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Statistics (June 1989)
No full textThis a statistical representation of the economic activities in Nigeria in June 198
Developments in the Industrial Sector in the Second Quarter of 1989
No full textAggregate industrial output improved during the second quarter of the year in spite of the problems of high production costs and liquidity constraints. The index of industrial production at 225.6 (1972 = 100) increased by 6.7 and 3.6. per cent over its levels \u27in the corresponding quarter of 1988 and the first quarter of 1989, respectively (see table I). Compared with its level in the corresponding quarter of 1988, the rise in industrial output was accounted for by the respective increases of 20.6 and 2.4 per cent in mining and manufacturing output which outweighed the decline of 2.8 per cent in electricity consumed. As against this, the three components, manufacturing, electricity and mining increased by I.I, 3.2 and 10.5 per cent from their respective levels in the first quarter of 1989
Developments in the External Sector during the Second Quarter of 1989
No full textThe pressure on the external sector eased considerably in the second quarter of 1989 as foreign exchange flows into. and out of the economy indicated a turn around from a net outflow of \u27fijl .7 million in the second quarter of 1988 to a net inflow of .530.8 million recorded in the first quarter of this year, principally because of the huge increase in disbursements
The Evolution of the Nigerian Financial System: Problems, Challenges and Prospects
No full textThe paper reviews the evolution of the Nigerian financial system and articulates some of its current problems and challenges for the future, especially in the light of the liberalised trade and exchange regime initiated under the Structural Adjustment Programme (SAP). The paper examines the evolution of the major institutions in the financial system in the context of the changing pattern of economic and regulatory environment in which they operate. It observes that the financial system has undergone substantial changes since 1960 in terms of number and variety of financial intermediaries, the depth and breadth of instruments, as well as the structure of capital and ownership. It identifies the major factors which have influenced the development of the financial system to include the attainment of political independence, the establishment of the Central Bank of Nigeria (CBN), the Nigerian Civil War, the oil boom and its eventual collapse, variations in government financial requirements and the changing views of the monetary authorities about the proper role of the banking system in the national economy
Statistics: Central Bank of Nigeria and commercial banking for the first quarter of 1989
No full textThis paper contains different statistical tables of Central Bank Statement of Assets and Liabilities, Monthly Rediscount gross, commercial Banks Loans and Advances, Interest Rates, External Assets, Liquidity Ratio, among others
An apprasial of the socio-economic impact of structural adjustment policies in Nigeria
No full textThe paper appraises the economic and social impact of the Structural Adjustment Programme (SAP) in Nigeria from 1986 to early 1989, against the background of the observed downturn in the economy since the early 1980s
Developments in the Financial System during the Second Quarter of 1989
No full textThe financial system was under intense pressure in the second quarter of 1989 following the measures adopted by the monetary authorities to reduce the liquidity of the banking system and thereby combat the inflationary pressure in the economy and continued depreciation of the Naira exchange rate. The gradual strengthening of the squeeze on liquidity was accompanied by liquidity crisis among some banks towards the end of the quarter
Nigeria\u27s Insurance Industry in 1987
No full textImportant rughlights of the report include the fact that Insurance business was prosperous in 1987 as the income of insurers rose significantly faster than their expenditures. However, the prosperity affected the companies in the nonlife business more as the premium income of life insurance companies declined sharply in 1987 during which period their expenditure also increased. In terms of ownership, the prosperity accrued mainly to wholly indigenous non-life companies most, as these companies dominated the more lucrative aspects of insurance business in 1987. Another important point in the report is the fact that minimum paid-up capital stipulated in the Insurance Decree of 1976 might, in the light of recent price developments have been rendered inadequate. The report therefore suggests that the Decree, which stipulated a minimum capital requirement of N300,000 for non-life and N500,000 for life insurance companies, will, in view of the above-mentioned fact, appear to be due for a review
Towards a Single Monetary Zone in the ECOWAS Sub-Region: A Progress Report
No full textThe call for a common currency for the West African sub-region has been considered generally as a veritable vehicle for achieving the primary objective of establishing exchange arrangements for free intra-regional payments. Such arrangements are deemed necessary to promote faster growth of intra-regional trade, and thereby foster economic development in the ECOWAS sub-region. Pursuant to this objective, the Authority of the Heads of State and Government of ECOWAS took a decision that studies be commissioned on the possibility of creating a single monetary zone in ECOWAS sub-region. Following that decision, the Committee of Governors of Central Banks of ECOWAS at its meeting in Dakar in September 1983, set up a Study Group under the auspices of the ECOW AS Secretariat
The security of investments and the rules governing repatriation of dividends under the structural adjustment programme.
No full textThis paper was designed to reassure Nigeria\u27s investors and the world financial community that their investment was protected at all times and, in particular, under the economic structural revolution which of the then Military administration. The paper drew from the past experiences to show that foreign investors had not, in the past, been restricted from repatriating their capital and dividends. More importantly, during the period of indigenization, government policies and measures encouraged free repatriation of capital and dividends. Under the economic structural revolution, such measures were improved upon and it was much easier to repatriate capital and dividends. The paper also highlighted the investment opportunities which abound in Nigeria, the various measures to encourage inflow of capital and, finally, special advantages to foreign investors of the Structural Adjustment Programme (SAP). Based on the above objectives, the paper was organised into six parts as follows: Part 1 briefly explained the circumstances leading to the SAP and highlighted its main features. Part 2 presented the advantages of the introduction of the SAP to foreign investors. Part 3 reviewed the various measures, particularly the recent ones, introduced by the government to encourage and safeguard foreign investors. Part 4 examined the rules governing repatriation of dividends under SAP. Part 5 highlightedcinvestment opportunities in Nigeria and the role of foreign investors, while Part 6 contained the summary and conclusions