A model is employed to describe the velocity dependence of the effective nucleon-nucleon interaction in nuclear matter. The interactions in this model consist of π − and ρ-meson exchange, together with short-range correlations induced by the strongly repulsive potential resulting from ω-meson exchange. With known coupling strengths, these interactions produce an effective mass m ∗/m = 0.75 in nuclear matter. Through the formalism of Fermi liquid theory, the exchange-current correction to the orbital g-factor, δg l , can be described in terms of the velocity dependence in the neutron-proton interaction, and, within the model, this can be related to the effective mass m ∗ . With m ∗/m = 0.75 , the δg l for the proton turns out to be 0.22, 45% of it coming from π-meson exchange. Additional contributions to m ∗/m in nuclei come from the coupling of vibrations to quasiparticles; these are especially important in the nuclear surface, and tend to increase the effective mass, when averaged over both nuclear volume and surface, so that 〈m ∗/m〉 av. ≳ 1 . In so far as these contributions arise from isovector vibrations, we can use the same model as for π- and ρ-meson exchange, and show that the same relation between m ∗/m and δg l holds, so that for 〈m ∗/m〉 av. = 1 , δg l = 0. The contributions from coupling to vibrations will depend upon the single-particle state, however; states of high-angular momentum will tend to have 〈m ∗/m〉 av. < 1 and δg l > 0. Finally, the enchancement δg l in gl can be connected with the enhancement k in the dipole sum rule originating from the giant-resonance region. This connection is not very precise, but gives a small positive κ ∼ 0.2.