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Articles 1 - 30 of 228
Full-Text Articles in Economics
Digital Technology And The Transformation Of The Nigerian Banking System: The Operators’ Perspective, Ireti Samuel-Ogbu
Digital Technology And The Transformation Of The Nigerian Banking System: The Operators’ Perspective, Ireti Samuel-Ogbu
Economic and Financial Review
The rapid development of digital technology through the years, and the rails provided by the internet for connectivity remains the most important development that has impacted change and driven massive improvement in the operation of banking and financial services. It has brought in its wake huge disruptions in product roll-out and the way products are delivered. The entry of technology companies into financial services cannot be overlooked in discussing these changes. Nigeria has not been left behind in this evolution. Instead, the Nigerian banking industry has been the forerunner in digital initiatives in Africa that have transformed the banking and …
Implications Of The African Continental Free Trade Area For Nigeria’S Economic Growth, O. S. Aigheyisi, M. A. Iyoha
Implications Of The African Continental Free Trade Area For Nigeria’S Economic Growth, O. S. Aigheyisi, M. A. Iyoha
Economic and Financial Review
The objective of this paper is to examine the effect of intra-African Trade on Nigeria’s economic growth from 1981 to 2019. To achieve this, the ARDL modeling technique is employed to investigate the short-run and long-run effects of intra-African trade on Nigeria’s economic growth. The study finds that though the short-run effect is positive but not significant; the long-run effect is significantly positive, and robust to alternative estimation techniques. This suggests that expansion of trade among African countries, which is expected to result from the full implementation of the African Continental Free Trade Agreement (AfCFTA), would have positive growth effect …
Keynote Address, Godwin I. Emefiele Con
Keynote Address, Godwin I. Emefiele Con
Economic and Financial Review
The theme for this year’s edition, “Food Security in Nigeria: Options for Policy” is apt and in tune with the existing realities of both the global and domestic economies, which have suffered heavily from the impact of the COVID-19 pandemic. In fact, the theme could not have come at a better time than now when issues of insecurity, climate change, and COVID-19 related disruptions are challenging food production and supply, not only in Nigeria but also globally. As a matter of fact, food security is critical for national security, economic stability and sustainable development.
Welcome Address, Itohan M. Ogbomon-Paul
Welcome Address, Itohan M. Ogbomon-Paul
Economic and Financial Review
The theme of this year’s Seminar is tagged “Food Security in Nigeria: Options for policy”. The central focus of the Seminar is to discuss policy options for tackling the challenges of food insecurity, with the resultant outcomes on poverty reduction, job and wealth creation, as well as overall growth and development of the Nigerian economy. This year’s Seminar provides a unique opportunity for us all, because food holds the key to quality human existence. Indeed, food security is at the core of every nation’s development agenda. The quantity and quality of food available to the citizenry is correlated with the …
Food Security, Economic Growth And Price Stability Nexus And Conceptual Issues, Park O. Idisi
Food Security, Economic Growth And Price Stability Nexus And Conceptual Issues, Park O. Idisi
Economic and Financial Review
A strong argument that encourages analysing food security and food price stability issues is importance to economic well-being. Nigeria is one of the most food insecure countries and highly affected by all three drivers. For one, the country is vulnerable to price instability and successively hit by environmental disasters, that impact people’s livelihoods. Furthermore, its economy is thriving, but around 48.0 per cent of its population lives below the poverty line (World Bank, 2020; World Poverty Clock, 2020). In addition to that, since 2009 northeastern Nigeria is struck by insurgency. Essentially, sustainability in economic growth is dependent on achievement of …
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Adeleye O. Oyebade Mni
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Adeleye O. Oyebade Mni
Economic and Financial Review
Food is defined by Britannica, a web-based encyclopaedia, as any substance consisting of protein, carbohydrate, fat, and other nutrients used in the body of an organism to sustain growth and vital processes, and to furnish energy.8 In a similar definition, Wikipedia described food as any substance consumed to provide nutritional support for an organism; adding that food is usually of plant, animal or fungal origin, and contains essential nutrients. The above definitions explain why food is viewed as an essential need of life. However, the production of food has been declining in recent times for some reasons, including the adverse …
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Kabir Ibrahim Mnia, Fnim, Acc
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Kabir Ibrahim Mnia, Fnim, Acc
Economic and Financial Review
This paper seeks to advise on how to tackle the skyrocketing prices of food being experienced today all over the nation and to get the Government to take urgent and proactive actions to avert the pain being experienced by the entire Nigerian people.
