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Articles 1 - 30 of 45
Full-Text Articles in Social and Behavioral Sciences
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 …
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Bullion
The imperative of public borrowing to finance development, combat natural or artificial disasters, and for other reasons is incontrovertible. The diverse traumatic experience of debt-victim nations: Spain, Mexico, Egypt, Venezuela, et cetera, which narrowly escaped total loss of national sovereignty to foreign lenders, due to debt-induced bankruptcy, have been xr-ayed by literature: Magaji (2000) and Bature (2015), among others. The objectives of this paper are to examine the situation of Nigeria, vis-à-vis the nations which travelled the path of Nigeria's current adventure; and to proffer policy antidotes for averting the highly probable cataclysm which unsustainable external debt might precipitate, particularly …
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
Bullion
The paper investigates the impact of external sector liberalization (foreign direct investment, external debt stock, trade openness and exchange rate) on the output growth in Nigeria from the period 1981 to 2019, utilizing correlation analysis, Granger causality test and vector autoregression (VAR). The results indicate that foreign direct investment, external debt stock, trade openness and exchange rate all correlate positively with gross domestic product. Also, the granger causality test indicates that foreign direct investment, trade openness and exchange rate granger cause the output growth in Nigeria. From the VAR result foreign direct investment exerted positive and significant impact on the …
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Bullion
Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and …
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Bullion
The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Bullion
The objective of this paper is to describe the import substitution policies of Nigeria with a historical and analytical outlook with a view to amplifying its dimensions of impact, and recommending potential options for optimizing policy and implementation. Method The methodology adopted for this paper is descriptive and historical analysis. Comparisons were drawn from various countries policies such as Chile, Brazil, Argentina, Mexico, India, South Korea, and the Philippines and outcomes are highlighted, and then extrapolated to the Nigerian context with a view to understanding the local context in the light of peer country implementation. The results from the implementation …
Analysis Of The Determinants Of Money Demand In South Africa: 1990-2019, Ali Kole, Hassan N. Wali, Alhassan M. Idris, Ismail H. Sanusi
Analysis Of The Determinants Of Money Demand In South Africa: 1990-2019, Ali Kole, Hassan N. Wali, Alhassan M. Idris, Ismail H. Sanusi
Bullion
This study estimates real intermediate money demand (RM2) and real broad money demand (RM3) for South Africa from 1990 Q1 to 2019 Q4. The main objective of the study was to explore the relationship between money demand and its determinants in South Africa with specific emphasis on the long-run relationship and stability between RM2, RM3,and their determinants. Auto-regressive Distributed Lag (ARDL) bound test for cointegration model developed by Pesaran (2001) was employed. The results found that both RM2 and RM3 are cointegrated with inflation rate, interest rate, exchange rate,real GDP, and credit to the private sector in South Africa. Credit …
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Bullion
The objective of the paper is to assess the effects of foreign portfolio capital surge on the banking sector in Nigeria from 2005 - 2018. Using a simple trend analysing a static general equilibrium framework, the paper reveals that portfolio capital inflows, in the wake of monetary policy independence in Nigeria, led to portfolio capital surge which resulted to credit boom and speculative transactions in the Nigerian Stock Exchange (NSE) leading to assets price bubble. When the bubble burst during the global financial crisis (GFC) in 2007, and thereafter in 2014, portfolio capital inflows reversed and banking stocks prices declined …
Determinants Of Nigeria's External Sector Competitiveness, O. Duke, M. Yakub, M. Nakorji, B. Gaiya, F. Isma'il, Z. Sani, S. Zimboh, T. Obiezue, O. Asuzu, V. Aliyu
Determinants Of Nigeria's External Sector Competitiveness, O. Duke, M. Yakub, M. Nakorji, B. Gaiya, F. Isma'il, Z. Sani, S. Zimboh, T. Obiezue, O. Asuzu, V. Aliyu
Economic and Financial Review
The study investigated the determinants of Nigeria's external competitiveness, with a view to providing sound policy prescriptions on ways to improve competitiveness. The study employed an Autoregressive Distributed Lag (ARDL) model, using monthly data spanning 2008 to 2016 to determine the short- and long-run relationships among some selected macroeconomic variables. These included real effective exchange rate, exports, productivity, crude oil price, capital flow and consumer price index. The results from the short-run analysis revealed that productivity, proxied by government expenditure, and crude oil price were found to be the major determinants of external sector competitiveness in Nigeria, while CPI was …
