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Articles 781 - 810 of 1240

Full-Text Articles in Economics

The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben Mar 2004

The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben

Bullion

The central bank is pivotal in the management of the national economy. lts role is not only to regulate and monitor the financial system, but also to ensure its development, prevent financial distress which could undermine confidence in the system as well as facilitate sustained growth. This paper presents an overview of the Nigerian financial system, the functions of the Central Bank of Nigeria (CBN). It examines the Bank's monetary management, surveillance and promotional roles and the challenges for the CBN. The study concludes that, the enhanced operational autonomy of the CBN has provided a unique opportunity for the Bank …

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Understanding And Interpreting Financial Statements, Awoyungbo B. O. Mar 2004

Understanding And Interpreting Financial Statements, Awoyungbo B. O.

Bullion

As the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial …

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The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan Mar 2004

The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan

Bullion

The Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean "any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate". This paper affords the opportunity to explain and …

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Causes Of Bank Distress And Resolution Options, Donli J. G Mar 2004

Causes Of Bank Distress And Resolution Options, Donli J. G

Bullion

A meaningful analysis of causes of bank distress and the options for resolution would probably need to be preceded by a brief discussion of the role of banks in an economy. This paper examines the meaning of bank distress, it presents a detailed discussion of the main causes of bank distress as they relate to Nigeria in particular, it provides a review of the literature on resolution options as well as an enumeration of resolution options adopted to address bank distress in Nigeria. lt's has been observed in the paper that while the general causes of bank distress appear to …

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The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius Mar 2004

The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius

Bullion

Capital occupies a vital position in the life of a bank, like any other business. It plays the role of a cushion for losses resulting from crystallisation of the various risks a business entity is exposed to. This paper summarises the 1988 Accord and its inadequacies. It introduces the new Accord, the need for it and its structure. It highlights the challenges to both operators and regulators, and It discusses efforts of the supervisory authorities to implement the Accord in Nigeria. The challenges highlighted in this paper are by no means exhaustive but it is believed that the attempt would …

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Does Money Matter? By Laurence H. Meyer In Federal Reserve Bank Of St. Louis Review Sept./Oct. 2001: A Review, Gloria A. Joseph-Raji Mar 2004

Does Money Matter? By Laurence H. Meyer In Federal Reserve Bank Of St. Louis Review Sept./Oct. 2001: A Review, Gloria A. Joseph-Raji

Economic and Financial Review

The major objective of the paper was to assess the influence of money and the role of monetarism in shaping the current thinking about macroeconomic modeling and the conduct of Monetary Policy in the United States. The author opined that the monetarist idea that Monetary Policy has responsibility for inflation was now conventional wisdom.

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The Role Of Foreign Direct Investment And Natural Resources In Economic Development By Jose De Gregorio: A Review, P. D. Golit Mar 2004

The Role Of Foreign Direct Investment And Natural Resources In Economic Development By Jose De Gregorio: A Review, P. D. Golit

Economic and Financial Review

The paper analyzed the role of Foreign Direct Investment (FDI) and discussed the part played by natural resources in economic growth. Some of the issues regarding FDI in developing countries were considered, particularly, two issues highlighted in recent discussions and research. The first was whether and through which channels FDI affects economic growth. The second was the impact on economic growth of the exploitation of natural resources, normally developed by foreign investors. The policy implications regarding the treatment of FDI in developing countries were examined.

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The Role Of Deposit Insurance In Financial Sector Stability, Umoh N. Peter Mar 2004

The Role Of Deposit Insurance In Financial Sector Stability, Umoh N. Peter

Bullion

It might be necessary to start explaining the terms involved in the above topic. A Deposit insurance Scheme (DlS) is an arrangement whereby a designated agency (usually government-owned) guarantees deposits in insured financial institutions This paper discusses the guarantee function and financial sector stability, the supervisory function and financial sector stability, the liquidation function and financial sector stability and the other contributions of Nigeria Deposit Insurance Corporation (NDIC). The study concluded that, "Financial Sector Stability: lssues and Challenges" is not only appropriate but quite timely given the rumours making the rounds about unfounded banking distress.

