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Item Nigeria's external trade and the new perspectives for its enhancement(Central Bank of Nigeria, 2006-03) Sanni, Ganiyu KayodeThis paper analyses Nigeria's foreign trade with a view to examining the composition and direction as well as the impediments to the growth of trade, and to proffer suggestions for enhancing Nigeria's foreign trade. The paper is divided into five sections. Following the introduction are the theoretical issues. This is followed by the analysis in section three of the trend, composition, and direction of Nigeria's foreign trade. Section four examines the problems confronting external trade, while section five discusses the policy issues for strengthening Nigeria's foreign trade. Section six is on recommendations and it concludes the paper.Item Enhancing long-term savings culture in Nigeria through the National Savings Certificate(Central Bank of Nigeria, 2006-03) Alade, S. O.The paper considers the operations of a National Savings Certificate as a panacea to the dearth of long-term savings for long-term investments, to justify the reforms and achieve accelerated economic growth. The paper is divided into six sections. Section 1 considers the theoretical framework, while trend analysis of savings in Nigeria will be the focus of Section II. In order to appropriately focus modalities for the operation of the proposed National Savings Certificate and appraise its effectiveness, the features of the instrument will be x-rayed in Section III, using the lessons of experience of India and the United Kingdom. The challenges that will need to be tackled in addressing the problem of longterm investment will be highlighted in Section IV. The Policy Recommendations for operating the Nigerian scheme will be analysed in Section V, while the Conclusions in Section VI will draw largely from the analyses in Sections II and IV.Item Petroluem industry linkages and Nigeri's economic devlopment.(Central Bank of Nigeria, 2010-10-01) Nwakaego, U.CThe paper investigate the petroleum industry linkages with emphasis to economy development. The concludes that Government must desist from using oil earnings to establish corporations that can be better run by the private sector. To continue using oil revenue to sustain several inefficient, loss making public enterprises is a great disservice to the economic development of the country.Item Oil and gas managment in Nigeria: lessons for Ghana.(Central Bank of Nigeria, 2010-10-01) Akanji, O.O.The paper examines the oil and gas sector in Nigeria with emphasize to upstream and downstream. . The findings revealed that literature had posited that the oil shock and “Dutch Disease” as issues that countries producing oil m u s t a d d r e s s t o a v o i d t h e management of the oil becoming a “curse”. Countries with experiences of natural resources being a “blessing” were cited-Botswana, Chile, Indonesia and Malaysia. In part 3, the paper dwelt on the details of the Nigeria's oil and gas management. This part brings out the pitfalls in terms of the restructuring that occurred during the civil war, the ownership structure, the exploration and production regime, the macroeconomic challenges and fiscal indiscipline of the government.Item Analysis of revenue generation as a tool for socio-economic and infrastructural development in Nigeria.(Central Bank of Nigeria, 2010-10-01) Obiechina, M. E.The paper seeks to analyze the Federal Government revenue vis-à-vis the provision of socio-economic and infrastructural development in Nigeria from 1970 2008, the centerpiece, which is improved productivity and standard of living.Item The role of Economic Community of West African States (ECOWAS) in promoting borderless trade in West Africa.(Central Bank of Nigeria, 2010-10-01) Akperan, A.J.; Kayode, S.GThe paper investigates the pattern of borderless trade among Africa countries. The authors compares free trade zone with a restricted pattern of trade. The finding revealed that, countries with more liberal trade policies have better economic performance than those with restrictive trade policies. The paper concludes that continued acceptance of the positive role of trade by countries within the United Nations (UN) were driven by two major factors. The first being the creation of the United Nations Conference on Trade and Development ( UNCTAD) in 1964 and, its adoption as a permanent arm of the UN. This arm of the UN specializes in analyzing and reshaping trade policies to benefit developed and developing nations. The second was the adoption of new principles in the General Agreements on Tariffs and Trade (GATT). This has made trade policies to remain central in the design of macroeconomic policies in both developed and developing countries.Item The political economy of curency re-denomination by countries.(Central Bank of Nigeria, 2010-10) Nwaoba, P.The paper examined the indices in currency denomination. The political and economic factors were used to measure the impact of currency denomination in the Nigeria market. The findings revealed that political, social, and economic factors are major stimuli to currency denomination.Item The Nigerian money market: issues and challenges.(Research Department, Central Bank of Nigeria., 2008-06) Nwosu, C. P.,; Hamman, H. M.,Money markets are integral to the financial infrastructure of industrial countries and are among the largest financial markets in the world. These markets, which serve as channels for the execution and transmission of monetary policy and as trading venues for the short-term instruments, anchor the entire term structure of interest rates. Money markets are central to the allocation of capital, the efficient distribution of liquidity among financial institutions, and the hedging of short-term risks. The markets also play an important role in the credit evaluation process and in the large value payments systems where trades are settled. Generally, the term 'money market' encompasses all forms of short-term lending and deposits, including savings and time deposits with commercial banks, but for the purpose of this paper on the Nigerian money market, it is taken strictly as trading in direct debt instrument, to the exclusion of intermediated debt instruments such as bank loans and deposits.Item The performance of Nigerian stock exchange sectoral indices.