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Articles 1 - 30 of 143
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Prácticas Ecológicas Situadas En El Contexto De La Agenda Del Desarrollo Sostenible, Oludele Mayowa Solaja, Obatunde Bright Adetola
Prácticas Ecológicas Situadas En El Contexto De La Agenda Del Desarrollo Sostenible, Oludele Mayowa Solaja, Obatunde Bright Adetola
Equidad y Desarrollo
Las prácticas ecológicas son esenciales para el desarrollo sostenible. Abarcan las innovaciones técnicas y el consumo responsable de los recursos ambientales, junto con los esfuerzos mundiales para asegurar que el progreso no niegue a las generaciones futuras la oportunidad de lograr una mejora deseable de las condiciones sociales y económicas basadas en este impulso. Este artículo intenta situar las prácticas ecológicas en el contexto de la agenda del desarrollo sostenible y discute el significado conceptual del término prácticas ecológicas. También examina los factores determinantes de las prácticas ecológicas en los países en desarrollo, entre ellos Nigeria. El texto desarrolló el …
Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Empirical Estimation Of Optimal International Reserves For Nigeria: The Sudden Stop Model, G.K. Sanni, T.S. Olusegun, Z. Sani
Economic and Financial Review
The study examined the issue of optimum external reserves for Nigeria during 2010 - 2014, using Jeanne and Ranciere (2006) and Goncalves (2007) sudden stop model approach. The study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit accounted for the remaining. The result of the model suggested that external reserves were adequate in 2010 but beyond that period, it was far below optimal level. On average, the optimum external reserves were around 15.7 per cent of GDP in the past four years, translating to US$54.52 …
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A.A. Ononugbo-Ikenna, K. Ajala
Non-Oil Revenue Buoyancy And Elasticity: Implications For Revenue Generation In Nigeria, B. Gaiya, A.A. Ononugbo-Ikenna, K. Ajala
Economic and Financial Review
The paper employs annual time series data on real government tax revenue components from 1981-2014 to endogenously determine the level of non-oil revenue buoyancy and elasticity and its implication for revenue generation in Nigeria. A partitioning approach to determining tax buoyancy and elasticity is employed to address these objectives. The study found that with the exception of the Company Income Tax, an inelastic tax structure exists in Nigeria for the period under review. The proxy bases had similar results in terms of their responsiveness to the tax system. There were also evidences that the discretionary measures taken during the study …
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H.O. Okafor
Economic Growth, Poverty And Income Inequality Matrix In Nigeria: A Further Investigation, H.O. Okafor
Economic and Financial Review
This paper examined the existing relationship among economic growth, poverty and income inequality in Nigeria. Using the Vector Auto-regressive (VAR) model and the Engle-Granger technique to test for the causality existing among the variables, the results revealed that economic growth had no impact on poverty reduction and income distribution in Nigeria due its non-inclusive nature. There was, however, evidence of a unidirectional causality, running from income inequality to increased poverty. This implied that inequality would lead to increase in poverty in Nigeria. Therefore, the paper recommended that govemment should develop stronger economic institutions that ore capable of reorganising the productive …
Financng Government Programmes During Economic Downturn: Policy Options, E.M. Abolo
Financng Government Programmes During Economic Downturn: Policy Options, E.M. Abolo
Economic and Financial Review
The author discussed various policy options that can be adopted to finance government programmes during economic downturn. He explained in details the concept as it affects the economic growth and development.
An Empirical Analysis Of The Effect Of Monetary Policy On The Manufacturing Sector In Nigeria, M. Ali, H. Aliero, M. Abubakar
An Empirical Analysis Of The Effect Of Monetary Policy On The Manufacturing Sector In Nigeria, M. Ali, H. Aliero, M. Abubakar
Economic and Financial Review
This study examined the effect of monetary policy on the manufacturing sector in Nigeria from 1970 to 2012 using Autoregressive Distributed Lag (ARDL) bound testing approach. Exchange rate was found as the only channel of monetary policy transmission with significantly negative effect on the manufacturing sector. This implies that manufacturing firms largely rely on foreign inputs for production and do not depend on the banking system for funding. The study, therefore, recommends indigenous technology and financial system development to reduce dependence on imported inputs and facilitate access to more funds.
