WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
FINANCIAL SECTOR REFORMS AND PRIVATE SAVINGS:
EVIDENCE FROM NIGERIA (1970 – 2009)
Obida Gobna Wafure
Department of Economics, University of Abuja, Nigeria
ABSTRACT
The role of financial sector cannot be over emphasized. A well rooted financial sector is essential to any
economy, be it developed or under-developed, because it makes it easier for savings mobilization and more
efficient financial intermediation. This paper attempts to evaluate the impact of financial sector reforms on
private savings in Nigeria (1970-2009). The study used co-integration and Error Correction Mechanism to
determine the relationship between financial sector reforms and private savings, the result was robust. It
showed that lagged value of private savings consumer price index, savings deposit rate, Income per capita
showed a significant result but carrying negative signs. The result also revealed that financial liberalization
and income growth was significant and positive satisfying our apriori assumptions. However, wage rate and
foreign savings were insignificant. Therefore, the overall result shows that during the period under review
private savings increased to a reasonable level. The study recommends that financial sector reforms should be
encouraged, particularly in the area of banking consolidation, merger and acquisition, more importantly
corporate governance should be well entrenched in financial transactions.
Keywords: Financial Sector, Error Correction Mechanism, Private Savings, Co-integration.
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INTRODUCTION
The importance of financial sector is well documented in the literature of economic development. (Gold
Smith, 1955, McKinnon, 1973, Shaw, 1973 and Cameron, 1967). It revealed that financial sector is a catalyst
for economic growth and development, however, only when it is well transformed and healthy.
One of the benefits of a well-balanced financial sector is that it makes it possible for savings
mobilization and a more efficient financial intermediation (Gibson and Tsakabatos, 1994). It is only through a
well-coordinated financial intermediation by financial institutions that savers and borrowers are linked together.
As noted by Emenuga (2004), it is through financial intermediation that savers and borrowers are brought
together that transaction and search costs are reduced. Secondly the creation of liquidity in the economy by
borrowing short-term and lending long-term is made possible and thirdly, it reduces information cost.
The role of savings in economic growth and development cannot be over-emphasized. Increased
savings if well invested increases National output and improve overall wellbeing of the people. The impact of
savings on economic growth is well recognized in economic literature(Solow, 1956, Romer, 1986 and Lukas
1988. McKinnon (1973) and Shaw (1973) stressed that rising interest rate through (financial liberalization) in
developing countries increases savings which in turn increases the rate of capital formation for intending
investors. Savings is an important macro-economic variable which impacts on capital accumulation,
productivity, and economic growth. Adam and Agba (2006),
Savings is that part of income that is not consumed (Jhingan, 2003). According to Thirwal (2002),
savings can be categorized into voluntary, involuntary and forced savings. It should be noted that voluntary
savings depends on the ability and willingness to save. The ability to save depends solely on the level of per
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
capita income, income growth and the distribution of income. Interest rates is a crucial factor in savings, interest
rate is a product of financial deepening (reform),
The Nigerian economy needs a well-balanced financial sector so that it can take advantage of the
benefits accruable for it. Nigeria witnessed a repressed financial sector following independence, this was
evident by the ceiling on interest rates and credit expansion, selective credit policies, high reserve requirements
and restriction on entry into the banking industry. The repression of the financial sector witnessed in the two
decades after independence contributed in no small measure to the decline of the Nigerian economy evidenced
by the poor performance of the macro-economic variables.
The Nigerian economy performed well in the early and late 1970s. However in the early 1980s the
economy declined, evidenced by falling GDP rate, high inflationary rate, rising debt profile, low capacity
utilization etc. (See Appendix 1). The poor performance of the Nigerian economy necessitated the introduction
of the financial sector reforms, since the financial sector is the bedrock of economic growth and development.
The evolution of the financial sector reforms can be traced to the period between 1894 – 1951, which
was referred to as Laissez-faire period (Tella, 2004). During this period, there was no institution charged with
the responsibility of guiding registration, establishment and operations of financial institutions. The financial
institutions constituted mainly commercial banks and some few insurance companies. However, the period
witnessed the collapse of many commercial banks mainly indigenous banks. Consequently, this led to the
emergence of the second phase of the evolution (reform), which dated back to 1952; this was the period that the
Banking Ordinance was introduced. The Ordinance provided in part, the procedure for the licensing and
conduct of banking activities in Nigeria.
