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Articles 61 - 90 of 162
Full-Text Articles in Finance
The Challenges Of Power Supply In Enhancing Integration Processes In Ecowas Member Countries, O. L. Akinboyo
The Challenges Of Power Supply In Enhancing Integration Processes In Ecowas Member Countries, O. L. Akinboyo
Bullion
The birth of the Economic Community of West African States (ECOWAS) in 1975 as an instrument for fostering regional development and unity was also due to the limited economic coherence within the sub-region. This prompted their leaders to embrace regional integration as a central element of their development strategy. There has been increased awareness among these countries that progressive integration holds great potential for minimizing the costs of market fragmentation and thus, represents a precondition for integrating the region into the global economy. Cooperation and integration is also necessary to improve West Africa's competitiveness and position it to maximize the …
Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele
Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele
Bullion
As a country's monetary authority, a central bank is responsible for the conduct of monetary policy. This onerous process begins with developing a plan of action of employing interest rates or controlling the money stock to influence the economy. The focus of monetary policy is to safeguard the value of the domestic currency in terms of what it can purchase as a basis of providing a framework for the achievement of wider government economic objectives of non-inflationary economic growth, employment, stable exchange rate, favourable balance of payments and more generally a stable financial environment for the economy. In view of …
Currency Restructuring: The Role Of The Media., Festus O. Odoko
Currency Restructuring: The Role Of The Media., Festus O. Odoko
Bullion
One of the mandates of the Central Bank of Nigeria (CBN) as provided in the CBN Act of 1991 (as amended) is the issuance of legal tender currency. This paper examines the rationale for currency restructuring so as to elicit the buy-in and support of the media and in that way enhance the acceptability of the currency in economic transactions in Nigeria. The rest of the paper is organized as follows: Section 2 outlines the major elements of currency restructuring, while section 3 discusses the critical success factors. In section 4 the role of the media is enunciated while section …
Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun
Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun
Bullion
Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …
Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan
Overview Of Exchange Rate Management In Nigeria., Mike I. Obadan
Bullion
The exchange rate is a key macroeconomic variable in the context of general economic policy making, and of economic reform programmes, in particular. It is a very important price which governments take very active interest in. However, two concepts of exchange rate are commonly distinguished: nominal exchange rate and real exchange rate. - The nominal exchange rate (NER) is a monetary concept which measures the relative price of two moneys or currencies, e.g., Naira in relation to the U. S dollar. - But the real exchange rate (RER), as the name implies, is a real concept that measures the relative …
Economics Of Exchange Rate Management, Ayodele Odusola
Economics Of Exchange Rate Management, Ayodele Odusola
Bullion
Exchange rate policy plays an important role in national economic development management. If well managed, it could facilitate the achievement of macroeconomic objectives of rapid economic growth, low rate of inflation, high employment generation, buoyant balance of payment condition, and progressive income distribution. Of all economic policies, it is the most suitable policy for ensuring internal and external balances. This paper examine the economics of exchange rate management; the conceptual issues in exchange rate management in view of attaining the macroeconomic objectives for rapid economic growth and development. One of the critical issues in the management of foreign exchange is …
Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama
Recent Reforms In The Nigerian Banking Industry: Issues And Challenges., U. Kama
Bullion
The banking industry around the world has witnessed remarkable changes in recent decades, given t h e i n c r e a s i n g w a v e o f globalization, structural and technological changes, and integration of financial markets. As McKinnon and Shaw (1973) observed in their seminar work on the key roles of banks as propel lands of growth and development in developing economies, a feeble banking system is repressive, distortionary and dis-connect the intermediation process thereby precipitating macroeconomic instability. The paper reviews the various reforms in Nigerian banking industry since 1986 particularly the complementary …
Overview Of Currency Management In Nigeria., K. S. Adeyemi
Overview Of Currency Management In Nigeria., K. S. Adeyemi
Bullion
This paper seeks to highlight the issues in currency management, identify the challenges of currency management in Nigeria, and situate the currency management reforms of the Central Bank of Nigeria in proper context. The paper is structured into six sections. Following the introduction, the key dimensions of the currency management function is highlighted in section 2. Section 3 reviews the major currency episodes in Nigeria while section 4 examines the shortcomings of the existing currency arrangements. Nigeria's reform effort in currency management is discussed in Section 5 and the paper is concluded in section 6 by observing that: as inflation …
Promoting The Use Of Coins In Nigeria., A O. Ikuseedun
Promoting The Use Of Coins In Nigeria., A O. Ikuseedun
Bullion
The main purpose of currency in any nation is to facilitate transactions and serves as a store of value. Currency is made up of banknotes and coins. While banknotes are expected to be used for relatively large value payments, coins are for low value ones. The paper examines the factors responsible for low usage of coins in Nigeria and suggest possible remedial measures. The paper observes that there had been a general low use of coins for retail transactions in Nigeria. This was reflected in the relative value of coins in circulation as against the value of currency which was …
Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba
Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba
Bullion
It is often held that capital accumulation is necessary and sufficient condition for growth and capital accumulation is almost synonymous with saving, hence the route to growth is then one of raising savings and smoothing consumption (Deaton, 1991). Savings is one of the key relevant macroeconomic variables in any economy. Its impact on the rate of capital accumulation, productivity and the degree of dependency of a nation on foreign capital and foreign ownership of domestic assets cannot be overemphasised. This paper reviews conceptual issues on savings behaviour in Nigeria. It also provided an analysis of the factors that may have …
The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni
The Challenges Of Sustainability Of The Current Exchange Rate Regime In Nigeria., H. T. Sanni
Bullion
The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. In the quest for corrective measures to minimize distortions in the foreign exchange market, the monetary authority initiates the current exchange rate reform. the objective of this paper is to discuss the challenges of sustaining the recently introduced exchange rate regime in …
Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu
Exchange Rate Stability And Poverty Reduction In Nigeria, Greg Nzekwu
Bullion
The paper discusses the role of macroeconomic policy in achieving social as well as macroeconomic objectives in attaining poverty reduction in Nigeria. Nigeria's economy is growing at an impressive rate compared to the historical. This reflects in part increased investor confidence due t o the improvement in macroeconomic management and positive dividends of the new found economic direction and general political stability. However, the renewed optimism is unlikely to be sustained if appreciable progress is not made to advance growth, general macroeconomic stability and poverty reduction. The reveals that, In order for growth to be poverty reducing, the link between …
Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi
Challenges Of Exchange Rate Volatility In Economic Management In Nigeria., Charles N.O Mordi
Bullion
The motive behind initiating an exchange rate policy, an integral element of monetary policy, is to preserve the value of the domestic currency, maintain favorable external reserves and ensure the realization of price stability in the domestic economy. The pursuance of these goals is to ensure external balance without compromising the need for internal balance and macroeconomic stability. It is important that the monetary authority, in its bid to designing an appropriate and sustainable exchange rate policy framework, addresses issues that are fundamental to the introduction of the policy itself. This paper discussed the challenges of exchange rate volatility management …
The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji
The Achievement Of Convergence In The Nigeria Foreign Exchange Market, O. O. Akanji
Bullion
The fact that Naira is floating is not a panacea for effective monetary policy management learning from the Argentina experience. Also with volatile capital flows, there are associated over - and undershooting of exchange rates that the economy would encounter. This paper discuss the achievement of convergence in the Nigerian foreign exchange market and monetary policy, the liberalization of the foreign exchange market and the process of foreign exchange convergence. It was observed that there were supply shortage and so the supply side of resource allocation was deployed. It was also observed that the harmony between the money market and …
Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda
Effective Reserve Management In Nigeria: Issues, Challenges And Prospects., M. Nda
Bullion
Effective management of foreign exchange reserves is one of the major macroeconomic objectives of countries like Nigeria. This is against the background of rapid rise and accumulated challenges currently facing many emerging economies especially oil producing countries. In Nigeria, the reserves has risen from USD4.99 billion in May 1999 to USD38.07 billion as at July 31, 2006 (see table 1). The paper examines the key issues, challenges and prospects of effective management of external reserves in Nigeria and how the Central Bank of Nigeria has fared in coping with these challenges. The recent accumulation of foreign reserves is not peculiar …
Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede
Promoting The Use Of Non-Cash Payment Alternatives In Nigeria., Aigboje Aig-Imoukhuede
Bullion
The payments and settlement system represents the plat-form upon which financial resources is exchanged for goods and services. This paper discussed the different alternatives of non-cash payment methods as well as the advantages, modes of payments and challenges. The study concluded that, there is need not only to further the laudable reforms of the Federal Government of Nigeria, but also to ensure that business and non-business financial transactions are accessible and convenient for the average Nigerian. These reforms in the payment system can only fast track the integration of Nigeria into the international financial system with attendant benefits for the …
The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye
The Legal Framework For Currency Management In Nigeria., Anthony Olatujoye
Bullion
This paper reviews the adequacy of the existing legal framework for Currency Management in Nigeria. The paper is structured into three parts. Part I is an introduction to the paper. The legal provisions governing currency management in Nigeria and some of the legal challenges for the CBN are highlighted and examined in part II. Part III concludes the paper: that a major legal challenge facing the CBN is the absence of specific provisions of the law criminalizing such acts as tampering, deliberate mutilation, spraying and marching of currency.
Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako
Contributory Pension Scheme: The Case Of Brazil., Mbatomon R. Ako
Bullion
The reform of the pension industry in Nigeria was necessitated by many problems confronting both the public and private sectors pension schemes. The public sector operated largely the Defined Benefit - Pay As You Go (PAYG) scheme, which depended on budgetary provisions from various tiers of governments for funding. This paper discuss the conceptual issues of Contributory pension scheme in Brazil, the structure of the pension system and the features of the pension scheme as well as some other pension reforms in Brazil. The study concluded that. the pension systems were introduced into the country by the colonial administrators. The …
Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi
Financial Sector Outcomes In Nigeria: A Quantitative Evaluation., Abeng M. Okoi
Bullion
Prior to the adoption of the economic reforms measures of the 1980's, most African economies were predominantly characterised by extensive public ownership, management and control of productive and social infrastructures and institutions. This paper discuss the trend of investments and pension schemes with its risks and challenges in Nigeria. The study however confirmed the non applicability of the financial reform theory hypothesized by McKinnon and Shaw in Nigeria 'This Paper quantitatively examine the outcomes of financial sector reforms in Nigeria with a view to validating the applicability of the Mckinnon Shaw hypothesis of financial liberalization. The impact of reforms on …
Is The Nigerian Curricula In Economics Relevant For The Nigerian Economy Of The 21st Century., J. A. Achilike
Is The Nigerian Curricula In Economics Relevant For The Nigerian Economy Of The 21st Century., J. A. Achilike
Bullion
The loopholes in Nigeria's educational system have created a death of capacity in the Nigerian economy. No nation can develop without qualitative education. The paper examines the relevance of the economics curricula in Nigeria's tertiary institutions in meeting the challenges of the 21st century. It highlights its problems and examines the efforts of National University Commission and Ministry of Education in meeting the challenges of economics education in Nigeria. Finally the study concludes that, the Nigerian Economics curricular is critically under developed and does not follow government economic policies, but if all the recommendations are adopted the Nigerian economics curricula …
Banking Sector Reforms And Bank Consolidation: Conceptual Framework., Moses Ajayi
Banking Sector Reforms And Bank Consolidation: Conceptual Framework., Moses Ajayi
Bullion
Reforms are predicated upon the need for reorientation and repositioning of an existing status quo in order to attain an effective and efficient state The objective of this paper is, therefore, to present the conceptual framework for banking sector reforms. particularly, consolidation. The paper is divided into five sections. following the introduction, section ll conceptualizes the facets of reforms and conceptual issues on consolidation in the banking sector, while section ll discusses the critical success issues in banking sector consolidation. section IV presents concepts associated with country elements of banking elements of banking reforms, while section five concludes the paper. …
Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu
Banking Sector Reforms And Bank Consolidation: The Malaysian Experience., Okorie A. Uchendu
Bullion
This paper examines banking sector reform with particular reference to the Malaysian banking sector. The Malaysian banking sector which resulted from the Asian financial crises of the 1990s is the subject of the study. The paper is divided into four sections: following the introduction, section II covers conceptual issues in banking sector reform and bank consolidation. The Malaysian experience in banking sector reforms and bank consolidation is discussed in section III, while lessons for Nigeria and concluding remarks are presented in section IV. The paper highlights the response of the Malaysian authorities to the Asian financial crisis and identified the …
Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka
Banking Sector Reforms And Bank Consolidation: The Turkey Experience., U. M. Ogubunka
Bullion
Countries reform their banking sectors for a number of reasons, including structural, capitalization and ownership issues. Consequently, the objectives of the reforms can hardly be the same in all countries. This paper is presented on the basis that an overview of the banking reform in the lessons Nigeria could learn from it. The paper is structured into seven sections. the next section following this introduction identifies some of the key features of Turkish banking system pre-reform era of 2001, section three deals on the drivers of banking reform in the country. section four reviews some of the actions taken in …
Non-Performing Assets Of The Banking System In Nigeria: Complementary Measures., Moses F. Otu
Non-Performing Assets Of The Banking System In Nigeria: Complementary Measures., Moses F. Otu
Bullion
