NIGERIAN FINANCIAL SYSTEM AS THE PRIME MOVER OF ECONOMIC ACTIVITIES AS STUDY OF NIGERIAN BANK FOR COMMERCE AND INDUSTRY IN ENUGU STATE
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NIGERIAN FINANCIAL
SYSTEM AS THE PRIME MOVER OF ECONOMIC ACTIVITIES
AS STUDY OF NIGERIAN
BANK FOR COMMERCE AND INDUSTRY IN ENUGU STATE
ABSTRACT
This project is a study of Nigeria
financial system the prime mover of economic activities a case study of
Nigerian bank for commerce and industries. This research shows the financial
system have been of a great help to our economic system especially entrepreneurs.
During the course of this research it was seen that the financial system have
helped a lot in the development of our communities and also been of a great
help to both agriculture list sole proprietor etc. During the research period,
I used many methods e.g collection of data, questionnaires, observations and
secondary data.
TABLE OF CONTENTS
CHAPTER 1:
INTRODUCTION
Background of the Study
Statement of the
Problem
Objectives of the
study
Significance of the
study
Scope of the Study
Definition of
Terms
CHAPTER 2: REVIEW OF
RELATED LITERATURE
Historical Background of Economic
Activities
Importance of finance to small scale
industries
The major forms of financial assistance
The role of books as financial system
in financing small scale
enterprises
Problems of economic activities in
Nigeria
Advantages of Nigeria bank for commerce
and industry (NBC) as source of finance to
industrialist.
Disadvantage when compare to govt.
Financing
CHAPTER 3: RESEARCH
DESIGN AND METHODOLOGY
Research
Design
Population of the Study
Sample and Sampling Techniques
Method of Data Collection
Instrument of Data Collection
Reliability of the Research
Instrument
Method of Data Analysis
CHAPTER 4: DATA
PRESENTATION AND ANALYSIS
Data
Presentation
Analysis and Interpretation of
Response
Test of
Hypothesis
Summary of
Results
CHAPTER 5: FINDINGS,
CONCLUSION AND RECOMMENDATION
Discussion of
Finding
Conclusion
Recommendation
Limitation of the
Study
Suggestion for Further Study/ Research
References
Appendix
Questionnaire
CHAPTER ONE
INTRODUCTION
Background of the
Study
Every economy is made up of a multitude
of economic units and agents. Here are individuals, households, different
forms, firms and the central authority. To carry on with its economic
activities, it needs funds. These units engaged in production.,
distribution or consumption may require from other agents the service of their
facilities of goods and services.
Specialization and minute elivison of
labour in modern economy have led to firms specializing in different ways. Some
of these firms deals with physical goods and services where as other specialize
in money and credit. The later deal wholly and exclusively in financial assets
in liabilities. It is the specialization that provides the link between
different lowers of the financial sectors and between different hers of
economy.
In an economy, financial institution
perform a wide set of functions. There are monetary and non monetary financial
institutions. The former ensures that there is an adequate stock of money to
service the needs of the economy. Some of the type of financial institutions is
the central bank and commercial banks. These institutions can increase or
decrease the stock of money through their actions. But they later facilitate
the transfer of money between economic units. These action of both institutions
affect the level of employment. Income and prices (that is economic activities)
which shows that financial system is the prime mover of economic activities.
Statement of the
Problem
This study/research entitles the
Nigerian financial system as the prime mover of economic activities attempts to
determine the Nigerian financial system as the prime mover of economic activities
as compared to others and to determine the best credit financing for small
scale enterprises. This is with a view to determine the actual achievement of
the bank as a financial house in terms of seize of loan, profitability of
credit etc. The question here then is whether it can be safety said that small
scale enterprises have benefits appreciably from finance houses (Bank) in terms
of capital provision.
Generally the major problems of small
and medium scale industries consist of finance organization.
A comparison of banks performance with
other sources open to small scale industries will be undertaken in this
research in order to find out which of these sources of credit are most
useful and important to small scale enterprises.
Another problems is lack of time, since
this study is just out of many course offered by the researcher, she was not
able to carry out intensive research on this study in question because her time
is limited. She also lack the fund to run up and down to find suitable materials
for this research.
Purpose of the Study
In view of the problem of some
industrialist the objective of these studies is to evaluate the role of
financial houses in financing economic activities for economic activity to be
moving money must be made available to the economic units.
