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Africa\u27s integration and economic development: the journey so far
No full textThe study was on efforts made to integrate African countries and its contribution to the economic development of the region. In a quest to halt the marginalization of Africa in the world economy, African leaders have at various times made efforts to pursue African economic integration as an integral part of African unity. These efforts led to the emergence of regional economic communities (RECs), which are the building blocks of the Africa\u27s integration project. There are currently, 14 RECs in Africa, many of which overlap. Their performance in intra-regional trade has been less than satisfactory, partly as a result of low incomes, high proportion of GDP represented by agriculture and low level of industrialization. Of the 14 RECs, in terms of pace of integration, UEMOA is the star performer, followed by ECOWAS and SADC, while the poor performers are CEPGL, ECCAS, IOC and MRU. Although the integration process may appear slow, a number of achievements have been recorded. These include subregional peace and security, infrastructural development, financial and monetary cooperation as well as liberalization of trade and free movement of people, goods and services. ------.......
Promoting savings and investment culture for national development
No full textThe paper examined the performance of Nigeria\u27s savings and investment profile relative to some selected economies of the world. It noted that the fundamental issues militating against an effective savings and investment culture in Nigeria has remained, financial sector distress, high inflationary expectation, low yield on investments and inappropriate institutional structures. Amongst the various efforts being made to enhance savings and investment culture in Nigeria, the paper identified the recently introduced National Savings Certificate ( NSC) as a key investment window for the low income group with attractive yield and thus, a strong alternative to bank deposits, the proposed pension scheme was expected to enhance savings for increased investment, if well implemented
Welcome Address: The new Partnership for Africa\u27s Development: an African renaissance?
No full textThis is a Welcome Address by Mr. A. O. Agholor, Branch Controller, CBN Benin Branch to participants at the In- House Seminar Themed: The new Partnership for Africa\u27s Development: an African renaissance? for CBN Executive Staff, Asaba, October 20 - 24, 2003
A review of Nigeria’s exchange rate policies since deregulation in 1986
No full textThis article examined foreign exchange policy measures adopted since 1986. Nigeria\u27s economic policy prior to 1986 was characterized by the overwhelming influence of oil and public sector dominance of productive activities. Prior to this period, the economy faced serious crisis and was characterized by an over-valued currency, low oil receipts, depleted external reserves and high import bills, emergence of trade arrears and rapid accumulation of debts. The various measures adopted were aimed at restructuring the economy and diversifying its revenue base, as well as achieving a realistic exchange rate for the naira. An appraisal of these exchange rate policies indicated that their impacts have been mixed. The use of a flexible exchange rate had eliminated the over-valuation of the naira. The parallel market premium has also been narrowed from about 60.0 per cent in 1986 to about 11.0 per cent in 2002. There was significant improvement in capacity utilization and real output growth between 1986 and 1990. However, subsequent periods recorded less than satisfactory growth rates. The current account balance as a percentage of GDP which recorded an average deficit of 4.3 per cent in the 1980-85, made an impressive tum around with a plus of 3.4 per cent in 1986-1990. Thereafter, it declined to a deficit of 1.1 and 1.5 per cent in 1991-95 and 1996-2001, respectively. In terms of composition, non-oil exports recorded some modest success as hitherto relatively unknown items such as Peugeot cars, asbestos, empty bottles and food items etc featured in our export list at least at the initial period following SAP
NEPAD: issues, progress and prospect
No full textThis paper is organized into four sections in addition to the introduction. Section II contains major issues with respect to NEPAD. In section Ill, the progress so far made is reported, while Section IV deals with the prospects. Section V contains a brief conclusion
Good governance and NEPAD -
No full textSection (1) introduces the paper while section (2) discusses the rising incidence of poverty in Africa (and Nigeria) so as to contextualise the growing importance of good governance if the situation is to be reversed. Section 3 explores the concept of good governance and annotates its components and attributes. Section 4 traces the origins of the New Partnership for Africa\u27s Development (NEPAD) and discusses its mission and objectives. Section 5 relates NEPAD and good governance and discusses the resolve of African leaders to respect the precepts of good governance in the management of their economies. Section 6 discusses good governance imperatives if NEPAD is to succeed. Section 7 concludes the paper
Towards economic convergence in WAMZ: effects of fiscal dominance on macroeconomic stability
No full textThis article discusses the threat posed by fiscal dominance and measures that could be adopted to contain it in order to foster macroeconomic convergence in the WAMZ. The presentation is organised around two elements: the boom and burst cycle of capital expenditure, adjudged to be the root cause of fiscal dominance, and an empirical analysis of the implication of fiscal dominance for macroeconomic stability in the WAMZ. While the empirical and anecdotal evidences of the adverse effect of fiscal dominance is overwhelming, the paper went .further to propose a fiscal rule that would contain the destabilising effect of large revenue swings
Is the structure of African economies NEPAD compliant?
No full textThis paper is organized in five sections. Following the introduction is Section 2 which outlines the goals, principles and programmes of NEPAD. Section 3 examines the structure of African economies, while Section 4 discusses the degree of compliance of the economic structure with the tenets of NEPAD. The fifth section contains concluding remarks
Opening Address: The new Partnership for Africa\u27s Development: an African renaissance?
No full textThis is an Opening Address by Mr. M Okunfolami, Director, Human Resources Department, Central Bank of Nigeria to participants at the In- House Seminar Themed: The new Partnership for Africa\u27s Development: an African renaissance? for CBN Executive Staff, Asaba, October 20 - 24, 2003
The Slow pace of Disbursement of the Small and Medium Industries Equity Investment Scheme (SMIEIS) Fund and the Need for Remedial Measures
No full textThe objectives of this paper are to investigate the reasons for the slow pace of investment under the scheme and proffer measures that would address the identified problems. The paper is organized into seven sections to achieve these objectives. Following this introduction, an overview of SMIEIS is done in section 2, while section 3 contains the operations of the Scheme to date. The empirical investigation is discussed in section 4 and the constraints on the implementation of SMIEIS are highlighted in section 5. This is followed by the suggested remedial actions in section 6 and the paper is concluded in section 7