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OUR MISSION\u27 - General Sani Abacha, GCON, FSS, DSS, mni, Commander -in-Chief of the Armed Forces of the Federal Republic of Nigeria: being the 1994 budget address.
No full textThe 1994 Budget Address manuscript titled Our Mission read by the General Sani Abacha, GCFR. The foregoing constitute the historical context of current efforts to charting relevant and appropriate direction for Nigeria\u27s socioeconomic, The policy direction for 1994 must, therefore, aim at the refashioning of present ways of doing Government business
Sources and management of external reserves in Nigeria.
No full textReserves are all those foreign assets of a country held by the monetary authorities which can be mobilized at period of external imbalances with else and certainty. External reserves are held in the form of earning assets notably government\u27s foreign security or in the form of non earning liquid assets like gold bars in the vault of Central Banks. ln Nigeria the composition of the extremal reserve consists of gold, IMF reserve tranche, Special Drawing Rights (SDRS) and convertible currencies, The major sources of extremal reserves are derivable from the components of foreign exchange inflows which include: receipt from petroleum, service income, other invisible items, capital importation, interest payments on foreign securities, extremal borrowing/ foreign aids and grants, non oil export proceeds among others. This paper is intended at complementing other research efforts on the subject matter of external reserve management but more especially to serve as an up-date to the early works. It is organised as follows: Part 2 identifies the composition and sources of external reserve. Part 3 explores external reserve management policy measures before and during the structural adjustment era. Part 4 presents the measures of and analysis of reserve adequacy while the paper is concluded in Part 5 with a critique of reserve management policy measures and concluding remarks
Central Bank of Nigeria Statistical Bulletin, December 1994
No full textFinancial data is compiled from various documents, such as balance sheets and financial statements, to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. Monetary survey accounts are produced by consolidating accounts of monetary authorities and deposit money banks. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates. 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.
The text provides a comprehensive overview of Nigeria\u27s GDP, population, agricultural production, principal solid mineral production, electricity generation and consumption, and various indicators of economic activity. It also covers energy consumption, petroleum consumption, crude oil production and export data, gas production and utilization in Nigeria, and average total rainfall. The text also includes a table of contents, including a composite consumer price index, urban and rural consumer price index, inflation rate, retail price Indices of selected consumer items in Lagos area, and share price Indices of ordinary shares listed on the Nigeria Stock Exchange. It also covers transportation and communication statistics, including ocean shipping, national shipping line statistics, and air transportation.
It also provides a detailed analysis of Nigeria\u27s foreign trade, exchange rate statistics, and external assets. It includes a table of contents on Nigeria\u27s balance of payments, exchange rate statistics, and foreign reserves. The text also discusses foreign private investment, including the flow of capital by country or region of origin, components of net capital flow, cumulative foreign private investment in Nigeria, and fixed assets at cost for industries in manufacturing and processing sectors. The table also includes fixed assets at book value for industries in agriculture, forestry, and fisheries, as well as fixed assets at cost for transport, communication, building, construction, trade and business services. The text also discusses the components of paid-up capital and the components of paid-up capital analyzed by type of activities
Determining the price of petroleum products in Nigeria and the issue of price subsidy
No full textThe paper examines the issue of petroleum products pricing in Nigeria and the issue of price subsidy. It is based on the cost structure provided by the NNPC to the Belgore Tribunal of Enquiry into Fuel Shortage in Nigeria in 199
An econometric analysis of the impact of Structural Adjustment Programme on Nigeria\u27s natural rubber export supply
No full textThe paper examines the impact of government policies (exchange rate devaluation) under the Structural Adjustment Programme, (SAP} on Nigeria\u27s natural rubber export supply. The author confirms that SAP policies of exchange rate adjustment and abolition of the Nigerian Rubber Board are important factors that positively affect natural rubber export supply
The control of the monetary and banking system by the Central Bank of Nigeria
No full textThis presentation articulated various aspects of institutional and organisational arrangements within which monetary policy is formulated and implemented in Nigeria. Among others, it underscored the role of the CBN and the banks in the conduct of policy and touched on the factors behind the persistent setbacks in monetary policy over the years. It also indicated the potential that OMO offers for improvement in the effectiveness of monetary policy as well as its limitations
The role of the Central Bank in the Nigerian economy.
No full textThis paper focus on the role of the Central Bank of Nigeria and its contributions in the face of the prevailing unstable macro-economic environment. The paper further provide a brief background on the general objectives of a central bank, especially from the international perspective. The paper projects that year 2000 will see the Central Bank of Nigeria becoming smaller both structurally and functionally. Shedding of some of its developmental activities which can effectively be taken over by other agencies with focus on its stabilization functions which can sustain price stability and restore full confidence to the financial sector. It further suggests that autonomy would enable the Bank become a more effective, efficient and responsive institution, gaining greater confidence of the general public
The targeting of open market operations: the Bundesbank experience and lessons for Nigeria
No full textThe study has lots of lessons for Nigeria, it suggests that the CBN should review its OMO programming, especially by identifying the major components of the other assets (net) of the CBN, which often time distort the monitoring of the growth in money supply. The operating target (bank reserves) of OMO should be linked to the interest rate movement and the size of OMO for final sale should be decided after the bids have been received. Also the CBN should introduce its own instruments to complement the existing OMO instruments; the CBN\u27s facilities to banks should be fully backed by acceptable collaterals; the minimum reserve requirement accounts should be de-sterilized and a more comprehensive procedure for OMO accounting should be adopted
Bank supervision and the safety and sounness of the banking system: an early warning model applied to Nigerian data
No full textThis study attempts to provide an early warning model to assist bank regulatory and supervisory authorities in Nigeria in scheduling bank examination so that potential insolvent (problem) banks would be examined more frequently and more intensely than solvent (non-problem) banks
Financing State Government Projects through the Capital Market: Problems and Prospects
No full textThe paper discuses the problems and prospects of raising funds from the capital market to finance state government projects. The need for viable alternatives to finance government projeds had not only been a topical issue but one that had engaged the attention of policy makers. This has arisen because conventional sources of government project financing have been proving increasingly inadequate. From a short review of available options for financing government projects such as statutory allocations, internally generated revenue, bank and non-bank domestic borrowings, donations and taxation, the paper discusses the relative advantages of capital market financing of government projects, principal amongst which is the fad that government subvention and other earnings can be judiciously utilized for other purposes. Conditions for the efficient use of the market are outlined to include favourable interest rate policy and long-term political and economic stability. A review of Nigeria\u27s experience indicates the success of previous attempts mainly on projects having economic returns and to a less extent for other infrastructural utilities. Specifically, the paper identifies the potentials for the capital market financing of facilities like stadia, municipal markets and industrial/housing estates, amongst others