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Articles 361 - 390 of 542

Full-Text Articles in Economics

Structural Adjustment Programmes And External Trade In Developing Countries: Lessons For Nigeria, E. E. Inang Jun 1995

Structural Adjustment Programmes And External Trade In Developing Countries: Lessons For Nigeria, E. E. Inang

Economic and Financial Review

The failure of trade liberalization in developing countries is attributed to the economic dependency relationships initiated during the colonization period when the developed countries exploited their colonies as a source of cheap raw materials. After independence, and especially in the 1970s and 1980s, most sub-Saharan African countries experienced stagnation and decline in their share of world trade. The introduction of the structural adjustment programmes with its attendant trade liberalization prescriptions has further worsened the terms of trade in developing countries. Neither complete trade liberalization nor complete protectionism can be of benefit to developing countries. These countries need to reduce the …

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Trends In Nigeria's Balance Of Payments (1980 - 1994), E. U. Olisadebe Jun 1995

Trends In Nigeria's Balance Of Payments (1980 - 1994), E. U. Olisadebe

Economic and Financial Review

This paper examines trends in Nigeria's balance of payments. Factors which have contributed to the continuous weakness of Nigeria's balance of payments include the poor performance of non-oil exports, fluctuations in crude oil prices, payments for the provision of international services, e.g., shipping, insurance, tourism, the low level of income from direct Nigerian investments abroad and high debt service payments. More fandamental problems underlie these factors.' a hostile international environment; a deterioration in terms of trade; a huge external debt servicing; slippages in fiscal and monetary policies and inappropriate exchange and interest rate policies. The failure of policy reforms to …

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The Conduct Of Monetary And Banking Policies By The Central Bank Of Nigeria, V. A. Odozi Mar 1995

The Conduct Of Monetary And Banking Policies By The Central Bank Of Nigeria, V. A. Odozi

Economic and Financial Review

Monetary and banking policies are usually the responsibilities of the Monetary Authorities which comprise the Central Bank and the Central Government. In Nigeria, while the Central Bank exercises primary responsibilities for initiating, articulating, implementing and appraising such policies, the Bank's proposals are subject to the approval of the Federal Government. To facilitate the understanding of the conduct of monetary and banking policies by the CBN, it is necessary to articulate the theoretical framework of monetary policy, the CBN-monetary management techniques, as well as the policy measures adopted since 1986 to reform and strengthen -the banking system.

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Open Market Operations In 1994, P. A. Akatu, S. N. Ibeabuchi Mar 1995

Open Market Operations In 1994, P. A. Akatu, S. N. Ibeabuchi

Economic and Financial Review

In line with the objectives of the monetary policy in 1994, the CBN achieved a substantial reduction of its holding of treasury bills through open market operations that were aimed at slowing down the growth of base money and money supply. While the volume of open market sales suffered apparently from the initial market reactions to the budget for fiscal 1994 and later the political and industrial unrest, such sales reached record levels in the fourth quarter of the year. However, OMO largely responded to the short-term portfolio preferences of banks and did not translate into an overall pressure on …

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A Review And Analysis Of Agricultural Prices In Nigeria, 1977 - 1993, O. O. Akanji, E. U. Ukeje Mar 1995

A Review And Analysis Of Agricultural Prices In Nigeria, 1977 - 1993, O. O. Akanji, E. U. Ukeje

Economic and Financial Review

This paper reviews and analyses the various prices that have been in existence in the agricultural sector since the re-organization of the produce marketing system in 1977 to the present free market system. It was observed that a close relationship existed between the market prices and the determined prices. However, some upward revisions in the official prices were found to be neither rational nor based on any concrete study. Moreso, most commodities were implicitly taxed during the period 1977-1985. The increases in the prices recorded between 1986 1993 due to market liberalization had an added problem of marketing. The domestic …

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Eradication Of Banking Malpractices In Nigeria: Will Law Alone Succeed?, I. Joe Goldface-Irokalibe Mar 1995

Eradication Of Banking Malpractices In Nigeria: Will Law Alone Succeed?, I. Joe Goldface-Irokalibe

