Impact of pure water production on the economic development of Nigeria

 

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Chapter one- introduction

1.0 background to the study…………………………………….……………….2

1.2 statement of the research problem…………………………………………….2

1.3 objectives of the study………………………………………………………………………….3

1.4 research question…………………………………………………………….4

1.5statement of the research hypothesis………………………………………4

1.6 scope of the study…………………………………………………………..4

1.7 significance  of the study……………………………………………………5

1.8 limitation of the study……………………………………………..………….5

 

 

Chapter two  -literature review

2.1production techniques…………….………………..……….………………..6

2.2 packaged water production system…….………………….…….…………7

2.3 quality issues in packaged water production………….……………………7

2.4 procedures for packaged water production……………………………….….8

2.5 the nafdac mandate……………………………………………………….9

2.6 steps taken by nafdac in ensuring effective regulation & control of water production..11

 

 

 

Chatpter three-research methodology

3.0 introduction…………………………………………………………………….14

3.1 design of the study……………………………………..……….……………14

3.2 area of study……………………………………………..….………………..14

3.3 population of the study……………………………………….………………14

3.4 instrument for data collection………………………………………………..15

3.5 method of data collection ………………………………………………16

3.6 validation of the instrument …………………………………………….16

3.7 method of data analysis …………………………………………………16

3.8 decision rule………………………………………………………………18

 

 

 

Chapter four- presentation and analysis of data

4.0 introduction………………………………………………………………………19

4.1 bio data of respondents………………………………………..…………19

4.2 analysis of the research questions………………………………………24

 

 

 

Chapter-five-summary,conclusion and recommendarion

5.1 summary……………………………………………..………………………30

5.2 conclusion ………………………………………………………..………….31

5.3  recommendations…………………..…………………..……………………31

References……………………………………………………………………32

Appendices ……………………………………………………………………33

 

 

                                                           abstract

Almost every nook and cranny in nigeria is littered with sachet water nylon, popularly called “pure water”, as noted by edoga et al. (2008), about 70 percent of nigerian adults drink at least a sachet of pure water per day resulting in about 50 to 60 million used daily across the country. This has significant impact on the economy of nigeria. This study recommends that the pure water business should be allowed to thrive. This is because it provides employment for labour and profitable to the owners. The study further suggest that the pure water production should be encouraged in nigeria under a guided atmosphere such that non-registered pure water factories are not allowed to produce untreated water for human consumption, that the water source be subjected to periodic test by analysts and that pure water should be produced under hygienic condition that conforms with the standard required by the nafdac.

 

 

 

                                      Chapter one

                                      introduction

 

• Background to the study

Water has been identified to be very important to human existence because it is very necessary for survival.a reliable supply of clean wholesome water is crucial in an attempt to promote healthy living amongst the inhabitants of a well defined geographical region (mustapha and adam, 1999). In an attempt to proffer solution to water problem, it was estimated that 1.2 billion people around the world does not have access to clean safe water and about 2.5 billion people are not provided with adequate sanitation (third world water forum, 2003). Majority of the affected people that lack access to clean safe water and adequate sanitation are located in the developing countries because the standard industrialized global model for safe water delivery and sanitation technology is not affordable (gadgil and derby, 2003).

 

 

 

1.2 statement of the research problem

Narrowing down to nigeria, the supply or provision of public drinking water is not reliable (egwari and aboaba, 2002). As a result, this has adversely affected the good health of nigerians most especially during the dry season (adesunkanmi and ajao, 1986). In nigeria, ground water and pipe borne (tap) water are the major sources of drinking water. These sources are said to be unsafe sources of drinking water because findings indicated that ground water sources contain trace elements, dissolved solids and pathogens in excessive quantities that may be dangerous to the health of the people. Consequently, most of the investigations carried out on ground water samples from different parts of nigeria revealed that most of the available sources of water or water types are polluted or contaminated hence, were not fit for drinking purpose (ogunbanjo,2004 and tijani, 2003) cited in olaposi (2009) unpublished phd thesis. In addition, physical assessment of many public supplied pipe-borne water samples also testified to their poor quality.an example of locally developed alternative of safe water provision in nigeria is the drinking water sold in polythene sachets and plastic bottles. There are few studies on  the impact of pure water production on the economy of nigeria to employment creation, income generation and wealth creation, hence this study.

 

 

 

1.3 objectives of the study

The broad objective of this study is to assess the impact of pure water production on the nigeria economy with specific attention to nnewi north l.g.a of anambra state .

The specific objectives are to:

1. Analyse how pure water production has impacted positively on the nigeria economy
2. Assess the extent to which  pure water production has created income generation.

