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Articles 1 - 25 of 25
Full-Text Articles in Economics
Promoting The Flow Of Investment Resources Into Nigeria's Petroleum Industry, M O. Ojo, C. M. Anyanwu
Promoting The Flow Of Investment Resources Into Nigeria's Petroleum Industry, M O. Ojo, C. M. Anyanwu
CBN Occasional Papers
The objective of the paper is to review the investment climate and policy incentives designed for the Nigerian oil industry with a view to evaluating how supportive they have been in terms of attracting investment funds into the sector. The industry has grown over the years to become the backbone of the economy. Given its strategic role, recent revelations of possible distress in the sector attributable to fast declining investment expenditure, deserves analysis and remedial actions. The investment needs of the industry are massive. A survey of the. sector shows that there is a large resource gap between its needs …
The Performance And Future Of Mandatory Allocation Of Credit To Selected Sectors In The Nigerian Economy, J. A. Babalola, F. O. Odoko
The Performance And Future Of Mandatory Allocation Of Credit To Selected Sectors In The Nigerian Economy, J. A. Babalola, F. O. Odoko
Economic and Financial Review
The paper examines the performance and likely future trend of mandatory credit allocation to selected sectors of the Nigerian economy. The result reveals that during both the pre-SAP and the SAP years, performance was below target. In terms of future mandatory a/location of credit by banks, the paper notes that instead of 'prescribing the total amount by which banks can expand credit, discretion should he given to banks to allow market forces to determine the allocation.
Export Processing Zone Programmes: Lessons For Nigeria From Other Countries, E. B. Hogan, E. A. Onwioduokit
Export Processing Zone Programmes: Lessons For Nigeria From Other Countries, E. B. Hogan, E. A. Onwioduokit
Economic and Financial Review
The monumental success of the export-oriented South-East Asian countries has engendered a shift in emphasis among other developing countries towards export oriented development strategy in recent times. This paper examines the export processing programmes in Nigeria, drawing from the experiences of other countries where the programme is operational. The analysis confirms that the nature and extent of incentives available in Nigeria's EPZ scheme compares favourably with those provided by similar schemes elsewhere. However, the same cannot be said of infrastructural facilities such as roads, railways and communication. The need for improvement in these facilities is emphasized. Also, security, which is …
Foreign Private Investment In Nigeria - 1994, Central Bank Of Nigeria Cbn
Foreign Private Investment In Nigeria - 1994, Central Bank Of Nigeria Cbn
Economic and Financial Review
The netjlow of foreign private investment into the Nigerian economy in 1994 reduced drastically to N3,907.2 million from N32,994.4 million recorded in the preceding year. The sharp decline was attributable to the unstable business environment which resulted from political agitation and labour unrest during the review period. Contributions of all the investment flow components fell, especially changes in foreign share capital and trade and suppliers credit facilities which plummeted to N429. 5 million and N214.8 mil/ion.from N5,0ll.4 and N17,803.l million recorded in the preceding year, respectively. While investments of all the other regions declined, investment flows.from companies of Asian origin …
Monetary Policy And Commercial Bank's Performance In Nigeria: Some Theoretical And Empirical Extensions, Michael O. Nyong
Monetary Policy And Commercial Bank's Performance In Nigeria: Some Theoretical And Empirical Extensions, Michael O. Nyong
Economic and Financial Review
This study provides richer insights into the performance of commercial banks in Nigeria using more indicators and more refined methodologies. It sheds more light on the critical factors responsible for differential performance among the banks. The high levels of profitability declared by banks in the light of their high levels of under-capitalization imply excessive risk-taking which is incompatible with prudent banking behaviour. We also found that the size of banks exert a positive and statistically significant effect on their performance. The result suggests that the promotion of large banks may be in the interest of maintaining a safe and sound …
Ashwani Saith. The Rural Non-Farm Economy: Processes And Policies (Geneva, Ilo) 1993., S. O. Etafo
Ashwani Saith. The Rural Non-Farm Economy: Processes And Policies (Geneva, Ilo) 1993., S. O. Etafo
Economic and Financial Review
The study examines the likely impact of rural, non-farm economy (RNFE) growth on rural inequalities and agrarian differentiation processes; possible demand constraints; and the success or failure of specially targeted rural, non-farm programmes (for example, Graneen Bank in Bangladesh, the People's Commune in pre-1978 rural China and IRDP interventions in India). The author establishes economic conditions and institutional environment that would enable the RNFE to grow, with a decisive impact on rural poverty. The study, intended to be a precursor to a full-length study of the rural, non-farm economy (RNFE) in developing economies, runs into five chapters. Chapter 1 is …
Direct Payment Of Taxes Through Designated Banks., Mallam I. Usman
Direct Payment Of Taxes Through Designated Banks., Mallam I. Usman
Bullion
This paper examine the Federal Government policy on direct payment system of tax through designated Nigerian Banks. The main objective of the scheme is to improve the administration of taxation in Nigeria by making it more convenient to tax payers in terms of time saving, reducing the incidence of fraud which has, over the years, depraved Government of needed revenues, minimizing the risk of carrying cash, providing transparency and -improved accountability, and of course, enhancing revenue yield substantially.