The third phase began in 1959 which gave birth to the operations of Central Bank of Nigeria (CBN) with
regulatory and supervisory powers to supervise and regulate the activities of all financial institutions. It was also
mandated to establish the capital market such as Stock Exchange, the development of specialized banks and
Security and Exchange Commission (SEC). During the period under review, the financial instruments such as
Treasury Bills and Certificates, bankers’ funds and stabilization securities came on board.
The fourth phase marked the anal of the financial sector reforms. The introduction of the International
Monetary Fund (IMF)/World Bank Structural Adjustment Programme (SAP) in 1986, had the financial sector
reforms as its main target (Ikhide, Taiwo and Alawode, 2002 and Tella, 2004). The real financial sector reform
came on board in August 1987, where both interest rate and entry of new banks were liberalized fully. Also an
inter-bank foreign exchange market, with market clearing inter-bank lending rates was established following the
merger of the First Tier and the Second Tier foreign exchange markets (Taiwo, 2002). This phase of the reform
witnessed major changes in the structure of the financial institutions in Nigeria in terms of competition among
banks, since they were many, so they have to compete for customers. The number of financial institutions also
expanded more than before. Equally, necessary regulatory/supervisory agencies were established.
After the deregulation of the economy, the banking sector witnessed four phases of reforms. The first phase
was immediately after the commencement of the Structural Adjustment Programme, 1986 – 1993. During this
period, the banking sector was deregulated and hitherto witnessed the dominance of the indigenous banks, with
Federal and State government having 60% “stakes” (Balogun, 2007). The second phase started late 1993 – 1998,
during this period, there was a re-introduction of regulations in the system. Thus, result of the re-introduction of the
regulations led to the massive distress in the system. The third phase started immediately in 1999 and ushered in
liberalization of the financial sector again, but this time around, with distress resolution programmes. The era also
marked a watershed in the anal of universal banking in which the banks were empowered to operate in all aspects
of retail banking and even in non-bank financial markets.
The financial sector reform is not peculiar to Nigeria. Many countries (both developed and less developed)
undertook financial sector reforms. For instance there were reforms in China in 1979, Turkey in 1980, Ghana in
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
1983, Sierra Leone in 1986, Morocco and Tunisia in 1986, India in 1992, Cuba in 1995 and Pakistan in 1999 to
mention just a few. However in the Nigerian context, the impact of the reform on the economy is still being debated
as to whether the reforms yielded the desired result or not.
The question therefore is with the reforms so far undertaken in the financial sector what are the impacts of
the reform on the economy particularly on Private Savings? Since savings is the bedrock of capital accumulation.
This therefore is the focus of this paper.
Theoretical Framework and Empirical Review
There are many theories advanced in the financial sector reforms. In this paper we are adopting the
financial deepening theory championed by McKinnon (1973) and Shaw (1973). They argued that the nonperformance of the financial sector which has a serious bearing on macro-economic variables is due largely to
the fact that these economies in question are repressed (not liberalized), as a result it affects the entire economy,
especially the financial sector. Once the financial sector is repressed it will be difficult for it to function and
perform optimally. Financial repression refers to the distortion in the financial markets, through measures such
as ceiling on interest rates, selective credit allocation, high reserve requirements and restrictions on entry into
the banking industry (Ikhide and Alawode, 2001).
On the other hand financial deepening refers to the establishment of real interest rates on deposits and
loans, eliminating interest rates and credit ceilings, stopping selective credit allocation and lowering reserve
requirements. It also involves removal of restrictions on entry into the banking industry by all intending
investors in the banking sector.
Therefore, financial deepening means liberalizing the financial sector by allowing the market forces to
play its role in setting interest rate on deposit (time deposit, savings deposit and selective credit allocation. The
market forces should determine credit allocations to the sectors of the economy, while the Central Bank should
do all it could to lower the reserve requirement. More importantly the restrictions placed on banking entry by
intending operators should be removed.
The Financial Sector which comprises of both the banking sector and non-bank financial intermediaries
is very crucial to the development process of any given economy be it developed or under-developed. The
banking sector of the financial sector which we are concerned about, is very important to the development
process. The banking sector role in stimulating economic growth is well recognized in the literature of
development economics (Oboh, 2005).
Large body of literature on development economics sees financial intermediation as very crucial in
savings, investment and real growth rate. Taiwo, 2002, McKinnon, 1973, Seers, 1973 argued that the role of the
financial sector cannot be over-emphasized; hence it leads to savings, investment and economic growth.
