Making Finance Work for Nigeria
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Washington, DC
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This study begins by considering the
banking sector and then moves on to issues relating to
improving access to finance to support Nigeria's
economic growth vision. The second part of the study refers
to issues relating to longer-term finance: both the sources
of financing, such as pensions and insurance, and their uses
in providing financing for resolving Nigeria's crucial
infrastructure shortfalls in infrastructure and housing. The
final part of the study returns to the fundamental
'plumbing' of the financial system focusing on the
legal and regulatory foundation for creditor rights and
corporate insolvency, instituting sound corporate governance
standards for corporations and banks, and providing secure
and low cost transmittal of payments and remittances. While
it is difficult to identify a common theme running through
this volume without compromising the diversity and nuance of
the recommendations, the overarching theme supported by this
volume is the importance of exchange of reliable information
as the basis for financial transactions between unconnected
third parties. Implementation of systems designed to
strengthen accounting and reporting standards for banks and
corporations, the registration of movable and immovable
property, property liens and credit histories as well as
exchange of information about prices, interest rates, fees
and charges for financials services will considerably
enhance the functionality of financial systems and prove
crucial in establishing a trusted and robust market-based
financial system in support of stable economic growth and
development in Nigeria.
Palabras clave
ACCEPTABLE COLLATERAL, ACCOUNTING, ACCOUNTING STANDARD, AGRICULTURAL COOPERATIVE, ASSET CLASS, AVAILABILITY OF CREDIT, BACKED SECURITIES, BALANCE SHEET, BALANCE SHEETS, BANK BORROWERS, BANK CREDIT, BANK LENDING, BANK REGULATION, BANKING CRISIS, BANKING REGULATIONS, BANKING SECTOR, BANKING SECTOR DEVELOPMENT, BANKING SYSTEM, BORROWER, BRANCH NETWORK, BROKER, BUY-BACKS, CAPACITY BUILDING, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL REQUIREMENT, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL BANKS, CENTRAL SECURITIES DEPOSITORY, CHECKS, COLLATERAL, COLLATERAL REGISTRIES, COMMERCIAL BANKING, CONFLICT OF INTEREST, CONSUMER PROTECTION, CORPORATE DEBT, CORPORATE GOVERNANCE, CORPORATE INSOLVENCY, CREDIT CULTURE, CREDIT HISTORIES, CREDIT INFORMATION, CREDIT LINES, CREDIT RISK, CREDITOR, CREDITOR RIGHTS, CREDITORS, CURRENCY, CURRENCY DEPRECIATION, DEBT, DEBT MANAGEMENT, DEBT RELIEF, DEBT SERVICE, DEBTORS, DEPOSIT, DEPOSIT INSURANCE, DEVELOPMENT BANK, DEVELOPMENT FINANCE, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, ECONOMIC DEVELOPMENT, EMERGING MARKET, ENFORCEMENT PROCEDURES, EQUITY MARKET, EUROBOND, EXCHANGE COMMISSION, EXCHANGE RATE, EXPENDITURE, EXTERNAL DEBT, FINANCIAL CRISIS, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICE PROVIDERS, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FOREIGN EXCHANGE, FOREIGN INVESTORS, FRAUD, GOVERNANCE ISSUES, GOVERNANCE STANDARDS, GOVERNMENT ACCOUNTING STANDARDS, GOVERNMENT DEBT, GOVERNMENT DEBT MARKET, GOVERNMENT FINANCES, GROSS DOMESTIC PRODUCT, HOLDING, HOUSING FINANCE, HUMAN CAPITAL, IMMOVABLE PROPERTY, INFLATION, INFLATION RATE, INFLATION RATES, INFORMATION DISCLOSURE, INFORMATION SYSTEM, INFORMATION TECHNOLOGY, INFRASTRUCTURE INVESTMENT, INITIAL PUBLIC OFFERING, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE CORPORATION, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INTEREST RATES, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL FINANCIAL CRISIS, INTERNATIONAL INVESTORS, INTERNATIONAL STANDARDS, INVESTMENT CHOICE, INVESTMENT HORIZON, INVESTMENT INSTRUMENTS, INVESTMENT RISKS, INVESTMENT STRATEGIES, IPO, ISSUANCE, ISSUANCES, LEGAL FRAMEWORK, LEGAL SYSTEM, LENDING PORTFOLIOS, LEVEL PLAYING FIELD, LIABILITY, LIENS, LIFE INSURANCE, LIFE INSURANCE PRODUCTS, LIQUIDITY, LIVING STANDARDS, LOCAL GOVERNMENT, LONG TERM SAVINGS, MACROECONOMIC STABILITY, MARKET CAPITALIZATION, MARKET DEVELOPMENT, MARKET DEVELOPMENTS, MARKET ECONOMY, MARKET INFRASTRUCTURE, MARKET LIQUIDITY, MARKET PARTICIPANTS, MARKET RISK, MARKET SHARE, MARKET STRUCTURE, MICRO-FINANCE, MICROFINANCE, MOBILE PHONE, MORAL HAZARD, MORTGAGE, MORTGAGE MARKET, MORTGAGES, MOVABLE PROPERTY AS COLLATERAL, NON-PERFORMING LOANS, OIL PRICE, OIL PRICES, OPERATIONAL INDEPENDENCE, PAYMENT SERVICES, PAYMENT SYSTEM, PAYMENT SYSTEMS, PENSION, PENSION ASSETS, PENSION FUND, PENSION FUNDS, PENSION REFORMS, PENSION SYSTEM, PENSIONS, POOR REPUTATION, PORTFOLIO, PORTFOLIO INVESTMENT, PORTFOLIO MANAGEMENT, PRIMARY DEALERS, PRIVATE CAPITAL, PRIVATE CREDIT, PRIVATE CREDIT BUREAUS, PRUDENTIAL STANDARDS, REAL PROPERTY, REGULATORY FRAMEWORK, REGULATORY GOVERNANCE, REMITTANCE, REMITTANCE SERVICE, REMITTANCES, REPAYMENT, REPAYMENT RECORD, REPAYMENTS, RESERVES, RETURN, RETURNS, RISK DIVERSIFICATION, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RURAL FINANCING, SAVINGS INSTRUMENTS, SECONDARY MARKET, SECONDARY TRADING, SECURITIES, SECURITIES REGISTRATION, SETTLEMENT, SETTLEMENT SYSTEM, SETTLEMENT SYSTEMS, SOVEREIGN BONDS, SOVEREIGN DEBT, SOVEREIGN DEBT MARKET, STOCK EXCHANGE, STOCK MARKET, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TREASURY, TRUST FUND, UNSECURED CREDITORS, VALUE OF ASSETS, VALUE PAYMENT SYSTEMS, WORKING CAPITAL