Economic and Financial Review

The place of banks in the economic life of any nation is so strategic that every effort is made by the appropriate national authorities to regulate and effectively supervise banking business. This objective is often achieved through the mechanism of laws designed to purge the banking system of diverse frauds, and malpractices. This paper presents a general compendium of the socio-economic, as well as the cultural background that foster and sustain banking frauds and diverse malpractices in Nigeria. This is followed by an analysis of the various types of malpractices prevalent in the banking system, among which are malpractices by …

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Human Development Report 1994 By The United Nations Development Programme (Undp), New York, A. I. Arinze Mar 1995

Human Development Report 1994 By The United Nations Development Programme (Undp), New York, A. I. Arinze

Economic and Financial Review

The central focus of the UNDP 1994 Human Development Report on sustainable human development makes its review essential due to the current global concern on sustainable economic development. The 1994 UNDP Human Development Report is divided into five major chapters. Chapter one defines the universalism of life claims and emphasizes the need for strategic planning towards sustainable human development. Chapter two highlights four essential characteristics of the new dimensions of human security, names two main components of human security and identifies eight threats to human security. Chapter three discusses disarmament in industrial and developing countries and the future of world …

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Africa's Debt Burden In Historical Perspective, M. O. Ojo Jun 1994

Africa's Debt Burden In Historical Perspective, M. O. Ojo

Economic and Financial Review

The purpose of the paper is to outline the profile of Africa's debt burden since the early 1980s. The paper reviews the economic performance of African countries, trends in their external debt stock and structure as well as their debt burden measured by the conventional debt ratios. It also undertakes a review of the causes of increased debt burden of African countries. The major findings are that deteriorating economic performance in Africa since the early 1980s was accompanied by increased external debt burden fcatu1·ing lower export earnings, reduced income growth and mounting (paid and unpaid) external debt obligations. Some of …

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Financing State Government Projects Through The Capital Market: Problems And Prospects, B. S. Adebusuyi Jun 1994

Financing State Government Projects Through The Capital Market: Problems And Prospects, B. S. Adebusuyi

Economic and Financial Review

The paper discuses the problems and prospects of raising funds from the capital market to finance state government projects. The need for viable alternatives to finance government projeds had not only been a topical issue but one that had engaged the attention of policy makers. This has arisen because conventional sources of government project financing have been proving increasingly inadequate. From a short review of available options for financing government projects such as statutory allocations, internally generated revenue, bank and non-bank domestic borrowings, donations and taxation, the paper discusses the relative advantages of capital market financing of government projects, principal …

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Factors Affecting The Supply Of Paper In Nigeria, A. P. Awoseyila, K. M. Obitayo Jun 1994

Factors Affecting The Supply Of Paper In Nigeria, A. P. Awoseyila, K. M. Obitayo

Economic and Financial Review

This study reviews the developments in the paper industry with special focus on the supply and factors affecting the supply of paper in Nigeria. The study appreciates the strategic role of paper on socio-economic activities and is concerned with the downward trend in the supply of paper to the market. The data show the low capacity utilization and heavy revenue losses sustained over the years by the local pulp paper mills as well as the declines in the import supply of paper due to the scarcity of foreign exchange. The study attributes the factors constraining the supply of paper to …

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Foreign Private Investment In Nigeria - 1992, Central Bank Of Nigeria Cbn Jun 1994

Foreign Private Investment In Nigeria - 1992, Central Bank Of Nigeria Cbn

Economic and Financial Review

The net flow of foreign private investment into the Nigerian economy in 1992 witnessed a substantial increase over the preceding year's level of 141,808.0 million to t48,264.2 million. The phenomenal jump was attributable to the renewed confidence in the economy by foreign investors. Gains from the current economy restructuring of the economy and the movement towards democratic government during the year were believed to be taking firm hold. Traditional investment flow components such as unremitted profits and changes in foreign share capital, which used to account for the substantial net inflows, dropped in 1992 from the previous year's levels. Trade …

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Economic Cost Of Electricity Outages: Evidence From A Sample Study Of Industrial And Commercial Firms In The Lagos Area Of Nigeria., O. A. Uchendu Sep 1993

Economic Cost Of Electricity Outages: Evidence From A Sample Study Of Industrial And Commercial Firms In The Lagos Area Of Nigeria., O. A. Uchendu

