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Governance and political stability for economic development: lessons of experience.
No full textThe paper looks at the interplay of politics and the economy as been recognized for long as a major factor influencing the growth of nations. It goes ahead to examine the extent to which the various regime types have influenced the development process in Nigeria
Transparency, probity and accountability in fiscal operations as panacea for economic development.
No full textThe view of the paper is that the experience of public sector failure in Nigeria is not an indictment of fiscal management theory but a reflection of the political and economic environment resulting from the absence of fiscal transparency and probity in management of government finances. This position was corroborated in the report of the collaborative review of Federal Government Expenditure by the officials of the Federal Government and the World Bank (March 1996). It was observed that Nigeria\u27s tremendous potential for growth and poverty reduction has yet to be fulfilled. A key constraint has been the recent conduct of macroeconomic particularly fiscal, policies. These have led to rising inflation, falling growth and declining real incomes. The public delivery of services is poor and deteriorating. Moreover, there has been little transparency and accountability in the management of public resources. The low or absence of adherence to principles of transparency and accountability inadvertently have blunted the efficiency of fiscal policy instruments, and resulted in poor economic performance and low economic development, considerably lower than the potentials of the national economy can produce. Therefore, there is need to restore sound fiscal management under conditions of strict good governance. This is the only way to move the Nigerian economy towards the achievement of sustainable economic development with high dividends in poverty alleviation and higher social welfare. The rest of the paper is presented in four parts. Part II is a conceptual overview of fiscal transparency and economic development while Part Ill reviews briefly the fiscal operations of the Federal Government and the nation\u27s economic performance between 1990 and 1999. Part IV assesses the prospects for fiscal transparency and economic development in Nigeria while Part V is the summary and conclusion of the paper
Interstate trade and economic development in Nigeria.
No full textThe 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 and the less internationally competitive industries should encourage states to intergrate in a way that will assure the highest benefits to their economy. interstate cooperation can be beneficial if the parties to the union have both political and economic incentives to cooperate. When both factors are present a mutually beneficial cooperation will emerge
Measuring the economic impact of the Federal Government budget: 1995-2000
No full textThis paper presents a relatively simple method for analysing the effects of fiscal policy through the use of a set of weights for the various budget-items. The method provides separate measures of the effects of a given budget on aggregate domestic demand and on the balance of payments. The results of the analysis indicate that the Federal Government budget had a larger contribution to aggregate domestic demand from 1995 through 1999. However, the magnitude of improvement in the balance of payments in 1998 was much lower than the previous and subsequent year. In addition, the expansionary fiscal policies of 1997 through 1999 resulted in accelerated expansion ary movements of the money supply compared to the moderate movements during the contractionary fiscal periods of 1995 and 1996. We posit that, if the Federal Government budget for fiscal 2000 is judiciously implemented, then the budget would be expected to have a larger contribution to aggregate domestic demand, while its moderate expansionary impact would be sufficient to lead to an improvement in the balance of payments in fiscal, 2000. In addition, the expansionary impact of the budget is expected to result in accelerated expansionary movements in the broad money stock
Address at the eight Central Bank of Nigeria (CBN) Executive Policy Seminar.
No full textThe welcome address at the eight CBN Executive Policy Seminar with the theme: Governance and the Economic Policy Environment: Nigeria\u27s Experience . As the theme implies, this year\u27s Seminar is aimed at examining and reviewing the whole gamut of economic policy formulation processes with a view to aligning them with the current thinking and spirit of the international code of good practices, transparency and accountability in economic management
Data Generation in the Nigerian environment: The CBN experience.
No full textThe 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 be accorded its proper place in our economy
Highlights of the year 2000 Federal Government Budget
No full textThe paper attempts to give the highlights of the year 2000 Federal Government Budget, analysis of the budget, overall balance, composition of the budget expenditure as well as measuring the budget deficit
A Special Address: Year 2000 Budget Policy Seminar
No full textA 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
Urbanization and Related Socio-economic Problems in Ibadan Area
No full textThis paper traces the evolution of urbanization in Ibadan area to political, institutional, economic and social factors. It broadly classifies the socio-economic problems of urbanization in Ibadan area into environmental crisis, crime/violence and urban poverty. Relying on secondary data and published materials, it identifies the major environmental problems as solid waste, flooding and water pollution, with the sanitation and eating habits of the people playing a great role in all of them. Dispossession-related crimes, particularly stealing and theft, are considered the most prominent of all the recorded crimes while violent crimes (mostly assaults) are found to be relatively few. For an assessment of urban poverty in Ibadan, proxies of social indicators examined revealed a certain level of poverty in the areas of health care delivery, water supply, housing, transportation and street trading. After reviewing some of the major existing measures adopted in Ibadan area, the paper proffers a number of recommendations. They include the re-introduction of sanitary inspection system, expansion of existing water schemes and the adoption of mini water works method, creation of employment opportunities and the decongestion of Ibadan metropolis through the new town and decentralisation methods. The paper concludes, among others, that availability of funds, as well as their proper management, is necessary for an effective implementation of the suggested measures for the amelioration of the identified socio-economic problems in Ibadan area
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 1999
No full textThe 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\u27s external reserves, and promoting monetary stability. The Bank implemented policies to reduce excess liquidity, achieve single-digit inflation, and promote non-inflationary growth. Key policy targets included growth in broad money, narrow money, aggregate bank credit, bank credit to the government, private sector, inflation rate, GDP growth, balance of payments viability, and financial sector stability. The CBN also implemented policies to ensure the economy\u27s stability and competitiveness, such as increasing the cash reserve requirement, minimum liquidity ratio, and discount window operations. The CBN\u27s liquidity management strategy aimed to maintain an optimum level of liquidity consistent with non-inflationary growth. Instruments applied to manage liquidity included Open Market Operations (OMO) conducted wholly in Nigerian Treasury Bills (NTBs), repurchase agreements (Repos), and the Central Bank of Nigeria\u27s Reserve Bank (CBN). The CBN also provided developmental functions to ensure credit accessibility for small and medium-sized enterprises and farmers, and provided services to third parties