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 …
Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng
Savings, Net Foreign Assets And Current Accounts Dynamics In Subsaharan Africa, A. I. Adeleke, W. Ohemeng, K. Ofori-Boateng
Economic and Financial Review
A profile of the current account balance in sub-Sahara Africa (SSA) shows that many countries in the region have consistently experienced current account deficits, dwindling savings and diminishing net foreign assets. These macroeconomic variables convey important information to economic agents about the health of a nation. The relationships among these three important variables in terms of short-run and long-run dynamics are cloudy in the literature. Therefore, this study examined the long-run and short-run dynamics of savings, net foreign assets and current account balance in subSaharan Africa. Utilising panel econometric techniques with annual data from 38 countries in SSA for the …
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 …
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 …
Implication Of Closure Of Rdas And Wdas Segment Of The Foreign Exchange Market In Nigeria, Akin Dawodu
Implication Of Closure Of Rdas And Wdas Segment Of The Foreign Exchange Market In Nigeria, Akin Dawodu
Bullion
The Nigeria foreign exchange market has transitioned a great deal since the country gain independence. Nigeria had a pegged exchange control until the introduction of the structural adjustment program (SAP) in 1986. which brought about dual exchange rate system, the first and second tier foreign exchange market that later metamorphosed into the Foreign Exchange Market (FEM). Hence there continue to be policy reversals as a result of the volatility in the exchange rate.
Determinants Of Bilateral Trade Performance Of The Member Countries Of The West African Monetary Zone (Wamz), E. Osuji
Economic and Financial Review
This study sought to identify the drivers of import demand in the region, as a basis for proposing achievable alternative strategies for enhancing the level of intra-regional trade in the Zone. The study estimated a global import trade model for the Zone to establish the key determinants of its import demand. Using the pooled regression technique, the study analyzed quarterly data spanning the period 1985 to 2012, for the five original member countries of the WAMZ. The following is a highlight of the outcome of the analyses: given its positive sign and significance, trade liberalisation has the potential of boosting …
Analysis Of External Debt Dynamics In Ecowas Economies, A. C. Chuku
Analysis Of External Debt Dynamics In Ecowas Economies, A. C. Chuku
Economic and Financial Review
This paper recognised the importance of identifying the core determinants of external debt dynamics in ECOWAS economies. Using a panel dynamic generalised least squares procedure, the study sought to identify the core determinants of external debt dynamics in 12 ECOWAS economies from 1970 to 2009. Overall, the findings revealed six core determinants of external debt in ECOWAS economies. Inflation, external reserves, per capita income and real oil prices were inversely related with external debt ratio; while, GDP gap and real effective exchange rate depreciation directly affected external debt. Significant dissimilarities were observed in the influence of government size and inflation …
External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi
External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi
Bullion
The objective of this paper is to appraise developments in external reserves management and utilization in Nigeria, with o view to identifying major challenges and proffering solutions. The paper is divided into six sections. Following this introductory section, section two reviews some of the major conceptual and analytical issues on external reserves management and utilization, while section three discusses Nigeria's external reserves management process. Section four appraises developments in external reserves management and utilization, as well as examines the impact of external reserves on the four sectors of Nigerian economy. Section five highlights major challenges in external reserves management and …
Diaspora Bonds: A Viable Source Of External Financing For Nigeria?, Omolara O. Duke
Diaspora Bonds: A Viable Source Of External Financing For Nigeria?, Omolara O. Duke
Bullion
The paper examines the need for external funding, arises from the inadequacy of domestic sources of funds to meet supply gaps and balance of payments (BOP) challenges and the potentials of Nigeria sourcing external financing through the issuance of Diaspora bonds. Following this introduction, Section ll reviews conceptual and empirical literature as well as country experiences on Diaspora bonds issuance. Section lll, discusses the bond market in Nigeria. ln Section lV. the prospects and challenges of issuing Diaspora bonds in Nigeria were highlighted. Section V concludes the paper.
