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Articles 1 - 25 of 25
Full-Text Articles in International Economics
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Contemporary Issues In Nigeria's External Debt And Implications For National Sovereignty, Umar E. Mahmud, Yusuf A. Ogwuzebe
Bullion
The imperative of public borrowing to finance development, combat natural or artificial disasters, and for other reasons is incontrovertible. The diverse traumatic experience of debt-victim nations: Spain, Mexico, Egypt, Venezuela, et cetera, which narrowly escaped total loss of national sovereignty to foreign lenders, due to debt-induced bankruptcy, have been xr-ayed by literature: Magaji (2000) and Bature (2015), among others. The objectives of this paper are to examine the situation of Nigeria, vis-à-vis the nations which travelled the path of Nigeria's current adventure; and to proffer policy antidotes for averting the highly probable cataclysm which unsustainable external debt might precipitate, particularly …
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
External Sector Liberalization And Output Growth In Nigeria, Emmanuel A. Onwioduokit, Obong E. Effiong
Bullion
The paper investigates the impact of external sector liberalization (foreign direct investment, external debt stock, trade openness and exchange rate) on the output growth in Nigeria from the period 1981 to 2019, utilizing correlation analysis, Granger causality test and vector autoregression (VAR). The results indicate that foreign direct investment, external debt stock, trade openness and exchange rate all correlate positively with gross domestic product. Also, the granger causality test indicates that foreign direct investment, trade openness and exchange rate granger cause the output growth in Nigeria. From the VAR result foreign direct investment exerted positive and significant impact on the …
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu
Bullion
Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and …
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Relationship Between Volatility In Domestic Oil Production, Oil Price And Exchange Rate In Nigeria: Co-Integration And Granger Causality Tests, Bashir Umar Faruk
Bullion
The paper examines the relationship between volatility in domestic oil production, oil prices, and exchange rate in Nigeria. The study employs monthly time series data, from January 2006 to August 2018. Data for the Nigerian Bonny light oil prices (COP), Domestic Oil Production (DOP) and Exchange Rate (EXC) are obtained from the Central Bank of Nigeria (CBN) website. While, dummy variable (DUM) represents stability and instability in the Niger-Delta oil-rich region was traced from historic oil disruptions in the region. Autoregres s i ve Di s tributed Lag (ARDL)/bound testing method and pairwise granger causality were employed. Unit root test …
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe
Bullion
The objective of this paper is to describe the import substitution policies of Nigeria with a historical and analytical outlook with a view to amplifying its dimensions of impact, and recommending potential options for optimizing policy and implementation. Method The methodology adopted for this paper is descriptive and historical analysis. Comparisons were drawn from various countries policies such as Chile, Brazil, Argentina, Mexico, India, South Korea, and the Philippines and outcomes are highlighted, and then extrapolated to the Nigerian context with a view to understanding the local context in the light of peer country implementation. The results from the implementation …
Analysis Of The Determinants Of Money Demand In South Africa: 1990-2019, Ali Kole, Hassan N. Wali, Alhassan M. Idris, Ismail H. Sanusi
Analysis Of The Determinants Of Money Demand In South Africa: 1990-2019, Ali Kole, Hassan N. Wali, Alhassan M. Idris, Ismail H. Sanusi
Bullion
This study estimates real intermediate money demand (RM2) and real broad money demand (RM3) for South Africa from 1990 Q1 to 2019 Q4. The main objective of the study was to explore the relationship between money demand and its determinants in South Africa with specific emphasis on the long-run relationship and stability between RM2, RM3,and their determinants. Auto-regressive Distributed Lag (ARDL) bound test for cointegration model developed by Pesaran (2001) was employed. The results found that both RM2 and RM3 are cointegrated with inflation rate, interest rate, exchange rate,real GDP, and credit to the private sector in South Africa. Credit …
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Portfolio Capital Inflows And Banking Crisis In Emerging Market And Developing Economies (Mdes): Bank-Level Evidence From Nigeria, Tijjani Mohammed Jume
Bullion
The objective of the paper is to assess the effects of foreign portfolio capital surge on the banking sector in Nigeria from 2005 - 2018. Using a simple trend analysing a static general equilibrium framework, the paper reveals that portfolio capital inflows, in the wake of monetary policy independence in Nigeria, led to portfolio capital surge which resulted to credit boom and speculative transactions in the Nigerian Stock Exchange (NSE) leading to assets price bubble. When the bubble burst during the global financial crisis (GFC) in 2007, and thereafter in 2014, portfolio capital inflows reversed and banking stocks prices declined …
Implication Of Closure Of Rdas And Wdas Segment Of The Foreign Exchange Market In Nigeria, Akin Dawodu
Implication Of Closure Of Rdas And Wdas Segment Of The Foreign Exchange Market In Nigeria, Akin Dawodu
Bullion
The Nigeria foreign exchange market has transitioned a great deal since the country gain independence. Nigeria had a pegged exchange control until the introduction of the structural adjustment program (SAP) in 1986. which brought about dual exchange rate system, the first and second tier foreign exchange market that later metamorphosed into the Foreign Exchange Market (FEM). Hence there continue to be policy reversals as a result of the volatility in the exchange rate.
