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A Review of the Structural Adjustment Programme, the Foreign Exchange Market and Trade Policies in Nigeria
No full textThe purpose of the paper was to throw more light on the Structural Adjustment Programme currently under implementation in Nigeria through a detailed review and appraisal of its policy framework . This was considered to be desirable in view of recent public criticisms many of which appeared not to be well informed. In a more balanced approach, the paper reviewed the benefits and costs of the Programme. Among the benefits highlighted were the removal of the overvaluation of the naira exchange rate, the boost to agricultural exports, greater industrial capacity utilization and the improved international confidence in the Nigerian economy. Some of the costs of the programme were the increased inflationary pressures, the credit squeeze and influx of imported finished goods. The overall conclusion of the paper was that the SAP has been a worthwhile policy package in the context of Nigeria\u27s contemporary economic problems
Developments in Nigeria\u27s External Sector during the First Quarter of 1987
No full textTransactions in foreign exchange through the Central Bank of Nigeria resulted in a net outflow of N819.0 million in the first quarter of 1987, in contrast with a net inflow of Nl,580.8 million in the preceding quarter ang. a net outflow of N76.4 million during the corresponding quarter of 1986. The deterioration in the foreign exchange position during the quarter under review was attributable to the combined effects of a decline of 4.2 per cent in the level of inflow and a rise of 77 .6 per cent in the level of outflow
Statistics (March 1987)
No full textThis is a statistical representation of economic activities in Nigeria in March, 198
Stock Market Report for the Fourth Quarter of 1987
No full textA total of 5.9 million shares were traded in 4,752 deals in the period under review. This represents a decline of 0.6 million shares, or 9.2 per cent over the preceding quarter. The bearishness of the stock market during the review quarter emanated from the liquidity squeeze in the economy coupled with the deregulation of interest rates. Actively traded were the securities of Nigerian Breweries Ltd.: (1,204,379 shares), G. Cappa Ltd.: (793, 100 shares), Lever Brothers Nigeria Ltd.: (399,586 shares), Guinness Nigeria Ltd.: (345,465 shares) and Beecham Ltd.: (323,418 shares)
Common Currency for the West African Sub-Region: Prospects for Nigeria
No full textAn important element of the economic integration process in West Africa is the achievement of monetary co-operation which can take various forms such as the clearing house mechanism, European Monetary System Model, Parallel Union Currency Model and Common Currency Area. The paper traced the efforts by ECOW AS at evolving monetary co-operation and also analysed the prospects for Nigeria of a common currency in the West African sub-region. The paper identified and discussed the costs and benefits of a common currency to member nations, especially Nigeria. The costs include loss of autonomy by individual governments in major areas of monetary and fiscal policy, costly exchange rate adjustment and lower banking system credit to government. On the other hand, the beneficial effects include a possible increase in capital inflow and investment, an enlarged market for Nigeria\u27s exports, reduction in smuggling and perhaps a more effective control of government deficit financing. On balance, however, the paper concluded that a common currency for the West African sub-region would be beneficial to all the countries within the Region and Nigeria in particular
Statistics, December 1987
No full textThis is a statistical representation of the economic activities in Nigeria in December, 198
Developments in the Financial System during the Second Quarter of 1987
No full textMoney supply, Ml declined by_ a further 3.5 per c~nt in the second quarter of 1987 followmg the seasonal decline of 3.8 per cent in the first quarter. The broader ~easure of money stock, M2 which declined by 0.8 per cent m the first quarter, showed an increase of 1.4 per cent in the second quarter. While sharp declines in other assets (net) ~d foreign assets depressed Ml in the first quarter, the ma1or contractionary factor in the second quarter was the sharp increase in quasi-money. The pace of expansion of banking system credit to the domestic economy quickened in the second quarter following the increase of 0.6 per cent in the first quarter
Stock Market Report for the Second Quarter of 1987
No full textTransaction in equity on the NigeriaJ1 Stock Exchange declined during the second quarter when the number of equities traded fell from 5.5 million in 5 333 deals in the first quarter, to 5.4 million in 4,605 deals. \u27The decline con: trasted with a substantial increase of 73.4 per cent over the 3.1 million shares swapped in the corresponding quarter of 1986. The factor responsible for the slump in trading activities during the review period was poor corporate trading results in some quoted companies
A General Survey of the Experiences of Some Less-Developed Countries (LDCs) under the Structural Adjustment Programme (SAP)
No full textThis paper is a review of the impact of Structural Adjustment Programme (SAP) on the economies of ten less developed countries (LDCs). It analysed the performance of some selected macroeconomic variables both before and after SAP was adopted in the selected countries. Based on available data, the several and collective lesson of experience confirmed that the impact of SAP varied not only amongst countries, but also within the various sectors in the same economic entity. Overall, it may be concluded that the broad theoretical objective of SAP was achieved mainly on the external sectors of the countries surveyed, while it tended to have less salutary effect on the domestic sectors of the selected LDCs
Developments in the Agricultural Sector during the First Quarter of 1987
No full textEarly rains in most southern parts of the country during the first quarter encouraged preliminary farming activities such as bush clearing and land tilling. In a number of areas, actual planting of some crops-maize, yam, okro, pepper and leaf vegetables- also began. In the northern parts, activity centred around dry-season farming involving the planting of wheat, rice and vegetables on irrigated lands. Other activities during the first quarter included harvesting and processing of cassava, rice; fruits and vegetables in the south, and maize, sorghum, millet and cotton in the northern states. A total of 99,295.1 tonnes of fertilizers were discharged at the various ports and distributed to farmers during the quarter, compared with 15, 146 tonnes during the same period of last year