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A special address: policy seminar on the 1997 Federal Government Budget.
No full textThe 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
A Profile of the Nigerian Educational System and Policy Options for Improved Educational Development for Rapid Economic Growth and Development
No full textAttempts is made in this paper to situate Nigeria\u27s educational system within the context of her overall economic development in view of the universal acceptance of the ultimate importance of human resources in determining the level and manner of economic progress. The various ways in which education contributes to the process of economic development are explored. A statistical review and appraisal of the Nigerian Educational system show that given its current level, the system is under-developed as reflected by an overall adult literacy ratio of 49.5% and primary school enrollment level of 63.5% of the primary school-age cohort as at 1994, and hence, the exclusion of a significant proportion of the population from making their effective contributions to economic progress. The scenario is substantially accounted for by by the inability to address educational development within a macro-economic framework whereby literacy level and sectoral manpower requirements of the economy, based on her factor-endowment and development aspirations, are planned for and implemented strictly.
Other factors include inadequate funding arising from lack of political will to implement policies as intended which has led to low quality of the system\u27s products. In view of the fact that education is central to economic development in particular and nation-building in general, the sub-sector requires across the board expansion in terms of both quantity and quality. There is, therefore, an urgent need to extend basic education education (primary and secondary), through mainly state funding, to all Nigerian children irrespective of economic, geographical and gender circumstances, whilst girls\u27 education in particular should be accorded greater priority owing to its higher multiplier effects on the society in general. Education investment should be deepened through higher investments in teaching materials, personnel and curricula development to make it technically functional to produce the requisite labour for the Nigerian Economy. This calls for deployment of greater resources to the education sub-sector backed with an alloyed sense of duty to educate all Nigerian children in order to put all hands on deck in the development process
Central Bank of Nigeria Statistical Bulletin, December 1997
No full textFinancial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. The accommodation of deposit money banks\u27 liquidity needs by monetary authorities typically occurs through direct loans and advances or discounting and rediscounting financial claims they hold. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates, which are reflected in tables A.2.3, A.2.8, and A.3.3 - A.3.7. Clearing house statistics show the number and value of cheques cleared within the Commercial banking system, reflecting the volume of transactions in the system.
The public sector indicators include revenue, expenditure, and public debts of Federal, State, and local Governments. Revenue includes receipts from oil and non-oil subsectors, taxation, and grants. Expenditure is classified into recurrent and capital. External debt figures are converted to Naira using the annual exchange rate of the particular year. Debt conversion is a key aspect of the program, with tables showing the total number and values of applications received from Nigerians and foreigners on a yearly basis since 1988. The program offers yearly redemption amounts, with average discount rates indicating the average discount rate at each auction. Promissory notes are legal certificates of indebtedness issued by the Central Bank of Nigeria and the Federal Ministry of Finance to Nigeria\u27s Creditors. Restructured debts are matured debts whose obligations cannot be fulfilled, while refinanced debt involves liquidating an existing loan with a new facility obtained from the same source or a combination of these sources. Par Bonds carry the face value of the security instrument, with interest paid on the Par value or face value.
The System of National Accounts (SNA) is a set of macro-economic accounts, balance sheets, and tables based on internationally agreed concepts, definitions, conventions, classifications, and accounting rules. It provides a comprehensive accounting framework for economic analysis, decision-making, and policy making. The compilation of the National Accounts statistics presented in this bulletin are based on the same principles. The Gross Domestic Product (GDP) is the value of productions that have taken place in an economy during a period of time, regardless of the nationality of the people who produce the goods and services. GDP at Current Factor Cost equals GDP at Current Market Prices less indirect taxes net of subsidies. Gross Fixed Capital Formation is expenditure on fixed assets for replacing or adding to the stock of existing fixed assets. Private consumption expenditure is the market value of all goods and services purchased or received as income in kind by households and non-profit institutions. Government consumption expenditure is the current expenditure by government constituting a direct demand for goods and services. Gross National Savings show the amount of domestic and foreign investment financed from domestic output, comprising public and private savings. Agricultural crops are classified according to the United Nations Food and Agricultural Organization (FAO) Production Year-Book, including cereals, starchy roots, sugar, pulses, edible oil crops, nuts, fruits, vegetables, wine, cocoa, tea, coffee, livestock and livestock products. Electricity generation and consumption are also included in the table. Consumer price indices (CPIs) are designed to measure changes in the level of retail prices paid by consumers. The first CPIs were computed separately for the then Federal and Regional Capitals, but the National Consumer Expenditure Survey (CES) was revised to reflect the felt need for a single national CPI based on the prices of a union market basket of commodities purchased and consumed by a representative set of households in selected centers from all over the country.
International trade statistics measure the quantities and values of goods that move into or out of a country, increasing or decreasing the nation\u27s stock of goods. These statistics are compiled from Customs Bills of Entry, which are usually completed by importers and exporters, and can also be derived from records of transactions in foreign exchange. The Standard International Trade Classification (SITC) format presents ITS in 10 main groupings with codes 0-9. The Balance of Payments (BOP) Statistics capture changes in economic and financial transactions between residents of an economy and non-residents (the rest of the world). The BOP records transactions in goods, services, and income, changes in ownership, and claims on and liabilities to the rest of the world. Transactions involving payments to a country by non-residents are classified as Credit entries, while those involving payments by the county to non-residents are Debit entries. The BOP table D.2.1 provides information on vital components, such as the Current Account, Capital Account, and Reserves. The Current Account is divided into visible and invisible sections, with the visible account consisting of exports and imports, which are tangible goods. Exports are recorded as credit entries, while imports are recorded as debit entries. The invisible section includes services and income, which include freight, insurance, and other distributive services involved in international transportation of goods. Credit entries are made when freight charges are collected by domestic airlines and shipping companies, while debit entries denote payment by residents to foreign airlines and shipping companies for the same services. The income aspect of invisibles refers to accrued income on existing foreign financial assets. Unrequited transfers are the third sub-account under the Current Account, which is unilateral transfer by the reporting economy to the rest of the world. The balance on the Current Account consists of the balances of these three separate sections. The capital account records changes in a country\u27s foreign assets and liabilities, capital movements, and international investment positions. Capital transfers are recorded in the capital account of the balance sheet
Foreign private investment in Nigeria - 1993.