The degree of financial sector development (depth) has bearing on savings. A well-developed financial
sector is that which possesses the following characteristics – absence of credit ceilings, interest rate
liberalization, easy entry of foreign financial institutions, enhanced prudential guidelines and supervision and
development of capital markets. Tochukwu and EgwaIkhide, (2007). The impact of financial development on
savings rates can be separated into direct short run impact which is usually negative and indirect long run which
is positive, Loayza et al, (2000).
Edwards (1996), Johnson (1996), Dayal – Ghulati and Thimann (1997) empirically demonstrated that
financial deepening impacted positively on savings. Metin-Ozcan and Ozcan (2000) also maintained that
financial deepening has positive impact on level of savings in Arab countries. Aaron and Mnellbauer (2000) in
their work on South Africa discovered that financial liberalization had a positive impact on private savings. In
another development MetinOzcan et al (1997) confirmed that financial reform increased the level of savings in
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
Turkey. This work conformed with the work of Celasu and Tansel (1993) that revealed that financial deepening
impacted positively on private savings in Turkey. Dayal-Ghulati and Thimann(1997) also showed that financial
deepening seemed to be the major determinant of savings in South-east Asian and Latin American countries.
Similarly, Mechthild Schrooten and Sabine Stephan (2004) revealed that increases in financial depth
(M2/GDP ratio) increases saving in Europe. Roger and George (2003) employed dynamic econometric
techniques to examine the determinants of private savings in Sri Lanka. They discovered that the index of
financial sector development has a significant positive influence on the level of private savings. Samuel and
George (2003) examined the linkages between financial reforms of the early 90s and savings mobilization in
Zambia, the result was robust.
Aron and Muelbaver, (2000) argued that Private Savings is influenced by financial liberalization.
However, in the works of Uremadu (2007), it revealed that financial deepening is not significant in explaining
savings mobilization in Nigeria.
METHODOLOGY
This paper adapted the method used by Ogun and Bakare, (1996). In their work, on “Financial
Liberalization Process in Nigeria an Impact Analysis”, they used three functions i.e. Savings, Inflation and
Economic Growth. This work adapted the same format but with some modifications, particularly in the area of
variables used in this work.
The paper is focused on financial sector reforms and private savings: Evidenced from Nigeria. The paper
used secondary data sourced from Central Bank of Nigeria (CBN), and Salaries and Wages Commission. The work
employed co-integration and Error Correction Mechanism as a technique of estimation and analysis. The techniques
has gained more ground in the literature. See example Olusoji (2003), Peria (2002), Ogun and Bakare (1996),
Adams (1992), Eaggle and Granger (1989), Gilbirth (1986), Sparos (1986) and Richard (1983; 1982).
Determinants of Private Savings
Savings is important to the economy. The role of savings in the growth process of a developing economy
like Nigeria cannot be overemphasized. The classicals contended that capital formation is possible through savings,
it is from the savings that investments fund is made available for investors. Kokila (2007) stressed the importance
of savings to economic growth. The McKinnon (1973) and Shaw (1973) thesis stressed the importance of financial
liberalization which would in turn attract savings and consequently increases investment. According to the classical
theory, the removal of repression by raising the rate of interest on savings deposit makes it easier for savings to be
mobilized and thereby allocating such to projects with the highest rate of return (Odusola, 2000). Thus, factors such
as savings rate, consumer price index and income growth rate influences savings. Thus, this argument can be
presented in a log-linear form as:ΔLog(PRISAV)=λo+λ1ΔLog(SAVRAT)+λ2ΔLog(CPI)+λ3ΔLog(GRY)+ Ut……………(1)
Where PRISAV = Private Savings, SAVRAT = Savings Rate, CPI = Consumer Price Index, GRY = Income
growth rate and Ut = error term. The apriori expectations are b1 (+) b2 (-) and b3 (+).
Why this variable stated above is seen as fundamental to savings are not far fetch. For instance savings
deposit rate is very important to private savings because savings deposit rate by household and corporate bodies
motivates the rate of private savings. However, in Nigeria, the rate of savings is influenced by many factors which
include the level of poverty, the environmental condition, disposable income of individual etc. Once any or all of
these factors are not favourable to the people, the level of savings will be threatened. Moreover, the consumer price
index which was not included in the model of Ogun and Bakare (1996) is also an important factor in the
determination of savings. The consumer price index influences the level of inflation. An increase in the consumer
price index will affect the purchasing power of the individuals or households in the economy. Equally, is that a
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
slight increase in the level of consumer price index is good for business. This will also increase the level of
investment. In return, the multiplier effect will result to an increase in the level of savings.
