Economics Commons^™

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.

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.

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.

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.

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 …

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.

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 …

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 …

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 …

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 …

What Goes Up By (S. Barnet And R. Ossowski, Finance And Development: Vol. 40, No. 1 March 2003): A Review, P.N. Omanukwue

Economic and Financial Review

This is a review of a study which identified uncertainties about the size of oil reserves, cost of extracting oil and the future path of oil prices as some of the factors that pose long run challenges for fiscal policy. Accordingly, one of the functions of government is to allocate resources (government wealth, oil inclusive) equitably and efficiently. How to do this however, poses a challenge to fiscal policy.

Determinants Of Commercial Bank Interest Rate Spread In A Liberalized Financial System: Empirical Evidence From Nigeria (1989-2000), C.I. Enendu

Economic and Financial Review

This paper provided empirical evidence on the determinants of interest rate spread in a liberalized financial system for the period 1989-2000, using selected banks in Nigeria. Ex-ante interest rate spread equations were estimated using bank balance sheet and income statement as well as macroeconomic data. The results showed that macroeconomic and monetary policy/financial regulation factors were more important determinants of commercial banks' interest spread than bank level factors, Inflation rate, GDP, .financial deepening, cash reserve requirement, risk premium, treasure bill rate, loan asset quality, liquidity risk and non interest expenses were the most important.factors that affected commercial banks' interest rate …

Towards Economic Convergence In Wamz: Effects Of Fiscal Dominance On Macroeconomic Stability, O.J. Nnannna

Economic and Financial Review

This article discusses the threat posed by fiscal dominance and measures that could be adopted to contain it in order to foster macroeconomic convergence in the WAMZ. The presentation is organised around two elements: the boom and burst cycle of capital expenditure, adjudged to be the root cause of fiscal dominance, and an empirical analysis of the implication of fiscal dominance for macroeconomic stability in the WAMZ. While the empirical and anecdotal evidences of the adverse effect of fiscal dominance is overwhelming, the paper went .further to propose a fiscal rule that would contain the destabilising effect of large revenue …

Monetary Management And The Current Role Of Bretton Woods Institutions, O.A. Uchendu

Economic and Financial Review

The purpose of this paper is to discuss the role of the Bretton Woods Institutions (The World Bank Group and International Monetary Fund, IMF) in global monetary management with particular emphasis on the Funds relationship with Nigeria. The Bretton Woods Institutions have statutory responsibility to interact with member countries. However, this relationship has been misunderstood probably because of their perceived "intrusive" nature. The paper concluded that the Institutions have had important role to play in global monetary management and expected that this role will continue in the future to the extent that it is to the best interest of the …

Foreign Private Investment In Nigeria 2001, Statistical Survey Office

Economic and Financial Review

The netflow of foreign investment into the Nigerian economy rose by 0.9

per cent from N3,347.0 million in 2000 to N3,376.4 million in 2001.

Companies of United Kingdom origin accounted/or the bulk of the flow in the

review period. The cumulative level of foreign direct investment in the country,

mainly in Mining and Quarrying as well as Manufacturing and Processing

sub-sectors was N160,882.2 million. The proportion of paid-up capital plus

reserves in total investment in the Manufacturing and processing sub-sectors

was 91 per cent in the review period. The value of total stock of fixed assets in

the review period …

Keynote Address, Shamusudeen Usman

Economic and Financial Review

This is a keynote address delivered at the seminar with the theme " poverty alleviation: a more pragmatic approach

Special Remarks By Dr. O. J. Nnanna, O. J. Nnanna

Economic and Financial Review

This is a special remark delivered at the executive seminar on the theme, poverty alleviation: a more pragmatic approach

Concepts, Measurement And Causes Of Poverty, D. O. Ajakaiye, V. A. Adeyeye

Economic and Financial Review

Thoughts. on appropriate conceptualization, measurement and accurate characterization of determinants of poverty has a long history. From analytical perspective, thinking about poverty can be traced back at least to the codification of poor laws in medieval England, through to the pioneering empirical studies, at the tum of the century, by Booth in London and by Rowntree in York. Rowntree's study, published in 1901, was the first to develop a poverty standard for individual families, based on estimates of nutritional and other requirements. In the 1960s, the main focus of poverty debate was on the level of income, reflected in macro …

An Appraisal Of Poverty And Poverty Reduction Strategies In Nigeria, Fidelis O. Ogwumike

Economic and Financial Review

The present paper assesses not only the efforts of the current administration in poverty reduction, but also the · role played by past administrations so as to identify a more pragmatic approach to poverty reduction in Nigeria The next section looks at a poverty profile in Nigeria with a view to identifying ·some of the salient issues. Section IIL examines the various approaches to poverty reduction. Section IV appraises poverty reduction in Nigeria. Section V, offers some suggestions on poverty reduction in Nigeria.