(Central Bank of Nigeria, 2010-10-01) Ikoku, A.E.; Okorie, G.Stock market indices are used as a general measure of the performance of stock markets in terms of price appreciation or depreciation. This study examined the performance of indices which are important economic indicators, as they gauge the health and, very often, can predict the future direction of economic activity. In addition to the Nigerian Stock Exchange's (NSE) All-Share Index, the Central Bank of Nigeria (CBN) regularly analyzes movements in the most prominent stock indices in seventeen other nations in Africa, North America, South America, Europe and Asia. Besides movements in the overall indices, investors and policymakers are also attuned to the performance of the different sectors of the economy which are represented by sectoral indices.Item Impact of banking sector reforms on the Nigerian capital market (Equities)(Central Bank of Nigeria, 2010-10-01) Adekunle, P.A.Following the outcome of the Special Joint Examination by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC), ten banks were indicted, out of which two were asked to recapitalize, while the Chief Executive Officers (CEOs) and Directors of the remaining eight were removed by CBN based on mismanagement and poor corporate governance. In order to protect the investors as well as prevent unprecedented dumping of the shares of the listed seven banks, two weeks of full suspension was imposed on trading of their shares on the stock market at various times. This paper attempts to determine the impact of the suspended seven banks on the banking sector shares, as well as, establish the relationship between equities total market capitalization and banking sector and nonbanking sectors capitalization. Year 2010 provided the needed recovery of the stocks market with the establishment of Asset Management Corporation of Nigeria (AMCON) which will help stimulate the recovery of the financial system and ultimately, provide liquidity to the banks by buying their non-performing loans and recapitalizing the intervened banks, among other things. The paper also recommends ways of encouraging the listing of additional companies in other sectors so as to reduce the dominance of banks in the stocks market. Using data sourced from Nigerian Stock Exchange (NSE), the study adopts descriptive statistics in analyzing the data.Item The impact of oil on Nigeria's economy: the boom and the burst cycles.(Central Bank of Nigeria., 2008-06) Yakub, M. U.,The global perception of Nigeria is that of a richly blessed oil producing nation but with a growing poverty index. The problem of low economic performance of Nigeria cannot be attributed solely to instability of earnings from the oil sector, but as a result of failure by government to utilize productively the financial windfall from the export of crude oil from the mid-1970s to develop other sectors of the economy. Nigeria is among the poorest countries in the world, with the poverty incidence estimated at 54 percent in 2006. The economy has been substantially unstable, a consequence of the heavy dependence on revenue, and the volatility in its prices. The oil boom of the 1970s led to the neglect of non oil tax revenues, expansion of the public sector and deterioration in financial discipline and accountability. In turn, oil dependence exposed Nigeria to oil price volatility which threw the country's public finance into disarray. Since 1986, Nigeria has undertaken reforms in various sectors of the economy. The reforms have moved the economy forward but the rate of growth is commensurate with the reforms and there is much room for improvement. This paper therefore seeks to appraise the state of the Nigerian economy, from the boom to burst periods and identify some major economic policy issues.Item Maximizing the impact of the new pension scheme in Nigeria: issues, prospects, and challenges.(Research Department, Central Bank of Nigeria., 2008-06) Amoo, B. A. G.,The paper serializes the Nigeria Pension Reform Act 2004 and discusses the likely impact on the Nigerian employees. The paper submitted that the reform poses a demographic challenge in moving from the defined benefit to defined contribution. It opined that the new system has winners and losers. The paper identified the challenges for the future access to include: social implications from employees, higher life expectancy and lower fertility, increase population of pensioners and possibility of lower pensions compared to higher cost of living, etc. The paper concludes that the success of the scheme depends on the effective partnership between members, trustees, employers, and professional advisers (PFAs). Post retirement success in the new dispensation rests on the employers in terms of equipping the employees on effective management personal finances.Item Prospects and challenges of the 2004 Pension Reform Scheme in Nigeria: some lessons from the Chilean experience.