ROLE OF FINANCIAL INSTITUTIONS IN THE DEVELOPMENT OF THE NIGERIA ECONOMY (A CASE STUDY OF SELECTED FINANCIAL INSTITUTIONS IN ENUGU) ABST
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ROLE OF
FINANCIAL INSTITUTIONS IN THE DEVELOPMENT OF THE NIGERIA ECONOMY (A CASE STUDY
OF SELECTED FINANCIAL INSTITUTIONS IN ENUGU) ABST
ABSTRACT
The Study
investigated the role of financial institutions in the development of the
Nigeria economy. The objective is to find out whether the role of financial
institutions is improving the growth and development of Nigeria economy, to
know what the government doing to maintain or encourage the financial
institutions in the development of the Nigeria Economy.
We tested
two hypothesis using chi-square methods. In hypothesis one, we tested the
relationship between financial institutions and economic development. After
calculated it was discovered that chi-square calculated is greater than
chi-square tabulated. So the null hypothesis was rejected and all the
alternative is accepted which said that, there is a relationship between
financial institution and economic development.
In
hypothesis two, we tested the relationship between financial institutions and
implementation of government policies. After calculated, it was discovered that
chi-square calculated is greater than chi-square tabulated and the alternative
is accepted which said that there is relationship between financial institution
and implementation of government policies.
The study
among others recommend that financial institution should channel to the key
productive sector of the economy such as agricultural sector and manufacturing
sector which will lead to rapid growth and diversification of the economy.
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
Having
chosen this topic to write on, my objectives is to find out the roles played by
our financial institutions in our present economic situation whether they being
followed in this time of economic recession their effects on the economy and
the extents to which they have gone in helping to revamp the economy. Financial institutions.
The
historical background or theses financial institution are made up of banking
and non-banking institutions.
The
historical background of these financial institution is mode of operation which
is an important aspect of this study. By their historical background. We can
now know the aims purpose, objectives of these financial institution in our
economy.
In 1st July 1959, the first central bank of Nigeria
(C.B.N) which was the apere bank that control other financial institution in
the country was established. Commercial bank is the oldest of all banking
institutional in Nigeria, it dates back to 1892 when. It was known as the bank
of British West Africa (Now First bank of Nigeria) was established.
This was
followed in 1917 by the Barchys bank
(Dominidu, colonia and overseas) (DCO) (Now union bank in 1933. the
first successful Indigenous commercial bank was named National bank of Nigeria
was established in 1948. African continental bank (ACB) was established by 1960
at independent, these were (12) twelve banks operating in the country with a
total number of 160 offices and branches scattered in different locations of
the country.
PROJECT
MATERIAL ON ROLE OF FINANCIAL INSTITUTIONS IN THE DEVELOPMENT OF THE NIGERIA
ECONOMY (A CASE STUDY OF SELECTED FINANCIAL INSTITUTIONS IN ENUGU) ABST
Many
specialized credit instutitons have in the past two and half decades developed.
These includes the Nigeria Merchant banks, Nigeria industrial development bank
(NIDB) Nigeria bank for commerce and industry (NACB) established 1973 and
restructured in the 1978 to include the finance of co-operative bank
established in the federal mortgage bank of Nigeria constitution in July, 1977,
merchant banks then are relatively new business which were trance to 1960 when
Selected financial institutions in Enugu was established. The Non-bank
financial institution includes finance companies, the oldest finance Ltd was
established in 1959.
Then
insurance companies, then first insurance companies were 1921 and was named
Royal exchange Assurance company, investment companies unit trust, co-operative
societies which have its foundation from the establishment of co-operative
stores in 1844 in Britain, its origin in Nigeria banks to the eighteen (18th)
century Bureax De change which was establish in 1989 though the decree that the
same your and persen provident fund.
It is the
desire of all these financial institutions to to create an impact on the
Nigeria economy. Also the citizen’s expectant from all these financial
institution is to see the roles played
by these financial institution in our present economic situations.