Efficient Administration Of Credit For Small Scale Industrial Development., C. M. Anyanwu
Efficient Administration Of Credit For Small Scale Industrial Development., C. M. Anyanwu
Bullion
Industrial development involves the development of a technical arrangement that moves an economy from the traditional method of production to a more complex system of mass manufacture of a variety of goods and services involving technology and management techniques. Industrialization tends to propel growth and quicken the achievement of structural transformation and diversification of economies. It enables a country to utilize fully its factor endowments and depend less on the external sector for its growth and sustenance. Through industrialization, an economy gains the versatility and resilience that enable it to raise the standard of living of its people and cope …
Money Supply, Inflation And The Nigerian Economy, Paul A. Ogwuma
Money Supply, Inflation And The Nigerian Economy, Paul A. Ogwuma
Bullion
Experience in many countries, including Nigeria, show that fiscal policies, in particular, intended primarily to stimulate output growth and enhance real income often end up as a major source of financial imbalances and macro-economic instability. The accompanying high inflation has critical allocative and distributional implications that can be detrimental to the growth process. It is against this background that, this short paper attempts, to identify the relationship between monetary growth and inflationary developments in Nigeria and the implications for economic growth. Following this Introduction, Thus, the challenge of maintaining monetary stability has often been a difficult one, the world over, …
Research And Economic Policy In The Nigerian Public Sector., Ojo M. O.
Research And Economic Policy In The Nigerian Public Sector., Ojo M. O.
Bullion
The paper examines the role of research for economic policy management in the Nigerian public sector. The subject is treated comprehensively for the information of participants. It further discusses some conceptual issues, the policy framework for economic management, appraisal of policy research in the public sector, the observed problems in national policy research and some proposals for improvement.
Problems And Prospects In Agricultural Financing In Nigeria Under Economic Deregulation., Odu Paul C.
Problems And Prospects In Agricultural Financing In Nigeria Under Economic Deregulation., Odu Paul C.
Bullion
The paper focus on the government economic deregulation in Nigeria in 1986 which was discussed in sections. Section I of the paper reviews the trends in the agricultural finance sector before and during SAP. The perspectives of agricultural lending under deregulation is discussed ln section II. Section III analyses the formal and informal credit to agriculture, and section IV reviews the policy implications/solutions of deregulation under agricultural financing, while section V concludes the paper.
