PROPOSAL:This research work is set up to ascertain help extent which financial institutions will help towards economic development of Nigeria with a particular focus on Afri Bank Plc Asaba in Delta State.The purpose of this study is to examine the role of financial institutions in economic development that is to say. Effort should be made so that financial institution can extend their services to the rural areas by establishing more branches in the rural communities to increase for mobilization and award lending to investors. This research is divided into five (5) chapters each chapter dealing in the particular aspect of the study.
Chapter one (1) deals with the introduction, the purpose, significance of the study, statement of the problems, research hypothesis definition and scope of the study in details.
Chapter two (2) will commence with the look at the literature review chapter three (3) will discuss or emphasize on the method that will be use in collecting data that is relevant for this research also a coverage and samples of the project work will be highlighted. The method of data analysis and hypothesis will conclude this chapter four (4) will show how the data collected will be presented during the course it this work. Chapter five (5) shows the summarize of all the findings, giving appropriate recommendation and conclusion based on the findings. The project work will give a clear view of the research carried out.
1.0 Chapter one: Introduction 1
2.0 Overview 22
3.0 Chapter three introduction 77
5.0 Summary of findings conclusion 89
Bibliography 108
CHAPTER ONE
In her effort to promote sound economic development in Nigeria and in fact, better focus and greater aspiration in the well being of the citizens, the Federal Military Government under one of the former head of state General Ibrahim B. Babangida Created more states in August 1991. Incidentally, Delta State happens to be one of them.
As a new state a lot of development projects have to be embarked upon of which financial institutions play a major role in funding these projects.
The Nigeria financial institutions as an integral part of the nations financial intermediation mechanization through which the savings of house holds firms, public corporations and the private sector are made available to sorrows at income. The institutions have experienced some far reaching changes in recent times. The coverage of these changes has embraced the institutions which operate in the system and their operational modalities that is the supervisor (Central Bank of Nigeria) and regulations of the system and the set of rules guiding their actions the structure of the system as well as the interrelationships within the structure. Thus the policy framework has witnessed significant changes or general regulations and particularly the organization structure.
The principal financial institutions in the Nigeria financial institutions are as follows.
The banking financial institutions (BFI) which includes Central Bank of Nigeria (CBN) which is the apex and also serves as Bankers, bank the commercial bank, merchant banks development banks, community banks and people bank.
The non-bank financial institutions (NBF) on the other hand includes insurance companies pension funds, national provident finds, discount houses, and building societies etc. Those are also the financial markers which comprise of money and capital markets who most financial institutions operate for the purpose of accelerating financial intermediations in the economy.
The growth (or non-growth) of the financial system deserves serious analysis policy attention because the system development has important implications for the overall growth of the economy. The financial system generally plays a facilitative role which enhanced the process of economic development. Such roles includes mobilization of financial savings, the allocation of credit and the management of payments arrangements. The financial pricing and trading of risks and the monitoring of the performance of firms especially in the context of its allocation function. The financial institutions play important role in the process of economic development.
In Delta State, between 1991 and 2001 nothing much was recorded in the area of financial institutions role in the state economic development.
We can see that many countries of the work that are advanced body in economic development segan with the establishment of various financial institutions. Nigeria being one of the third world countries needs economic development because its one of the low income countries which is the characteristic of most of the developing countries in the world. And how income for person does not enhance standard of living let alone in income yielding assets. The idea of establishment many investment institutions in Nigeria is because of the set back experience by the industrialist. These hindrances can come as a result of difficulty in raising sufficient funds for project which lead to delay in taking off of to negotiated souses.
Economic development can be seen as structural and functional changes. Though absence of effective measurement of the later (economic development can be estimated by level of income and rates given on a perceptional basis to approximate, measure of efficiency and wolfram. Every nation strive after development its an objective that most commies (people) take for granted. Whereas economic progress is an essential component of development is not purely and economic more than the material and financial side of peoples lives. Development should b
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