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External sector performance and the external sector policy measures in the year 2000 Federal Budget.
No full textThe paper briefly reviews the performance of the external sector in the first half of year 2000 and then goes on to appraise the external sector policy measures in the federal budget for the year under review. The study reveals that the The Presidential directive on government ministries, departments and agencies to-Patronise home-made goods as first choice is commendable. The paper suggests that if monitoring mechanisms are put in place, it will ensure full compliance. Private sector operators, individuals, should be encouraged to take a cue from government departments. The Year 2000 customs tariff measures largely address the concerns of manufacturers in relation to the inadequacies of previous tariff review exercises. Raw material imports generally attracted reduced tariff rates. The paper suggests that outstanding anomalies in the tariff policy should be redressed, and greater dialogue between government and the organized private sector on such matter is desirable
Commodities taxes/levies and their effects on commodity trade and movements in Nigeria.
No full textThe Commodity Boards were noted for paying farmers prices that were lower than the world prices and sometimes even lower than their production costs. This difference represented implicit taxation of farm incomes and served as a dis-incentive to domestic production. This paper examines the administration of commodity taxes/levies and their effect on commodity trading in Nigeria as well as assessing the various systems of commodity marketing in Nigeria. The paper concludes that Commodity trade, in Nigeria began with the British companies exporting raw materials to their industries abroad. His was followed by the Commodity/Marketing Board era and finally trade liberation. Commodity Taxes/ Levies started during the days of the Commodity/Marketing Board
Central Bank of Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 2000
No full textThis Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2000 and appraises the major economic policy outcomes during the period. The bank is responsible for administering the Banks and Other Financial Institutions (BOFI) Act, which aims to ensure high standards of banking practice and financial stability through surveillance activities and the promotion of an efficient payments and clearing system. The bank\u27s major objectives for monetary policy in 2000 were outlined in the Bank\u27s Monetary Policy Circular No. 34. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, and growth in bank credit to the private sector. The bank\u27s policy measures in 2000 focused on liquidity management, surveillance activities, and the promotion of an efficient payments and clearing system. These measures included adjusting the cost of funds to banks, reducing the flow of credit to the private sector, and repurchase agreements. The bank also implemented measures to improve the efficiency of the clearing system, such as the introduction of the N200 note, currency sorting machines, routine withdrawal of dirty notes, clearing system, and electronic money. In 2000, the external sector policy aimed to stimulate non-oil exports, reduce dependence on oil exports, and maintain a stable balance of payments position. Measures included streamlined the Exchange Market (IFEM), allowing oil and oil service companies to sell their foreign exchange to banks at the prevailing IFEM rate. However, these transactions were executed on private initiatives and carried no government guarantee or obligations. The minimum rediscount rate (MRR) was reviewed downwards, and the transferability of IFEM funds between banks was restored. Agencies and companies were expected to maintain foreign exchange domestic accounts with commercial banks. The CBN continued to undertake developmental functions, ensuring credit accessibility and provision to farmers and small and medium-scale enterprises through the Agricultural Credit Guarantee Scheme Fund, and SME II schemes
Inflation targeting: a monetary policy management framework for the attainment of price stability in Nigeria
No full textThe paper appraised the conduct of monetary policy based on the objective of achieving price stability through targeting of monetary (intermediate) variables and proposes the adoption of inflation targeting framework by the central Bank of Nigeria for the conduct of monetary policy with a mandate to maintain price stability
Interstate economic co-operation: Issues and options.
No full textThe main objective of this paper is to present a brief discussion of issues and policy options involved in interstate economic co-operation in Nigeria, and the rationale for economic co-operation among states as well as issues of economic co-operation
The CBN as a catalyst to national economic policy and development.
No full textThe paper examined the activities of the Bank into perspectives, particularly with the often-mis-construed belief the CBN should be held accountable for all the woes of the Nigerian economy. It also reviewed and appraised the performance of the CBN in the effort to meet its statutory mandate and adapt to the circumstances of the new global trend in Central Banking in which the maintenance of price stability supercedes all other objectives of monetary policy. The challenges facing the Bank are enormous, but not insurmountable. Efforts are already being made to confront these challenges. The instrument autonomy recently granted to the Bank has enhanced its ability to conduct monetary policy, although there is still room for improvement. For example, the perennial problem of managing excess liquidity largely induced by the government spending will require a more innovative approach on the part of the CBN to deal with it. This is already receiving the attention of the Management of the Bank. A further challenge that the Bank is presently exploring is the shift from monetary targeting to inflation targeting, which is becoming popular among central banks because of its simplicity and the fact that it enhances central banks credibility
Remarks on the focus of the policy seminar.
No full textThe remarked was delivered at a seminar on the implementation of Year 2000 budget
The Performance of the 1999 Federal Government Budget, An appraisal
No full textThe annual budget is a key instrument for implementation of Government projects, programmes and policies. This paper attempts to explain the fact that the annual budget serves three important purposes, namely; as a tool for accountability and transparency; as a tool of management, and as an instrument of economic policy. The paper conclude that Despite the macrocosmic achievement of this, Administration, basic structural imbalances persist. These include the lingering problems of import dependence, reliance on a single economic sector-oil, weak industrial base, low level of agricultural production, a weak Private sector, high external debt overhang, inefficient public utilities, low quality of social services and unabating unemployment
The imperative for energizing the industrial transformation in Nigeria.
No full textThe paper examined the imperative for energizing the industrial transformation. Given the foreign uncompetitive and high cost economic environment, the imperative for energizing the industrial transformation in Nigeria, is to create a conducive environment under which there would be free inflow of foreign investible funds. This may not be possible unless the current industrial environment changes to one whose enabling environment encourages industrial policy instruments that make Nigeria a least cost industrial producer. This suggests something drastic must be done policy-wise to modify the existing high bank-lending rate to make it supportive to the industrialization process. Besides, the depreciation of the exchange rate would have to Yield Place to appreciation by not allowing the commercial banks to remain a foreign exchange allocator rather than foreign exchange intermediary
Development in the petroleum sub-sector and their impacts on Nigerian Economy.
No full textThe development of the petroleum industry has had both negative and positive impacts on the Nigerian economy. Two schools of thought can be examined. First, that positive impacts outweigh the negative, and secondly, the inverse. The paper will examined the impacts and analyzed the positive ones. From the approach of the study it is clear that the petroleum industry has had both negative and positive impacts on the Nigerian economy. Nigeria without petroleum could be like any other country without oil or gas, that is, import dependent. However, Nigeria with oil is the best thing that could have happened to Nigeria if the proceeds from the black gold were judiciously used and invested to develop the economy. Thus the problem was not the wealth brought by petroleum but the mismanagement of the wealth. The best recommendation for the future is to minimise the adverse impacts through credible policy reform and judicious implementation of policy measures for example. the development of the Niger Delta. ln addition the positive contributions should be maximised also through enlightened policy reform