Economic and Financial Review

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Statistical section
(Central Bank of Nigeria, Research Department, 1981-06) Research Department
This contains the statistical indices of the Nigerian economy for the year, 1981..
The National Economic Reconstruction Fund (NERFUND): achievements, constraints and prospects.
(Central Bank of Nigeria, Research Department., 1991-03) Phillips, E. A. O.
This paper reviews and appraises the National Economic Reconstruction Fund (NERFUND), which is one of the specialized financing facilities for promoting small and medium scale enterprises (SMEs). The study notes that given the importance of SEMs in the industrialization process, particularly in the areas of employment generation and development of indigenous technology, evaluating the effectiveness of the scheme is of major interest especially to inform policy analysis and choices. The paper examines the objectives of operational modalities of NERFUND, analyses the implementation problems of the scheme and assesses the achievements so far and the prospects of the scheme.
Statistical Section.
(Central Bank of Nigeria, Research Department., 1967-12) Research Department
The Statistical tables comprises of the following: Central Bank of Nigeria statement of Assets and Liabilities, Central Bank rediscount operations, Currency in circulation, Money supply, Commercial Banking system statement of Assets and Liabilities, Analysis of Commercial Banks Loans and advances.
The implications of full European integration in 1992 for the Nigerian economy.
(Central Bank of Nigeria, Research Department., 1991-03) Essien, E. O.
The article focuses on the implications of the proposed integration and the consequences for the Nigerian economy, with particular emphasis on merchandise, trade and the general flow of resources. The essay, which is largely analytical and descriptive, is divided into five parts. Part one discusses some theoretical aspects of integration, as the idea behind the creation of the European Community has been projected as a practical demonstration of the relevance of the concept. Part two reviews and analyses the formation of the European Community as well as the current area of Economic Association of Nigeria with the Community. As analysis of the single European Act which came into existence in 1986 is covered in part three, part four deals with the expected impact of the Community's integration on the Nigerian economy, while part five contains some recommendations, summary and conclusion.
Foreign exchange management in Nigeria: past, present and the future.
(Central Bank of Nigeria, Research Department., 1991-03) Obaseki, P. J.
The paper examined foreign exchange management in Nigeria during the period prior to and since the introduction of the Structural Adjustment Programme (SAP), and outlined the prospects for foreign exchange management in the future. It highlighted factors that need to be reversed by appropriate policies if a crisis-free and more relaxed foreign exchange management mechanism is to evolve. The major findings of the paper include the inability of exchange control measures adopted before the commencement of SAP to tum around the external sector of the economy, especially since 1982 when Nigeria started to experience serious foreign exchange problems. The reasons adduced were that exchange controls, were not applied consistently, they needed a lot of policing and were often subject to large scale corruption which derailed the system. Another reason was that the administered exchange rate mechanism adopted during this period led to the overvaluation of the Naira exchange rate. In an attempt to correct the serious disequilibrium in the external sector of the economy and evolve a more rational basis for foreign exchange management, the control system was replaced with a market based system with the introduction of the Structural Adjustment Programme in July 1986. Under the Programme, exchange controls on current account transactions have been dismantled and the exchange rate for the Naira is now determined through an auction system based on market forces. The main achievements of the new system are the elimination of payments arrears that proved difficult to tackle during the exchange control era, the increase in domestic capacity utilisation due to the increased local sourcing of raw materials, elimination of the over-valuation of the naira exchange rate, improvement in the composition of non-oil exports and relatively more relaxed atmosphere for foreign exchange management. However, the problems of foreign exchange inadequacy, dependence on the oil sector for foreign exchange earnings, continuous depreciation of the Naira exchange rate and the attendant inflationary expectations are yet to be resolved. In order to find solutions to some of these problems, the exchange rate for the ,Naira should be determined within a band to ensure stability while still relying on market forces; demand management policies should continue to be restrictive to achieve stability in the short run while supply side measures to increase foreign exchange receipt should be pursued as both a medium and long tern objective.
Methodological notes on the computation of consumer price index, inflation rate and GDP deflator in Nigeria.
(Central Bank of Nigeria, Research Department., 1991-03) Awoseyila, A. P.; Okonta, H. N.
The officially published inflation rates for Nigeria have tended to generate a lot of arguments within the academia, the private and the public circles largely because of the feeling that the adopted methodologies for its computation tended to underestimate and or failed to indicate the true changes in real consumer price level. This paper attempts to review and compare the methodology for computing the major price indexes currently in use in Nigeria; Consumer Price Index (CPI) and Gross Domestic Product (GDP) deflator or Implicit Price Index (IPI) and the emergent inflation rates therefrom. It also discusses the problems and shortcomings of the methods, and proffers suggestions for evaluating both the statistical accuracies and interpretations of the outcome (inflation rate estimates) which·emerge from them. The paper is organised into three parts for ease of exposition. Part one explains the methodology for computing the CPI (old and new), the inflation rate and GDP deflator by the Federal Office of Statistics (FOS), while part two analyses methodological and other problems of the indexes. Part three is the summary and conclusion of the paper.
