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Articles 181 - 210 of 1240

Full-Text Articles in Economics

Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran Dec 2019

Institution And Housing Development: Mirage, Magic And Miracle Of Low- Cost Housing In Nigeria, Olukayode S. Oyediran

Economic and Financial Review

The article examines housing development with reference to the challenges encountered by the various low- cost housing interventions in Nigeria. The article observed that despite institutional interventions from both the fiscal and monetary authorities, the Nigerian housing deficit still remains a challenge to the government, stakeholders and the citizen. Challenges of adequate access to housing finance include affordability, access to land, cost of construction, rising cost of construction resources (materials and labour). The first section contextualises the challenges of the Nigerian housing deficit in the milieu of population explosion and urbanisation. The second section examines the theoretical issues bordering on …

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Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins Dec 2019

Developing The Housing Sector In Nigeria – A Regulator’S Perspective, O. A. Martins

Economic and Financial Review

This article provides a regulator’s perspective on developing the housing sector in Nigeria. The article first examines the interest of the regulator in the housing sector with specific reference to the CBN’s responsibility for the regulation and supervision of all the financial institutions involved in providing housing finance. The article then examined the state of the housing sector in Nigeria and the issues that have hampered the growth of the sector including: absence of access to low cost funding; weak legal framework; inadequate housing supply; and undercapitalised mortgage banks. On the regulator’s perspective on housing market development the article identified …

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Legal And Regulatory Framework For The Mortgage Industry In Nigeria, Kehinde Ogundimu Dec 2019

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 …

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Issues, Challenges, And Prospects In The Housing Sector: Operator’S Perspective, Festus Adebayo Dec 2019

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 …

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The Land Use Act And The Nigerian Housing Sector, Yusuf Yahaya Dec 2019

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 …

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Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah Dec 2019

Unlocking The Potentials In The Housing Market Through Public Private Partnerships (Ppp) Investment Model, Chidi K. C. Izuwah

Economic and Financial Review

The article examines strategies on how unlocking the potentials in the housing market through the Public Private Partnerships (PPP) investment model. The model is seen as essential given that housing is now an indicator of personal socio-economic standing in society, and a core determinant of standard of living and access to economic opportunities globally. The article further discusses the imperative for Public Private Partnership (PPP) Housing and Social Housing or Public Rental Housing. Furthermore some PPP models that may be suitable for housing projects in Nigeria are identified like: Build Own Operate; Design-Build-Finance-Maintain-Operate/Build Operate Transfer and Operation and Maintenance Contract. …

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Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo Dec 2019

Housing Deficit In Nigeria: Issues, Challenges And Prospects, Akpan Ekpo

Economic and Financial Review

This article examines the issues, challenges as well as prospects in the Nigerian housing sector. Following the introductory section, section 2 provides stylised facts about the real estate sector in Nigeria; section 3 investigates the challenges facing the housing sector in Nigeria, as a foundation towards proffering viable policy options in eradicating the housing deficit in the country. Section 4 provides the policies capable of curbing housing deficit in Nigeria, while section 5 discusses the prospects. Section 6 concludes the article.

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Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi Dec 2019

Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Aliyu Rafindadi Sanusi

Economic and Financial Review

The article first, provides a detailed overview of the housing deficit problems in Nigeria and the Government’s efforts at resolving them. The next section briefly conceptualises and reviews the various issues and challenges faced in addressing the housing deficit in Nigeria. The article then discusses the prospects for resolving the housing crisis in Nigeria.

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Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi Dec 2019

Addressing Housing Deficit In Nigeria: Issues, Challenges And Prospects, Ibi S. Ajayi

Economic and Financial Review

The article provides a brief review of housing policies under various regimes in Nigeria namely: the colonial era; independence and beyond; The Shagari administration (1979 -1983); Obasanjo regime under civilian rule14 (1999-2007); Yar’dua regime (29 May 2007 – 9 February 2010); Goodluck Jonathan regime (2010 – 2015); The Buhari administration (2015-2019). The article then discussed the problems militating against the achievement of targets in housing as well as the issues and opportunities. The article concluded by stressing the need to: maintain a conducive macro-economic environment which entails the maintenance of low inflation, low interest rates and stable exchange rates; deepen …

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Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele Dec 2019

Keynote Address By Godwin, I. Emefiele (Con), Godwin I. Emefiele

Economic and Financial Review

This keynote address presented by Mr Godwin I. Emefiele (CON), the Governor, Central Bank of Nigeria at the seminar on “Addressing Nigeria’s Housing Deficit”, for CBN Executive Staff at Transcorp Hotels, Calabar, Cross River State, October 07 - 09, 2019.

