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Nigeria

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Full-Text Articles in Economics

Developments In The Agricultural Sector During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Developments In The Agricultural Sector During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

There was a renewed optimism during the quarter that substantial growth in output could occur during the year, if the improvement in weather conditions and production environment was sustained. Available data showed that average monthly rainfall during the quarter was 177.53mm, representing a substantial rise over the 15 .4mm of the preceding quarter (which experienced an unusually prolonged dry spell) and about 18.3 per cent over the level of 150.1mm in the corresponding period of 1988. The distribution pattern showed that all the states of the Federation recorded rains during the quarter.

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Developments In The Industrial Sector In The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Developments In The Industrial Sector In The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

Aggregate industrial output improved during the second quarter of the year in spite of the problems of high production costs and liquidity constraints. The index of industrial production at 225.6 (1972 = 100) increased by 6.7 and 3.6. per cent over its levels 'in the corresponding quarter of 1988 and the first quarter of 1989, respectively (see table I). Compared with its level in the corresponding quarter of 1988, the rise in industrial output was accounted for by the respective increases of 20.6 and 2.4 per cent in mining and manufacturing output which outweighed the decline of 2.8 per cent …

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Developments In The Financial System During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Developments In The Financial System During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The financial system was under intense pressure in the second quarter of 1989 following the measures adopted by the monetary authorities to reduce the liquidity of the banking system and thereby combat the inflationary pressure in the economy and continued depreciation of the Naira exchange rate. The gradual strengthening of the squeeze on liquidity was accompanied by liquidity crisis among some banks towards the end of the quarter.

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Stock Market Report For The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Stock Market Report For The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The main event that dominated the transactions on the Nigerian Stock Exchange during the second quarter, 1989 was the compulsory transfer of the accounts of ministries and parastatals from the commercial and merchant banks to the CBN. In an attempt to raise their liquidity positions the banks and other private holders of Federal Government Development Stocks unloaded their holdings of the stocks on the Exchange. Consequently, the total volume of stocks traded rose from 14.9 million in 6558 deals during the first quarter of 1989 to 270.9 million in 8307 deals in the quarter under review. Compared with the corresponding …

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Developments In The Retail Prices Of Selected Consumer Items In Lagos Area During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Developments In The Retail Prices Of Selected Consumer Items In Lagos Area During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The results obtained from the price surveys of selected consumer items in the Lagos Area during the second quarter of 1989, indicated an upward movement in the prices of most of the items sampled. While some items recorded modest price declines below the level in the first quarter of 1989, these declines were not enough to offset the increases noticed in all the component price indices. Most of the traders interviewed during the surveys attributed the increase in prices mainly to rising costs of production inputs, and transportation as well as excess demand pressures on agricultural commodities.

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Developments In The External Sector During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn Jun 1989

Developments In The External Sector During The Second Quarter Of 1989, Central Bank Of Nigeria Cbn

Economic and Financial Review

The pressure on the external sector eased considerably in the second quarter of 1989 as foreign exchange flows into. and out of the economy indicated a turn around from a net outflow of 'fijl .7 million in the second quarter of 1988 to a net inflow of $245 .0 million. The improvement was attributed to increased earnings by the oil sector due to the rise in crude oil prices and export volume, increased drawings on external loans, decline in debt service and reduced funding of the foreign exchange market. However, the position represented a deterioration when compared with the net …

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The Evolution Of The Nigerian Financial System: Problems, Challenges And Prospects, Ben A. Oke Jun 1989

The Evolution Of The Nigerian Financial System: Problems, Challenges And Prospects, Ben A. Oke

Economic and Financial Review

The paper reviews the evolution of the Nigerian financial system and articulates some of its current problems and challenges for the future, especially in the light of the liberalised trade and exchange regime initiated under the Structural Adjustment Programme (SAP). The paper examines the evolution of the major institutions in the financial system in the context of the changing pattern of economic and regulatory environment in which they operate. It observes that the financial system has undergone substantial changes since 1960 in terms of number and variety of financial intermediaries, the depth and breadth of instruments, as well as the …

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Nigeria's External Debt Problems: A Review Of Management Efforts And The Prospects, M. O. Ojo Jun 1989

Nigeria's External Debt Problems: A Review Of Management Efforts And The Prospects, M. O. Ojo

