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The role of the Central Bank in the Nigerian economy
No full textThe paper focus on the role of the Central Bank in the Nigerian economy with a view to highlighting the Bank\u27s responsibilities and its contributions within the broad context of macroeconomic management in the country
Foreign Private Investment in Nigeria - 1992
No full textThe net flow of foreign private investment into the Nigerian economy in 1992 witnessed a substantial increase over the preceding year\u27s level of 141,808.0 million to t48,264.2 million. The phenomenal jump was attributable to the renewed confidence in the economy by foreign investors. Gains from the current economy restructuring of the economy and the movement towards democratic government during the year were believed to be taking firm hold. Traditional investment flow components such as unremitted profits and changes in foreign share capital, which used to account for the substantial net inflows, dropped in 1992 from the previous year\u27s levels. Trade and suppliers credit facilities from abroad experienced a dramatic upturn to a net inflow of t48,964.4 million in the reported 11criod. Analyses of the investment flows showed that the companies from the U.S. contributed about 80.3 per cent of the total net inflation through establishments in the petroleum sector. The survey revealed that the cumulative level of foreign direct investment in the country was ~ N20,512.7 million. The manufacturing and processing sector continued to account for the largest share of foreign investment. Its proportions however declined from 71.0 per cent in 1991 to 47.5 per· cent in 1992. There were hardly new investments in the agriculture, forestry and fisheries, transport and communications, building and construction, trading and business services and miscellaneous sectors in 1992, as their aggregate investments almost stagnated. Substantial drops were exhibited in the common stocks that came in through parent/affiliate companies to the established foreign firms. Only N113.0 million worth of this investment instrument was recorded as against N641.1 million in 1991
Governor\u27s speech at the official naming ceremony of Samuel Asabia House .
No full textThe paper contains the speech of the Governor of Central Bank of Nigeria at the official naming ceremony of the First Bank of Nigeria Head Office in honour of the late Chief Dr. Samuel Asabia, the first indigenous Managing Director and Chief Executive of FBN PLC
The Economics of Controls and Deregulation: the Nigerian case study
No full textThe abandonment of economic controls and the adoption of deregulatory measures in the mid-1 980s were expected to usher in economic recovery and sustained growth in Nigeria. In the wake of the apparent failure of the adopted policy regime to attain that primary goal, there Is a need to investigate the efficacy of the policy instruments adopted and the fundamental causes of persistent economic downturn. The paper reviews Nigeria’s experiences in the use of economic control tools and measures of liberalisation, as well as the international evidence. A major finding of the study is that the programme of deregulation was not implemented as a package which led to substantial deviations from programme targets and underlying philosophy. Specifically, the apparent failure of the reform programme could be ascribed to the persisting distortionary impact of government fiscal operations, poor sequencing of implementation, the weak export promotion drive and political Instability. Thus, the fault was not so much that of the policy regime but that of ineffective implementation, particularly as similar policy instruments have been successfully applied in other countries. A clear lesson to be drawn from the Nigerian experience is the need for macro-economic stability, effective policy implementation, sustained mobilization and support of the populace and good governance as the minimum conditions for success. The immediate issues to be resolved by the authorities to chart a fresh and viable path (or economic management in the country are the need for articulation of an approach to emerging global economic developments, the choice of a driving force - the private sector or government — in the economy and the cultivation of an appropriate environment for co-operation with the rest of the world
Supervision of banking industry in Nigeria: an operator\u27s viewpoint
No full textThis article provides an operator\u27s viewpoint to the supervision of the Nigerian banking industry. It examines issues like: the regulatory environment; objectives of banking supervision; importance of banking supervision; approach to banking supervision; identity of interest of supervisors and operators; and benefits of banking supervision/examination to operators. The Challenges of banking supervision in Nigeria is also discussed as well as recommendations on how to resolving these challenges are provided. This includes measures like: provision of adequate resources training; probity fairness and firmness; presentation of examination reports; submission of examination reports; follow-up and monitoring; imposition of sanctions; sourcing personnel from the operators; extension of supervision to related companie
Africa\u27s Debt Burden in Historical Perspective
No full textThe purpose of the paper is to outline the profile of Africa\u27s debt burden since the early 1980s. The paper reviews the economic performance of African countries, trends in their external debt stock and structure as well as their debt burden measured by the conventional debt ratios. It also undertakes a review of the causes of increased debt burden of African countries. The major findings are that deteriorating economic performance in Africa since the early 1980s was accompanied by increased external debt burden fcatu1·ing lower export earnings, reduced income growth and mounting (paid and unpaid) external debt obligations. Some of the determinants of rising debt burdens were the persistence of external shocks, volatile interest and exchange rates, massive out flaw of resources out of the continent and poor economic management. The paper concludes that the impact of current debt management strategies will remain insignificant unless a radical transformation of African economies takes place
The multiplier approach to money supply process in Nigeria
No full textThe standard multiplier model of the money supply process, is examined in this paper, the hypothesis that the adjusted multiplier is independent of the policy actions of the Central Bank of Nigeria is tested
Issues on macro-economic management in Nigeria.
No full textThis paper examines the main source of inflationary pressures, and established the source of destabilization of the exchange and interest rates as the Budget deficit which has been increasing at an unsustainable pace since 1990. It also ascertain that stabilizing the economy will require a significant and sustained budget surplus with no additional domestic bank borrowing. It states that economy stabilization will also require a liberalization of foreign exchange and credit markets
Financing local government administration in Nigeria: 1980 - 1991
No full textThis paper reviews the finances of Local Governments in Nigeria, identifies the causes of their financial incapacity and proffers some recommendations for possible remedy. The results of the statistical sample survey on the finances of selected Local Governments, covering the period 1980 to 1991, reveal that the Local Governments virtually neglected their traditional sources of internal revenue as a result of their increased wealth from federal statutory allocations. Other causes identified include the erosion of the revenue - yielding Junctions of Local Governments by State and Federal Governments as well as inefficient revenue collection machinery
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 1994
No full textIn 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. Institutional developments included the establishment of the World Trade Organization and initiatives to support low-income countries. The Central Bank of Nigeria focused on liquidity management, debt management, financial surveillance, and agricultural credit operations but faced challenges in foreign exchange management due to lower receipts and disbursements. Overall, the Central Bank recorded an operating surplus that was split between reserves and the Federal Government