Economic and Financial Review

The purpose of this study is to estimate some of the measurable costs of electricity outages from a sample of industrial and commercial firms in the Lagos area. To achieve this objective, over 100 firms were surveyed. Analysis of the survey returns showed that firms in the area sustained substantial economic costs, consisting of adaptive costs (investments and operating costs on own generations), operating losses (raw and processed materials), equipment losses and unproduced output. Most of the firms indicated that NEPA's tariff was expensive. They also recommended among other things, private sector participation in the electricity industry and privatization of …

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Implementation Of Indirect Monetary Control In Nigeria: Problems And Prospects., F. O. Oresotu Sep 1993

Implementation Of Indirect Monetary Control In Nigeria: Problems And Prospects., F. O. Oresotu

Economic and Financial Review

The paper discusses the advantages and disadvantages, pre-conditions, instruments and issues in indirect approach to monetary and credit control. Among the preconditions stated are the ability of the Central Bank to formulate an appropriate monetary programme to which government must give support and co-operation to the Central Bank in its execution. The importance of competitive money and short-term securities markets to serve as medium for transmitting monetary policy action to the productive sectors of the economy is also stressed. This will facilitate the functioning of an efficient transmission mechanism for the allocation of financial resources among competing needs. The relevance …

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The Role Of The Central Bank Of Nigeria In Monetary And Banking Policy Measures., P. A. Ogwuma Sep 1993

The Role Of The Central Bank Of Nigeria In Monetary And Banking Policy Measures., P. A. Ogwuma

Economic and Financial Review

The objective of this paper is to examine the various monetary and banking policy measures which the CBN had applied both in the past and now in carrying out its functions and the role banking legislation plays in this regard. To this end, the paper is organised in four parts. Part I examines the legal and macroeconomic environment in which the Bank discharges its responsibilities. Part II reviews the measures taken by the CBN over the years in performing its functions while Part llI identifies the problems which constrains CBN's performance, the external influences which cause or aggravate these problems …

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Developments In The Insurance Industry In Nigeria In 1991, Central Bank Of Nigeria Cbn Jun 1993

Developments In The Insurance Industry In Nigeria In 1991, Central Bank Of Nigeria Cbn

Economic and Financial Review

Nigeria's insurance Industry expanded marginally In 1991. While some companies In the Industry diversified their activities from wholly life lo joint life and non-life, the number of companies formerly In the life business remained unchanged. Amidst general price increases, the aggregate industry Income rose although expenditures increased foster.

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Exchange Rate Action: Channels Of Contribution To Effectiveness Of Growth-Oriented Adjustment Policies In Low Income Primary Producing Countries, F. L. Osundade Jun 1993

Exchange Rate Action: Channels Of Contribution To Effectiveness Of Growth-Oriented Adjustment Policies In Low Income Primary Producing Countries, F. L. Osundade

Economic and Financial Review

This paper Identifies exchange rate as one of the principal policy tools through which low-Income primary producing countries could properly align their economic and financial activities with those In the rest of the world to achieve satisfactory growth In income and employment. It examines the channels U1rougl1 which devaluation (exchange rate action) can produce significant impacts on major economic aggregates and in the process, correct financial and structural Imbalances.

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Japan As A Capital Exporter And The World Economy (Occasional Papers No. 18. Group Of Thirty, New York) By Masaru Yoshitomi, Ademola Bamidele Jun 1993

Japan As A Capital Exporter And The World Economy (Occasional Papers No. 18. Group Of Thirty, New York) By Masaru Yoshitomi, Ademola Bamidele

Economic and Financial Review

Sound financial system is considered central to the development of trade either in an economy or internationally. This fact informed the author of this Occasional paper in examining and bringing into focus how Japan became an international creditor i.e. net capital exporter in the world financial system aside from her leading role in world trade. This position was attained through a combination of many factors, some of which were sectoral savings-investment imbalances and the co-existence of high-employment government deficit and the high-employment current account surplus in the 1970s and 1980s. The author thus, traced the historical evolution of Japan• s …

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Sustaining Agricultural Production In A Deregulated Economy, M. O. Ojo, E. D. Balogun, Grace O. Evbuomwan Jun 1993

Sustaining Agricultural Production In A Deregulated Economy, M. O. Ojo, E. D. Balogun, Grace O. Evbuomwan

