Economics Commons^™

Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada

Bullion

Globally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt's was revealed that though credits have increased tremendously in recent …

National Incomes Policy In A Deregulated Economy: The Nigerian Perspective, Moses K. Tule

Bullion

This paper examines the propriety of a national income policy in a deregulated economy. The literature indicates that various interest groups in the country tend to protect their narrow interests when negotiating for higher wages. Consequently, the goals of government to achieve equitable income distribution in the country with a national income policy are often at variance with the private interests. While congenial atmosphere for collective bargaining was deemed desirable for achieving effective income growth, an environment of consistently rising prices was considered an anticlimax to growth and development. Consequently, the paper opined that in a market economy, a national …

Banking Sector Crisis And Resolution Options In Nigeria, U. Kama

Bullion

This paper x-rays banking sector crisis and its resolution options in Nigeria. The causes and impacts of banking crisis as well as the way forward for such crisis will also be examined. The paper is divided into six main sections. Following the introduction, Section 2 gives the conceptual/jurisdictional experience of banking crisis. Section 3 gives an overview of the structure of the Nigerian banking sector, the causes of banking crisis and its impacts on the economy, while Section 4 highlights the various banking sector resolution options and the Nigerian experience in banking sector crisis resolution. Section 5 highlights the way …

Fiscal Operations And The Efficacy Of Monetary Management In Nigeria, A. E. Idowu

Bullion

This paper underscores the need for predictable fiscal operations at all levels of government as a means of ensuring effective and efficient monetary management in the Nigeria federation. Following the introduction, section two discusses conceptual issues and the review of literature, section three discusses government's fiscal operations and challenges to monetary management, while section four examines fiscal reform and its impact on monetary management. Section five contains suggestion on the way forward and some concluding remarks.

Funded Contributory Pension Scheme, Financial Deepening And Economic Growth: What Does The Evidence Say So Far About The Nigerian Economy?, Victor O. Asekunowo

Bullion

The fully funded defined contributory benefit pension system was introduced in Nigeria in July, 2004 to replace the old fiscally unsustainable defined benefit (Pay-As-You-Go) pension system. The new pension scheme, coming at the heels of earlier reforms in Nigeria's financial sector, could be deemed to serve as a further boost towards savings mobilisation, increased financial instruments acquisition and economic growth. After a survey of relevant literature was conducted, secondary data on relevant macroeconomic indices in the Nigerian economy were collected. The data were descriptively analysed. The results showed that TDS (total domestic savings) increased during the post-pension reform period and …

The Spectacle Of Neoclassical Economics: The Chad-Cameroon Petroleum Development Project And Exploitation In The Niger Delta And The Chad Basin, Nicholas A. Jackson

Electronic Theses and Dissertations

In recent years, neoclassical economic literature has undergone a fundamental change of emphasis, from orthodox neoclassical to neoinstitutional theory. World Bank research and high-level policy departments have reflected this change by shifting from development as ‘structural adjustment’ to development as ‘governance’. I engage the case of the Chad-Cameroon Petroleum Development Project (CCPDP) to argue that the neoclassical economic shift is a spectacle or exhibit, irrelevant in important ways to exploitation “on the ground.” Contrary to neoclassical economics and World Bank development rationales, the CCPDP is a hyper-documented project with a hyperrestricted scope, typical of commodity exploitation in Central Africa and …

Determinants Of Capital Flows In Nigeria And Challenges For Macroeconomic Stability, A. Englama, N. C. Oputa, G. K. Sanni, M. U. Yakub, O. Adesanya, Z. Sanni

Economic and Financial Review

Capital flows into developing countries in the 1960s through the 1980s were mainly in the form of overseas development assistant (ODS) to governments as well as private capital through domestic multinational bank. Nigeria, like unit developing countries, is characterized by a low' level of domestic savings and in order to attain a desirable level of investment that would guarantee sustainable development, the economy needs some foreign sayings to bridge the savings investment gap. These savings come in the form of 'new money’ or capital inflows which are expected to provide financial capital for economic activities. Foreign participation is directed associated …