Effects Of Monetary Policy On The Banking System Stability In Nigeria, A. Bamidele, J. Musa, L. Bala-Keffi, O. Owolabi, S. Imam
Effects Of Monetary Policy On The Banking System Stability In Nigeria, A. Bamidele, J. Musa, L. Bala-Keffi, O. Owolabi, S. Imam
Economic and Financial Review
The paper examined the effect of monetary policy on banking system stability in Nigeria. The main objective was to evaluate how monetary policy affected the banking system stability during the global financial crisis in Nigeria. Static and dynamic error correction models were estimated using monthly data from January 2007 to June 2013 and the error correction model was found most efficient. The banking system stability index was computed using banking soundness index, banking vulnerability index and economic climate index. The results showed that increase in monetary policy rate, depreciation of nominal exchange rate and rising inflation rate negatively affected the …
An Overview And Dynamics Of Financial Market Development In Nigeria And Imperatives For Exchange Rate Stability, E.U. Ukeje
Economic and Financial Review
The article discusses the important role money market plays in the economic development of any country which provides the platform for central banks to influence short-term interest rates,
Foreign Exchange Market Segmentation, Foreign Exchange Utilisation And Exchange Rate Votatility: The Nigerian Experience, A. Adeyemo
Economic and Financial Review
This article is on the exchange rate regime impact on the economic growth, inflation and external reserves of emerging economies. The author emphasized that Nigeria had a pegged exchange rate regime and strong exchange controls before the introduction of the Structural Adjustment Programme (SAP).
Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh
Exchange Rate Policy And Economic Management: A Theoretical Nexus, Ayodele Jimoh
Economic and Financial Review
This article focused on exchange rate policy and economic management: a theoretical nexus
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Economic and Financial Review
The paper examined the impact of governance on stock market performance using quarterly data series spanning 1996Q1 to 2010Q4. An ARDL bound testing methodology was employed to explore such causal relationship. Long-run stable relationships were established through the error correction terms of each of the measures used to the tune of -0.4821,-0.4034 and -0.4080 for all share price index, market capitalisation and the value of total stock traded, respectively. Findings indicate that macroeconomic and financial stability should be constantly maintained and promoted as it constitutes a drag on the stock performance; any acts of corruption should be eschewed as it …
Responsiveness Of Nigeria’S Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Responsiveness Of Nigeria’S Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Economic and Financial Review
This paper appraised the efficacy of the Monetary Policy Rate (MPR) as an anchor for other short-term interest rates in the economy. Adopting the vector autoregression approach, the responses of Nigeria's short-term interest rates to changes in the interbank rate (proxy for MPR) was modeled. The paper found that the pass-through from MPR to money market interest rates in the long-run is higher for the prime and lending rates than for changes in the Treasury bill rate and 3-month deposit rate. Overall, there seemed to be an asymmetric impact with an increase or fall in the interbank rate.
Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Responsiveness Of Nigeria's Short-Term Interest Rates To Changes In The Policy Rate, M. K. Tule
Economic and Financial Review
This paper appraises the efficacy of the Monetary Policy Rate (MPR) as an anchor for other short-term interest rates in the economy. Adopting the vector autoregression approach, the responses of Nigeria's short-term interest rates to changes in the interbank rate (proxy for MPR) was modelled. The paper found that the pass-through from MPR to money market interest rates in the long-run is higher for the prime and lending rates than for changes in the Treasury bill rate and 3-month deposit rate. Overall, there seemed to be an asymmetric impact with an increase or fall in the interbank rate.
