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Some recent trends in commercial banking - a review Some Recent Trends in Commercial Banking by Huberto M. Ennis, Federal Reserve Bank of Richmond, Economic Quarterly, Volume 90/2, Spring 2004
No full textThe specific objective of the paper was to carry out an empirical investigation on the impact of financial sector reforms on interest rate spreads in the commercial banking system of the Malawian economy. A monthly panel data was used from five Malawian commercial banks covering a period of ten years
Keynote address
No full textThis is a keynote address delivered at the 5th Annual Finance Correspondents and Business Editors Seminar held in Owerri, lmo State from 26th – 28th January, 2004. It is the fifth in the series of the seminar initiated by the Central Bank of Nigeria (CBN), to enhance the understanding and analytical ability of Finance Correspondents and Business Editors on topical economic issues, particularly monetary and financial sector development. It presents an opportunity for them to appreciate and analyse the Bank\u27s policies and operations better, as well as, facilitate improvement in reporting on those issues. It will help to promote healthier relationship between the Bank and media practitioners
The impact of the operations of the non-bank financial institutions on financial sector stability
No full textThe Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate . This paper affords the opportunity to explain and restate the Bank policies on certain issues that affect the banking industry and to correct any misconception and misrepresentation of such policies that affect many non-bank financial institutions sub-sector and the economy in general. It examines their growth and impact of their operations on the financial sector stability. The paper concludes that. the types of non-bank financial institutions and their role in the economic growth and development of the nation. We have examined their growth and impact of their operations on the financial sector stability and concluded that their impact has been both positive and negative but has the potential of improving the financial intermediation
An overview of the Nigerian financial system
No full textFinancial systems, the world over, play fundamental roles in the development and growth of the economy. The effectiveness and efficiency in performing these roles, particularly the intermediation between the surplus and deficit units of the economy, depend largely on the level of development of the financial system. It is to ensure its soundness that the financial sector appears to be the most regulated and controlled by the government and its agencies. This paper discusses issues and strategies for enhancing the soundness and stability of the nation\u27s financial system, the roles of the financial system in the promotion of economic growth and development. It reviews the structure and development of the Nigerian financial system, evaluates its performance and identifies the challenges facing the sector in an increasingly liberalized and globalized financial environment. The study reveals that, the achievement of financial sector stability is fundamental to the maintenance of macroeconomic stability, which is sine qua non for sustainable growth and development. They go hand in hand and you cannot have one without the other
An overview of Nigeria\u27s economic reform In-House Seminar on Current Economic Reforms in Nigeria: The Case of Deregulating The Downstream Petroleum Subsector , For CBN Executive Staff
No full textThe article discusses the different reforms adopted by different administrations in addressing the crisis faced by our economy since 1960, most especially the current reforms being pursued by the Obasanjo administration. To achieve this, the rest of the paper is divided into four parts. Part two gives an Overview of the State of the Nigerian Economy with greater emphasis on the various economic reform programs put in place by successive governments to fine tune the economy to desired results.. The third part reviews the Current Economic Reform with particular emphasis on the National Economic Empowerment and Development Strategy (NEEDS), while Part four looks at the Banking Reform and its Implications for the development of the Real Sector of the economy. The paper revealed that between 1973-1980, the GDP of the country increased arithmetically due to the oil boom but relatively dropped in 1981 as a result of recession
The experience of banking supervision in financial sector surveillance.
No full textA country\u27s financial sector is the major channel through which funds are mobilized for borrowing and lending transactions. A poorly regulated or managed financial sector or one with insufficient capital for the risks it takes, can increase a country\u27s vulnerability to financial crises. This paper highlights the importance of financial sector regulation and supervision, techniques of supervision, symptoms and causes of distress, measures put in place by the regulatory/supervisory authorities to guard against future systematic distress and the role of multilateral agencies. However, the study concluded that there is no doubt that good corporate governance is a major factor in financial sector stability. Both at the micro (individual) and macro (sector wide) levels, if the institutions comply with regulations and ensure that all organizational activities are carried properly, the system will remain solid. 49. The process however, starts from the quality and timeliness of information provided by institutions for their various stakeholders. Whether the stakeholders are internal or external, the same results obtain when the information quality and timeliness is right or poor. lf it is the former, then the stakeholders can make the right decisions and responses to ensure the health of the institution as well as that of the entire financial sector
Employment creation and opportunities in the manufacturing sub-sector. The millinery industry in Nigeria.
No full textThis paper examines the establishment of millinery factory in Nigeria, the capital outlay, equipment, landscape, sources of materials, profitability and target market. The paper contends that anybody can learn hat making skills and procedure but sustainability in the millinery industry is a function of creativity, foresight and artistic venturesome-ness. The study argues that the foreign market for Nigerian hats may well exceed that of the local in leaps and bounds. Nigeria appears to have a traditional attitude of disdain against their own locally produced materials even when such is internationally recognised and accepted
Deregulation of the Downstream Petroleum Sector: the Journey so far
No full textThis article examines deregulation of the downstream petroleum sector in Nigeria. The article first discusses: the Nigerian government\u27s aspirations as at 1999, evolution of the present deregulation policy, deregulation concept and downstream operators. This is followed by an examination of the Nigerian government responsibilities to operators, responsibilities of oil marketing companies, responsibilities of industry associations and responsibilities of regulatory authorities. The article then explains the mandate and vision of the PPPRA in addition to its goals and objectives. Other issues addressed by the article include: appropriate pricing, global taxation scheme, policy development in fuel taxation objectives, appropriate pricing policy. Experiences of other countries and lessons learnt from these other countries like: India, Philippines, Canada, Chile, Ghana, Cameroon, Mali, South Africa are discussed
Deregulation and its implications for economic growth
No full textThe study found that real exchange rate has a positive and significant impact on growth, inflation has similar impact. Government fixed investment has negative significant impact on growth, and so does external debt. Fiscal deficit was found to have positive but insignificant impact on growth. As the period covered in the study contains twenty six pre-deregulation years, the influence of deregulation may not have been accurately captured. Partly to address this concern, a dummy variables was introduced for the SAP years. It was found not to be significant, implying that the (SAP) introduced since 1986 did not translate into long-run economic growth. The data used in this study were taken from CBN Statistical Bulletin, and Annual Report of various years. Quarterly data for the period 1986Ql - 2003Q4 were used. The Cochrane -Orcutt method of estimation was used. The ordinary least squares method did nor produce efficient estimates. Results are shown in Table 3. The diagnostic test statistic all show satisfactory results. R- bar squared value indicates that the model explains between 60 and 81 percent of growth performance. Durbin-Watson statistic suggests absence of serial correlation problem
The eco-currency, expectations and business growth in West Africa
No full textThis paper shall examine the pros and cons of adopting the ECO in the WAMZ. The introduction of the ECO has the potential of enhancing trade within the WAMZ member states in the medium to long-term. However, the quest for a common currency must be driven by economic fundamentals, rather than political expediency. Consequently, there is need to ensure macroeconomic convergence and homogeneity of the financial and product markets before the ECO is introduced