Rising Cost Of Food Prices And Food Insecurity In Nigeria And Its Implication For Poverty Reduction, P. A. Okuneye

Economic and Financial Review

Trade liberalization stimulated the growth of export of agricultura1 commodities in Nigeria white its serious implementation lasted. As usual with the country, the implementation of trade liberalization policies relaxed .with time. The boost in the ·· agricultural export sector took a down turn and with the advent of democracy, massive imports of luxury goods began to dominate the economic scene. In essence, over the last . is· years, that is, since 1986, when the Structural Adjustment Programme (SAP) came into being. the nation had witnessed a gross neglect of the food_ production sector. As such when food prices began to …

Micro-Finance As A Strategy For Poverty Reduction, O. O. Akanji

Economic and Financial Review

The paper established the facts that poverty is indeed increasing in Nigeria based on the poverty assessment study commissioned and sponsored by the World Bank in 1995. It further indicated in the introduction that the World Bank and the IMF group are focusing on poverty reduction as a prerequisite for debt relief The paper is structured into five sections with introduction being section one. Section two gives conceptual framework and reviews some country experiences of microcredit programs. Section three describes the efforts put in place in Nigeria-the World Bank group efforts and the IMF to alleviate poverty while section four …

The Role Of The Financial Sector In Poverty Reduction, J. O. Aderibigbe

Economic and Financial Review

The objective of this paper is · to examine the role and challenges facing the financial sector in providing the necessary financing on appropriate terms, volume and value, and in a timely manner. The paper is divided into six sections; following this introductory part, the conceptual framework on the role of the financial sector in poverty reduction is outlined. In section three the experience of the role of the financial sector in fighting poverty is reviewed with specific emphasis on the role of banks in micro- credit delivery in section four. Section five examines future challenges of the sector while …

Poverty Reduction And Structural Reform, Chris E. Nemedia

Economic and Financial Review

Poverty bas no precise definition. Being a relative concept, it has no universally adopted definition that can be applied to all societies and all nations of the world. We can talk of a poor person or a poor nation. You may describe a person as poor if his income is below subsistence level. But the subsistence levels of income vary from society to society and from nation to nation. In spite of the absence of a precise and an all-embracing definition of poverty, it is quite easy to recognize or identify the attributes of a poor person or the characteristics …

Poverty Reduction In Nigeria: The Way Forward, Mike I. Obadan

Economic and Financial Review

The description of Nigeria as a paradox by the World Bank (1996) bas continued to be confirmed by events and official statistics in the country. The paradox is - that the poverty level in Nigeria contradicts the country's immense wealth. Among other things, the country is enormously endowed with human, agricultural, petroleum, gas, and large untapped solid mineral resources. Particularly worrisome is that the country earned over USS300 billion from one resource - petroleum - during the last three decades of the twentieth century. But rather than record remarkable progress in national socio-economic development, Nigeria retrogressed to become one of …

Bank Lending Behaviour And Output Growth: An Empirical Analysis With Implication For Monetary Policy Formulation In Nigeria, Joseph O. Nnanna

Economic and Financial Review

Preliminary findings from the empirical analysis show that the banking sector has not supported real sector output growth in its lending policy. The combined effects of risk aversion and infrastructural problem in the real sector represent serious constraints on credit flow to the private sector and the sectors declining marginal product of capital. Overall, while the banking sector has indeed, succeeded in deposit mobilization, it has nevertheless, not done a good job in its intermediation functions. The analysis further reveals the presence of policy distortions in the system, and its negative influence on banks' lending behavior. The need to address …

Analysis Of Formal Lending To The Agricultural Sector In Nigeria: 1978 - 98, Dayo Phillip

Economic and Financial Review

Towards the attainment of the goals of the Nigerian agricultural sector, relevant policies have been formulated and implemented during the post-independence years. The agricultural credit policy, among several others, was aimed at ensuring adequate funds for the agricultural sector. The objective of this paper is to estimate the relationship between formal lending to agriculture and some assumed determinants of agricultural credit lending during the 1978- 98 sample period. Lending by financial institutions to the agricultural sector was viewed for the pi11pose of model development in this study as the "supply of credit" to agriculture. Thus, the sets of determinants of …

Developments In The Insurance Industry In Nigeria In 1999, Central Bank Of Nigeria Cbn

Economic and Financial Review

This report indicates that the size of Nigeria s insurance industry shrank in 1999, according to a survey conducted by CBN. The development was sequel to the exit of some insurance companies that could not fulfil the recapitalisation requirement by the National Insurance Commission (NA/COM). However, paid-up capital in the industry increased by 7.1 per cent in 1999, owing to the additional equity capital injected into the joint-venture insurance companies. Aggregate income and expenditure in the industry increased, although expenditure grew faster during the year under review. The investments of the insurance companies declined by 11.2 per cent from its …

Nigeria's Economic Growth: Performance And Determinants, Essien Abel Essien

Economic and Financial Review

in this paper some recent developments in time series econometrics, which is of great potential for extending the frontier of economic research is applied to Nigerian data in order to estimate a production function type equation as well as examine the key macroeconomic determinants of economic growth in Nigeria. Of particular application is the vector error correction modelling technique. Apart from the determination of criteria for selecting the lag length, the paper also explored variance decomposition and effect of shocks through the impulse response function. Results from the econometric analysis revealed that output was elastic to capital injection in the …

Keynote Address By V. A. Odozi, V. A. Odozi

Economic and Financial Review

This is a keynote address by V. A. Odozi at the 5th CBN Executive Policy seminar on reviving Nigeria's non-oil sector for economic development held at Jos, September 2 - 5, 1997.

Opening Address By Alhaji Saidu Mohammed, Saidu Mohammed

Economic and Financial Review

This is the opening address delivered by Alhaji Saidu Mohammed at the in-house seminar on reviving Nigeria's non-oil sector for economic development for CBN executive staff held at Jos, September 2 - 5, 1997.