 

 

1.4 research questions

I.what are the impact of pure production on the economy of nigeria?.

Ii.has the production of pure water created income generation in nigeria?

 

 

1.5 statement of the research hypothesis

This study would be guided by the following hypothesis

1 ho.pure water production has not impact positively on the economy of nigeria.

Hi. Pure water production has impact positively on the economy of nigeria.

2 ho. Pure water production do not contribute towards economic development of nigeria.

Hi. Pure water production contribute towards economic development of nigeria

 

 

 

1.6 scope of the study

With the aim of examining the impact of pure water production on the economy of nigeria, pure water should be produced under hygienic condition that conforms with the standard required by agencies such as nafdac.

 

 

1.7 significance  of the study.

Most researchers in nigeria have not taken time to document the nature, production techniques and processes involved in pure water production as well as the impact of pure water production on the economy of nigeria, hence this study .the researcher examined the impact of pure  water production on the nigeria economy which include:provision of employment for labour,provision of clean and treated water among others.

 

 

1.8 limitation of the study

Some factors may limit the level of accuracy and reliability of this study. Factors include:

1. Difficulty in obtaining data
2. Low response rate from individual parties.

 

 

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Management of life assurance fund in nigeria insurance industry

(a case study of union assurance limited)

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Table of content

Chapter one

Introduction

Literature review

• Background of study ——————————–1
• Statement of problem ——————————-5
• Objective of the study ————————— —5
• Research questions ——————————- -6
• Research hypothesis ——————————–7
• Significant of the study —————————–7
• Scope and limitation of the study —————-8
• Definition of the terms —————————–9

 

 

 

Chapter two

Literature review

2.1   an overview —————————————– 12

 

2.2   historical development of the case of study —-14

2.3   history of life assurance program  ————- -16

2.4   meaning and purpose of fund ——————–17

2.5   management of insurance fund ——————21

2.6  model to guide life assurance fund—————-22

2.7   problem recounted red in investment of insurance fund—————————————————–24

2.8   prospect of adequate management ————— 26

 

 

 

Chapter three

Research methodology band design

3.1   an overview ——————————————-30

3.2   source of data —————————————-31

3.3   population of study———————————–33

3.4   sampling size determination ———————–34

3.5   questionnaire administration ———————-35

3.6   method of data analysis—————————–36

Chapter four

Data presentation analysis and discussion of findings

4.1   data presentation———————————38

4.2   testing of hypothesis——————————53

4.3   discuss of finding ——————————— 56

 

 

Chapter five

Summary of finding conclusion and recommendation

5.1   summary of finding———————————58

5.2   conclusions——————————————61

5.3   recommendation————————————64

5.4   suggestions for further studies——————–65

Bibliography ——————————————67

Appendix———————————————-69

Research questionnaires———————————-70

 

Abstract

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image. This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance enugu. A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected.

 

 

Questionnaire coupled with personal interview were the main research instrument. The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims. It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

Table of content

Chapter one

Introduction

• Background of the study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image.

 

 

However it will also have a drastic effect on the nigeria economy when it failed. In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of nigeria.

Moreover, management of life assurance fund in insurance industry related primarily to the way the industry management life assurance premium in order to achieve organizational goal and objective using available fund efficiently and effectively.

 

 

However in context to management, union assurance limited. Limited is an associate of union bank of nigeria plc. The company was registered as an insurer on november 18, 1993 and actually commence business in 1998. At the time, it was the first attempt by any bank top venture into universal banking. It therefore become the life assurance specialist’s underwriter with in the same period. Recently, union assurance is redefining those strong potential to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitor mare contracting due to uncertain economic conditions. (a new management driving change and excellence is  in place and venturing into new frontiers that were uncultivated. The changed in management has also brought to bear on the company’s operation innovation which are impacting passively on the work culture in union assurance) union assurance also has a robust investment portfolio cutting across assets in the equity, money bond and property marked totaling over n5 billion they also employs a conservative but dynamic investment strategy geared towards increasing the company income and profitability.

 

 

More so, in managing life assurance fund money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which include an instant increase in buying strength there by contributing towards economic development in nigeria. However, life assurance fund accumulate through payment made by the assured person called premium so that should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. The idea for assistance and association is not new to the nigeria society various town and clan union and social clubs have various ways of showing benevolence to their bereaved. It is customary for people to pay condolence visit and present a sympathy purse. Practices are similar to mutual life assurance.

In addition to this, there are also the long-term needs to create and sustain an enable environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.

