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Government Expenditures, Money Supply and Prices: 1970-80
No full textThe main objectives of this paper are to ascertain the amount of the Federal Government expenditures which affected money supply, during the period 1970-80; to examine the movements of government expenditures, money supply and prices within the period 1970-80 and to investigate the empirical relationships between government spending and money supply, and money supply and prices. In order to achieve the above named objectives, the paper is divided into four parts as follows: Part 1 deals with the estimates of government expenditures which affected money supply. Part 2 describes the movements of government expenditures, money supply and prices; Part 3 examines the empirical relationships between the three variables using quarterly and annual data while Part 4 is the summary and conclusions
The Relevance of Exchange Control in Nigeria\u27s Balance of Payments Adjustment Process
No full textThe objective of this paper is to evaluate the usefulness of exchange control in correcting Nigeria\u27s Balance of Payments deficits during the period 1967-1981. The paper consists of four parts. In part one, a general review of the legal framework and exchange control practices in the period is undertaken. Part two offers an appraisal of exchange control as a policy for balance of payments adjustment in Nigeria. In part three exchange control is compared with other balance of payments policies to determine whether or not the country can dispense with the control regulations . The summary and main conclusions of the paper are contained in part four
Statistical Section (March 1983)
No full textThis is a statistical representation of economic activities in Nigeria during the first quarter of 198
Foreign Exchange Flows through the Central Bank during the First and the Second Quarters of 1983.
No full textThe report covers transactions in foreign exchange through the Central Bank of Nigeria during the first and the second quarters of 1983, which resulted in net outflows of N150.0 million and N 103.0 million, respectively. The movements in foreign exchange led to a further reduction in the level of official holdings of external reserves during the first two quarters of 1983
Comparative use of Monetary Policy Tools in African Economies with Particular Reference to Nigeria, Zimbabwe and Kenya
No full textThe economies of Nigeria, Kenya and Zimbabwe have generally been considered as being in the forefront of African countries. Their monetary system in particular have been included among the most sophisticated in the developing countries and hence have attracted the greatest interest from students of comparative banking and financial systems. Thus, there have been, in the last several years, a number of studies on the financial systems of the three economies. These studies are, however, often focused on the institutional features of the financial systems rather than on the actual behavioral characteristics of the systems themselves. This paper intends to fill that gap to some extent by examining monetary policy activities in the three countries, with emphasis on the comparative use of various monetary policy instruments. The paper is divided into three parts and begins in part 1 with a brief summary of the institutional features of the Nigerian, Zimbabwean and Kenyan financial systems. Part 2 is a comparative discussion of the various techniques of monetary policy in Nigeria, Zimbabwe and Kenya. Part 3 is a brief summary and conclusion
A Review of Developments in the International Commodity Markets during the First Quarter of 1983, with Particular Reference to Nigeria\u27s Agricultural Commodities
No full textIn spite of continued world recession , the international commodity markets have remained fairly stable since the fourth quarter of 1982. The widening gap between supply and demand , which had characterised the markets for most of the commodities up to the third quarter of 1982, appeared to have narrowed considerably during the fourth quarter of 1982 and the first quarter of 1983. Consequently, the allcommodities price index I of Nigeria\u27s scheduled agricultural commodities for the 1983 first quarter rose further by 6.9 per cent over the level in the preceding quarter and by 0.8 per cent above that of corresponding quarter of 1982
An Address by Alhaji Abdulkadir Ahmed, Governor, Central Bank of Nigeria, at the 12th Annual General Meeting of Manufacturers Association of Nigeria on Wednesday, 9th March, 1983
No full textThis is an address by Alhaji Abdulkadir Ahmed, Governor, Central Bank of Nigeria, at the 12th Annual General Meeting of Manufacturers Association of Nigeria, on the theme The Problem of Over-dependence of the Nigerian Economy on Imports
Nigeria and OPEC: to be or not to be?
No full textAccording to the Economist, \u27Oil multiplied Nigeria\u27s exports by a factor of 10 in the 1970s, and its imports by a factor of 11. This fuelled Nigeria\u27s honourable ambitions to emerge as the greatest power in Africa. The country\u27s rulers are bitterly disappointed by the way the oil glut has partially devalued this great natural resource. So are some exporters to it. \u271 In the wake of this unhappy state of affairs, Nigeria has taken steps to redress the situation. Some people, however, argue that the most effective action Nigeria should take is to lower the price of her oil and therefore sell more oil in order to maintain her revenues and thereby stem the tide of financial squeeze facing the country as a result of acute shortfall in crude petroleum exports. But Nigeria cannot unilaterally reduce the price of her oil as long as she is a member of OPEC. In order, therefore, to enable her to exercise this rational economic logic of lowering price and increasing her sales and receipts, the proponents argue that Nigeria should withdraw from OPEC. Many others, however, argue that Nigeria\u27s interests are better served inside rather than outside OPEC. In this way, the \u27Nigeria and OPEC: To Be Or Not To Be\u27 controversy, is set. In order to resolve this controversy, some basic questions need be asked and answered. First, why did Nigeria join OPEC in the first instance? What has Nigeria benefited or lost from OPEC membership? What is the case for and against Nigeria\u27s continued membership of OPEC? And, finally, what prospects has oil in Nigeria? The purpose of this lecture is to attempt answers to the above questions in the order in which they are put
Review of Nigeria\u27s Balance of Payments: Development during the First Half of 1982
No full textEstimates for the first half of 1982, showed that Nigeria\u27s balance of payments resulted in a deficit ofNl,583.4 million as against a revised surplus of N 53.1 million for the same period of 1981. But compared to the deficit of N3,020.1 million for the second half of 1981, the balance of payments situation, represents an improvement
Oil in the Political Economy of Nigeria
No full textThe oil industry is perhaps one of the most important and largest industries in the world. Through its wide areas of operation, nature of product demand and international network of operating companies, the industry affects every country in today\u27s civilised world. As a result, a day hardly passes without oil being in the news. The industry has bestowed great financial power on oil producers some of which belong to the third world