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An Overview of Foreign Investment in Nigeria: 1960 - 1995
No full textThis paper examines the crucial role of direct foreign investment in Nigeria\u27s economic development, with particular emphasis on transfer of technology, support for balance of payments and the facilitation of the structural adjustment programme. The paper then evaluates the country\u27s efforts at promoting foreign investment and highlights important lessons to be learnt over the years. On the basis of available data, the paper believes foreign investment out-turn in Nigeria was generally unsatisfactory. Between 1970 and 1976, investment inflow through existing enterprises in Nigeria rose in nominal terms from N251.0 million to N757.4 million. Thereafter, it fluctuated freely, rising to N2,193.4 million in 1982 and N10,450.2 million in 1990; after which it crashed to a low of N510.2 million in 1991, before surging to N11,730.7 million in 1992. During the same period, investment outflow also fluctuated freely, from N129.4 million in 1970 to N282.0 million in 1975; N568.5 million in 1982; N10,914.5 million in 1990. It then dropped sharply to N3,461.§ million in 1992. Capital inflow through newly established companies also rose from N27.9 million in 1990 to N1I,405.4 million in 1993; and then dropped to N292.5 million in 1994. The paper also identifies a number of the factors which are believed to have hindered effective inflow of foreign investment in Nigeria, particularly during the era prior to the introduction of the Structural Adjustment Programme (SAP). These include the strict regulatory framework and institutional arrangements which have had the unintended effects of retarding inflow of foreign investment. In addition, there is the problem of huge external debt service burden and the general instability which has characterised our socio-political environment over the years. Since the adoption of the SAP, however, a number of policies and programmes have been introduced which tend to enhance and facilitate inflow of foreign investment. These include the introduction of Industrial Development Coordinating Committee (IDCC) to ease procedures for obtaining a number of mandatory business permits; the restructuring and streamlining of incentives for industrial development and non-oil export promotion; adoption of privatization and commercialization programme, shift to market friendly macro-economic policies; general improvement in infrastructure, including the establishment of Export Processing Zone; and the abrogation of the Nigerian Enterprise Promotion Decree as well as the Exchange Control Act. The Paper then highlights some important lessons as they relate to prospects for increased inflow of foreign investment into Nigeria. These include the need to sustain market friendly macro-economic policies which other developing countries that are competing for foreign investment with Nigeria had introduced many years previously; the need for improvement in our political climate; and the importance of increased efficiency of Nigeria\u27s labour force through enhanced investment in human capital formation
Managing Nigeria\u27s external debts: retrospects and prospects.
No full textThe purpose of this paper is to outline the debt management strategies adopted by Nigeria so far and articulate the way forward. For ease of presentation, the paper is divided into five parts. Part I dwells on the theoretical nexus articulating the major ingredients influencing the size of the debt stock. Part II outlines the structure of Nigeria\u27s external debt as well as the debt dynamics. Parts III and IV contain the analysis of the debt management strategies adopted by Nigeria thus far indicating the problems and prospects. Part V summarises some of the leading issues and concludes the paper
The role of central banks in economic development.
No full textThe study examines the role of central banks in economic growth and development of a country and was more specific in the roles the Central Bank of Nigeria has played in the economic growth and economic development of Nigeria
Keynote address at the 3rd CBN Executive Seminar
No full textThe keynote address delivered on the occasion of the third in the series of annual Central Bank of Nigeria in-house Executive Seminars organised by the Research Department in collaboration with the Personnel Department. A major objective of the Executive Policy Seminar is to update our Executive staff\u27s knowledge and understanding of economic and financial policy issues and thereby enhance their contribution to policy design and implementation. The theme of this year\u27s Seminar, Central Banking: A Case Study of the Central Bank of Nigeria, is highly relevant for the following reasons, namely: (1) Central Banking is our business and devoting some time to discussing it, away from the pressures of daily routine which tends to overwhelm most Executives these days, is likely to offer rather interesting insights on how we stand. (2) The CBN has for sometime now, especially in the last one year, received a rather bad press and, whether deserved or not, this is not a desirable state of affairs. It is, therefore, necessary to find out at a seminar such as this, what had gone wrong and how we could put things tight in order to redeem our dented corporate image. Of priority importance is the need to evolve an effective information management strategy to explain developments in the economy and CBN\u27s role and measures. (3) The seminar offers an opportunity for an informed discussion on the highly topical issue of CBN autonomy
Open Market Operations in 1994
No full textIn line with the objectives of the monetary policy in 1994, the CBN achieved a substantial reduction of its holding of treasury bills through open market operations that were aimed at slowing down the growth of base money and money supply. While the volume of open market sales suffered apparently from the initial market reactions to the budget for fiscal 1994 and later the political and industrial unrest, such sales reached record levels in the fourth quarter of the year. However, OMO largely responded to the short-term portfolio preferences of banks and did not translate into an overall pressure on their reserve position. The moderation that occurred in the growth of base money and money supply were both traceable to the slow-down in the growth of government borrowing from the Central Bank. In the year ahead, the role of OMO in controlling monetary and credit growth is therefore likely to be secondary to the governments fiscal out-turn and the impact of the .new exchange rate policy on overall liquidity in the economy
1995 Monetary policy- press briefing
No full textThis is press briefing by the Governor of Central Bank of Nigeria. It is aimed at providing detailed elaboration on the policy thrust and modus operandi of the monetary and foreign exchange policy measures for 1995
Investment opportunities in Nigeria’s gas industry
No full textThis paper examines investment opportunities in the industry, especially opportunities for both foreign and domestic entrepreneurs in small and medium scale enterprises. In doing this, the paper analyses statistics on natural gas, reviews various gas projects and examines investment opportunities in the gas industry. The rest of the paper proffers some policy recommendations and ends with a summary and conclusion
A framework for resolving Africa\u27s debt crisis
No full textThis paper examines the various measures which have been put in place in the past to resolve Africa\u27s debt crisis. Relevant economic indicators show that Africa\u27s outstanding debt is very large considering the continent\u27s weak production stuctures, negative external balances and high external debt service burden. Various, strategies adopted in the past to resolve Africa\u27s debt crisis seem to have failed to address the debt service capacity of African countries. The paper suggests that an alternative framework for resolving Africa\u27s debt crisis would be predicated on the existence of conducive domestic economic conditions and understanding by the international community
Agribusiness, the environment and sustainable economic growth in Nigeria.
No full textThe paper reviewed the performance of agribusiness in Nigeria in recent years and some major environmental problems which affected it, with a view to making some suggestions capable of fostering sustainable environment and growth of agribusiness in the interest of all economic agents
The significance of the OSO condensate project in the Nigerian economy
No full textThis paper outlines the historical background and financing of the Oso condensate project, examines the benefits of the project in terms of revenue expectation, infrastructure development, employment and investment opportunities, benefit to the communities and owners of the project, as well as underline the potential constraints. For the ease of presentation, the paper is organised into sections and an introduction. Section I describes the features of the project while section II analyses the benefits. Section III outlines the potential constraints and section IV is summary and conclusion