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Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt Dec 2019

Housing Sector, Economic Growth And Development: Conceptual Issues And Theoretical Underpinnings, Uwatt B. Uwatt

Economic and Financial Review

This article provides a theoretical overview of the contribution of housing sector in economic growth and development. The sector plays a very important role in the social and economic development of a country through its impact on major macroeconomic indicators such as: employment, savings, investment and labour productivity. After the introduction the article examined: conceptual issues on housing, economic growth and development; housing and economic growth and development: theoretical issues; housing, economic growth and development debate: historical perspective. The article concludes by recommending that: Governments in less-developed countries can intervene in the housing sector through comprehensive policies and large-scale investments, …

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Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju Dec 2019

Bridging Housing Deficit In Nigeria: Lessons From Other Jurisdictions, Adeola F. Adenikinju

Economic and Financial Review

This article examine housing deficit in Nigeria, drawing lessons from other jurisdiction with a view to recommending measures that would bridge such deficit. The article first examine facts and figures behind the housing Deficit in Nigeria. These include supply side constraints; demand side constraints; housing sector and Nigeria’s economy; housing interventions in Nigeria; intervention and policies in the colonial period; the post-independence period; the post-military era; and 2000 till date. The article highlighted lessons from other Jurisdictions specifically: mortgage lending in selected developed economies like: United States, German, United Kingdom, Israel, Spain; othe countries Singapore; Egypt; Malaysia. In conclusion the …

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Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele Dec 2019

Strengthening Institutions For Housing Delivery In Nigeria, Ademola Bamidele

Economic and Financial Review

This article discusses innovative structural reforms and investments that can improve housing delivery in Nigeria. Following this introduction, we would focus on the issue of housing as a fundamental human right, then a review of housing developments in Nigeria. In examining how to improve housing delivery in Nigeria, the article underscores the need for strengthening public institutions through the application of appropriate policies that would enhance optimum utilisation of existing resources for efficient housing delivery. The article highlights the need for renewed collaboration and commitment particularly among stakeholders and putting in place, specific workable institutional arrangements that would enhance sound …

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Oil Price Shocks, Fuel Subsidies And Macroeconomic (In)Stability In Nigeria, Babatunde S. Omotosho Dec 2019

Oil Price Shocks, Fuel Subsidies And Macroeconomic (In)Stability In Nigeria, Babatunde S. Omotosho

CBN Journal of Applied Statistics (JAS)

This paper studies the macroeconomic implications of oil price shocks and the extant fuel subsidy regime for Nigeria. To do this, we develop and estimate a New-Keynesian DSGE model that accounts for pass-through effect of international oil price into the retail price of fuel. Our results show that oil price shocks generate significant and persistent impacts on output, accounting for about 22 percent of its variations up to the fourth year. Under our benchmark model (i.e. with fuel subsidies), we show that a negative oil price shock contracts aggregate GDP, boosts non-oil GDP, increases headline inflation, and depreciates the exchange …

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External Shocks And Business Cycle Fluctuations In Oil-Exporting Small Open Economies: The Case Of Nigeria, Sunday Oladunni Dec 2019

External Shocks And Business Cycle Fluctuations In Oil-Exporting Small Open Economies: The Case Of Nigeria, Sunday Oladunni

CBN Journal of Applied Statistics (JAS)

This study employs a sign-restricted Bayesian structural vector autoregressive (BSVAR) model to analyse how global demand, oil price and the US monetary policy shocks impact the Nigerian business cycle. The objective is to uncover the dominant external drivers of the business cycle in Nigeria. Results show that global demand and oil price shocks are the principal foreign drivers of the Nigerian business cycle. The global demand shock elicits the strongest responses from output growth and inflation; while oil price shock impacts the terms-of-trade and interest rate the most. The historical contributions of the global demand and oil price shocks to …

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A Text Mining Analysis Of Central Bank Monetary Policy Communication In Nigeria, Mohammed M, Tumala, Babatunde S. Omotosho Dec 2019

A Text Mining Analysis Of Central Bank Monetary Policy Communication In Nigeria, Mohammed M, Tumala, Babatunde S. Omotosho

CBN Journal of Applied Statistics (JAS)

