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Full-Text Articles in Social and Behavioral Sciences
The Political Economy Of Currency Re-Denomination By Countries., Peter Nwaoba
The Political Economy Of Currency Re-Denomination By Countries., Peter Nwaoba
Bullion
In the view of the Bank, redenomination policy for Nigeria was not to translate to revaluation, as market forces were to continue to determine the prices, including interest rates and exchange rates, with the expectation that inflation will be low while exchange rate will appreciate. The objective of this paper is to articulate the reasons and conditions under which countries embark on currency redenomination exercises, and how successful these exercises had been over the years. The paper is descriptive with presentation based on literature reviews. Under the redenomination programme, banknotes were to be issued in denominations of new 50k (old …
Oil And Gas Management In Nigeria: Lessons For Ghana, Omolara O. Akanji Mrs.
Oil And Gas Management In Nigeria: Lessons For Ghana, Omolara O. Akanji Mrs.
Bullion
This paper is to discuss the oil and gas management in Nigeria: Lessons for Ghana. The paper is structured into five parts with part 1 being the introduction while part 2 scoops the literature on the economics of natural resources and its management globally. Part 3 will situate the Nigeria's multifaceted crisis of oil and gas governance and all related issues. Part 4 will sieve out the lessons for Ghana while part 5 summarizes and concludes the paper.
Analysis Of Revenue Generation As A Tool For Socio-Economic And Infrastructural Development In Nigeria, Obiechina M.E.
Analysis Of Revenue Generation As A Tool For Socio-Economic And Infrastructural Development In Nigeria, Obiechina M.E.
Bullion
The paper analyses the federal government revenue vis-àvis the provision of socio-economic Volume 34, No. 4 October - December 2010 and infrastructural development in Nigeria from 1970 2008, the centerpiece, which is improved productivity and standard of living. To this end, the paper is divided into five sections. Following this introductory section, section two explains the concept of government revenue and infrastructural development as well as theoretical and empirical literature. In section three, we examine the sources and structure of government revenue. Section four focuses on the trend in government revenue and expenditure and the state of some infrastructure in …
Is The Stock Market A Leading Indicator Of Economic Activity In Nigeria?, Alvan E. Ikoku
Is The Stock Market A Leading Indicator Of Economic Activity In Nigeria?, Alvan E. Ikoku
CBN Journal of Applied Statistics (JAS)
In an effort to address the lacuna in leading indicator studies of African economies and Nigeria in particular, this paper examines the causal relationships among stock market prices, real GDP and the index of industrial production in Nigeria, using quarterly data from 1984Q1 to 2008Q4. Granger causality tests indicate bidirectional causality between stock prices and GDP but no causality between stock prices and industrial production or between GDP and industrial production. Stock prices and GDP are found to be cointegrated, leading to the estimation of vector error correction models. Out-of-sample forecasts constructed with AR(1), ARIMA, structural ARIMA, and VEC models …
Estimating A Small-Scale Macroeconometric Model (Ssmm) For Nigeria: A Dynamic Stochastic General Equilibrium (Dsge) Approach, Charlse N.O Mordi, Michael A. Adebiyi
Estimating A Small-Scale Macroeconometric Model (Ssmm) For Nigeria: A Dynamic Stochastic General Equilibrium (Dsge) Approach, Charlse N.O Mordi, Michael A. Adebiyi
CBN Occasional Papers
This paper attempts to develop a small scale macroeconometric model for the Nigerian economy using dynamic stochastic general equilibrium (DSGE) methodology. Particular attention is paid to using impulse responses to explain the dynamic properties of the model. This model incorporates expectation as an anchor in the forward-looking monetary policy objective of the Central Bank of Nigeria (CBN). It captures most of the channels through which policymakers believe monetary policy can influence a small open economy with a managed floating exchange rate. The model was taken to the data by means of Bayesian estimation with the following major findings. First, although …
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe
Bullion
When the ongoing reforms of banking in Nigeria commenced, there were several arguments against the seeming harshness of the measures. As the revelations increased, the argument became the manner the revelations were made. All these pointed to the capacity of humans to resist change. lt was generally accepted that things went terribly wrong and some drastic steps needed to be taken. This paper examines existing and emerging financial reforms in the Nigeria banking sector. The outcome of the greed-induced crisis was not peculiar to Nigeria, as banks failed all around the world as their capital was eroded. There are obvious …
The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi
The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi
Bullion
This paper x-rays the recent banking sector crisis in Nigeria, its resolution, lessons learned and way forward. The paper is divided into six main sections. Following the introduction, section 2 highlights country experiences of banking crisis and resolution options, while section 3 gives an overview of financial crisis in Nigeria; section 4 discusses the recent financial crises in Nigeria (2000-2009), while section 5 presents the 2009 banking crises and its causes. The most recent reform measures are discussed in section 6. ln sections 7 and 8, the lessons of experience and the way forward are presented, while the concluding remarks …
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada
Bullion
Globally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt's was revealed that though credits have increased tremendously in recent …
Banking Sector Crisis And Resolution Options In Nigeria, U. Kama
Banking Sector Crisis And Resolution Options In Nigeria, U. Kama
Bullion
This paper x-rays banking sector crisis and its resolution options in Nigeria. The causes and impacts of banking crisis as well as the way forward for such crisis will also be examined. The paper is divided into six main sections. Following the introduction, Section 2 gives the conceptual/jurisdictional experience of banking crisis. Section 3 gives an overview of the structure of the Nigerian banking sector, the causes of banking crisis and its impacts on the economy, while Section 4 highlights the various banking sector resolution options and the Nigerian experience in banking sector crisis resolution. Section 5 highlights the way …
National Incomes Policy In A Deregulated Economy: The Nigerian Perspective, Moses K. Tule
National Incomes Policy In A Deregulated Economy: The Nigerian Perspective, Moses K. Tule
Bullion
This paper examines the propriety of a national income policy in a deregulated economy. The literature indicates that various interest groups in the country tend to protect their narrow interests when negotiating for higher wages. Consequently, the goals of government to achieve equitable income distribution in the country with a national income policy are often at variance with the private interests. While congenial atmosphere for collective bargaining was deemed desirable for achieving effective income growth, an environment of consistently rising prices was considered an anticlimax to growth and development. Consequently, the paper opined that in a market economy, a national …
Fiscal Operations And The Efficacy Of Monetary Management In Nigeria, A. E. Idowu
Fiscal Operations And The Efficacy Of Monetary Management In Nigeria, A. E. Idowu
Bullion
This paper underscores the need for predictable fiscal operations at all levels of government as a means of ensuring effective and efficient monetary management in the Nigeria federation. Following the introduction, section two discusses conceptual issues and the review of literature, section three discusses government's fiscal operations and challenges to monetary management, while section four examines fiscal reform and its impact on monetary management. Section five contains suggestion on the way forward and some concluding remarks.
Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo
Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo
Bullion
The fully funded defined contributory benefit pension system was introduced in Nigeria in July, 2004 to replace the old fiscally unsustainable defined benefit (Pay-As-You-Go) pension system. The new pension scheme, coming at the heels of earlier reforms in Nigeria's financial sector, could be deemed to serve as a further boost towards savings mobilisation, increased financial instruments acquisition and economic growth. After a survey of relevant literature was conducted, secondary data on relevant macroeconomic indices in the Nigerian economy were collected. The data were descriptively analysed. The results showed that TDS (total domestic savings) increased during the post-pension reform period and …