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The strategy and financing of economic recovery in Africa.
No full textThe paper examines the impact of Structural Adjustment Programmes (SAP) on investment and growth in Africa and suggests the need for a new development paradigm. Working in partnership with the private sector, African Governments must establish a sound institutional and incentive framework for rapid growth. An alternative development strategy should be market-friendly and people-centred and must give priority to the accelerated expansion of exports and Small and Medium Enterprises (SMEs). In view of the bleak prospects for external financing, Africa must rely on domestic financial institutions and capital markets to mobilise the required financial resources for economic recovery
Building industrial capabilities for economic development in Nigeria
No full textThe paper speaks about the necessity for the acquisition of a science and technology culture (Science and Engineering Infrastructure), and the establishment of a solid infrastructure for the translation of scientific knowledge into physical materials, equipment and tools needed for production work and the provision of services
Efficient administration of credit for small scale industrial development.
No full textIndustrial development involves the development of a technical arrangement that moves an economy from the traditional method of production to a more complex system of mass manufacture of a variety of goods and services involving technology and management techniques. Industrialization tends to propel growth and quicken the achievement of structural transformation and diversification of economies. It enables a country to utilize fully its factor endowments and depend less on the external sector for its growth and sustenance. Through industrialization, an economy gains the versatility and resilience that enable it to raise the standard of living of its people and cope better with internal stress and strain. Therefore, the the paper is divided into five sections. Section I reviews current credit facilities that are available to SSI and their level of support to the sub-sector, while Section II evaluates the system of credit administration to small scale industries. Factors militating against efficient credit administration are covered ln Section III, while recommendations for improving efficiency in credit delivery are contained in Section IV. The papers summarised and concluded in Section V
National Economic Development Planning: review of Nigeria\u27s performance and future Prospect
No full textThis paper took a global view of development planning as operational tool for rapid economic growth and social advancement. It reviewed Nigeria\u27s planning experience which achieved varied degrees of successes especially in the areas of education, social and economic infrastructure. It also noted that achievement levels for all the successive plans were generally below expectations. In order to improve on plan performance and turn the economy around, the paper suggested, the need for quickening the process of preparation and launching of a perspective plan for the country; setting up of central planning agencies at the State and. Local Government levels to co ordinate and harmonize plans, projects and programmes; consistency and continuity of plan policies, projects and programmes; training of staff handling development planning matters; project monitoring and evaluation; adequate funding to complete core plan projects; development of data gathering culture among all public and private sector organizations; and fair enforcement and application of laws and regulations to rip the economy out of corruption
Central Bank of Nigeria Statistical Bulletin, December 1996
No full textFinancial data is compiled from documents like balance sheets and financial statements to meet legal and administrative requirements, rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, while the Financial Statistics Office compiles the analytical CBN balance sheet. Monetary authorities and deposit money banks consolidate accounts to produce monetary survey accounts. Monthly interest rate returns compute weighted average lending and deposit interest rates, and deposit rates are computed for various maturities. Clearing house statistics show the number and value of cheques cleared within the commercial banking system, reflecting the volume of transactions. Public sector indicators include revenue and expenditure of the Federal Government, revenue from oil and non-oil sectors, and various forms of taxation.
The Central Bank of Nigeria (CBN) has been receiving applications from both Nigerians and foreigners annually since 1988. The total number and value of approved and rejected applications may not match the total number of applications granted and rejected in the same year. The program offers a total amount for redemption on a yearly basis, with average discount rates indicating the average discount rate for each auction. Debts can be cancelled out of auction, processed without auctions, or refinanced with a new loan obtained from the same source of credit. Restructured debts are matured debts whose obligations cannot be fulfilled, and refinanced debts involve liquidating an existing loan with a new facility. The most popular category of debts cancelled is promissory notes. Restructured and refinanced loan instruments ceased operation after 1991, as the debts were converted to Par Bonds.
The System of National Accounts (SNA) is a comprehensive framework for analyzing, decision-making, and policy-making by providing consistent macroeconomic accounts, balance sheets, and tables based on internationally agreed concepts, definitions, classifications, and accounting rules. This table presents the Gross Domestic Product (GDP), Gross Fixed Capital Formation, Foreign Investment Expenditure, Government Consumption Expenditure, Current Consumption Expenditure, Current Consumption Expenditure, and Gross National Savings. GDP is the values of production during a period of recession, regardless of the nationality of the people who produce goods and services. It is calculated without making deductions for depreciation. Gross Fixed Capital Formation is expenditure on fixed assets for replacing or adding to the stock of existing fixed assets. Gross Capital Formation is the total change in the value of fixed assets plus change in stocks. 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 the government constituting a select demand for goods and services. Gross National Savings show the amount of domestic and foreign investment financed from domestic output, including public and private savings. The table also includes electricity generation and consumption prices. These tables are derived from Federal Office of Statistics (FOS) agricultural survey reports. The consumer price indices (CPIs) for composite, urban, and rural areas are also included. The CPI calculated for Nigeria by FOS measures average changes in retail prices of goods and services consumed by households living in all parts of the country. However, the indices differed due to the lack of a collective consumer price index to measure average change in the price of goods and services purchased by specified groups of consumers. The CPI is continually updated and rebased, with the Consumer Expenditure Survey of 1980/81 updating the base period to 1985.
