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Oil and Gas Management in NIgeria: Lessons for Ghana
No full textThis paper is to discuss the oil and gas management in Nigeria: Lessons for Ghana. The paper is structured into five parts with part 1 being the introduction while part 2 scoops the literature on the economics of natural resources and its management globally. Part 3 will situate the Nigeria\u27s multifaceted crisis of oil and gas governance and all related issues. Part 4 will sieve out the lessons for Ghana while part 5 summarizes and concludes the paper
Special Remarks at the 2010 CBN Executive Seminar
No full textThis is a special remark presented at the 2010 CBN Executive Seminar, organized by the Research Department in collaboration with the Human Resources Department, with the theme, \u27Banking sector reforms and real sector development in Nigeria
Banking sector reform and the manufacturing sector: the Manufacturers\u27 Association of Nigeria perspective
No full textThis paper gives a historical overview of the manufacturing industry in Nigeria\u27s experience, roles and contributions in the banking sector reforns. It made recommendation for the financing of the manufacturing industry for the attainment of vision 20:2020
Petroleum industry linkages and NIgeria\u27s economic development
No full textNigeria, Africa\u27s most populous country and potentially its largest economy, has witnessed decades of dictatorship and misrule. Accompanying this misrule are severe economic problems of an unprecedented magnitude. This paper intends to add further clues to the solution for this national developmental puzzle. The remaining part of the paper is arranged thus: Part 2 presents an overview of the Nigerian Petroleum industry while the part 3 looks at the literature of economic development the country appears to be executing. Parl4 discusses the various linkages the Petroleum industry offers visa-vis Nigeria\u27s exploration of their potentials. The penultimate part will offer some recommendation and the part 6 would contain the concluding remarks. What happens to our economy when the recently re-energized American research on developing a commercially viable alternative to gasoline for their automobiles and other energy needs makes a breakthrough? Truly, wealth based on natural resources can be eroded. Guatemala learnt this bitter lesson years ago when their wealth based on the highly prized crimson dye extracted from the insect cochinilla was almost instantly wiped out when the Europeans invented artificial dye(Ha-Joon Chang:2007). Empirical and theoretical evidence over the years have shown that there is no close relationship between a country\u27s resources and its wealth or GNP. Economies grow when her citizens continuously develop and add new activities to the list of those they engage in
Banking sector crisis and resolution options in Nigeria
No full textThis paper x-rays banking sector crisis and its resolution options in Nigeria. The causes and impacts of banking crisis as well as the way forward for such crisis will also be examined. The paper is divided into six main sections. Following the introduction, Section 2 gives the conceptual/jurisdictional experience of banking crisis. Section 3 gives an overview of the structure of the Nigerian banking sector, the causes of banking crisis and its impacts on the economy, while Section 4 highlights the various banking sector resolution options and the Nigerian experience in banking sector crisis resolution. Section 5 highlights the way forward, while Section 6 concludes the paper
Is the Philips curve useful for monetary policy in Nigeria
No full textThe objective of this article is to determine if the Phillips curve is a relevant tool to conduct monetary policy in African countries wishing to adopt an inflation-targeting regime. I choose Nigeria as a case of study because it is in the early stage of the implementation of this regime. I estimate a medium-sized model for monetary policy analysis. The model reflects a synthesis between the New Keynesian and the Real Business Cycle (RBC) approaches. Then I estimate the model by using Bayesian econometric technique in order to overcome the shortage of data availability. The study concludes that there is evidence that central banks can control the inflation rate through a Phillips curve, a Taylor rule that includes the exchange rate, and the sterilization of the resources from oil exports. Nevertheless, there are limits to the stabilization program. The same evidence suggests that it is important to implement a credible inflation-targeting regime to reduce inflation gradually, instead of abrupt stabilization attempts with high costs in lost output
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 2010
No full text2010 annual report reviews the operations of the Central Bank of Nigeria (CBN) and appraises the macroeconomic policies in 2010. the report is structured into two parts. Part 1 reviews the corporate operations of the bank, while the part 2 evaluates the performance of the economy against the challenges in both the thrust of monetary policy and other financial measures was to improve liquidity and enhance the efficiency and stability of the financial system without compromising the primary goal of monetary and price stability
Monetary and Fiscal Policy Interactions in Nigeria: An Application of a State-Space Model with Markov-Switching
No full textThis paper uses quarterly data to explore the monetary and fiscal policy interactions in Nigeria between 1970 and 2008. As a preliminary exercise, the paper examines the nature of fiscal policies in Nigeria using a vector autoregression (VAR) model. The simulated generalized impulse response graphs generated from the VAR estimation provides evidence of a non-Ricardian fiscal policy in Nigeria. Further, the paper analyzes the interactions between monetary and fiscal policies by applying a State-space model with Markov-switching to estimate the time-varying parameters of the relationship. The evidence indicates that monetary and fiscal policies in Nigeria have interacted in a counteractive manner for most of the sample period (1980-1994). At other periods, we do not observe any systematic pattern of interaction between the two policy variables, although, between 1998 and 2008, some form of accommodativeness can be inferred. Overall, the results suggest that the two policy regimes (counteractive and accommodative) have been weak strategic substitutes during the post 1970 (Civil War) period. For the policy maker, our results imply the existence of fiscal dominance in the interactions between monetary and fiscal policies in Nigeria, implying that inflation, predominantly results from fiscal problems, and not from lack of monetary control
Banking system credit As an instrument of economic growth in Nigeria
No full textGlobally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt\u27s was revealed that though credits have increased tremendously in recent times, the expected effect on domestic economy and output or GDP in particular is not significant. . lt was revealed that though credits have increased tremendously in recent times, the expected effect on domestic economy and output or GDP in particular is not significant. While credits to Non-Financial Public Enterprise and other productive sectors declined consistently, credit to the Private sector comprising mainly of households whose demand for credit facility is basically for consumption increased astronomically. The implication of this lopsided distribution of banking system credit is that the Nigerian economy is consumption based and that negates the principle of Cobb Douglass production function because credits channelled for consumption do not impact or influence output or GDP growth as other factors of production do, rather it drains the foreign reserve thus weakening the domestic currency with its concomitant influence on inflation
The role of the Central Bank of Nigeria in ensuring sound, safe and reliable Banking sector.
No full textThis paper examines effects of CBN economic and monetary policies on MDB to ensure sound and safe banking regime. The challenges of effective supervision of the banking sector, therefore involve a comprehensive supervisory approach and good faith of all stakeholders. The paper would covers five sections: 1. Review of the Nigerian banking system serves as an introduction; 2. The activities of the CBN in ensuring sound, safe and reliable banking sector; 3. The challenges facing effective banking supervision; 4. Review of the mitigating factors to the challenges facing effective supervision; and 5. Conclusion in which the paper advised CBN to maintain it supervisory to ensure healthy economic regime in the banking sector