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Report on Retail Price Indices of Selected Consumer Items in Lagos Area for the Fourth Quarter of 1987
No full textThere was a general rise in the prices of selected consumer items in the Lagos Area during the fourth quarter of 1987. This is evidenced by the 2.3 per cent rise in the all-item price index vis-a-vis its level in the third quarter of 198
Management of the Nigerian Economy
No full textThe paper reviews the current economic policy framework against the background of the economic policy regime up to 1985 and observes that the past experience justifies the current experiment with private markets as the principal mechanism for allocating resources. The paper argues that the visible hand of the government does have a supportive role, a lbeit a different one from the past. The new approach is considered as having great potential although ultimate success is as yet beset by various uncertainties as may be expected from any experiment
Independence of monetary management and exchange rate regimes: evidence from Nigeria, 1961 – 1982: comments
No full textThe following comments are based on Mr. Asogu\u27s paper titled as above and which appeared in the December 1985 edition of the Economic and Financial Review. The objective of the study is to use the monetary approach to the balance of payments (MABOP) and exchange rate theory of an open economy to determine the existence and significance of the links and relationships among macro-economic variables which are regularly applied in monetary management of both the domestic and external sectors . The author hoped that through this procedure he could provide a basis for rethinking about the adequacy or otherwise of current stance in monetary policy for the achievement of desired targets with minimal distortions on all the sectors . Although one objective thus appears to have been listed by the author, the various tests carried out in the body of the paper actually indicate that the author had several objectives which he intended to achieve. In particular, several equations were developed for the explanation of interest rates, exchange rates, reserves, and money demand in Nigeria. The reviewer concludes that the author failed to show the interactions among the equations which would convince the reader that only the objective stated in his introduction was being pursued
Perspectives of economic policy and solution to unemployment problem in Nigeria
No full textThe paper undertakes a survey of monetary, fiscal and other policies embarked upon partly to reduce the unemployment problem in Nigeria since the early 1970s, and found that though these policies were generally in the right direction, they were poorly implemented, resulting in only marginal expansion of output and employment. In order to achieve sustained economic growth which will favourably enhance the employment situation, the paper suggests a bold restructuring of the economy, particularly with regard to increasing its foreign exchange earning capacity. The paper also stresses the need to check rapid population growth, reorientate manpower development programmes to avoid imbalance between skills and needs, embark on rapid transformation of the rural areas and encourage labour-intensive agro-based industries
Developments in the World Commodity Markets During the Second Quarter of 1986
No full textAll the items, except rubber and ginger, recorded price declines ranging from 0.6 per cent for coffee to 34.1 per cent for palm kernel. The prices of rubber and ginger increased by 4.3 and I. 7 per cent, respectively. The major factor responsible for the deterioration was the effect of failure to reach positive agreement on most of the international commodity organisations, particularly in respect of cocoa. Other factors which helped to depress the market included the sharp decline in oil prices which reduced the purchasing power of affected countries, appreciable gains by the pound sterling over the US dollar and the excess supply situation in most of the commodities
Developments in Nigerias\u27 external sector during the third quarter of 1986.
No full textA review of the developments in Nigeria\u27s external sector during the third quarter of 1986
Specification and estimation of demand and supply functions of commercial banks\u27 loans and advances in Nigeria: 1961-1983
No full textThis study attempts to analyse commercial banks\u27 portfolio behaviour as well as the public\u27s desire for credit. It does so by specifying and estimating the demand and supply functions of commercial banks\u27 loans and advances in Nigeria Over the period 1961-1983. The purpose is to provide an insight into those factors that determine both the demand for and supply of loans and advances in Nigeria. It proceeded to specify and estimate equations taking due cognisance of the institutional setting of the Nigerian economy and the whole gamut of policy instruments that the monetary authority usually employs to control commercial banks\u27 credit to the economy. The general conclusions of the study are that the factors which are conventionally considered to be relevant in the demand and supply functions of commercial banks\u27 loans and advances turned out to be empirically unimportant during the period covered. The implication of this is that any policy measures designed to control the supply of loans through these factors will not yield the desired results. The conclusions also point to the existence of a host of other considerations that compel commercial banks to grant loans and induce borrowers to go for these loans. However, further research is obviously necessary to shed more light on these issues
Activities of Insurance Companies in Nigeria: 1983 - 1984
No full textThis report contains an analysis of data extracted from the returns lodged with the Federal Ministry of Finance by insurance companies operating in Nigeria during 1983-1984. In 1983 and 1984 about 92.9 and 98.9 per cent of the existing companies had filed their returns at the time the survey was conducted. Estimates were made for non-response in order to provide a basis for consolidating for the entire insurance industry. The report is divided into five parts: namely, the structure and performance of the insurance industry, life insurance business, non-life insurance business, assets and investment pattern of insurance companies; summary and conclusion
Lessons from Nigeria\u27s Recent Monetary and Fiscal Policy Experience
No full textThe paper examined, together, the impact of monetary and fiscal policy measures with a view to judging the actual results against the stated policy objectives. The purpose of such exercise would be to provide some basis for drawing useful lessons which will serve as a guide for future design of macro-economic management and control strategies that are more relevant to the Nigerian economic environment. To do this, one needs some form of discussion framework as is done in Part I of this paper. In Part II recent policy objectives and the measures taken to pursue those objectives are summarised. An appraisal of these measures is attempted in Part Ill, while lessons to be drawn from the results are discussed in Part IV Part V contains a summary and conclusion
Problems of Monetary and Financial Integration in ECOWAS
No full textThe paper examines the problems of monetary and financial integration in the ECOWAS sub-region. It traces the origins of these problems to the post-colonial era when sentimental attachment to issues of sovereignty, development of national currencies and the imposition of payments restrictions took their roots. Given the background of these problems, the paper makes a number of recommendations, such as the need to adopt a common currency and more realistic exchange rates, for forging greater monetary co-operation in the sub-region