International Trade Statistics (ITS) measure the quantity and values of goods that move into or out of a country, increasing or decreasing the nation\u27s stock of goods. They 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 where customs data are not available. ITS can be presented in the Standard International Trade Classification (SITC) format, which has 10 main groupings with codes 0-9. The Balance of Payments (BOP) compilation captures changes in international economic transactions between residents and non-residents, including the provision and receipt of real resources, changes in claims on and liabilities to the rest of the world, and unrequited or unilateral transfers. The BOP table from 1970 to 1994 is divided into five sub-sections, including the Current Account, Capital Account, Net Errors and Omissions, exceptional financing, and Change in Reserves. The fifth edition of the BOP manual has been prepared to encompass both balance of payments flows and stock of external financial assets and liabilities. The Current Account is divided into two main sections: visible and invisible. Visible accounts include exports and imports, which are tangible goods, and credit entries are made when foreigners pay the exporting country. Invisible accounts include services and income accounts, such as insurance and other distributive services involved in international trade. Credit entries are made when domestic airlines and shipping companies collect eight charges, while debit entries denote payments by residents to foreign airlines and shipping companies. The Investment Income aspect of the invisible accounts refers to accrued income on existing foreign financial assets. Unrequited Transfers are unilateral transfers from the reporting economy to the rest of the world without asking for an equivalent value. The Balance on Current Account consists of the balances of these three separate sections. The Capital Account records changes in a country\u27s foreign assets and liabilities through various capital movements and investments. Capital moves may occur between a reporting economy and the rest of the world, such as foreign loans and investments. The double-entry accounting system ensures that debits and credits must equal each other for every transaction
The Performance and Future of Mandatory Allocation of Credit to Selected Sectors in the Nigerian Economy
No full textThe paper examines the performance and likely future trend of mandatory credit allocation to selected sectors of the Nigerian economy. The result reveals that during both the pre-SAP and the SAP years, performance was below target. In terms of future mandatory a/location of credit by banks, the paper notes that instead of \u27prescribing the total amount by which banks can expand credit, discretion should he given to banks to allow market forces to determine the allocation
Foreign Private Investment in Nigeria - 1994
No full textThe netjlow of foreign private investment into the Nigerian economy in 1994 reduced drastically to N3,907.2 million from N32,994.4 million recorded in the preceding year. The sharp decline was attributable to the unstable business environment which resulted from political agitation and labour unrest during the review period. Contributions of all the investment flow components fell, especially changes in foreign share capital and trade and suppliers credit facilities which plummeted to N429. 5 million and N214.8 mil/ion.from N5,0ll.4 and N17,803.l million recorded in the preceding year, respectively. While investments of all the other regions declined, investment flows.from companies of Asian origin rose from N520.0 million in 1993 to Nl,415.4 million, representing 36.2 per cent of the total net inflow. The survey revealed that the cumulative level of foreign investment in the country was N70, 714. 6 million. The mining and quarrying sector accounted for the largest share of foreign investment as in the previous year. However, its proportion declined.from 41.5 per cent in 1993 to 37. 7 per cent in 1994. There were no new investments in the mining and quarrying and agriculture, forestry and fisheries sectors in 1994 as their aggregate investments remained stagnant. The review further showed that net inflows in both current and long-term liabilities fell drastically from their levels in the previous year. This development was attributed largely to the activities of companies of Western Europe origin (excluding the U.K.) in the mining and quarrying sector, which recorded net outflow of N789. 9 million through other liabilities component of investment flow in 1994, as against substantial net inflow of N2 l, 10 JJ. 3 million registered in the previous year
Mobilising financial resources for growth: Nigeria\u27s financial policy perspective.
No full textFinancial resources for growth are from several sources because no single source could provide the required funding. The major known sources of resources for growth are based to both the informal sector and formal sector activities which include the fiscal operations of the Government foreign sector transactions, capital market activities, and institutional savings mobilisation in the financial sector which is the focus of this paper. This paper is organised in five sections. The introduction constitutes Section One which provides the background, the objective and the organisation of the paper. In section Two, the conceptual framework of financial resource mobilisation is reviewed. This is followed in Section Three by a review of Nigeria\u27s experience in mobilising savings for growth. Section Four examines the processes of transforming savings into investment and growth as well as the constraints identified while Section Five provides a summary and conclusion with a pointer to future prospects
Responsiveness of selected agricutural export commodities to exchange rate devaluation in Nigeria: an econometric analysis
No full textThe key focus of this paper was to estimate the responsiveness of selected agricultural export commodities to changes in the exchange rate in Nigeria over the 1974-92 sample period. This study was considered as relevant and topical to the exchange rate liberalisation adopted in 1986, which was intended in part to diversify the export base of the country. The results obtained suggests that, with the exception of natural rubber, the export elasticities for the commodities studied (cocoa, palm kernels, and processed/semi-processed products) were generally of low order even in the longrun. The low elasticity estimates were interpreted as suggesting potentially limited volume of agricultural export earnings in response to the devaluation of the local currency (The Naira). The need to periodically revise these estimates in the light of new information about agricultural tradables was emphasized
Demand for money in a debt-constrained economy: a case study of Nigeria
No full textStudies in Nigeria on the demand for money had often centred around finding a stable function using variables such as income, interest rate, inflation, exchange rate or foreign interest rate. This study considers the impact of debt (external sector variable) on demand for money. In particular, the debt service ratio has been shown empirically to influence demand for money. The model, estimated with debt service taken into account, was found to be very stable. Hence, on the basis of this empirical finding, it is recommended that debt-service be considered an appropriate policy tool of monetary control. The two measures of exchange rate, parallel and official, showed no significant difference in the two models the study relied on, but model 1 was found to encompass model 2