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Full-Text Articles in Economics

Monetary Policy Management In Nigeria Today: Issues In Stagflation And Recession, Moses K. Tule Mar 2018

Monetary Policy Management In Nigeria Today: Issues In Stagflation And Recession, Moses K. Tule

Bullion

This article explore the rare and challenging economic problem faced by Nigeria refers to as stagflation. i.e. a condition characterized by the co-existence of declining growth rates along with high unemployment and inflation rates. These negative economic development have raised major concern for policy makers and other economic agents because of the adverse effects on investment, financial stability and livelihood.

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Premium Motor Spirit (Pms) Subsidy Removal : Its Potential Impacts For The Nigerian Economy, Bandele A. G. Amoo, Williams J. Kanya, Margaret J. Hilili, Al-Hassan I. Uba Mar 2018

Premium Motor Spirit (Pms) Subsidy Removal : Its Potential Impacts For The Nigerian Economy, Bandele A. G. Amoo, Williams J. Kanya, Margaret J. Hilili, Al-Hassan I. Uba

Bullion

Subsidy payments on premium motor spirit (PMS) in Nigeria have impacted significantly on revenue of the government over the years. The tempo has been on the upward trend over time, resulting in fiscal concerns necessitating immediate government attention. The economy suffered operational challenges, leading to loss of huge revenue. several suggestion on how to address the issue have been provided by various governments over the years, but a permanent solution to the problem are yet to be achieved. thus, this paper reviews the issues and found that, beyond the revenue concern to the government, importing PMS into Nigeria takes about …

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Enhancing Institutional Lending To The Agricultural Sector By Derisking The Value Chain: The Case Of Nigerian Incentive Based Risk Sharing System For Agricultural Lending (Nirsal), Ishaku Mikloda Polycarp Mar 2018

Enhancing Institutional Lending To The Agricultural Sector By Derisking The Value Chain: The Case Of Nigerian Incentive Based Risk Sharing System For Agricultural Lending (Nirsal), Ishaku Mikloda Polycarp

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There is no gainsaying that agriculture is one of the most important sectors in the Nigerian economy as it employs at least 60% of Nigerians and contributes up to 23.11% of the country's GDP. The performance of the agricultural sector has not been encouraging over the years, resulting in the importation of over N 1.0 trillion in wheat, rice, sugar and fish. Policy responses towards channeling financial resources to the agricultural sector in Nigeria have a long history through government and CBN sponsored programmes. Among CBN intervention schemes is the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL). It …

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Geopolitical Tensions, Crude Oil Price And Output Dynamics: Implications For Fiscal Governance In Nigeria, Harrison O. Okafor Mar 2018

Geopolitical Tensions, Crude Oil Price And Output Dynamics: Implications For Fiscal Governance In Nigeria, Harrison O. Okafor

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This paper examined the linkages between geopolitical tensions, crude oil prices and oil output dynamics vis-a-vis the implication for fiscal governance in Nigeria. within a strategic game theoretical framework, anchored on moral hazard assumptions (incentive problem) and applying VAR model, findings indicate that geopolitical tensions affects Nigeria's bonny light crude oil price and export. Results also revealed that the timing and impact of geopolitical tensions last fairly long thus, could affect fiscal revenue and economic governance in Nigeria. Therefore, the paper recommends a complete diversification of the economy from oil will strengthen the nation's fiscal space and development planning.

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Understanding Economic Recession, The Role And Limitations Of Monetary Policy In Recovery, Mustapha Adewale Adigun Mar 2018

Understanding Economic Recession, The Role And Limitations Of Monetary Policy In Recovery, Mustapha Adewale Adigun

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This article examines the causes and effect of economic recession, highlights the role of monetary policy in economic recovery from a recession and proposes appropriate policy options to address the menace of recession with a view to promote economic recovery. Following the introduction, section 2 addresses the definition, causes, features and brief history, section 3 discuss recent economic recession in Nigeria, section 4 highlights the role of monetary policy and section 5 concludes the paper.

