by 18 percent. In the second approach, the …

Determinants Of Commercial Bank Interest Rate Spread In A Liberalized Financial System: Empirical Evidence From Nigeria (1989-2000), C.I. Enendu

Economic and Financial Review

This paper provided empirical evidence on the determinants of interest rate spread in a liberalized financial system for the period 1989-2000, using selected banks in Nigeria. Ex-ante interest rate spread equations were estimated using bank balance sheet and income statement as well as macroeconomic data. The results showed that macroeconomic and monetary policy/financial regulation factors were more important determinants of commercial banks' interest spread than bank level factors, Inflation rate, GDP, .financial deepening, cash reserve requirement, risk premium, treasure bill rate, loan asset quality, liquidity risk and non interest expenses were the most important.factors that affected commercial banks' interest rate …

Towards Economic Convergence In Wamz: Effects Of Fiscal Dominance On Macroeconomic Stability, O.J. Nnannna

Economic and Financial Review

This article discusses the threat posed by fiscal dominance and measures that could be adopted to contain it in order to foster macroeconomic convergence in the WAMZ. The presentation is organised around two elements: the boom and burst cycle of capital expenditure, adjudged to be the root cause of fiscal dominance, and an empirical analysis of the implication of fiscal dominance for macroeconomic stability in the WAMZ. While the empirical and anecdotal evidences of the adverse effect of fiscal dominance is overwhelming, the paper went .further to propose a fiscal rule that would contain the destabilising effect of large revenue …

Monetary Management And The Current Role Of Bretton Woods Institutions, O.A. Uchendu

Economic and Financial Review

The purpose of this paper is to discuss the role of the Bretton Woods Institutions (The World Bank Group and International Monetary Fund, IMF) in global monetary management with particular emphasis on the Funds relationship with Nigeria. The Bretton Woods Institutions have statutory responsibility to interact with member countries. However, this relationship has been misunderstood probably because of their perceived "intrusive" nature. The paper concluded that the Institutions have had important role to play in global monetary management and expected that this role will continue in the future to the extent that it is to the best interest of the …

What Goes Up By (S. Barnet And R. Ossowski, Finance And Development: Vol. 40, No. 1 March 2003): A Review, P.N. Omanukwue

Economic and Financial Review

This is a review of a study which identified uncertainties about the size of oil reserves, cost of extracting oil and the future path of oil prices as some of the factors that pose long run challenges for fiscal policy. Accordingly, one of the functions of government is to allocate resources (government wealth, oil inclusive) equitably and efficiently. How to do this however, poses a challenge to fiscal policy.

Foreign Private Investment In Nigeria 2001, Statistical Survey Office

Economic and Financial Review

The netflow of foreign investment into the Nigerian economy rose by 0.9

per cent from N3,347.0 million in 2000 to N3,376.4 million in 2001.

Companies of United Kingdom origin accounted/or the bulk of the flow in the

review period. The cumulative level of foreign direct investment in the country,

mainly in Mining and Quarrying as well as Manufacturing and Processing

sub-sectors was N160,882.2 million. The proportion of paid-up capital plus

reserves in total investment in the Manufacturing and processing sub-sectors

was 91 per cent in the review period. The value of total stock of fixed assets in

the review period …