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Full-Text Articles in Finance

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria Dec 2001

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …


Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu Sep 2001

Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu

Bullion

The importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She …


Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna Sep 2001

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.


Emerging Trends In External Reserve Management, Nnadi C. Ben Jul 2001

Emerging Trends In External Reserve Management, Nnadi C. Ben

Bullion

This paper tries to identify some of the main trends in central Banks reserve management in recent years. lt describes some significant changes, which have taken place, with regard to the objectives and investment policies of central banks, while pointing out some elements that could noticeably slow or even reverse the trends identified. The study reveals reserve management has continued to evolve broadly in the areas of securitisation, return maximization, use of derivates and performance measurement. Secondly, in response to the increasing volatility of financial variables, central banks have at the same time continued to place emphasis on liquidity constraints.


Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2000, Central Bank Of Nigeria Dec 2000

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2000, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2000 and appraises the major economic policy outcomes during the period. The bank is responsible for administering the Banks and Other Financial Institutions (BOFI) Act, which aims to ensure high standards of banking practice and financial stability through surveillance activities and the promotion of an efficient payments and clearing system. The bank's major objectives for monetary policy in 2000 were outlined in the Bank's Monetary Policy Circular No. 34. Key policy targets included growth in broad money, narrow money, aggregate bank …


Interstate Trade And Economic Development In Nigeria., Ukwu I. Ukwu Jul 2000

Interstate Trade And Economic Development In Nigeria., Ukwu I. Ukwu

Bullion

The economy is characterized by low industrial development, predominantly poor population and low agricultural production. The paper presents an analysis of the present size and structure of the Nigerian Domestic market, examine the patterns of trade among states and zones, and consider what needs to be done to improve the domestic trade system and enable it play its appropriate role in the overdue of transformation of the Nigerian economy. Finally, the study reveals that economic development of any state or group of states can be improved if they take advantage of economic integration. The relatively low level of economic development …


Development In The Petroleum Sub-Sector And Their Impacts On Nigerian Economy., I. P. Ojinnaka Jul 2000

Development In The Petroleum Sub-Sector And Their Impacts On Nigerian Economy., I. P. Ojinnaka

Bullion

The development of the petroleum industry has had both negative and positive impacts on the Nigerian economy. Two schools of thought can be examined. First, that positive impacts outweigh the negative, and secondly, the inverse. The paper will examined the impacts and analyzed the positive ones. From the approach of the study it is clear that the petroleum industry has had both negative and positive impacts on the Nigerian economy. Nigeria without petroleum could be like any other country without oil or gas, that is, import dependent. However, Nigeria with oil is the best thing that could have happened to …


Interstate Cooperation And Educational Development In Nigeria., Bankole Oni Jul 2000

Interstate Cooperation And Educational Development In Nigeria., Bankole Oni

Bullion

The paper highlights on interstate cooperation and educational development in Nigeria. Education is a major instrument for economic and social development. The process of allocating resources to the sector vis-a-vis other sectors depends again on the political priorities of the decision makers. Whether or not different states, which belong to the same ideological camp, can and will cooperate in the field of education in future is not certain. The empirical analysis of existing facts have further strengthened the hypothesis that there exists a structural and cause - effect relationship between education and other aspects of the social structure. Political competition …


Monetary And Financial Sector Policies In The Year 2000 Budget Of The Fgn, M. O. Ojo Jun 2000

Monetary And Financial Sector Policies In The Year 2000 Budget Of The Fgn, M. O. Ojo

Bullion

The paper attempts to review the monetary and financial sector policies of CBN during the 2000 fiscal year. It also discussed the issues and problems of implementation of the policies. The paper observes that the Nigerian economy witnessed some anxious moments during the 1999 fiscal year. Severe Pressures built-up in the economy mainly because of the expansionary fiscal policy of the Federal Government during the first five months of the year. lf price of oil in the international market continue to rise above budget expectations and expenditure does not rise in tandem, finance is likely to constrain achievement of most …


A Special Address: Year 2000 Budget Policy Seminar, Phillip Asiodu Apr 2000

A Special Address: Year 2000 Budget Policy Seminar, Phillip Asiodu

Bullion

A Special address by the Chief Economic Adviser to the President, Mr. Phillip Asiodu. The paper centered on the roles of inter agencies synergies to ensure the implementation of the Year 2000 Federal Government Budget.


Remarks On The Focus Of The Policy Seminar., Mike Kwanashie Apr 2000

Remarks On The Focus Of The Policy Seminar., Mike Kwanashie

Bullion

The remarked was delivered at a seminar on the implementation of Year 2000 budget.


