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Central Bank of Nigeria

CBN Occasional Papers

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Full-Text Articles in Social and Behavioral Sciences

A Dynamic Stochastic General Equilibrium (Dsge) Model Of Exchange Rate Pass-Through To Domestic Prices In Nigeria, M. A. Adebiyi Dr, C. N. Mordi Dr Jun 2016

A Dynamic Stochastic General Equilibrium (Dsge) Model Of Exchange Rate Pass-Through To Domestic Prices In Nigeria, M. A. Adebiyi Dr, C. N. Mordi Dr

CBN Occasional Papers

This paper employed a Bayesian framework of DSGE model to estimate the pass-through effect of exchange rate to domestic inflation in Nigeria, using quarterly data for the period 1990 to 2011. The response of inflation rate to exchange rate shocks was found to be positive and statistically significant in the short-run. The pass-through was small and incomplete with almost zero in quarter 1 (0.09), rose to 0.18 in quarter 2 and declined to 0.07 and 0.01 in quarters 3 and 4, respectively. These findings were lower than those obtained elsewhere by other authors. The low pass-through reported in this study …

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Financial Inclusion In Nigeria: Issues And Challenges, Ukpai Kama, Mustapha A. Adigun Aug 2013

Financial Inclusion In Nigeria: Issues And Challenges, Ukpai Kama, Mustapha A. Adigun

CBN Occasional Papers

Financial Inclusion is a state where financial services are delivered by a range of providers, mostly the private sector, to reach everyone who could use them. Specifically, it means a financial system that serves as many people as possible in a country. In recent time, financial Inclusion has assumed a critical development policy priority in many countries, particularly in developing economies. This paper reviewed experiences of other jurisdictions in the achievement of financial inclusion. More importantly, the various country experiences showed that, though financial inclusion may have become a general phenomenon, its nature, form and challenges differ among jurisdictions and …

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Transition To Full-Fledged Inflation Targeting: A Proposed Programme For Implementation By The Central Bank Of Nigeria, Michael O. Ojo Jun 2013

Transition To Full-Fledged Inflation Targeting: A Proposed Programme For Implementation By The Central Bank Of Nigeria, Michael O. Ojo

CBN Occasional Papers

This paper attempts to provide an input into addressing these issues, especially as regards resolving the technical, administrative and practical problems for a transition to inflation targeting as a framework for monetary policy in Nigeria. Specifically, the main purpose of this paper is to outline proposals that would permit the CBN transit successfully to full-fledged inflation targeting (FFIT) for its monetary policy operations. Following the introduction (Section 1), the paper is organized as follows: Section 2 examines the conceptual framework, focusing on the essential elements and modalities of different monetary policy frameworks. Section 3 contains an overview of the experiences …

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An Analysis Of The Monetary Policy Transmission Mechanism And The Real Economy In Nigeria, Eddy C. Ndekwu Jun 2013

An Analysis Of The Monetary Policy Transmission Mechanism And The Real Economy In Nigeria, Eddy C. Ndekwu

CBN Occasional Papers

The study is an empirical analysis which seeks to explain the monetary policy transmission mechanism to the real economy in Nigeria. It examines the process by which the interest rate policy of the Central Bank of Nigeria actually affects the structure of interest rates, credit, aggregate demand and output production and, hence, changes in inflation rate. In the analysis, we review the paradigm of the channels of monetary policy transmission mechanism by studying over two and-half dozen cases of empirical studies in the economic literature. By applying vector auto-regression (VAR) with dynamic logarithmic form and the ordinary least squares (OLS) …

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An Assessment Of The Operations Of The Presidential Initiatives On Agriculture In Nigeria: 2001-2007, C.M. Anyanwu, B. A. G. Amoo, L. I. Odey, O. M. Adebayo Jun 2011

An Assessment Of The Operations Of The Presidential Initiatives On Agriculture In Nigeria: 2001-2007, C.M. Anyanwu, B. A. G. Amoo, L. I. Odey, O. M. Adebayo

CBN Occasional Papers

This paper attempts to assess the Operations of the Presidential Initiatives on Agriculture in Nigeria: 2001-2007 necessitated due to a decline in the performance of the agricultural sector during the oil boom. Particular attention is given to four major programmes i.e. vegetable oils, rice, cassava and tropical fruits which appraise the milestones that have been covered, vis-a-vis the objectives and targets set for each initiative. Adopting the survey method, the primary and secondary data sources were used. Findings from the study revealed that the Vegetable Oil Development Programme (VODEP) made significant progress with an increase in total vegetable oil production …

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Estimating A Small-Scale Macroeconometric Model (Ssmm) For Nigeria: A Dynamic Stochastic General Equilibrium (Dsge) Approach, Charlse N.O Mordi, Michael A. Adebiyi Dec 2010

