Browsing by Author "Englama, A."

Now showing 1 - 6 of 6
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    An Aggregate Import Demand Function for Nigeria: an Auto-Regressive Distributed Lag (ARDL) approach
    (Research Department, Central Bank of Nigeria., 2013-09) Englama, A.; Oputa, N. C.; Sanni, G. K.; Yakub, M. U.; Adesanya, O.; Sani, Z.
    The paper sought to examine the dynamics underlying the high import bills in Nigeria and proffered appropriate policy recommendations. In achieving this, the Autoregressive Distributed Lag (ARDL) technique was utilised to estimate the aggregate import demand function for Nigeria using the quarterly data covering the period 1970 to 2011. The paper found that the coefficients of external reserves, domestic consumer prices, level of income and exchange rate were all statistically significant, suggesting that these variables were important factors determining the level of imports in Nigeria. The short-run elasticity result revealed that Nigeria's aggregate demand for imports was both price and income elastic; implying that import demand would increase as the level of economic activity and domestic prices increased. Furthermore, the coefficient of the speed of adjustment revealed that it would take about 0.05 years for imports to respond to changes in any of the explanatory variables. The paper, therefore recommended appropriate fiscal policy measures to address the high level of consumer goods imports since it accounted for about 45.0 per cent of total imports between 2006 and 2011.
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    An aggregate import demand function for Nigeria: an Autoregressive Distributed Lag (ARDL) approach
    (Central Bank of Nigeria, 2013-09) Englama, A.; Oputa, N.C.; Sanni, G.K.; Yakub, M.U; Adesanya, O.; Sanni, Z.
    The paper sought to examine the dynamics underlying the high import bills in Nigeria and proffered appropriate policy recommendations. In achieving this, the Autoregressive Distributed Lag (ARDL) technique was utilised to estimate the aggregate import demand function for Nigeria using the quarterly data covering the period 1970 to 2011.
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    Measuring the economic impact of the Federal Government budget: 1995-2000
    (Central Bank of Nigeria, Research Department., 2000-09-01) Doguwa, S.I.; Englama, A.
    This paper presents a relatively simple method for analysing the effects of fiscal policy through the use of a set of weights for the various budget-items. The method provides separate measures of the effects of a given budget on aggregate domestic demand and on the balance of payments. The results of the analysis indicate that the Federal Government budget had a larger contribution to aggregate domestic demand from 1995 through 1999. However, the magnitude of improvement in the balance of payments in 1998 was much lower than the previous and subsequent year. In addition, the expansionary fiscal policies of 1997 through 1999 resulted in accelerated expansion ary movements of the money supply compared to the moderate movements during the contractionary fiscal periods of 1995 and 1996. We posit that, if the Federal Government budget for fiscal 2000 is judiciously implemented, then the budget would be expected to have a larger contribution to aggregate domestic demand, while its moderate expansionary impact would be sufficient to lead to an improvement in the balance of payments in fiscal, 2000. In addition, the expansionary impact of the budget is expected to result in accelerated expansionary movements in the broad money stock.
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    Output, real exchange rate and interest rate response to excess liquidity in Nigeria.
    (Central Bank of Nigeria, Research Department., 2009-03) Englama, A.; Ogunleye, T. S.
    This study investigates the responses of output, real exchange rate and interest rate to shocks to excess liquidity in Nigeria. Following Joan and Andrea (2006), the authors used structural VAR to estimate the model. The results show that GDP responds to shocks to excess liquidity in a relatively quick fashion and assume downward trend right from the first quarter. However, the negative impact on the economy starts from the second quarter lasting throughout the period. This result reveals that excess liquidity is detrimental to real output according to expectation. It also shows that shocks to excess liquidity depreciates the real effective exchange rate and reduces interest rate in the domestic economy. The result implies that speculators immediately react to shocks to excess liquidity taking advantage of excess monetary expansion for speculative activities which further depreciate the exchange rate in Nigeria. The paper recommends contractionary monetary policy and prudent use of monetary instrument to mop-up liquidity that is detrimental to economic growth.
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    Output, real exchange rate and interest rate response to excess liquidity in Nigeria.
    (Central Bank of Nigeria, 2009-03) Englama, A.; Ogunleye, Toyin Segun
    This paper investigates the response of output, real exchange rate and interest rate to shocks to excess liquidity in Nigeria. The authors used structural VAR to estimate the model.
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    Telecommunication and Nigeria's economic development: challenges, prospects and policy suggestions
    (Central Bank of Nigeria, Research Department., 2002-03) Englama, A.; Bamidele, A.
    Efficient telecommunications sine qua non with national integration: speedy business transaction; and economic growth and development. However, after a century of telecommunications existence in the country, teledensity was still grossly inadequate at 1 :281 in year 2000, in contrast to the International Telecommunications Union's (ITU) 1: 100 standard. This was traceable to equipment obsolescence, among others. Recent developments such as the launching of the Global System of Mobile (GSM) telecommunications and the proposed privatization of NITEL are therefore welcomed. Furthermore, to realize the full potentials of telecommunications service in tlte Nigeria economy, both the traditional terrestrial line system and the GSM should be integrated for enhanced efficiency. Finally, policy measures recommended included: creating a level playing ground for operators, enthronement of robust surveillance process; integration into the global telephony system; paying special attention to rural areas; and purposeful development of human capacity and other ancillary services especially electricity supply through the national grid.