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Implementation of indirect monetary control in Nigeria: problems and prospects.
No full textThe paper discusses the advantages and disadvantages, pre-conditions, instruments and issues in indirect approach to monetary and credit control. Among the preconditions stated are the ability of the Central Bank to formulate an appropriate monetary programme to which government must give support and co-operation to the Central Bank in its execution. The importance of competitive money and short-term securities markets to serve as medium for transmitting monetary policy action to the productive sectors of the economy is also stressed. This will facilitate the functioning of an efficient transmission mechanism for the allocation of financial resources among competing needs. The relevance of a machinery for the regular supply of up-to-date data on the operations of the financial institutions to permit the supervisory agencies and other operators to take timely decisions is also stressed. The principal instruments of the indirect approach to monetary control comprise mainly cash reserve requirement, the discount rate mechanism, and open market operations. Among the issues discussed on the market-based approach are problems of programme implementation, control of monetary aggregates and the international aspects. The modalities for the implementation of indirect approach to monetary and credit control in Nigeria are also discussed. Problems for immediate introduction of the new technique are listed as government fiscal deficit, financing and excess liquidity; harmonization of fiscal and monetary policies, insolvent banks, non-bank financial institutions, inadequate money market activities, weak banking supervision, inadequacy of regular and reliable statistical data as well as the need to train the CBN staff that will handle the introduction of the new technique. The efforts of the CBN in addressing these problems are listed in the paper. The prospects for the successful implementation of indirect approach to monetary management are presented as being inextricably connected with the ability of government to minimize fiscal deficit, reduce its dependence on the CBN, and co--ordinate monetary and fiscal policies. The monetary authorities should also be able to foster and sustain confidence in the financial system. Another imperative factor in the prospect for the new technique is discipline on the part of both government and banks
Constraints posed by inadequate data supply to planning and evaluation of services in Nigeria.
No full textThe paper discusses the importance of accurate, timely and adequate data in national planning and economic development of Nigeria
Restructuring the Nigerian financial system for economic resuscitation.
No full textThe article provides a detailed analysis on the stages of restructuring the Nigerian Financial System for Economic Resuscitation during the period of 1985-1993
A Comparative Analysis of the Export Promotion Strategies in Selected Asia- Pacific Countries and Nigeria
No full textThis paper reviews the structures of exports and compares the export promotion strategies adopted by some selected countries in Asia-Pacific region and Nigeria. The aim is to find effective solutions to the diversification and expansion of manufactured exports in Nigeria. The five selected countries comprise of three of the four newly industrializing Asian countries (NICs), namely, Taiwan, Singapore, and Hong Kong while the remaining two are members of the six. Associated South East Asian Nations (ASEANS) (Malaysia and Indonesia). Against the background of the world’s average growth rates of 3.2 and 2.0 per cent in 1989 and 1990; the average for developed countries (Europe, the United States and Canada) of 4.4 and 3.8 per cent in 1989 and 1990 respectively and developing countries’ average of 3.2 per cent in 1990, the economic performance of the selected countries in Asia is unique, considering their vibrant export and economic growth rates that rank. among the highest in the world. For instance, Singapore registered a growth rate of (8.3%), Hong Kong (7.5%), Malaysia (8.2%), Indonesia (6.7%) and Taiwan (5.2%). The paper acknowledges the significant role export development policies and strategies plays in promoting the growth of exports in developing countries. It agrees with the universality and similarities of some export promotion strategies adopted but believes the wide disparities in export performances is due to varied environmental and attitudinal factors, especially the delay and slippages in the implementation of the Structural Adjustment Programme by the different countries, differences in the rate of foreign investment inflow into these countries and differences in the categories and volumes of commodities exported
Exchange Rate Action: Channels of Contribution to Effectiveness of Growth-Oriented Adjustment Policies in Low Income Primary Producing Countries
No full textThis paper Identifies exchange rate as one of the principal policy tools through which low-Income primary producing countries could properly align their economic and financial activities with those In the rest of the world to achieve satisfactory growth In income and employment. It examines the channels U1rougl1 which devaluation (exchange rate action) can produce significant impacts on major economic aggregates and in the process, correct financial and structural Imbalances
Japan as a Capital Exporter and the World Economy (Occasional Papers No. 18. Group of Thirty, New York) by Masaru Yoshitomi
No full textSound financial system is considered central to the development of trade either in an economy or internationally. This fact informed the author of this Occasional paper in examining and bringing into focus how Japan became an international creditor i.e. net capital exporter in the world financial system aside from her leading role in world trade. This position was attained through a combination of many factors, some of which were sectoral savings-investment imbalances and the co-existence of high-employment government deficit and the high-employment current account surplus in the 1970s and 1980s. The author thus, traced the historical evolution of Japan• s chronic current account surplus vis-a-vis its impact in the international financial systems back to the end of World War JI in 1945 when she was an immature debtor country with a regulated financial . system. Although it was written in 1985, the paper is still relevant in the light of free market economy and economic liberalisation and the concomitant internationalisation of local economies
Review of policy and developmental objectives in agricultural and Agro-based industrial financing.
No full textThis paper reviews and appraise the role of government credit policies in the development of agriculture and agro-based industries in Nigeria. The paper is organized into five sections. Section I reviews the objectives of agricultural development and its role in overall economic development. Section II highlights some major policy measures designed to achieve stated agricultural and agro-industrial development objectives, the major sources of financing and institutions established to support agricultural and agro-based industries are appraised in Section III, while Section IV contains the lessons of experience and implications for policy. Section V summarizes and concludes the paper
The State of the Nigerian economy and the policy options.
No full textThe text of Speech delivered at the 1992 Annual Dinner of the Chartered Institute of Bankers of Nigeria at L\u27Hotel Eko Meridien, Victoria Island, Lagos, on 13th November, 1992
Monetary and policy guidelines for 1993 fiscal year.
No full textThe paper contains Central Bank of Nigeria guidelines on major Economic Indicators for the year, 1993
The future of the financial services industry in Nigeria.
No full textThe paper is a Keynote Address presented at the Workshop on \u27The Future of the Nigerian Finance Industry Jointly organized by the Chartered Institute of Bankers of Nigeria and the Nigerian Association of Management Consultants, CBIN Auditorium, Victoria Island, February 15,1993