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 …

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Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia Dec 2010

Is The Philips Curve Useful For Monetary Policy In Nigeria, Carlos J. Garcia

CBN Occasional Papers

The objective of this article is to determine if the Phillips curve is a relevant tool to conduct monetary policy in African countries wishing to adopt an inflation-targeting regime. I choose Nigeria as a case of study because it is in the early stage of the implementation of this regime. I estimate a medium-sized model for monetary policy analysis. The model reflects a synthesis between the New Keynesian and the Real Business Cycle (RBC) approaches. Then I estimate the model by using Bayesian econometric technique in order to overcome the shortage of data availability. The study concludes that there is …

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The Remittance Environment In Nigeria, A. Englama Nov 2008

The Remittance Environment In Nigeria, A. Englama

CBN Occasional Papers

This preliminary study is on the remittance environment in Nigeria which became compelling because of low availability of information and empirical research on the subject. The need to obtain evidence-based information to drive policy formulation on remittances inflow which grew from US$1.4 billion in 2002 to US$17.9 billion in 2007 and tap its potentials to promote economic growth in Nigeria were the rationale for the study. An understanding of the drivers, inhibitors, characteristics, cost of transaction and channels of the flows would promote policy formulation to improve the remittance environment. The objectives of the survey were to examine current trend …

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Legislative-Executive Relations And The Budgetary Process In Nigeria: An Evaluation Of The 1999 Constitution., S.C. Rapu Dec 2003

Legislative-Executive Relations And The Budgetary Process In Nigeria: An Evaluation Of The 1999 Constitution., S.C. Rapu

CBN Occasional Papers

Since the transition to civilian rule in May 29, 1999, the country has witnessed conflicts between the legislature and the executive over budget matters. These conflicts are not only restricted to the federal level but also a common phenomenon at the state government level. This paper discussed the poor relationship over the budget matters and made suggestions on how to improve the process. The paper surveyed the literature on the legal framework of the budgetary process in several countries. Thereafter, the paper examined the legal framework for the budgetary process in Nigeria as well as the issues involved. The paper …

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The Slow Pace Of Disbursement Of The Small And Medium Industries Equity Investment Scheme (Smieis) Fund And The Need For Remedial Measures, C. M. Anyanwu, B. S. Adebusuyi, B. O. Okafor Oct 2003

The Slow Pace Of Disbursement Of The Small And Medium Industries Equity Investment Scheme (Smieis) Fund And The Need For Remedial Measures, C. M. Anyanwu, B. S. Adebusuyi, B. O. Okafor

CBN Occasional Papers

The objectives of this paper are to investigate the reasons for the slow pace of investment under the scheme and proffer measures that would address the identified problems. The paper is organized into seven sections to achieve these objectives. Following this introduction, an overview of SMIEIS is done in section 2, while section 3 contains the operations of the Scheme to date. The empirical investigation is discussed in section 4 and the constraints on the implementation of SMIEIS are highlighted in section 5. This is followed by the suggested remedial actions in section 6 and the paper is concluded in …

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Informal Credit And Monetary Management In Nigeria, Moses F. Otu, E. N. Egbuna, E. A. Essien, M. K. Tule Oct 2003

Informal Credit And Monetary Management In Nigeria, Moses F. Otu, E. N. Egbuna, E. A. Essien, M. K. Tule

CBN Occasional Papers

The objectives of this study include: examining the banking network and rural financing intermediation in an effort to unveil factors that sustain and fuel informal credit market; understanding the nature, structure and size of the informal credit markets in Nigeria; evaluating the extent of the operations of informal market with respect to sources and application of funds as well as interest rate determination; examining the impact of informal credit institutions on the efficacy of monetary management in Nigeria; and based on the findings, make appropriate policy recommendations that would minimize the distortions of informal credit market activities on monetary management …

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Analysis Of Intersectoral Linkages Between Agriculture And Industry In Nigeria, M I. Abudu Jun 1999

Analysis Of Intersectoral Linkages Between Agriculture And Industry In Nigeria, M I. Abudu

CBN Occasional Papers

This paper uses time series data to analyse the relationship between agricultural growth and industrial performance for the three-decade period 1966 - 1995. Agricultural growth influences industry in many ways. It provides the raw materials needed by industry; it creates direct demand for the output of consumption goods of industries and indirect demand for the output of basic and capital goods industries. Analysing the input-output coefficients, the paper found that most primary and secondary commodity groups have weak backward and forward linkages, while the quantitative relationships between agricultural growth and industrial performance were non-significant, even when lagged. However, the link …

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Open Market Operations Of The Central Bank Of Nigeria: Theory, Development And Growth, Ojo M. O. Jan 1999

Open Market Operations Of The Central Bank Of Nigeria: Theory, Development And Growth, Ojo M. O.