Economic and Financial Review

This paper reviews the policy framework for Nigerian agriculture and gauges Its Impact prior to and since the commencement of economic deregulation. It investigates the prospects, analyses the constraints and outlines a feasible strategy for sustaining agricultural growth in a deregulated enabling environment 1he paper notes that in the pe1iod, 1970 to 1982, the deterioration in agricultural performance In Nigeria was the result not only of external shocks and environmental and/or edaphic factors, but of distorted policy pursuits which Created disincentives for farming. However, following attempts .to deregulate the economy with the adoption of the Structural Adjustment Programme in 1986 …

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Some Strategies For Development Of Nigeria's Agricultural Sector In The 1990s, G. E. Ukpong Jun 1993

Some Strategies For Development Of Nigeria's Agricultural Sector In The 1990s, G. E. Ukpong

Economic and Financial Review

This paper reviews the major policy measures Introduced by the government to Induce growth of output of the agricultural sector and accelerate Its development. Some measures adopted before the Introduction of the Structural Adjustment Programme (SAP} Included producer prices selling through Marketing Boards, establishment of financial Institutions and Funds to extend credit to the sector at concessionary Interest rates, and the provision of extension services by ministries of agriculture. Agricultural policy measures under SAP consisted, among others, of abolition of Commodity Boards, free market determination of agricultural product prices, a ban on the export and Import of selected agricultural products …

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The Demand For Monetary Function In Nigeria: An Empirical Investigation, F. O. Oresotu, Charles N.O. Mordi Dec 1992

The Demand For Monetary Function In Nigeria: An Empirical Investigation, F. O. Oresotu, Charles N.O. Mordi

Economic and Financial Review

This paper provides _further empirical evidence ,in the nature ,if the demand for money function in Nigeria for the period 1960-1991. 'The paper also addressed the issue of the appropriate adjustment process, structural stability of the estimated equation, as well as the influence of external factors on money demand function in an open economy, such as Nigeria.

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A Review Of Small-Scale Enterprises Credit Delivery Strategies In Nigeria, E. E. Inang, G. E. Ukpong Dec 1992

A Review Of Small-Scale Enterprises Credit Delivery Strategies In Nigeria, E. E. Inang, G. E. Ukpong

Economic and Financial Review

The paper reviews the crucial role of Small-Scale Enterprises [SSEs] in facilitating industrial development, some special advantages of existing credit schemes to small-scale enterprises, the peculiar handicaps which SSEs face, the most crucial being poor access to development finance, and highlights areas and ways in which credit guarantee and insurance schemes for SSEs could substantially contribute to their development and growth in Nigeria. Notable among the credit schemes and institutions reviewed are the Small-Scale Industries Credit Scheme (SSICS) introduced in 1971; the Nigerian Bank for Commerce and Industry (NBC!) established in 1978; the Nigerian Industrial Development Bank (NIDB); the Central …

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Why Fiscal Policies Matter In African Countries, M. O. Ojo, T. O. Okunrounmu Dec 1992

Why Fiscal Policies Matter In African Countries, M. O. Ojo, T. O. Okunrounmu

Economic and Financial Review

The paper discusses the critical role of fiscal policy in developing African economies. While it is accepted that fiscal management is one of the important functions of a modern state, the nature of the fiscal management in a specific environment determines, to a large extent, the overall effect of such intervention. The Nigerian experience indicates a very narrow revenue base that could not withstand the weight of public expenditure and investment.

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Developments In The Insurance Industry In Nigeria In 1990, Central Bank Of Nigeria Cbn Dec 1992

Developments In The Insurance Industry In Nigeria In 1990, Central Bank Of Nigeria Cbn

Economic and Financial Review

While the number of insurance companies operating in the Nigerian economy increased in 1990, both income and expenditure of the companies rose during the same period. The report revealed that the growth rate of income in the industry exceeded the expenditure rate, as the income to expenditure ratio rose from 1.59 to 1.81 between 1989 and 1990.