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Fintech As A Tool For Promoting Financial Inclusion And Economic Development In Nigeria, Mayowa O. Agbelusi Mar 2018

Fintech As A Tool For Promoting Financial Inclusion And Economic Development In Nigeria, Mayowa O. Agbelusi

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In Nigeria, 67% of the population lives below the poverty line. Access to basic financial services can make a significant difference in reducing poverty and financial technology has been used to enhance the provision of financial services to the poor and unbanked in sub-Saharan Africa. This paper seeks to highlight the nexus between financial inclusion and financial technology as well as how it can help reduce poverty in Nigeria.

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An Application Of Box-Jenkins Approach In Forecasting Nigerian Crude Oil Prices., Bashir Umar Faruk Sep 2017

An Application Of Box-Jenkins Approach In Forecasting Nigerian Crude Oil Prices., Bashir Umar Faruk

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Nigerian government has been adopting Moving Average (MA) method in pegging crude oil price benchmark. However, large discrepancy between the projected oil price benchmark and the actual international crude oil prices is observed over time. Therefore, the main objective of this research is to investigate whether Box-Jenkins approach could provide a lasting solution to the problem of inefficient oil price forecast in the Nigerian budgeting process. In our quest for an appropriate oil benchmark, monthly bonny light crude oil prices for the period of April 1986 to December 2015 are used.

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Cbn Real Sector Financing For Inclusive Growth And Economic Development., Mudashiru A. Olaitan Sep 2017

Cbn Real Sector Financing For Inclusive Growth And Economic Development., Mudashiru A. Olaitan

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The fall in crude oil in the international market has expose Nigeria's vulnerability to external shocks and overdependence on a mono-product economy thereby presenting the opportunity for Nigeria to diversify its economy away from oil into agriculture, manufacturing services and other non-oil sectors. This paper examines the need to support key sectors that are drivers of growth and to also upscale its developmental finance initiatives targeted at economic growth, deepening of deepening of credit delivery to the real sector. The paper highlighted focal areas and the interventions by CBN in these areas to include Agricultural sector; Infrastructure; Manufacturing sector; MSMEs …

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Deficit Financing, Price And Economic Stability In Nigeria: A Bound Testing Approach., Ali Danjuma Umaru Sep 2017

Deficit Financing, Price And Economic Stability In Nigeria: A Bound Testing Approach., Ali Danjuma Umaru

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This research work empirically examines the impact of deficits finance on price and economic stability in Nigeria using Autoregressive Distributed Lag (ARDL)/Bound testing approach from 1980-2016. Total deficit financed externally and a disaggregated domestic source which includes CBN, Deposit Money Banks and Non-Bank Public were used as proxies for deficit financing while inflation rates and GDP were captured for price and economic stability respectively. The bound testing analysis which was carried out in a two differently specified models show no cointegration between deficit finance and inflation, while that of deficit finance and economic stability nexus reveals the existence of a …

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Fss 2020 Financial Markets Programme: Progress So Far, Charles Ohamara Sep 2017

Fss 2020 Financial Markets Programme: Progress So Far, Charles Ohamara

Bullion

The Financial System Strategy (FSS) 2020 is a national reform program aimed at developing and transforming Nigeria's financial sector into a growth catalyst to fast track the achievement of the Vision 20:2020 and engineer Nigeria's evolution into on International Financial Centre. The strategic objectives of FSS2020 are to strengthen and deepen the domestic financial markets, enhance the integration of domestic financial markets with the external financial markets and supporting the reals sector. To attain these objectives, the key regulators of the Nigerian financial system come together under the leadership of the Central Bank of Nigeria and crafted the vision to …

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Msme Sector: The New Paradigm For Nigeria's Economic Development, Adewale M. Mustapha Sep 2017

Msme Sector: The New Paradigm For Nigeria's Economic Development, Adewale M. Mustapha

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MSMEs play a major role in most economies, especially in developing countries. This paper examines the opportunity provided by FSS2020 to enhance development of the MSME sector in Nigeria. The paper begins by examining the concept of FSS2O2O strategy for the MSME sector with specific focus on the six (6) Strategic Objectives and three (3) Transformational Programs to drive the development of the sector. These strategic objectives and the respective initiatives have a high multiplier effect on the entire Nigeria financial system. The six objectives ore: Advocate and Work with the government to Drive SME development, 2. Promote Financial Reporting …

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Nigeria's Experience With Monetary Sterilisation (2000-2016)., Moses K. Tule, Usman M. Okpanachi, Imam S. Z., Afiemo O. O. Sep 2017

Nigeria's Experience With Monetary Sterilisation (2000-2016)., Moses K. Tule, Usman M. Okpanachi, Imam S. Z., Afiemo O. O.

