CONTRIBUTION OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY
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CONTRIBUTION OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY
ABSTRACT
The contribution of financial institutions is not just for further development, but also for the growth of Nigeria’s economy. This is due to the commercial banks’ modest stance towards the public.
However, the purpose of this study is to determine the contribution of financial institutions to the Nigerian economy, as well as to assess their problems and opportunities in the Nigerian economy.
This study also focused on the extent to which commercial banks have implemented the usage of capital assets and understanding the effect and efficiency.
Furthermore, it focuses on the general operation of financial institutions in Nigeria, notably commercial banks.
INTRODUCTION TO CHAPTER ONE
1.1 A STATEMENT OF THE PROBLEMS
The study aims to discover the functions that commercial banks play in boosting Nigerian economic development through agriculture and commerce.
I’d like to learn more about how commercial banks contribute to the growth of the Nigerian economy.
1. To understand the conditions involved in obtaining loan facilities to boost economic development.
2. To understand how commercial banks contributed to the rise of entrepreneurial development in Nigeria.
3. Determine whether banks have sufficient credit facilities to support economic development.
4. To learn how far the commercial banks have enticed foreign investment into Nigeria.
5. To understand how commercial banks in Nigeria are increasing industrial productivity.
1.2 THE RATIONALE OF THE STUDY
The goal of establishing commercial banks was to encourage and foster rapid economic development through financial industries and trade.
Against this backdrop, the purpose of this study was to determine whether these commercial banks live up to the expectations that they had set.
1.3 SIGNIFICANCE OF THE STUDY’
The rationale behind establishing commercial banks in Nigeria was that they would help to accelerate the country’s economic growth and development.
This study is critical because, by examining the varied roles played by these commercial banks, any developing nation wanting to establish a financial institution will be able to make informed decisions in their efforts to accelerate economic growth and development.
1.4 DEFINITION OF TERMS
INVESTMENT: money poured into a firm or business by individuals or organisations in order to make a profit from a business activity.
FINANCIAL INSTITUTION: Refers to banks and non-banking institutions in charge of short and medium-term loans.
ECONOMIC DEVELOPMENT: This is a type of spontaneous charge in economic activities that leads to an increase in a state’s national income.
COMMERCIAL BANKS: These are financial institutions that offer their services to the public by accepting deposits, making advances, and providing other services.
FOREIGN INVESTMENT: It refers to the acquisition of assets of a corporation in another country by institutions or people in one country.
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