STATEMENT OF
THE PROBLEM
In view of
the development of the Nigeria Economy, there are bedeviled practices which
disturbs financial institutions in carrying out their roles for the growth of
the economy. Those practices are as fellows below:
Lack of
ability to supply funds (Loan) to the small scales industries (Business)
The
inability to offer interest yielding financial instruments.
The
inability to effectively manger the financial aspect of the economy.
OBJECTIVES
OF THE STUDY
The
objectives of the study is to find out whether the role is improving the growth
and development of Nigeria economy is being played efficiently and effectively
and those things that gives distress in the system. Another objective was to
know or X-ray what the government is doing to maintain any financial
institution in the development of the Nigeria Economy like Nigeria and solve
the problem if any and also solved the problem of low productivity. And
unemployment in the economy at large. And also in partial fulfillment of my
national diploma (ND)
SIGNIFICANCE
OF THE STUDY:
The research
project is more important to the financial institutions and department of the
central bank of Nigeria, various
commercial banks in Nigeria and it will also serve as readable material for
further research.
It is
necessary for lectures (Teachers) and workers in relation to this study. It is
important to student taking courses in accountant, banking and finance and
economics to have modern approach to the teaching and understanding the
financial institutions in which they will find interest in.
SCOPE OF THE
STUDY
The research
project is designed to cover the roles of financial institutions in the
development of the economy. It shall cover both the present and past period of
financial institutions in Nigeria. For easier collection of data some banks
particularly commercial banks will be examined for the research.
RESEARCH
QUESTION
Does
financial institution (Banks) engage themselves in activities that help to
develop the economy?
Does the
banks regulation have any effect on the roles of financial institution as they
play in the economy?
Does
long-term borrowing affect the role of financial institution in the development
of the Nigeria Economy?
Is the
contribution of financial funds to banks enough to be felt at well as
stimulating the economy?
RESEARCH
HYPOTHESIS
The oxford
advanced learners dictionary defined hypothesis as suggestion or idea the is
based on know facts and is used as basis for reasoning or further
investigation. For the purpose of this study, the hypothesis shall be analyzed
in order to prove their level of rejections and acceptance. These are
hypothesis which were used.
Ho: There is
no significant relationship between financial
institutions
and economic development.
Hi: There is
significant relationship between financial
Institution
and economic development.
Ho: There is
no significant relationship between financial
institutions
and implementation of government policies
Hi: There is a significant relationship between
financial
institutions
and implementation of government policies
LIMITATIONS
OF THE STUDY
I wish to
express my difficulties which I encountered when collecting information through
the questionnaires
The present
fuel price increase was a major limited as it made transportation to these
banks and libraries quite difficult.
Besides
times and financial constraints, some other factors that militated against this
research projects includes:
Lack of
books: The scope of its work was electively affected because of scarcity of
books in the relevant areas.
Attitude
constraints: In the case of the questionnaire, some blatantly refused to
collect it to gill while those that collected tool a lot of time to fill the
required answers. Some fill them haphazardly.
3 Bureautic constraints: Under this limitation concrete
attempt made to interview or reach top official failed because of redtaptism in
running official engagements and procedures in releasing the official or secret
of the company.
DEFINITION
OF TERMS:
Financial
Institution: it may be defined as unit or sectors which mobilized sailing and
allocate them into investment projects for this study, I shall take them as
those institutions which gather together financial resources from surpluses
sector to pump into the deficit sectors for economic development.
Modus
operand: This means the mode of operation in the financial institution.
Financial
intermediation: these are financial institutions which match the deposit
requirement of savers with the investment requirements of the borrowers.
Savings: it
constitutes that part of income not spent on consumption or expenditure on
goods or services. But for in purpose of this project, saving will be taken as
that part of total income not spent on immediate consumption but is set towards
accentuation of capital for further transactions.
Non-Banks:
In this project, non banks on financial institutions includes insurance
companies, investment companies unit trust, co-operative societies, Bureax De
change, primary mortgage institutions and pension and provident fund all these
are non-banks, financial institutions which help in economic growth of the
development of the Nigeria Economy.
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