Bullion

This study attempts to estimate the extent of sterilisation undertaken by the Central Bank of Nigeria (CBN) during the period from 2000 to 2016. The approach used in this study involved construction of a monetary sterilisation index by measuring the rate of change in domestic asset (net) with respect to the change in foreign asset (net). The index expands the menu of available indicators which may be considered by monetary policy makers in in evaluating policy response to changing economic conditions. The paper after its introduction reviews the literature on monetary sterilization is aimed at ensuring that the balance sheet …

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Transforming The Insurance Sector In Nigeriain Using The Fss 2020 Platform, Chris O. Muo Sep 2017

Transforming The Insurance Sector In Nigeriain Using The Fss 2020 Platform, Chris O. Muo

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The National lnsurance Commission (NAICOM) is the statutory Regulatory body of insurance business created to ensure the effective administration, supervision and regulation of insurance business and regulate transactions between insurers and reinsurers within and outside Nigeria. FSS 2020 Insurance Sector, in collaboration with NAICOM aims to deepen the insurance market; ensure lnsurance credibility and protect policy holders; Embed governance and risk management framework for the lnsurance Companies; Enhance access to finance (financial inclusion) with business development support and new products; and risk-based capitalization of lnsurance Companies.

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Nigeria's Power Sector Roadmap: Policy Perspectives And Prospects, Bandele A. G. Amoo, O. M. Adebayo, Derek Ibeagha Sep 2017

Nigeria's Power Sector Roadmap: Policy Perspectives And Prospects, Bandele A. G. Amoo, O. M. Adebayo, Derek Ibeagha

Bullion

Various strategies have been employed over the years by the Government to boost power in the country. These strategies have been hinged on policies, reforms and roadmaps, including the 2005 Electric Power Sector Reform Act, the Roadmap for Power Sector Reform 2010 and the current Roadmap for Change. A perfunctory look at previous reforms has resulted in significant progress, including unbundling and privatizing the long-standing government-owned monopoly in the power sector. This paper takes a comprehensive assessment of the Roadmap of Change comparing it to previous policies, isolating policy perspectives, prospects and challenges facing it. It also gleans lessons from …

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Transforming The Mortgage Sub-Sector Using The Fss 2020 Platform, Patrick E. Aririguzo Sep 2017

Transforming The Mortgage Sub-Sector Using The Fss 2020 Platform, Patrick E. Aririguzo

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This paper examines the Mortgage sector of FSS2020 Strategy document which falls within the category of the drivers of the FSS2020 Strategy implementation blueprint. FSS2020 Mortgage: Vision and Mission. The paper further explores the Strategic Objectives of FSS2020 Mortgage Sector and the Transformational Programmes which includes: Ml - Establish a secondary mortgage market; M2 - Attract affordable international credit to fund affordable housing programmes; M3 - Advocate for mortgage ready and affordable housing. Three Transformational Programmes were designed to support the realization of the three objectives of the Mortgage Sector namely: TPl - Establishment of Mortgage Refinancing Companies (MRC) TP2 …

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Exchange Rate Management In Period Of Economic Uncertainty, Emmanuel U. Ukeje Mar 2017

Exchange Rate Management In Period Of Economic Uncertainty, Emmanuel U. Ukeje

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The paper examines current developments in the management of foreign exchange by the Central Bank of Nigeria in the period of economic uncertainty. It explains how the Bank has implemented different regimes of foreign exchange in order to maintain the external value of its currency as well as ensure them.

