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Central Bank of Nigeria Statistical Bulletin, June 1991
No full textThe financial statistics section offers comprehensive data on various financial subsectors, including money and banking, financial markets, non-bank financial institutions, and public finance statistics. Key areas covered include data consolidation of commercial and merchant banks, liquidity ratios, cash reserves, loan/deposit ratios, and credit distribution. Clearing house statistics provide information on volume of transactions within the commercial banking system and the number and value of cheques cleared. Financial markets provide information on new issues, treasury securities, money market assets, Nigerian Stock Exchange (NSE) transactions, and government debt instruments. Public finance statistics include federal government revenue and expenditure, sources such as oil, non-oil sectors, and taxation. Insurance statistics aggregate insurance companies by business type and ownership structure, and financial performance aggregates income, expenditure, and paid-up capital. National accounts provide data on Gross Domestic Product (GDP), Gross Fixed Capital Formation, Agricultural and Industrial Production, Consumer Price Indices (CPIs), Balance of Payments (BOP), and Foreign Investment. These statistics highlight crucial economic indicators and trends, providing valuable insights into the financial health and activities within Nigeria
Nigeria\u27s Insurance Industry in 1989
No full textThe growth in the number of insurance companies in Nigeria between 1988 and 1989 revealed the preference of the investors in the industry towards non-life underwriting business. In addition, only one out of the six new entrants into the industry was jointly owned. The unattractiveness of the industry to foreign investors was partly due to the perceived decreasing prosperity in the business as well as the unfavourable investment climate of the Nigerian economy. With many of the insurance companies now scheduled to be privatised, greater efficiency is expected in their operations, particularly among those previously controlled by the government. In addition, the report justifies the need to create awareness in the mind of overseas investors to invest more in the industry as the current Industrial Policy of Nigeria allows greater foreign ownership participation. The perceived better performance in terms of income earned, as well as the value of investment in fixed assets of the insurance companies appeared to be an illusion as their expenditure package was equally high while adjustment for the declining value of the naira would have revealed that performance actually decreased in real terms
UNDP Human Development Report, 1991 New York, Oxford University Press, 1991
No full textThe basic theme of the 1991UNDP\u27sHuman Development Report is °Financing Human Development . \u27The report focusses on the need to enlarge the range of policy choices for a meaningful development of human resources. These choices include access to income and employment opportunities; education and health care services and clean and safe physical environment
Foreign exchange management in Nigeria: past, present and the future.
No full textThe paper examined foreign exchange management in Nigeria during the period prior to and since the introduction of the Structural Adjustment Programme (SAP), and outlined the prospects for foreign exchange management in the future. It highlighted factors that need to be reversed by appropriate policies if a crisis-free and more relaxed foreign exchange management mechanism is to evolve. The major findings of the paper include the inability of exchange control measures adopted before the commencement of SAP to tum around the external sector of the economy, especially since 1982 when Nigeria started to experience serious foreign exchange problems. The reasons adduced were that exchange controls, were not applied consistently, they needed a lot of policing and were often subject to large scale corruption which derailed the system. Another reason was that the administered exchange rate mechanism adopted during this period led to the overvaluation of the Naira exchange rate. In an attempt to correct the serious disequilibrium in the external sector of the economy and evolve a more rational basis for foreign exchange management, the control system was replaced with a market based system with the introduction of the Structural Adjustment Programme in July 1986. Under the Programme, exchange controls on current account transactions have been dismantled and the exchange rate for the Naira is now determined through an auction system based on market forces. The main achievements of the new system are the elimination of payments arrears that proved difficult to tackle during the exchange control era, the increase in domestic capacity utilisation due to the increased local sourcing of raw materials, elimination of the over-valuation of the naira exchange rate, improvement in the composition of non-oil exports and relatively more relaxed atmosphere for foreign exchange management. However, the problems of foreign exchange inadequacy, dependence on the oil sector for foreign exchange earnings, continuous depreciation of the Naira exchange rate and the attendant inflationary expectations are yet to be resolved. In order to find solutions to some of these problems, the exchange rate for the ,Naira should be determined within a band to ensure stability while still relying on market forces; demand management policies should continue to be restrictive to achieve stability in the short run while supply side measures to increase foreign exchange receipt should be pursued as both a medium and long tern objective