The Specific
Objective Are:-
· To
identify the problem encountered by economic activities in obtaining finance
from banks.
Financial
institutions provide liquidity by making it possible to convert near money
assets into manager. Such near money assets are time deposits in the banks,
treasury bills, share and bonds and commercial bills etc.
·
They mobilize the collection and storage of savings.
To appraise the
situation and make recommendation on how to improve on the finance houses.
·
Financial institutions highlight the extent to which the commercial banks
have helped to finance on economic activities and problems hindering such.
·
To guard against risks inherent in the day – to – day activities of the
economic units. Specialization in function has promoted the creation of
financial institution to insure against and thereby minimize the impact of
risk.
Significant Of the
Study
The significance of the study is to
evaluate the extent to which the economic activities have been able to obtain
the assistance of financial system in capital funding of their business. The
research will be important in that, it will provide data for future studies on
the subject. Thus the study will be of benefit to students who will be like to
research on related topic in future, it will make their work easier because
already, a foundation has been laid.
Industries will benefit because the
research project will reveal any problems in the relationship between banks as
a financial institution and economic activities when these problems are
revealed it will and borrowers to act
loans easily without many problems.
Finance houses will benefit because the
actual role they play in financing of economic activities will be revealed.
This gives them strength to ask federal government for loan when they have need
for that.
Individuals will also gain because when
banks give loans to industrialist, it will help to act that the needs to the
people are provided if not fully but to an extent that a good number of people
will benefit.
Scope of the Study
This topic Nigerian financial system as
the prime mover of economic activities (A case study of Nigerian bank for
Commerce and Industries (NBCI) Enugu) is very vast but for purpose of
manageability to the financials constrained. It has therefore restricted or
limited itself to some specific banks in Enugu state.
In choosing these bank, the research
has invited his research in those areas of operation of these institution that
enhance economic emancipation of Nigerian and used instance drawn to apply to
other development financial institution. This has been so because the research
assumed that all financial institutions saddled with the sole responsibility of
small scale industry have the same goals and objective of enhancing small –
scale industry as an economic activity.
Definition of Terms
The Nigerian Bank for commerce and
Industry (NBCI) which currently plays a very active role in the promotion of
small industries defines a small scale industry as one employing up to N500.00
Ezeye (1990).
In most cases, the varied definitions
appear to be governed by the interest of the perceived. The purpose of the
definition the stage of development in which the definition is employed.
Generally, a small business is defined
as one which is owned, managed by one or two persons, influences by the family
in decision making, has no undifferentiated organizational structure, market
share is small and employed less than fifty (50) persons.
The National Economic Reconstruction
fund (NERFUND) defined some of the economic activities e.g. small scale
industries as those whose fixed assets value do not exceed N10 million. While
the central bank on the other hand regards any enterprise whose annual turnover
is less than (N500,000) five hundred thousand naira.
Role: for
the purpose of this research role should mean and includes all part played and
exhibits by financial banks.
Loans: This
is the transfer of fund from one economic entity to another which must be
repaid with interest over a stipulated period of time.
Credit: This
word credit comes from latin words “Credo” meaning I believe. It means ability
to command capital of another in return for a promise to repay as specified in
the future.
Finance: This
is concerned with available money and capital goods for investment in
industries to boost production.
Industrialization:
Can be defined as a strategy through which none industries one encouraged to
sprung up.
Money: This
can be define as anything which is generally acceptable in a given society or
locality as a means of exchange and for settlement of debth.
Short Term Loan: A
source of fund, which has a short period of maturity.
Research Hypothesis
In the process of carrying out this
study, the following assumption are made:-
·
Frequently apply for loan from commercial banks
·
Frequently apply for loan from Nigerian bank for commerce and industry (NBCI)
·
An Increase in bank loan will result in an increase in industrial production
Remember, the financial system of any
society is the frame work within which capital formation takes place. It is a
frame work within which the saving of some members of society are made
available to other members of society for production investment.
Researcher Questions
From the statement of problem, the
study is aimed at providing answers to the following questions:
-
Do you consider banks necessary?
Yes
[
]
No
[ ]
-
Have there been any changes of the financial system mode of operation
Yes
[
]
No
[ ]
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