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Contemporary Issues In The Nigerian Monetary Policy Landscape: Current Challenges And Strategic Options, Shamsideen Okunola Abiodun, Jamiu Aina Babatunde, Kingsley Imandojemu Mar 2017

Contemporary Issues In The Nigerian Monetary Policy Landscape: Current Challenges And Strategic Options, Shamsideen Okunola Abiodun, Jamiu Aina Babatunde, Kingsley Imandojemu

Bullion

Contemporary central bonking in Nigeria is becoming laced with intricacies, and monetary actions impacting every segment of the society. Paradoxically, monetary policy landscape is characterized by complexities and frequent changes in the monetary environment amidst relatively constant monetary instruments. The economic recession witnessed by Nigeria from Q1 to Q4 of 2016 had reinforced the renaissance of primordial and 'nativist' models of unregulated banking arrangement cum investment options via Ponzi schemes and pyramid schemes, flexible exchange rote regime, selected import forex restrictions, calls for unconventional monetary policy with special reference to negative interest rote, central bonk communication and financial stability concern. …

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The Banking System, Manufacturing Sector And Sustainable Economic Development., Risikat S. Oladoyin Dauda Sep 2016

The Banking System, Manufacturing Sector And Sustainable Economic Development., Risikat S. Oladoyin Dauda

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The paper is structured into five sections. Section one presents the introduction, while section two presents conceptual and theoretical issues. Section three captures issues in Nigeria's manufacturing sector, Section four presents a brief overview on the performance and financial intermediation roles of Nigeria's banking industry vis-a-vis the manufacturing sector, Section five and six contains the challenges and prospect of promoting banking system intermediary services in the manufacturing sector for sustainable development and concludes the paper respectively.

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Overview Of Non-Oil Sector In Nigeria., Uwatt B. Uwatt Sep 2016

Overview Of Non-Oil Sector In Nigeria., Uwatt B. Uwatt

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This paper is to enhance the understanding of the non-oil sector in Nigeria, The underlying need is the emphasis on why the sector should be embraced as the new economic bride, not only by the government, but by oil and sundry, to fast-track economic recovery and enhance sustainable growth.

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Cbn Real Sector Financing For Inclusive Growth And Economic Development., Mudashiru A. Olaitan Sep 2016

Cbn Real Sector Financing For Inclusive Growth And Economic Development., Mudashiru A. Olaitan

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lt is important to note that no economy can grow and improve the living standard of its population without a vibrant real sector. Consequently, the Central Bank of Nigeria intervenes in the real sector to stimulate flow of finance and boost productivity and employment generation.

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Promoting Non-Oil Sector Financing In Nigeria: The Role Of The Media., Ugochukwu A. Okoroafor Sep 2016

Promoting Non-Oil Sector Financing In Nigeria: The Role Of The Media., Ugochukwu A. Okoroafor

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ln the case of Nigeria, the dominance of earnings from crude oil as a source of external revenue become pronounced in the wake of the positive oil shocks of the 1970s as the Organisation of Petroleum Exporting Countries (OPEC) began to effectively exert its powers as a cartel. In the light of a few developments in the sector, it is clear that the oil sector can no longer power the economy of Nigeria. As a result the non-oil and the private sector are required to ensure that Nigeria develops well-rounded and sustainable economic outcomes.

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Technology Innovations And The Financial Services Industry., Olubukola Akinniyi Akinwunmi Sep 2016

Technology Innovations And The Financial Services Industry., Olubukola Akinniyi Akinwunmi

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This article explores the future of the financial services industry in the context of new technologies. Technological innovations were reviewed and likely implications for the industry were highlighted. The article suggests that a symbiotic relationship among new and incumbent financial services providers will benefit the industry. Since technology is re-defining the financial services industry and the global financial system as undergone transformation in the last couple of decades.

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Entrepreneurial Orientation: A Global Asset For National Development., Sunday Alewo Omale, Kate Obianuju Chima Sep 2016

Entrepreneurial Orientation: A Global Asset For National Development., Sunday Alewo Omale, Kate Obianuju Chima

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This paper appraised the outcome of Entrepreneurial Orientation on national development . Entrepreneurial orientation (EO) deals with the level in which nations or firms strategically educate its citizens or members to promote entrepreneurial culture to gain economic benefits. EO entails dimensions of innovation, proactiveness and risk taking. It is held that entrepreneurial orientation is required for a successful national development. innovativeness ls the predisposition to engage in creativity and experimentation through the introduction of new products/ services as well as technological leadership and advancement. To drive home the aims of this investigation, relevant data were sourced from management journals, bulletin …

