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Articles 871 - 900 of 1240
Full-Text Articles in Economics
Goodwill Address By Dr. M. O. Ojo, M. O. Ojo Dr.
Goodwill Address By Dr. M. O. Ojo, M. O. Ojo Dr.
Economic and Financial Review
This is a Goodwill Address presented at the opening ceremony of the in-house seminar on reviving Nigeria's non-oil sector for economic development for CBN executive staff in Jos, on September 2 - 5, 1997.
Welcome Address By Chief M. O. Onunkwor, M. O. Onunkwor
Welcome Address By Chief M. O. Onunkwor, M. O. Onunkwor
Economic and Financial Review
This is the Welcome Address presented at the 5th Edition of Executiv Policy Seminar being organised by the Research and Personnel Department, Central Bank of Nigeria. The opening ceremony of in-house seminar was themed "Reviving Nigeria's Non-oil sector for Economic Development" for CBN executive staff.
An Overview Of The Non-Oil Sector Of The Nigerian Economy, D. O. Ajakaiye
An Overview Of The Non-Oil Sector Of The Nigerian Economy, D. O. Ajakaiye
Economic and Financial Review
An overview of the non-oil sector aimed at illuminating the extent to which the economic base has been diversified since the commencement of the SAP should focus on pertinent issues such as the structure and growth of exports, the structure and growth of the production activities. The structure and growth of exports are examined followed by the structure and growth of production activities encompassing structure and growth of value added and final demands as well as the pattern of intersectoral linkages.
Appraisal Of Past And Present Policy Measures For Reviving Nigeria's Non-Oil Sector And Policy Implications For The Future, A. P. Awoseyila
Appraisal Of Past And Present Policy Measures For Reviving Nigeria's Non-Oil Sector And Policy Implications For The Future, A. P. Awoseyila
Economic and Financial Review
The objective of this paper is to review the major non-oil sector policy measures from I 960 to date, appraise them in the context of growth in output; and to put on record the implications for future policy direction. The rest of the paper is organized into three Sections. Section II reviews the major policy measures (past and present). The focus of the section is the articulation of policies and strategies adopted to diversify the productive base and stimulate growth of the non-oil sector. Section III appraises the effectiveness of the measures as well as their shortcomings, while Section IV …
Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. …
The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma
The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma
Bullion
This is an address by the Governor of the Central Bank of Nigeria which examines the evolving relationship between banking sector development and technology in Nigeria and highlight both the future role of banking technology and the challenges that lie ahead. The address also argues that the economy is not only driven by technological advances, but have also in turn spawned technological developments. Technology has been the hub of banking development since the last decade and will continue to be so, well into the 21st century. the main focus of the address is information technology in the integrated form of …
Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe
Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe
Bullion
The objective of this paper is to familiarize course participants with the importance of financial sector reform to the effective conduct of monetary policy based on free market principles, and examine the challenges posed to the monetary authorities in Nigeria in this regard. The paper is divided into four parts. following this introduction, part 11 of the paper analyses the framework for financial sector reform and implications for monetary policy. in part 111 an attempt is made to outline the implementation of financial sector reforms in Nigeria, while part IV evaluates the effectiveness of monetary policy between 1990 and 1997 …
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 …
Government Fiscal Policy In 1996/1997: Implications For Economic Development And Survival Of Banks., Sarah Omotunde Alade
Government Fiscal Policy In 1996/1997: Implications For Economic Development And Survival Of Banks., Sarah Omotunde Alade
Bullion
The paper highlights the implications of fiscal policies in the economy and the survival of banks. It provide a broad overview of the impact of the fiscal policies adopted in 1996 and 1997 and its implications for development. The current fiscal policies are predicated on the 1995 budget, the discussion of the effect of fiscal policies on the economy will start from 1995 when the present fiscal policy stance of government began. The structure of the paper is as follows. The introduction, followed by the conceptual role of fiscal policy in an economy, while section III looks at the fiscal …
Performance Evaluation Of Small-Medium Enterprises (Smes) In Nigeria., B S. Adebusuyi
Performance Evaluation Of Small-Medium Enterprises (Smes) In Nigeria., B S. Adebusuyi
Bullion
This paper attempts to evaluate the performance of the SME sub-sector in view of both the general and specific government developmental strategies and policies channelled to the sub-sector. The paper is structured into five sections. The first section reviews the definition, characteristics and roles of the SMEs. section II discusses government policies for the promotion of SMEs, and an evaluation of the performance of the sub-sector is undertaken in section III. The outstanding problems of the SMEs are outlined in section IV, while section V summarises and concludes the paper.
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.