Private foreign investment in 1965
(Central Bank of Nigeria, Research Department., 1967-12) Research Department
This report is the fourth in the series on private foreign investment in Nigeria, and is based on the latest data obtained from the survey of private foreign investment in 1965. As in the previous surveys, the enquiry for 1965 was confined to companies which were wholly or partly owned by foreign persons. The survey covered 594 establishments, and produced fifty-seven per cent response, on the basis of which estimates were made.
Marketing order impacts on farm-retail price spreads:the suspension of prorates on California-Arizona navel oranges by Gary D. Thompson and Charles C. Lyon in American journal of agricultural economics vol. 71, no. 3, August 1989.: a review.
(Central Bank of Nigeria, Research Department., 1991-03) Akinyemi, A. K.
The paper attempted to measure the impact of the suspension of prorate on California-Arizona (C.A.) navel oranges on the price differentials between retail and farm-gate rates. The exercise was to test the efficacy of the policy measure of volume control in an organised agricultural setting. The method used by the authors was empirical and four seemingly unrelated linear equations were specified. The paper was structured into three sections. Section one contained the history of the California-Arizona navel oranges and the events leading up to the suspension. In section two, the authors utilized four price models for estimating the variables of the· equations. Section three considered some policy implications of the model chosen to be the best fitted. The aim of this review is to highlight some of the major results of the study as well as to x-ray the methodologies employed in arriving at them.
Clearance and settlement system in the world securities market by group of thirty, of New York and London, copy right, March, 1989, group of thirty, New York/London: a review.
(Central Bank of Nigeria, Research Department., 1991-03) Akinyelu, A. M.
The article focuses on the clearance and settlements system in the worlds' securities markets and proffers recommendations aimed at facilitating securities trading internationally. It is the report of the study carried out by the Group of Thirty- a private sector group concerned with improving the working and efficiency of the international financial system especially the operation of the world securities market. Largely the outcome of a symposium organised by the group in March 1989, it discusses the state of clearance and settlement practices in the world's major securities markets. The piece reflects an in-depth understanding of the risks and problems which confront participants in the securities market in the absence of an efficient clearing and settlement system. The report is divided into two parts. Part one comprises the recommendations, while part two presents the working papers of the working Committee.
The common agricultural policy of the European Community: principles and consequences.
(Central Bank of Nigeria, Research Department., 1991-03) Evbuomwan, G. O.
This is a review of the paper "Common Agricultural Policy of the European Community by Julius Rosenblatt, Thomas Mayer, Kasper Bartholdy, Oimitrios Oemekas, Sanjeev Ouptar, and Leslie Lipschitz, a 70 paged IMF Occasional paper, No. 62, November, 1988 (c) and published by the International Monetary Fund, Washington. D.C.
Economic growth, poverty and income inequality matrix in Nigeria: a further investigation
(Central Bank of Nigeria, Research Department., 2016-03) Okafor, H. O.
This paper examined the existing relationship among economic growth, poverty and income inequality in Nigeria using the Vector Auto-regressive (VAR) model and the Engle-Granger technique to test for the causality existing among the variables, the results revealed that economic growth had no impact on poverty reduction and income distribution in Nigeria due its non-inclusive nature.
Empirical estimation of optimal international reserves for Nigeria: the sudden stop model
(Central Bank of Nigeria, Research Department, 2016-03) Sanni, G. K.; Olusegun, T. S.; Sani, Z.
The study examined the issue of optimum external reserves for Nigeria during 2010-2014, using Jeanne and Ranciere (2006) and Gancalves (2007) sudden stop model approach. the study showed that resident foreign currency deposit accounted for over 90 per cent of the total foreign currency deposit, while non-resident foreign currency deposit, accounted for the remaining.
Non-Oil revenue buoyancy and elasticity: implications for revenue generation in Nigeria
(Central Bank of Nigeria, Research Department, 2016-03) Gaiya, B.; Ikenna-Ononugbo, A. A.; Ajala, K.
The paper employs annual time series data on real government tax revenue components from 1981-2014 to endogenously determine the level of non-oil revenue buoyancy and elasticity and its implication for revenue generation in Nigeria.The study found that with the exception of the Company Income Tax, an inelastic tax structure exists in Nigeria for the period under review.
