AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)   ABSTRACT

This study is conducted on an Assessment of Contribution of Commercial Banks in the Economic Development of Nigeria. The concept is also on eye opener to the society and business as well. The research was carried out by means of questionnaires and oral interview with the official/staff of the bank selected on which the following questions that need to be tested are based on the contribution of commercial bank to the economic development.

In this research some relevant hypotheses have been formulated and their validity has been proven by the findings and analysis of relevant data obtained. It is hope that this study will give the readers, the societies and business world as a whole the need for effective understanding of the concept in order to achieve a sound atmosphere between the society and organization.

TABLE OF CONTENTS

Chapter One

Introduction

1.1   Background of the Study

1.2   Statement of the Problem

1.3   Hypothesis/Research Questions      

1.4   Objective of the Study     

1.5   Significance of the Study 

1.6   Scope of the Study  

1.7   Limitation of the Study

1.8   Historical Background of the Case Study 

        Reference

Chapter Two

Literature Review

Conceptual Framework and Review of Related Literature

2.1   Introduction

2.2   Introduction to Banking Industry in Nigeria

2.3   Meaning of Commercial Bank

2.4   Functions of Commercial Banks

2.5   Objectives of Commercial Banks

2.6   Problems of Commercial Banks

2.7   Suggested Solution

2.8   Recent Development in Commercial Banks in Nigeria

2.9   Definition of Term

Reference

Chapter Three

Research Methodology

3.1   Introduction

3.2   Research Design

3.3   Population of the Study

3.4   Sample and Sampling Techniques

3.4.1 Method of Data Collection

3.4.2 Primary Source

3.4.3 Secondary Source

3.5   Method of Data Analysis

Chapter Four

Data Presentation and Analysis

4.0   Data Presentation

4.1   Data Analysis

4.2   Test of Hypothesis

4.3   Major Findings

Chapter Five

Summary, Recommendation and Conclusion

5.1   Summary

5.2   Conclusion

5.3   Recommendation

5.4   Further Study 

        Bibliography

Appendices      

CHAPTER ONE

INTRODUCTION

1.1       BACKGROUND OF THE STUDY: AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

Nigeria as a nation is characterized by a developing economy due to the fact that the various sectors responsible for economic development are not optimally utilized as a result of which we have not being able to tap fully the natural resources that Nigeria is blessed with as it could increase our national earnings leading to an increase in per capita income instead. We have a reverse situation were there is low per capital income. Low standard of living increase in the level of insecurity etc.

The first task every government put in its table of priority is economic development. Nigeria among other nations of the world is not excluded. In order to keep the development of the country in progress Bank plays a pivotal role especially the commercial banks. It is of importance to not that of this point the bedrock of every economy is the banking sector, of which the commercial bank is a leading pace. As a matter of fact, no country in the world in this present dispensation can boast of having developed or tested development without the adequate and timely contribution of commercial banks.

However, one of the major setbacks to economic development in countries today is the inadequate supply of capital. It is in this regard, the commercial banks serve as ling between those who need capital and those willing to save and make the money available to investors. They are expected to provide to an extent large credit facilities and divert voluntary savings into productive channels. In addition, they are to offer technical advice to industrialist by way of feasibility studies which ensure that investment are made in the right direction.

Furthermore, there are numerous agencies/sectors involved in economic development, but of all the sector that stimulate growth and development into the economy of Nigeria is the commercial banks perhaps the commercial banks the most important role such as help to pool savings and excess liquidity from millionaires or rather millions of individuals and firms within the country making them available to those that require them for various purposes.

Economic development requires sustained improvement in social welfare that are pervasive through the society and modern economic growth that is confined to a small enclose within a developing society particularly if a non-indigenous people dominate that enclose, it is not economic development. Economic development requires that modern economic growth affect a broader segment of the total populace in a way that will enhance their welfare. It entails the provision of basic needs, acceleration of economic growth, reduction of inequality and unemployment, eradication of absolute poverty as well as changes in attitudes.

Subsequent to the above provisions that stimulated the establishment of commercial banks in Nigeria is to meet the aspirations of the citizenry. This research work is aimed at identifying the contributions that commercial banks have made to the development of the Nigerian economy. 

1.2   STATEMENT OF PROBLEM

Countries over the world strive to articulate well meaning polices that would extinct them from obscurity. Nigeria as a nation is also on the queue alongside other countries that quest for economic prestige. That is why the country had established various commercial banks to salvage the economy. However, in spite the establishment of the commercial banks, Nigerians still decry of inadequate capital for investment, high level of unemployment. The reduction in the Gross Domestic Product (GDP) which were the care issues that the concept for the establishment commercial banks was conceived to address.

1.3   HYPOTHESES/RESEARCH QUESTION

Hypothesis is the statement which shows the relationship between two variables.

Consequently, for the purpose of this study, the hypothesis are as follows:

Ho:   The establishment of commercial banks in Nigeria has contributed to economic upliftment of the country.

Hi:   The establishment of commercial banks in Nigeria has not contributed to economic upliftment of the country.

Ho:   Increase in bank lending will reduce unemployment in the country.

Hi:   Increase in banks lending will not reduce unemployment in the country.

