Policies that attract foreign private investment (FPI) have become the focus of considerable atte... more Policies that attract foreign private investment (FPI) have become the focus of considerable attention in many developing countries particularly since the beginning of the debt crisis in the 1980s. As part of Nigeria's strategy to stimulate foreign investment, the Federal Government of Nigeria established the Industrial Devel,opment Coordinating Committee (IDCC) in 1988 as a one-stop agency for facilitating andattractingforeign investment inflow. A study was initiated by the Research Department to assess the role of IDCC so far in stimulating the desi,:ed level of foreign investment in Nigeria. The study shows that IDCChasbeenrelativelyineffectiveasjudgedbytheforeigncapitalinflowwhichresultedfromtheIDCC's approved enterprises. The expected foreign capital inflow stood at Nl,243.5 million by the end of July 1991 while only N149.1 million worth of Certificates of Capital Importation had been issued. Compared with• the flood of FPI inflow into Latin American and South East Asian developing countries, the success achieved through the IDCC, appeared rather meagre. The paper thus recommends that in addition to granting entry approvals to foreign investors, the IDCC should monitor the activities• of the approved enterprises.In addition, the approval procedures need to be improved to ensure compliance with the needs and aspirations of the economy. "The author benefitted immensely in the writing of this paper from a field work carried out by staff of the Department on the operations of IDCC. The paper particularly recognised the contributions of Messrs A.S.F. Atoloye (Asst. Director of Research), C.M. Anyanwu (Principal Economist), B.S. Adebusuyi (senior Economist). and S.A. Aiyepola ( Senior Economist). In addtion, the useful suggestions from Mrs 0.0. Akanji is highly commendable.
inancial intermediation and financial services industries have undergone many changes in the past... more inancial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, technological advances and globalization. The changes included consolidation within and across markets, greater cross-border financial services provision, the emergence of new financial products and alternative wholesale markets and trading systems, a redefinition of the role of traditional financial services providers, and the use of new distribution channels, including e-finance. These changes have been triggered by regulatory changes/reforms notably by: liberalization (locally, regionally, and globally), market forces, and technological advances. In turn, these changes have led to new regulatory reforms as well as challenges particularly in developing countries such as Nigeria. The framework for regulating financial activities has also seen many changes, with approaches to adapting to new challenges arising from both regional and global economy. Developing countries, like Nigeria were not spared from the effects of the global economic recession brought about by: the exit of portfolio investors that led to a sharp depreciation in the value of quoted stocks in the Nigerian Stock Exchange Market, reduction of export earnings, lower foreign direct investment (FDI) inflows, among others. In response to these, the Nigerian government adopted new regulations to ensure efficient and sound financial intermediation as well as to address the demand of the changes affecting financial sector and to address the lessons learnt from the financial crisis. Since after the turmoil, phrases such as systemic risk, oversight and macroprudential regulation have become the new touchstones for a repaired regulatory framework in many countries. These developments call for renewed efforts to redefine the regulatory philosophy and principles around a different mould at national, regional and global financial systems. While it is understood that to bring out any paradigm shift would require an equally weighty intellectual case for an alternative model, it would, however, be imprudent to ignore the Dr. Aremu is the Chief Consultant, Marketlink Consults. The views expressed in this paper are those of the author and do not necessarily represent the views of the institution to which he is affiliated, the CBN or its policies.
At the time of this publication, Dr. J. A. Aremu is a Consultant, the ECOWAS Common Investment Ma... more At the time of this publication, Dr. J. A. Aremu is a Consultant, the ECOWAS Common Investment Market, the ECOWAS Commission, Asokoro, Abuja.
With the globalization of the world economy and the multiplication of international agreements th... more With the globalization of the world economy and the multiplication of international agreements that are ever-expanding in scope and depth in this fourth industrial era, the question of appropriately bracing and sequencing Nigeria into the various trade negotiations is becoming a serious challenge for the future of trade in Nigeria. The effective participation and bracing of the Nigerian economy in these trade negotiations and agreements would not only depend on its the long-term development of the domestic capacity to identify trade and development objectives, in line with the objectives of the National Trade Policy and the National Economic Recovery Growth Plan (NERGP). Based on this background, this chapter examines how Nigeria can sequence her trade negotiation towards the growth of the economy.
Though being a member of WTO since its inception in 1995, Nigeria is in addition faced with three... more Though being a member of WTO since its inception in 1995, Nigeria is in addition faced with three economic integration arrangements, that is: Economic Community of West African States (ECOWAS)-Common Trade Policy (CTP); economic partnership agreement (EPA) with European Union (EU); and African Economic Community (AEC) with African Union (AU) Members, under its first phase known as African Continental Free Trade Area (AfCFTA). At the conclusion of each of the three main economic integration the country was involved in, Nigeria came up with excuses that she needed additional consultations despite being part of the various processes leading to such conclusion. Without a national trade policy to guide her decision in the process and sequence of negotiation in these three economic integration agreements, Africa’s biggest economy is in a quandary situation of what to do next. This paper attempts examining these issues with a view of offering possible solution.
