AN ANALYSIS OF DEVELOPMENT IN NIGERIAN BALANCE OF PAYMENT (1995 – 1999).
This study, an analysis of development in Nigerian balance of payment (1995 – 1999) was carried out to assertion whether Nigeria has been paying her wages internationally to examine the statement with a view to determine what recent developments have taken place in Nigerians foreign trade and others transaction with the rest of the world.
Information was collected using literary method i.e. various publications, textbooks newspapers, magazines and journals. Also, oral interviews were used to elicit information from some government officials (staff).
It was found out that the exports receipts were sufficient to pay for the imports and settle some international obligations that fell due within the period, the fact remains that the managers of the economy did not exercise a considerable amount of control over the foreign exchange resources.
It was however, recommended that if not for the debt management strategies pursued by government during that period, there would have been more years deficits in the balance of payment position over and above four years recommended.
1.1 BACKGROUND OF THE STUDY
The background of this study is to analyze the recent trends in Nigeria balance of payment with a view to determining whether the country was able to pay her way internationally within periods of 1995 – 1999 and to determine whether the monetary and exchange rate policies pursued were effective.
To carryout this study work the main data will be carried out through primary data source, interviewing with Central bank of Nigeria (CBN) and top ranking officials while the secondary data will be collected from an extensive research in CBN as well as other libraries, books, journals and other publications. Further deductive logic will be used to arrive at certain conclusion.
1.2 STATEMENT OF PROBLEM
Considering the importance of balance of payments, statement as a source of information for the managers of the Nigerian economy and indeed other interested users of the balance of payment statement, these is a compelling need to constantly analyze the statement with the view of determining:
1. Whether the nation is paying her wages internationally in other words, is the nation paying for goods, drawing down her foreign reserves accumulating foreign liabilities or through the receipt of gifts and donations.
2. Is the country borrowing or lending money to the international community?
3. How effective are the various policy initiatives I checking international payments imbalances?
These problems are what this project is out to investigate.
1.3 OBJECTIVES OF STUDY
With due reference to the questions raised on the proceeding section, this researchers intends to collect, collate and analyze data on Nigerian