(Central Bank of Nigeria., 2008-06) Ogwumike, F. O.,Over the years, existing pension schemes in Nigeria were bedeviled by many problems; the most prominent of these problems included the inability to pay pension to retirees as and when due, and the huge pecuniary and non-pecuniary costs associated with the implementation/administration of the schemes which evidently made them unsustainable. This led to the Pension Reform Scheme in the country in 2004. This paper examines the prospects and challenges of the 2004 Pension Reform Scheme, drawing from the Chilean experience. The major prospects of the new pension reform scheme include: increase in liquidity in the economy which is expected to have favorable multiplier effects on the value of interest rate, investment types, availability of funds for organizations and infrastructural development; development and deepening of the Nigerian capital market; and increase in aggregate savings which is expected to pave the way for rapid and sustainable economic growth and reduction in poverty and inequality in the country. The major challenges of the new scheme include: high transition costs, high commissions that are most likely to be charged by the profit-maximizing Pension Fund Administrators, which would tremendously reduce the percentage of the return on workers' investment; and possibility of the minimum pension guarantee creating a substantial contingent liability for the government. It is apparent, however, that the prospects of the new pension scheme far outweigh its challenges. Therefore, the paper concludes by advising that efforts should be made by all stakeholders to maximize the prospects of the new scheme and minimize its challenges.Item Nigeria's external trade and the new perspective for its enhancement(Central Bank of Nigeria, 2006-03) Sanni, Ganiyu KayodeThe objective of this paper is to analyse Nigeria's foreign trade with a view to examining the composition and direction as well as impediments to the growth of trade, and proffer suggestions for enhancing Nigeria's foreign trade.Item A pro-poor framework for enhancing micro-savings in Nigeria(Central Bank of Nigeria, 2006-03) Ononugbo, M.C.; Nwosu, P.C.This paper examines the fundamental issues in savings and thereafter designs a formal savings habit of the populace, especially the low income group.Item Life insurance as a source of long-term savings in Nigeria: regulator's perspective(Central Bank of Nigeria, 2006-03) Chukwulozie, O.E.This paper aims to outline the benefits of life insurance, assess its performance in the Nigeria situation, and examine what a regulator could do to facilitate its development.Item The challenges of power supply in enhancing integration processes in ECOWAS member countries..(Central Bank of Nigeria, 2010-03) Akinboyo, O. L.The birth of the Economic Community of West African States (ECOWAS) in 1975 as an instrument for fostering regional development and unity was also due to the limited economic coherence with the sub-region. This prompted their leaders to embrace regional integration as a central element of their development strategy. There has been increased awareness among these countries that progressive integration holds great potential for minimizing the costs of market fragmentation and thus, represents a precondition for integrating the region into the global economy. Cooperation and integration is also necessary to improve West Africa's competitiveness and position it to maximize the benefits of globalization. Enhancing the region's access to global markets will inevitably dovetail into sustaining economic and social growth. Power and energy are indispensable for sustainable development. Reliable power supply is an absolute prerequisite to economic growth; jobs creation; enhancement of value-added economic activities and support of income-earning activities not only in the urban but especially in rural areas, thus improving living standards. Integration is one of the most promising and cost-effective options for the Economic Community of West African States (ECOWAS) to further the development of its energy sector, in order to gain the environmental, social and economic benefits accruing from a more efficient use of resources. It was in realization of the above that ECOWAS leaders in November 1999 conceived the idea of West African Power Pool (WAPP) and the West African Gas Pipeline (WAGP) aimed at integrating power and energy supply to the region. However, as sound and well conceived this line of reasoning might be, the region still suffers from inadequate power.Item The Central Bank of Nigeria, the liquidity and the sectoral credit allocation(Central Bank of Nigeria, 2010-03) Akanji, O.O.The article is divided into 5 sections: Section 1 being the introduction, while Section 2 discusses "What is Liquidity" concept and definitions. Section 3 looks at the CBN as a supplier of market liquidity and how CBN has allocated credit to the sectors that impact on the real sector. Section 4 will compare the conventional monetary policy versus unconventional monetary policy while Section 5 is the conclusion.Item Nurturing the mustard seeds in the NEEDS: a framework for sustainable economic development.(Central Bank of Nigeria., 2008-06) Tule, M. K.,The paper examines the National Economic Empowerment and Development Strategy (NEEDS), Nigeria's medium term Poverty Reduction Strategy Programme (PRSP), which aims at reducing poverty, creating wealth, generating employment, and value reorientation. It appraised the strategies adopted for developing the informal sector, identified as the economy's engine of growth. The paper highlighted that to make the required difference; NEED's approach must stress more on the complete overhaul of informal sector activities, including their modus operandi, and integrate their activities into a national development framework. A blueprint for growing the economy via the informal sector based on measurable, targeted and time-bound-phased-implementation approach was therefore advocated.Item Is the Nigerian curricula in economics relevant for the Nigerian economy of the 21st century?(Central Bank of Nigeria, 2006-03) Achilike, J.A.The paper examines the relevance of the economics curricula in Nigeria's tertiary institutions in meeting the challenges of the 21st century. It highlights its problems and examines the efforts of NUC and Ministry of Education in meeting the challenges of economics education in Nigeria