External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi
External Reserves Management And Utilization: Nigeria Experience, Emelogu C. Obioma, Abdurrahman Abdullahi
Bullion
The objective of this paper is to appraise developments in external reserves management and utilization in Nigeria, with o view to identifying major challenges and proffering solutions. The paper is divided into six sections. Following this introductory section, section two reviews some of the major conceptual and analytical issues on external reserves management and utilization, while section three discusses Nigeria's external reserves management process. Section four appraises developments in external reserves management and utilization, as well as examines the impact of external reserves on the four sectors of Nigerian economy. Section five highlights major challenges in external reserves management and …
Diaspora Bonds: A Viable Source Of External Financing For Nigeria?, Omolara O. Duke
Diaspora Bonds: A Viable Source Of External Financing For Nigeria?, Omolara O. Duke
Bullion
The paper examines the need for external funding, arises from the inadequacy of domestic sources of funds to meet supply gaps and balance of payments (BOP) challenges and the potentials of Nigeria sourcing external financing through the issuance of Diaspora bonds. Following this introduction, Section ll reviews conceptual and empirical literature as well as country experiences on Diaspora bonds issuance. Section lll, discusses the bond market in Nigeria. ln Section lV. the prospects and challenges of issuing Diaspora bonds in Nigeria were highlighted. Section V concludes the paper.
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode
Bullion
The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded in 1975. Its mission is to promote economic integration in "all fields of economic activities, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters". This paper examines the role of CBN economy and monetary policies on the heels of borderless trade amongst the ECOWAS State. ECOWAS aims to promote peace, co-operation and integration in economic, social and cultural activity, ultimately leading to the establishment of an economic and monetary union through the total integration of the …
Naira Convertibility: The Journey So Far, Moses K. Tule
Naira Convertibility: The Journey So Far, Moses K. Tule
Bullion
This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would …
Global Economic Crisis: The Need For African Government Interventions For Rapid Economic Recovery And Stability, Hassan T. Sanni
Global Economic Crisis: The Need For African Government Interventions For Rapid Economic Recovery And Stability, Hassan T. Sanni
Bullion
The paper reappraises the various measures taken by African governments to curtail the effects of the global economic meltdown. This is with a view to re-emphasizing the need for strong interventions by African governments. The paper is organized into five sections. Aside from the introduction, section two reviews the genesis of the global economic crisis, while section three briefly discusses the impact of the global economic meltdown with greater emphasis on African economies. The global responses as well as African forms of interventions since the global shock are presented in section four of the paper. The summary, recommendations and conclusion …
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 …
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 …
External Sector Policies In The 2004 Budget, Obadan I. Mike
External Sector Policies In The 2004 Budget, Obadan I. Mike
Bullion
External sector problems have continued to pose serious challenges to economic management in Nigeria. There is the challenge of conducting trade policy within the framework of the World Trade Organisation's [WTO] rules and regulations without compromising the country's short and Iong-term interests. This paper discusses the policy thrusts with respect to three issues in 2004, viz: Trade policy, Exchange rate policy, and External debt management. In the last few years, the government appears to have recognized the need to conduct trade policy, specifically, trade liberalization in a sensible and orderly manner. Hence, the growing effective protection being accorded local industries. …
Management Of Foreign Exchange: A Peep Into The Next Decade., O K. Anifowose
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.
Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido
Interest Rate Policies In Ecowas Countries: A Comparative Analysis., Benji C. Onyido
Bullion
This paper reviews the experiences of developing countries in the management of interest rates, with emphasis on ECOWAS countries. While the Anglophone countries have adopted independent interest rate policies overtime, the Francophone members of the West African Monetary Union (WAMU) have shared similar experiences-a common currency (the CFA franc),a central bank (BCEAO) and common monetary policies. The paper is divided into four parts, in part I, it examines the roles of, and factors affecting interest rates. The part II highlights the characteristics of interest rates in developing countries and requirements for a successful interest rate reform. Part III reviews the …
Central Bank Of Nigeria, Monetary, Credit, Foreign Trade And Exchange Policy Guidelines For 1997 Fiscal Year., Central Bank Of Nigeria Central Bank Of Nigeria
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 …
Allocation And Management Of Foreign Exchange: The Nigerian Experience., O. K. Anifowose
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.
Sources And Management Of External Reserves In Nigeria., Newman C. Oputa
Sources And Management Of External Reserves In Nigeria., Newman C. Oputa
Bullion
Reserves are all those foreign assets of a country held by the monetary authorities which can be mobilized at period of external imbalances with else and certainty. External reserves are held in the form of "earning assets" notably government's foreign security or in the form of "non earning" liquid assets like gold bars in the vault of Central Banks. ln Nigeria the composition of the extremal reserve consists of gold, IMF reserve tranche, Special Drawing Rights (SDRS) and convertible currencies, The major sources of extremal reserves are derivable from the components of foreign exchange inflows which include: receipt from petroleum, …
Financing International Trade, S. A. Okponobi
Financing International Trade, S. A. Okponobi
Bullion
The paper discusses the significance of world trade and techniques of financing it. It explores instruments of international trade. The paper further examined some of the problems of financing international trade and the problems of trade in Africa.
Nigeria's Economic Outlook, B. U. Ekong
Nigeria's Economic Outlook, B. U. Ekong
Bullion
The immediate post-war era brought into the Nigerian economy some of the most significant structural transformations ever imagined. From a position of dominant dependence on agriculture, the Nigerian economy swang over to that of dominant dependence on crude petroleum production for foreign exchange earnings, for government revenues and as the main source of incomes for investment, trade and general economic development. The article therefore reviews the post war policies covering 1973 to 1977. The paper further discusses Nigeria's economic outlook while focusing on fiscal outlook, exchange control measures, petroleum export, private sector investment, income policy, monetary and fiscal policy measures.
Exchange Rate Fluctuations And The Dollar Problem, Ade T. Ojo
Exchange Rate Fluctuations And The Dollar Problem, Ade T. Ojo
Bullion
The paper reviews briefly recent developments in the foreign exchange markets, with particular reference to the chronic problem facing the US Dollar. This is followed by an examination of the major issues involved in the crisis of confidence and measures that might be taken to tackle the recurrent dollar problem, in a way to bring about an orderly exchange rate adjustment and smooth functioning of the international Monetary System.