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Financing Agriculture For Sustainable Economic Development, Grace Ofure Evbuomwan Sep 2016

Financing Agriculture For Sustainable Economic Development, Grace Ofure Evbuomwan

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Nigeria's agriculture is diverse. presenting various opportunities. lt includes four sub-sectors, namely; crop, livestock, fishery and forestry. The crop sub-sector accounts for about 90.0 per cent of agricultural production in Nigeria, followed by the livestock sub-sector which contributes about 7.0 per cent. Fishing activities contribute about 2.0 per cent and forestry activities account for about 1.0 per cent. However, Nigeria remains a food-deficit country blessed as it is with abundant agro-ecological resources and diversity. As reported by the Food and Agricultural Organization of the United Nations (FAO), the number of people undernourished has been on the increase, from 8.7 per …

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Financial Soundness Indicators And Macroeconomic Variables: An Empirical Investigation Of The Dynamic Linkages, Baba N. Yaaba Jun 2016

Financial Soundness Indicators And Macroeconomic Variables: An Empirical Investigation Of The Dynamic Linkages, Baba N. Yaaba

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The Financial soundness indicators compiled for Nigeria within the context of IMFs Financial Sector Assessment Programme has been proven to be capable of pre-empting financial crisis. Analysts, however, considered it imperative to further explore the characteristics of the indicators, particularly their relationship with other macroeconomic variables to enhance the understanding of its dynamics so as to improve on its usefulness. This study, as a maiden attempt, applies Autoregressive Distributed Lag (ARDL) approach to investigate the dynamic linkages between the indicators and selected macroeconomic variables covering the period 2007 Q1 to 2015 Q4. The results indicate that macroeconomic events dictate the …

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Monetary Policy And Financing Real Sector Growth In Nigeria., Moses K. Tule Jun 2016

Monetary Policy And Financing Real Sector Growth In Nigeria., Moses K. Tule

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The study examines CBN's real sector financing initiatives and implication for real sector growth and economic development. Section 2 discusses selected CBN real sector financing initiatives. Section 3 is the implications of the initiatives for growth and economic management. Section 4 discusses challenges of implementing the policies while section 5 concludes the paper and presents suggestions on the way forward.

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How Micro Small And Medium Enterprises (Msmes) Can Leverage On Central Bank Of Nigeria's Real Sector Initiatives, Paul Nduka Eluhaiwe Jun 2016

How Micro Small And Medium Enterprises (Msmes) Can Leverage On Central Bank Of Nigeria's Real Sector Initiatives, Paul Nduka Eluhaiwe

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This paper seeks to explore how MSMES can leverage on financing interventions of the CBN with a view to enabling them grow their businesses, employ more Nigerians and contribute to GDP.

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Overview Of Development Financing: The Case Of Central Bank Of Nigeria, M. A. Olaitan Jun 2016

Overview Of Development Financing: The Case Of Central Bank Of Nigeria, M. A. Olaitan

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This study highlighted the functions of Central Bank under development finance and economic development, and it also went further to state the mandate of the development finance Department which is the development and implementation of policies, programmes and schemes aimed at the effective, efficient and sustainable delivery of financial services to the real sector of the Nigerian economy. The objective of the mandate are to increase the flow of financial resources to the real sector, create wealth and jobs, reduce poverty and so on.

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The Place Of Collateral Registry In Credit Delivery Services, Muhammad Mainasara Jun 2016

The Place Of Collateral Registry In Credit Delivery Services, Muhammad Mainasara

Bullion

Micro, small and medium enterprises (MSMEs) are the main engines of economic growth. The sub-sector constitutes on integral part of the economy, providing products and services to Nigeria's teeming population, yet they are grossly underfunded. The huge financing gap, which characterized the MSMES, inhibits their development, thus having a telling effect on the economy.

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The Role Of The Media In Promoting Real Sector Finance., Gbenga Adefaye Jun 2016

The Role Of The Media In Promoting Real Sector Finance., Gbenga Adefaye

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This paper would focus on the Role of the Media as a social institution, why it should promote real sector financing and how it can promote real sector financing. This is premised on the belief that previous papers have dwelt sufficiently on the issue of technicalities of real sector and aspects of financing.

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