Publications

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Monetary and Financial Integration
By Temitope Oshikoya
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The Nigerian Economy
By Temitope Oshikoya
     
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The Art of Central Banking in Nigeria
By Temitope Oshikoya
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Pathways to Shared Prosperity in Nigeria
By Temitope Oshikoya
     
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How not to manage the economy
By Temitope Oshikoya

It is the Economy, stupid! “James Carville, President Bill Clinton’s Strategist. “It is those who have no answers to the central question of the political economy who divert attention by their inflammable recourse to religion and ethnicity.” Kayode Komolafe in Now is the Time for the Big Issues, This Day, December 17, 2014






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The Unholy Trinity and Nigeria’s Misery Index
By Temitope Oshikoya

The new Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, outlined his agenda for the CBN on 5th June, 2014. The two key themes of his speech are essentially, first, managing the unholy or impossible trinity or trilemma in the short term and while, second, tackling the very high misery index of Nigeria over the longer term. In the near term, most financial analysts are likely to focus more on the first theme, especially in the light of the achievements of the immediate past Governor Lamido Sanusi on price and exchange rate stability, and the remarkable dexterity with which the acting Governor Alade had restored calm to the financial markets in the past few months.

 


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Best Practices in Central Banking
By Temitope Oshikoya

As the tidal wave of commentaries on the controversial Governor of Central Bank of Nigeria (CBN) ebbs, we can begin to soberly reflect on the economic principles underlying the mandate, functions, governance structure, independence and accountability in central banking. This article examines some of these key issues drawing from economic literature, global practices, with the objective of contextualizing central banking in Nigeria.



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Microeconomics of Banking and High Lending Rates
By Temitope Oshikoya

It has generally been observed that lending rates in Nigeria are very high. Maximum lending rates to productive sectors of agriculture and manufacturing, in particular, small and medium enterprises (SMEs), are as high as 30%. The issue of high lending rates has been a subject of much public discussion especially in the context of macroeconomic and monetary policy.



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The Central Bank’s capitulation
By Temitope Oshikoya

“The CBN has adopted a number of monetary policy frameworks over the years in response to the changing macroeconomic conditions. Due to monetary policy lags (time of policy initiation, time of policy implementation and the eventual outcome), the CBN has moved from a short-term monetary policy framework to medium-term monetary policy framework.” Understanding Monetary Policy Series No. 3, 2011, the CBN.


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Monetary policy committee at crossroads
By Temitope Oshikoya

“With employment so far from its maximum level and with inflation running below the Committee’s 2 percent objective, I believe it’s appropriate for progress in the labor market to take center stage in the conduct of monetary policy……In current circumstances, forward guidance can lower private sector expectations regarding the future path of short-term rates……leading to more accommodative financial conditions.” Janet Yellen, now Chairman of U.S. Federal Reserves, in a speech on Challenges of Monetary Policy, dated March 4, 2013.



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Shared Prosperity: Algeria versus Nigeria
By Temitope Oshikoya

“Regardless of how fast GDP grows, an economic system that fails to deliver gains for most of its citizens, and in which a rising share of the population faces increasing insecurity is, in a fundamental sense, a failed economic system. And policies, like austerity, that increase insecurity and lead to lower incomes and standards of living for large proportion of the population are, in a fundamental sense, flawed policies.” Joseph E. Stiglitz, Economics Nobel Prize winner and former Chief Economist of the World Bank, in The Age of Vulnerability, Project Syndicate, Oct. 13, 2014.


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WEFA and the imperatives of a developmental state
By Temitope Oshikoya

“The World Economic Forum in Africa (WEFA) held in Abuja had come and gone. The convening power of WEFA was amply demonstrated in Abuja. Over 1,000 participants descended on the political capital city of Nigeria from 7 to 9 May, 2014. There were Presidents (17 Heads of Government and State) and Ministers, Captains of Industries and Bankers, rich billionaires and young entrepreneurs, academicians and civil societies, and global media moderators."

 
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The Financial Allocation that will be needed for Niger Delta
By Ejeviome Eloho Otobo


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Poor Africans will foot the bill while the aid debate rages
By Ejeviome Eloho Otobo