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The Experience Of Banking Supervision In Financial Sector Surveillance., Imala O. I. Mar 2004

The Experience Of Banking Supervision In Financial Sector Surveillance., Imala O. I.

Bullion

A country's financial sector is the major channel through which funds are mobilized for borrowing and lending transactions. A poorly regulated or managed financial sector or one with insufficient capital for the risks it takes, can increase a country's vulnerability to financial crises. This paper highlights the importance of financial sector regulation and supervision, techniques of supervision, symptoms and causes of distress, measures put in place by the regulatory/supervisory authorities to guard against future systematic distress and the role of multilateral agencies. However, the study concluded that there is no doubt that good corporate governance is a major factor in …

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The Experience Of Bank Examination In Financial Sector Surveillance, Oni S. A. Mar 2004

The Experience Of Bank Examination In Financial Sector Surveillance, Oni S. A.

Bullion

The financial intermediation role of banks is very crucial to the efficiency and growth of every economy. The safety, stability and soundness of the banking system is therefore paramount to the regulatory authority of the financial system of any nation. Between 1929 and 1951. The Nigerian Banking system experienced a few banking crises due mainly to the absence of legal and regulatory framework for the operation of banking business in Nigeria. The bank examination function was established by the Central Bank of Nigeria, to monitor banks compliance with the regulatory and prudential requirements governing the conduct of banking business to …

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Macroeconomics/Structural Policies And Financial Sector Stability: The Challenges, Nnanna O. J Mar 2004

Macroeconomics/Structural Policies And Financial Sector Stability: The Challenges, Nnanna O. J

Bullion

The financial system plays an important role in the process of economic growth and development of a country. A financial system consists of various institutions, markets, instruments and operators that interact within an economy to provide financial services. It plays the crucial roles of lubricating the payment mechanism, resource mobilisation and credit allocation. The Nigerian financial sector comprises the regulatory/supervisory authorities, deposit money banks, and other nonbank financial institutions. The objective of this paper is to examine the effect of macroeconomic/ structural policies on the financial sector, as well as the challenges of maintaining financial sector stability in Nigeria. The …

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Institutional Framework For The Regulation And Supervision Of The Financial Sector, Mordi N. Charles Mar 2004

Institutional Framework For The Regulation And Supervision Of The Financial Sector, Mordi N. Charles

Bullion

Since the 1980s, there has been international consensus on the issue of adequate regulation and supervision of the financial sector (and, in particular, banking institutions) and this issue have featured prominently in many international fora where discussions have centred on the operations/health of the financial sector, whether in developed or developing countries. This paper focusses attention on the institutional framework for the regulation and supervision of the financial sector in Nigeria. It attempts to identify the various institutions that make up the financial sector and articulates how they are regulated and supervised and who has responsibility for what, so as …

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Internationalisation Of Financial Services: Challenges For Financial Sector Stability In Nigeria., Adeola Ade Mar 2004

Internationalisation Of Financial Services: Challenges For Financial Sector Stability In Nigeria., Adeola Ade

Bullion

Internationalisation or Globalisation refers to the increasing integration of "economics around the world, particularly through trade and financial flows. lt is the actual movement, the capacity to move and the potential movement across nations of trade, , investment, technology, finance and labour. lt's also involves the effects of these I forces and the consequent liberalization I of the market. This paper focuses on internationalisation as it relates to the financial sector in Nigeria and its most common manifestation, which is liberalization. It aims to identify ways in which we can benefit from this process while remaining realistic about its potential …

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Debugging And Sanitizing The Nigerian Financial System., M. O. Kayode, Ayodele F. Odusola Mar 2004

Debugging And Sanitizing The Nigerian Financial System., M. O. Kayode, Ayodele F. Odusola

Economic and Financial Review

Using a concentric circle analysis, the paper provides a framework for examining the centrality of the borrower/ user or manager of funds in the stability of the financial system. The paper advocated among others, the rejuvenation of the value system, involvement of banks in project ideas and packaging, institutionalization and implementation of bankruptcy law as well as application of incentives and sanctions.