Economic and Financial Review

This article provided the most recent information on efforts being made to reduce Nigeria's huge external debt burden. In order to evaluate such efforts, it discussed both theoretical and practical issues on the international management of the debt crisis. It was observed that the wide gulf between the debtor countries and the creditors, especially the commercial banks has been significantly bridged in the last three years. The article noted that while Nigeria has made commendable progress in reducing her debt burden, a lot more still needs to be done to make the efforts to have the desirable positive impact. More …

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Developments In The Agricultural Sector During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn Dec 1987

Developments In The Agricultural Sector During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

With the emergence of the dry season and harmattan in most parts of the country, very little farming activity took place during the fourth quarter of 1987. Rather, some northern states, namely, Bauchi, Niger and Sokoto reported serious drought with grasshopper infestations which damaged thousands of hectares of farm crops. However, a total of 124,788 metric tonnes of fertilizers were distributed to farmers across the country in preparation for the next farming season. This figure represents a decrease of 41.6 per cent over the level in the preceding quarter.

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Stock Market Report For The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn Dec 1987

Stock Market Report For The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

A total of 5.9 million shares were traded in 4,752 deals in the period under review. This represents a decline of 0.6 million shares, or 9.2 per cent over the preceding quarter. The bearishness of the stock market during the review quarter emanated from the liquidity squeeze in the economy coupled with the deregulation of interest rates. Actively traded were the securities of Nigerian Breweries Ltd.: (1,204,379 shares), G. Cappa Ltd.: (793, 100 shares), Lever Brothers Nigeria Ltd.: (399,586 shares), Guinness Nigeria Ltd.: (345,465 shares) and Beecham Ltd.: (323,418 shares).

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Report On Retail Price Indices Of Selected Consumer Items In Lagos Area For The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn Dec 1987

Report On Retail Price Indices Of Selected Consumer Items In Lagos Area For The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

There was a general rise in the prices of selected consumer items in the Lagos Area during the fourth quarter of 1987. This is evidenced by the 2.3 per cent rise in the all-item price index vis-a-vis its level in the third quarter of 1987

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The Structural Adjustment Programme: The Journey So Far, A Ahmed Dec 1987

The Structural Adjustment Programme: The Journey So Far, A Ahmed

Economic and Financial Review

The SAP was introduced to achieve the following objectives: (i) To restructure and diversify the productive base of the economy in order to reduce dependence on the oil sector and imports; (ii) to achieve fiscal and balance of payments viability over the period; (iii) to lay the basis for sustainable non-innationary or minimal inOationary growth; (iv) to lessen the dominance of unproductive investment in the public sector, improve the sector's efficiency and intensify the growth potential of the private sector.

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Developments In The Financial System During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn Dec 1987

Developments In The Financial System During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Growth in monetary aggregates accelerated during the fourth quarter, as the narrow measure of money stock (Ml) rose substantially by 20.2 per cent, compared with 5.0 per cent in the preceding quarter. The major factors responsible for this increase were increased government reliance on bank credit to bridge budgetary gaps and the traditional seasonal rise in demand for credit by the private sector. The broad money (M2) also rose as a result of the rise in Ml and the expansion in commercial banks' time and saving deposit liabilities, following the enhanced yield on these deposits.

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Developments In Nigeria's External Sector During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn Dec 1987

Developments In Nigeria's External Sector During The Fourth Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Transactions in foreign exchange through the Central Bank resulted in a net inflow of N495.7 million during the 4th quarter of 1987, as against a net inflow of Nl,184.5 million in the preceding quarter. This development increased the official reserves from N4, 159.0 million at the end of the 3rd quarter to N4,654. 7 million at the end of 1987. However the foreign exchange position was far from comfortable as the level of reserves could cover barely two months' imports.