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Current Monetary And Banking Policies In Nigeria And The Prospects In The Third Republic, V. A. Odozi Sep 1992

Current Monetary And Banking Policies In Nigeria And The Prospects In The Third Republic, V. A. Odozi

Economic and Financial Review

This paper received and appraised the conduct of monetary and banking policies in Nigeria in the recent past, and charts prognosis of future monetary policy directions, come the Third Republic. As a background information, the paper reviews the conceptual, analytical and institutional framework for the conduct of monetary and banking policies in general, noting the widespread consensus that efficient management of money stock and the related price variables are vital instruments for inducing investment and growth of any economy. An overview of recent monetary and banking policies in Nigeria acknowledged the innovative initiatives taken so far to reform the financial …

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1992 First Half Year Report On Industrial Core Projects, E. I. K. Sule, C. M. Anyanwu Sep 1992

1992 First Half Year Report On Industrial Core Projects, E. I. K. Sule, C. M. Anyanwu

Economic and Financial Review

The Industrial Core Projects are the basic capital intensity industries deliberately established by the Federal Government to provide material inputs for downstream industries. They include steel plants, refineries and petrochemical plants, paper mills, fertilizer, marble, sugar and cement companies. During the first half of 1992, the performance of most of the Industrial Core Projects was generally unsatisfactory with the exception of petroleum-based plants. Most of them operated low capacities due largely to inadequate funding. Other constraining factors were high cost of production due in part to poor infrastructural facilities and in part to a depreciated currency and stiff competition from …

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Foreign Private Investment In Nigeria In 1990, Central Bank Of Nigeria Cbn Sep 1992

Foreign Private Investment In Nigeria In 1990, Central Bank Of Nigeria Cbn

Economic and Financial Review

Foreign Private investment in Nigeria continued to get government attention, as more areas of the economy are opened up to foreign investors. Also, various incentives to attract such investments into the country, continued to be put in place. As in many developing countries, the availability of such funds enhances position of balance of payments. flowerer, the desired contribution from the foreign private int1eStment segment to the external sector is yet to be fully achieved.

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Monetary Policy In Nigeria In The 1980s And Prospects In The 1990s, M. O. Ojo Mar 1992

Monetary Policy In Nigeria In The 1980s And Prospects In The 1990s, M. O. Ojo

Economic and Financial Review

The main aim of the paper is to review the evolution and performance of monetary policy in Nigeria in the 1980s. Monetary policy objectives remained broadly the same throughout the review period· simulation of output and employment, promotion of stable prices and support of external equilibrium The direct monetary controlframeworkentailingtheprescripttonqfaggregatecreditceilings,selectivecreditcontrolsandregulatton of interest rates, was prominently used between 1980 and 1985, and although was generally retained from 1986, there was some degree of liberalizatton in line with the general philosophy of the Structural Adjustment Programme. Monetary policy faced increasing difficulties due in large part to the Inadequacy of the control framework …

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Management Of External Debt: Nigeria's Experience, Central Bank Of Nigeria Cbn Mar 1992

Management Of External Debt: Nigeria's Experience, Central Bank Of Nigeria Cbn

Economic and Financial Review

This paper traces the genesis of Nigeria's external debt from the period prior to the introduction of the Structural Adjustment Programme (SAP) to the current period. 'The factors which combine to bring the external debt to the current level comprise borrowings from the multilateral and bilateral Institutions, the accumulation of trade arrears, default in the repayment of loans, capitalization of unpaid interest, and depreciation of the U.S. dollar against other major international currencies In which the loans were contracted. Measures taken to limit the growth of Nigeria's external debt include embargo on new loans, directives to State Governments to minimize …

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Undp "Human Development Report, 1991" New York, Oxford University Press, 1991, S. C. Rapu Dec 1991

Undp "Human Development Report, 1991" New York, Oxford University Press, 1991, S. C. Rapu

Economic and Financial Review

The basic theme of the 1991UNDP'sHuman Development Report is °Financing Human Development". 'The report focusses on the need to enlarge the range of policy choices for a meaningful development of human resources. These choices include access to income and employment opportunities; education and health care services and clean and safe physical environment.

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The Role Of Agro-Industries In Promoting A Food Culture In Nigeria, M. O. Ojo Dec 1991

The Role Of Agro-Industries In Promoting A Food Culture In Nigeria, M. O. Ojo

Economic and Financial Review

The paper discusses in a general way the role of agro-industries in the promotion of a Nigerian food culture. It observes that the agro-industrial and trade policies pursued in the 1970s and early 1980s contributed immensely to a food habit characterised l1y preference for foreign and imported foods. Agro-industries in the present economic environment can contribute positively to the development of a Nigerian food culture through corporate promotions, investments in the production of local foodstuffs and funding of relevant research and development. The paper concludes that agro-industries should be supported in the development of an indigenous food culture by fostering …

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