The President\u27s address to the Chief Executives of the Organised Private sector on the 1991 budget and other related matters
No full textThis was an address delivered by the formal President of Nigeria, His Excellency, Major General Ibrahim Badamasi Babangida. He addresses economic and financial related matters
Interest rate behaviour since deregulation
No full textThis paper examines the effects of interest rates with reference to deregulation of various sector of the economy. The interest rates used in this part of the paper are the commercial bank rates. This bas not affected the analysis as the commercial bank rates are in general lower than those of the merchant banks
The People\u27s Bank of Nigeria: review and update
No full textThe paper reviews the establishment of the People\u27s Bank in Nigeria. The paper is divided into five sections, Section one gives background to the establishment of the People\u27s Bonk in Nigeria, section two discusses the concept and operational features of the Bank, section three appraises the operations, section four looks at the likely problems the Bank may face, while Section five discuses the prospects and conclude the Paper
Viability of Debt Equity Swaps as Instruments for Stimulating Private Investments in Nigeria
No full textThis paper reviews the concepts and strategies for debt-equity swaps, presents the Nigerian experience and assesses the outcome, problems and performance noting the role it plays in stimulating private investment. The study shows that although Nigeria\u27s debt conversion programme is similar to other developing countries\u27 programmes, it is principally targeted at debt-equity and debt for conversion. Preliminary outcome so far shows that the cumulative debts eliminated from Nigeria\u27s debt portfolio, through the DCP was $606.7 million (as at October 1991) representing approximately 5.2 per cent of debt service obligations. Ninety-nine (99) projects attracting a cumulative sum of N-2,400.8 million benefited from investment under DCP. The slow pace of patronage of the debt equity swap programme was attributed to some factors among which were the need to forestall excessive growth in monetary aggregates, and hesitation on the part of the private sector as to the future direction of the programme. In concluding, the paper notes that there is a good potential for stimulating private investment in Nigeria through the DCP given the magnitude of outstanding foreign debt
Cohen, Daniel, The Management of the Developing Countries\u27 Debt: guidelines and application to Brazil The World Bank Economic Review, Vol 2, No 1, January 1988
No full textIn this paper, the author articulates some basic principles which may be useful in formulating an effective debt management strategy for developing countries, using Brazil as a case study. He outlines the principles into four broad categories viz: Stretching out the Repayment of the Debt; Monitoring the levels of Exports and GDP; Ignoring the Creditors\u27 Capital loss and Watching the Domestic Deficit.
Methodological notes on the computation of consumer price index, inflation rate and GDP deflator in Nigeria.
No full textThe officially published inflation rates for Nigeria have tended to generate a lot of arguments within the academia, the private and the public circles largely because of the feeling that the adopted methodologies for its computation tended to underestimate and or failed to indicate the true changes in real consumer price level. This paper attempts to review and compare the methodology for computing the major price indexes currently in use in Nigeria; Consumer Price Index (CPI) and Gross Domestic Product (GDP) deflator or Implicit Price Index (IPI) and the emergent inflation rates therefrom. It also discusses the problems and shortcomings of the methods, and proffers suggestions for evaluating both the statistical accuracies and interpretations of the outcome (inflation rate estimates) which·emerge from them. The paper is organised into three parts for ease of exposition. Part one explains the methodology for computing the CPI (old and new), the inflation rate and GDP deflator by the Federal Office of Statistics (FOS), while part two analyses methodological and other problems of the indexes. Part three is the summary and conclusion of the paper