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Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 2007
No full textIn 2007, the Central Bank of Nigeria (CBN) faced significant challenges in monetary management due to statutory allocations to government tiers, autonomous foreign exchange inflows, and pre-election spending. These challenges were addressed through Open Market Operations (OMO), issuance of treasury securities, standing facilities, and foreign exchange swaps. The introduction of the monetary policy rate (MPR) in December 2006 moderated inter-bank rates, encouraged trading, and improved the transmission of monetary policy actions. The Bank intensified its non-regular management activities to ensure the Policy Support Instrument (PSI) target was met. The financial system at end-2007 comprised the CBN, the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), the National Pension Commission (PENCONI), 24 deposit money banks, 5 discount loans, 709 microfinance banks, Il2 finance companies, 703 Bureaux-de-Change, one stock exchange, one commodity exchange, 93 primary mortgage institutions, five development finance institutions, and 77 insurance companies. The foreign exchange market was relatively stable with further liberalization and deepening of the inter-bank market due to increased capital flows. The CBN implemented measures to maintain stability in the foreign exchange market, including participation of Bureaux de Change operators, non-accommodating monetary policy, prudent fiscal operations, and increased surveillance of authorized dealers. The stock of external reserves increased by 21.3% over 2006, supporting 5.6 months of imports. Under the Agricultural Credit Guarantee Scheme Fund (ACCSF), 43,233 loans were guaranteed in 2007, bringing the total loans guaranteed since the inception of ACGSF to 540,925. The CBN continued to fine-tune its Information Technology initiatives, linking deposit money banks, other financial institutions, and BDC to the bank\u27s network. The Africa Finance Corporation (AFC) started pre-operational activities in 2007 with the issuance of US$1.0 billion equity capital. The domestic economy in 2007 was mixed, with mixed fiscal operations and a decline in federation account revenue due to youth restiveness in the Niger Delta. However, non-oil revenue increased, and the Federal Government retained revenue and aggregate expenditure increased. The Nigerian economy experienced significant growth in 2007 due to increased capital inflows, further liberalization of the market, and the deepening of the inter-bank market
Tariff and factor allocation in a small open economy: Nigeria
No full textThis paper examines the likely impact of import tax reduction and its subsequent elimination on factor re-allocation under alternative exchange rate regimes in Nigeria. The study observed that the patterns of reallocation are quite qualitatively similar under alternative exchange rate regimes. Particular findings suggest that, under both exchange rate regimes, as import tariff is reduced progressively, the services industry loses labour employment to the manufacturing and agricultural sectors while the agricultural sector loses capital to both the manufacturing and service sectors. Under the different exchange rate regimes, the manufacturing sector is a net employer of labour and capital. The study observed that the amount of re-allocation under flexible exchange rate is higher than under a fixed exchange rate regime. Furthermore, labour is observed to be relatively more mobile amongst sectors than capital. However, in general, percentage factor reallocation is considered small as no sector lost significant amount of factor employed to other sectors. These findings indirectly points to the limited role of trade policy in generating employment and enhancing efficiency in production in a small open economy
Promoting Innovation in Developing Countries: A Conceptual Framework - A Review
No full textThe paper aims at providing a solid conceptual framework for the promotion of innovation in developing countries from which appropriate policies can be developed. The author opines that the growing interest in innovation promotion particularly technological innovation in developing countries stems from limitations experienced through traditional economic policies encapsulated in neo-liberalization. In the author\u27s concluding remark, he posits that innovation in a broad sense is something new to a given context and the notion thus becomes generally acceptable to the peculiarities of developing economies from the most basic welfare improvements to the building of vibrant competitive industries. Consequently, the adoption, adaptation and creation of innovation should be engendered in the strengths of technological and institutional capabilities. Furthermore, the facilitation of international research cooperation and reducing the brain drain processes in developing countries would help to surfeit innovation opportunities
Welcome Address
No full textThis is the welcome address for the seminar on Monetary Policy in a Changing Environment for CBN Executive Staff
The industry effects of monetary policy in the Euro area by Gert Peersman and Frank Smets: a review
No full textThe article sheds some light on the question of whether monetary policy has stronger effects on economic activity in recessions than in expansions. It analyzed which industries are relatively more affected in downturns. The estimation was done by examining eleven manufacturing industries in seven countries of the euro area. The article is related to the works of Garcia and Schaller,1995; Kakes, 1998; Dolado and Maria-Dolores, 1999; and Peersman and Smets, 2001
Capital account liberalization: experience from the emerging market economies
No full textThe liberalization of the capital account of the balance of payments is rooted in economic theory and is said, can help to bridge savings and foreign exchange gaps in national economics thereby promoting national growth. In the light of the foregoing, this paper explores the experiences of the developing countries in particular, the emerging market economies, in capital account liberalization
Broad Money Demand and Financial Liberalization in South Africa: a review
No full textThe paper, therefore, tried to study the stability of money demand using different estimation procedures under a financially liberalized economy (South Africa). This was done by developing a fixed-coefficient error-correction model for broad money demand function for the period 1971 to 2000, after which quarterly forecasts were generated for 2001 and 2002, using a varying-parameter regression model
Capital account liberalization: the ECOWAS experience
No full textCapital account liberalization can enhance economic growth and development through access to foreign savings for domestic investment, improvement in the efficiency of resources allocation for greater competitiveness in the global economy. The paper focuses on the status of Capital account liberalization in the ECOWAS region and the policy measures that could be adopted
Cointegration, causality and Wagner\u27s Law: a test for Nigeria 1970-2003
No full textThis paper examines the validity of Wagner\u27s Law (the tendency for public expenditure to grow relative to national income) against the contending Keynesian proposition (that it is the changes in public expenditure that trigger those of national income) using Nigeria\u27s data over the period 1970-3003. Two variants of the models for investigating Wagner\u27s Law were tested
Determinants of workers\u27 remittances: the case of Turkey: a review.
No full textThe paper is focused on the determinants of workers remittances using Turkey as a case study