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THE IMPACT
OF BANKING TO THE ECONOMIC DEVELOPMENT OF NIGERIA
ABSTRACT
The study is
designed to examine the impact of banking on the economic development of
Nigeria. Concept of this project work will give an appraisal of the strategies
that will serve as an improvement to the economic sector. The various chapter
of this will pave way for the researcher to understand whether banking has a
positive impact in Nigeria economic development. The complexity of the banking
activities coupled with challenging nature of the program require for banking
reforms in the area of capital investment evaluation of credit facilities and other
industrials development. The efficiency and Effectiveness with present
technological advancement will encourage positive output towards accomplishment
buoyant economic.
CHAPTER ONE
1.0
INTRODUCTION
The history
of Banking in Nigeria started back in 1892 with Eider Dempster company which
engage itself in the business of moving coins around the country, later that
year African banking cooperation was found which provide services to elder
Dempster company failure of the bank led to the formation of bank of British
West African, but between 1929 – 1951 lead the establishment of indigenous bank
and even more today where a lot of them have collapsed as result of
mis-management, under capitalization among the factors.
Bank have
crucial role to play in a nation’s quest economic development. They serve as
major institutional mechanism for mobilizing resources from surplus unit of the
economy and channeling these to deficit unit through credit expansion. According
to Usman (1997) Bank occupy center stage in the effect of accelerating of both
local and foreign resources for investment purpose”. In any economy, the
financial system is the hub of productive activity, as it perform the vital of
financial intermediation. It is the primary provider of payment services and
fulcrum of monetary policy implementation.
As cited by
Dicko (2005) the neo-classical production theory identified capital and labour
among others as critical factor determining growth in output. But in developing
countries with abundance of cheap labour, capital is very scare and expensive.
The financial institution by providing the much need capital for output the
growth fill an important gap in the development process”.
It could
also be emphasized that there have been significant contribution by past
economist such as Devidson (1994) and Mishy (1975), following the seminal work
of Melemon (1973) and Shaw (1973). They emphasis that financial system does
matter in facilitating economic development under a liberalized and reformed
environment. Dikleo (2005) is of the opinion that the concept of development
and growth has universally transformed to a wider phenomenon. Some 50 years ago
it focused on economic variable only.
Today it
encompasses indicator (HDI) have replaced the tradition per capital income’ as
indicators of development”. The main thrust of his project is to identify
whether the financial system and the banking system in particular has been able
to social economic roles of equitable wealth creation.
1.1
BACKGROUND OF THE STUDY
This project
centers on the role of Banking and Finance in the development of Nigeria
economy with particular reference to united bank of African (UBA) Nasarawa
Branch.
The project
will give a highlight on the development of banking an Nigeria and laid down
emphasis on the different kinds of Banking and their various function of the
effect the economy.
Nigeria has
a vital growing market in African and has a recent years acquire important role
in the world economy with a population of 120 billion (appropriately) people
which endorsed with the fast and largely untapped natural resource with
petroleum being the major foreign exchange earner. Nigeria banking system
evolved it increasing assisted in resources mobilization for economic
development prior to the establishment of the central bank of Nigeria in march
1958 operate as rudimentary banking system tailored to need of British
government, had been as existence in the Nigeria.
Banking has
contributed immensely to the Nigeria economy, it has provided services of
employment opportunities and services to the massesd on the businessman, client
and the government from to time. There are various bank that can be classified
or mention e.g. Central Bank, Universal Bank Merchant bank and Mortgage bank
etc. the universal bank can be identified by the services they render such as
saving bill of document and act as an agent to the customer, granting of loans,
import and export financing. The universal bank institution in Nigeria can be
classified into two major groups. These are purely indigenous bank owned 100%
and minority foreign interest.
However,
prospect is therefore aimed at high the impact of the universal bank in the
economic development of our great nation (Nigeria) by appraising their
performance.
The
introduction will not be complete without recognizing the apex of the banking
industry that is the central bank of Nigeria (CBN) which is charged the
responsibility of maintaining the monetary standard and sound financial structure
with objective of creating approximately environment for economic growth and
development.
1.2
STATEMENT OF RESEARCH PROBLEMS
The impact
of bank services especially universal bank cannot be over emphasize. The main
reason for this research work is to discover the problem militating against
their operation, these problem have to be consider with the aim of giving
relevant suggestion for improvement, the problem there among other things
included.
Bank include
those of poor record keeping, poor account system, embezzlement, fraudulent
practice, poor organization planning control and loan portfolio management,
problem of competition, the market for banking service is not homogenous its
differentiation by preferential to the characterized of client or customer and
by the traditional to which banking houses are accustomed.