Policies that attract foreign private investment (FPI) have become the focus of considerable atte... more Policies that attract foreign private investment (FPI) have become the focus of considerable attention in many developing countries particularly since the beginning of the debt crisis in the 1980s. As part of Nigeria's strategy to stimulate foreign investment, the Federal Government of Nigeria established the Industrial Devel,opment Coordinating Committee (IDCC) in 1988 as a one-stop agency for facilitating andattractingforeign investment inflow. A study was initiated by the Research Department to assess the role of IDCC so far in stimulating the desi,:ed level of foreign investment in Nigeria. The study shows that IDCChasbeenrelativelyineffectiveasjudgedbytheforeigncapitalinflowwhichresultedfromtheIDCC's approved enterprises. The expected foreign capital inflow stood at Nl,243.5 million by the end of July 1991 while only N149.1 million worth of Certificates of Capital Importation had been issued. Compared with• the flood of FPI inflow into Latin American and South East Asian developing countries, the success achieved through the IDCC, appeared rather meagre. The paper thus recommends that in addition to granting entry approvals to foreign investors, the IDCC should monitor the activities• of the approved enterprises.In addition, the approval procedures need to be improved to ensure compliance with the needs and aspirations of the economy. "The author benefitted immensely in the writing of this paper from a field work carried out by staff of the Department on the operations of IDCC. The paper particularly recognised the contributions of Messrs A.S.F. Atoloye (Asst. Director of Research), C.M. Anyanwu (Principal Economist), B.S. Adebusuyi (senior Economist). and S.A. Aiyepola ( Senior Economist). In addtion, the useful suggestions from Mrs 0.0. Akanji is highly commendable.
inancial intermediation and financial services industries have undergone many changes in the past... more inancial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, technological advances and globalization. The changes included consolidation within and across markets, greater cross-border financial services provision, the emergence of new financial products and alternative wholesale markets and trading systems, a redefinition of the role of traditional financial services providers, and the use of new distribution channels, including e-finance. These changes have been triggered by regulatory changes/reforms notably by: liberalization (locally, regionally, and globally), market forces, and technological advances. In turn, these changes have led to new regulatory reforms as well as challenges particularly in developing countries such as Nigeria. The framework for regulating financial activities has also seen many changes, with approaches to adapting to new challenges arising from both regional and global economy. Developing countries, like Nigeria were not spared from the effects of the global economic recession brought about by: the exit of portfolio investors that led to a sharp depreciation in the value of quoted stocks in the Nigerian Stock Exchange Market, reduction of export earnings, lower foreign direct investment (FDI) inflows, among others. In response to these, the Nigerian government adopted new regulations to ensure efficient and sound financial intermediation as well as to address the demand of the changes affecting financial sector and to address the lessons learnt from the financial crisis. Since after the turmoil, phrases such as systemic risk, oversight and macroprudential regulation have become the new touchstones for a repaired regulatory framework in many countries. These developments call for renewed efforts to redefine the regulatory philosophy and principles around a different mould at national, regional and global financial systems. While it is understood that to bring out any paradigm shift would require an equally weighty intellectual case for an alternative model, it would, however, be imprudent to ignore the Dr. Aremu is the Chief Consultant, Marketlink Consults. The views expressed in this paper are those of the author and do not necessarily represent the views of the institution to which he is affiliated, the CBN or its policies.
At the time of this publication, Dr. J. A. Aremu is a Consultant, the ECOWAS Common Investment Ma... more At the time of this publication, Dr. J. A. Aremu is a Consultant, the ECOWAS Common Investment Market, the ECOWAS Commission, Asokoro, Abuja.
With the globalization of the world economy and the multiplication of international agreements th... more With the globalization of the world economy and the multiplication of international agreements that are ever-expanding in scope and depth in this fourth industrial era, the question of appropriately bracing and sequencing Nigeria into the various trade negotiations is becoming a serious challenge for the future of trade in Nigeria. The effective participation and bracing of the Nigerian economy in these trade negotiations and agreements would not only depend on its the long-term development of the domestic capacity to identify trade and development objectives, in line with the objectives of the National Trade Policy and the National Economic Recovery Growth Plan (NERGP). Based on this background, this chapter examines how Nigeria can sequence her trade negotiation towards the growth of the economy.
Though being a member of WTO since its inception in 1995, Nigeria is in addition faced with three... more Though being a member of WTO since its inception in 1995, Nigeria is in addition faced with three economic integration arrangements, that is: Economic Community of West African States (ECOWAS)-Common Trade Policy (CTP); economic partnership agreement (EPA) with European Union (EU); and African Economic Community (AEC) with African Union (AU) Members, under its first phase known as African Continental Free Trade Area (AfCFTA). At the conclusion of each of the three main economic integration the country was involved in, Nigeria came up with excuses that she needed additional consultations despite being part of the various processes leading to such conclusion. Without a national trade policy to guide her decision in the process and sequence of negotiation in these three economic integration agreements, Africa’s biggest economy is in a quandary situation of what to do next. This paper attempts examining these issues with a view of offering possible solution.
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