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Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 1997
No full textIn 1997, Nigeria experienced its third consecutive year of macroeconomic stability, resulting in modest improvement in domestic output growth and a persistently low inflation rate. The balance of payments position showed a modest surplus, and significant success was achieved in reducing domestic liquidity growth. Domestic output expanded further due to increased agricultural output and crude petroleum production, while the inflation rate declined further. Domestic output, measured by the Gross Domestic Product (GDP), increased by 3.8% in 1997, as against the average growth rate of 2.3% in the preceding three years. The fight against inflation was highly successful, reaching a single digit of 8.5%. Nigeria\u27s external sector experienced a modest surplus in the overall balance of payments, largely due to an improved position of the capital account. The Federal Government\u27s fiscal operations resulted in an overall operational deficit of N5,000.0 million, financed by the drawdown of accumulated surpluses of 1995 and 1996. Total federally-collected revenue increased by 12.0% to N582,811.1 million, largely due to favorable developments in the oil sector and increased receipts from non-oil sources. Monetary aggregates moderated considerably in 1997, with bank deposit and lending rates falling sharply due to the surge in domestic liquidity early in the year. The dual exchange rate regime was retained, and the spread between the AFEM intervention and parallel market exchange rates widened to 3.6% in 1997 from 2.0% in 1996. The West African Institute for Financial and Economic Management (WAIFEM) began capacity building within English-speaking countries, while the Economic Community of West African States (ECOWAS) and its supporting agencies, ECOWAS Central Banks, and the West African Monetary Agency (WAMA), made further efforts to strengthen economic performance and improve trade flow in the sub-region. The Central Bank of Nigeria faced challenges in macroeconomic management, particularly stemming the growth of domestic liquidity, enlargement of its supervisory purview to cover specialized financial institutions, unresolved banking sector distress, and managing the nation\u27s scarce foreign exchange resources
Macroeconomic determinants of domestic private investment in Nigeria: an empirical exploration
No full textDespite a decade of profound macroeconomic adjustments, the record of private investment recovery has been disappointing. This paper empirically investigates the determinants of private investment in Nigeria. The results reveal that a combination of internal disequilibria and external shocks account for the slow pace of private investment resurgence. Conclusively, the paper advocates the synchronization of monetary, fiscal, trade and exchange rate policies of government in a mutually reinforcing manner to facilitate the attainment of the objectives of price stability, higher rates of investment and growth
Mobilizing Rural Savings in Papua New Guinea: Myths, Realities, and Needed Policy Reform (N.A. Fernando, The Journal of Institute of Development Economics, Tokyo, Japan, Vol. XXIX, No. 1, March, 1992)
No full textA review of the article Mobilizing Rural Savings in Papua New Guinea: Myths, Realities and Needed Policy Reforms is imperative considering the efforts of the Federal Government and monetary authorities, especially the Central Bank of Nigeria to mobilize rural savings in Nigeria. This is evidenced by the establishment of the Nigerian Agricultural and Cooperative Bank ( 1973), the Agricultural Credit Guarantee Scheme ( 1977), the Central Bank of Nigeria Rural Banking Programme (1977), the Peoples Bank (1990) and the Community Bank (1990) nationwide
Budget of economic growth and development
No full textThis is the budget speech of the Head of State of Nigeria which implies a budget of renewal. It examines the success of the 1995 experiment that motivated the second step, of the budget which is to steadfastly fine tune and consolidate the gains of the 1995 budget. The 1996 budget is therefore, essentially a budget of consolidation, designed to continue on a higher plane, to lay a solid substructure for an efficient market economy
The future role of technology in banking development in Nigeria.
No full textThis is an address by the Governor of the Central Bank of Nigeria which examines the evolving relationship between banking sector development and technology in Nigeria and highlight both the future role of banking technology and the challenges that lie ahead. The address also argues that the economy is not only driven by technological advances, but have also in turn spawned technological developments. Technology has been the hub of banking development since the last decade and will continue to be so, well into the 21st century. the main focus of the address is information technology in the integrated form of computers and communications
Monetary policy and financial sector reform.
No full textThe objective of this paper is to familiarize course participants with the importance of financial sector reform to the effective conduct of monetary policy based on free market principles, and examine the challenges posed to the monetary authorities in Nigeria in this regard. The paper is divided into four parts. following this introduction, part 11 of the paper analyses the framework for financial sector reform and implications for monetary policy. in part 111 an attempt is made to outline the implementation of financial sector reforms in Nigeria, while part IV evaluates the effectiveness of monetary policy between 1990 and 1997 and highlights constraints and challenges currently facing the monetary authorities
Public Sector Growth: An Econometric Test of Wagner\u27s Law
No full textThis study makes use of recent developments in econometric technique to test Wagner s Law of increased state activity according to which Government Expenditure must increase at a rate faster than National Output. It makes use of three different interpretations of the Law, namely, increasing relative share for the public sector in the total economy as per capita real income grows, total government expenditure as a function of real income, and relating per capita total government expenditure to per capita income. In all cases the variables were not cointegrated hence a long run equilibrium relationship could not be established between public spending and income. A causality test performed on the models confirmed that public expenditure does not cause growth in income and there was no existence of a feedback relationship. Thus increased public expenditure may not be an appropriate policy instrument to promote economic growth except where the expenditure is on productive ventures
Performance evaluation of small-medium enterprises (SMEs) in Nigeria.
No full textThis paper attempts to evaluate the performance of the SME sub-sector in view of both the general and specific government developmental strategies and policies channelled to the sub-sector. The paper is structured into five sections. The first section reviews the definition, characteristics and roles of the SMEs. section II discusses government policies for the promotion of SMEs, and an evaluation of the performance of the sub-sector is undertaken in section III. The outstanding problems of the SMEs are outlined in section IV, while section V summarises and concludes the paper
Foreign direct investment in Nigeria: evidence from time series data
No full textThis paper examines the relationship between foreign direct investment (FDI) in Nigeria and some macroeconomic variables. The preliminary empirical results, covering the period 1970-1994, suggest that high debt service and low credit ratings discourage FDI. FDI is also sensitive to real per capita income and low rates of inflation
On the stability of money multiplier relations in Nigeria: an alternative testing procedure
No full textThe question of stability over time of the adjusted money multiplier relation is of crucial importance for adjusted base money to act as the main link to money supply. This paper tests the hypothesis of stability of money multiplier relations in Nigeria using the forward recursive cusum of squares that uses a confidence interval which is distributed as Pyke \u27s modified Kolmogrov-Smirnov statistic. The results of the stability tests applied to monthly data from January, 1991 to December, 1995 suggest that the functions underlying the adjusted money multipliers were not stable between March, I992 and December, I994. The two multiplier relations were, however found to be stable in fiscal 1995, suggesting that the adjusted base money was the main link to the money stock in that period