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Central Bank of Nigeria Annual Report and Statement of Account for the Year Ended 31st December 1981
No full textIn 1981, Nigeria\u27s economy experienced a 7.9% decline in industrial production, primarily due to a decline in mining production, particularly petroleum. Manufacturing output increased by 5.7%, while agricultural production showed some improvement. Inflation worsened, with the composite consumer price index rising by 20.8%. Monetary expansion slowed down, but a 5.6% increase was recorded at the end of the year. The aggregate banking system\u27s credit to the economy increased by 5.8%, with the Federal Government budgeting for current services. The external sector experienced a large balance of payments deficit, resulting in a drawdown of the nation\u27s reserves. The world economy slowed down due to monetary and fiscal policy measures, particularly high interest rates in the United States. The real Gross National Product of non-centrally planned industrial economies increased by 1.5%, while the GDP of oil exporting developing countries was estimated at 0.1%. The total world foreign exchange reserves amounted to SDR 371.8 billion at the end of October 1981, a 7.7% increase compared to the level of SDR 345.1 billion a year earlier. The main factors behind the increase in world reserve were the allocation of additional SDR 4.0 billion to the participating countries, exchange market interventions, and swap transactions between central banks in the industrialized countries. The International Cocoa Agreement (ICA) signed on November 5, 1980, came into force on August 1981,
Recycling Surplus Oil Funds and the Economies of some Non-oil Producing Developing Countries
No full textThe main objective of the paper is to examine, in general, the phenomenon of recycling against the background of enduring and fundamental disequilibria in the payments balances of the economies of non-oil producing developing countries. The technique used is, essentially, casual empiricism. In part I of the paper a brief attempt is made, using elementary micro-economic analysis, to illustrate conditions for the emergence of the surplus oil funds. Part 1 examines the mechanics and_ channels of recycling while Part 111 reflects on the attendant external debt burden of some non-oil producing developing countries. Part IV dwells on the limited effectiveness of recycling and prescribes a package of policies aimed at strengthening it
Policies and Strategies Towards Foreign Investment in Nigeria
No full textA review and appraisal of foreign investment policies and strategies in Nigeria is undertaken in three sections. Section one presents the historical evolution of the policies under three different types of political administration, namely, the colonial era, the civilian administration of the first republic ( 1960-1965). and the military regime which held the reigns of political power for thirteen years (1966-1979). Section two analyses data on private foreign investment in Nigeria. The third section rounds up the discussions with an appraisal of the existing approaches and the concluding observations
Statistical Section (June 1980)
No full textThis is a statistical representation of the economic activities in Nigeria in June 198
The Growth of Insurance Business in Nigeria 1969 - 1978
No full textThe paper is divided into five parts. Part I discusses the structure of the industry, while Part 11 gives a brief summary of its legislative and administrative controls. Part 111 outlines the sources and application of funds arising from the underwriting and investment operations of insurance companies in Nigeria while Part IV analyses their investment patterns. Part V highlights the problems and prospects of the industry and rounds up the paper with a brief summary and conclusion
Foreign Private Investment in Nigeria in 1976 and 1977
No full textThis article presents the main results of the Central Bank of Nigeria\u27s surveys of foreign private investment in Nigeria in 1976 and 1977. The surveys were conducted through a questionnaire sent to companies in which the capital was wholly or partly owned by foreigners. 768 and 1.160 companies were contacted for the 1976 and 1977 surveys- respectively- and the response rates were 75 3 and 57 2 per cent respectively. All the 49 large companies included in the survey for each of the two years responded in full to the inquiry and the results of the small companies were adjusted for non-response
The role of a central bank in an economy
No full textThe paper seeks to spell out the origin, nature and importance of central banking in the market-oriented economies
Foreign private investment in Nigeria in 1975
No full textThis paper presents a summary of the main results of the Central Bank of Nigeria\u27s annual survey of foreign private investment in Nigeria for 1975
Patterns of Current Expenditures in Nigeria, 1950/51 - 1974/75
No full textThe aim of this paper is to attempt to analyse the trends of current expenditures over time in Nigeria in terms of size and composition, and to show whether the positive relation between the trends of current expenditures and the stage of development, observed as a result of similar studies for other countries, exists for Nigeria. The paper is divided into two parts. Part I discusses the shifts in composition of current expenditures over time. Pan II outlines the main determinants of current expenditures using the single equation multiple regression model
Statistical section
No full textThe Statistics Section covers statistics on Central bank of Nigeria Statement of Assets and Liabilities, analysis of commercial bank loans and advances, selected predominant interest rates, external assets and liquidity ratio of commercial banks, bankers\u27 clearing house, Merchant banks\u27 statement of assets and liabilities, Nigeria\u27s balance of payment, foreign trade, value of major imports and exports, imports by regional groupings, exports and re-exports by regional groupings, Nigeria stock exchange transactions, treasury bills and subscriptions, holdings of treasury bills outstanding, money supply, savings statistics-cumulative, principal agricultural commodities, Principal minerals, current expenditure of the federal government 1973-1978, capital expenditure of the federal government 1973-1978