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
Bullion
The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded in 1975. Its mission is to promote economic integration in "all fields of economic activities, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters". This paper examines the role of CBN economy and monetary policies on the heels of borderless trade amongst the ECOWAS State. ECOWAS aims to promote peace, co-operation and integration in economic, social and cultural activity, ultimately leading to the establishment of an economic and monetary union through the total integration of the …
Naira Convertibility: The Journey So Far, Moses K. Tule
Naira Convertibility: The Journey So Far, Moses K. Tule
Bullion
This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would …
Global Economic Crisis: The Need For African Government Interventions For Rapid Economic Recovery And Stability, Hassan T. Sanni
Global Economic Crisis: The Need For African Government Interventions For Rapid Economic Recovery And Stability, Hassan T. Sanni
Bullion
The paper reappraises the various measures taken by African governments to curtail the effects of the global economic meltdown. This is with a view to re-emphasizing the need for strong interventions by African governments. The paper is organized into five sections. Aside from the introduction, section two reviews the genesis of the global economic crisis, while section three briefly discusses the impact of the global economic meltdown with greater emphasis on African economies. The global responses as well as African forms of interventions since the global shock are presented in section four of the paper. The summary, recommendations and conclusion …
Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele
Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele
Bullion
As a country's monetary authority, a central bank is responsible for the conduct of monetary policy. This onerous process begins with developing a plan of action of employing interest rates or controlling the money stock to influence the economy. The focus of monetary policy is to safeguard the value of the domestic currency in terms of what it can purchase as a basis of providing a framework for the achievement of wider government economic objectives of non-inflationary economic growth, employment, stable exchange rate, favourable balance of payments and more generally a stable financial environment for the economy. In view of …
Determinants Of Workers' Remittances: The Case Of Turkey: A Review., Magnus O. Abeng
Determinants Of Workers' Remittances: The Case Of Turkey: A Review., Magnus O. Abeng
Economic and Financial Review
The paper is focused on the determinants of workers remittances using Turkey as a case study.
Are Immigrants Remittance Flows A Source Of Capital For Development?: A Review, Phebian N. Omanukwue
Are Immigrants Remittance Flows A Source Of Capital For Development?: A Review, Phebian N. Omanukwue
Economic and Financial Review
The paper seeks to develop a remittance model that would indicate if immigrant remittances were a source of capital flows for development.
Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu
Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu
Bullion
This paper examines banking sector reform with particular reference to the Malaysian banking sector. The Malaysian banking sector which resulted from the Asian financial crises of the 1990s is the subject of the study. The paper is divided into four sections: following the introduction, section II covers conceptual issues in banking sector reform and bank consolidation. The Malaysian experience in banking sector reforms and bank consolidation is discussed in section III, while lessons for Nigeria and concluding remarks are presented in section IV. The paper highlights the response of the Malaysian authorities to the Asian financial crisis and identified the …
Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka
Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka
Bullion
Countries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in …
External Sector Policies In The 2004 Budget, Obadan I. Mike
External Sector Policies In The 2004 Budget, Obadan I. Mike
Bullion
External sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation's [WTO] rules and regulations without compromising the country's short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. …
Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose
Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose
Bullion
The paper examines the management of the foreign exchange in Nigeria the next decade. The paper is structured into four main sections after these introductory remarks. section 1 discusses some conceptual issues such as:-foreign exchange versus external reserves, objectives of reserve management, strategies employed in managing the reserves and techniques for reserve management. section 11 discusses tools of reserve management the third section provides some thoughts as to the direction of foreign management in the next decade. section IV summarises and concludes the paper.
Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido
Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido
Bullion
This paper reviews the experiences of developing countries in the management of interest rates, with emphasis on ECOWAS countries. While the Anglophone countries have adopted independent interest rate policies overtime, the Francophone members of the West African Monetary Union (WAMU) have shared similar experiences-a common currency (the CFA franc),a central bank (BCEAO) and common monetary policies. The paper is divided into four parts, in part I, it examines the roles of, and factors affecting interest rates. The part II highlights the characteristics of interest rates in developing countries and requirements for a successful interest rate reform. Part III reviews the …
Foreign Direct Investment In Nigeria: Evidence From Time Series Data, Akpan H. Ekpo
Foreign Direct Investment In Nigeria: Evidence From Time Series Data, Akpan H. Ekpo
Economic and Financial Review
This paper examines the relationship between foreign direct investment (FDI) in Nigeria and some macroeconomic variables. The preliminary empirical results, covering the period 1970-1994, suggest that high debt service and low credit ratings discourage FDI. FDI is also sensitive to real per capita income and low rates of inflation.