The Need For Exchange Rates Convergence In Nigeria, P. J. Obaseki
The Need For Exchange Rates Convergence In Nigeria, P. J. Obaseki
Economic and Financial Review
This paper examined the relevance of exchange rates convergence in the context of a realistic exchange rate and the implementation of a successful Economic Adjustment Programme, with particular reference to external sector competitiveness and viability. The paper was unambiguous in respect of the superiority of convergence over other schemes ranging from multiple to a dual exchange rate system. A unified exchange rate system, resulting from a free interplay of market forces, eliminates waste arising from subsidies and inefficient allocation of foreign exchange. A unified rate also reduces rent-seeking behaviours that flourish under a dual or multiple exchange rate system. After …
Strategy For Growth-Led Poverty Alleviation In Nigeria, A. S. F. Atoloye
Strategy For Growth-Led Poverty Alleviation In Nigeria, A. S. F. Atoloye
Economic and Financial Review
The economic growth process of a country is determined by a number of factors among which is technological change. Increased output/performance permitted by this goes a long way in alleviating poverty. Rapid and sustained economic growth utilizing a new industrial strategy calls for proficient use of the natural advantages of modern infrastructures which further serves as a poverty-reducing strategy. The author states that the most credible option by which the poor can receive a fair share of the benefits of development is by subjecting the economy to the full discipline and rigours of market forces for a poverty-reducing growth. Governments …
Public Sector Growth: An Econometric Test Of Wagner's Law, E. A. Essien
Public Sector Growth: An Econometric Test Of Wagner's Law, E. A. Essien
Economic and Financial Review
This study makes use of recent developments in econometric technique to test Wagner s Law of increased state activity according to which Government Expenditure must increase at a rate faster than National Output. It makes use of three different interpretations of the Law, namely, increasing relative share for the public sector in the total economy as per capita real income grows, total government expenditure as a function of real income, and relating per capita total government expenditure to per capita income. In all cases the variables were not cointegrated hence a long run equilibrium relationship could not be established between …
Measurement Issues In Poverty, A. Englama, A. Bamidele
Measurement Issues In Poverty, A. Englama, A. Bamidele
Economic and Financial Review
The paper defines poverty as certain disabilities such as the inability to participate with dignity in society. It also demonstrates that in measuring poverty, emphasis should not be mainly on income or consumption, hut that cognizance should be taken of social, economic and basic infrastructures as well as environmental factors. The paper farther mentions some inherent problems in measuring poverty such as conceptual and data problems. Once these problems are overcome, a simple head count could provide an insight into poverty measurement. J11e depth and severity of poverty can be determined by the P-Index which captures the number of the …
Foreign Private Investment In Nigeria - 1995, Central Bank Of Nigeria Cbn
Foreign Private Investment In Nigeria - 1995, Central Bank Of Nigeria Cbn
Economic and Financial Review
The net flow of foreign private investment into the Nigerian economy increased substantitally by more than twelve-folds from "M1, 907. 2 million in 1994 to N48, 677. 0 million in 1995, reflecting the stable macro-economic conditions during the period. All the components of foreign investment flows contributed to the increase with the contribution of unremitted profit accounting for the highest. Analyses of the investment flows showed that companies of Western Europe accounted for 78. 7 per cent of the total net inflow mainly through firms in the mining and quarrying sector. The survey revealed that the cumulative level of foreign …
Mobilizing Rural Savings In Papua New Guinea: Myths, Realities, And Needed Policy Reform (N.A. Fernando, The Journal Of Institute Of Development Economics, Tokyo, Japan, Vol. Xxix, No. 1, March, 1992), M. Abdulkadir
Economic and Financial Review
A review of the article "Mobilizing Rural Savings in Papua New Guinea: Myths, Realities and Needed Policy Reforms" is imperative considering the efforts of the Federal Government and monetary authorities, especially the Central Bank of Nigeria to mobilize rural savings in Nigeria. This is evidenced by the establishment of the Nigerian Agricultural and Cooperative Bank ( 1973), the Agricultural Credit Guarantee Scheme ( 1977), the Central Bank of Nigeria Rural Banking Programme (1977), the Peoples Bank (1990) and the Community Bank (1990) nationwide.