CBN Occasional Papers

The aim of the paper is to assess the efficacy of the open market operations of the Central Bank of Nigeria (CBN), as an instrument of monetary management. Against the adopted framework of the instrument, it analyses the movements in open market transactions and changes in the portfolio of treasury bill holdings of the CBN and other financial institutions. The initial application of the instrument was quite successful, resulting in the sale of large volumes of the securities and consequent decline in the portfolio of CBN’s holdings of government securities. These trends were reversed in the latter part of the …

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Urbanization And Related Socio-Economic Problems In Ibadan Area, Central Bank Of Nigeria Jan 1999

Urbanization And Related Socio-Economic Problems In Ibadan Area, Central Bank Of Nigeria

CBN Occasional Papers

This paper traces the evolution of urbanization in Ibadan area to political, institutional, economic and social factors. It broadly classifies the socio-economic problems of urbanization in Ibadan area into environmental crisis, crime/violence and urban poverty. Relying on secondary data and published materials, it identifies the major environmental problems as solid waste, flooding and water pollution, with the sanitation and eating habits of the people playing a great role in all of them. Dispossession-related crimes, particularly stealing and theft, are considered the most prominent of all the recorded crimes while violent crimes (mostly assaults) are found to be relatively few. For …

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A Profile Of The Nigerian Educational System And Policy Options For Improved Educational Development For Rapid Economic Growth And Development, M O. Ojo, O. Adesanya, A. Bamidele Dec 1997

A Profile Of The Nigerian Educational System And Policy Options For Improved Educational Development For Rapid Economic Growth And Development, M O. Ojo, O. Adesanya, A. Bamidele

CBN Occasional Papers

Attempts is made in this paper to situate Nigeria's educational system within the context of her overall economic development in view of the universal acceptance of the ultimate importance of human resources in determining the level and manner of economic progress. The various ways in which education contributes to the process of economic development are explored. A statistical review and appraisal of the Nigerian Educational system show that given its current level, the system is under-developed as reflected by an overall adult literacy ratio of 49.5% and primary school enrollment level of 63.5% of the primary school-age cohort as at …

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Seasonal Adjustment Of Naira Exchange Rate Statistics 1970-1995, O M. Akinuli Aug 1997

Seasonal Adjustment Of Naira Exchange Rate Statistics 1970-1995, O M. Akinuli

CBN Occasional Papers

This paper uses a current statistical approach to examine and adjust the seasonalities in the Naira exchange rate statistics, vis-a-vis the U.S. Dollar and the pound sterling for a period of twenty-five (25) years. Such study is necessary as it helps to understand the behavioural pattern of a trend in an attempt to predict the future. An investigation like this also helps to expose both the short and long run tendencies of a series which may require urgent or new policy measures to be taken sooner than expected. This paper reviews the regimes of exchange rate under the period, the …

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Promoting The Flow Of Investment Resources Into Nigeria's Petroleum Industry, M O. Ojo, C. M. Anyanwu Oct 1996

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 …

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National Economic Development Planning: Review Of Nigeria's Performance And Future Prospect, A. P. Awoseyila Jul 1996

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 …

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A Comparative Review Of The Major Options For The Marketing Of Nigeria's Agricultural Commodities, M. O. Ojo, E. E. Inang, E. U. Ukeje Aug 1995

A Comparative Review Of The Major Options For The Marketing Of Nigeria's Agricultural Commodities, M. O. Ojo, E. E. Inang, E. U. Ukeje

CBN Occasional Papers

The main aim of the paper is to critically review past commodity marketing systems in Nigeria, highlight some of the weaknesses which constrained their efficiency, as well as assess the performance of the present system and determine the advisability of retaining or modifying the present marketing arrangement. The performance of the Commodity Boards before their abolition in 1986 was adjudged unsatisfactory. However, since the abolition of the Boards, it has been observed that the new produce marketing arrangement has introduced some dynamism into commodity pricing as produce prices for the first time have been determined by the combined forces of …

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Towards Improved Competitiveness Of The Economies Of The West African Economic And Monetary Union, E. O. Akinnifesi Aug 1995

Towards Improved Competitiveness Of The Economies Of The West African Economic And Monetary Union, E. O. Akinnifesi

CBN Occasional Papers

As is well known, a monetary union with a common currency confers on its members the advantage of fixed exchange rate and consequent relative price stability. While these advantages held sway up to the mid-1980s in the case of the seven member countries of the CEA franc zone in West Africa, the vulnerability of the zone to external shocks became manifest from the second half of the 1980s. Fairly persistent overvaluation of the CEA franc over time had weakened the competitiveness of the export sector leading to several economic problems including domestic and external debt arrears, capital flight, and negative …