There are controversies on the issue of savings and income relationship. However, subsistence consumption
theories suggest that countries with higher income levels tend to have higher savings rate (Edwards 1996; Dayal,
Ghulati and Thimann, 1997; Metin-Ozcan and Ozcan 2000). Regarding the issue of income growth and savings, the
life-cycle hypotheses suggest thesis that the aggregate savings increase in response to an increase in income growth
(Ozcan, Guncy and Ertac ,1997). This can be possible through the savings of active workers relative to dissavings
of those who are out of the labour force. Income growth either at individual or national level aids private savings. If
income of corporate bodies grows, part may go into consumption and part into savings and investment, the more
the growth of income the more the possibility of increase in private savings.
Studies have shown that not only the above variables discussed that influenced or determined private
savings. Wage rate, per capita income and foreign savings ratio are important determinants of private savings.
Wage rate is not common in the literature as a determinant of private savings. However, it is significant to private
savings. This is because an increase in wage rate can impact positively on private savings. Once there is an increase
in wages, the purchasing power of the ordinary worker will increase and his marginal propensity to consume will
reduce gradually giving way to more savings. However, on the other hand if the wage rate declined it will have a
negative impact on savings. The apriori expectation of the sign of the wage rate variable will be positive (+).
Foreign savings ratio is equally an important factor in the determination of savings in Nigeria, (Soyibo and
Adekanye, 1992). The more the inflow of foreign savings the more the level of savings in the economy. The apriori
expectation of the sign of the variable will be positive (+). Increase in per capita income of the nation is a
determinant factor of private savings. (Metin Ozcan and Ozcan, 2000). The increase in the per capita income
portends the possibility of increase in the disposable income of the people particularly the working class. The
argument therefore is that as the per capita income increases, the level of private savings is likely to increase with
other things being equal. Therefore the apriori expectation of the variable will be positive (+). With the three
variables discussed above, i.e. wage rate, per capita income and foreign savings makes the transform version of our
equation (1) to be:ΔLog (PRISAV)= λo + λ1ΔLog (SAVRAT) + λ2ΔLog(CPI) + λ3ΔLog(GRY) +
λ4ΔLog(WAGRAT)+λ5ΔLog(PCY)+λ6ΔLog(FORSGNDI)+ Ut ……….(2)
The real financial deepening/repression theory believed that the financial sector reform is all about the
development of the financial sector. Once the financial sector is liberalized, it is expected that the banking sector
will develop (Boskin, 1978; Giovannini, 1983; McKinnon, 1991 and Metin Ozcan and Ozcan, 1997). Financial
liberalization is very important because the lack of or otherwise of development of the financial sector particularly
in the less developed economy is blamed on the repressed nature of the economy. Once the financial sector is
repressed, it will be difficult for it to function and perform effectively. Financial liberalization or deepening is
proxied by dummy variable zero (0) and otherwise one (1). One takes the place of liberalization period and zero
takes the place of repressed or regulatory period. The apriori assumption of the variable will be positive (+). The
new version of equation (2) will be:ΔLog (PRISAV) = λo + λ1ΔLog (SAVRAT) + λ2ΔLog(CPI) + λ3ΔLog(GRY) + λ4ΔLog (WAGRAT) +
λ5ΔLog(PCY)+λ6ΔLog(FORSGNDI)+λ7ΔLog (FINLIB) + Ut ……(3).
Equation (3) will be estimated to evaluate the relationship between the financial sector reforms and private savings.
PRIVATE SAVING FUNCTION
PRISAV
= Private Savings
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
SAVRAT
=
Savings Rate
CPI
=
Consumer Price Index
GRY
=
Growth in Income
WAGRAT =
Wage Rate
PCY
=
Per Capita Income
FORGNI
=
Foreign Savings Ratio
FINLIB
=
Financial Liberalization.
