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Full-Text Articles in Economics

Life Insurance As A Source Of Long-Term Savings In Nigeria: Regulator's Perspective., O. E. Chukwulozie Mar 2006

Life Insurance As A Source Of Long-Term Savings In Nigeria: Regulator's Perspective., O. E. Chukwulozie

Bullion

Life insurance is an insurance contract in which the insured transfers, and the insurer assumes, the risk of death for a specified period of time. As in other insurance businesses, the insured transfers the risk to the insurer, and receives a life insurance policy, upon payment of a premium. The paper outlines the intrinsic benefits of life insurance, assess its performance in the Nigeria situation and examine what a regulator could do to facilitate its development. The paper reveals that, It was observed that there is an ongoing recapitalisation and consolidation programme which would boost the paid up share capital …

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Nigeria's External Trade And The New Perspectives For Its Enhancement, G. K. Sanni Mar 2006

Nigeria's External Trade And The New Perspectives For Its Enhancement, G. K. Sanni

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Trade has been universally acknowledged as indispensable tool to rapid economic growth and development. This is because increased participation in trade is associated with higher inflows of foreign investment and new technologies which can be adopted to transform the economy through appropriate policy. This paper analyses Nigeria's foreign trade with a view to examining the composition and direction as well as impediments to the growth of trade, and proffer suggestions for enhancing Nigeria's foreign trade. The paper is divided into five sections. Following the introduction are the theoretical issues. This is followed by the analysis in section three of the …

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Banking Sector Reforms And Bank Consolidation: Conceptual Framework., Moses Ajayi Jun 2005

Banking Sector Reforms And Bank Consolidation: Conceptual Framework., Moses Ajayi

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Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state The objective of this paper is, therefore, to present the conceptual framework for banking sector reforms. particularly, consolidation. The paper is divided into five sections. following the introduction, section ll conceptualizes the facets of reforms and conceptual issues on consolidation in the banking sector, while section ll discusses the critical success issues in banking sector consolidation. section IV presents concepts associated with country elements of banking elements of banking reforms, while section five concludes the paper. …

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Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu Jun 2005

Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu

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This paper examines banking sector reform with particular reference to the Malaysian banking sector. The Malaysian banking sector which resulted from the Asian financial crises of the 1990s is the subject of the study. The paper is divided into four sections: following the introduction, section II covers conceptual issues in banking sector reform and bank consolidation. The Malaysian experience in banking sector reforms and bank consolidation is discussed in section III, while lessons for Nigeria and concluding remarks are presented in section IV. The paper highlights the response of the Malaysian authorities to the Asian financial crisis and identified the …

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Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka Jun 2005

Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka

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Countries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in …

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Post-Consolidation Challenges., Biodun Adedipe Jun 2005

Post-Consolidation Challenges., Biodun Adedipe

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This paper tend to look at the huge complexity of a consolidation programme of the kind embarked upon by the CBN demands caution, constant reappraisal of strategies and actions, and full attention to the identified and emerging challenges. The paper is structured into three parts, dealing with the benefits of a properly conceived and effectively implemented consolidation programme, which has several components. beyond the benefits, the challenges that the banking industry stakeholders (especially the Central Bank of Nigeria) will face when the "dust settles". The final part offers some advice on what the CBN and other stakeholders should do in …

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Non-Performing Assets Of The Banking System In Nigeria: Complementary Measures., Moses F. Otu Jun 2005

Non-Performing Assets Of The Banking System In Nigeria: Complementary Measures., Moses F. Otu

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The article examines the structure of the non-performing assets of the banking system in Nigeria with the view of ascertaining loan concentration. further attempt would be made to examine the causes of deteriorating assets and explore the complementary options for managing the non-performing loans. Following an introduction as section one, the rest of the paper is thus: section two focuses on definitional and conceptual issues, section three covers the literature review while section four addresses the methodology and trend of non- performing assets and the sectoral contributions. Section five, presents the complementary options and the concluding remarks. The study concluded …

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Challenges Of Banking Sector Reforms And Bank Consolidation In Nigeria., Odufu I. Imala Jun 2005