The Performance Of The 1999 Federal Government Budget, An Appraisal, Edet B. Akpankpan Apr 2000

The Performance Of The 1999 Federal Government Budget, An Appraisal, Edet B. Akpankpan

Bullion

The annual budget is a key instrument for implementation of Government projects, programmes and policies. This paper attempts to explain the fact that the annual budget serves three important purposes, namely; as a tool for accountability and transparency; as a tool of management, and as an instrument of economic policy. The paper conclude that Despite the macrocosmic achievement of this, Administration, basic structural imbalances persist. These include the lingering problems of import dependence, reliance on a single economic sector-oil, weak industrial base, low level of agricultural production, a weak Private sector, high external debt overhang, inefficient public utilities, low quality …


Data Generation In The Nigerian Environment: The Cbn Experience., A. A. Sere-Ejembi Apr 2000

Data Generation In The Nigerian Environment: The Cbn Experience., A. A. Sere-Ejembi

Bullion

The paper examines data collection activities of the statistical services division in collaboration with its Lagos liaison office as well as the zonal research units. The paper analyzes the survey methods applied by them. The task of easing data collection should be regarded as a continuous process. This is relevant even to the most developed economies with sophisticated technology for data collection and processing. Finally, with an improvement in the literacy level and overall appreciation of the role of reliable statistics in the country, it is believed that the public would embrace data generation and availability of relevant statistics will …


External Sector Performance And The External Sector Policy Measures In The Year 2000 Federal Budget., Mike I. Obadan Apr 2000

External Sector Performance And The External Sector Policy Measures In The Year 2000 Federal Budget., Mike I. Obadan

Bullion

The paper briefly reviews the performance of the external sector in the first half of year 2000 and then goes on to appraise the external sector policy measures in the federal budget for the year under review. The study reveals that the The Presidential directive on government ministries, departments and agencies to-Patronise home-made goods as first choice is commendable. The paper suggests that if monitoring mechanisms are put in place, it will ensure full compliance. Private sector operators, individuals, should be encouraged to take a cue from government departments. The Year 2000 customs tariff measures largely address the concerns of …


Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1999, Central Bank Of Nigeria Dec 1999

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1999, Central Bank Of Nigeria

CBN Annual Report

The Annual Report contains details of Central Bank of Nigeria (CBN) financial activities during the 1999 accounting year in accordance with statutory requirement. During the period under review, the Bank carried out its core functions under CBN Decree No. 24, 1991, and the Banks and Other Financial Institutions (BOFI Decree No. 25, 1991). The CBN also performed developmental and technical assistance roles to contribute to economic development and capacity building. In 1999, the CBN carried out core functions, including issuance of currency notes and coins, maintaining Nigeria's external reserves, and promoting monetary stability. The Bank implemented policies to reduce excess …


Central Bank Of Nigeria Statistical Bulletin, December 1998, Central Bank Of Nigeria Dec 1998

Central Bank Of Nigeria Statistical Bulletin, December 1998, Central Bank Of Nigeria

CBN Statistical Bulletin

The explanatory notes outline the methods for compiling financial, public finance, national accounts, and international trade statistics in Nigeria. Financial statistics are compiled from balance sheets and financial statements, covering lending and deposit interest rates, bank liquidity, and clearing house statistics. Public finance statistics include government revenue, expenditure, and debt, as well as debt conversion programs and promissory notes. National accounts are based on the System of National Accounts and include data on GDP, Gross Fixed Capital Formation, consumption expenditure, and Gross National Savings. International trade statistics measure the value and quantity of imports and exports, presented in the Standard …


Central Bank Of Nigeria Statistical Bulletin, June 1998, Central Bank Of Nigeria Jun 1998

Central Bank Of Nigeria Statistical Bulletin, June 1998, Central Bank Of Nigeria

CBN Statistical Bulletin

The explanatory notes outline the methods for compiling financial, public finance, national accounts, and international trade statistics in Nigeria. Financial statistics are compiled from balance sheets and financial statements, covering lending and deposit interest rates, bank liquidity, and clearing house statistics. Public finance statistics include government revenue, expenditure, and debt, as well as debt conversion programs and promissory notes. National accounts are based on the System of National Accounts and include data on GDP, Gross Fixed Capital Formation, consumption expenditure, and Gross National Savings. International trade statistics measure the value and quantity of imports and exports, presented in the Standard …


Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria Dec 1997

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1997, Central Bank Of Nigeria

CBN Annual Report

In 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single …


The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma Dec 1997

The Future Role Of Technology In Banking Development In Nigeria., Paul A. Ogwuma

Bullion

This is an address by the Governor of the Central Bank of Nigeria which examines the evolving relationship between banking sector development and technology in Nigeria and highlight both the future role of banking technology and the challenges that lie ahead. The address also argues that the economy is not only driven by technological advances, but have also in turn spawned technological developments. Technology has been the hub of banking development since the last decade and will continue to be so, well into the 21st century. the main focus of the address is information technology in the integrated form of …


Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe Dec 1997

Monetary Policy And Financial Sector Reform., J. O. Adeeribigbe

Bullion

The objective of this paper is to familiarize course participants with the importance of financial sector reform to the effective conduct of monetary policy based on free market principles, and examine the challenges posed to the monetary authorities in Nigeria in this regard. The paper is divided into four parts. following this introduction, part 11 of the paper analyses the framework for financial sector reform and implications for monetary policy. in part 111 an attempt is made to outline the implementation of financial sector reforms in Nigeria, while part IV evaluates the effectiveness of monetary policy between 1990 and 1997 …


Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose Dec 1997

Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose

Bullion

The paper examines the management of the foreign exchange in Nigeria the next decade. The paper is structured into four main sections after these introductory remarks. section 1 discusses some conceptual issues such as:-foreign exchange versus external reserves, objectives of reserve management, strategies employed in managing the reserves and techniques for reserve management. section 11 discusses tools of reserve management the third section provides some thoughts as to the direction of foreign management in the next decade. section IV summarises and concludes the paper.