 

 

 

1.2  state of problem         

Complex set of interrelated problem are identify as following:

1. Mismanagement
2. Inability to invest life assurance fund in varieties of security due to lack of experts.

• Ineffective investment management of life assurance fund which affect expectations of the insuring public and growth of the industry.

 

 

1.3  objective of the study

Having been exposed to the problem the research tends to achieve the following:

1. To described implication and suggest possible ways of managing life insurance fund.
2. To assess the factors that determines the area of investments of life assurance fund.
3. To ascertain whether life assurance fund are invested more on short- term investment than on long-term investment instrument or vice versa.
4. To promote investors confidence toward life assurance.

 

 

• Research question

1. What appropriate strategies can be put in place to ensure effective management of life assurance funds?
2. What factors determine the areas of investment of life assurance fund?
3. What form of investment is life assurance fund put into most (long term or short-term investments insurance)?
4. What are the trend expectation of the insuring public?

 

 

• Research hypothesis

The research work tends the following hypothesis listed below:

H_o:   management of life assurance has no positive effect on the economic growth and development of nigeria.

H₁:  management of life assurance fund has positive on the economic growth and development of nigeria.

 

 

• Significance of the study

It is aimed that study will help the insurance to plan organize and control life assurance fund in order to maintain proficiency and standard in insurance practice thereby investing life assurance fund in varieties of investment. In turn have adequate fund to settle claim which portray good insurance image and bring development in nigeria economy.

It will also aid the candidate or student having hnd in insurance to know the various areas where insurance can invest.

 

• The scope limitations of the study

This research work limit to one of the insurance companies in enugu, union assurance company of nigeria to be precise.

There are a lot of constraints in the gathering of information of the research work but the major constrain are following are to be precise.

1. Time: in report to the theoretical and practical work the time allowed the project was limited beside there was carried out with other academic assessments.
2. Financial: due to high rate of academic fees, i could not be able to carry out research with easy as i was planned.

 

 

 

• Definition of terms

1. Management: this is the act of running and controlling a business or similar organization so as achieve the organizational goal.

Ii.     Insurance: is a contract between two parties insured whereby the insured pay small amount of money called premium and the insurer promise to compensate the insured when the specified risk insured against occur.

Iii.    Life assurance: is a contract of insurance on party called the insurer agreed that subject to some term exception and condition and condition that he would pay some money on the dearth of life assured on the precious maturity of the policy

 

 

1. Fund: this is an amount of money that have been saved or made available for particular purpose.
2. Premium: is the monetary consideration paid by the insured for insurance covers ie the price of service rendered.
3. Investment: to put money effort time into some things to make a profit or get an advantage. It can buying of property or share in a company as to make profit out of it

• Management: to organize or control a business badly.
• liquidation: to cause a because to close, so that its assets can be also to pay its debts ie the process by which a company or part of a company is bought to an end, and the asset and property of a company redistributed these can also be seen as winding up of a firm by selling off its free (unpledged) assets to convert them into cash to pay the firm’s unsecured creditors.

1. Solvency margin: this is a minimum excess on an insurance assets over its liabilities set by regulator. It can be regard as similar to capital adequacy. It is also company ability to pay claim.
2. Policyholder: is a person or a corporation whop owns an insurance policy. It also the owner if an insurance policy: usually, but not always the insured.
3. Stakeholder: a person group or organization that has interest or concern in an organization ie person, group

• Organization member or system who affect or can be affected by an organizations.

 

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THE IMPACT OF PROMOTIONAL STRATEGY ON THE DEVELOPMENT OF INSURANCE IN NIGER

 

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ABSTRACT

 

The purpose at this research is concerned on the impact of the government policies in regulating the activities of insurance companies operating in Nigeria. The government responsibility to supervise, regulate and control the activities of insurance companies and intermediaries is to protect the interest of the insuring public and to save them from exploitation by unreliable insurers. Because of the intangible nature of insurance product, the government wants to make sure that those engaged in it must be competent person who will fulfil their promise a d pledges when the need arise. Also because of the complexity of insurance business it is necessary that the government regulate the policy holders. Also because of violation trust that occurs in insurance transistors, the government has found it necessary to regulate insurance industries so as to control such violations.

 

The project attempts to appraise the effectiveness of government policies in regulating the insurance companies in  Nigeria. The insurance industry in Nigeria has acute shortage of high level of manpower for most classes of insurance, also many Nigerians suffer financial loss due to lack of knowledge in insurance. Due to this problem, government should introduce programs regarding to insurance to the public as to highlight them on the benefit accrued to insurance due to constant financial loss they encounter as a result of lack of insurance knowledge.

