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The Central Bank of Nigeria and its developmental functions: a review of current initiatives.
No full textThe paper x-rayed the role of the Central Bank of Nigeria as an agent of economic development. The central bank impacts the economy via: ensuring monetary and price stability; management of external reserves; issue of legal tender currency; financial system management; the payments system; and developmental roles. Its developmental role has been given special attention in recent years with its intervention in the real sector. Monetary and price stability is a necessary but not sufficient condition for attaining higher growth rate and development. Other necessary conditions for the attainment of Vision 2020 include, but not limited to, harmonious and consistent research-based policy formulation and implementation; political will that can see initiatives through and ensure continuity through the setting up of strong institutions backed up by law; and massive investment in the energy sector, particularly electricity generation and distribution, as well as in petroleum refinery development. Other sectors that call for urgent attention are extensive road rehabilitation and construction of new ones, development of the rail system, expansion and modernisation of the airports and the seaports, improvement in the quality of education and health in order to ensure the provision of healthy manpower
Financing inclusive growth in Nigeria: challenges and prospects
No full textIn this paper, the author lays a great deal of emphasis on the importance Inclusive Growth (IG). Inclusive Growth is growth in its entirety, holistic and comprehensive, including everything. It could be broad-based growth across sectors, shared growth and pro-poor growth. Inclusive growth can be described as economic growth with widest participation and benefits best shared through equal opportunities. It is concerned with opportunities for the majority of the labour force, poor and middle-class alike to participate in the production of goods and services rather than in income redistribution as was done in India some years ago. Inclusive growth is a means for rapid and sustained poverty reduction. Emphasis is on equality of opportunities in terms of access to markets, resources and unbiased regulatory environment for businesses and individuals. In short, Inclusive growth is about raising growth levels and enlarging the size of the economy while providing a level playing field for investment (productivity growth) and increasing employment opportunities. To better understand Inclusive Growth, it may be desirable at this point to explain what Financial Inclusion (FI) is. FI is defined as the provision of access to a wide range of financial services to everyone that needs them. Such financial services include credit, savings, payments, leasing, insurance and financial advice. It is also the delivery of banking services to the vast sections of disadvantaged and low income people
On Fractionally Integrated Logistic Smooth Transitions in Time Series
No full textLong memory and nonlinearity are two key features of some macroeconomic time series which are characterized by persistent shocks that seem to rise faster during recession than it falls during expansion. A variant of nonlinear time series model together with long memory are used to examine these features in inflation series for three economies. The results which compares favourably with that of van Dijk et al. (2002) elicit some interesting attributes of inflation in the developed and developing economies
Contributions of Financial Sector Reforms and Credit Supply to Nigerian Agricultural Sector (1978-2009)
No full textThis study analyzed the trends and pattern of institutional credit supply to agriculture during pre- and post-financial reforms along with their determinants. It then compared the effects of reform policies on access to institutional credits in Nigerian agricultural sector before and after the reforms (1978 - 1985; and 1986 -2009). Relying mainly on time series data from CBN and NBS, it used ordinary least squares method (linear, semi-log and double log) to model the determinants of banking sector lending to the agricultural sector during the review period. The models were subjected to several econometric tests before accepting one. Chow test was used to verify the presence of structural change in the selected equation before and after the reforms. Results indicated an exponentially increasing trend of agricultural credit supply in the economy after the reform began. Econometric analysis shows that stock market capitalization, interest rate and immediate past volume of credit guaranteed by ACGSF significantly influenced the quantity of institutional credit supplied to the agricultural sector over the period in review. There was a significant difference between the credit supply function during the pre-reform and post reform periods. It was recommended that government must consider interest rate regulation as a veritable tool for making credit accessible to farmers at affordable levels; increase fund allocation to ACGSF; boost monitoring capacity of CBN on banks generally and strengthen the microfinance banks to be more responsive to agricultural credit needs
Financing Nigeria\u27s 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 the underlying assumptions are 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 Central Bank of Nigeria and its Developmental Functions: A Review of Current Initiatives
No full textThe paper x-rays the role of the Central Bank of Nigeria as an agent of economic development. The central bank impacts the economy via: ensuring monetary and price stability; management of external reserves; issue of legal tender currency; financial system management; the payments system; and developmental roles. Its developmental role has been given special attention in recent years with its intervention in the real sector
lslamic banking: how has it diffused?.
No full textThe paper states that Islamic banks are obviously becoming alternative to conventional banks in Islamic countries and countries with large Muslim populations like United Kingdom
Anticipating the next crisis, what can early warning systems be expected to deliver? : a review.
No full textThe paper attempts to rekindle the interest of policymakers and the general public towards having early warning systems (EWS) that would anticipate future financial crisis. The authors highlighted how the systems would realistically sound alarms and their effectiveness in various economies
Too big to ignore: a review
No full textThe purpose of this paper is to study many of the complex issues and tradeoffs, policymakers must put in place in evaluating reforms to the oversight of Systemically Important Banks (SIBs). In particular, the author summarized a range of practical solutions covering two critical dimensions of debate: crisis prevention and crisis resolution. This study is important considering the extensive literature that has documented the impact of government policies on the financial institutions during and after the global financial and economic crises. The author, therefore, supports the notion that government play unprecedented role to shore up financial institution deemed to be too big to fail. He observed that government guarantees of bank debt, capital injections and cleansing of bank balance sheets, trigger a loss of public confidence in the financial system