The impact of lending rate on the manufacturing sector in Nigeria
(Central Bank of Nigeria, Research Department., 2016-03) Akpan, D. B.; Yilkudi, D. J.; Opiah, D. C.
The study investigates the impact of lending rate on output of the manufacturing subsector using the vector error correction model and annual data from 1981 - 2014. The empirical results indicated that high lending rate had negative impact on manufacturing output in the long-run. The study, therefore recommends the implementation of investment friendly policies that narrows, the lending rate by the deposit money banks in order to stimulate output growth in the manufacturing sub-sector and allow global competitiveness of products.
Foreign private investment in Nigeria in 1985
(Central Bank of Nigeria, Research Department, 1987-09) Statistical Surveys Office, Statistics and Econometrics Division
This report contains an analysis of the flows of foreign private investment through wholly foreign or jointly Nigerian/foreign companies incorporated in Nigeria in 1985.
Deregulation in the Nigerian banking industry: a review and appraisal.
(Central Bank of Nigeria, Research Department., 1991-03) Ojo, M. O.
The objective of the paper is to review and appraise the process of deregulation in the Nigerian banking industry since the adoption of the Structural Adjustment Programme in 1986. As a background, the paper analyses some conceptual and theoretical issues and the regulatory framework before 1986. Deregulation of the banking industry involves the systematic removal of regulatory controls, structures and operational guidelines which may be considered inhibitive of orderly growth, competition and efficient allocation of resources in the industry. The Nigerian banking industry experienced the most intensive regulations between 1958 and 1986. The regulatory framework was supported by major legislations such as the CBN Act of 1958, Companies Act of 1968 and the Banking Act 1969, as well as the vigorous application of the Exchange Control Act of 1962. While the regulations ensured the viability and stability of the banking industry, they tended, through their prolonged use to reduce the competitiveness and efficiency of the industry. The basic elements of deregulation in the banking industry since 1989 have been the liberalisation of foreign exchange transactions and international trade generally, the introduction of structural and institutional changes and some simplification of the monetary control process. Along with a general improvement in financial intermediation, deregulation of the banking industry has encouraged savings mobilisation and increased flow of financial resources to the productive sectors of the economy. However, deregulation appears to have accentuated the problems of poor management, fraud, inadequate infrastructure and scarcity of professional staff with adequate long-range planning and maximum co-operation with the monetary authorities, the banking industry is likely to experience stronger growth as the process of deregulation gathers momentum.
Statiscal tables.
(Central Bank of Nigeria, Research Department., 1988-06) Central Bank of Nigeria, Research Department
The statistical section comprises the following: Central Bank of Nigeria statement of assets and liabilities; Central Bank monthly rediscounts (gross); Commercial Banks' statement of assets and liabilities; Analysis of Commercial Banks' loans and advances; Maturity structure of Commercial Banks' loans and advances; Ratio of loans and advances to deposits; Net external assets of Commercial Banks; Liquidity ratios of Commercial Banks; Consolidated bankers' clearing houses; Merchant Banks' statement of assets and liabilities; Analysis of Merchant Banks' loans and advances; International reserves and related accounts; FEM monthly and quarterly averages of the Naira exchange rate; Holdings of treasury bills outstanding.
The fluctuation of Federal Government expenditures: a statistical analysis.
(Central Bank of Nigeria, Research Department., 1988-06) Omoruyi, S. E.
The purpose of this paper is to discuss the degree of variation in Federal Government expenditures during 1970-86 period, which may be interpreted to indicate the range of choice facing policy makers in determining the categories of expenditures that are amenable to wide discretionary adjustments. The analysis was done in terms of the simple coefficients of variation. The analysis of indices of predictability through Theil's coefficient of inequality was also undertaken to assess the predictive value of the various expenditure functions considered. For purposes of easy exposition, the paper is divided into five parts. Part 1 outlines the review of literature. Part 2 highlights the trends in Federal government expenditures, including the composition of and shifts, if any, in such expenditures over time. Part 3 discusses the coefficients of variation of the expenditure functions while Part 4 dwells on analysis of indices of predictability of the expenditure functions considered. Part 5 contains the summary and conclusion to the study.
Statistical section
(Central Bank of Nigeria, Research Department, 1988-03) Research Department
Central Bank of Nigeria's statements of Assets and Liabilities
The development of Nigerian agriculture: suggestions for the future: a review
(Central Bank of Nigeria, Research Department, 1988-03) Balogun, E.D.
This is a review of the book "The Development of Nigerian Agriculture: suggestions for the Future", it highlights developments on Nigerian agriculture.

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