CBN Digital Commons (Central Bank of Nigeria)
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Communicating financial inclusion policy in Nigeria: the role of the media
No full textThe Central Bank of Nigeria (CBN) has shown great foresight in the effort to ensure that greater numbers of Nigerians that are currently financially excluded are brought into the fold, through effective policy initiatives that are hinged on global best practices. For instance, in 2012 the Bank incorporated information and knowledge that will eventually lead to the formulation to amend existing regulatory frameworks, including recommendations on microfinance, mobile financial services (MFS) and agent banking. The CBN’s aim of educating and imparting skills on financial system inclusion to journalists who through their media would inform the general public about this all-important subject that has the potential to greatly influence inclusive economic growth especially at the grassroots level
Design, implications and analysis of household survey: practical issues to note
No full textThis paper is to enhance the analytic processes of survey data as generated in the established household survey framework for economic policy management and decision making. The paper is divided into four sections. Section 1 is the introduction while Section 2 is the descriptive statistics emphasizing the models that bring out the relationship between the survey variables, Section 4 concludes and proffers recommendations
An Efficient Two Sample Capture-Recapture Model with High Recaptures
No full textThis paper proposed an efficient two sample capture-recapture model (Ma) with high recaptures and compared it with the existing models like the model of no factor effect (Mo), behavioral response model (Mb) and the Petersen model (Ms), using simulated data. We found that the Petersen model provides a better estimate of the population size when the observations follow a hypergeometric distribution and the population is overestimated when recapture is high. It was also found that the proposed model provides a better estimator of the population size than the existing ones when the recapture is high. This model is particularly useful in situations where individuals respond positively to capture. This model can be applied to the estimation of the population of a locality and can be used to check inflated or disputed census figures effectively
A Markov Decision Process Approach to Optimal Control of a Multi-level Hierarchical Manpower System
No full textA recurrent problem in manpower control is how to attain the desired structural configuration in an optimal way, since it is possible to reach a desired structural configuration using different control inputs. The major aim of this paper is to develop a Markov Decision Process for optimal control of a Multi-level Hierarchical Manpower System (MHMS) by promotion and interdepartmental transfers. This is examined under control by intervention and contraction cost Markov Decision Process
Analysis of External Debt Dynamics in ECOWAS Economies
No full textThis paper recognised the importance of identifying the core determinants of external debt dynamics in ECOWAS economies. Using a panel dynamic generalised least squares procedure, the study sought to identify the core determinants of external debt dynamics in 12 ECOWAS economies from 1970 to 2009. Overall, the findings revealed six core determinants of external debt in ECOWAS economies. Inflation, external reserves, per capita income and real oil prices were inversely related with external debt ratio; while, GDP gap and real effective exchange rate depreciation directly affected external debt. Significant dissimilarities were observed in the influence of government size and inflation within the WAEMU and the WAMZ subsamples, implying that a synchronisation of debt and fiscal policies for the two regions might yield different outcomes. Further, the results suggested that there was a wide deviation in the initial conditions Guinea-Bissau and Burkina Faso from the other economies in the region
The Contribution of Finance to Agricultural Production in Nigeria
No full textSeveral studies have found a positive correlation between agricultural financing and the performance of the agricultural sector. But fewer efforts have been directed at sieving out the agricultural output that is exclusively associated with the extent of funding. This study aimed to ascertain the actual portion of total agricultural output that could be attributed to agricultural financing in Nigeria. The vector error correction methodology was applied following the nature of data properties. The results showed a positive effect of finance on agricultural output. However, variance decomposition revealed the poor state of agricultural financing with a disproportionate dependence of the sector on natural weather conditions. The case is therefore made for increased funding of agriculture for optimal performance
Capital flows and macroeconomic stability: theoretical and conceptual considerations
No full textThis paper discusses both conceptual and theoretical perspectives of capital flows and their macroeconomic stabilisation strands
Nigeria 2002- 2012: high economic growth rate, high incidence of poverty, why?
No full textContrary to the widely held opinion that it is unthinkable that the Nigerian economy would have grown at the rate it did in the last decade and yet the incidence of poverty persisted, even grew higher, growth could actually occur without increasing employment or reducing poverty. This is possible if the economy were allowed to grow without a conscious effort to direct the direction of growth to the policymakers to make concerted efforts to smoothen the path of growth and introduce policies that will make growth pro-poor programmes is the one being currently pursued by the Central Bank of Nigeria, financial inclusion. Financial inclusion strategies should form one of the core components of such developmental policies aimed at making growth inclusive to reduce poverty. It simply implies enabling access for economic agents, especially, those on the lower wrung of the income ladder. Financial inclusion strategies aim at increasing the number of people with accounts in banks and other formal financial institutions - saving, current and credit. It also pursues the promotion of formal payment media, including cheques, ATM cards, internal payment, mobile payments and others by the populace. There is evidence that people who are financially included tend to be more productive consume more and invest more
Unemployment and economic growth in Nigeria: an empirical re-examination
No full textThis paper investigates the relationship between unemployment and economic growth in Nigeria through the implementation of the Okun’s law using the data from 1980 to 2013. The result indicates that the Okun’s law cannot be confirmed for Nigeria as the Okun’s co-efficient though properly signed was not significant at conventional level. As a result economic policies allied to demand management might not have the desired outcome of reducing unemployment in the country. Thus, the implementation of economic policy learning towards structural change and reforms in the labour market would be more appropriate to reduce unemployment in Nigeria
Measuring Technical Efficiency of Wireless and Wired Technologies in Nigeria Cyber Cafés
No full textThis study examined the technical efficiency (TE) of two different remote internet access methods, wireless and wired in Nigeria using the stochastic frontier production function analysis. Primary data were obtained through the use of a set of questionnaire from four hundred and fifty representative samples of cyber café operators. The results show that in Nigeria, in spite of the acclaimed superiority of wireless technologies internationally, wired technology (within the context of Nigeria’s socio-economic constraints) is (still) more efficient technically with mean technical efficient indices of 0.914 and 0.797 respectively. The analysis also suggests that age and years of education of cyber café operators have positive significant influence on the level of technical efficiency. The policy implication of the findings in this study is that there is scope for raising the present level of TE of production in the study area. More so, since age and education variables have direct relationship with the level of TE therefore, policies should encourage more of the younger and better educated potential operators to go into the enterprise