Generally speaking, monetary policy formulation and implementation can be easily fashioned based on the duo of money supply and credit availability in the economy. Challenges and opportunities daibi w dagogo, department of banking and finance, rivers state university of science and technology, nigeria. A basic limitation of the paper is my main focus in monetization policy as it affects the public workers, also the policy is still at it infancy hence less have been said on it. The corruption in the public service and the cynical contempt for integrity in the bureaucracy will be stamped out. Monetization policy this is a governmental policy whereby value is given to public officers in the state and federal civil service in place of certain amenities enjoyed by them. Ideally it would have been desirable to interview top government officials on the issue. Fiscal policy is still widely recognized as a potent tool for enhancing growth, redistributing income and reducing poverty though the nigeria experience is tending to suggest otherwise. This role has facilitated the emergence of active money market where treasury bills, a financial instrument used for open market operations and raising debt for.
Introduction governments all over the world exist to provide goods. The study empirically examines the impact of monetary policy on industrial growth in nigerian economy, in line with the objectives of this study, secondary data were obtained from central bank of nigeria statistical bulletin covering the period of 1970 to 2010. In nigeria, monetary policy has been in use since the central bank of nigeria was saddled the responsibility of formulating and implementing monetary policy by central bank act of 1958. Situation and trends in cultural policy in african member states.
This thesis investigates the effectiveness and costs of an ncmtype monetary policy in nigeria. D, dept of banking and finance, abia state university, uturu. The economy often witnessed either expansionary or contractionary monetary policy in an attempt to achieve its set objectives. Monetization policy and productivity of civil servants in nigeria federal ministries abuja aduma aloysius tochukwu eneh max department of public administration, enugu state university of science and technology, enugu abstract against the background of governments perceived waste on one hand, and continued dwindling. It has laudable and lofty set goals for both the government and its primary audience, public servants. The monetization policy of federal government of nigeria. In this account of nigerias indigenization program, nigerias evolution into a oneproduct export economyaccompanied by a decline in agriculture and little industrial growthhappened at the same time that nigerians assumed ownership in basic economic sectors. Pdf challenges of policy implementation in nigeria. Objectives and targets of monetary policy in nigeria. The purpose is to ensure that the mpc and fpc are fully briefed on fiscal policy developments and other aspects of the governments economic policies, and that the treasury is kept fully informed about monetary policy and financial policy. The paper adopted theoretical model that hinged on inputoutput models and analysis of observed cases as its. It was discovered that the government libraries are not adequate in all aspects.
This imperative, has been tagged nigeria vision 20. Objectives and targets of monetary policy in nigeria in nigeria, the major objectives of policy are the attainment of price stability and sustainable economic growth. Monetary policy rests on the relationship between the rates of interest in an economy, that is the price at which money can be borrowed, and the total supply of money. The central bank of nigeria, cbn on tuesday explained why its monetary policy committee, mpc, resolved to retain all monetary policy rates and parameters.
Monetary policy, growth, development, optiaml rate, foreign investment created date. The research took place against a background of few empirical studies of idps in nigeria specifically within the purview of the united nations guiding principles on internal displacement. The dismal economic outlook in nigeria above desires investigation into whether or not monetary policy as claimed by the monetarists impact on nigerias economic stability. The monetization policy is one of the most recent measures of the obasanjos administration to reduce. Like any other central bank, the cbn monetary policy stance pursues price stability and sustainable economic growth objectives. The paper sets out to determine the impact of monetary policy on the nigerian economy during the postreform period using annual series data 1986 2006. There are both positive and negative effects of the monetization policy on the nigeria civil servants. In addition, the study covers the roles of monetization policy, its components, functions, objectives as well as how it affects civil servants. Democratization of nigeria and culture of authoritarianism. Therefore, this paper seeks to specifically identify how the policy has impacted on the oil and gas sector and the nigerian economy as a whole by identifying its hurdles and way forwards. The following was approved for the chief justice of nigeria and judges of the supreme court under the monetisation policy a accommodation to be. Among the recommendations are proper conception and implementation of industrial policy, human capital development especially sciences and technical education for skill development, acquisition of relevant technology in the world, massive public. No governmentcivilian or militaryhas made much lasting progress on either front, giving rise to the widespread futility and dissatisfaction that characterizes political.
Associated objectives are those full employment and stable longterm interest rates and real exchange rates. Government, monetization, policy, fringe benefits, public service, public servants. These encompass the attainment of full employment, stability in. With the right policies for the next generation, nigerias aspiration to become one. Babajide, isibor areghan akhanolu and okafor tochukwu subject. Since the attainment of political independence in 1960, there has been a persistent decline in productivity in the public sector, marked by a colossal increase in the cost of governance, resulting to a plethora of policy prescriptions, to bail nigeria from a state of suspended paralysis. The economy has also witnessed times of expansion and contraction but evidently, the reported growth. Impact of monetary policy on industrial growth in nigeria. Projeteffect of monetization policy on the morale of. Based on the above, the prospects for nigerias industrialization are discussed. Director, monetary policy department, central bank of. This role has facilitated the emergence of active money market where treasury bills, a. Nigeria sustainable development the united nations. Nigeria, world conference on cultural policies mexicocity, 26 july 6 august 1982.