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Determinants Of Public Sector Wages In Nigeria, Moses Kpughur. Tule Mar 2004

Determinants Of Public Sector Wages In Nigeria, Moses Kpughur. Tule

Economic and Financial Review

This paper discusses the determinants of public sector wages in Nigeria. Using quarterly time series data for 1970-2001, and employing the error correction methodology, the paper identified Trade Disputes, Cost of Living, previous Work Experience and Productivity to be the main determinants. It found the wage level to be inadequate for a decent standard of living, and noted the effects of inappropriate wages on public sector productivity to include personnel attrition, labour freelancing as well as corruption.

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The Eco-Currency, Expectations And Business Growth In West Africa, O. J. Nnanna Mar 2004

The Eco-Currency, Expectations And Business Growth In West Africa, O. J. Nnanna

Economic and Financial Review

This paper shall examine the pros and cons of adopting the ECO in the WAMZ. The introduction of the ECO has the potential of enhancing trade within the WAMZ member states in the medium to long-term. However, the quest for a common currency must be driven by economic fundamentals, rather than political expediency. Consequently, there is need to ensure macroeconomic convergence and homogeneity of the financial and product markets before the ECO is introduced.

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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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Welcome Address: The New Partnership For Africa's Development: An African Renaissance?, A. O. Agholor Dec 2003

Welcome Address: The New Partnership For Africa's Development: An African Renaissance?, A. O. Agholor

Economic and Financial Review

This is a Welcome Address by Mr. A. O. Agholor, Branch Controller, CBN Benin Branch to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Keynote Address: The New Partnership For Africa's Development: An African Renaissance?, Ernest C. Ebi Dec 2003

Keynote Address: The New Partnership For Africa's Development: An African Renaissance?, Ernest C. Ebi

Economic and Financial Review

This is a Keynote Address by Mr. Ernest Ebi, Deputy Governor. (Policy) Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Opening Address: The New Partnership For Africa's Development: An African Renaissance?, M Okunfolami Dec 2003

Opening Address: The New Partnership For Africa's Development: An African Renaissance?, M Okunfolami

Economic and Financial Review

This is an Opening Address by Mr. M Okunfolami, Director, Human Resources Department, Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Special Remarks: The New Partnership For Africa's Development: An African Renaissance?, O. J. Nnanna Dec 2003

Special Remarks: The New Partnership For Africa's Development: An African Renaissance?, O. J. Nnanna

Economic and Financial Review

This is a special remark by Dr. O. J. Nnanna Director of Research, Central Bank of Nigeria, to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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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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Foreign Private Investment In Nigeria - 2002, Division Research Statistics Department Sep 2003

Foreign Private Investment In Nigeria - 2002, Division Research Statistics Department

Economic and Financial Review

This report presents the results of the survey on foreign private investment in Nigeria in 2002. The survey covered 254 establishments that are either fully foreign owned or are in partnership with Nigerian agencies or enterprises doing business in Nigeria. The net flow of foreign investment into the Nigerian economy rose by 143 per cent from N3,377.0 million in 2001 to N8,206.8 million in 2002. The analyses of the survey returns are presented in eight parts.

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Promoting Savings And Investment Culture For National Development, O. J. Nnanna Sep 2003

Promoting Savings And Investment Culture For National Development, O. J. Nnanna

Economic and Financial Review

The paper examined the performance of Nigeria's savings and investment profile relative to some selected economies of the world. It noted that the fundamental issues militating against an effective savings and investment culture in Nigeria has remained, financial sector distress, high inflationary expectation, low yield on investments and inappropriate institutional structures. Amongst the various efforts being made to enhance savings and investment culture in Nigeria, the paper identified the recently introduced National Savings Certificate ( NSC) as a key investment window for the low income group with attractive yield and thus, a strong alternative to bank deposits, the proposed pension …

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Rationale Behind Oil, Gas, And Electricity Industries Reforms: Is There A Consistency By Mohammad Mazraati Et Al. (22nd Annual North American Conference Of The Usaee/Iaee, 2002) - A Review, I. S. Abdullahi Sep 2003