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni
Nigeria's Monetary Conditions Index, M. K. Tule, A. M. Isah, P. N. Okafor, I. Pedro, S. A. Ukeje, K. Oji, S. Oladunni
Economic and Financial Review
The paper aims to construct a monetary conditions index (MCI) for Nigeria to aid the evaluation of the stance of monetary policy. Quarterly data for 91-day treasury bill rate (TBR), real exchange rate (RER), inflation rate (INF), real private sector credit (RCP), and real gross domestic product (RGDP), covering the period 2000Q1 to 2014Q1, were utilised. The period coincided with key reforms in the money and foreign exchange markets, culminating in the adoption of a new monetary policy framework in 2006. Following some econometric diagnostic tests, an aggregate demand function was estimated using the Johansen co-integration technique. The resultant long-run …
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Quality Of Governance And Stock Market Performance: The Nigerian Experience, K. B. Ajide
Economic and Financial Review
The paper examines the impact of governance on stock market performance using quarterly data series spanning 1996Q1 to 2010Q4. An ARDL bound testing methodology was employed to explore such causal relationship. Long-run stable relationships were established through the error correction terms of each of the measures used to the tune of -0.4821,-0.4034 and -0.4080 for all share price index, market capitalisation and the value of total stock traded, respectively. Findings indicate that macroeconomic and financial stability should be constantly maintained and promoted as it constitutes a drag on the stock performance; any acts of corruption should be eschewed as it …
An Autoregressive Distributed Lag (Ardl) Approach To The Oil Consumption And Growth Nexus: Nigerian Evidence, N. Inuwa, H. M. Usman
An Autoregressive Distributed Lag (Ardl) Approach To The Oil Consumption And Growth Nexus: Nigerian Evidence, N. Inuwa, H. M. Usman
Economic and Financial Review
This study attempts to examine the relationship between oil consumption, carbon emission and economic growth in Nigeria covering the period 1980-2011. The study applied Dickey-Fuller Generalised Least Square (DF-GLS) unit root test and autoregressive distributed lag (ARDL) bound test approach to co-integration. The bond test results reveals a long-run equilibrium relationship among oil consumption, carbon emission and economic growth. The result also showed a positive and statistically significant impact of oil consumption on economic growth. The coefficient of error correction term in the ARDL model was statistically significant, indicating that the adjustment process by which long-run equilibrium is restored after …
Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah
Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah
Economic and Financial Review
The study examinee the effect of monetary policy on agricultural sector in Nigeria, utilizing time series data for the periods spanning from 1970 to 2010. The study captures both monetary and non-monetary policy variables such as lending rate, commercial banks credit to agriculture, exchange rate, government expenditure in agriculture and inflation rate in examining the effect of monetary policy on agricultural output. The methodology adopted is the Auto- Regressive Distributed Lag (ARDL) Bound Testing Approach. The results obtained shows that exchange rate and government expenditure had positive and significant effect on agricultural output and, hence agricultural sector in Nigeria. It …
An Examination Of The Structural Inflation Dynamics In Nigeria, O. J. Odonye, S. O. Odeniran, A. O. Oduyemi, O. J. Olaoye, K. J. Ajayi
An Examination Of The Structural Inflation Dynamics In Nigeria, O. J. Odonye, S. O. Odeniran, A. O. Oduyemi, O. J. Olaoye, K. J. Ajayi
Economic and Financial Review
This study examines the dynamics of inflation in Nigeria, including the structural evolution as well as the direction of its movement with a view to designing appropriate policy measures to rein in the inflationary pressures. The study utilized quarterly data from 1970(1) to 2013 (4) except for Bureau de Change (BDC) premium where the duration was 1991(1) to 2013 (4) based on Auto Regressive Distributed Lag (ARDL) model. The results show that structural factors like budget deficit, rainfall, variation in export, exchange rate premium have profound influence on movement in CPI in Nigeria during the period.
Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule
Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule
Economic and Financial Review
This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.