Effects Of Poverty On Risk Attitudes Of Farmers In Benue State Nigeria, G. C. Aye, O. Oji

Economic and Financial Review

The Nigerian agriculture is characterised by low productivity low fam incomes and low levels of

technological adoption and we inefficient production technique. This poor state of Nigerian agriculture is related to farmers' attitude towards risk in the adoption of production techniques, as well as risk in the production and socioeconomic environment, this study therefore sought to specifically to: determine the extent of poverty among farmers in the area; assess the risk attitude of the farmers and determine the effect of poverty variables on risk attitude of farmers. A multi-stage random sampling technique was used for selection of respondent. Data were …

Corporate Governance Of Banks In Nigeria: Determinants Of Board Of Directors' Effectiveness., Ukpai Kama, Chuku Chuku

Economic and Financial Review

The paper seek to ascertain the characteristics that determine the effectiveness of the bank boards in carrying out its roles of monitoring and advisory. It suggests that empowering boards through incentive packages and enlarged responsibilities to monitor, sanction, reprimand would be a way forward for the Nigerian banking sector.

Consumer Protection And Financial Stability In Malaysia Lessons For Nigeria, Ngozi Egbuna

Bullion

The paper highlights the Bank Negara Malaysia (BNM)'s approach to consumer protection and financial stability in Malaysia with the aim of drawing lessons for Nigeria. The paper proposes an action for the establishment of a financial mediation bureau in Nigeria, to be set up by the Central Bank of Nigeria (CBN). To achieve this, the paper is structured in six sections. Following th is July - Sept. 2008 introduction is section 2 which examined the conceptual issues while Section 3 dealt with an overview of the consumer protection infrastructure in Nigeria. Section 4 focused on the Malaysian experience giving a …

Appropriate Mix Of Energy Resources For Economic Development In Nigeria., Ngozi T. I. Agboegbulem*

Economic and Financial Review

The article identifies the various forms of energy resources available in Nigeria and proposed how best these energy resources could be into efficient use. It observed that Nigeria sis blessed with abundant renewal energy and non-renewable energy resources and appreciated the fact that, while renewables will continue to play a granting role, “they are not expected to overtake fossiI fuels in the near future in meeting both Nigerian and global energy demand. The paper concludes that most of the energy consumed in the country come from oil and gas and viewed this to be a move in the right direction …

An Empirical Investigation On The Effectiveness Of Open Market Operations (Omo) In Nigeria, Phebian N. Omanukwue, Magnus O. Abeng

Economic and Financial Review

This article attempts to investigate the effectiveness of the open market operations in Nigeria adopting an error correction methodology. The study showed that in the conduct of defensive open market operations, inflationary expectations, treasury bill rate, income and fiscal balances exert significant influences on the volume of bank reserves. The persistent effect of fiscal balances on the volume of bank reverses in the short run shows that consideration of government activities remains important in developments in the financial sector. Findings from the study revealed that the system adjusts itself to equilibrium within three quarters in the event of a shock. …

Appraising Nigeria's Tax Effort: A Comparative Econometric Analysis, Peter D. Golit

Economic and Financial Review

The article employs the conventional model of tax effort to appraise Nigeria’s tax performance in comparison to other counties of the West African Monetary Zone (WAMZ). The key objective of the study is to determine whether Nigeria is limited it its revenue collections by a low capacity to generate tax revenue by non-commitment-towards using the available tax capacity to fund public services. If the country has the capacity to increase tax revenue, what are the appropriate channels through which tax revenue can be increased. Empirical evidence suggests that Nigeria is not making the optimal of her taxable capacity as the …

Overview Of Monetary Policy In Nigeria, S. N. Ibeabuchi

Economic and Financial Review

This article provides and overview of monetary policy which is the instruments at the disposal of the monetary authorities to influence the availability and cost of credit/money M with the ultimate objective of achieving price stability. This overview is with reference to Nigeria.

