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Poverty Reduction in Nigeria: the Way Forward
No full textThe description of Nigeria as a paradox by the World Bank (1996) bas continued to be confirmed by events and official statistics in the country. The paradox is - that the poverty level in Nigeria contradicts the country\u27s immense wealth. Among other things, the country is enormously endowed with human, agricultural, petroleum, gas, and large untapped solid mineral resources. Particularly worrisome is that the country earned over USS300 billion from one resource - petroleum - during the last three decades of the twentieth century. But rather than record remarkable progress in national socio-economic development, Nigeria retrogressed to become one of the 25 poorest countries at the threshold of twenty-first century whereas she was among the richest 50 in the early-I 970s
Bank Lending Behaviour and Output Growth: An Empirical Analysis with Implication for Monetary Policy Formulation in Nigeria
No full textPreliminary findings from the empirical analysis show that the banking sector has not supported real sector output growth in its lending policy. The combined effects of risk aversion and infrastructural problem in the real sector represent serious constraints on credit flow to the private sector and the sectors declining marginal product of capital. Overall, while the banking sector has indeed, succeeded in deposit mobilization, it has nevertheless, not done a good job in its intermediation functions. The analysis further reveals the presence of policy distortions in the system, and its negative influence on banks\u27 lending behavior. The need to address these distortions cannot be overemphasized if banks are to resume their traditional role of economic development in Nigeria
Concepts, Measurement and Causes of Poverty
No full textThoughts. on appropriate conceptualization, measurement and accurate characterization of determinants of poverty has a long history. From analytical perspective, thinking about poverty can be traced back at least to the codification of poor laws in medieval England, through to the pioneering empirical studies, at the tum of the century, by Booth in London and by Rowntree in York. Rowntree\u27s study, published in 1901, was the first to develop a poverty standard for individual families, based on estimates of nutritional and other requirements. In the 1960s, the main focus of poverty debate was on the level of income, reflected in macro - economic indicators like Gross National Product per capita
The Role of the Financial Sector in Poverty Reduction
No full textThe objective of this paper is · to examine the role and challenges facing the financial sector in providing the necessary financing on appropriate terms, volume and value, and in a timely manner. The paper is divided into six sections; following this introductory part, the conceptual framework on the role of the financial sector in poverty reduction is outlined. In section three the experience of the role of the financial sector in fighting poverty is reviewed with specific emphasis on the role of banks in micro- credit delivery in section four. Section five examines future challenges of the sector while I make my concluding remarks in section six
Nigeria\u27s Economic Growth: Performance and Determinants
No full textin this paper some recent developments in time series econometrics, which is of great potential for extending the frontier of economic research is applied to Nigerian data in order to estimate a production function type equation as well as examine the key macroeconomic determinants of economic growth in Nigeria. Of particular application is the vector error correction modelling technique. Apart from the determination of criteria for selecting the lag length, the paper also explored variance decomposition and effect of shocks through the impulse response function. Results from the econometric analysis revealed that output was elastic to capital injection in the short-term and that all the other macroeconomic variables were significant in explaining growth in Nigeria. The predictive power of the model was quite high and tracked the long-run growth path
Determinants of Foreign Direct Investment (FDI) in Nigeria: an empirical investigation.
No full textThis paper examines, empirically, the determinants of foreign direct investment (FDI) in Nigeria. The results indicate that exchange rate, government capital investment in infrastructure and credit to the domestic economy are some of the main factors that influence FDI flow to Nigeria. In particular, it shows that the ratio of external debt to GDP (Debt/GDP) was an important determinant of the flow of foreign investment. FDI was also observed to be sensitive to domestic interest rate and real per capita income. The study also highlights the need to maintain political stability in order to attract FDI
Non-oil exports promotion. Concepts, issues and prospects.