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Gabriel S. Umoh
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Gabriel S. Umoh
Economic and Financial Review
This paper reviews food crisis and its causes in Nigeria. It takes the position that food crisis has been simmering in Nigeria for the past couple of years and identifies policy instability, poor policy implementation and declining household purchasing power, among others as the major causes of food crisis. It recommends strong policy support and implementation, automatic indexation of wages and pensions and other measures to curb food crisis in the country.
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Alwan A. Hassan
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Alwan A. Hassan
Economic and Financial Review
Nigeria suffers from food insecurity and poverty. It is estimated that the number of hungry people in Nigeria is over 53 million, which is about 25.0 per cent of the country’s total population of about 212 million. Also, about 43.0 per cent of Nigerians live below the poverty line. These statistics are worrisome, given that Nigeria, in the 1950s and 1960s, was not only self-sufficient in food production, but was also a net exporter of food to other regions of the continent (Ajayeoba, 2010). A nation is food secure when food is available and accessible in sufficient quantity and quality …
Special Remarks, Kingsley Obiora
Special Remarks, Kingsley Obiora
Economic and Financial Review
The theme of this year’s Seminar, Food Security in Nigeria: Options for Policy, is apt, timely and consistent with the current efforts of this administration and the Bank in finding sustainable solutions to the food security challenges confronting us as a nation. As we all know, food is a basic need of every man and key to socio-economic stability. The ability of a country to feed its people, and perhaps extend the surplus to other countries, is one of the key indicators of good standing in the comity of nations. The World Food Summit (1996), defined food security as a …
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Emmanuel A. Onwioduokit
Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Emmanuel A. Onwioduokit
Economic and Financial Review
Discussions on food security have gained traction in the recent past, especially in Africa and other developing economies. Several horrifying images of famished families, particularly around “The Horn of Africa” including Somalia, Ethiopia, and some parts of Kenya, projected globally in both the print and electronic media vividly illustrate the perils of food crises. In Nigeria, food constitute a substantial share of family budgets, particularly for low-income households. When prices of essential foods items increase poorer people suffer the adverse impacts more disproportionately. While clothing and shelter are basic necessities of life, food remains the most vital, given its centrality …
Measuring The Risk In Risk Measures: The Case Of The Nigerian Foreign Exchange Market, K. Katata
Measuring The Risk In Risk Measures: The Case Of The Nigerian Foreign Exchange Market, K. Katata
Economic and Financial Review
As part of its mandate, the Central Bank of Nigeria (CBN) carried out a series of foreign exchange policy decisions from 2014 to 2016. This paper, therefore, evaluated model risk of two key risk measures, expected shortfall (ES) and value-at-risk (VaR), due to the CBN's policy decisions using daily data for the naira exchange rates covering 2010 to 2014, as well as, 2011 to 2015 for the respective policy resolutions. The risk measures were implemented using 6 different models, as the most common techniques used by regulators and practitioners. The implementation of Basel III recommends the switchover from VaR to …
Globalisation And Government Size In Nigeria: A Revisit Of The Compensation Hypothesis, P. I. Nwosa, T. O. Akinbobola
Globalisation And Government Size In Nigeria: A Revisit Of The Compensation Hypothesis, P. I. Nwosa, T. O. Akinbobola
Economic and Financial Review
The link between globalisation and government expenditure has remained contentious in the literature particularly from a disaggregated perspective. Hence, this study examines the compensation hypothesis by analysing the relationship between globalisation and government size in Nigeria for the period 1981 to 2018. Globalisation is proxied by trade and financial openness while government size is measured by final consumption expenditure by the general government (FCE), share of government expenditure on economic services (ECO), share of government expenditure on social and community services (SCS), and share of government expenditure on transfers (TRF). The study employed the error correction modelling technique and the …
Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele
Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele
Economic and Financial Review
This keynote address presented by Mr Godwin I. Emefiele (CON), the Governor, Central Bank of Nigeria at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019.
Welcome Address By Adebiyi Michael Adebayo, Michael A. Adebiyi
Welcome Address By Adebiyi Michael Adebayo, Michael A. Adebiyi
Economic and Financial Review
This welcome address presented by Dr. Michael Adebiyi, the Director, Research Department, Central Bank of Nigeria at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019
Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt
Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt
Economic and Financial Review
This article provides a theoretical overview of the contribution of housing sector in economic growth and development. The sector plays a very important role in the social and economic development of a country through its impact on major macroeconomic indicators such as: employment, savings, investment and labour productivity. After the introduction the article examined: conceptual issues on housing, economic growth and development; housing and economic growth and development: theoretical issues; housing, economic growth and development debate: historical perspective. The article concludes by recommending that: Governments in less-developed countries can intervene in the housing sector through comprehensive policies and large-scale investments, …
Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran
Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran
Economic and Financial Review
The article examines housing development with reference to the challenges encountered by the various low- cost housing interventions in Nigeria. The article observed that despite institutional interventions from both the fiscal and monetary authorities, the Nigerian housing deficit still remains a challenge to the government, stakeholders and the citizen. Challenges of adequate access to housing finance include affordability, access to land, cost of construction, rising cost of construction resources (materials and labour). The first section contextualises the challenges of the Nigerian housing deficit in the milieu of population explosion and urbanisation. The second section examines the theoretical issues bordering on …
Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins
Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins
Economic and Financial Review
This article provides a regulator’s perspective on developing the housing sector in Nigeria. The article first examines the interest of the regulator in the housing sector with specific reference to the CBN’s responsibility for the regulation and supervision of all the financial institutions involved in providing housing finance. The article then examined the state of the housing sector in Nigeria and the issues that have hampered the growth of the sector including: absence of access to low cost funding; weak legal framework; inadequate housing supply; and undercapitalised mortgage banks. On the regulator’s perspective on housing market development the article identified …
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu
Economic and Financial Review
This article examines the legal and regulatory framework for the mortgage industry in Nigeria. The article examines the concept of housing as a global need and provides an overview of the Nigerian Housing Market with a population of 183 million people and increasing rapidly, a huge housing deficit of around 17 million units. This is further compounded by a rapid rising need for housing by about 20 per cent a year in cities like Lagos, Ibadan, Kano, and Abuja. At least 700,000 housing units across different segments are needed annually to keep up with demand, whereas, production was around 100,000 …
Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah
Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah
Economic and Financial Review
The article examines strategies on how unlocking the potentials in the housing market through the Public Private Partnerships (PPP) investment model. The model is seen as essential given that housing is now an indicator of personal socio-economic standing in society, and a core determinant of standard of living and access to economic opportunities globally. The article further discusses the imperative for Public Private Partnership (PPP) Housing and Social Housing or Public Rental Housing. Furthermore some PPP models that may be suitable for housing projects in Nigeria are identified like: Build Own Operate; Design-Build-Finance-Maintain-Operate/Build Operate Transfer and Operation and Maintenance Contract. …
Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo
Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo
Economic and Financial Review
This article examines the issues, challenges as well as prospects in the Nigerian housing sector. Following the introductory section, section 2 provides stylised facts about the real estate sector in Nigeria; section 3 investigates the challenges facing the housing sector in Nigeria, as a foundation towards proffering viable policy options in eradicating the housing deficit in the country. Section 4 provides the policies capable of curbing housing deficit in Nigeria, while section 5 discusses the prospects. Section 6 concludes the article.