The State Of The Nigerian Petroleum Industry: Performance, Problems And Outstanding Issues, M. O. Ojo, B. S. Adebusuyi
The State Of The Nigerian Petroleum Industry: Performance, Problems And Outstanding Issues, M. O. Ojo, B. S. Adebusuyi
Economic and Financial Review
This paper examines developments in the Nigerian petroleum industry in view of its prominent role in the economy and notes outstanding issues and other relevant policy implications. The paper also discusses the industry's organizational and operational structure and assesses its performance in terms of production, local consumption and exports of crude oil and refined products as well as oil revenue. Major findings are that although the sub-sector continues to account for the bulk of federally-collected revenue, the growth in crude oil output, average crude export volume as well as refined petroleum products consumption have been declining, while the performance of …
Catherine Bonser-Neal. "Does Central Bank Intervention Stabilize Foreign Exchange Rates? Economic Review, Federal Reserve Bank Of Kansas City, Vol. 81, No. 1, First Quarter 1996 (14pp), Peter I. Nwaoba
Economic and Financial Review
The paper tried to establish whether central bank intervention could reduce exchange rate volatility by stopping speculative attacks against a currency. The author's concern centered on the fact that exchange rate volatility has increased since the adoption of flexible exchange rate system in 1973 and the subsequent interventions by most central banks. She observed that many European countries have intervened in foreign exchange markets when deemed necessary to reduce volatility and possibly keep exchange rates within a band around a target rate. But opinions still differ on whether these interventions could stabilize exchange rates. The paper, therefore, sought to present …
National Economic Development Planning: Review Of Nigeria's Performance And Future Prospect, A. P. Awoseyila
National Economic Development Planning: Review Of Nigeria's Performance And Future Prospect, A. P. Awoseyila
CBN Occasional Papers
This paper took a global view of development planning as operational tool for rapid economic growth and social advancement. It reviewed Nigeria's planning experience which achieved varied degrees of successes especially in the areas of education, social and economic infrastructure. It also noted that achievement levels for all the successive plans were generally below expectations. In order to improve on plan performance and turn the economy around, the paper suggested, the need for quickening the process of preparation and launching of a perspective plan for the country; setting up of central planning agencies at the State and. Local Government levels …
The Control Of The Monetary And Banking System By The Central Bank Of Nigeria., Paul A. Ogwuma
The Control Of The Monetary And Banking System By The Central Bank Of Nigeria., Paul A. Ogwuma
Bullion
To understand the role of the Central Bank of Nigeria in controlling the system under the prevailing functional arrangement, it would be necessary to relate the conceptual framework of monetary and banking system control to the Bank's experience. To this end, the paper is organised in five sections. After Section One which is the introduction, Section Two examines the conceptual framework of monetary and banking system control. This is followed by Section Three which reviewed the CBN's techniques of control and their changes over the years. Section Four appraises the control measures and ascertains their effectiveness while Section Five provides …
Diversification And Promotion Of Exports Of Nigeria's Energy Products., M. O. Ojo
Diversification And Promotion Of Exports Of Nigeria's Energy Products., M. O. Ojo
Bullion
Energy is a critical input in the economic development process. It is expended in one form or the other in agricultural production activities, especially food processing and transportation. and in the production of farm inputs such as fertilizer. pesticides and agricultural equipment. Energy is equally necessary for industrial operations or facilitating the running of plant and machinery of manufacturing units. It is also required for house-hold cooking & lighting and for the construction and operation of the infrastructure needed for schools, health care services and water sup-ply. Indeed, the levels of energy supply nd consumption are strong indicators of overall …
Mobilising Financial Resources For Growth: Nigeria's Financial Policy Perspective., Felix U. Ezeuduji
Mobilising Financial Resources For Growth: Nigeria's Financial Policy Perspective., Felix U. Ezeuduji
Bullion
Financial resources for growth are from several sources because no single source could provide the required funding. The major known sources of resources for growth are based to both the informal sector and formal sector activities which include the fiscal operations of the Government foreign sector transactions, capital market activities, and institutional savings mobilisation in the financial sector which is the focus of this paper. This paper is organised in five sections. The introduction constitutes Section One which provides the background, the objective and the organisation of the paper. In section Two, the conceptual framework of financial resource mobilisation is …
Fiscal Federalism: Revenue Allocation For Economic Development In Nigeria., T. O. Okunrounmu
Fiscal Federalism: Revenue Allocation For Economic Development In Nigeria., T. O. Okunrounmu
Bullion
From colonial administration to independence in 1960 and 35 years of self-rule, revenue allocation in the Federal Republic of Nigeria has had a chequered history. It has been subject of intensive lobbying by politicians in the attempt to have their wishes engrained in the Constitution. This paper is prepared in three parts. Part I is a theoretical overview of fiscal federalism while Part II reviews the Nigerian experience with Fiscal Federalism. Part III analyses proposals for an effective fiscal Federalism that would enhance economic development.
