40 research outputs found
The European Union and monetary integration in West Africa. ZEI Discussion Paper No. C206, 2011
This paper argues that developments in Europe have been the most important
variable in monetary integration in West Africa. It shows how monetary
integration in West Africa has historically been influenced by two
colonial powers: Britain and France and the state of the relationship between
these two European countries. The consequence of the above is that
Britain and France have become major stakeholders in West Africa and
failure to consult them in monetary integration matters in the region has
always led to suboptimal results in the integration process. The modest
monetary integration success that has been achieved by the Francophone
West African countries for instance have been extensively aided by France
which has acted as the agency of restraint to the arrangement. On the other
hand ECOWAS wide regional integration arrangements have been mainly
unsuccessful because of the sometimes divergent interests of France and
Britain in the region. The consequence is that the idea of a unified West
African monetary area has always failed to gain the support of the two
powerful European stakeholders. Specifically, neither Britain nor France is
willing to act as an agency of restraint for the entire West Africa. The absence
of an agency of restraint also explains the inability of Nigeria and
Ghana to achieve the establishment of a second monetary zone in the region.
The new program, unfortunately, has provided no institutional
framework for dealing with outside stakeholders. Despite the above shortcomings,
the paper argues that the changing political landscape in Europe may alter the nature of incentives behind the interest of foreign stakeholders
in the region. This in itself could create new opportunities for a region
wide monetary integration program in West Africa. To achieve its aim, this
paper, including the current introductory section (Part One), is divided into
seven parts. Part Two traces the origins of monetary integration in the West
African sub-region while Part Three critiques the post-independence
ECOWAS wide monetary integration programs in the sub region. Part Four
analyses the operations of the monetary integration program in post independence
Francophone West Africa while Part Five examines the origins
and operational modalities of the Second Monetary Zone. Part Six attempts
an analysis of the future direction and opportunities for an ECOWAS-wide
monetary integration Program while Part Seven concludes the paper
The politics of monetary sector cooperation among the Economic Community of West African States members
The author tries to explain why monetary cooperation and integration have been difficulty to achieve among member states of the Economic Community of West African States (ECOWAS). He shows how different interest groups--both members and nonmembers--have over time influenced policies and positions on various ECOWAS member states. Unfortunately, most negotiations for cooperation among ECOWAS member states have a much better monetary cooperation and integration program, mainly because of France's active support and participation in negotiations, mediation, and consensus building. Unfortunately, Nigeria-which has been the main force behind bilingual regional integration in West Africa--has a different agenda from France. Its promotion of a bilingual economic grouping in West Africa was in part an attempt to reduce France's influence in West Africa, so France is unlikely to allow economic and monetary cooperation and integration along Nigerian lines. The fact that Nigeria is still a weak state does not help. The choice for francophone West African countries is therefore between closer ties with France--which has provided development aid, ensured currency convertibility, and guaranteed monetary stability in those francophone countries--and closer ties with Nigeria (which has done none of the above for itself, much less for its neighbors). The increasing convergence of macroeconomic indices among ECOWAS member countries--which is essential for monetary cooperation and integration--has come about largely because of events outside of ECOWAS or because of externally (International Monetary Fund) imposed structural adjustment programs. France's support is essential for the development of a meaningful ECOWAS.Payment Systems&Infrastructure,Earth Sciences&GIS,Economic Theory&Research,National Governance,Fiscal&Monetary Policy,National Governance,Trade and Regional Integration,Earth Sciences&GIS,TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT,Economic Theory&Research
Banking developments in pre-independence Nigeria: A study in regulation, control and politics.
This research is exploratory and is intended to help us understand the diverse interests and forces that helped shape various developments in the Nigerian banking industry, during the pre-independence era. The study investigates the activities of colonial banks in British Nigeria. Emphasis is placed on the dealings between these colonial banks and the Africans and the claim, by the Africans, that these foreign institutions were unhelpful to them. The motives and activities of the indigenous banks, subsequently established by the Africans, are also examined. Furthermore, the study investigates the different modes of bank regulation while Nigeria was a British Colony, studying the extent to which bank regulation in Nigeria has been influenced by that in other countries, and examining the complex role of banking sector regulation in a developing economy where banks have often been used overtly as instruments of political policy. Special emphasis is placed on the forces that helped shape the law and enforcement of banking regulation and the structure of the emergent regulatory institution. This research makes a contribution in a number of areas: (1) to our understanding of how banking regulation operates in a highly politicised environment (2) to our knowledge of the diffusion of banking practices and ideas and the significance of political control and social contact to the diffusion process and (3) to our appreciation of the forces shaping banking regulation over a long period
Power Quality Improvement of a Distribution Network for Sustainable Power Supply
This paper presents a heuristic technique for improving power quality of a distribution network for sustainable electric power supply using shunt capacitor placement. The issue of power loss has been a major threat to a distribution network. A distribution network is expected to operate at certain voltage level to meet consumer’s energy demand. Power flow studies has been conducted using the Newton Raphson’s technique at the 30 bus, 11 kV Onuiyi-Nsukka distribution network. It was found that the voltage profile at buses 19 and 26 were critically violated with voltage amplitudes of 0.72 pu and 0.79 pu respectively. The feeder power quality was improved using a heuristic technique and the installation of a 1200KVAr shunt capacitor to keep bus voltage amplitudes within the legal limit of (0.95-1.05) pu. The voltage profile, active and reactive power losses on the network were determined. Active power loss and reactive power loss was reduced from 0.27MW to 0.12MW and 0.76Mvar to 0.14Mvar, respectively. Therefore, the voltage profile is enhanced and the power loss significantly reduced
THE HISTORY AND POLITICS OF OIL IN AFRICA - Poisoned Wells: The Dirty Politics of African Oil. By Nicholas Shaxson. New York: Palgrave MacMillan, 2007. Pp. viii+280. No price given ( isbn
A BOLD ATTEMPT TO WRITE THE HISTORY OF NIGERIA - A History of Nigeria. By Toyin Falola and Matthew Heaton. Cambridge and New York: Cambridge University Press, 2008. Pp. xxxvi+329. £45 ( isbn
Accounting and control in Barclays Bank (DCO): the lending to Africans episode
This paper analyses the accounting, control and operational consequences of a pre-independence experiment by Barclays Bank (DCO) in the British Nigerian colony to liberalize its credit policy towards Africans. This was partly an attempt to develop African business, an area previously neglected by foreign banks. The new policy also appeased Africans who believed that the colonial banks discriminated against them. This experiment resulted in 'alarming' bad debts and led to a reappraisal of the bank's accounting, control and operational procedures. The paper highlights the limitations of internal controls in an era of change.Accounting, Control, Africans, Credit, Barclays Bank Dco,