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Financing the real sector for sustainable economic growth in Nigeria: performance, challenges and prospects.
No full textThis paper examined some of the challenges constraining the financial sector in stimulating sustainable growth in Nigeria. The challenges highlighted in this work includes: poor property right protection; poor corporate governance system; lack of competitiveness of the real sector; lack of competition in the economy; poor entrepreneurship development and lack of development of rating agencies in Nigeria. It observed that for a successful real sector financing in Nigeria, a culture of accountability and transparency in the conduct of our national affairs must be taken seriously. The quality of governance must also be improved, to ensure that the legal framework for economic activities is well strengthened, such that the protection of creditors‘ rights may not be jeopardised
The recent financial crisis and the special financing interventions by the Central Bank Of Nigeria: implications for the real sector of the Nigerian economy
No full textThis paper reviews the impacts of the crisis on the real sector of the Nigerian economy and highlights the various special financing intervention schemes, which the Central Bank of Nigeria (CBN) has wielded in a bid to reverse the down turn in the sector
Diaspora bonds: a viable source of external financing for Nigeria?
No full textThe paper examines the need for external funding, arises from the inadequacy of domestic sources of funds to meet supply gaps and balance of payments (BOP) challenges and the potentials of Nigeria sourcing external financing through the issuance of Diaspora bonds. Following this introduction, Section ll reviews conceptual and empirical literature as well as country experiences on Diaspora bonds issuance. Section lll, discusses the bond market in Nigeria. ln Section lV. the prospects and challenges of issuing Diaspora bonds in Nigeria were highlighted. Section V concludes the paper
Rationale for financial system regulation and supervision: a global perspective
No full textThe paper examines the enormous role of financial institutions, especially banks to the efficient functioning of the economy. The shortcomings of regulation and supervision, notwithstanding, one can argue that because of the special role that financial institutions play in the economy and the economic and social costs to society of their eventual failure, it is obvious that leaving the forces of demand and supply to bear will have adverse implications on the economy and the living standards of the nation\u27s citizens. lt is on this note that i expound on the various reasons for financial system regulation in section 2. The paper ends in section 3 with some conclusions and policy implications
Sources and application of funds in non interest banking regime
No full textThe concept of Islamic finance is a new phenomenon in Nigeria. At present there are over 300 Islamic Banks that are operational throughout the world. Like conventional banks, Islamic banks also needs funds to operate its banking activities.This paper explores the sources and application of funds in non-interest banking regime. Sources of funds to include deposits, deposits from other Islamic banks, banks equity, Islamic investment funds and placement from bank treasury
An Assessment of the Operations of the Presidential Initiatives on Agriculture in Nigeria: 2001-2007
No full textThis paper attempts to assess the Operations of the Presidential Initiatives on Agriculture in Nigeria: 2001-2007 necessitated due to a decline in the performance of the agricultural sector during the oil boom. Particular attention is given to four major programmes i.e. vegetable oils, rice, cassava and tropical fruits which appraise the milestones that have been covered, vis-a-vis the objectives and targets set for each initiative. Adopting the survey method, the primary and secondary data sources were used. Findings from the study revealed that the Vegetable Oil Development Programme (VODEP) made significant progress with an increase in total vegetable oil production from 1.3 million tonnes in 2000 to 3.5 million tonnes in 2007. Also, there was a significant increase in Rice Production and Export annual production from 3.3 million tonnes of milled rice in 2000 to 4.2 million tonnes in 2006, and 4.8 million tonnes in 2007. Besides, cassava Production and Export Program increased from 31.7 million tonnes in 2003 to about 49.0 million tonnes in 2006. However, funding was a major constraint. The study recommended among others that the Bank could advise the government to fund the programmes through raising of long-term bonds, as budgetary provisions are inadequate
Robust linear classifier for unequal cost ratios of misclassification
No full textThis paper focuses on the robust classification procedures when the assumption of equal cost of misclassification is violated. A normal distribution based data set is generated using the Statistical Analysis System (SAS) version 9.1. Using Barlett’s approximation to chi-square, the data set was found to be homogenous and was subjected to three linear classifiers namely: Maximum Likelihood Discriminant Function (MLDF), Fisher’s linear Discriminant Function and Distance Based Discriminant Function. To Judge the performances of these procedures, the Apparent Error Rates for each procedure is obtained for different cost ratios 1:1, 1:2, 1:3, 1:4 and 1:5 and sample sizes 5:5, 10:10, 20:20, 30:30, and 50:50. The results shows that the three procedures are insensitive to cost ratio exceeding ratio 1:2 and that MLDF was observed as robust discriminant function among classification functions considered
Exchange Rate Volatility in Nigeria: Consistency, Persistency & Severity Analyses
No full textThe adoption of the International Monetary Fund (IMF) Structural Adjustment Programme (SAP) in 1986 resulted in the transition from fixed exchange rate regime to floating exchange rate regime in Nigeria. Ever since, the exchange rate of naira vis-à-vis the U.S dollar has attained varying rates all through different time horizons. On this basis, this study examines the consistency, persistency, and severity (degree) of volatility in exchange rate of Nigerian currency (naira) vis-a-vis the United State dollar using monthly time series data from 1986 to 2008. The standard Purchasing Power Parity (PPP) model was used to analyze the long-run consistency of the naira exchange rate while the time series properties of the data was examined using the ADF and PP approach, the stationary process, and order of the incorporated series. The ARCH and GARCH models were used to examine the degree or severity of volatility based on the first difference, standard deviation and coefficient of deviation estimated volatility series for the nominal and real exchange rate of naira vis-a-vis the U.S dollar. The result indicated the presence of overshooting volatility shocks. The econometric analyses further revealed that the nominal and real exchange rates of naira vis-a-viz the U.S dollar are not with the traditional longrun PPP model. All the incorporated measures of volatility indicated presence and persistency of volatility in the nominal and real exchange rate for naira vis-à-vis U.S dollar in Nigeria. This however proves the ineffectiveness of monetary policy in stabilizing exchange rate and therefore, calls for the need of more tightened measures especially in controlling the high demand for foreign currenc
Monetary Integration: The West African Experience
No full textThis paper discusses the experience of monetary integration in West Africa. The second part of the paper presents on historical overview of monetary integration in West Africa. Part lll briefly examines the Union Economique et Monetoire Ouest Africaine (UEMOA). Part lV discusses the Second Monetary Zone in West Africa (WAMZ), while Part V contains performance assessment of the ECOWAS Monetary Cooperation Programme. The Lingering Challenges ore outlined in Port Vl. Part Vll contains some concluding remarks
Financing inclusive growth in Nigeria: challenges and prospects.
No full textAfter the introduction, the rest of this paper is divided into four Sections. The next section, Section 2, contains literature on theoretical construct on economic growth and development models, including Inclusive Growth (IG) model while in Section 3 we present the role of money in economic growth. Section 4 looks at models of financial inclusion and evidence of financing inclusive growth in some developing countries. In Section 5, we identified challenges and prospects for financing inclusive growth in Nigeria. Section 5 is the concluding remark where some recommendations are proposed for successful inclusive growth financing in Nigeria