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Financing Nigeria’s growth after the global economic crisis within the perspective of Vision 20:2020 and the Transformation Agenda.
No full textThe paper adopts content analysis method to investigate the underlying assumptions of the pillar of growth within the framework of Nigeria Vision 20:2020 (NV20:2020) and the Transformation Agenda. The aim is to show how realistic are the underlying assumptions and whether or not the available structure/measures of the financial system would be sufficient to finance the Vision. The conclusion is that the present Transformation Agenda and indeed the Medium-term Implementation Plans adequately provide for the financing of NV20:2020 if the provisions of the documents are strictly adhered to
The effect of global financial crisis on the Nigerian capital market: lessons for monetary policy
No full textThe paper assesses the effect of the financial crisis on the Nigerian Capital market, and lessons for monetary policy with a view to providing valuable inputs that can be used to update policy decisions in Nigerian economy as well as examining the historical perspective of the recent global financial crisis
Understanding the Bretton Woods Institutions (BWIs) with particular reference to the International Monetary Fund (IMF)
No full textThe objective of this paper is to examine and discuss the workings of the Bretton Woods institution with particular focus on the international Monetary Fund (lMF). This is to enhance understanding of the expanded role of the lMF. The paper is divided into five parts. First is the introduction, Part ll, explains the IMF\u27s role in the world economy, while Part lll presents relationships between the Fund and its members, highlighting member obligation to the Fund and Fund\u27s obligation to its members. ln Port lV, the expanded roles of the Fund are discussed, while the conclusion is contained in Part V
Stock Market Reaction to Selected Macroeconomic Variables in the Nigerian Economy
No full textThis study examines the relationship between the stock market and selected macroeconomic variables in Nigeria. The all share index was used as a proxy for the stock market while inflation, interest and exchange rates were the macroeconomic variables selected. Employing error correction model, it was found that a significant negative short run relationship exists between the stock market and the minimum rediscounting rate (MRR) implying that, a decrease in the MRR, would improve the performance of the Nigerian stock market. It was also found that exchange rate stability in the long run, improves the performance of the stock market. Though the results for Treasury bill and inflation rates were not significant, the results suggests that they were negatively related to the stock market in the short run thus, achieving low inflation rate and keeping the TBR low could improve the performance of the Nigerian stock market. Specifically, the study concludes that, by achieving stable exchange rates and altering the MRR, monetary policy would be effective in improving the performance of the Nigerian stock marke
Neither the Washington nor Beijing Consensus: Developmental Models to fit African Realities and Cultures
No full textNigerian Sovereign Wealth Fund (SWF): lessons from existing SWF
No full textThis paper examines the merits and demerits of some existing SWFs with the view of drawing some lessons of experience for Nigeria to establish its own SWF. Following this introduction, the paper in section two outlines the objective of SWF, section three discusses the merits and demerits of SWF, while section four examines countries experiences and section five dwells on the institutional framework for the fund and section six provides policy recommendation
Overview and conceptual issues of non-interest banking in Nigeria
No full textThis paper examines the role of non-interest banking in national development. The paper is divided into five sections, the first section contains the introduction, section 2 has the conceptual framework, section three gives non-interest bonking in Nigeria and section four concludes the paper
Effects of global climate change on Nigerian agriculture: an empirical analysis
No full textThis paper presents an empirical analysis of the effects of global warming on Nigerian agriculture and estimation of the determinants of adaptation to climate change. Data used for this study are from both secondary and primary sources. The set of secondary sources of data helped to examine the coverage of the three scenarios (1971-1980; 1981-1990 and 1991-2000). The primary data set consists of 900 respondents’ but only 850 cases were useful. This study analyzed determinants of farm-level climate adaptation measures using a Multinomial choice and stochastic-simulation model to investigate the effects of rapid climatic change on grain production and the human population in Nigeria. The model calculates the production, consumption and storage of grains under different climate scenarios over a 10-year scenery. In most scenarios, either an optimistic baseline annual increase of agricultural output of 1.85% or a more pessimistic appraisal of 0.75% was used. The rate of natural increase of the human population exclusive of excess hunger-related deaths was set at 1.65% per year. Results indicated that hunger-related deaths could increase if grain productions do not keep pace with population growth in an unfavourable climatic environment. However, Climate change adaptations have significant impact on farm productivity
A kalman filter approach to fisher effect: evidence from Nigeria
No full textThis paper investigates evidence of a Fisher effect in Nigeria by employing quarterly CPI inflation and Nominal interest rates data. For a more robust result we conducted integration and cointegration tests in order to examine time-series properties of the variables. Using Co-integration and Kalman filter methodologies, the study did not find evidence of a full Fisher effect from 1961:1-2009:4. This result indicates that nominal interest rates do not respond one-for-one to changes in inflation rates in the long run despite the presence of positive relationship among the variables. Our study recommends the adoption of potent policies aimed at checking inflation so as to help reduce high interest rates in order to stimulate growth in the economy
Global Financial Meltdown and the Reforms in the Nigerian Banking Sector
No full textThe paper examined the global financial meltdown and the reforms in the Nigerian banking sector. It was a public speech by the formal Governor of the Central Bank of Nigeria that observed the extent and severity of the crisis that began with the bursting of the housing bubble in the United States in August 2007 reflects the confluence of myriad of factors some of which are familiar from previous crises, while others are new. As in previous times of financial turmoil, the pre-crisis period was characterized by (i) surging asset prices that proved unsustainable; (ii) a prolonged credit expansion leading to accumulation of debt; (iii) the emergence of new types of synthetic financial instruments; and (iv) regulatory failure. However, The focus of this lecture is on the Nigerian experience. I believe that my audience at this lecture today will share some perspectives on the subject, drawing from their individual experiences. The critical challenge that Nigeria faces today as a nation is how to create some irreducible minimum standards of financial system stability that will promote strong financial institutions and the emergence of budding banking system, and hence ensure sustained growth and development in Nigeria and indeed in the rest of Africa. The lecture is intended to stimulate discussions, and enable policy makers to come up with ways of identifying specific institutional arrangements and practical mechanisms that would expand financial services to economic agents in Nigeria. The focus is on developing, over time, an efficient and sustainable banking sector for economic activities to thrive. The vision is for a system that integrates the domestic, foreign, short and long term sources, where banks can exploit each others\u27 comparative advantages in cost-effective financial services delivery