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Perspective on medium to long-term outlook for the Nigerian economy
No full textPerspectives on Medium to Long - term Outlook for the Nigerian Economy . The topic has been designed as a new slant to the familiar subject of Structural Adjustment Programme (SAP). The article provides insight to some of the causes of the economic crises in Nigeria and how it can be avoided
C.B.N. monetary and credit policy: concept, administration and guidelines for 1991
No full textThis paper carries out a discussion of the application of the monetary and credit poli.cy measures that are in force in the light of prevailing economic circumstances. The paper is divided into Five Parts. While Part One examines the concept, objectives and instruments of monetary policy, Part Two deals with monetary and credit policy administration in Nigeria. In Part Three, the policy stance under SAP is discussed and in Part Four, the monetary and credit policy measures for 1991 are reviewed. The final Part, Five, is the summar
The role of Central Bank of Nigeria in the relation to the banking and insurance industries
No full textThe financial services industry is on the threshold of a revolution. The advent of the Structural Adjustment Programme (SAP) in Mid-1986, with its underlying philosophy of liberalisation and deregulation, has brought about a proliferation of banks and non-bank financial institutions. Competition has intensified, there has been increased innovation and sophistication in product design and delivery. While the new changes have enhanced the opportunities for business and profits, they have also engendered challenges and problems calling for policy action. A number of banks arc suffering various degrees of distress manifested in liquidity problems and insolvency. The paper is in four parts: Part I outlines the structure of the financial system and highlights the role of the Central Bank in the system. Part ll discusses the role of the Central Bank in the banking industry while Part lll focuses on the legal provisions governing the relationship between the insurance industry and the Central Bank, with a status report on the extent of compliance by the former with the relevant legal provisions. Part lV is a synthesis of some leading issues and conclusions emerging from Central Bank experience in the conduct of monetary and banking policy in the last three decade
Regling, Klaus P. New Financing Approaches in the Debt Strategy Finance and Development: March 1988, Vol. 25, No. 1, pp.6 - 9
No full textThe review summarises the author\u27s analysis of the various financing techniques. Apart from a few technical points, the write up is self-explanatory and interesting to read. Discussed in it are some of the advantages and constraints in the use of some of the financing techniques. While agreeing with the author on some of the advantages and shortcomings of the financing techniques, there is the need to point out issues which the author failed to take into consideration
A Review of the Federal Government Fertilizer Subsidy Scheme in Nigeria
No full textThis paper reviews the fertilizer subsidy scheme in Nigeria. Using descriptive statistics and econometric methods, the study shows that farmers\u27 access to fertilizer has improved since the commencement of the subsidy scheme in 1976 and the direct involvement of the Federal Government in the procurement and distribution of the input. This also coincided with the period when remarkable improvements were recorded in the yield of virtually all the major crops, especially staples. The econometric analysis confirms that a positive correlation exists between fertilizer supply/consumption and output, while the level of subsidy on the input influences its consumption (utilization) and tends to be positively correlated with the value of agricultural output (agricultural GDP). This notwithstanding, some key issues militate against the efficacy of the subsidy scheme. Among them are: inadequate and untimely supply of the input to farmers, rising cost of imports and the apparent inability of the Federal and State governments\u27 budgets to sustain these costs and the level of subsidies; high cost and weak base for domestic production and the near absolute lack of private sector initiative in the procurement and distribution of the input. In order to overcome these problems, it is proposed that efforts should be made to rely more on domestic supply and improve the efficiency of the distribution system. While recognizing the need to cut-back on the level of subsidy due to budgetary constraints, it is noted that its out-right elimination may act as a major disincentive to fertilizer utilization by farmers. It is advocated that farmers\u27 access to the input should be improved through the provision of credit
Deregulation in the Nigerian banking industry: a review and appraisal.
No full textThe objective of the paper is to review and appraise the process of deregulation in the Nigerian banking industry since the adoption of the Structural Adjustment Programme in 1986. As a background, the paper analyses some conceptual and theoretical issues and the regulatory framework before 1986. Deregulation of the banking industry involves the systematic removal of regulatory controls, structures and operational guidelines which may be considered inhibitive of orderly growth, competition and efficient allocation of resources in the industry. The Nigerian banking industry experienced the most intensive regulations between 1958 and 1986. The regulatory framework was supported by major legislations such as the CBN Act of 1958, Companies Act of 1968 and the Banking Act 1969, as well as the vigorous application of the Exchange Control Act of 1962. While the regulations ensured the viability and stability of the banking industry, they tended, through their prolonged use to reduce the competitiveness and efficiency of the industry. The basic elements of deregulation in the banking industry since 1989 have been the liberalisation of foreign exchange transactions and international trade generally, the introduction of structural and institutional changes and some simplification of the monetary control process. Along with a general improvement in financial intermediation, deregulation of the banking industry has encouraged savings mobilisation and increased flow of financial resources to the productive sectors of the economy. However, deregulation appears to have accentuated the problems of poor management, fraud, inadequate infrastructure and scarcity of professional staff with adequate long-range planning and maximum co-operation with the monetary authorities, the banking industry is likely to experience stronger growth as the process of deregulation gathers momentum
An Econometric Analysis of the Nature and Causes of Inflation in Nigeria
No full textIn this econometric revisitation of inflation in Nigeria, an extensive review of the literature and evidence has been attempted culminating in a specification of the various alternative hypotheses on the causes of inflation. While not ruling out the validity of several theories of inflation in the Nigerian situation, empirical evidence indicates that increases in real domestic produce or supply situation, especially food, and law cost of production of consumables, tended to ameliorate inflation. On the other hand, increases in government expenditure, especially deficits, tend to increase the money supply and worsen depreciation of the exchange rate, which in turn intensify the inflationary pressure. Bringing together these conclusions, the study emphasises the need for fiscal discipline including prunning dawn deficit financing, intensification of restructuring measures that would enhance output and productivity in the domestic economy. These measures need to be complemented with a more pragmatic exchange rate policy that would stem capital flight and encourage more investment in the Nigerian economy
An overview of the Central bank of Nigeria Decree No. 24 1991
No full textThis paper evaluates the effects of Decree No. 24 with relation to the core functional values of the bank to the economy
Banking operations and emerging monetary policy framework in Nigeria
No full textThis paper presents an overview of the framework for the market oriented or indirect monetary control while the second examines the relevance provisions of Decree as it relates to that framework
The role of the Central Bank of Nigeria in promoting agricultural production and export trade in Nigeria
No full textThe paper examines Central Bank of Nigeria’s (CBN) engagement in a variety of activities in the form of policies, programmes and project for the development of the Nigerian economy. ln particular, the promotion of agricultural production and export trade has been pursed to varying degrees using various policy instruments at its (CBN) disposal under changing national and international economic and political climate. The paper examine the development in these two key and complimentary activities and highlighting the changing economic situations. The prospects for the future are discussed based on the lessons of past experiences. The paper is rounded up with a short summary and concluding remarks