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Articles 1 - 30 of 105
Full-Text Articles in Social and Behavioral Sciences
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman
Economic and Financial Review
This study examines the effect of public debt on private investment in Nigeria. The linear and non-linear ARDL models are employed to analyse the series spanning the period 1981 to 2018. The estimation results show that an increase in total debt, external debt, and debt service payment adversely affects private investment, with the effects being symmetric. On the other hand, the effect of domestic debt on private investment is found to be asymmetric. Although a negative shock in domestic debt greatly improves private investment, a positive shock leads to a meagre positive effect on private investment. This finding indicates that …
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Budget Deficit And Economic Growth In Nigeria, A. D. Umaru, H. M. Aliero, M. Abubakar
Economic and Financial Review
This paper examines the relationship between budget deficit and economic growth in Nigeria, from a linear and non-linear perspective, using annual time series data from 1981 to 2019. The linear model, which involves the use of an autoregressive distributed lag (ARDL) approach, was compared with a non-linear analysis, using a threshold autoregressive (TAR) model. The ARDL analysis reveals that the growth of national output is positively driven by the persistent budget deficit in Nigeria. This was substantiated by the TAR model which indicates that though budget deficit drives economic growth in Nigeria, the positive relationship holds only if the deficit …
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu
Economic and Financial Review
The study measures the impact of loan to deposit ratio (LDR) on Banks' liquidity in Nigeria between 2000Q1 and 2019Q3. The paper applied the Factor-Augmented Vector Autoregressive (FAVAR-X) methodology for estimation and forecasting. The result suggests that an LDR of 70.0 per cent, which reduces Banks' liquidity from N187.95 billion in 2019Q4, through N153.09 billion in 2020Q2 to close at N135.15 billion in 2020Q4, may require cautious acceptance. Thus, increasing LDR beyond 70.0 per cent may impact Banks' liquidity negatively. Furthermore, a direct relationship is established between LDR and inflation. The findings conform to a priori expectations as higher LDRs …
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi
Economic and Financial Review
This study empirically examines the vulnerability of the Nigerian banking industry to extreme, but plausible, adverse oil price shocks. A structural vector autoregressive (SVAR-X) is adopted to achieve this objective. The study period covers 2007Q1 – 2020Q4. The simulations assess the asset quality performance of DMBs, using the NPLs, under three scenarios (baseline, adverse and severely adverse). The findings suggest that the entire banking industry, as well as individual DMBs, are vulnerable to adverse oil price shocks. Accordingly, the study recommends, strict compliance with the single obligor limit, by commercial banks, to mitigate adverse effects of volatilities in crude oil …
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum
Economic and Financial Review
This paper re-examines the relationship between finance and industrial growth in Nigeria by including aggregate credit to the industrial sector and financial development index as additional variables into the industrial growth model. Using data spanning the last four decades, we apply the Autoregressive Distributed Lag (ARDL) bounds testing approach to estimate an industrial growth model that accounts for the role of finance-related variables, while also controlling for the impact of electricity consumption and structural breaks. The key findings in the study are threefold. First, our results confirm that finance is a significant driver of industrial growth in Nigeria. Second, the …
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 …
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 …
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 …
Assessing Systemic Risk In The Nigerian Interbank Money Market, M. Nakorji, P. Ekeocha, C. Nwosu, P. Obikaonu
Assessing Systemic Risk In The Nigerian Interbank Money Market, M. Nakorji, P. Ekeocha, C. Nwosu, P. Obikaonu
Economic and Financial Review
The interbank market is an important platform for strengthening financial integration. It also represents a medium for risk sharing among banks through the linkages and common exposures. Exposure between banks leads to a direct asset relation through borrowing from each other at the interbank market while banks are associated indirectly through ownership and sharing of similar portfolio exposures, that connects them, through a web of transaction network. The paper analysed the systemic risk implied in the Nigerian interbank network, based on various network measures using data on individual banks' bilateral exposures. The findings showed that few banks featured prominently in …
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Unofficial Dollarisation And Monetary Policy In Nigeria, Y. Adamu
Economic and Financial Review