This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN) during the period 20042019. Since the policy communique released after each meeting of the CBN’s monetary policy committee (MPC) represents an important tool of central bank communication, we construct a corpus based on 87 policy communiques with a total of 123, 353 words. Having processed the textual data into a form suitable for analysis, we examined the readability, sentiments, and topics of the policy documents. While the CBN’s communication has increased substantially over the years, implying increased monetary policy transparency; the computed Coleman …

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Inflation Dynamics And Exchange Rate Pass-Through In Nigeria: Evidence From Augmented Nonlinear New Keynesian Philips Curve, Usman A. Bello, Aliyu R. Sanusi Dec 2019

Inflation Dynamics And Exchange Rate Pass-Through In Nigeria: Evidence From Augmented Nonlinear New Keynesian Philips Curve, Usman A. Bello, Aliyu R. Sanusi

CBN Journal of Applied Statistics (JAS)

This paper estimates a nonlinear augmented New Keynesian Philips Curve for Nigeria using the Smooth Transition Regression model for the period 1995Q1 to 2018Q2. The empirical evidence reveals the existence of two inflation regimes during the period under review. Food inflation, energy inflation, firms’ marginal cost, and imported inflation account for most of the changes in the prices of composite consumers’ basket in low exchange rate depreciation regime. However, the exchange rate solely explains price changes in the composite consumers’ basket when inflation switches to high regime. Similarly, the results show that regime change in inflation is largely caused by …

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The Growth-Differential Effects Of Domestic Investment And Foreign Direct Investment In Africa, Victor U. Ijirshar, Gbatsoron Anjande, Joseph Fefa, Bridget N. Mile Dec 2019

The Growth-Differential Effects Of Domestic Investment And Foreign Direct Investment In Africa, Victor U. Ijirshar, Gbatsoron Anjande, Joseph Fefa, Bridget N. Mile

CBN Journal of Applied Statistics (JAS)

This paper employs dynamic panel models; Pooled Mean Group (PMG) and Mean Group (MG) estimators to assess the growth-differential effects of Foreign Direct Investment (FDI) and Domestic Investment (DI) among 41 selected African countries from 1970 to 2017. The result of Hausman test shows that PMG estimator is preferred. The study found that FDI and DI are important grease for growth of African countries in the long-run. The study also found that inflows of FDI crowds-in DI in Africa and that there is significant difference in the growth effects of foreign direct investment and domestic investment while the joint effects …

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Measuring Dynamic Return And Volatility Connectedness Among Nigerian Financial Markets, Elias A. Udeaja Dec 2019

Measuring Dynamic Return And Volatility Connectedness Among Nigerian Financial Markets, Elias A. Udeaja

CBN Journal of Applied Statistics (JAS)

This study employs the connectedness measure of Diebold and Yilmaz (2012, 2014) to examine the intensity of connectedness among the Nigerian financial markets for the period January 2000 to December 2018. The study used all shares index, Treasury bill rate and Naira/USD official exchange rate to measure stock market, money market and exchange rate market, respectively. The study found connectedness among the Nigerian financial markets to be highly time-varying and appear to be higher during the period of high depreciation of the naira which coincides with the period of falling oil prices and domestic economic meltdown of 2014 and 2016, …

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Estimation Of Sacrifice Ratio For The Nigerian Economy Using A Time Varying Adrl Approach, E. T. Adamgbe, M. O. Abeng, A. A. Omosola Sep 2019

Estimation Of Sacrifice Ratio For The Nigerian Economy Using A Time Varying Adrl Approach, E. T. Adamgbe, M. O. Abeng, A. A. Omosola

Economic and Financial Review

Monetary policy in the last few decades had focused on creating the enabling conditions for sustainable economic growth, using the level of inflation as the pivotal tool, complemented with central banks’ independence and monetary policy transparency. However, attaining the delicate balance of achieving low inflation and optimal output, with minimal tradeoffs has been a cause for concern for policy makers. Thus, the measurement of the output loss, arising from the inflation-output tradeoff, forms the fulcrum of this study. This study estimates the sacrifice ratio using a state space methodology in an aggregate supply framework to adjust for real business cycle …

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Investigating The Impact Of Exchange Rate Volatility On Naira Exchange Rate In Nigeria, A. T. Adenekan, G. K. Sanni, A. I. Itodo Sep 2019

Investigating The Impact Of Exchange Rate Volatility On Naira Exchange Rate In Nigeria, A. T. Adenekan, G. K. Sanni, A. I. Itodo

