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Towards a viable rural financial market in Nigeria.
No full textThis paper analyse the weakness of existing rural financial markets, survey the existing formal and informal financial markets in rural areas, their financing mechanisms, strengths and weaknesses, and propose an agenda from a viable rural financial market in Nigeria. It is divided into four parts. Part 1 presents a critique of the operation of formal financial institutions in rural markets. Part 2 identifies the existing informal financial markets, noting their structure and financing mechanisms and the overall influence on the rural people. Part 3 analyses the challenges and prospects of rural financial markets, while Part 4 presents the conclusion and proposes an agenda for a viable rural financial market in Nigeri
The determinants of external debt service in Africa
No full textThe paper investigated how changes in commodity prices, exchange and interest rates, and terms of trade affect external debt service. The paper employed capital recovery theory and regression analysis in evaluating a model for Sub-Saharan Africa as a whole, and Nigeria, Ghana, Cote d\u27Ivoire and Egypt. The results of the study confirmed empirically the widely held view that increase in commodity prices enhances the ability of the countries in the region to service their external debts
The financial system and economic growth in the context of political transition
No full textThis paper examines the roles of banks in economic recovery and political transition. After the introduction, section II articulates how finance promotes growth; section II examines how economic growth in turn enhances the development of the financial system. Discussions of how finance and growth relate to and enhance each other typically assume the existence of a stable political arrangement that provides an enabling environment. Section V offers some thoughts on the linkages between finance and growth when the political environment is impaired. Some policy implications of this are discussed in the concluding section of this paper
Factors Affecting the Supply of Paper in Nigeria
No full textThis study reviews the developments in the paper industry with special focus on the supply and factors affecting the supply of paper in Nigeria. The study appreciates the strategic role of paper on socio-economic activities and is concerned with the downward trend in the supply of paper to the market. The data show the low capacity utilization and heavy revenue losses sustained over the years by the local pulp paper mills as well as the declines in the import supply of paper due to the scarcity of foreign exchange. The study attributes the factors constraining the supply of paper to the dominance of government investment in and control of the pulp paper mills which have made them uncompetitive and unresponsive to technological changes and innovations. Other factors listed are obsolescence of the machinery and equipment, old and low technology inherent in the production system, high production costs as well as inadequate funding due to limited access to the financial markets. The study calls for urgent privatisation of government\u27s share holdings in the paper mills to inject private funds and management for efficiency; re-structuring of the paper mills to medium sizes; 1·e-classification of paper used as intermediate inputs as raw materials for duty exemption; and adoption of new technology or adaptation of the existing ones to process any available local substitutes for the imported long fibre pulp
Cost-benefit analysis of captive power generation by manufacturing industries in Nigeria by G. K. Ajayi - a review
No full textThis article discusses the problem of electricity outages and supply inadequacies in Nigeria, the loss arising from the inefficient electricity supply by NEPA, the accompanying economic losses which have been earlier commented on and documented in other journals and the analysis of captive generation by manufacturing firms in Nigeria using the technique of cost and benefit analysis
The devaluation of the CFA Franc: implication for the West African intra-regional trade and the Nigerian economy.
No full textThis article discusses the CFAF devaluation which was long-resisted and how it became inevitable after France indicated her intention in September, l993 not to assist the depressed economies of the CFA states if they backed out of IMF supported structural adjustment Programme. The IMF had insisted on devaluation as a condition for supporting any adjustment programme in CFA countries arguing that the devaluation would encourage investment and make exports more competitive thereby improving the balance of Payments of the CFA countries
Central Bank of Nigeria monetary, credit, foreign trade and exchange policy guidelines for 1994 fiscal year: monetary policy circular No. 28.
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 1994. The circular is structured into three sections and Appendix. Section one reviews developments in the economy and the policy environment in 1993 and thus provides the background to the policy measures for 1994. Section two details the monetary and credit policy measures and guidelines for banks and other financial institutions. The foreign trade and exchange policy measures for 1994 are highlighted in section three and list of prohibited import and export items is provided in the Appendix
An Appraisal of electricity supply in Nigeria and the privatisation option
No full textIncessant electric power cuts in most parts of the country has become a normal feature of electricity supply throughout Nigeria. The power outages cause much inconvenience and economic losses to all and sundry. This study has shown that the most critical factor behind the incessant power failure is the problem of inadequate funding of the industry at a time it was forced to accommodate rapid expansion. Other factors include lack of autonomy, inefficiency, poor organization as well as lack of skilled manpower. The paper has examined these problems on the basis of which suggestions are made on how the worrisome trend can be reversed. Specifically, the study has recommended the re-organization of the power utility industry to give it real autonomy to recruit competent staff, improve its revenue generation, and privatize the power distribution sub-sector of the industry
Structure of the Nigerian Economy: being the text of a paper presented on 18th April, 1994 at a Seminar on the Management of Nigerian economy held at the CBN Training Centre, Lagos.
No full textThis paper examines various dimensions of Nigeria\u27s structure, as well as its components and interrelatedness with a view to identifying the potentials for, and constraints to development. The paper is divided into four sections, ln section one, the resource base of the Nigerian economy is reviewed. This is followed in Section two by on appraisal of the pattern of Nigerian economic activities, given the structure of the resources. The third section examines the major structural weaknesses of the Nigerian economy while the fourth and final section summarises and concludes the paper
Allocation and management of foreign exchange: the Nigerian experience.
No full textThis paper intends to discuss and review the various strategies adopted in the management of Nigeria\u27s foreign exchange resources. Part I of the paper reviews the systems adopted before SAP (Structural Adjustment Programme) period as well as those practised from SAP to end of 1993. Part ll considers in broad terms the 1994 foreign exchange resource management policies. While Part lll describes the foreign exchange allocative mechanism adopted in 1994. Finally, part lV provides the summary and conclusion of the paper