This paper examined the impact of dollarisation on monetary policy in Nigeria, using monthly data spanning 2002 to 2016. The paper adopted the conventional IMF proxy for dollarisation and traced its reactions to changing monetary policy stance. Using the vector autoregression (VAR) model and interbank rate as an indicator of monetary policy stance, the results showed that the size of dollarisation could influence the outcome of monetary policy, though the impact was small. This was evident from the output equations, that inflation did not respond in the first month and responded negatively in the second month. However, from the third …
Determination Of Optimal Foreign Exchange Reserves For Nigeria, M. Tule, E. Egbuna,, S. Abdusalam, A. Oduyemi
Determination Of Optimal Foreign Exchange Reserves For Nigeria, M. Tule, E. Egbuna,, S. Abdusalam, A. Oduyemi
Economic and Financial Review
The study examined the optimal level of international reserves for Nigeria that is capable of absorbing a shock similar to that experienced during the 2007/2009 Global economic crisis. Using, generalised autoregressive conditional heteroscedasticity (GARCH), vector autoregressive (VAR) estimation techniques and normalised Johansen cointegrated equation, and setting the maximum and minimum output losses for the entire period, the study found a positive relationship between the odds of default on sovereign debt and fiscal deficit to GDP ratio, short-term debt to reserves ratio and volatility in portfolio investments. In minimising the Bank's cost of holding reserves, the study found that the Nigerian …
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Interest Rate Dynamics And Real Output Behaviour In Nigeria: A Simulation Analysis, S. Rapu, G. Sanni, D. Penzin, N. Nkang, P. Golit, H. Okafor, E. Ibi
Economic and Financial Review
The declining output growth observed from the second quarter of 2014, which led to calls for a more expansionary monetary policy despite rising inflationary pressure, necessitated a reassessment of the impact of interest rate on real output growth in Nigeria. Using a Bayesian Vector Autoregressive (BVAR) model and quarterly data from 2000:Q4 to 2015:Q3, the effect of monetary policy transmission (interest rate dynamics) on real output performance was estimated. Although results of the simulation analysis were somewhat mixed, those of the impulse response functions indicated that positive shocks to monetary policy rate (MPR) produced a negative and small impact on …
Cost Of Governance And Fiscal Deficit In Nigeria: Evidence From State Government Data, P. Ekeocha, A. Ikenna-Ononugbo
Cost Of Governance And Fiscal Deficit In Nigeria: Evidence From State Government Data, P. Ekeocha, A. Ikenna-Ononugbo
Economic and Financial Review
Fiscal deficit has remained a predominant occurrence at both the Federal and state government levels, and this has become a source of concern for economic managers. At the individual state level, a quarter of the state governments consistently ran deficit for more than six consecutive years, from the period 2007 to 2014. More importantly, the combined overall fiscal balance of the state governments has resulted frequently in deficit in the past two decades. Fiscal deficit is not bad in itself, but most of the state governments are running fiscal deficit to sustain recurrent expenses, rather than infrastructure development. Available studies …
The Impact Of Lending Rate On The Manufacturing Sector In Nigeria, D.B. Akpan, D.J. Yilkudi, D. C. Opiah
The Impact Of Lending Rate On The Manufacturing Sector In Nigeria, D.B. Akpan, D.J. Yilkudi, D. C. Opiah
Economic and Financial Review
The study investigates the impact of lending rate on output of the manufacturing subsector using the Vector Error Correction Model (VECM) and annual data from 1981- 2014. The empirical results indicated that high lending rate had negative impact on manufacturing output in the long-run. This suggests that increase in lending rate undermines manufacturing output, thus retarding growth in the real sector. Specifically, the estimates revealed that a 1.0 per cent increase in lending rate reduces manufacturing output by 0.03 per cent. The study, therefore, recommends the implementation of investment friendly policies that narrows the lending rate by the deposit money …
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 …
Keynote Address On Financing Government Programmes In Economic Downturn -The Role Of Central Bank Of Nigeria? Delivered At The 2016 Central Bank Of Nigeria Executive Seminar, G.I. Emefiele
Economic and Financial Review
This is a keynote address delivered by the Governor of Central Bank of Nigeria at the 2016 executive seminar with the theme "financing government programmes in economic downturn - the role of central bank of Nigeria
Special Remarks: Financing Government Programmes In Economic Downturn -The Role Of Central Bank Of Nigeria? Delivered At The 2016 Annual Executive Seminar, S.O. Alade
Economic and Financial Review
This is the special remarks delivered by the Deputy Governor (Economic Policy) during the 2016 executive seminar, "financing government programmes in economic downturn- the role of central bank of Nigeria.
Financing Government Programmes In Economic Downturn: Theoretical Issues And Perspectives, A. H. Ekpo
Financing Government Programmes In Economic Downturn: Theoretical Issues And Perspectives, A. H. Ekpo
Economic and Financial Review
The purpose of this paper is to articulate the theoretical issues and perspectives which underscore the need for caution in financing government programmes whether in the recurrent outlay or capital programmes as individual financing modes have built in costs and risks that could inhibit the realisation of government objectives.
