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Private Business in Developing Countries: Improved Prospects by Guy P. Pfeffermann
No full textThe paper is divided into five sections as follows: Background. Growth prospects, Prospects for the Private sector in Developing countries. Privatisation, and Foreign Direct Investment. The background section appraised some of the economic policies pursued and developments in developing countries in the last 2 decades. The section emphasised the existence of interdependence of the effect of economic policies and conditions of the developed and developing countries. For instance, the author stressed that the recent slow-down of growth in IJie developing countries has been one of the factors holding back the growth of output in the OECD countries
Developments in the Agricultural Sector during the Second Quarter of 1989
No full textThere was a renewed optimism during the quarter that substantial growth in output could occur during the year, if the improvement in weather conditions and production environment was sustained. Available data showed that average monthly rainfall during the quarter was 177.53mm, representing a substantial rise over the 15 .4mm of the preceding quarter (which experienced an unusually prolonged dry spell) and about 18.3 per cent over the level of 150.1mm in the corresponding period of 1988. The distribution pattern showed that all the states of the Federation recorded rains during the quarter
Developments in the Retail Prices of Selected Consumer Items in Lagos Area during the Second Quarter of 1989
No full textThe results obtained from the price surveys of selected consumer items in the Lagos Area during the second quarter of 1989, indicated an upward movement in the prices of most of the items sampled. While some items recorded modest price declines below the level in the first quarter of 1989, these declines were not enough to offset the increases noticed in all the component price indices. Most of the traders interviewed during the surveys attributed the increase in prices mainly to rising costs of production inputs, and transportation as well as excess demand pressures on agricultural commodities
Monetary stability and economic growth in Nigeria.
No full textThe challenge of maintaining stable monetary growth has been a difficult one the world over, due, among other things, to the often uneasy trade-offs involved. In the case of large number of developing countries, the task has been made complex by institutional weaknesses in the financial system, the volatility of the external sector, and the perennial and relatively large fiscal deficits of the government. Due mainly to these factors, efforts to control the money stock in Nigeria over the years has met with limited success. The paper points out that the long-term effect of money stock changes on output is generously considered to be tenuous. Long-term growth is generally considered to depend on real factors such as resource endowments, technology, high productivity and inter-temporal choices between present and future consumption. It therefore follows that an appropriate target for monetary expansion forms an essential part of any package of macroeconomic policy measures. It is broadly this awareness of the importance of monetary growth and short-term economic activity which informs the Central Bank\u27s annual monetary and credit targets
Industrial policy of Nigeria (policies, incentives, guidlines and institutional framework, 1988): Federal Ministry of Industries, Abuja. 56pp
No full textThe article is a review of the Industrial Policy of Nigeria produced by the Federal Ministry of Industry, Abuja, Nigeria. It gives a comprehensive national industrial policy which is aimed at achieving accelerated pace of industrial growth in the Nigeria economy
The Internationalisation/convertibility of the Naira
No full textThe paper examines issues relating to the internationalization of the Naira. It also highlights the importance of convertibility to an economy. The paper also proposes what is considered to be a more viable alternative where Nigeria has to make the Naira convertible through her own independent efforts
Stock Market Report for the Second Quarter of 1989
No full textThe main event that dominated the transactions on the Nigerian Stock Exchange during the second quarter, 1989 was the compulsory transfer of the accounts of ministries and parastatals from the commercial and merchant banks to the CBN. In an attempt to raise their liquidity positions the banks and other private holders of Federal Government Development Stocks unloaded their holdings of the stocks on the Exchange. Consequently, the total volume of stocks traded rose from 14.9 million in 6558 deals during the first quarter of 1989 to 270.9 million in 8307 deals in the quarter under review. Compared with the corresponding quarter of last year, when 73.9 million stocks were sold in 4538 deals, transactions during the second quarter of 1989 increased tremendously. Similar trend was also exhibited by the value of stocks exchanged during the period under review. At #264.0 million, the total value of stocks traded significantly surpassed the respective amounts of :N16.6 million and :N71.0 million worth of stocks sold in the comparable quarters of 1989 and 1988
The structural adjustment programme and Nigeria\u27s export crop sub-sector.
No full textThe purpose of the paper is to evaluate the impact of the Structural Adjustment Programme (SAP) on Nigeria\u27s export crop sub-sector. The programme is designed to increase production in the sub-sector with the aims of boosting exports, providing much needed agricultural raw materials for local industries and generating more rural incomes and employment opportunities. The package of policy instruments is a combination of fiscal, monetary and external sector policies with institutional and price reforms in the agricultural sector. The main finding was that a moderate rate of increase was achieved in the output of the subsector. Similarly, export volumes increased slightly, but export values increased substantially due to the depreciation of naira exchange rate. The supply of agricultural raw materials to local industries also increased marginally. Increased level of activities in the subsector has also improved rural living conditions moderately. Generally, the full potential impact of the programme has not been realised. In particular, constraints in the marketing and input supply components have largely persisted. The paper concluded that the recent developments in the subsector as a result of the SAP emphasize the need for a more effective agricultural policy for minimizing the domestic and external constraints on the subsector\u27s growth and development
Nigeria\u27s External Debt Problems: A Review of Management Efforts and the Prospects
No full textThis article provided the most recent information on efforts being made to reduce Nigeria\u27s huge external debt burden. In order to evaluate such efforts, it discussed both theoretical and practical issues on the international management of the debt crisis. It was observed that the wide gulf between the debtor countries and the creditors, especially the commercial banks has been significantly bridged in the last three years. The article noted that while Nigeria has made commendable progress in reducing her debt burden, a lot more still needs to be done to make the efforts to have the desirable positive impact. More astute use of the emerging market-oriented options for debt reduction must be combined with vigorous efforts aimed at reducing external payments problems. The article concluded that current debt management efforts should be part of a medium/long term look at the national external borrowing strategies which should properly be integrated with the overall macroeconomic policy framework. It also emphasised the importance of accurate and up-to-date information for effective debt management and strategies
Privatization policy and market· issues: an example from Thailand by . F. W. Swierczek. Public Enterprises, Vol. 8, No. 3, September, 1988
No full textThis is review of a survey conducted by F. W. Swerczek in 1988. The opinions of top executives of Thailand financial system were examined on privatization policy as well as its alternative options for improving the efficiency of the State Owned Enterprises (SOEs). His main findings, through the mailed questionnaire could be grouped into four sections, namely : (A) policy options for the State Enterprises Sector; (B) investment preferences and barrier to business managers; (C) alternative strategies for privatization; and (D) main conclusions and recommendations. Section 1 of the report classified SOEs into five major groups: income-generating monopolies; public utility, like telephone and electricity; special purpose, like airlines and tourism; defence related manufacturing companies and others. Section 2 of the report further revealed the behavior of the business community by stating that any privatization policy which emphasizes money-making enterprises as investment, candidates would be attractive to the buyers. In Section 3 of the report, the question was raised whether in lieu of privatization there are alternative strategies that could be employed to shore up the ailing position of the SOEs for better performance. In response, most of the business managers recommended that greater attention need to be paid to certain issues. Among these are the operational management of the SOEs in terms of human resources development, internal audit and control, the pursuit of effective marketing strategies as well as the motivation of the public enterprise employees. It concludes in Section 4 that government privatization strategy, particularly in developing economies, is usually focused on dispensing with the \u27loser\u27, that is those state enterprises that are sapping the national budget and credit resources while the money-making ones are to be kept