Challenges Of Banking Sector Reforms And Bank Consolidation In Nigeria., Odufu I. Imala

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This paper intended to look at the number of reforms that have since been created, several of them was intended to enhance the risk management capability of both the regulated institutions and the regulators. the current reforms are part of the broader and on-going national economic reforms. This paper x-rays the challenges envisaged in their implementation. Following the introduction, section 2 examines the role of the banking system in the economy, while section 3 provides the rationale for the reforms in Nigeria. Section 4, the reform agenda is discussed with a brief on the journey so far. Section 5 identifies …

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Overview Of Electronic Payment Systems In Nigeria: Strategic And Technical Issues., Margaret J. Hilili Jun 2005

Overview Of Electronic Payment Systems In Nigeria: Strategic And Technical Issues., Margaret J. Hilili

Bullion

The objective of this paper is to provide an overview of electronic payment system as it currently exists in Nigeria, discuss the strategic and technical issues as well as the monetary policy implications of the system, with focus on the needs of consumers. The paper is structured into five sections. Following the introduction, section II discusses the motivation for electronic payment system. Section III presents an overview and development of electronic payment system in Nigeria. Section IV analyzes the various strategic and technical issues in electronic payment systems as well as the monetary policy implications, while section V highlights the …

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Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello Jun 2005

Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello

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This paper examines banking sector development in Nigeria from the Structural Adjustment era of the mid-1980s and the current reforms taking place in the financial service industry in terms of consolidation. In addition, the paper tries assess the banking system consolidation in Nigeria and the challenges and prospects expected. The paper is structured into six parts. following this introduction\, the part two discusses an overview of the banking system in Nigeria. part three reviews some regional experiences, while part four evaluates banking system consolidation in Nigeria and part five examines the challenges and prospects. while part six, summarizes and concludes …

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Public Policy And Industrialization In Nigeria., A. J. Adam Jun 2005

Public Policy And Industrialization In Nigeria., A. J. Adam

Bullion

This paper is concerned with evaluation of government policies on industrial development in Nigeria with specific reference to the effects of public policy on Nigeria's industrialization. Following an introduction is section two which examines conceptual and theoretical issues. Section three is the review of public policy in Nigeria. Section four focuses on policy evaluation and comparative analysis of experience of other countries. Section five provides the concluding remarks and recommendations. The paper observes that government has a role to play in the industrialisation process by providing infrastructures; help overcome market failures; assist develop money and capital markets; make economic information, …

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Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For Neem Tree In Nigeria., Abdullahi Abubakar Sep 2004

Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For Neem Tree In Nigeria., Abdullahi Abubakar

Bullion

This paper is focused on neem oil production for both local and export markets. It examines Neem, (Azadirachta indica A Juss), an evergreen tree that belongs to the family, Meliaceae and is known by the botanical name Azadirachta indica A Juss. lt is a fast growing tree, well adapted to semi-arid conditions and grows well on poor shallow stony or sandy soils where agricultural crops give low yields despite the application of fertilisers. The paper examines the origin of the neem tree, composition, uses, products, investment potentials and financial analysis on profile for neem seeds processing. The study conclude that …

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Employment Generation And Opportunities In The Manufacturing Sub-Sector. The Case For The Manufacturing Of Farm Implements., Ihinodu I. I Sep 2004

Employment Generation And Opportunities In The Manufacturing Sub-Sector. The Case For The Manufacturing Of Farm Implements., Ihinodu I. I

Bullion

The modernization of agriculture has the potential to achieve the various objectives of creating employment, increasing productivity and output in both the sector and the entire economy, thus contributing to the food security goal of the government. This paper aims primarily at examining the prospects as well as the processes of manufacturing agricultural implements with a view to encouraging small/medium entrepreneurs to engage in the ventures. It examines the manufacturing activities of farm implements. It analyses the role which governments should play as well as highlighting the potential benefits of the enterprises. The paper conclude that given the stage of …

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Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For The Production Of Corn Flakes., Abdullahi Abubakar Sep 2004

Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For The Production Of Corn Flakes., Abdullahi Abubakar

Bullion

Cornflakes production is a promising viable business considering the increasing rate of urbanizing and our penchant for fast foods. Moreover, the demands of children for breakfast cereals especially in preparation for school and even in leisure times made the cornflakes business a promising and worthwhile venture for consideration by any aspiring entrepreneur. This paper examines cornflakes production, machinery and equipment, production process, market potentials, production capacity, financing cornflakes production and necessary approvals. The study concludes that The value added in a gross output of about sixty small textile mills with a gross output of N1.014 Trillion is N0.670 Trillion. This …

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Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Millinery Industry In Nigeria., Mark Chito Mrs. Sep 2004

Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Millinery Industry In Nigeria., Mark Chito Mrs.