Financing Government Deficit During Economic Downturn: Options For Consideration, O. Ajakaiye
Financing Government Deficit During Economic Downturn: Options For Consideration, O. Ajakaiye
Economic and Financial Review
The author examines the efficacy of the conventional approach to financing budget deficit during economic downturn in Nigeria. He also considers other (unconventional) options for financing budget deficits during economic downturn in Nigeria.
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
The Role Of Central Banks During Economic Downturn: Lessons And Options For Financing Government Programmes In Nigeria, C.N.O. Mordi
Economic and Financial Review
The author examine both the traditional and developmental roles central banks plays in financing government programmes/projects.
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Financing Government Programmes In Economic Downturn: Policy Options, F.U. Jacobs
Economic and Financial Review
This author examines the various policy options for the manufacturing sector of the economy in an economic downturn.
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.
Governments' Options For Financing The Sustainable Development Goals (Sdgs) In A Period Of Economic Downturn, Robert C. Asogwa
Governments' Options For Financing The Sustainable Development Goals (Sdgs) In A Period Of Economic Downturn, Robert C. Asogwa
Economic and Financial Review
The paper reviews the strategies for strengthening the existing sources of traditional finance in Nigeria and also, introduces new sources of innovative finance that will be suitable for funding government development programmes, as well as, the SDGs Agenda 2030. Furthermore, the possible role of the central bank vis a-vis the government fiscal authorities in the management of some sophisticated financial instruments which is increasingly gaining momentum as part of innovative development finance is discussed.
Financing Government Programmes In Economic Downturn: A Comparative Analysis, T. Oshikoya
Financing Government Programmes In Economic Downturn: A Comparative Analysis, T. Oshikoya
Economic and Financial Review
This paper examines the experience of Nigeria and other oil exporting countries in adjusting to lower oil prices and financing government programmes during economic downturn.
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Non-Oil Exports, Economic Growth And Macroeconomic Stability, T.A. Oyejide
Economic and Financial Review
The author discussed the role of non-oil exports in the structural transformation and sectoral diversification processes which are inherently associated with sustainable growth and development outcomes as well as the focus of the analysis shifts to an examination of the role of non-oil exports in promoting economic growth and development.
Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh
Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh
Economic and Financial Review
This study estimated the interest rate elasticity of private sector credit in Nigeria using the Vector Error Correction mechanism. The variables specified included real private sector credit. real GDP. Prime and maximum lending rates, exchange rate, 9)-day Treasury bill rate, inflation rate and all share index of the Nigerian Stock Exchange. The data utilised covered the period: 1998 Q1 to 2013 Q4. Granger causality tests were performed, and the co-integration analysis of the Johansen system-wide procedure was employed. The results indicated thot private sector credit was fairly interest inelastic in terms of both maximum and prime lending rates. The estimated …
Measuring The Depth Of Liquidity And Efficiency Of The Nigerian Capital Market, M. Tule, P. Ogiji, U. B. Ndako, U. Ujunwa, S. L. Jimoh, C. E. Lhediwa, O. O. Afiemo
Measuring The Depth Of Liquidity And Efficiency Of The Nigerian Capital Market, M. Tule, P. Ogiji, U. B. Ndako, U. Ujunwa, S. L. Jimoh, C. E. Lhediwa, O. O. Afiemo
Economic and Financial Review
The study developed a spectrum of indicative measures of capital market liquidity using Nigerian monthly stock market indices for the period January 2000 — June 2014. If identified four broad measures of liquidity common in the literature transaction cost, volume price and market impact measures. Based on these three sub-measures of market efficiency coefficient, variance ratio, turnover ratio and illiquidity index were developed based on data availability and other market factors specific to the Nigerian environment. The study examined the impact of capital market liquidity on asset price returns. using a vector auto regression [VAR] model which showed that the …
Monetary Policy And Asset Prices In Nigeria, M.K. Tule, P. Ogiji, G. Okorie, D. Mbaka
Monetary Policy And Asset Prices In Nigeria, M.K. Tule, P. Ogiji, G. Okorie, D. Mbaka
Economic and Financial Review
This paper attempts to contribute to the debate on the linkages between monetary policy and asset prices in the woke of the recent global financial crisis. The study employs vector error correction (VEC) mode! on Nigerian weekly data from January 2007 to October 2013. A pair-wise granger causality test indicated a unidirectional causality from asset prices to monetary policy. Exchange rate at lag one was negatively related to the All Share Index. suggesting that exchange rate appreciation is likely to lead to excessive appreciation in asset prices. The results further indicated a positive relationship between financial system stability and asset …
Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu
Welcome Address At The Executive Seminar On "Exchange Rate Policy And Economic Management", C. Mojekwu
Economic and Financial Review
This is a welcome address by the Director of Human Resources Department on the 2015 CBN executive seminar jointly organized by the Research and Human Resources Departments.