The article examines the structure of the non-performing assets of the banking system in Nigeria with the view of ascertaining loan concentration. further attempt would be made to examine the causes of deteriorating assets and explore the complementary options for managing the non-performing loans. Following an introduction as section one, the rest of the paper is thus: section two focuses on definitional and conceptual issues, section three covers the literature review while section four addresses the methodology and trend of non- performing assets and the sectoral contributions. Section five, presents the complementary options and the concluding remarks. The study concluded …
Challenges Of Banking Sector Reforms And Bank Consolidation In Nigeria., Odufu I. Imala
Challenges Of Banking Sector Reforms And Bank Consolidation In Nigeria., Odufu I. Imala
Bullion
This paper intended to look at the number of reforms that have since been created, several of them was intended to enhance the risk management capability of both the regulated institutions and the regulators. the current reforms are part of the broader and on-going national economic reforms. This paper x-rays the challenges envisaged in their implementation. Following the introduction, section 2 examines the role of the banking system in the economy, while section 3 provides the rationale for the reforms in Nigeria. Section 4, the reform agenda is discussed with a brief on the journey so far. Section 5 identifies …
Overview Of Electronic Payment Systems In Nigeria: Strategic And Technical Issues., Margaret J. Hilili
Overview Of Electronic Payment Systems In Nigeria: Strategic And Technical Issues., Margaret J. Hilili
Bullion
The objective of this paper is to provide an overview of electronic payment system as it currently exists in Nigeria, discuss the strategic and technical issues as well as the monetary policy implications of the system, with focus on the needs of consumers. The paper is structured into five sections. Following the introduction, section II discusses the motivation for electronic payment system. Section III presents an overview and development of electronic payment system in Nigeria. Section IV analyzes the various strategic and technical issues in electronic payment systems as well as the monetary policy implications, while section V highlights the …
Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello
Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello
Bullion
This paper examines banking sector development in Nigeria from the Structural Adjustment era of the mid-1980s and the current reforms taking place in the financial service industry in terms of consolidation. In addition, the paper tries assess the banking system consolidation in Nigeria and the challenges and prospects expected. The paper is structured into six parts. following this introduction\, the part two discusses an overview of the banking system in Nigeria. part three reviews some regional experiences, while part four evaluates banking system consolidation in Nigeria and part five examines the challenges and prospects. while part six, summarizes and concludes …
Public Policy And Industrialization In Nigeria., A. J. Adam
Public Policy And Industrialization In Nigeria., A. J. Adam
Bullion
This paper is concerned with evaluation of government policies on industrial development in Nigeria with specific reference to the effects of public policy on Nigeria's industrialization. Following an introduction is section two which examines conceptual and theoretical issues. Section three is the review of public policy in Nigeria. Section four focuses on policy evaluation and comparative analysis of experience of other countries. Section five provides the concluding remarks and recommendations. The paper observes that government has a role to play in the industrialisation process by providing infrastructures; help overcome market failures; assist develop money and capital markets; make economic information, …
Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For Neem Tree In Nigeria., Abdullahi Abubakar
Employment Creation And Opportunities In The Manufacturing Sub-Sector. The Case For Neem Tree In Nigeria., Abdullahi Abubakar
Bullion
This paper is focused on neem oil production for both local and export markets. It examines Neem, (Azadirachta indica A Juss), an evergreen tree that belongs to the family, Meliaceae and is known by the botanical name Azadirachta indica A Juss. lt is a fast growing tree, well adapted to semi-arid conditions and grows well on poor shallow stony or sandy soils where agricultural crops give low yields despite the application of fertilisers. The paper examines the origin of the neem tree, composition, uses, products, investment potentials and financial analysis on profile for neem seeds processing. The study conclude that …
Employment Generation And Opportunities In The Manufacturing Sub-Sector. The Case For The Manufacturing Of Farm Implements., Ihinodu I. I
Employment Generation And Opportunities In The Manufacturing Sub-Sector. The Case For The Manufacturing Of Farm Implements., Ihinodu I. I
Bullion
The modernization of agriculture has the potential to achieve the various objectives of creating employment, increasing productivity and output in both the sector and the entire economy, thus contributing to the food security goal of the government. This paper aims primarily at examining the prospects as well as the processes of manufacturing agricultural implements with a view to encouraging small/medium entrepreneurs to engage in the ventures. It examines the manufacturing activities of farm implements. It analyses the role which governments should play as well as highlighting the potential benefits of the enterprises. The paper conclude that given the stage of …