By Paul Collier, Catherine Pattillo, Charles C. Soludo
This ebook demonstrates that there's adequate facts at the Nigerian financial system and society to notify many coverage matters, and divulges the present difficulties and coverage techniques democratic Nigeria might want to debate and unravel. It provides an time table of reform as unfinished company.
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2 per cent of total exports between 1980 and 2005. Nigeria has lost market share for exports such as cocoa, palm oil and rubber. Non-traditional agricultural exports are limited. While agricultural exports have strengthened since 2000, performance is still far below the economy’s potential. 6 per cent in 2005. 3). Capacity utilization is about 50 per cent and value added per capita has stagnated at around $17 over the last decade and a half. This contrasts with increases from $133 to $273 for Indonesia and $600 to $1066 16 Kwakwa et al.
13) in the rule of law index. All of these indicators 32 Kwakwa et al. are hardly suggestive of an environment conducive to private sector growth (see Narula, 2004). Nigeria is also ranked poorly on other institutional and governance indexes (for example, Heritage Foundation). Weak institutions have increased the cost of doing business for Nigerian ﬁrms and lowered proﬁts available to be made by businesses and ﬁrms. Different surveys have documented evidence that ‘unofﬁcial payments’ by ﬁrms for access to even the most basic economic infrastructure is quite common.
6B Banking sector liquidity: cross-country comparison Liquid assets/total deposits and shortterm borrowing (%) Liquid assets/ total assets Banking liquidity index Nigeria 88 59 10 Kenya 14 30 5 Ghana 55 53 8 South Africa 24 13 4 Tanzania 48 54 10 Sub-Saharan Africa 44 40 6 Middle income 36 35 5 Low income 45 42 6 Source: World Bank Financial Sector Development Indicators, 2004. result of low social returns and/or low ability of private sector to appropriate returns even where they exist or may be potentially high.
Economic Policy Options for a Prosperous Nigeria by Paul Collier, Catherine Pattillo, Charles C. Soludo