Economic and Financial Review

This study investigates the impact of naira-to-dollar exchange rate volatility on naira exchange rate returns in Nigeria. Using daily percentage exchange rate returns of the naira per US-Dollar, the study estimated an AR(5)-TGARCH (1,1) to examine whether there is an existence of asymmetry in the time path of the naira exchange rate volatility. The findings indicated that exchange rate volatility leads to increase in exchange rate returns (depreciation). Also, there is the presence of asymmetry in the movement of the exchange rate volatility, such that negative shocks that cause exchange rate returns to fall lead to fall in volatility by …

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Institutional Quality, Financial Inclusion And Inclusive Growth: Causality Evidence From Nigeria, G. O. Olanrewaju, S. A. Tella, B. A. Adesoye Sep 2019

Institutional Quality, Financial Inclusion And Inclusive Growth: Causality Evidence From Nigeria, G. O. Olanrewaju, S. A. Tella, B. A. Adesoye

Economic and Financial Review

The study examines the causal interactions among the institutional, financial and inclusive growth variables by employing Toda-Yamamoto (TY) Granger non-causality test within the augmented VAR framework. Annual time series, data from 1998 to 2017, were used. The TY analysis showed that all the variables, with the exception of financial inclusion index, Granger-caused inclusive growth, but without any evidence of feedback. However, a bidirectional causal relationship was found between inclusive finance and the interaction of institutional quality and financial inclusion. Thus, the null hypothesis of block exogeneity can be refuted when real GDP per person employed (RGDPE) is taken as the …

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Computation Of The Real Effective Exchange Rate (Reer) Using The Bank For International Settlement (Bis) Methodology, M. Nakorji, E. A. Udeaja, F. U. Ismail, S. T. Zimboh, T. O. Obiezue, O. C. Asuzu Aug 2019

Computation Of The Real Effective Exchange Rate (Reer) Using The Bank For International Settlement (Bis) Methodology, M. Nakorji, E. A. Udeaja, F. U. Ismail, S. T. Zimboh, T. O. Obiezue, O. C. Asuzu

Economic and Financial Review

The importance of REER and its computation prompted this study to re-estimate the REER for Nigeria, using the Bank for International Settlement (BIS) methodology. The methodology incorporates recent developments in global trade by employing timevarying trade weighting patterns, highlights the effect of third market competitors, and provides a more comprehensive approach to capturing the effects of bilateral exchange rates through the inclusion of double export weights. The method employed the weighing scheme adopted by Turner and Van’t dack (1993) which has its theoretical underpinnings in Armington (1969). The data utilised was monthly series from October 2011 to December 2016 with …

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The Sensitivity Of Sector Stock Returns To Exchange Rate Risks In Nigeria, M. A. Adebiyi, M. O. Abeng Jun 2019

The Sensitivity Of Sector Stock Returns To Exchange Rate Risks In Nigeria, M. A. Adebiyi, M. O. Abeng

Economic and Financial Review

Exchange rate exposure has been identified in the literature as one of the standard metrics for measuring the performance of stock returns in both advanced and developing economies. This study adopts the capital market approach in investigating the effects of exchange rate exposure on stock returns in Nigeria, using monthly data spanning 2009 to 2018. The findings show that three sector stock returns, namely the NSE30, pension and banking indices, were significantly vulnerable to nominal effective exchange rate and bilateral exchange rates shocks. The non-significance of energy sector, proxied by the oil and gas, to exchange rate risk, is puzzling, …

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The Central Bank Balance Sheet As A Tool For Monetary Policy: Evidence From Nigeria, E. U. Kure, O. O. Mbutor, U. A. Rotimi, Y. Adamu Jun 2019

The Central Bank Balance Sheet As A Tool For Monetary Policy: Evidence From Nigeria, E. U. Kure, O. O. Mbutor, U. A. Rotimi, Y. Adamu

Economic and Financial Review

The study examined the impact of the Central bank of Nigeria’s (CBN) balance sheet on the growth of private sector credit, economic growth and price stability during the period 2006-2017. Balance sheet indicators used were total assets of the CBN and proxy for asset distribution. Employing a vector autoregressive (VAR) model, the study found balance sheet policies to be effective in reducing cost of credit, increase in bank lending, economic activities and a decline in inflation. However, the effects favour asset dispersion (credit easing) against growth in assets (quantitative easing), implying that the Bank can, in the short- to medium-term, …

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Estimation Of Fiscal Multipliers And Its Macroeconomic Impact: The Case Of Nigeria, D. J. Penzin, E. T. Adamgbe Jun 2019