Exchange Rate Policy Design: Choosing The Right Exchange Rate Response In A Changing Environment, M. I. Obadan

Economic and Financial Review

This article examines exchange rate policy design with reference to how to choose the appropriate exchange rate Response for the right environment. The article is structured into four parts with the introduction as part I. Part II gives the overview of Nigeria's exchange rate framework. Part III reviews different concepts of equilibrium exchange rates with a focus on the fundamental equilibrium exchange rate (FEER) and the behavioural equilibrium exchange rate (BEER) approaches. Part IV discusses the challenges encountered in choosing the right exchange rate response in the new banking sector environment. Part V concludes the paper and proffers the way …

Towards Inflation Targeting Framework For Monetary Policy In Nigeria: The Challenges For Central Bank Of Nigeria, M. Hugman

Economic and Financial Review

This article examines inflation with reference to Nigeria. As an emerging market environment. Part one outlines briefly the underlying mechanisms of inflation-management and general approaches to inflation targeting. Part two focuses on issues that specifically relate to inflation targeting (IT) in emerging markets, including the possible macroeconomic impact of the transition process. Part three considers the sequence and timing of the transition to IT in Nigeria, on the shift in exchange rate management required to achieve long-term price stability. Additionally, Nigeria-specific challenges are also addressed. The paper concludes by noting that both the time frame and coordination for a successful …

Inflation Targeting As A Tool Of Monetary Management: International Experiences, A. F. Odusola

Economic and Financial Review

This article seeks to address the main prerequisites and key challenges of implementing inflation targeting across many countries and draws relevant lessons for countries that are contemplating the adoption of IT. To achieve this objective, the rest of the paper has been structured as follows. Following the introduction is part II which examines the theoretical framework for IT while the review of international experiences is contained in part III. Contemporary issues and challenges are considered in part IV while recommendations and conclusion are the focus of part V.

Special Remarks, C.N.O. Mordi

Economic and Financial Review

This the special remarks delivered on the occasion of the opening ceremony of the 2007 CBN Executive Seminar on monetary policy in a changing environment for CBN Executive Staff.

Monetary Policy And Economic Growth: Theoretical And Conceptual Issues, D. G. Omotor

Economic and Financial Review

This article seeks to address the relationship between monetary policy and economic growth by enunciating the conceptual and theoretical issues that relate to monetary policy and economic growth. The paper is divided into five sections. Following the introduction in section 1, section 2 discusses the objectives of monetary policy. The monetary transmission mechanisms are schematically explained in section 3. Section 4 reviews the performance assessment of monetary policy and its framework in Nigeria. The constraints of monetary policy management in Nigeria are espoused in section 5. The final section concludes the paper.

Exchange Rate Versus Capital Account Liberalization In Nigeria: Some Important Issues, A. E. Akinlo, D. O. Yinusa

Economic and Financial Review

This article examines the relationship between exchange rate and account liberalization in Nigeria. It focuses on monetary policy design and management in a fast-changing world. It highlights that the need for continuous research into this subject is highlighted by the reliance on monetary policy as the principal tool for economic stabilisation in emerging market economies.

Standing Facilities And Liquidity Management In Nigeria: Progress So Far And Challenges Under An It Environment, J. K. A. Olekah

Economic and Financial Review

This article discusses the Central Bank of Nigeria (CBN) standing facilities and their effectiveness in reducing interbank interest rate volatilities as well as the challenges that have been faced by both the CBN and market operators in the implementation. The paper is organized into six sections. Following this introduction in section II, the CBN indirect monetary policy instruments are discussed as a prelude to the introduction of the standing deposit/lending facilities in December 2006. The CBN standing facilities as instruments of liquidity management are discussed in section III. Some of the countries that have adopted the policy instruments are surveyed …

Effect Of Financial Globalization On Developing Countries: Some Empirical Evidence By Eswar S. Prasad Et Al - A Review., Margaret Johnson-Hilili

Economic and Financial Review

A review of the paper "Effect of Financial Globalization on Developing Countries: Some Empirical Evidence" by Eswar S. Prasad. This paper provides an assessment of empirical evidence on the effect of financial globalization on developing economies. The authors used dejure restrictions on capital flows and actual capital flows across national borders in measuring the extent of a country's financial integration with the global economy.