No full textThe most recent data available on the structure of the Nigerian ^ economy are those for year 2000, which reflect the current structure and the main features of the economy. (see Annex 1) They indicate that the agricultural sector accounted for 41 .5o/o of the nation\u27s GDP, while manufacturing contributed 5.95%, finance and insurance, 9.59%, crude petroleum, 10.42%, wholesale and retail trade, 11.58%, and government services 9.35%. It is a well-known fact that primary non-oil products dominated Nigeria\u27s export trade and formed the bedrock of her economy in pre and immediate post-independence era. The issues discussed include the definition of exports, the relationship between exports and economic growth and the traditional techniques of export promotion. Key policy thrust of government has been the review and refocusing of the existing export incentives and improvement in their implementation guidelines. In conclusion, the paper recent statistics from the World Trade Organization (WTO) in Geneva revealed that Nigerian Exports increased from N345.36m in 1997, N442.93m in 1998, N1.56 billion in 1999 to N\u271.53 billion in the first half of 2000. This clearly shows that non-oil export are witnessing a resurgence probably due to democracy and deliberate policies of President Olusegun Obasanjo\u27s government to promote better environment and build solid goodwill for Nigeria
Restructuring the educational system as a long-term solution to the unemployment problem in Nigeria.
No full textThe educational process, formal or informal consciously created, represents an essential investment necessary for industrialization; such education must be planned to fit the needs of a changing society so that as the Urban complex grows and demands expand. Education is the key with which to unlock the economic potential of the people. In contemporary developing countries, there is an incongruous relationship between education and their economies. This is reflected in the rising pool of the phenomenon of educated unemployed more than ever before. This paper examines the increasing problem associated with unemployment in Nigeria. The author conclude that It is therefore clear that a new approach to educational development is clearly needed to address our educational deficits and determine whether we will have a productive workforce in the 21st century. Whether this shift will be enough to ensure the desired change in our society is a problem not for education alone, but also concerns all the other aspects of our national life. We should therefore all work together to make Nigeria great again
Analysis of Formal Lending to the Agricultural Sector in Nigeria: 1978 - 98
No full textTowards the attainment of the goals of the Nigerian agricultural sector, relevant policies have been formulated and implemented during the post-independence years. The agricultural credit policy, among several others, was aimed at ensuring adequate funds for the agricultural sector. The objective of this paper is to estimate the relationship between formal lending to agriculture and some assumed determinants of agricultural credit lending during the 1978- 98 sample period. Lending by financial institutions to the agricultural sector was viewed for the pi11pose of model development in this study as the supply of credit to agriculture. Thus, the sets of determinants of agricultural credit supply to the Nigerian agricultural sector was assumed to consist of economic themy, policy and other variables. The models specified were estimated using the usual least squares procedure. The interest rate variable was negatively related to agricultural credit supply during the 1978- 86 sub-period, contrary to expectations. This was explained based on the regime of interest rate regulation prevailing prior to 1987. However, there was a net positive response of agricultural credit lending to the lending rate after interest rate deregulation from 1987, inclusive. The variable for the prescribed minimum lending to agriculture prior to year 1996, related negatively and significantly to lending. That ;s, credit quota impacted negatively on lending to agriculture during the 1978- 95 sub-period. This negative response of credit lending to the prescribed minimum lending to agriculture was sustained even after the abolition of the policy in 1996
The performance of the Nigerian capital market since deregulation in 1986.
No full textThe capital Market in Nigeria had been influenced by various factors which are associated with the level of development of the Nigerian economy. The paper discusses the development of the capital market with emphasis on the period since deregulation in 1986. The institutions that are crucial for the delivery of financial services in the market were analysed with focus on their evolution, performance and prospects. The. market in Nigeria was compared with other emerging markets with the conclusion that the market, remains shallow and without the expected variety that characterised markets in countries at similar level of development. The prospects of the market appear to be bright considering the current posture of the government in the areas of privatization and commercialisation of government enterprises. Also, with appropriate regulatory framework that would guide the operators more effectively, the market could assume the expected role of providing long-term financing for the development of the economy