Coping With Capital Flow Volatility: Policy Consideration For Nigeria, Mike I. Obadan
Coping With Capital Flow Volatility: Policy Consideration For Nigeria, Mike I. Obadan
Economic and Financial Review
Foreign capital flows have, from time to time, elicited deep concerns and debates because of their tendency to be volatile besides various macroeconomic and other related effects. Generally, the volatility of capital flows, especially in the form of huge surges pose significant risks and raise concerns about excessive exchange rate appreciation and the corresponding adverse impact on exports and growth.
Government Size And Economic Growth In Nigeria: A Test Of Wagner's Hypothesis, M. Y. Dogo, U. M. Okpanachi, A. A. Muhammad, C. V. Umolu, K. J. Ajayi
Government Size And Economic Growth In Nigeria: A Test Of Wagner's Hypothesis, M. Y. Dogo, U. M. Okpanachi, A. A. Muhammad, C. V. Umolu, K. J. Ajayi
Economic and Financial Review
This paper attempts an empirical validation of Wagner's law in Nigeria using quarterly data for the period 1982 to 2012. The hypothesis that real income does not Granger-cause government expenditure was rejected. Adopting the Fully Modified Ordinary Least Square (FMOLS) regression techniques, the study found support for the Wagner's hypothesis in Nigeria. The analysis provided empirical evidence to support the existence of a long-run equilibrium relationship between economic activity and government expenditure in Nigeria. Overall, the results corroborated the Goffman's version of the Wagner's law in Nigeria. Thus, government needs to create fiscal space to enable deployment of more resources …
The Contribution Of Finance To Agricultural Production In Nigeria, O. M. Mbutor, R. E. Ochu, I. I. Okafor
The Contribution Of Finance To Agricultural Production In Nigeria, O. M. Mbutor, R. E. Ochu, I. I. Okafor
Economic and Financial Review
Several studies have found a positive correlation between agricultural financing and the performance of the agricultural sector. But fewer efforts have been directed at sieving out the agricultural output that is exclusively associated with the extent of funding. This study aimed to ascertain the actual portion of total agricultural output that could be attributed to agricultural financing in Nigeria. The vector error correction methodology was applied following the nature of data properties. The results showed a positive effect of finance on agricultural output. However, variance decomposition revealed the poor state of agricultural financing with a disproportionate dependence of the sector …
Exchange Rate Pass-Through To Domestic Prices In Nigeria: An Empirical Investigation, Abdulrasheed Zubair, George Okorie, Aliyu R. Sanusi
Exchange Rate Pass-Through To Domestic Prices In Nigeria: An Empirical Investigation, Abdulrasheed Zubair, George Okorie, Aliyu R. Sanusi
Economic and Financial Review
This paper uses the impulse response from an estimated structural autoregressive model of the inflation process to estimate the dynamic exchange rate pass-through to consumer prices for Nigeria, using quarterly data for the period 1986-20I0. The results suggest that the exchange rate pass-through is incomplete, low and fairly slow. On impact, for instance, the elasticity of inflation to exchange rate changes is about 0.02, and it takes about eight quarters to reach its full-impact of only 0.26. We argue that given the large share of imports in Nigeria's consumption basket, this surprisingly low pass-through indicates that importers practice the so-called …
Determinants Of Income Velocity Of Money In Nigeria, Peter N. Okafor, Tersoo S. Shitile, Danladi Osude, Chidi C. Ihediwa, Olamide H. Owolabi, Verse C. Shom, Emmanuel T. Agbadaola
Determinants Of Income Velocity Of Money In Nigeria, Peter N. Okafor, Tersoo S. Shitile, Danladi Osude, Chidi C. Ihediwa, Olamide H. Owolabi, Verse C. Shom, Emmanuel T. Agbadaola
Economic and Financial Review
In this paper, the authors set out to empirically investigate the determinants of income velocity of money in Nigeria, using quarterly time series from 1985:1 to 2012:4. The paper confirms a positive and statistically significant relationship between the growth of income and the velocity of money, which supports the quantity theory of money. Interest rate also has a positive and significant relationship with the income velocity of money. The financial sector development variable adopted, growth rate of stock market capitalization, has a negative relationship with the income velocity of money. The variance decomposition and impulse response results identified inflation rate …