Issues In Nigeria's Transport Data For Planning And International Comparison, G.T. Arosanyin

Economic and Financial Review

This paper examines the types, sources and shortcomings of transport data required for planning and international comparison in Nigeria. The paper found that transport data as published in Nigeria are deficient in terms of transport development indicators, projections, comprehensiveness, consistency, adequacy and classification accuracy, among others. For Nigeria's transport data to be very useful for planning and international comparison there is the need for the government to adequately fund transport surveys regularly; harmonize the functions of the various agencies responsible for transport data collection and publication and; computerize the data storage and retrieval system.

The Informal Sector And Employment Generation In Nigeria, A. S. Atoloye

Economic and Financial Review

What this paper attempts to do is to bring the issues of employment generation in the NEEDS programme and the informal sector into sharper focus. The objective of the paper, therefore, is to assess how far the NEEDS programme has positioned the informal sector of the Nigerian economy, which constitutes the larger segment of the economy in playing the catalytic role of poverty eradication in Nigeria, and to explore the possibility of repositioning the sector to benefit more from the target employment under the programme.

Capital Account Liberalization In Nigeria: Problems And Prospects, Ayodele F. Odusola

Economic and Financial Review

Capital Account is one of the lynchpins of globalization and it is often seen as an inevitable path to economic development for developing countries. This is based on the premise that liberalizing capital account would permit financial resources to flow from capital abundant countries to capital scarce countries. This paper examines the problems, prospects and challenges of foreign private capital flows in Nigeria.

Economic Growth And Human Capital Development: The Case Study Of Nigeria, Moses F. Otu, Adeniyi O. Adenuga

Economic and Financial Review

The paper examines empirically the relationship between economic growth and human capital development using Nigeria data. Microeconomics variables such as Growth of real gross domestic products (RGDPG), capital expenditure (CE) on education. recurrent expenditure on education (RE), real gross capital formation (RGCF) was used to proxy physical formation, enrolment into primary (PRYE), post-primary (PPE) and tertiary (TERE) educational institutional were used to proxy human capital development. It found that investment in human capital, through the availability of infrastructure requirements in the education sector accelerates economics growth.

Towards Developing A Vibrant Bonds Market In Nigeria: A Review, Salam N. Gbadebo

Economic and Financial Review

The paper highlights two major challenges in bond market which reflects in Nigeria. The author suggests methods and proposal that will enhance a better performance derivatives in long time. The article seek to established the narrative on two argument that, bond finance is less expansionary than money finance and that the expansion is sometime undesirable. While the Microeconomics argument posited that bonds are issued for different reasons. the findings revealed that corporate borrowers use debt market to obtain working capital and new equipment.

Foreign Direct Investment And Technology Transfer To Nigerian Manufacturing Firms: Evidence From Empirical Data., Nasiru Musa Yauri

Economic and Financial Review

The paper investigates the vertical effects of FDI on Nigeria manufacturing firms. Specifically, the paper asks, do Nigerian manufacturing firms benefits from FDI? As an investigation into the vertical effects of FDI , the paper attempts to establish whether manufacturing firms in Nigeria that receives FDI benefit from technology flows which comes along with foreign capital. The paper employs data from the World Bank Nigerian manufacturing survey, 2001.

Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren

Economic and Financial Review

This is the opening address by Mrs. O. A. Demuren at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.

The Role Of The Mortgage Industry In Economic Development, Kayode Omotosho

Economic and Financial Review

This article examines the role of the mortgage industry in economic development with a view to identifying its problems, challenges and opportunities. Possible areas of assistance from other stakeholders are also highlighted. The article discussed the evolution of mortgage banking and financing in Nigeria and the demand/market for mortgage sector finance services in Nigeria. It estimates that Nigeria needed N50 billion annually to provide an estimate of 8 million housing units in 2000. The article then examines the Federal Mortgage Bank of Nigeria (FMBN) in the last decade (1990 - 2000) and National Housing Fund (NHF) as well as the …