Bullion

This paper examines the establishment of millinery factory in Nigeria, the capital outlay, equipment, landscape, sources of materials, profitability and target market. The paper contends that anybody can learn hat making skills and procedure but sustainability in the millinery industry is a function of creativity, foresight and artistic venturesome-ness. The study argues that the foreign market for Nigerian hats may well exceed that of the local in leaps and bounds. Nigeria appears to have a traditional attitude of disdain against their own locally produced materials even when such is internationally recognised and accepted.

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Employment Creation And Opportunities In The Manufacturing Sub-Sector: The Case For The Manufacturing Of Cotton, Textile In Nigeria., Onuoha G. Nkem Sep 2004

Employment Creation And Opportunities In The Manufacturing Sub-Sector: The Case For The Manufacturing Of Cotton, Textile In Nigeria., Onuoha G. Nkem

Bullion

Nigeria is the third largest producer of cotton in Africa after Egypt and Sudan. Cotton growing zones are mainly in the Northern parts of the country, though the planting of cotton started in Western Nigeria. This paper focusses on the manufacture of cotton, textile in Nigeria, sources of material available, the equipment required, manpower, the land space required, the capital outlay and Profitability of the business. The paper concludes that from the financial result of the above analysis, the project is economically viable and technically feasible. Neem Seeds as Raw Materials is in abundance and can be sourced at lower …

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Investment In Soap Production., Olatunji O. Jul 2004

Investment In Soap Production., Olatunji O.

Bullion

Soap production business is in the group of industrial ventures that could easily be operated on a small scale to boost the country's economic development. This paper focusses on the Product, market information, raw materials for making soap, Standard Organization of Nigeria (SON) regulations for soap, production process, machinery and equipment requirement, proposed production programme. manpower requirement, space requirement and estimated total capital requirement. The study conclude that the project requires the services of both skilled and unskilled labour. For the capacity recommended, the following labour force is required: one Production Manager, six Production Assistants, twelve Factory Operators, two Marketing …

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Review And Appraisal Of 2003 Budget And Economic Performance., Ige S. Cyril Jun 2004

Review And Appraisal Of 2003 Budget And Economic Performance., Ige S. Cyril

Bullion

The first set of problems in realizing the benefits of a national budget in Nigeria, the 2003 Federal Government Budget in particular, is the delay in formulation and presentation to the National Assembly. This paper examines various definitions of the national budget as understood by some of the important stakeholder. It discusses budget implementation and management, budget 2003 and the people, strengthening programming as a basis of budgeting for development, and co-ordination of economic management in 2003. Finally, the study concludes that NEEDS is a welcome idea but its goals will prove difficult to achieve because of the flaw in …

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Implications Of The Monetisation Of Civil Service Fringe Benefits On The 2004 Federal Government Budget, Ahmed Y. Mahmud Jun 2004

Implications Of The Monetisation Of Civil Service Fringe Benefits On The 2004 Federal Government Budget, Ahmed Y. Mahmud

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Monetization is the conversion of benefits previously made available in kind to public officers into cash payment. This paper examines the monetization policy introduced in the 2004 Budget, the impact of monetization on the budget and the effect of monetization on beneficiaries. Finally, It must be realized however, that the cost of so me of the benefits that will no longer be provided by the government will have to be made good by the erstwhile beneficiaries. Also, the amounts being paid out for the monetized items are set at less than their market value. While such a measure would exert …

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Fiscal Policy Thrust Of The 2004 Budget., Odoko F. O Jun 2004

