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The legal and regulatory framework for non-interest banking in Nigeria
No full textNon-interest bonking is one of the aspects of Islamic finance. Islamic finance distinguishes itself from conventional finance through its compliance with the principles of Islamic commercial jurisprudence. This paper examines the legal and regulatory framework for non-interest banking in Nigeria. First the paper explored the global development of non-interest banking and goes further to highlight why would non-interest banking be beneficial for Nigeria?; In identifying this, the paper highlighted the main contracts that would be used for transactions which include: Profit sharing agreements, Joint venture agreements, Purchase and resole contracts, investment Certificates, insurance; the current legal and regulatory framework and suggestions which include suggested government led initiatives and suggested legislative developments. The paper concludes by identifying what else needs to be done in order to move forward
The link between the financial (banking) sector and the real sector of the Nigerian economy
No full textThe paper is divided into five sections. Following the introduction, the paper reviews what constitutes the structure and role of the financial system in section II. Section Ill attempts to identify the link between finance and the real economy, while section IV gives an overview of the channels of transmission of monetary policy to the real economy as it relates to making finance available to the real sector. Section V concludes the paper
A statistical survey of productivity, monetary and financial indicators in Nigeria
No full textThis paper is structured into three sections. Section 1 is the introduction. Section 2 discusses the methodological and conceptual issues guiding the preparation of productivity, monetary and financial indicators. Section 3 highlights the challenges and proffers recommendations on the way forward
The Central Bank of Nigeria partnership with Alliance for a Green Revolution in Africa (AGRA): conceptual issues, operations and prospects for food security in Nigeria
No full textThe paper discusses the effort of the Central Bank of Nigeria in collaboration with Alliance for a Green Revolution in Africa (AGRA) towards ensuring food security in Nigeri
Rebuilding confidence In Nigerian Banks: The challenge of good corporate governance and professionalism.
No full textThe Nigerian Banking industry which is still evolving, has great potentials for positively impacting on the developing economy with over a hundred and forty million (140 million) people. Without a doubt, the industry has made noticeable progress and positive impact since its birth in the early 1890s, it would have achieved more had it not been bedevilled by occasional crisis. incidences of bank crisis in Nigeria, like in other jurisdictions, had led to bank shake-ups, failures and subsequent liquidations. Those outcomes gave rise to serious erosion of stakeholders\u27 confidence in banking institutions and the system with far-reaching negative consequences for banking habits and culture across the country. Confidence in banks being a vital ingredient for the survival and growth of banks usually attracts the attention of both regulators and operators. This paper, discussed how corporate governance and professionalism can be employed to rebuild confidence in Nigerian banks. The study reveals poor leadership, unstable foreign and local guidelines as some of the weaknesses that stunted economy growth in Nigeria banks
National Incomes policy in a deregulated economy: the Nigerian perspective
No full textThis paper examines the propriety of a national income policy in a deregulated economy. The literature indicates that various interest groups in the country tend to protect their narrow interests when negotiating for higher wages. Consequently, the goals of government to achieve equitable income distribution in the country with a national income policy are often at variance with the private interests. While congenial atmosphere for collective bargaining was deemed desirable for achieving effective income growth, an environment of consistently rising prices was considered an anticlimax to growth and development. Consequently, the paper opined that in a market economy, a national income policy that does not include elements of restraint on prices development was likely to fail. Thus, an income policy must be packaged as a set of comprehensive macroeconomic, monetary and fiscal policies for effective results. As part of the national income policy, an income guidepost with provision for periodic review is advocated
Statistics for National Development
No full textGood statistics that has been collected according to agreed good practices are crucial as a tool for development. Gross domestic product (GDP) and other measures of economic activity such as Gross National Income (GNI) together with their individual components, show how the economy is responding to government policy and other influences. The balance of payments can demonstrate the requirement for policy adjustments and is also one of the indicators scrutinised by potential foreign investors in the country. Agricultural statistics clearly have implications for longer-term planning, particularly if they show a move away from the land into urban areas or a change in traditional farming methods. Population statistics often indicate the need for government intervention – for example, if the population is expanding so rapidly that there are major policy implications in the fields of education, housing, etc. Health-care statistics might indicate the need for a change of policy in the provision of medical services or the preponderance of particular diseases. Growth in Monetary aggregates might indicate the stance or anticipated direction of monetary policy.
Naira convertibility: the journey so far
No full textThis paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria\u27s efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would have to be paid for in Naira rather than any other currency. This approach, it is thought, would engender the growth of Naira consciousness in the sub region and make the Naira a dominant currency in the region
Optimal Designs Approach to Portfolio Selection
No full textIn order to obtain the best tradeoff between risk and return, optimization algorithms are particularly useful in asset allocation in a portfolio mix. Such algorithms and proper solution techniques are very essential to investors in order to circumvent distress in business outfits. In this paper, we show that by minimizing the total variance of the portfolio involving stocks in two Nigerian banks which is a measure of risk, optimal allocation of investible funds to the portfolio mix is obtained. A completely new solution technique – modified super convergent line series algorithm which makes use of the principles of optimal designs of experiment is used to obtain the desired optimizer
A Distributional Analysis of out-of-pocket Healthcare Financing in Nigeria Using a New Decomposable Gini Index
No full textThis study applies a new method of decomposing total redistributive effect of taxation proposed by Duclos et al. (2003) to assess the redistributive effects of direct healthcare financing in Nigeria. This new framework makes it possible not only to introduce into the conventional Gini Index estimation framework a flexible ethical measure of aversion to inequality but also a novel concepts of horizontal inequity and re-ranking. The empirical results indicate that when the decision to utilize healthcare is always linked to the decision to pay for healthcare, as is the case in Nigeria, out-of-pocket payment, contrary to existing literature, may indeed be progressive with high levels of horizontal inequity and re-ranking effect. But the progressivity may underlie the lack of ability to pay by poorer households. All the components of the redistributive effect are also likely to vary with the level of the social aversion to inequit