CBN Digital Commons (Central Bank of Nigeria)
Not a member yet
1580 research outputs found
Sort by
Banking Sector Credit and Economic Growth in Nigeria: An Empirical Investigation
No full textThe paper examines the relationship between banking sector credit and economic growth in Nigeria over the period 1970-2008. The causal links between the pairs of variables of interest were established using Granger causality test while a Two-Stage Least Squares (TSLS) estimation technique was used for the regression models. The results of Granger causality test show evidence of unidirectional causal relationship from GDP to private sector credit (PSC) and from industrial production index (IND) to GDP. Estimated regression models indicate that private sector credit impacts positively on economic growth over the period of coverage in this study. However, lending (interest) rate impedes economic growth. Over and above, the paper recommends the need for more financial market development that favours more credit to the private sector with minimal interest rate to stimulate economic growth
Face to Face with Productivity - a review
No full textThe article provides an assessment of productivity levels in selected Latin America Countries (LACs)and noted the widening productivity gaps between Latin America and the developed world compared with the fast-paced economies such as China, Japan and Kore
Special Remarks by Sarah O. Alade, Ph.D (Mrs)
No full textSpecial remarks made by the Deputy Governor, (Economic Policy), Central Bank of Nigeria at the Executive seminar on Financial Sector Development, Economic Growth and the Nigerian Economy for CBN executive staff on May 7-10, 2012
Exploiting public private partnership as a tool for infrastructure development in Nigeria.
No full textThe paper highlights the importance of infrastructure development to economic growth and the need for government to toke a more strategic approach to tackling its dearth in Nigeria stressing the need to consider the Public-Private Partnership (PPP) as the preferred public infrastructure procurement option. This was in the light of the fact that the traditional procurement methods hove proved ineffective due to the growing competition for limited state funds, and the citizens\u27 higher expectations for efficient services in critical sectors such as power, transportation, waste management. etc. The paper also reviewed the literature on PPP, its models, benefits and examples in Nigeria and some other jurisdictions
The role of non-interest banking in national economic development
No full textThe paper examines non-interest Banking model that operates devoid of interest in lending, financing, deposit-taking and all forms of financial intermediation. Hence, the bank becomes an important financial institution for enhancing growth and development in an economy. The article is divided into five section, the first being the introduction, section two contains the conceptual framework, three highlights non-interest banking in Nigeria and four concludes the paper
Good Governance, Transparency and Regulatory Issues in Financial Sector Development and Stability
No full textThis paper dwells on good governance, transparency and regulatory issues in financial sector development and stability. It starts off by defining the concepts of good governance and transparency. It goes further to discuss the financial services sector as well as regulation and development. It also discusses the relationship between transparency and accountability and further highlights the regulatory powers of the CBN relative to a developing economy
Finance for Growth and Policy Options for Emerging and Developing Economies: Nigeria
No full textThis paper attempts to address the issues of the major impediments to mobilising investment funds, and the appropriate policies for achieving and guaranteeing finance for growth, by assessing the performance of financial policies of selected EMEs in mobilising financial resources for economic growth, and identifying policy options necessary for achieving finance for growth. The rest of the paper is organised as follows. Section 2 discusses the basic characteristics of emerging economies (EMEs), and Section 3 positions Nigeria among the EMEs within the context of finance for growth. Section 4 deals with challenges and constraints of Nigeria in achieving finance for growth, and Section 5 provides possible policy options and conclusion
Structural breaks in some selected WAMZ macroeconomic time series
No full textAnecdotal evidence shows that country-specific inflation has remained largely persistent and heterogeneous across the West African Monetary Zone (WAMZ). Uncertainty about the nature of inflation persistence often undermines regional convergence due to the asymmetric responses from monetary authorities. Consequently, the objective of this paper is to identify whether or not structural breaks exist in the price level of member countries. The paper uses the method of Lee and Strazicich (2003) with multiple breaks to identify if there were spurious rejections in the ADF tests of selected macroeconomic variables of WAMZ countries. The result fails to reject the existence of the null hypothesis of unit root for fifteen (15) variables and a second root for twenty (20) variables. With the exception of Ghana, the CPI for other member countries has a second root, indicating that inflation is explosive with hysteresis effect. This feature of inflation is associated with a similar structural dysfunction in other macroeconomic indicators, including the exchange rate, nominal gross domestic product, money supply and the lending rate. In other words, breaks in these fundamentals are important sources of persistence and hysteresis in the price level
Demand for international reserves: a case for reserve accumulation in Nigeria
No full textThis paper examined the determinants of international reserves holding in Nigeria, where a huge amount of foreign reserves is necessary to ensure good macroeconomic policy and international credit worthiness. Adopting a dynamic modeling approach combined with the Mizon-Richard encompassing test, both precautionary and mercantilist motives explain holding of foreign reserves in Nigeria. Specifically, the current account variability and past levels of external reserves drive reserve holding in the short run. In the long run, the former and the money supply are significant determinants. Therefore, enhancement of exports through support for quality and competitiveness of non-oil exports are key to reserves management
Differential impact: why some countries were hit harder than others during the crisis.
No full textThe author began with a brief description on how the global financial crisis spread into many advanced, emerging and developing economies through various channels. They slressed that the crisis spread to advanced and emerging economies mainly through financial linkages and to developing economies through trade linkages. Consequently, most economies were flung into recession with its attendant effect of job losses. However, the world economies felt the impact in varying degree