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Keynote Address by Mallam Sanusi, Lamido Sanusi
No full textThe keynote address delivered by the Governor, Central Bank of Nigeria at the Executive Seminar on Financial Sector Development, Economic Growth and the Nigerian Economy for CBN executive staff held in Eko Hotel and Suites, Victoria Island, Lagos State, May 7-10, 201
The Millenium Development Goals: What Roles for the Financial Sector in Nigeria
No full textThe purpose of this paper, therefore, is to redefine the role of the Nigerian financial sector towards meeting the MDGs by 2015. The paper is, thus, structured into four parts. Part I, briefly analyses the targets of the MDGs and the situation in Nigeria. In part II, an attempt is made to examine the various areas where the financial sector can offer helping hands in the implementation of the MDGs targets in Nigerian economy. While Part III examines the reasons why financial services in Nigeria are not within the reach of the MDGs target group (the poor), Part IV addresses the various measures to improve the financial services sector towards the inclusion of the poor to meet the MDGs targets. Part V concludes the paper with some recommendations
Financing Infrastructure and Growth: Lessons and Experience
No full textThe paper addresses the issue of finance for infrastructure, the adequacy or otherwise of the traditional annuall budgetary allocation, and alternative methods for funding infrastructure. The potentials of the stockmarket in filling the financing gap, option of Public Private Partnership (PPP) arrangement in upscaling our infrastructure is examined. The paper covers an assessment of the merits and demerits of PPP, the PPP process and framework in Nigeria, and how Nigeria could benefit from the experiences of other jurisdictions
Interoperability and Infrastructure Sharing Among Financial Services Providers
No full textThis paper seek to explore the issues around interoperability and infrastructure sharing among financial services providers. especially in the context of o developing notion with the aim of highlighting on efficient path to successful implementation of the concepts. Following this introduction is on attempt to underscore the importance of shared infrastructure. The section ll identifies some key criteria for determining candidate infrastructure for sharing. Section lll is a consideration of pathways to achieving shared and interoperable infrastructure. Section lV contains suggested recommendations for implementation and conclusions
Determinants of Foreign Reserves in Nigeria: An Autoregressive Distributed Lag Approach
No full textOn global scale, central banks’ holdings of foreign reserves have escalated sharply in recent years. World international reserves holdings have risen significantly from US10.0 trillion in June 2011. Dominant among these reserves are concentrated in the hands of few countries. Ten major holders of foreign reserves are mostly from Asia. Oil exporting countries in Africa and the Middle East are not left out in this trend. Nigeria’s foreign reserves rose from US62.40 billion in July 2008, making Nigeria the twenty-fourth largest reserves holder in the world. This pace of reserves accumulation is occurring without regard to its diminishing marginal benefits and rising marginal costs. This study used an Autoregressive Distributed Lag (ARDL) approach to run a slightly modified econometrics ‘Buffer Stock Model’ of Frenkel and Jovanovic (1981) to estimate the determinants of foreign reserves in Nigeria with focus on income, monetary policy rate, imports and exchange rate. The results debunked the existence of buffer stock model for reserves accumulation and provide strong evidence in support of income as the major determinant of reserves holdings in Nigeria
Foreign Private Investment and Economic Growth in Nigeria: A Cointegrated VAR and Granger causality analysis
No full textThis research uses a cointegration VAR model to study the contemporaneous long-run dynamics of the impact of Foreign Private Investment (FPI), Interest Rate (INR) and Inflation rate (IFR) on Growth Domestic Products (GDP) in Nigeria for the period January 1970 to December 2009. The Unit Root Test suggests that all the variables are integrated of order 1. The VAR model was appropriately identified using AIC information criteria and the VECM model has exactly one cointegration relation. The study further investigates the causal relationship using the Granger causality analysis of VECM which indicates a uni-directional causality relationship between GDP and FDI at 5% which is in line with other studies. The result of Granger causality analysis also shows that some of the variables are Ganger causal of one another; the null hypothesis of non-Granger causality is rejected at 5% level of significance for these variables
Managing diversity and inclusion in the Central Bank of Nigeria: prospects and challenges
No full textThis paper discusses key issues in managing diversity and inclusion in the CBN for organizational effectiveness. It is organized into five sections. Section Two, following the introduction, provides some theoretical background while section Three x-rays evidence of diversity and inclusion the CBN. Section Four discusses the key challenges and the way-forward in diversity and inclusion management in the Bonk. The last section concludes the paper
Policy Choices and Challenges in Expanding Access to Finance for Growth in Rural Nigeria
No full textAccess to finance, in general, is fundamental to growth and development. A well-functioning financial market assists in channeling funds to their most productive uses, and allocates risks to those who can best bear it. An efficient financial sector that responds to the needs of the private sector increases investment, enhances economic growth, creates job opportunities and improves income distribution
Determinants of household electricity demand in Nigeria
No full textThe basic objective of this is the study is to identify the major determinants of household electricity demand in Nigeria. Previous studies on Nigeria have examined the issue at the aggregate level. Information from a total of 404 households was gathered for this imperial exploration between march and November 2010. We make use of ordinary least square(OLS ) regression analysis. Household electricity consumption was found to be income and cross-price inelastic. In addition, socioeconomic variables such as household size, number of rooms in the household and hours of power supply are the determinants of household electricity demand in Nigeria. The income inelasticity across all models shows the importance of electricity as a basic need of households in the country
Keynote address at the CBN Executive Seminar on Financial Sector Development, Economic Growth and the Nigerian Economyâ€
No full textThe keynote address presented by the Governor, Central Bank of Nigeria at the CBN Executive Seminar on Financial Sector Development, Economic Growth and the Nigerian Economyâ€