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Foreign private investment in Nigeria - 2003
No full textIn Part I, the flows of foreign investment by regions of origin, components and sectoral distributions are discussed. The cumulative and net foreign investments are analyzed in Parts II and Part III, respectively. Part IV focuses on foreign investment m the Manufacturing and Processmg sub-sector by industries and by regions. The cost and book values of the fixed assets of the establishments are examined in Part V, whtle the cumulative and current reserves for depreciation of these assets are presented in Part VI. The ownership structure and equity of the companies are presented in Part VII, while Part VllI summarizes the report
Opening Remarks: Seminar on Current Economic Reforms in Nigeria: the Case of Deregulating the Downstream Petroleum Subsector
No full textThis is the opening remarks by S. B. C. Ekpedekumo, Acting. Director; Human Resources Department, central Bank of Nigeria, at the In-house seminar on “current economic reforms in Nigeria: the case of deregulating the downstream petroleum subsector’’ for CBN Executive Staff, Ilorin, October 25 . 29, 2004
Monetary and other financial sector policy measures in 2004.
No full textThe objective of this paper is to review the monetary and other financial sector policy measures in 2004, with a view to identifying how they assist in achieving the macroeconomic objectives of the government in fiscal 2004. This paper evaluates the financial sector and the macroeconomic developments during fiscal 2003. It examines the monetary and other financial sector policies in 2004. A good monetary policy is expected to achieve macro economic stability and a sound financial sector if effectively implemented and barring fiscal shocks. Overall, socio-political stability and fiscal discipline are critical factors for the effectiveness of monetary policy. The efficacy of monetary policy in Nigeria has continued to be constrained by fiscal shocks. Inconsistent policy pronouncements from the political leadership can also undermine monetary policy because of the wrong signals which it sends to economic agents. The structure of the financial system is also crucial for the successful implementation of monetary policy measures. The enduring oligopolistic structure of the banking system has continued to sustain the problem of wide spread between banks deposit and lending rates
Understanding and interpreting financial statements
No full textAs the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial summary, Auditor\u27s report, and Director\u27s report
Internationalisation of financial services: Challenges for financial sector stability in Nigeria.
No full textInternationalisation or Globalisation refers to the increasing integration of economics around the world, particularly through trade and financial flows. lt is the actual movement, the capacity to move and the potential movement across nations of trade, , investment, technology, finance and labour. lt\u27s also involves the effects of these I forces and the consequent liberalization I of the market. This paper focuses on internationalisation as it relates to the financial sector in Nigeria and its most common manifestation, which is liberalization. It aims to identify ways in which we can benefit from this process while remaining realistic about its potential and risks. Finally, it must be noted that in the process of internationalisation fatal gaps could be created by, liberalizing the market interest rates, credit controls and capital flows without adequate institutional capacity building. The structures required are effective regulation and supervision, transparent accounting standards, good corporate governance and a sound legal system to enforce breaches
Privatisation of public utilities in Nigeria
No full textThis paper reviews the experience so far with the privatization of public utilities. To this end, the paper is organized into five sections. In order to underscore the essence of the programme, Section II makes a strong case for the privatization of public utilities in Nigeria while Section III discuses the significance of strategy and regulation in privatizing public utilities. Section IV is a review of the privatization journey so far with respect to public utilities. The fifth Section contains the concluding remarks
Theoretical and conceptual issues in economic reforms: application to Nigeria\u27s downstream petroleum sector.
No full textThis paper examines the theoretical and conceptual issues pertaining 10 economic reforms. The author adopted a survey method approach to discussed the classification of economic reforms into first-generation and second-generation reforms, and examines their categories, namely, institutional, labour, financial market and product market reforms. On the speed and sequencing of economic reforms, the paper investigates two alternative paths of economic reforms for an economy that has a large public sector like Nigeria. The two paths are gradual approach and big-bang approach. Related to the discussion about the speed of adjustment, the paper examines the economics of petroleum product pricing in Nigeria. It discusses the estimation of petroleum product subsidies in the country, and notes that domestic petroleum market regulation led to two distortions. An attempt to remove the distortions leads to an illustrative analysis of market prices of petroleum products based on the criteria of efficiency, equity, revenue raising and correction of externalities. The paper concludes that petrol and diesel should be sold at market prices while kerosene should be subsidized because of deforestation problem
Financial reforms and interest rate spreads in the commercial banking system in Malawi - a review Financial Reforms and Interest Rate Spreads in the Commercial Banking System in Malawi by E. W. Chirwa and Mlachila, IMF Staff Papers, Vol. 51, No.1, 2004.
No full textThe specific objective of the paper was to carry out an empirical investigation on the impact of financial sector reforms (pre-and-post liberalization periods) on interest rate spreads in the commercial banking system of the Malawian economy. The paper posits that pre-liberalization period of the Malawian financial sector was predominantly under the control regime. This policy regime also encompassed the country\u27s monetary policy design and management. specifically, the ceiling on interest rates, credit limits, and the specification of a fixed exchange rate regime, among others
Does money matter? by Laurence H. Meyer in Federal Reserve Bank of St. Louis Review Sept./Oct. 2001: a review
No full textThe major objective of the paper was to assess the influence of money and the role of monetarism in shaping the current thinking about macroeconomic modeling and the conduct of Monetary Policy in the United States. The author opined that the monetarist idea that Monetary Policy has responsibility for inflation was now conventional wisdom
On the stability of the demand for money function in Nigeria
No full textUsing the cointegration error correction approach on annual data for the period 1970-2002, the study estimated a money demand function for Nigeria and examined some stability issues