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An Overview Of Foreign Investment In Nigeria: 1960 - 1995, V.A Odozi Jun 1995

An Overview Of Foreign Investment In Nigeria: 1960 - 1995, V.A Odozi

CBN Occasional Papers

This paper examines the crucial role of direct foreign investment in Nigeria's economic development, with particular emphasis on transfer of technology, support for balance of payments and the facilitation of the structural adjustment programme. The paper then evaluates the country's efforts at promoting foreign investment and highlights important lessons to be learnt over the years. On the basis of available data, the paper believes foreign investment out-turn in Nigeria was generally unsatisfactory. Between 1970 and 1976, investment inflow through existing enterprises in Nigeria rose in nominal terms from N251.0 million to N757.4 million. Thereafter, it fluctuated freely, rising to N2,193.4 …

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The Economics Of Controls And Deregulation: The Nigerian Case Study, M. O. Ojo Oct 1994

The Economics Of Controls And Deregulation: The Nigerian Case Study, M. O. Ojo

CBN Occasional Papers

The abandonment of economic controls and the adoption of deregulatory measures in the mid-1 980s were expected to usher in economic recovery and sustained growth in Nigeria. In the wake of the apparent failure of the adopted policy regime to attain that primary goal, there Is a need to investigate the efficacy of the policy instruments adopted and the fundamental causes of persistent economic downturn. The paper reviews Nigeria’s experiences in the use of economic control tools and measures of liberalisation, as well as the international evidence. A major finding of the study is that the programme of deregulation was …

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An Appraisal Of Electricity Supply In Nigeria And The Privatisation Option, E. I. K. Sule, C. M. Anyanwu Aug 1994

An Appraisal Of Electricity Supply In Nigeria And The Privatisation Option, E. I. K. Sule, C. M. Anyanwu

CBN Occasional Papers

Incessant electric power cuts in most parts of the country has become a normal feature of electricity supply throughout Nigeria. The power outages cause much inconvenience and economic losses to all and sundry. This study has shown that the most critical factor behind the incessant power failure is the problem of inadequate funding of the industry at a time it was forced to accommodate rapid expansion. Other factors include lack of autonomy, inefficiency, poor organization as well as lack of skilled manpower. The paper has examined these problems on the basis of which suggestions are made on how the worrisome …

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A Review And Appraisal Of Nigeria's Experience With Financial Sector Reform, M. O. Ojo Aug 1993

A Review And Appraisal Of Nigeria's Experience With Financial Sector Reform, M. O. Ojo

CBN Occasional Papers

The primary aim of the paper Is to highlight the policy reforms In Nigeria's financial sector since 1986, assess the results of the reform programme, and Identify the lessons that can be learned from the policy initiatives. The reform package was introduced in 1986 against the background of prolonged macro-economic distortions and economic deterioration, especially during the first half of the 1980s. Financial sector reforms under the aegis of the Structural Adjustment Programme were designed to induce more domestic savings and reduce the distortions in investment decisions. To this end, measures were introduced between 1986 and 1992 (the period covered …

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A Comparative Analysis Of The Export Promotion Strategies In Selected Asia- Pacific Countries And Nigeria, Awosseyila A. P, Obitayo K. M Jun 1993

A Comparative Analysis Of The Export Promotion Strategies In Selected Asia- Pacific Countries And Nigeria, Awosseyila A. P, Obitayo K. M

CBN Occasional Papers

This paper reviews the structures of exports and compares the export promotion strategies adopted by some selected countries in Asia-Pacific region and Nigeria. The aim is to find effective solutions to the diversification and expansion of manufactured exports in Nigeria. The five selected countries comprise of three of the four newly industrializing Asian countries (NICs), namely, Taiwan, Singapore, and Hong Kong while the remaining two are members of the six. Associated South East Asian Nations (ASEANS) (Malaysia and Indonesia). Against the background of the world’s average growth rates of 3.2 and 2.0 per cent in 1989 and 1990; the average …

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The Demand For Money Function In Nigeria: An Empirical Investigation, F.O. Oresotu, C.N.O. Mordi Jul 1992

The Demand For Money Function In Nigeria: An Empirical Investigation, F.O. Oresotu, C.N.O. Mordi

CBN Occasional Papers

This paper provides further empirical evidence on the nature of the demand for money function in Nigeria for the period 1960-1991. The paper also addressed the issue of the appropriate adjustment process, structural stability of the estimated equations, as well as the influence of external factors on money demand function in an open economy, such as Nigeria. The main conclusions which emerged from the analysis are that, the real adjustment mechanism appeared to be the most appropriate adjustment process for modelling money demand in Nigeria; the influence of external variables like the foreign interest rate and exchange rate should not …

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