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A Review Of The Structural Adjustment Programme, The Foreign Exchange Market And Trade Policies In Nigeria, S. E. Omoruyi Dec 1987

A Review Of The Structural Adjustment Programme, The Foreign Exchange Market And Trade Policies In Nigeria, S. E. Omoruyi

Economic and Financial Review

The purpose of the paper was to throw more light on the Structural Adjustment Programme currently under implementation in Nigeria through a detailed review and appraisal of its policy framework . This was considered to be desirable in view of recent public criticisms many of which appeared not to be well informed. In a more balanced approach, the paper reviewed the benefits and costs of the Programme. Among the benefits highlighted were the removal of the overvaluation of the naira exchange rate, the boost to agricultural exports, greater industrial capacity utilization and the improved international confidence in the Nigerian economy. …

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Common Currency For The West African Sub-Region: Prospects For Nigeria, N. E. Ogbe Dec 1987

Common Currency For The West African Sub-Region: Prospects For Nigeria, N. E. Ogbe

Economic and Financial Review

An important element of the economic integration process in West Africa is the achievement of monetary co-operation which can take various forms such as the clearing house mechanism, European Monetary System Model, Parallel Union Currency Model and Common Currency Area. The paper traced the efforts by ECOW AS at evolving monetary co-operation and also analysed the prospects for Nigeria of a common currency in the West African sub-region. The paper identified and discussed the costs and benefits of a common currency to member nations, especially Nigeria. The costs include loss of autonomy by individual governments in major areas of monetary …

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Management Of The Nigerian Economy, E. A. Akatu, E. U. Olisadebe Dec 1987

Management Of The Nigerian Economy, E. A. Akatu, E. U. Olisadebe

Economic and Financial Review

The paper reviews the current economic policy framework against the background of the economic policy regime up to 1985 and observes that the past experience justifies the current experiment with private markets as the principal mechanism for allocating resources. The paper argues that the visible hand of the government does have a supportive role, a lbeit a different one from the past. The new approach is considered as having great potential although ultimate success is as yet beset by various uncertainties as may be expected from any experiment.

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Nigeria's Economy, According To Ishrat Hussein, Ishrat Husain Dr. Sep 1987

Nigeria's Economy, According To Ishrat Hussein, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

DR. Ishrat Hussein came to Nigeria as the World Bank's resident representative in December 1983, when Nigeria's oil bubble had long burst; when Nigeria's economy was, more or less, in a stupor. Shehu Shagari had just been reelected for a second term. At that time, Nigerians, at home and abroad, were being made to bear all sorts of economic burdens. Soon, that administration was ousted by the military, with Muhammadu Buhari in as helmsman.

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Developments In The Financial System During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn Jun 1987

Developments In The Financial System During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Money supply, Ml declined by_ a further 3.5 per c~nt in the second quarter of 1987 followmg the seasonal decline of 3.8 per cent in the first quarter. The broader ~easure of money stock, M2 which declined by 0.8 per cent m the first quarter, showed an increase of 1.4 per cent in the second quarter. While sharp declines in "other" assets (net) ~d foreign assets depressed Ml in the first quarter, the ma1or contractionary factor in the second quarter was the sharp increase in quasi-money. The pace of expansion of banking system credit to the domestic economy quickened in …

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Developments In The Agricultural Sector During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn Jun 1987

Developments In The Agricultural Sector During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

The widespread concern expressed about possible adverse effects of late arrival of rains abated slightly towards the end of the quarter. This was because in the south, middle belt and sudan savannah regions, the level of rain allowed early crops like maize, yam, groundnut and vegetables to be planted, nurtured and in some cases harvested. In the northern parts of the country, especially the sahelian zones, farmers experienced their first rains which facilitated land preparation activities as well as plan ting, especially in Kaduna, Bomo and Sokoto states. A total of 130, 952.35 tonnes of fertiliser were discharged at the …

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Stock Market Report For The Second Quarter Of 1987, Central Bank Of Nigeria Cbn Jun 1987

Stock Market Report For The Second Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Transaction in equity on the NigeriaJ1 Stock Exchange declined during the second quarter when the number of equities traded fell from 5.5 million in 5 333 deals in the first quarter, to 5.4 million in 4,605 deals. 'The decline con: trasted with a substantial increase of 73.4 per cent over the 3.1 million shares swapped in the corresponding quarter of 1986. The factor responsible for the slump in trading activities during the review period was poor corporate trading results in some quoted companies.

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Report On Retail Price Indices Of Selected Consumer Items In Lagos Area During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn Jun 1987

Report On Retail Price Indices Of Selected Consumer Items In Lagos Area During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

The Report on the retail price movements was compiled from data coilected during bi-monthly market surveys conducted in thirteen Markets in the Lagos area. The indices are computed on a monthly basis and aggregated over a period of three months for the relevant quarter.

