Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


CBN annual report and statement of accounts for 1964 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1964. Export earnings of the developing countries rose during 1964, reflecting a continuing upswing in economic activity in the industrial countries. The rate of increase, however, was somewhat slower than in 1963. The share of the developing countries in total world exports in 1964, however, amounted to 22.1 per cent as compared with 22.9 per cent in 1963. World exports rose substantially during the year. Most of the increase in exports was accounted for by trade among the industrial countries. The GDP of Nigeria, measured in constant prices, was projected in the National Development Plan: 1962-68 to grow at a minimum compound rate of 4 per cent per annum over the six years of the Plan. Nigeria's public and private consumption and investment outlays in 1964 exceeded the current domestic product. The developments in 1964, however, belonged to a chain of events that date back to 1955. Throughout this period, Nigeria has persisttly consumed more than its current output. The economy of Nigeria experienced an accelerated tempo of activity in 1964 - a continuation of the recovery which started in early 1963. There was further growth of investment in the private sector; and amongst expatriate enterprises, a continuing shift from mercantile to industrial undertakings. Substantial gains were made in most sectors of the economy, especially milling, manufacturing and commerce. In addition, Government budgetary policy continued to be expansionary. Money supply stood at £158.8 million. This represented an increase of £24.4 million or 18.2 per cent during the year, as compared with increases of 6.4 and 3.8 per cent in 1963 and 1962, respectively. The money market was under pressure during the year, mainly because of the financial requirement of the governments. In January 1964, the Central Bank, on behalf of the Federal Government, floated the Federal Republic of Nigeria First Development Loan of £20 million. This was the fifth and the largest internal loan so far raised in this country. The most significant features of Nigeria's balance of payments in 1964 were the widening deficits on both the trade and services accounts and a much larger inflow of foreign capital on both private and official accounts. These movements represented a marked departure from the patterns established in earlier years. A narrowing of the trade gap has been a feature of the trade accounts for the past three years, but in 1964 the deficit widened significantly. Net payments on the services account were estimated to have continued lo grow in line with the trend established in recent years. The annual rate of reserve loss declined sharply in 1964.

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