TABLE 1: Stationarity test for variables on Private Savings
Variable
PRISAVT
ADF-statistic
-10.12005
(0.0000)
Critical value
1%= -2.641672
5%= -1.952066
10%= -1.610400
FOSRGNDI
-6.962423
1%= -2.634731
(0.0000)
5%= -1.951000
10%= -1.610907
CPI
-5.274879
1%= -2.636901
(0.0000)
5%= -1.951332
10%= -1.610747
GRY
-6.803602
1%= -2.628961
(0.0000)
5%= -1.950117
10%= -1.611339
WAGE
-5.562319
1%= -2.639210
(0.0000)
5%= -1.951687
10%= -1.610579
PCY
-7.461946
1%= -2.628961
(0.0000)
5%= -1.950117
10%= -1.611339
SAVRAT
-10.80363
1%= -2.632688
(0.0000)
5%= -1.950687
10%= -1.611059
FINLIB
-6.000000
1%= -2.628961
(0.0000)
5%= -1.950117
10%= -1.611339
ECM
-8.823140
1%= -2.639210
(0.0000)
5%= -1.951687
10%= -1.610579
Source: Computed by the Author.
Order of integration
Stationary at first difference
Stationary at first difference
Stationary at second difference
Stationary at level
Stationary at first difference
Stationary at first difference
Stationary at second difference
Stationary at first difference
Stationary at level
The stationarity (unit root) test shows that both private saving, foreign saving, wage rate, real income per
capita and financial liberalization are stationary at first difference. Consumer Price Index and savings deposit rate
are stationary at second difference. Thus, the test shows that growth of income is stationary at level, and the unit
root test on the retained residuals of the regression reveals that the variable is stationary at level, implying that all
the variables are co-intergrated, meaning that there is a long run relationship (equilibrium) that exists between the
variables.
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
TABLE: 2 Regression Results on Private Savings
Variable
Coefficient
C
8.587160
PRSRAT(-1)
-2.499035
SAVRAT(-1)
-0.028505
FOSAVRA
-2.821078
CPI(-1)
-0.006754
FINLIB(-1)
0.309325
WAGE
4.38E-07
RGNDIPCY(-1)
-0.005053
GRGNDI(-1)
0.012309
ECM(-1)
2.656650
R-squared
0.775193
Adjusted R-squared
0.683226
S.E. of regression
0.134507
Sum squared resid
0.398026
Log likelihood
24.78554
Durbin-Watson stat
2.171475
Source: Author’s Computation.
Std. Error
t-Statistic
2.991161
2.870845
1.197290 -2.087243
0.011251 -2.533597
2.758649 -1.022630
0.001850 -3.650712
0.131393
2.354197
6.06E-07
0.723230
0.001979 -2.553590
0.005080
2.423039
1.213405
2.189417
Mean dependent var
S.D. dependent var
Akaike info criterion
Schwarz criterion
F-statistic
Prob(F-statistic)
Prob.
0.0089
0.0487
0.0189
0.3176
0.0014
0.0279
0.4772
0.0181
0.0241
0.0395
1.696562
0.238985
-0.924096
-0.466054
8.429064
0.000024
Discussion of Result
The result shows that the variables accounts for 77.52 percentage changes in private savings. The Durbin
Watson Statistic (2.17) shows the absence of auto correlation. The F statistic (8.43) reveals that the explanatory
variables are jointly significant in explaining changes in private saving. The results also show lagged value of
private saving has a significantly negative impact on current savings. A one percentage increase in private saving in
the previous one year leads to 2.50 percentage decrease in current savings. The result shows that saving deposit rate
has a significant impact on private savings, However, the expected sign of the coefficient is not correct. It shows
that a one percentage increase in saving deposit rate in the previous one year leads to 0.03 percentage decrease in
private saving.
Consumer price index is statistically significant in explaining private saving; One percent increase in the
consumer price index in the previous one year lead to reduction in private saving. This is true because once that
happens, it means that people purchasing power will decrease and in the event of such, savings will be affected.
People will prefer to use the little they have in taking care of the domestic front rather than saving it in a bank.
Furthermore, the result reveals that financial liberalization is statistically significant in explaining private saving. A
one percentage increase in financial liberalization in the previous one year leads to 0.31 percentage increase in
private saving. This variable is important because this is the focal point of our study to see how financial
liberalization has impacted on macroeconomic variables such as private savings in Nigeria. This shows that banking
sector reform has impacted on Private Savings in Nigeria.
The results also reveal that real income per capita has a negative and significant influence on private
saving. A one percentage increase in income per capita in the previous one year reduces private saving by 0.01
percentage. The reason for the negative sign of the coefficient cannot be unconnected with the fact that income is
not evenly distributed among the population. There is a wide gap in income distribution between the poor and the
rich. The poor are on daily basis getting poorer and the rich are getting richer every day.