Nigeria's Domestic Public Debt Stock: An Assessment., Victor A. Odozi
Nigeria's Domestic Public Debt Stock: An Assessment., Victor A. Odozi
Bullion
Since the early 1980s, Nigeria has taken steps to evolve external debt management strategies encompassing refinancing, restructuring, buyback, collateralisation and debt conversion arrangements as well as issuing external borrowing guidelines. Although the county's external debt problem remains severe, judging both by the absolute level of the debt stock and the unsustainable trend of the various debt servicing ratios, such as debt stock/GDP, debt stock/exports and debt service/export earnings, it is generally acknowledged that the Government had made concerted efforts to address the problem. However, the domestic debt has not been given the same attention, if any at all. the domestic …
The Strategy And Financing Of Economic Recovery In Africa., Ubadigbo Okonkwo
The Strategy And Financing Of Economic Recovery In Africa., Ubadigbo Okonkwo
Bullion
The paper examines the impact of Structural Adjustment Programmes (SAP) on investment and growth in Africa and suggests the need for a new development paradigm. Working in partnership with the private sector, African Governments must establish a sound institutional and incentive framework for rapid growth. An alternative development strategy should be market-friendly and people-centred and must give priority to the accelerated expansion of exports and Small and Medium Enterprises (SMEs). In view of the bleak prospects for external financing, Africa must rely on domestic financial institutions and capital markets to mobilise the required financial resources for economic recovery.
On Early Warning Models For The Identification Of Problem Banks In Nigeria, Sani I. Doguwa
On Early Warning Models For The Identification Of Problem Banks In Nigeria, Sani I. Doguwa
Economic and Financial Review
This paper proposes alternative early warning models which could be helpful in identifying problem banks in Nigeria. The models rely on the /ogit-analytic technique and the use of financial ratios derived from the monthly returns the licensed banks render to both the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC). The two separate models, each developed for commercial and merchant bank, are more efficient in that they drastically reduced the mis-classification errors inherent in other failure prediction models developed in the past. To illustrate the applications of the models for policy, an appraisal of the financial condition …
Cho Tae-Hyon: "Foreign Direct Investment In Korea: Recent Trends And Changes To Improve The Investment Environment", Korea Exchange Bank Quarterly, First Quarter, 1995, Vol. Xxx, No. 1, N. C. Oputa
Economic and Financial Review
Korea opened its doors to foreign investors in 1962 to raise capital for economic development. As at end-1994, the total accumulated volume of Korea's Foreign Direct Investment (FOI) on an approved basis amounted to US $12,525 million financing 4,709 projects. The conclusion of the Uruguay round and the establishment of the World Trade Organisation (WTO) which linked the global economy to free flows of trade and investment, are new challenges facing Korea in the search for ways to cope with the emerging era of unlimited competition. Tae-Hyon's paper attempts to review the trends in FDI and the recent incentives to …
Further Empirical Analysis Of Inflation In Nigeria, O. M. Fakiyesi
Further Empirical Analysis Of Inflation In Nigeria, O. M. Fakiyesi
Economic and Financial Review
This paper analyses the main factors which influence inflation in Nigeria with a view to determining the relevant policy instruments that will reduce it. The empirical analysis confirms the findings of earlier studies that monetary expansion significantly influences the rate of inflation in Nigeria. The other dominant factor is the exchange rate which has a significant and positive impact on inflation. Growth in real income and level of rainfall are also significant in explaining inflation in Nigeria.
An Empirical Analysis Of The Prices Of Nigeria's Agricultural Export Commodities, Grace O. Evbuomwan
An Empirical Analysis Of The Prices Of Nigeria's Agricultural Export Commodities, Grace O. Evbuomwan
Economic and Financial Review
The study examines the role of price incentives in expanding agricultural commodity exports. Using the concept of efficiency, based on the theory of opportunity cost, nominal and effective protection coefficients (NPC & EPC) were estimated for cocoa, coffee, cotton, palm kernel, palm oil, rubber and soyabean. Their world market prices served as the efficiency benchmarks in order to determine the pattern of incentives or disincentives to the Nigerian agricultural export sector. The NPC values obtained ranged from 0.47 for cotton to I. I 8 for soyabean pre-Structural Adjustment Programme (SAP) and during the SAP the values ranged from 0. 63 …
Economic Growth And Foreign Debt: A Case Study Of Nigeria, J. O. Ashinze, E. A. Onwioduokit
Economic Growth And Foreign Debt: A Case Study Of Nigeria, J. O. Ashinze, E. A. Onwioduokit
Economic and Financial Review
In this study, a macro-economic model is used to examine the relationship between external debt and economic growth in Nigeria. The study has established empirically that foreign credit only contributed positively to growth between 1988 and /992 when the resources mobilized externally were used in directly productive activities. However, between 1979 and /987 as well as the period /993-/994, there was a negative relationship between foreign capital and growth. Among other factors, policy inconsistencies, drying up of external assistance and political instability were identified as the main factors that militated against foreign credit-induced growth of the Nigerian economy.