The Role Of Governance On Private Investment In Nigeria: A Preliminary Analysis, Kazeem B. Ajide
The Role Of Governance On Private Investment In Nigeria: A Preliminary Analysis, Kazeem B. Ajide
Economic and Financial Review
The paper sets out to investigate the role of governance on domestic private investment in Nigeria using Auto-Regressive Distributed Log (ARDL) Bounds Testing Approach to ascertain long-run association on an annual data covering the 1970 to 2010 period. Emanated from the estimated models are intriguing findings which showed clearly that difference exists between long and short run determinants of domestic private investment. In the former, degree of openness, previous value of inflation rates and governance indicators are the most important factors but political stability and voice and accountability indicators appear to dominate the governance indicators space as they are both …
Welcome Address By Chizoba Mojekwu, Chizoba Mojekwu
Welcome Address By Chizoba Mojekwu, Chizoba Mojekwu
Economic and Financial Review
The welcome address delivered at the 2012 CBN Executive Seminar jointly organized by the Research and Human Resources Departments. This Seminar is carried out annually in pursuant to one of our core values as a learning organisation. The theme of the Seminar; “Macro-prudential Framework and Financial System Stability in Nigeria” was carefully selected to keep you abreast of the new approach to a risk-based supervision of the banking system.
Special Remarks By Sarah O. Alade, Sarah O. Alade
Special Remarks By Sarah O. Alade, Sarah O. Alade
Economic and Financial Review
Special Remarks by the Deputy Governor Economic Policy Directorate of the CBN at the opening ceremony of the annual in-house Executive Seminar (2012) on Macro-Prudential Framework and Financial System Stability in Nigeria, jointly organised by the Research and Human Resources Departments.
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Asset Prices, Credit Growth And Monetary Policy In Nigeria, Kama Ukpai, Dinchi J. Yilkudi, Hannah Ukeje
Economic and Financial Review
This paper contributes to the debate on the monetary policy transmission mechanism in Nigeria. The paper explores the impact of monetary policy on credit growth, and whether these credit developments are capable of influencing asset prices (stock prices) in the Nigerian economy. Using the VAR model spanning annual data from 1986 to 2012, the impulse response functions revealed that the relationship between asset prices, captured by the All-Share Index, and monetary policy, is not direct, but operates mainly through the response of inflation to key monetary aggregate. A positive shock to money supply growth would raise credit and inflation which …
Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye
Demand For Foreign Exchange Reserves In Nigeria: A Cointegration Approach, Nkenchor N. Igue, Toyin S. Ogunleye
Economic and Financial Review
There have been significant accretions to foreign exchange reserves over the last decade in Nigeria, especially since the return to democratic governance in 1999. The study tries to find out the underlying factors driving the demand for reserves by the monetary authority. To estimate the demand for foreign exchange reserves in Nigeria, Johansen cointegration and error correction methodology was utilized for the period 1985:Q 1-20I0:O4. The results show that the long-run demand for foreign exchange reserves in Nigeria is driven by economic size, capital account vulnerability, exchange rate flexibility and opportunity cost. In the short-run, the major determinant of demand …
Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan
Oil Price Pass-Through Into Inflation: Empirical Evidence From Nigeria, Adeniyi O. Adenuga, Margaret J. Hilili, Osaretin O. Evbuomwan
Economic and Financial Review
The objective of the paper is to empirically investigate the oil price pass-through into inflation in Nigeria in order to suggest appropriate domestic policies necessary to control inflation for the policy makers. The study also attempts to answer questions like: What is the causal links between oil price and inflation in Nigeria? Is oil price highly correlated with inflation? What does the result of an estimation of a Phillips curve tell us about the pass-through for oil in Nigeria. The methodology adopted by the paper is a standard pass-through equation in the form of an autoregressive distributed lag (ARDL) model …