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Foreign Private Investment in Nigeria in 1990
No full textForeign Private investment in Nigeria continued to get government attention, as more areas of the economy are opened up to foreign investors. Also, various incentives to attract such investments into the country, continued to be put in place. As in many developing countries, the availability of such funds enhances position of balance of payments. flowerer, the desired contribution from the foreign private int1eStment segment to the external sector is yet to be fully achieved
The need for discount houses in Nigeria.
No full textGiven the rapid expansion of Nigerian economy and the growth in government activities, discount houses in Nigeria will not only have busy schedules but will also be lucrative. The paper discusses the antecedents for the establishment of discount houses in Nigeria as well as their functions. To facilitate the presentation, the paper is divided into three parts. Part I highlights the role of discount houses and their functions. Part II discuss the rationale for establishing discount houses in Nigeria. The paper ends in part III which contains a discussion on prospects of discount houses in Nigeria as well as a concluding remark
The Demand for money function in Nigeria: an empirical investigation
No full textThis paper provides further empirical evidence on the nature of the demand for money function in Nigeria for the period 1960-1991. The paper also addressed the issue of the appropriate adjustment process, structural stability of the estimated equations, as well as the influence of external factors on money demand function in an open economy, such as Nigeria. The main conclusions which emerged from the analysis are that, the real adjustment mechanism appeared to be the most appropriate adjustment process for modelling money demand in Nigeria; the influence of external variables like the foreign interest rate and exchange rate should not be discounted in any specification of money demand function in Nigeria, the domestic interest rate in addition to inflationary expectations are relevant domestic opportunity cost variables in Nigeria’s demand for money function; there is absence of economies of scale in cash management in Nigeria; and the adjustment period is very long. The battery of diagnostic tests produced conflicting results, making it difficult to select a particular equation for each definition of money as the most adequate representation of the data for the period of analysis
Management of External Debt: Nigeria\u27s Experience
No full textThis paper traces the genesis of Nigeria\u27s external debt from the period prior to the introduction of the Structural Adjustment Programme (SAP) to the current period. \u27The factors which combine to bring the external debt to the current level comprise borrowings from the multilateral and bilateral Institutions, the accumulation of trade arrears, default in the repayment of loans, capitalization of unpaid interest, and depreciation of the U.S. dollar against other major international currencies In which the loans were contracted. Measures taken to limit the growth of Nigeria\u27s external debt include embargo on new loans, directives to State Governments to minimize external borrowings, and the adoption of SAP as well as refinancing, restructuring and rescheduling of the debt. With regard to the debt owed to the London Club
Access to credit: the case for rural women.
No full textThe alleviation of poverty has generally been the cornerstone of economic policy in Nigeria. Past policies have been pursued with the sole objective of improving the living standards of the people through enhanced income and generation of employment opportunities. Despite all machineries put in place, most of the women folk have not benefited because of some endemic socio-cultural problems affecting the women. This paper highlights the need for credit, conditions for attracting credit especially for rural women and the policies that can provide the right atmosphere for access to credit by rural women for sustainable development
Indirect monetary control: what it means and how Nigeria is moving towards it.
No full textThis paper examines what indirect monetary control is, and how Nigeria is moving towards it. The first section of the paper explained indirect monetary control as the techniques of controlling money supply through manipulation of the monetary base which comprises of total bank reserves plus currency in the hands of the non-bank public
Monetary Policy in Nigeria in the 1980s and Prospects in the 1990s
No full textThe main aim of the paper is to review the evolution and performance of monetary policy in Nigeria in the 1980s. Monetary policy objectives remained broadly the same throughout the review period· simulation of output and employment, promotion of stable prices and support of external equilibrium The direct monetary controlframeworkentailingtheprescripttonqfaggregatecreditceilings,selectivecreditcontrolsandregulatton of interest rates, was prominently used between 1980 and 1985, and although was generally retained from 1986, there was some degree of liberalizatton in line with the general philosophy of the Structural Adjustment Programme. Monetary policy faced increasing difficulties due in large part to the Inadequacy of the control framework and absence of harmonisation between monetary and fiscal policies. Under these circumstances, macroeconomic variables moved to undesirable directions for most qf the decade. The announced movement to market-based Instruments of monetary control is a logical follow-up to the .financial deregulation already embarked upon under SAP and the poor performance of direct monetary control. For effective use of such Instruments. however, some constraints must be eliminated or reduced substantially. These Include the areas liquidity in the economy, conflict between monetary and fiscal policies, Inadequate competition in the banking system. large leakages in the monetary control system and Inadequate data base
Current Monetary and Banking Policies in Nigeria and the Prospects in the Third Republic
No full textThis paper received and appraised the conduct of monetary and banking policies in Nigeria in the recent past, and charts prognosis of future monetary policy directions, come the Third Republic. As a background information, the paper reviews the conceptual, analytical and institutional framework for the conduct of monetary and banking policies in general, noting the widespread consensus that efficient management of money stock and the related price variables are vital instruments for inducing investment and growth of any economy. An overview of recent monetary and banking policies in Nigeria acknowledged the innovative initiatives taken so far to reform the financial system and monetary management approach in general, but regrets the relative ineffectiveness as reflected by the outcome of intermediate policy targets
Developments in the Insurance Industry in Nigeria in 1990
No full textWhile the number of insurance companies operating in the Nigerian economy increased in 1990, both income and expenditure of the companies rose during the same period. The report revealed that the growth rate of income in the industry exceeded the expenditure rate, as the income to expenditure ratio rose from 1.59 to 1.81 between 1989 and 1990
Indirect monetary control in Nigeria: problems and prospects
No full textA speech delivered at the Annual Dinner of the Chartered Institute of Bankers of Nigeria by the Governor of Central Bank of Nigeria, Ahmed, A. on the proposal by the Federal Government to shift the technique of monetary credit management from the imposition of credit ceilings on banks to the use of market based instruments