Estimation Of Fiscal Multipliers And Its Macroeconomic Impact: The Case Of Nigeria, D. J. Penzin, E. T. Adamgbe

Economic and Financial Review

Fiscal multipliers are important tools for macroeconomic projections and policy design. However, very little is known about the size in developing countries, given the complexity of their estimation. The unavailability of reliable high frequency data and structural characteristics of these countries also make the estimation of fiscal multipliers difficult, in such countries. This paper estimated fiscal multipliers associated with government spending and tax-related revenue for Nigeria using quarterly data, spanning 1985: Q1 to 2015 Q4. The structural vector autoregression (SVAR) methodology suggested by Blanchard and Perotti (2002) was utilised in the model. The SVAR framework applied followed the approach by …

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Current Account Balance And Economic Growth In Nigeria: An Empirical Investigation, G. K. Sanni, A. U. Musa, Z. Sani Jun 2019

Current Account Balance And Economic Growth In Nigeria: An Empirical Investigation, G. K. Sanni, A. U. Musa, Z. Sani

Economic and Financial Review

This study examined the relationship between current account balance and economic growth in Nigeria. Auto Regressive Distributed Lag (ARDL) Bounds Testing methodology was employed to investigate the relationship, using annual data spanning from 1970 – 2016. The study found a long-run relationship between the current account balance, the real gross domestic product (GDP) growth and bilateral real exchange rate in Nigeria. The positive relationship between real GDP growth and the current account balance implies that increase in real GDP growth would lead to an improvement in the current account balance. However, the study found a negative relationship between real exchange …

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Oil Price And Exchange Rate Nexus In Nigeria: Are There Asymmetries, Attahir B. Abubakar Jun 2019

Oil Price And Exchange Rate Nexus In Nigeria: Are There Asymmetries, Attahir B. Abubakar

CBN Journal of Applied Statistics (JAS)

This paper examines the dynamics in the relationship between oil price and exchange rate in Nigeria by utilizing monthly data spanning January 1986 to June 2018. It specifically determines asymmetries in the relationship between oil price and exchange rate and the effect of oil price shocks on exchange rate. Threshold Autoregressive (TAR), Momentum Threshold Autoregressive (MTAR) and Structural Vector Autoregressive (SVAR) models were employed for the analysis. Findings of TAR and MTAR models confirm the absence of asymmetric cointegration, hence leading to the conclusion that in the case of Nigeria, there are no asymmetries in the relationship between oil price …

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Testing For Single Bubble Episode In The Nigerian Stock Market: An Empirical Investigation, Jamilu Ilyasu, Ndayezhin D. Saba Jun 2019

Testing For Single Bubble Episode In The Nigerian Stock Market: An Empirical Investigation, Jamilu Ilyasu, Ndayezhin D. Saba

CBN Journal of Applied Statistics (JAS)

This study evaluates a single bubble episode in the Nigerian Stock Exchange (NSE) by utilizing monthly data on nominal and real all-share index (ASI) from January 2010 to December 2017. Analysis of data based on Sup Augmented Dickey-Fuller (SADF) test for bubble detection suggests non-existence of a bubble in the NSE between 2010 and 2017. Though there is an indication of one explosive episode in September 2011 at which the DickeyFuller statistic lied above the critical values sequence line. However, it is not a bubble but a short deviation from trend. The study also estimates a time-varying long memory parameter, …

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Imputation Of Missing Values In Economic And Financial Time Series Data Using Five Principal Component Analysis Approaches, Chisimkwuo John, Emmanuel J. Ekpenyong, Charles C. Nworu Jun 2019

Imputation Of Missing Values In Economic And Financial Time Series Data Using Five Principal Component Analysis Approaches, Chisimkwuo John, Emmanuel J. Ekpenyong, Charles C. Nworu

CBN Journal of Applied Statistics (JAS)

This study assesses five approaches for imputing missing values. The evaluated methods include Singular Value Decomposition Imputation (svdPCA), Bayesian imputation (bPCA), Probabilistic imputation (pPCA), Non-Linear Iterative Partial Least squares imputation (nipalsPCA) and Local Least Square imputation (llsPCA). A 5%, 10%, 15% and 20% missing data were created under a missing completely at random (MCAR) assumption using five (5) variables: Net Foreign Assets (NFA), Credit to Core Private Sector (CCP), Reserve Money (RM), Narrow Money (M1), Private Sector Demand Deposits (PSDD), from 1981 to 2019 using R-software. The five imputation methods were used to estimate the artificially generated missing values. The …

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