A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo Mar 1997

A Review And Appraisal Of The Monetary And Other Financial Policies In The Federal Government Budget For 1997., M O. Ojo

Bullion

This paper is to be attempts to address the the question: can monetary policy cope with the seemingly increasing challenge of stabilization and growth of the Nigerian economy? In order to provide an appropriate background to the central focus of the paper which is to review and appraise the 1997 monetary policy package, an attempt is made in the second section of the paper to analyse the recent financial and economic conditions in the Nigerian economy after which the basis and elements of the monetary programme for 1997 are outlined in section three. Section four contains an articulation of some …


Budget Of Economic Growth And Development, Sani Abacha Mar 1997

Budget Of Economic Growth And Development, Sani Abacha

Bullion

This is the budget speech of the Head of State of Nigeria which implies a budget of renewal. It examines the success of the 1995 experiment that motivated the second step, of the budget which is to steadfastly fine tune and consolidate the gains of the 1995 budget. The 1996 budget is therefore, essentially a budget of consolidation, designed to continue on a higher plane, to lay a solid substructure for an efficient market economy.


Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma Mar 1997

Policy Seminar On The 1997 Federal Government Budget., Paul A. Ogwuma

Bullion

This is a lecture presented by the Governor of Central Bank of Nigeria. It examines the Nigeria federal budget critically on strategy and framework for the successful implementation of the 1997 policy measures, taking into account the absorptive capacity and constraints of the Nigerian economy.


Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria Mar 1997

Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria

Bullion

This paper contains the outlines of the monetary, credit, foreign trade and exchange policy guidelines for banks and other financial institutions in Nigeria during fiscal 1997. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1996 and thus provides the background to the policy measures for 1997. While section two outlines the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1997 are highlighted in section three and lastly a list of prohibited import and export …


A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade Mar 1997

A Special Address: Policy Seminar On The 1997 Federal Government Budget., Ayo Ogunlade

Bullion

The paper contains the special address by the Honourable Minister of National Planning at the opening ceremony of the CBN/NCEMA/NES policy seminar on the 1997 Federal Government Budget. The budget provides the framework for implementing the short-term components of medium-term national development policies and programmes.


On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa Mar 1997

On The Stability Of Money Multiplier Relations In Nigeria: An Alternative Testing Procedure, Sani L. Doguwa

Economic and Financial Review

The question of stability over time of the adjusted money multiplier relation is of crucial importance for adjusted base money to act as the main link to money supply. This paper tests the hypothesis of stability of money multiplier relations in Nigeria using the forward recursive cusum of squares that uses a confidence interval which is distributed as Pyke 's modified Kolmogrov-Smirnov statistic. The results of the stability tests applied to monthly data from January, 1991 to December, 1995 suggest that the functions underlying the adjusted money multipliers were not stable between March, I992 and December, I994. The two multiplier …


Allocation And Management Of Foreign Exchange: The Nigerian Experience., O. K. Anifowose Dec 1994

Allocation And Management Of Foreign Exchange: The Nigerian Experience., O. K. Anifowose

Bullion

This paper intends to discuss and review the various strategies adopted in the management of Nigeria's foreign exchange resources. Part I of the paper reviews the systems adopted before SAP (Structural Adjustment Programme) period as well as those practised from SAP to end of 1993. Part ll considers in broad terms the 1994 foreign exchange resource management policies. While Part lll describes the foreign exchange allocative mechanism adopted in 1994. Finally, part lV provides the summary and conclusion of the paper.


Towards A Viable Rural Financial Market In Nigeria., O. O. Akanji Dec 1994

Towards A Viable Rural Financial Market In Nigeria., O. O. Akanji

Bullion

This paper analyse the weakness of existing rural financial markets, survey the existing formal and informal financial markets in rural areas, their financing mechanisms, strengths and weaknesses, and propose an agenda from a viable rural financial market in Nigeria. It is divided into four parts. Part 1 presents a critique of the operation of formal financial institutions in rural markets. Part 2 identifies the existing informal financial markets, noting their structure and financing mechanisms and the overall influence on the rural people. Part 3 analyses the challenges and prospects of rural financial markets, while Part 4 presents the conclusion and …


Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1994, Central Bank Of Nigeria Jan 1994

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1994, Central Bank Of Nigeria

CBN Annual Report

In 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. …