Fiscal Policy Thrust Of The 2004 Budget., Odoko F. O

Bullion

The budget is an important tool of economic management. Usually, it presents estimates of Government revenue and expenditure for a fiscal year. The objective of this paper is to provide an overview of the fiscal policy measures in the 2004 Budget. This paper contains the background to the budget, the policy thrust and the key parameters. It highlights the revenue and expenditure estimates and identifies the policy priorities and prospects. Finally, a good monetary policy is expected to achieve macro economic stability and a sound financial sector if effectively implemented and barring fiscal shocks. Overall, socio-political stability and fiscal discipline …

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Monetary And Other Financial Sector Policy Measures In 2004., Nnanna O. J Jun 2004

Monetary And Other Financial Sector Policy Measures In 2004., Nnanna O. J

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The objective of this paper is to review the monetary and other financial sector policy measures in 2004, with a view to identifying how they assist in achieving the macroeconomic objectives of the government in fiscal 2004. This paper evaluates the financial sector and the macroeconomic developments during fiscal 2003. It examines the monetary and other financial sector policies in 2004. A good monetary policy is expected to achieve macro economic stability and a sound financial sector if effectively implemented and barring fiscal shocks. Overall, socio-political stability and fiscal discipline are critical factors for the effectiveness of monetary policy. The …

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Keynote Address At The Policy Seminar On The 2004 Federal Government Budget., Sanusi J. O Dr. Jun 2004

Keynote Address At The Policy Seminar On The 2004 Federal Government Budget., Sanusi J. O Dr.

Bullion

This is a Keynote address delivered at the Policy Seminar on the 2004 Federal Government Budget, jointly organized by the Central Bank of Nigeria (CBN), the National Centre for Economic Management and Administration (NCEMA) and the Nigerian Economic Society (NES). The seminar is the ninth in the series of the inter-agency collaborative effort, aimed at providing a forum for major stake-holders in the economy to critically analyse and evaluate the adequacy, or otherwise of the current fiscal and monetary policy measures, in achieving the central objectives of the Federal Government.

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External Sector Policies In The 2004 Budget, Obadan I. Mike Jun 2004

External Sector Policies In The 2004 Budget, Obadan I. Mike

Bullion

External sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation's [WTO] rules and regulations without compromising the country's short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. …

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Real Sector Policies In The 2004 Budget, A I. Ayodele Jun 2004

Real Sector Policies In The 2004 Budget, A I. Ayodele

Bullion

The real sector of the economy is composed of such sub-sectors as agriculture, manufacturing, mining (solid minerals), crude oil and gas. Given this composition, it is no gainsaying that the real sector of the Nigerian economy constitutes the main driving force of the country, such that no sustainable development can be achieved without a well-developed and viable real sector. This paper examines the Nigerian real sector. It looks at the features which constitute some threats to the success of policies on the real sector. It makes a review of the real sector policies in the 2004 budget and It focusses …

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Keynote Address, Sanusi O. Joseph Mar 2004

Keynote Address, Sanusi O. Joseph

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This is a keynote address delivered at the 5th Annual Finance Correspondents and Business Editors Seminar held in Owerri, lmo State from 26th – 28th January, 2004. It is the fifth in the series of the seminar initiated by the Central Bank of Nigeria (CBN), to enhance the understanding and analytical ability of Finance Correspondents and Business Editors on topical economic issues, particularly monetary and financial sector development. It presents an opportunity for them to appreciate and analyse the Bank's policies and operations better, as well as, facilitate improvement in reporting on those issues. It will help …

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An Overview Of The Nigerian Financial System, Aderibigbe J. O. Mar 2004

An Overview Of The Nigerian Financial System, Aderibigbe J. O.

Bullion

Financial systems, the world over, play fundamental roles in the development and growth of the economy. The effectiveness and efficiency in performing these roles, particularly the intermediation between the surplus and deficit units of the economy, depend largely on the level of development of the financial system. It is to ensure its soundness that the financial sector appears to be the most regulated and controlled by the government and its agencies. This paper discusses issues and strategies for enhancing the soundness and stability of the nation's financial system, the roles of the financial system in the promotion of economic growth …

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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

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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

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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

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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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