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Emmanuel Abolo Moore
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Emmanuel Abolo Moore
Economic and Financial Review
The article examines the dimension of housing deficit in Nigeria, assess government intervention in tackling the problem of house shortages and proffer solutions that can help reduce the deficit considerably. Basic conceptual issues relevant to housing deficit in Nigeria is first discussed. These issues include: housing, housing deficit, urbanisation, and housing policy. This is followed by an examination of the current level of housing deficit in Nigeria which put existing housing stock at 23 per 1000 inhabitant; housing deficit as at December 2018 at 20 million units (15.0 per cent increase); N21 trillion required to finance the deficit. A look …
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi
Economic and Financial Review
The article provides a brief review of housing policies under various regimes in Nigeria namely: the colonial era; independence and beyond; The Shagari administration (1979 -1983); Obasanjo regime under civilian rule14 (1999-2007); Yar’dua regime (29 May 2007 – 9 February 2010); Goodluck Jonathan regime (2010 – 2015); The Buhari administration (2015-2019). The article then discussed the problems militating against the achievement of targets in housing as well as the issues and opportunities. The article concluded by stressing the need to: maintain a conducive macro-economic environment which entails the maintenance of low inflation, low interest rates and stable exchange rates; deepen …
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya
Economic and Financial Review
The article discusses the Land Use Act and the and how it has affected developments in the Nigerian housing sector. Prior to the Land Use Act, all the existing tenure systems encouraged land holding without an obligation to develop them, fragmentation and uncoordinated alienation, hoarding speculatively for value appreciation and without precise documentation. Consequently, the Land Use Act was enacted to: make land easily accessible to all Nigerians; prevent speculative purchases of communal land; streamline and simplify the management and ownership of land; make land available to government at all levels for development; provide the system of government administration of …
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo
Economic and Financial Review
This article provides an operator’s perspective on the issues, challenges, and prospects in the housing sector in Nigeria. Topics covered include existing housing situation in Nigeria; and issues and challenges affecting affordable housing in Nigeria. The article also examines the prospects for Nigeria housing sector and made key recommendations which include: Creating enabling policies around land title documentations; Fast track the passage of foreclosure bill into law to legally resolve default issues in the sector; Advance the ongoing partnership between the Mortgage Banking Association of Nigeria (MBAN) and the Central Bank of Nigeria (CBN) with regards to the underwriting standards …
Special Remarks By Okwu Joseph Nnanna, Okwu Joseph Nnanna
Special Remarks By Okwu Joseph Nnanna, Okwu Joseph Nnanna
Economic and Financial Review
This special remarks presented by Dr. Okwu J. Nnanna, the Deputy Governor, Economic Policy Directorate of the Central Bank of Nigeria, at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019
Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju
Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju
Economic and Financial Review
This article examine housing deficit in Nigeria, drawing lessons from other jurisdiction with a view to recommending measures that would bridge such deficit. The article first examine facts and figures behind the housing Deficit in Nigeria. These include supply side constraints; demand side constraints; housing sector and Nigeria’s economy; housing interventions in Nigeria; intervention and policies in the colonial period; the post-independence period; the post-military era; and 2000 till date. The article highlighted lessons from other Jurisdictions specifically: mortgage lending in selected developed economies like: United States, German, United Kingdom, Israel, Spain; othe countries Singapore; Egypt; Malaysia. In conclusion the …
Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele
Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele
Economic and Financial Review
This article discusses innovative structural reforms and investments that can improve housing delivery in Nigeria. Following this introduction, we would focus on the issue of housing as a fundamental human right, then a review of housing developments in Nigeria. In examining how to improve housing delivery in Nigeria, the article underscores the need for strengthening public institutions through the application of appropriate policies that would enhance optimum utilisation of existing resources for efficient housing delivery. The article highlights the need for renewed collaboration and commitment particularly among stakeholders and putting in place, specific workable institutional arrangements that would enhance sound …
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi
Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi
Economic and Financial Review
The article first, provides a detailed overview of the housing deficit problems in Nigeria and the Government’s efforts at resolving them. The next section briefly conceptualises and reviews the various issues and challenges faced in addressing the housing deficit in Nigeria. The article then discusses the prospects for resolving the housing crisis in Nigeria.
Estimation Of Sacrifice Ratio For The Nigerian Economy Using A Time Varying Adrl Approach, E. T. Adamgbe, M. O. Abeng, A. A. Omosola
Estimation Of Sacrifice Ratio For The Nigerian Economy Using A Time Varying Adrl Approach, E. T. Adamgbe, M. O. Abeng, A. A. Omosola
Economic and Financial Review
Monetary policy in the last few decades had focused on creating the enabling conditions for sustainable economic growth, using the level of inflation as the pivotal tool, complemented with central banks’ independence and monetary policy transparency. However, attaining the delicate balance of achieving low inflation and optimal output, with minimal tradeoffs has been a cause for concern for policy makers. Thus, the measurement of the output loss, arising from the inflation-output tradeoff, forms the fulcrum of this study. This study estimates the sacrifice ratio using a state space methodology in an aggregate supply framework to adjust for real business cycle …