1.3
OBJECTIVE OF THE STUDYThe objective of this study are:
i. To
investigate the manner through which united bank for Africa plc, Nasarawa
branch make credit facilities available to their customers.
ii. To find
out the response of customer to various credit facilities and their disposal.
iii. To
explore other means of financial assistance available to industries if any. It
seek to discuss the role impact and implication of the policies and strategies
of the government and stages of government and the Central Bank of Nigeria
(CBN).
1.4 RESEARCH
QUESTION
This is done
to enable the researcher to gather information about his finding and to enable
him solve the problems which his is faced with and this will be done through:
1. How does
the management of commercial bank strike on effective administration of the
bank, profitability and liquidity activities?
2. What are
the serious consequence of a long term illiquidity problem.
4. What
motivated you to open the account tick the appropriate answer
5. Have you
ever had a transaction with united bank for Africa plc Nasarawa apart from
those mentioned in question?
1.5 RESEARCH
HYPOTHESIS
The
following hypothesis is becomes relevant in this study.
1. H0: does
the nature of Universal Banking in Nigeria affect the economy development
H1: The
nature of the universal Banking in Nigeria does not affect the economy
development.
2. H0: The
banking service does not have a role to play in the economy development
H1: The
banking service have a role to play in the economy development
3. H0: Does
banking sector been able to develop the economy in Nasarawa state.
H1: Banking
sector has been able to develop the economy in Nasarawa state play in the
economic development?
1.6
SIGNIFICANCE OF THE STUDY
The research
is significant to business and to Universal bank, the government and any person
intending to invest in Universal bank to also help investor both in public and
private sector of the economy. To specific roles played by Universal bank in
the development of economic which may include bank facilities and consultancy
among others. It may enable the general public to realize the role and
importance of universal bank toward economic development. The study will also
enable utilize polytechnic who may want to know the role of banks.
1.7 SCOPE OF
THE STUDY
The scope of
the study is to look into impact of the universal bank in an economy as well as
the way universal bank in Nigeria carry on their business in respect of
development. It will however look at their agricultural financial scheme. This
project goes further to look into problem facing universal bank and suggestion
ways of improvement, the history of universal bank from 18-92-2000 will be
looked into.
1.8
DEFINITION OF TERMS
Bank: A bank
is a financial institution owned by the shareholder, the public or the
government. These money and other valuable thing are kept. They give loans and
overdraft to their client and perform other related universal activities to
them.
Banking
Services: The banking act of 1969 define banking or banking business as “The
business of receiving monies from outside source as deposit irrespective of the
payment of interest and granting a money loan and acceptance of credit or the
purchase or bill and cheque. The purchase and sale of securities for account or
other measuring of the obligation to require claims in respect of loan prior to
their maturity or the assumption of guaranties and other warrantee for others.
Ceiling of
Credit: This is the limit beyond which bank are not allowed to exceed in their
lending policy usually given by central bank of Nigeria.
Customer:
Account to legal decision by Lord Daley on great western Railway versus London
and countey Bank in (1901) defined a customer as any person who as some sort of
any account either deposit or current account or some relation with a banker”.
Some of the required to be customer must be a major (not an intact or minor)
not an insane person and he or she must have been bared by any court of law.
Overdraft:
These are usually terms facilities design to improve export working capital as
well as reduced problem.
Capital:
Refers to money raised to start business or money invested in business.Saving:
Refers to money ledged or kept within a bank for safety purpose and interest is
calculated and payable to the customers.Bank Note: Refers to a price of paper
money with value printed on it.Negotiable of Bill: This is meant that bank
purchase an outward bill for collection drawn by export or importer abroad such
purchase would be made before the bill or remitted. Abroad for
collection.Letter of Credit: A bank at the instance of foreign buyer can
authorized a Nigeria bank through an oversea bank to the importer have
complaint of inadequate fund to finance the export to the oversea budget.
Loan
syndication: It is a system whereby some one or more banking (financial
institution) jointly arranged a loan for a client for a specific project.
Bank
Distress: This occurs when a bank is unable to meet up with or honour its
current maturity financial obligation as they fall due for payment. This is
also called technological insolvency and it donate only lack of liquidity.
Debt
Factoring: This involves turning over the responsibilities for collecting a for
debt to a specialized institution. It is an outright sole of debt to a
financial company from cash to be realized for any immediate use if could be
with or without resources.
Collateral
Security: These are pledge or guarantee made or shown to the banks to secure a
loan from the bank as supplement to some more marketable asset which include
building, plant machinery, motor vehicle, when customer failed to redeem this
pledge.
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