Seasonal Adjustment Of Naira Exchange Rate Statistics 1970-1995, O M. Akinuli
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 …
Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from financial statements and balance sheets, which are designed to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department to compile the CBN analytical accounts. However, major revisions were made due to imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation on foreign assets. The Computer Services Department uses high-level computing to generate both summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation …
A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo
Bullion
This paper is to be attempts to address the the question: can monetary policy cope with the seemingly increasing challenge of stabilization and growth of the Nigerian economy? In order to provide an appropriate background to the central focus of the paper which is to review and appraise the 1997 monetary policy package, an attempt is made in the second section of the paper to analyse the recent financial and economic conditions in the Nigerian economy after which the basis and elements of the monetary programme for 1997 are outlined in section three. Section four contains an articulation of some …
Foreign Private Investment In Nigeria - 1993., Central Bank Of Nigeria Cbn
Foreign Private Investment In Nigeria - 1993., Central Bank Of Nigeria Cbn
Economic and Financial Review
The result of the annual foreign private investment survey conducted by the Central Bank of Nigeria in 1993 are presented in this report. The survey covers 721 establishments that are either fully foreign owned or are in partnership with Nigerians/Nigerian agencies or enterprises doing business in Nigeria. Questionnaires were retrieved from 370 companies, representing a response rate of 51.0 per cent. Statistical adjustment were however made for the non-responding institutions. The analyses of the report are presented in eight parts. In Part I, the flows of foreign investment by regions of origin, components and sectoral distributions are discussed. The cumulative …
Macroeconomic Determinants Of Domestic Private Investment In Nigeria: An Empirical Exploration, Louis N. Chete, Godwin Akpokodje
Macroeconomic Determinants Of Domestic Private Investment In Nigeria: An Empirical Exploration, Louis N. Chete, Godwin Akpokodje
Economic and Financial Review
Despite a decade of profound macroeconomic adjustments, the record of private investment recovery has been disappointing. This paper empirically investigates the determinants of private investment in Nigeria. The results reveal that a combination of internal disequilibria and external shocks account for the slow pace of private investment resurgence. Conclusively, the paper advocates the synchronization of monetary, fiscal, trade and exchange rate policies of government in a mutually reinforcing manner to facilitate the attainment of the objectives of price stability, higher rates of investment and growth.
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.
Budget Of Economic Growth And Development, Sani Abacha
Budget Of Economic Growth And Development, Sani Abacha
Bullion
This is the budget speech of the Head of State of Nigeria which implies a budget of renewal. It examines the success of the 1995 experiment that motivated the second step, of the budget which is to steadfastly fine tune and consolidate the gains of the 1995 budget. The 1996 budget is therefore, essentially a budget of consolidation, designed to continue on a higher plane, to lay a solid substructure for an efficient market economy.
Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma
Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma
Bullion
This is a lecture presented by the Governor of Central Bank of Nigeria. It examines the Nigeria federal budget critically on strategy and framework for the successful implementation of the 1997 policy measures, taking into account the absorptive capacity and constraints of the Nigerian economy.
Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria
Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria
Bullion
This paper contains the outlines of the monetary, credit, foreign trade and exchange policy guidelines for banks and other financial institutions in Nigeria during fiscal 1997. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1996 and thus provides the background to the policy measures for 1997. While section two outlines the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1997 are highlighted in section three and lastly a list of prohibited import and export …
A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade
A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade
Bullion
The paper contains the special address by the Honourable Minister of National Planning at the opening ceremony of the CBN/NCEMA/NES policy seminar on the 1997 Federal Government Budget. The budget provides the framework for implementing the short-term components of medium-term national development policies and programmes.
Determinants Of Currency Composition Of External Reserves In Nigeria: An Empirical Investigation, Newman C. Oputa
Determinants Of Currency Composition Of External Reserves In Nigeria: An Empirical Investigation, Newman C. Oputa
Economic and Financial Review
This paper discusses the determinants of the currency composition of external reserves in Nigeria. The empirical analysis reveals that the main factors influencing the currency composition of external reserves in Nigeria are international trade transactions and currency composition of external debt, while reserve adequacy aided the diversification into more currencies. Exchange and interest rates were relatively significant in the share of each currency in the reserve basket. A review of CBN's external reserves policy confirmed that vigorous diversification was embarked upon when there was remarkable increase in the level of the reserve. However, current CBN reserve management policy shows a …
On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa
On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa
Economic and Financial Review
The question of stability over time of the adjusted money multiplier relation is of crucial importance for adjusted base money to act as the main link to money supply. This paper tests the hypothesis of stability of money multiplier relations in Nigeria using the forward recursive cusum of squares that uses a confidence interval which is distributed as Pyke 's modified Kolmogrov-Smirnov statistic. The results of the stability tests applied to monthly data from January, 1991 to December, 1995 suggest that the functions underlying the adjusted money multipliers were not stable between March, I992 and December, I994. The two multiplier …
Central Bank Of Nigeria Statistical Bulletin, December 1996, Central Bank Of Nigeria
Central Bank Of Nigeria Statistical Bulletin, December 1996, Central Bank Of Nigeria
CBN Statistical Bulletin
Financial data is compiled from documents like balance sheets and financial statements to meet legal and administrative requirements, rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, while the Financial Statistics Office compiles the analytical CBN balance sheet. Monetary authorities and deposit money banks consolidate accounts to produce monetary survey accounts. Monthly interest rate returns compute weighted average lending and deposit interest rates, and deposit rates are computed for various maturities. Clearing house statistics show the number and value of cheques cleared within the commercial banking system, reflecting the …