Department of Economics

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Financial Sector Reforms, ,Monetary Policy Transmission Mechanism and Commercial Bank Credit
(University of Lagos Press, 2007) Adebiyi, M.A; Lawanson, O.I
Nigeria has an estimated population of about 125 million people and a land area of about 924 square kilometres, a large proportion of which is arable. It has larqe deposits of oil, gas and solid minerals and a sizeable educated and skilled workforce. Despite these, the. country has not been able to effectively harness its endowment' to develop. the economy sufficiently to improve the welfare of its people. With an estimated population growth rate of 2.8 per centand a GDP growth rate of about 2.5 per cent, per capita income growth ,via~ negative for the greater part of the '1990s. Nigeria's urbanisation rate of 5.3 percent is one of the highest in the world leading to loss of virile labour force for aqrlculture.' Besides, the rate of job creation has been far less than the rate of growth of the urban' labour force. This combined with an education system that is not attuned to the production of the appropriate manpower required to support robust growth has led to high levels of unemployment and underemployment.