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Developments In Nigeria's External Sector During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn Jun 1987

Developments In Nigeria's External Sector During The Second Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Transactions in foreign exchange through the Central Bank of Nigeria resulted in a net inflow of N 189 .3 million during the second quarter of 1987, in contrast with a net outflow of N819.0 million in the preceding quarter. As a result, the level of official reserves moved up from N2,785 .2 million in March toN2,974.5_million at the end of June. The increase notwithstanding, the June-end level of reserves was N629. 7 million lower than the December 1986 level and was adequate to finance only 1.8 months of the foreign exchange obligations at the prevailing rate of disbursements.

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Inter-Sectoral Financing In Nigeria: 1986, Central Bank Of Nigeria Cbn Jun 1987

Inter-Sectoral Financing In Nigeria: 1986, Central Bank Of Nigeria Cbn

Economic and Financial Review

The report shows that the domestic economy was able to finance a sharp increase in capital formation in 1986. Insurance, Oil and Non-oil Businesses and Households, were the net surplus sectors while the governments (Federal and State), Commercial Banks, and OJi.er financial institutions excluding Insurance Companies were the net deficit sectors. Analysis of the financial intermediation during the year showed that lending by the banking system to the economy increased by subtantially more than the increase in the various sectors' deposits with the banks. Activities in the financial markets were dominated by transactions in foreign exchange which accelerated sharply during …

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Nigeria's Insurance Industry In 1985, Central Bank Of Nigeria Cbn Jun 1987

Nigeria's Insurance Industry In 1985, Central Bank Of Nigeria Cbn

Economic and Financial Review

This report describes the activities of insurance companies operating in Nigeria in 1985. Among the topics covered are the number and type, ownership structure, income and expenditure and the relative performance of the insurance companies. Their sources and application of funds, loss and expense ratios are also discussed by class of insurance. The report, which ends with a discussion of the assets -of the insurance companies, observes that operating costs rose in the companies during the review period, and traces the source of the increased costs to higher costs in the life insurance companies run by indigenous insurers.

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Developments In The Financial System During The First Quarter Of 1987, Central Bank Of Nigeria Cbn Mar 1987

Developments In The Financial System During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Money supply as measured by both Ml and M2 declined in the first quarter of 1987 due mainly to declines in net foreign assets and ••other'' assets net of the banking system. Banking system credit, on the other hand increased although at a slower pace than in the last quarter of 1986. While both the money and capital markets remained active during the quarter, the tempo of activities slowed down considerably from the December 1986level.

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Developments In The Agricultural Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn Mar 1987

Developments In The Agricultural Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Early rains in most southern parts of the country during the first quarter encouraged preliminary farming activities such as bush clearing and land tilling. In a number of areas, actual planting of some crops-maize, yam, okro, pepper and leaf vegetables- also began. In the northern parts, activity centred around dry-season farming involving the planting of wheat, rice and vegetables on irrigated lands. Other activities during the first quarter included harvesting and processing of cassava, rice; fruits and vegetables in the south, and maize, sorghum, millet and cotton in the northern states. A total of 99,295.1 tonnes of fertilizers were discharged …

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Performance Of The Manufacturing Sub-Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn Mar 1987

Performance Of The Manufacturing Sub-Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

This report presents the results obtained from an impressionistic survey conducted by the Central Bank of Nigeria to assess the performance of the manufacturing sub-sector during the first quarter of 1987. During the survey, 135 firms, covering 20 industrial sub-groups, were contacted and 48.8 per cent response rate was achieved.

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Developments In Nigeria's External Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn Mar 1987

Developments In Nigeria's External Sector During The First Quarter Of 1987, Central Bank Of Nigeria Cbn

Economic and Financial Review

Transactions in foreign exchange through the Central Bank of Nigeria resulted in a net outflow of N819.0 million in the first quarter of 1987, in contrast with a net inflow of Nl,580.8 million in the preceding quarter ang. a net outflow of N76.4 million during the corresponding quarter of 1986. The deterioration in the foreign exchange position during the quarter under review was attributable to the combined effects of a decline of 4.2 per cent in the level of inflow and a rise of 77 .6 per cent in the level of outflow.

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Statistics (March 1987), Central Bank Of Nigeria Cbn Mar 1987

Statistics (March 1987), Central Bank Of Nigeria Cbn

Economic and Financial Review

This is a statistical representation of economic activities in Nigeria in March, 1987

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