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The role of governance in national development.
No full textOne of the principal issues in the analysis of development is the extent to which the state and corporate organizations influence it. Prevailing ideas about the links among democracy, good governance and economic growth have come almost full circle over the past three decades. Governance is defined as the good government of society. Good government guides the country along a course leading to the desired goals, in this case development. The paper has focused on the various discussions about the conditions for good governance, which raises questions about the structure and functioning of the state, its relationship to society and its actual and potential role in promoting development. The paper has focused on the various discussions about the conditions for good governance, which raises questions about the structure and functioning of the state, its relationship to society and its actual and potential role in promoting development. The state does not exist in vacuum, it operates within an environment in which people share certain beliefs and\u27 values, compete for some objectives and associate with others and differ in their ideas about power and how it should be exercised. The paper also identify as various definitions of corporate governance. One is the use of political! authority and the exercise of control over a society and the management of its resource for social and economic development. Landell-Mills\u27and Seregeldin observed that this broad definition encompasses the nature and functioning of the state\u27s institutional and structural arrangements, decision-making processes, policy formulation, implementation capacity, information flows, effectiveness of leadership and the nature of the relationship between rulers and the ruled
Welcome address on the launch of the Small and Medium Industries Equity Investment Scheme (SMIEIS)
No full textThis is an address by the Governor of the Central Bank of Chief (Dr) J. O. Sanusi on the launch of the Nigeria Small and Medium Industries Equity Investment Scheme (SMIEIS)
Poverty Reduction and Structural Reform
No full textPoverty bas no precise definition. Being a relative concept, it has no universally adopted definition that can be applied to all societies and all nations of the world. We can talk of a poor person or a poor nation. You may describe a person as poor if his income is below subsistence level. But the subsistence levels of income vary from society to society and from nation to nation. In spite of the absence of a precise and an all-embracing definition of poverty, it is quite easy to recognize or identify the attributes of a poor person or the characteristics of a poor nation
Developments in the Insurance Industry in Nigeria in 1999
No full textThis report indicates that the size of Nigeria s insurance industry shrank in 1999, according to a survey conducted by CBN. The development was sequel to the exit of some insurance companies that could not fulfil the recapitalisation requirement by the National Insurance Commission (NA/COM). However, paid-up capital in the industry increased by 7.1 per cent in 1999, owing to the additional equity capital injected into the joint-venture insurance companies. Aggregate income and expenditure in the industry increased, although expenditure grew faster during the year under review. The investments of the insurance companies declined by 11.2 per cent from its level in 1998 and they were concentrated in stocks, bonds and shares. The survey showed that the insurance companies performed poorly in 1999
Financing and promoting small-scale industries. Concept, issues and prospects.
No full textThe importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She also has enormous electric power resources; a large human population, forming a very big market; and substantial idle capacity in all industrial sectors (CBN, 2000). Many small scale industries are known to exist in the country, majority of which were established since the mid- \u271980s, with the inception of the structural adjustment programme (SAP). All these indicate great potentials for the emergence of a vibrant industrial sector, particularly the small-scale segment. ln this context, a well focused SSI development programme in an investment-friendly environment can achieve the long-sought industrial transformation which the programme of large-scale capital intensive industrialisation failed to deliver
Food production or food aid? an African challenge (Willy H. Verheye: Finance and Development: December, 2000). a review
No full textThe article started with the assertion that food production in Africa was not keeping pace with rapidly growing needs of the people. Also, that despite the massive food aid programs in the l 970\u27s which were considered temporary solutions to the extreme famines of those days, Africa food shortage appears to be worsening such that at the beginning of the millennium, Africa was even more dependent on food aid than it was 35 years ago. Therefore, the paper attempted to highlight the reasons for this situation and suggest ways to address the problems. The author pointed out the following facts about Africa: • That though total food production in Africa in real terms had increased from an index of 100 in 1965 to 221 ip 1998, it declined on per capita basis, from 100 to 86 over the same period (FAO, 1991 ). • That Africa\u27s land potential was still largely untapped (FAO, 1991). • That many African countries that were food exporters have become net importers. • Some Africa countries are becoming highly dependent on foreign aid while others have increasing food bills, which became a serious budgetary and political obstacle to growth and development
An Appraisal of Poverty and Poverty Reduction Strategies in Nigeria
No full textThe present paper assesses not only the efforts of the current administration in poverty reduction, but also the · role played by past administrations so as to identify a more pragmatic approach to poverty reduction in Nigeria The next section looks at a poverty profile in Nigeria with a view to identifying ·some of the salient issues. Section IIL examines the various approaches to poverty reduction. Section IV appraises poverty reduction in Nigeria. Section V, offers some suggestions on poverty reduction in Nigeria
Rising Cost of Food Prices and Food Insecurity in Nigeria and its Implication for Poverty Reduction
No full textTrade liberalization stimulated the growth of export of agricultura1 commodities in Nigeria white its serious implementation lasted. As usual with the country, the implementation of trade liberalization policies relaxed .with time. The boost in the ·· agricultural export sector took a down turn and with the advent of democracy, massive imports of luxury goods began to dominate the economic scene. In essence, over the last . is· years, that is, since 1986, when the Structural Adjustment Programme (SAP) came into being. the nation had witnessed a gross neglect of the food_ production sector. As such when food prices began to rise significantly late last year, our response mechanisms were no longer existing, rather policy makers were reported to only think of food imports as the solution
Industrial financing in Nigeria: a review of institutional arrangements.
No full textThis paper reviews institutional arrangements for industrial financing in Nigeria, especially the development banks and specialised credit-granting agencies/ schemes with direct focus on the industrial sector. The overall conclusions were that most of these institutions have performed below expectations as most industrial enterpises in the country have continued to be self -financed. Also these arrangements have deteriorated further in recent times due to some operational bottlenecks, including inadequate funding and under- capitalisation, unwieldy institutional .framework and overlapping of functions, inadequate staffing and high cost of operations. Thus, on- going initiatives to streamline the dense institutional framework for industrial credit delivery through the elimination of functional overlaps and filing of gaps are steps in the right direction
Financial small-scale business under the new CBN directive and its likely impact on industrial growth of the Nigerian economy.
No full textThis examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers\u27 Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper