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Bullion 2006 PUBLICATION OF THE CENTRAL BANK OF NIGERIA Volume 30, No. 1 January - March, 2006 ENHANCING LONG TERM SAVINGS CULTURE IN NIGERIA CONCEPTUAL ISSUES ON SAVINGS IN NIGERIA - by Akperan James Adam, Ph.D and Akomaye Vincent Agba, Ph.D. FINANCIAL LIBERALISATION ANDSAVINGS MOBILISATION - by Emmanuel Ating Onwioduokit ENHANCING LONG-TERM SAVINGS CULTURE IN NIGERIA THROUGH NATIONAL SAVINGS CERTIFICATE A PRO-POOR FRAMEWORK FOR ENHANCING - by Dr. (Mrs.) S. O. Alade MICRO-SAVINGS IN NIGERIA - by M. C. Ononugbo and C. P. Nwosu (mrs.) LIFE INSURANCE AS A SOURCE OF LONG-TERM SAVINGS IN NIGERIA: REGULATOR'S PERSPECTIVE NIGERIA'S EXTERNAL TRADE AND THE NEW - by Chief O. E. Chukwulozie PERSPECTIVES FOR ITS ENHANCEMENT - by G. K. Sanni IMPERATIVES OF NATIONAL SAVINGS: A CASE FOR ADOPTION OF APPROPRIATE BENCHMARK PRICE IS THE NIGERIAN CURRICULA IN ECONOMICS FOR CRUDE OIL RELEVANT FOR THE NIGERIAN ECONOMY OF - by Moses F. Otu THE 21ST CENTURY? - by J. A. Achilike Volume 30 No. 1 Jan./Mar. 2006 BEHIND THE SCENE EDITORIAL ADVISORY EDITORIAL STAFF COMMITTEE SENIOR MANAGER Mr. P. A. H. Atama - Chairman O. Olatunde Dr. O. J. Nnanna - Member Mr. O. Olatunde - Secretary EDITOR S. A. Okogbue ASSISTANT MANAGERS Austin Belonwu EDITORIAL BOARD Sunday Sorungbe Dr. O. J. Nnanna - Chairman EDITORIAL ASSISTANT Mu’azu Waziri Mr. F. O. Odoko - Alternate Chairman Mr. J. Alegieuno - Member Mr. C. N. O. Mordi - Member Mr. C. O. Odiaka - Member Mr. R. H. Abarshi - Member Mr. O. Olatunde - Member Mr. A. Balogun - Member Mr. A. O. Adenuga - Secretary BULLION is published every three months by Central Bank of Nigeria. Views expressed therein do not necessarily reflect the thinking of the Bank’s Management. Copies of the journal are available without charge through formal request to the Editor. Articles appearing in the journal may be reproduced only with the expressed permission of the Editor or the article’s author. BULLION ISSN - 0331 - 7919 Volume 30 No. 1 Jan./Mar. 2006 BOARD OF GOVERNORS Prof. Charles C. Soludo - Governor (Chairman) Dr. Shamsuddeen Usman - Deputy Governor (Operations) Mr. Ernest C. Ebi - Deputy Governor (Corporate Services) Mr. Tunde Lemo - Deputy Governor (Financial Sector Surveillance) Dr. Obadiah Mailafia - Deputy Governor (Policy) Volume 30 No. 1 Jan./Mar. 2006 CONTENTS PAGE PAGE 1 - ENHANCING LONG-TERM SAVINGS CULTURE IN NIGERIA THROUGH NATIONAL SAVINGS CERTIFICATE DR. (MRS.) S. O. ALADE PAGE 20 - LIFE INSURANCE AS A SOURCE OF LONG-TERM SAVINGS IN NIGERIA: REGULATOR'S PERSPECTIVE CHIEF O. E. CHUKWULOZIE PAGE 32 - IMPERATIVES OF NATIONAL SAVINGS: A CASE FOR ADOPTION OF APPROPRIATE BENCHMARK PRICE FOR CRUDE OIL MOSES F. OTU PAGE 40 - CONCEPTUAL ISSUES ON SAVINGS IN NIGERIA AKPERAN JAMES ADAM, PH.D AND AKOMAYE VINCENT AGBA, PH.D. PAGE 52 - FINANCIAL LIBERALISATION AND SAVINGS MOBILISATION EMMANUEL ATING ONWIODUOKIT PAGE 63 - A PRO-POOR FRAMEWORK FOR ENHANCING MICRO-SAVINGS IN NIGERIA M. C. ONONUGBO AND C. P. NWOSU (MRS.) PAGE 74 - NIGERIA'S EXTERNAL TRADE AND THE NEW PERSPECTIVES FOR ITS ENHANCEMENT G. K. SANNI PAGE 87 IS THE NIGERIAN CURRICULA IN ECONOMICS RELEVANT FOR THE NIGERIAN ECONOMY OF THE 21ST CENTURY? J. A. ACHILIKE Volume 30 No. 1 Jan./Mar. 2006 ENHANCING LONG-TERM SAVINGS CULTURE IN NIGERIA THROUGH THE NATIONAL SAVINGS CERTIFICATE BY DR. (MRS.) S. O. ALADE DIRECTOR, BANKING OPERATIONS DEPARTMENT Empowerment and Development undertaken. Strategy (NEEDS) programme. But let it be known at the onset, that it is It is within these perspectives that this not for lack of good policies that past paper will consider the operations of a attempts by the monetary authorities National Savings Certificate as a have failed to correct the imbalance panacea to the dearth of long-term b e t w e e n t h e q u a n t u m a n d savings for long-term investments, to composition of available national justify the reforms and achieve savings and the demand for accelerated economic growth. In this DR. (MRS.) S. O. ALADE investment funds. Rather, many regard, the rest of this paper is divided factors, including cultural and other into six sections. Section 1 considers INTRODUCTION social values have been major the theoretical framework, while trend constraints. However, the recent analysis of savings in Nigeria will be n Nigeria's economic history, the proposal to introduce a National the focus of Section II. In order to strides of the last five years, which Savings Certificate could be seen as a appropriately focus modalities for the Ihave been internationally welcome solution to this lingering operation of the proposed National acclaimed, are unprecedented. The problem. Savings Certificate and appraise its many reforms that have engendered effectiveness, the features of the the current success have largely Nonetheless, it is imperative that, instrument will be x-rayed in Section included those in the financial sector, within the current economic reform III, using the lessons of experience of particularly, the positive policy shifts in agenda, lending to long-term India and the United Kingdom. The the domestic money market as first investments must attain a higher challenges that will need to be tackled steps towards a more robust and proportion of Banks' loan portfolios, if in addressing the problem of long- enduring facelift for the sector. Part of the on-going consolidation term investment will be highlighted in the expectations are that the programme for banks and other S e c t i o n I V . T h e P o l i c y improved enabling environment from similar reforms in the financial sector Recommendations for operating the the reforms would continue to make were to achieve the desired Nigerian scheme will be analysed in more investment funds readily objectives. However, it would be Section V, while the Conclusions in available, as well as attract droves of inappropriate to ignore the concerns Section VI will draw largely from the foreign direct investment. The being expressed that small savers analyses in Sections II and IV. challenges that remain include the and investors might not be adequately SECTION I need to deliver on the remaining catered for in the current LITERATURE REVIEW-LONG- objectives, as well as build on and consolidation arrangement, going T E R M S A V I N G S I S A N sustain the current achievements. forward. Similarly, the ongoing privatization programme can only be INDISPENSABLE OIL TO THE ENGINE OF ECONOMIC GROWTH In this regard, an area of concern, meaningful, equitable and supportive which requires continued close of the poverty reduction projects consideration of the Nigerian under the millennium development a. What is saving and why save? policymakers is how to attain the level goals (the MDGs), if small investors Saving means a surplus of production of long-term savings that would are considered in the ownership over consumption, which can be adequately service investment needs. arrangement for the privatized achieved in two ways: either by More specifically, the type of institutions. In addition, the drive for reducing consumption or by investments that would drive the domestic long-term savings that will increasing production. The definition current economic reform agenda as enhance long-term investment should of savings as a reduction in enunciated in the National Economic be appropriately and timely consumption is aptly captured in the 1 Volume 30 No. 1 Jan./Mar. 2006 popular parlance that a farmer who always been a complicated process constitute a substantial proportion of consumes the seedlings meant for the and saving motives have always aggregate national savings and they next planting season cannot expect to remained under the influence of play two key roles. First, they offer reap a bumper harvest the next time general standards in a society. The potential benefits to savers, such as around. As such, in a real sense, the dogmatic history also shows a security, if things go wrong and notion of saving has preceded complete picture of the gradual and comfort in old age, as well as modern man; entailing the logical consistent building of motives and independence and opportunity division of available food over a driving forces of saving, such that an throughout savers' lives. Secondly, specific period, in order to create a idea is given of the respective household savings are an important store of surplus for rainy days. historical situations and modifications source of capital to fund investment in the ideology of the savers with the and growth in the economy. The motive for saving which has development of culture in different increasingly been influenced by eras. d. The Savings Market - The savings religious and ethical teachings remain market can be split into three broad no longer logical when exposed to the MANTEUFFEL (1900) distinguishes segments-short and long-term saving cultural renaissance of rational, the saving motives from saving markets. Short-term savings are economic and societal development conditions. To him, economic intended to provide the saver with a and when experiencing an economic behaviour and an expectation of profit readily accessible reserve of funds to expansion process. The logic of the count as saving motives, while the cope with any household emergency. new development trends affects the inborn instinct to save, upbringing and In that sense, for economic behaviour of the individual, and the training to save from childhood development considerations, real consistency and security of traditional constitute the saving conditions. In savings are long-term in nature, or at moral code are no longer valid. Saving other words, motives represent the the least, medium-term in nature the decision has thus become a reaction inner driving forces, while conditions money saved for a new car or a of an individual's objectives, a desire represent the outer ones.
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