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Central bank of Nigeria Decree No. 24 of 1991 and banks and other Financial Institutions Decree No. 25 1991
No full textThis is the keynote address delivered by the Honourable Attorney General of the Federation and Minister of Justice, on Central bank of Nigeria Decree No. 24 of 1991 and banks and other Financial Institutions Decree No. 25 1991
Infusion of Private Sector Capital in Rural Infrastructure Building in Lagos State
No full textThis paper recognizes the constraints imposed l7y the weak rural infrastructure base in Lagos State given the swampy/riverine nature of her landscape and notes the dim prospects for overcoming them through public investments alone. Although the study recognizes that rural infrastucture is a public good, several cases are cited to show that private sector initiatives in the provision of rural infrastructural facilites and services can be successful. Among the financing mechanisms for infusing private sector capital into rural infrastructure building include rural development levies, strengthening of rural financial markets and special aids/grants from private and non-governmental agencies. For· these initiatives to be successful, the climate for enterprise in rural infrastructure services which generate the right incentives, improves efficiency and elicits the williingness of the people to pay should be fostered
Crowding-out and crowding-in effects of policy reforms in developing countries
No full textThis paper discusses the interplay of crowding-out and crowding-in effects of policy reforms in the context of growth-oriented adjustment programs in developing countries, and to highlight some of the policy implications. A discussion of the nature and determinants of the two phenomena in a developing-country content is given in Section ll. Section lll presents some conclusions and practical implications of the analysis
Credit policies and agricultural development in Nigeria.
No full textCredit policies have been used widely in Nigeria to stimulate agricultural development. This article evaluates through econometric methods the influence of credit policies on both institutional lending and borrowing behaviour of farmers, and ascertains the relationship between credit and agricultural development. The results show that credit quota and portfolio ceiling devices and the pursuit of cheap interest rate policies had negative effect on agricultural credit supply, while policies associated with plough back of rural savings mobilization and availability of guarantee were marginally effective. Farmers demand for credit was influenced mainly by the availability of credit subsidies, relative profitability of the farming enterprise vis-a-vis manufacturing investment portfolios; and availability of guarantees. However, availability of rural bank branches did not confer accessibility to institutional farm credit, and rising trend in farm credit outstanding did not imply rising access to institutional credit. Finally the study shows that a positive but inelastic relationship exist between credit and agricultural output. Among the keyfactors which militate against the effectiveness of agricultural credit policies include: lack of viable technologies and defective production environment, weak and defective administrative set-ups for credit policy implementation and the wrong perception of the roles of credit in development which informed the pursuit of defective financial intermediation policies that tended to undermine rather than promote growth. An agenda for credit policy reforms stressed the need to evolve and adopt policies which foster destrable financial technologies which serve both the interest of institutional borrowers and lenders
The implications of full European integration in 1992 for the Nigerian economy.
No full textThe article focuses on the implications of the proposed integration and the consequences for the Nigerian economy, with particular emphasis on merchandise, trade and the general flow of resources. The essay, which is largely analytical and descriptive, is divided into five parts. Part one discusses some theoretical aspects of integration, as the idea behind the creation of the European Community has been projected as a practical demonstration of the relevance of the concept. Part two reviews and analyses the formation of the European Community as well as the current area of Economic Association of Nigeria with the Community. As analysis of the single European Act which came into existence in 1986 is covered in part three, part four deals with the expected impact of the Community\u27s integration on the Nigerian economy, while part five contains some recommendations, summary and conclusion
Federal government policies in respect of agricultural finance
No full textThe objective of this paper is to identify some of the major policies pursued by government to increase agricultural output, with particular reference to agricultural finance and assess their effectiveness in terms of expectations and set targets. For ease of presentation, the paper is divided into three parts. Part 1 reviews past and current government policies on agricultural financing. Part 11 examines some specific measures taken and assesses their degree of effectiveness. Part 111 provides a Summary and Concluding remarks
The financial sector in Africa; overview and reforms in economics adjustment programmes.
No full textThis paper has reviewed the structure of the financial sector in Africa articulated the problems and discussed the nature of reforms adopted to overcome them. The overview shows that commercial and merchant banks and specialised lending institutions are key .financial intermediaries in Africa. including stock exchanges and.finance houses. However, the development of the institutions varies from country to country, depending on the dynamism of central banks and sophistication of economic agents. Although the financial sector in Africa has recorded notable progress, it has nonetheless been afflicted with a number of problems. The problems have arisen mainly from inhibitive policy environment, inadequate prudential regulations and supervision, capital inadequacy, widespread incidence qf non-performing loans, inadequate legislation for dealing with insolvent.financial institutions and inflation. Efforts towards tackling these problems emphasized financial liberalization undertaken alongside macroeconomic reforms. Among the key macroeconomic reforms are market-based approach to credit allocation, deregulated interest rates structure, complementary fiscal exchange rate and other monetary management policies. The appropriate sequencing of these reform measures and a progressive move towards indirect monetary control will strengthen considerably Africa\u27s formal .financial markets
Backward integration and foreign exchange conservation
No full textAgricultural import substitution can play an important role in foreign exchange conservation in Nigeria since a significant proportion of local industries process agricultural raw materials, which are usually in short supply. This study examines some of the benefits associated with agricultural produce in boosting economic growth and enhancing external reserves
Adjustment issues in Nigeria: problems and prospects
No full textThis paper examines adjustment issues in Nigeria, with emphasis on identifying outstanding and emerging problems after SAP, ln achieving the above objective, the paper is divided into three ports as follows: Part I, discusses the main economic problems three years of Pre-SAP as well as analysing trends in major economic indicators and the factors underlying the trend, The main element and policy strategies of SAP are also examined in this part. Part ll analyses, three years of post-SAP with the view to highlighting outstanding and anticipated problems while Port lll is the prospects and concluding summary
Government industrial policies in respect of Small and Medium Enterprises In Nigeria
No full textThe paper examines various government policies and their effects on the survival and growth of SMEs. It examines the concept of small or medium scale enterprise, what factors militate against their survival, growth and proliferation for which government policies have been formulated to address. The paper is structured broadly into four sections The first section gives an overview of the definition of SMEs, their characteristics and roles as well as recognised problems. Section ll discusses government policies for promoting SMEs. It reviews the monetary and fiscal policy measures adopted in respect of SMEs in Nigeria. Section lll appraises the impacts of government policies on the SMEs. The last section provides a brief summary and conclusion