Ho:   Increase in banks lending will increase the country’s Gross Domestic Product (GDP)

Hi:   Increase in banks lending will not increase the country’s Gross Domestic Product (GDP)

1.4   OBJECTIVE OF THE STUDY: AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

This study is primarily aimed at examining critically an assessment of contribution of commercial bank to the economic development of Nigeria. Specifically, the study aim to;

Evaluate the contribution of commercial bank to the economic growth of Nigeria. Investigate the role of commercial bank in the development of the economy of Nigeria. To make suggestions on how the activates of commercial bank could bring about investment  To appraise the extent to which commercial bank has been affected as a result of economic meld-down. The study also aim at taking a critical look at the cause of the economic meltdown and how to manage it.(project topics   final year project topics )

1.5   SIGNIFICANCE OF THE STUDY: AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

The research project aim at critically looking into an assessment of contribution of commercial banks in the economic development of Nigeria with special reference to First Bank of Nigeria Plc. Nevertheless this study is significance in that it tries to analyze the assessment of commercial banking in relation to economic development. In addition this study will contribute to the existing literature and it will serve as a reference to any researcher or organization who may be conducting research in similar or related field in the future.

To the institution, it shall be something to be referred to in years to come therefore. It shall be placed in the institution meaning other students of the institution involved in research work can benefit from the work.

To the bank, particularly First Bank of Nigeria Plc, it will serve as an appraisal of their performance therefore they can make amendments where they are missing and serving as a means of encouragement where they are doing well.

Furthermore, the external users include prospective shareholders the government and the general public can use these project as a way of encouragement. To the shareholders, it can encourage them to invest especially if the bank is performing well. This is because they are sure that they will not run into loss at the end of the day or their investment in stock. To the government, it shall serve as a mirror to see the effect of directives in respect of bank lending and how it affects economic development of the country. And in addition to the government decision and policy it can use the bank as a means of channeling it’s capital project through the bank.

To the general public especially customers of the bank due to the sound track record, recorded by the bank in term of service delivery and the safe keeping of customer money and valuables, these study is sure of increasing the level of confidence to the bank customers.

1.6   SCOPE OF THE STUDY

The main thrust of this study is essentially in assessing the contributions of commercial bank to the economic development of Nigeria. The study based its reference to First bank of Nigeria Plc, shall concentrate mainly on the lending of commercial bank and how it affects the economic development of Nigeria.

1.7   LIMITATION OF THE STUDY

Besides time and resources constraint the researcher encountered some problems in the cause of gathering materials and analyzing data. The bank uses unwilling to release all the necessary data for the research work, probably for the fear of competitors. This passed a little problem for the researcher. Information that is vital to this study is considered secret and as such not released.     

The uncooperative attitude of some respondents which led to the non-return of some questionnaires was another setback to the researcher. The time given to the researcher to complete the research work was limited couple with daily lecture’s, the time allowed for this project is too short considering the academic activities all tied up with a short period of time.

1.8   HISTORICAL BACKGROUND OF CASE STUDY: AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGEIRA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)

First Bank of Nigeria Plc. For over a century has distinguished itself as a leading financial institution and a major contributor to the economic development and contribute to the advancement of Nigeria economy.

The bank was incorporated as a limited liability company on march31, 1894 with head office in liver pool by Sir Alfred Jones, a shipping merchant. It started business in the office of Elder Demporate. A company in Lagos under the corporate name of the bank for British West Africa. (B.B.W.A) with a paid capital of 12,000 pounds stealing established earlier in 1892. In its early years of operation the bank recorded an impressive growth and worked closely with the colonial masters in their governance performing the traditional functions of a central bank such as issue of specie in the West Africa coverage, a branch was opened in Accra, Ghana in 1896 and another in fret won, Sieraleone in 1898. This marked the genesis of the banks international banks in Nigeria. Was in the old Calabar in 1900 and two years late services were extended to Northern Nigeria.

The bank had at various times embarked on restructuring initiatives. In 1957, it changes its name from Bank of British West Africa to Bank of West Africa. In 1969, the bank was incorporated locally as the standard bank of Nigeria Limited in line with the Company Decree of 1968. Changes in the name of the Bank introduced a decentralized structure with five regional administrations.

To further enhance the Bank’s operational efficiency. This was reconfigured into sixteen area offices in 2003. In view of the foregoing, it was therefore a natural progression when in 2001, the Bank began in earnest gained momentum in 2003 and was launched on Tuesday, April 27, 2004 with the introduction of a new corporate identity. First Bank got listed on the Nigerian Stock Exchange (N.S.E) in March 1971 and has won several award like the 2008. Best bank, Nigerian Global Finance magazine, 2008. Best foreign exchange provider Nigeria, Global finance Magazine, 2008. Financial institution Award petroleum Technology Association of Nigeria, 2008 Best Bank in Manufacturing financing. Nigerian Bankers Award, 2008. Super brands Nigerian Award, 2008. Diamond Award 2008. Youth and Gender Network 2008. While in 2007 External Award includes quoted company of the year. Nigeria Stock Exchange 2007. Winner, 31st Annual President’s merit Award. Nigeria Stock Exchange 2007. Annual Reports and Accounts merit Award. Nigeria Stock Exchange 2007. In addition, the Nigerian Stock Exchange president’s merit award was won by the bank of event time for the best financial report in the banking sector.

 In line with the banks mission statement, remain true to our name by providing the best financial services possible “and its brand essence “dependably dynamic” the bank will consistently transform itself as it forges ahead in its second century of qualitative banking to the nation.

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper


    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)

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