No full textThe result of the annual foreign private investment survey conducted by the Central Bank of Nigeria in 1993 are presented in this report. The survey covers 721 establishments that are either fully foreign owned or are in partnership with Nigerians/Nigerian agencies or enterprises doing business in Nigeria. Questionnaires were retrieved from 370 companies, representing a response rate of 51.0 per cent. Statistical adjustment were however made for the non-responding institutions. The analyses of the report are presented in eight parts. In Part I, the flows of foreign investment by regions of origin, components and sectoral distributions are discussed. The cumulative and net foreign investment are analysed in Parts II and III, respectively. Part IV focuses on foreign investment in the manufacturing and processing sector by industries and by regions. The cost and book values of the fixed assets of the establishments are examined in Part V, while the cumulative and current reserves for depreciation of these assets are presented in Part VI. The ownership structure and equity of the companies are presented in Part VII while Part VIII contains the summary of the report
Strategy for Growth-Led Poverty Alleviation in Nigeria
No full textThe economic growth process of a country is determined by a number of factors among which is technological change. Increased output/performance permitted by this goes a long way in alleviating poverty. Rapid and sustained economic growth utilizing a new industrial strategy calls for proficient use of the natural advantages of modern infrastructures which further serves as a poverty-reducing strategy. The author states that the most credible option by which the poor can receive a fair share of the benefits of development is by subjecting the economy to the full discipline and rigours of market forces for a poverty-reducing growth. Governments annual budgets should also lay emphasis on the improvement of the rural poor, and grant them special funds to address their basic needs
Central Bank of Nigeria, monetary, credit, foreign trade and exchange policy guidelines for 1997 fiscal year.
No full textThis 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 items is provided in the Appendix
Determinants of currency composition of external reserves in Nigeria: an empirical investigation
No full textThis paper discusses the determinants of the currency composition of external reserves in Nigeria. The empirical analysis reveals that the main factors influencing the currency composition of external reserves in Nigeria are international trade transactions and currency composition of external debt, while reserve adequacy aided the diversification into more currencies. Exchange and interest rates were relatively significant in the share of each currency in the reserve basket. A review of CBN\u27s external reserves policy confirmed that vigorous diversification was embarked upon when there was remarkable increase in the level of the reserve. However, current CBN reserve management policy shows a gradual shift from diversification to liquidity as reflected in the denomination of a larger proportion of the external reserves in dollar which makes for easy settlement of external trade obligations and other foreign commitments
The Need for Exchange Rates Convergence in Nigeria
No full textThis paper examined the relevance of exchange rates convergence in the context of a realistic exchange rate and the implementation of a successful Economic Adjustment Programme, with particular reference to external sector competitiveness and viability. The paper was unambiguous in respect of the superiority of convergence over other schemes ranging from multiple to a dual exchange rate system. A unified exchange rate system, resulting from a free interplay of market forces, eliminates waste arising from subsidies and inefficient allocation of foreign exchange. A unified rate also reduces rent-seeking behaviours that flourish under a dual or multiple exchange rate system. After an analysis of Nigeria :S- experience in Exchange Rate Management and the experiences of other countries, the conclusion was arrived at that three main factors: relative inflation rates, growth in money stock and rate of economic growth are crucial influences on the exchange rate. The paper observed that fiscal and monetary policies should be supportive of the exchange rate mechanism to ensure its stability. The empirical analysis attempted in the paper showed that, although fiscal operations of government exert the most significant influence on the parallel market premium, money supply and the growth rate of the GDP are also relevant. The inflation rate should be tackled on a sustainable basis to ensure that it does not grow rapidly and out of tune with those of trading partners countries. The rate of economic growth should also be stepped up to ensure sustained improvement in the exchange rate of the domestic currency. The paper observed further that a realistic exchange rate can be achieved through re-alignment on the basis of rational approaches or the application of market forces in the determination of the exchange rate, as is currently done under the Autonomous Foreign Exchange Market (AFEM). The paper ended on the note that monetary and fiscal policies should be reinforcing and in conformity with the achievement of sustainable exchange rate convergence
Policy seminar on the 1997 Federal Government Budget.
No full textThis 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
Government fiscal policy in 1996/1997: implications for economic development and survival of banks.
No full textThe paper highlights the implications of fiscal policies in the economy and the survival of banks. It provide a broad overview of the impact of the fiscal policies adopted in 1996 and 1997 and its implications for development. The current fiscal policies are predicated on the 1995 budget, the discussion of the effect of fiscal policies on the economy will start from 1995 when the present fiscal policy stance of government began. The structure of the paper is as follows. The introduction, followed by the conceptual role of fiscal policy in an economy, while section III looks at the fiscal policy of the government in 1996 and 1997 and implications for long term economic growth. Section V contains implications for economic development and section VI concludes the paper