Rationale Behind Oil, Gas, And Electricity Industries Reforms: Is There A Consistency By Mohammad Mazraati Et Al. (22nd Annual North American Conference Of The Usaee/Iaee, 2002) - A Review, I. S. Abdullahi

Economic and Financial Review

The paper investigated the main rationale behind the energy industry reforms. It also sought to examine the relationship between inter-industry reforms and ascertain the soundness of the rationale as well as their consistencies. The paper was structured into six sections opening with an introduction. Sections two, three and four reviewed reforms in the oil, electricity and gas industries, respectively. Section five discussed the performance against expectation while section six presented the concluding remarks.

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A Review Of Nigeria’S Exchange Rate Policies Since Deregulation In 1986, External Sector Division Sep 2003

A Review Of Nigeria’S Exchange Rate Policies Since Deregulation In 1986, External Sector Division

Economic and Financial Review

This article examined foreign exchange policy measures adopted since 1986. Nigeria's economic policy prior to 1986 was characterized by the overwhelming influence of oil and public sector dominance of productive activities. Prior to this period, the economy faced serious crisis and was characterized by an over-valued currency, low oil receipts, depleted external reserves and high import bills, emergence of trade arrears and rapid accumulation of debts. The various measures adopted were aimed at restructuring the economy and diversifying its revenue base, as well as achieving a realistic exchange rate for the naira. An appraisal of these exchange rate policies indicated …

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Unshackling The Private Sector In West Africa: Regional Integration And Macroeconomic Perspectives By Addison, E. K. Y. (West African Journal Of Monetary And Economic Integration, Vol. 1, No. 2 December 2001), Raliat A. Ojibara Sep 2003

Unshackling The Private Sector In West Africa: Regional Integration And Macroeconomic Perspectives By Addison, E. K. Y. (West African Journal Of Monetary And Economic Integration, Vol. 1, No. 2 December 2001), Raliat A. Ojibara

Economic and Financial Review

The private sector is noted to be more efficient than the public sector in terms of ownership, allocation and productive efficiencies based on empirical and theoretical studies thus the objective of the paper centered on the need to explain the problems of the private sector in West Africa and how regional monetary integration could alleviate some of them. The paper is structured into five sections namely; Section one looks at the theoretical perspective of the efficiency of the private sector, Section two traced the evolution of macroeconomic policies viz-a-viz economic development in the West African Monetary Zone {WAMZ), Section three …

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The Demand For Foreign Currencies In Nigeria: An Empirical Analysis, O.M. Fakiyesi Jun 2003

The Demand For Foreign Currencies In Nigeria: An Empirical Analysis, O.M. Fakiyesi

Economic and Financial Review

The effective management of foreign reserves and the exchange market in Nigeria continue to pose challenges to the Central Bank of Nigeria. From inception to date and particularly after structural adjustment programme of 1986, different foreign exchange policies had been formulated not only to reduce the demand for foreign currencies, but also to enhance the supply and conserve the level of international reserves. These policies achieved varying degrees of success. Against this background, this paper utilized the effort correction framework in identifying relevant factors that impact on the demand for foreign currencies in Nigeria. The essence of our results was …

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The Role Of Equipment Investment In Nigeria's Growth Process, James Akperan Adam, Oladipo Tajudeen Busari Jun 2003

The Role Of Equipment Investment In Nigeria's Growth Process, James Akperan Adam, Oladipo Tajudeen Busari

Economic and Financial Review

This paper examines empirically the role of equipment investment in Nigeria's growth process. A growth accounting equation was utilized to analysed the contribution of private capital stock to growth. A Granger-causality test was also employed to explore the relationship between components of domestic fixed investment, productivity growth, labour force growth and economic growth. In addition, regression analysis was employed to complement the other methods. The first conclusion is that for sustainable growth, private capital stock growth need to rise to a level of 9 percent, for fixed investment- GDP ratio to oncrease by 18 percent. In the second approach, the …

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