Monetary policy and its effectiveness on economic development in nigeria author. A questionnaire was used to conduct a study of the information needs of policy makerssenior civil servants in imo state nigeria. In the cement sector, nigeria has achieved a significant level of backward integration, with more than 95% of the materials used for cement production in nigeria sourced locally. Undp advisory note on the fourth country programme for nigeria.
The monster called monetisation policy nigeria and world. Monetary policy uses a variety of tools to economic growth, inflation, exchange rates. This project seeks to evaluate the effectiveness of the cbns monetary policy by assessing the extent to which the monetary policies have impacted on the growth process of nigeria using the major objectives of monetary policy as yardstick. Educational policies and problems of implementation in nigeria. It attained independence in 1960 from the british government. The third discusses nigerias relations with china, india and brazil. The economic implication of local content policy on the.
Despite a diversified economy, nigerias fiscal policy is heavily dependent on the oil sector. Nigerian public policy and public futility two issues have dominated public policy making in nigeria since it gained its independencedemocratization and development. Therefore, the problem under study is the application of omo as an instrument of monetary policy in nigeria. Money is simply anything of value that is accepted by the general public. With oil price falling, nigerias fiscal authorities are faced with significant challenges. In nigeria, such powers are usually vested in the central bank of nigeria cbn and the federal ministry of finance fmf. The policy of monetization was introduced in june 2003, while implementation started with political office holders, including ministers and members of the national assembly. The national policy on education spells out the philosophy and objectives of education. The monetization policy and organizational citizenship behaviour in nigeria. The second focuses on the countrys relationship with traditional major powers.
An overview there has been ruse about the actual thing to referred to it as nigerian or local content. Certificate in education nce is the minimum teaching. In this respect, the identified policies, programmes and projects, contained in this plan, are specifically. Nigeria has embarked on an sdgs needs assessment and policy analysis exercise. On may 29, 1999 during the inaugural speech, president olusegun obasanjo had this to say. In nigeria the permanent secretary of the federal ministry of finance represents the ministry on the mpc. The monetization policy and organizational citizenship. Thus, the objective of this study is to investigate empirically the impact of monetary policy on nigerias macroeconomic stability between 1970 and 2009. Nigeria has been actively engaged in international climate policy. Abstract this study is designed to empirically analyse the impact of monetary policy on economic growth in nigeria 19812014. The policy was subsequently extended, first to core civil service and is now being extended to all arms of the public service. Nigeria has also applied local content policy in other sectors.
However, contents may be cited, reproduced, stored or transmitted without permission. Assessing the politics of a society is, by nature, daunting, as the political behavior of a people is a reflection of the culture, history, geography, ethnicity and values, et cetera, of the society. The monetization policy introduced to the nigerian public service in 2003 became the major landmark and the most dramatic departure from the past administrative reforms in nigeria since independence in 1960. The paper adopted theoretical model that hinged on input.
The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy. Work activities and information needs of the policymakers were identified and resources of government libraries were evaluated. Nigeria, a social formation with an estimated population of 180 million persons and the largest economy in africa has consistently failed in fostering the development of its human capital through. Central bank of nigeria shortterm monetary policy framework in nigeria before 2002, the central bank of nigeria had designed monetary policy in line with fiscal duration of one year monetary policy had always faced the problem of non committal to both intermediate and ultimate targets the optimal longterm policy was not consistent. The examination of the history of nigeria is crucial before going into full analysis of the impact of trade liberalization. Similarly, there have been several policies to promote backward integration in food processing. Nigeria is a country with over 140million people, ranking as the highest populated african country. Excess liquidity and effectiveness of monetary policy. Monetary policy in nigeriathe central bank of nigeria cbn act of 1958 mandates the bank to promote and maintain monetary stability and a sound financial system in nigeria. Monetary policy play special roles in any developing country and one of the special roles is to control the supply of money with the purpose of promoting economic growth and price stability.
The work examines effect of monetization policy on the morale of nigeria workers with a view to explore the federal ministry of works, lagos. However, there have been various regimes of monetary policy in nigeria. Trend discussion of some basic macroeconomic indicators on the nigerian economy among others reveal that a the central bank of nigeria is instrument independents and not goal independent. In nigeria, monetary policy has been used since the central bank of nigeria cbn was saddled the responsibility of formulating and implementing monetary policies by central bank act of 1958. Monetary policy in a simplified analysis amount to the determination of the optimal quantity of money or in a dynamic sense, the optimal rate of growth money stock in an economy.
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