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Central Bank of Nigeria Statistical Bulletin, December 1998
No full textThe 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 International Trade Classification format. Balance of Payments records economic and financial transactions between residents and non-residents, covering the current account, capital account, and reserves. Foreign private investment statistics present data on inflow and outflow of foreign investment, unremitted profits, changes in foreign share capital, trade and suppliers\u27 credit, liabilities to head office, and other foreign liabilities
Peter J. Quirk, \u27Money laundering :muddling the macroeconomy\u27, Finance and Development, March 1997 - a review
No full textThis article is based on a 1996 study by the author on macro economy implication of money laundering IMF working paper 96/66. The article established that money laundering exists and threatens the macroeconomic and financial system of many countries. It then proposed that it is time the international financial community strongly support anti-laundering efforts. The article is divided into four parts; part one, is the introduction and framework; part two, examines how big the problem is - the macroeconomic effects; while part three, focuses on policy implications; finally, part four, concludes the paper
Structural reform, monetary policy and financial deepening: the Nigerian experience
No full textAn attempt has been made in this study to gauge by means of robust statistical analyses, the magnitude of the changes which have occurred in the Nigerian financial system since the introduction of structural reforms in the mid 1980s. The empirical analyses carried out in this study have confirmed that the monetary authorities have largely succeeded in their objective to deepen the Nigerian financial system despite the emergence of distress in the banking industry and the consequent liquidation of 31 banks. Contrary to dominant public belief, past policies of financial repression aimed at encouraging domestic investments by suppressing interest rate produced the opposite result. Negative real interest rate regime did not encourage greater domestic investment. Rather it influenced banks, to be more risk averse, Conversely, when interest rate regime tended to be more market oriented and less negative in real terms, bank lending increased and domestic investments and national savings expanded. Overall, the reform measures have been largely successful. This finding represents sufficient evidence that, if and when, the Central Bank of Nigeria is granted legal and operational autonomy, it can, given the flexibility, strike a happy medium between financial liberalism and occasional intervention aimed at correcting market failures arising from information asymmetry
An economic analysis of the relative potency of monetary and fiscal policy in Nigeria
No full textThis study investigates econometrically, the relative potency of monetary and fiscal policies, by focusing on the relative effectiveness of money supply and government expenditure with respect to their influences on economic activities represented by the gross domestic product (GDP). The conclusions could be of immense value for suggesting which option is more ideal for application in economic stabilization programme of the Nigeria economy at any given time
Nigerian discount houses: performance, problems and re-positioning
No full textThe paper sets out to assess the performance of discount houses in Nigeria and in particular to identify their achievements and problems with the aim of articulating measures to re-position the institutions for improved performance. As a background, the paper reviews the concept of discount houses, the origin of discount house system, their global spread and alternative systems as well as their variations over the years within and among economies. The British model was applied as the basis of the comparative analysis in the paper. This review offers good insight into the rationale and philosophy of adopting the discount house system in Nigeria. Thus, Nigeria\u27s discount house system, which was patterned after the existing discount houses in other economies, commenced operations in 1993 but started in 1995 to experience serious liquidity and viability problems. These problems which followed a short boom between 1993 and 1994, were traced to a number of factors. First, the accelerated deregulation of the money market since 1995 removed direct control and resulting distortions on which the discount houses thrived. Second, the pursuit of tight monetary policy by the Monetary Authorities moderated liquidity whose management in the past provided substantial profit to the discount houses. Third, the improved distress resolution measures restored confidence to the banks which attracted some of the business hitherto done by the discount houses. Finally, the enhanced efficiency and stability in the foreign exchange market reduced the need to keep overnight funds with the discount houses in order to make purchases at the hitherto volatile foreign exchange market. The paper examines two options for resolving the observed problems. While the first option seeks a protected discount house system in which banks would be excluded, the second explores a situation in which discount houses and banks would participate jointly in both discount house and banking business. Finally, the paper considers the second option as more appropriate in Nigeria\u27s deregulated financial setting in which distortions, inefficiencies, and excessive liquidity has been reduced, thereby making it difficult for the existing discount houses to survive under the resulting contraction in pure discount house business which focuses attention on managing liquidity in the money market
Do large fiscal deficits produce high interest rates?: the case of Nigeria, Ghana and the Gambia, 1987:3 - 1995:4
No full textIn this paper, the model for the determination of interest rates, which is applicable to small semi-open economies, is presented. The model is tested by using the pooled cross-section and time series quarterly data of 1987:3-1995:4 for three Anglophone West African countries-Nigeria, Ghana and The Gambia
UNICEF: the state of the world\u27s children 1998
No full textThe report reviewed is an annual event of the United Nations Children\u27s Fund (UNICEF), in which different developmental issues, ranging from the conventional right of the child to adequate care and good living, are featured. The 1998 report, which focuses on Nutrition, is a 131 page document made up of two chapters. Chapter I discusses malnutrition: causes, consequences and solutions, while chapter II presents statistical tables
Central Bank of Nigeria Statistical Bulletin, June 1998
No full textThe 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 International Trade Classification format. Balance of Payments records economic and financial transactions between residents and non-residents, covering the current account, capital account, and reserves. Foreign private investment statistics present data on inflow and outflow of foreign investment, unremitted profits, changes in foreign share capital, trade and suppliers\u27 credit, liabilities to head office, and other foreign liabilities
A review and appraisal of the monetary and other financial policies in the Federal Government budget for 1997.
No full textThis 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 implementation modalities for the 1997 monetary programme. The final section summarises and concludes the paper
Foreign Private Investment in Nigeria - 1995
No full textThe net flow of foreign private investment into the Nigerian economy increased substantitally by more than twelve-folds from M1, 907. 2 million in 1994 to N48, 677. 0 million in 1995, reflecting the stable macro-economic conditions during the period. All the components of foreign investment flows contributed to the increase with the contribution of unremitted profit accounting for the highest. Analyses of the investment flows showed that companies of Western Europe accounted for 78. 7 per cent of the total net inflow mainly through firms in the mining and quarrying sector. The survey revealed that the cumulative level of foreign direct investment in the country was NJ.19,391.6 million. The mining and quarrying and manufacturing and processing sectors attracted substantial investments. While the proportion of total cumulative foreign direct investment in the mining and quarrying sector rose to 47.5 per cent from 37. 7 per cent, that of manufacturing and processing increased from 19. 9 per cent to 23. 3 per cent. The debt profile of foreign private investors in 1995 showed that increased out payments were made on current liabilities, while more long-term debts were also acquired in the same period. The review further showed that the cumulative paid-up capital in foreign-owned companies increased substantially during the review period. However, foreign share capital reduced to 38. 0 per cent of the total share capita from 54. 6 per cent in 1994. Similarly, the share of non-resident shareholders of the total foreign share capital dropped to 5. 0 per cent from 7. 7 per cent in 1994