ABSTRACT: To this end, this project is to be arrange into three different chapters. Chapter one will cover the introductory analysis comprising the background of the study, significant of the study, and definition of some terms used in the project works. Chapter two will look into the names of some financial and non-financial institutions, the roles of financial Institutions like Banks and Insurance Companies, Advantages, Objectives and problems facing Financial Institution in Nigeria etc. Finally in chapter three the last chapter, an elaborate summary of findings of the research analysis were given, recommendations offered and condition made.
TABLE OF CONTENT
CHAPTER ONE
1.1 Purpose of the study
CHAPTER TWO
2.1 Name of selected Financial Institution
and their functions.
economy.
CHAPTER THREE
3.1 Findings
Bibliography
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The ideal of establishing indigenous Financial Institution came into effect the end of the first world war (1914). This gave rise to the establishment of the National Bank of Nigeria ltd in (1933), African Continental Bank ltd in (1947), but before the emergence of the indigenous banks, the Standards Bank (now First Bank of Nigeria Plc) had commenced banking Operation in (1894).
In (1998), the Central Bank ordnance was passed out and it commenced Operation in July, 1st 1954. After the development banks, Commercial Banks, Merchant Banks, community Banks, Insurance Company etc. Indeed their emergence was largely informed by the need to contribute positively to the growth and development of Nigeria economy.
In Nigeria today, there are about one hundred and sixty-eight (168) Banks and over ninety-four (94) Insurance companies Operating various business of large scale dimensions.
As the economic environment stands at the moment, it is one that really poses a challenging task before all these Financial Institutions. Our financial resources need to be properly and judiciously utilized. Small scale industries as well as other industries in their stages of development need adequate funds to put them on solid footing. Farmers equally need sufficient credit facilities to enable them put more effort in agricultural investments. In the same vain, individuals as well as government need money to embark on valuable and profitable economic ventures. Against these for going background, it is evident that the Nigeria dreams of building a safe and sound that economic structure will come to nothing in the absence of reliable and well-concord financial Institutions. For better understanding of this research work, I have organized these work-ups into chapters.
Chapter 1-2 which includes this introduction, background of the study, definitions, roles, Advantages, Objective and problems facing Financial Institution in Nigeria etc.
Chapter 3 looks at the problems confronting the Financial Institutions. Recommendation and Conclusion.
1.2 PURPOSE OF THE STUDY
As already pointed our in the introductory it would be recalled here that the establishment of the Central Bank in (1958) gave rise to the emergency of several others indigenous Financial Institution in subsequent years. The aim behind the establishment of such institution was to promote and foster rapid economic development by financial indigenous businessman in both industry and commerce.
Against the background therefore, this particular study tried to find out whether these Financial Institution measure up to the following exceptions for which they were established.
This study also tried to ascertain the authorized share capital of these Institution as well as the methods and capacity of funds disbursement to industrialists and other commercial entrepreneurs with a view to fostering economic development of Nigeria.
1.3 LIMITATION OF THE STUDY
This research work title “THE ROLE OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY” Covers a very vast area. Due to obvious financial constraints and of cause for purpose of management, I deemed if necessary to restrict my study to Financial Institution within Enugu Urban . Some of these selected Financial Institutions include the Central Bank of Nigeria, Commercial Banks, Merchant Banks, Development Banks, Community Banks and Insurance Companies eg. Universal Insurance Company ltd.
In choosing these sample/ representatives, Financial Institutions. In have limited my research in these areas of operation of these institutions that enhance the nations economic development and influence drawn from them to apply to other financial institution faced with the sole responsibility of economic development in Nigeria, have the same aim and objectives to enhancing the economic development or growth and making her economic vibrant and comparable with other prevailing economic in the competitive international economic system.
1.4 SIGNIFICAT OF THE STUDY
The ideal of setting up to the various financial institution in Nigeria was that, they would in no small way speed up the economic growth and development of the nation.
The significant of this study can be achieved by giving loans and offering sound fina
| 1 - 5 of 96 Reviews |