In addition the marginal propensity to consume of the poor is always high compared with the marginal
propensity to consume of the rich (Jhingan, 1997). More to that, the poor form the bulk of the population in
Nigeria, that explains the negative nature of the sign of the coefficient. Growth in income also showed a positive
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
influence on private savings. The error correction parameter is positive and significant, implying a divergence
between the desired and actual levels of private saving.
Conclusion
The study revealed that Private Savings increased over the years of study. The economy witnessed
tremendous increase in the level of private savings, as a result of more confidence built in the financial sector,
particularly the banking sector of which the study is the main focus. Interestingly, also the received theory of
deregulation from the International Monetary Fund (IMF) and its sister institution (the World Bank) yielded a
positive result on many macroeconomic variables specifically the private savings.
Recommendations
We therefore recommend that the financial sector reforms should be intensified, particularly the banking
sector, since it is the pivot of any economy. Therefore, banking consolidation should be intensified, banks merger
and acquisition should be encouraged in the face of banks becoming weak or distress
Secondly, the Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC)
should step up their onside and offside supervisory role, so that the problems of banking distress through bad debts,
fraud, insider abuse and insolvency will be minimized. Corporate governance should be well entrenched in
financial transactions, this will help in checking fraud, mistrust, mismanagement, embezzlement and corruption.
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APPENDIX 1
Selected Macroeconomic Indicators
YEAR
1970
1971
1972
173
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
REAL GDPOVERALL
%
FISCAL
BALANCE
AS % OF
GDP
-8.7
11.1
-2.7
5.5
-0.8
6.4
-1.5
11.7
-9.8
-2.9
-2.0
11.13.
-4.0
8.2
-2.4
-7.4
-7.8
2.4
-3.4
5.5
-3.9
-26.8
-7.7
-0.3
-11.8
-5.4
-5.9
-5.1
-4.2
9.4
-4.2
3.2
-11.3
-3.9
-5.4
10.7
-8.4
5.2
-5.4
4.2
-8.4
4.4
-6.7
3.2
-8.5
2.9
-11.0
3.0
-7.2
2.2
-15.5
3.4
-7.7
GROWTH EXCHANGE EXTERNAL CAPACITY INFLATION
RATE OF RATE
DEBT OUT- UTILIZATION
MONEY
STANDING
SUPPLY
(N Million)
58
15.5
21.8
52.5
67.9
45.7
33.7
9.1
28.0
46.1
8.0
8.7
14.7
11.5
10.3
1.9
32.5
42.6
8.6
40.4
32.7
49.2
49.8
39.1
10.2
51.0
.714
.696
.658
.658
.630
.616
.626
.047
.606
.596
.546
.610
.673
.724
.765
.894
2.021
4.018
4.537
7.392
8.038
9.910
17.450
22.159
21.886
21.886
21.886
175.0
178.5
265.5
276.9
322/4
349.9
374.6
365.1
1,252.1
1,611.5
1,866.8
2,331.2
8,819.4
10,577.7
14,808.7
17,300.6
41,452.4
100,789.1
133,956.3
240,393.7
298,614.4
328,054.3
544,264.1
633,144.4
648,813.0
716,865.0
617,320
.6
76.6
77.4
78.7
72.9
71.5
70.1
73.3
63.6
49.7
43.0
38.3
38.8
40.4
42.4
43.8
40.3
42.0
38.11
37.2
30.4
29.3
13.8
15.6
3.2
5.4
13.4
33.9
21.2
15.4
16.6
11.8
9.9
20.9
7.7
23.2
39.6
5.5
5.4
10.2
38.3
40.9
7.5
13.0
44.5
57.2
57.0
72.8
44.6
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WEEJS International Journal of Arts and Combined Sciences, Volume 3, Number 1, 2012
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3.2
2.4
2.7
2.5
2.4
4.6
9.37
6.5
6.0
5.6
6.2
0.1
1.3
-0.2
-4.7
-8.5
N/A
4.5
4.4
-1.1
-0.6
-2.8
46.8
35.5
14.6
15.86
29.52
8.6
29.7
27.8
12.5
21.886
21.886
21.866
21.866
21.866
21.866
132.16
128.31
132.8
127.0
118.3
595,931.9
633,017.0
2,577,383.0
3,097,383.0
3,176,291.0
3,780,208.07
N/A
N/A
N/A
4,847.7
3,348.2
32.5
30.4
32.4
34.6
36.1
42.7
44.3
45.6
42.1
43.9
43.7
29.3
8.5
10.0
6.6
6.9
16.5
16.1
23.8
15.5
6.4
7.5
Source: CBN Statistical Bulletin (Various issues).
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