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Alhaji Mai-Bornu Retires
No full textThis short article describes the the farewell ceremony of the first indigenous Governor of the Central Bank of Nigeria Alhaji Mai-Born
Statistical Section (June 1966)
No full textThis section of the EFR reports the statistics of the Central Bank of Nigeria (CBN) from 1960 to the first half 1966. This includes the Bank’s statement of assets and liabilities as well as its rediscount operations. Other sections include: currency in circulation, money supply, commercial banking activities, money and capital markets, public finance, national savings, external assets and international trade. The remaining sections include: Production (agricultural produce, mineral production), fuel and power, electricity generation and consumption
Government Revenue and Expenditure in 1965
No full textThis paper deals with the revenue and expenditure of the federal government in the calendar year 1965. The federal and regional set-up was, however, modified in May, 1966. It also includes statutory and non-statutory transfers to the regional governments and public debt servicing
Ownership of Commercial Bank Deposits in 1965
No full textThe importance of demand deposits relative to total deposits continued to decline a development which started in 1960. The proportion of these deposits fell from 50.3 per cent of total deposits at the end of 1964 to 46.8 per cent on 31st December, 1965. The substantial increase recorded in the deposits of non-financial businesses needs special comment. There has been a rapid increase in non-financial business holdings of time deposits since December,1963
Statistical Section December 1966
No full textThe statistics included in this publication for 1966 are the central bank statement of assets and liabilities, currency in circulation, commercial banking, money and capital markets, public finance, international trade, production, fuel and power among other
Nigeria’s External Trade in the First Quarter of 1966
No full textThis article is a report on Nigeria’s external trade in the first quarter of 1966 and notes that Nigeria\u27s external trade recorded a marked improvement in the first quarter of 1966 over the positions attained in the comparable periods of the past six years. The article further notes that this improvement was maintained in each of the three months of the quarter. There was thus a trade surplus of £4.8 million during the quarter in contrast to deficits of £6.0 million and £8.9 million in the first quarters of 1964 and 1965, respectively as indicated in Table 1. Tables 2- 5 provides January-March 1966 data for various trade indications: Nigeria’s imports by S.I.T.C. sections; imports by major groups; Nigeria’s exports of major commodities by economic sectors; and direction of external trade
Government Revenue and Expenditure in 1965
No full textThis article examined government revenue and expenditure in Nigeria for the year 1965. It first identified the role of the budget in Nigeria which include enhancement of economic growth, particularly since the National Development Plan came into force in 1962. The article noted that the fiscal policy of the federal government in 1965 was geared to the attainment of the two objectives of raising more revenue, and of reducing pressures on the balance of payments. Towards this end, federal government aggregate revenue in 1965 amounted to £160.5 million, £22.7 million or 16.4 per cent higher than in 1964. However, federal government recurrent expenditure in 1965 amounted to £144.6 million, £11.2 million and £26.0 million higher than in 1964 and 1963, respectively. Furthermore, total capital expenditure during 1965 stood at £39.7 million. This was £1.9 million higher than in 1964. Capital Expenditure Total capital expenditure during 1965 stood at £39.7 million. Capital formation in the public sector which has been increasing in recent years. Gross fixed capital formation at the end of 1965 stood at £25.6 million, £1.2 million and £3.2 million higher than in 1964 and 1963, respectively. The aggregate current and capital expenditures of £184.3 million was higher by £13.3 million or 7.6 per of total expenditure over current revenue resulting in a deficit of £23.8 million
Developments in the First Half of 1966
No full textThe general trend of industrial activity during the first half of 1966 could be said to have been upward. In the absence of other pertinent data, performance in the industrial sector is herein measured in terms of the rate of industrial fuel consumption, the movement of outstanding commercial bank loans and advances extended to manufacturing, and the distribution of imports by composition. During the first half of 1966, the movement of money supply was downward as in earlier years. An analysis of commercial bank loans and advances shows that general commerce exports, imports and domestic trade, including bills discounted claimed the largest share of outstanding loans during the first half of 1966
Speech of Alhaji Aliyu Mai-Bornu, Governor of the Central Bank, at the First Annual Dinner of the Institute of Bankers
No full textSpeech by Alhaji A. Mai-Bornu, Chairman of the Bankers\u27 Committee and Governor, Central Bank of Nigeria, in Response to the Toast of the Bankers\u27 Committee at the First Annual Dinner of the Local Centre of the Institute of Bankers at the Ikoyi Hotel, Lagos- 25th February, 196
Private Foreign Investment in 1964
No full textCapital inflow consisted of unremitted profits, increase in equity holdings and debentures, commercial credits and other short-term loans from overseas parent or affiliate companies. The decline in retained profits as a proportion of private capital investment, therefore, reflects the increase in the outpay-ments on account of dividends, interests and service charges. An estimate and analysis of total private foreign investment based on response from questionnaires submitted are presented in this paper