 

TABLE OF CONTENTS

 

CHAPTER ONE

1.0       Introduction

1.1      Background of the study

1.2     Statement of the problem

1.3     Purpose of the study

1.4     Significance of the study

1.5     Scope of the study

1.6     Definition of the term

CHAPTER TWO

2.0     Literature review

• The origin of the insurance industry
• The development of modern insurance in Nigeria
• The insurance market and intermediaries
• The socio-economic significance of insurance
• Structure and performance of the insurance industry
• Government regulation of the insurance companies
• The impact of structural adjustment programs on insurance companies operation in Nigeria

CHAPTER THREE

• Research methodology

Introduction

3.1     Restatements of research question and hypothesis

3.2     Research design

3.3     Sources of data

3.4     Population of study

3.5     Sample size / Design and procedure

3.6     Data collection instrument / process

3.7     Data presentation and analysis on techniques

3.8     Limitation of the methodology

 

CHAPTER FOUR

4.0     Data Presentation and Analysis

4.1     Presentation and analysis of data

4.2     Hypothesis testing

4.3     Analysis of result

CHAPTER FIVE

5.0     Summary of finding, Recommendation and conclusion

5.1     Summary of findings

5.2     Recommendation

5.3     Suggestion for further research

5.4     Conclusion

References

Appendix

Questionnaires

 

 

CHAPTER ONE

 

• BACKGROUND OF THE STUDY

 

“Risk is a phenomenon which has been in existence since the beginning of the world. Risk exists whenever the future is unknown” (Lemon 1989: 17). This means that the word implies some element of doubt about future and the outcome may be worse than what it had been at the moment. This man in his daily operations could be viewed as a risk manager, in that man does his best possible to reduce, eliminate, avoid, retain or share risk where they are present.

Tough there were some forms of risk management before the advent of insurance companies in Nigeria such as the extended family system, age grade  association and others. insurance in its modern form was introduced into Nigeria by British.

In 1921, the Royal Exchange Assurance Company was established and it was the first insurance company to open full branch in Nigeria.  In 1949, three other companies emerged. In 1958, Africa insurance company. By 1965, the number of insurance companies rose to 70. in 1977, the Nigeria Re-insurance company was established as a federal government owned insurance company. Nigeria was however under the British colonial rule up to 1960 when she gained her political independence and as a developing country. From 1960 to date a lot of insurance companies came into operation. Insurance is a modern method of sharing loss or spreading risk lightly over a great number of people so that the few unfortunate ones o r persons who sustain or suffer loss do not heavy financial loss as a result of their misfortune to the community. the insured pay premium into a common pool outcome of which the unfortunate few who suffer loss are compensated.

The secondary function of insurance companies includes:

1. Provision of loans for building on the security of a life policy.
2. Encourage and promote commercial enterprise men and industrialist

The accumulated sum of money by insurer re invested to state approved securities and this helps to provide the state with a steady flow investment funds with which the state can provide development and promotions to the local industries which will be of benefit to the community.

Insurance is a contract whereby a person called the insurer or assurer agrees in consideration of money paid to him or her known as premium by another person called the insured or assured to indemnify him against loss resulting to him on the happening of certain events. However, it was known that risk exist whenever the future is unknown and therefore insurance exist primarily to combat the adverse effect of risk.

The purpose of insurance is to compensate or indemnify the victim for his financial loss. It should be noted here that the insurance neither eliminate the loss nor stops the disaster from  happening, what insurance does is to soften the blow in a purely financial sence by offering monetary compensation to the victim whereby placing him in the same financial position after loss as he was before though within the terms of the policy.

Re-insurance is the transfer of insurance business from one insurance company ot another. The original insurer who obtain the insurance contract form the insured or assured is called the direct insurer or the ceding company. Re-insurance arose from the need of the original insurer to spread the risk he has undertaken. Under re-insurance contract is between the ceding company policies. Therefore in the event of a loss, the insured cannot enforce the re-insurance contract.

However, the effect of re-insurance contract on the ceding company includes:

i         Re- insurance reduces the probability of the ceding

company’s ruin by assuming his catastrophe risk.

ii        Re- insurance stabilizes the ceding company’s balance sheet by taking on apart of his risk of random fluctuation risk of change and risk error.

iii       Re- insurance increases the amount of capital effectively available to the ceding company by freeing equity that was tied up to cover risk.

iv       Re-insurance enlarges the ceding company’s underwriting capacity by accepting a proportional share of risks and by providing part of the necessary reserves.

The insurance section is made up of a large number of companies with varying sizes, among which the NAICOM was established. The government uses this commission to regulate the insurance industry. The government uses this commission to regulate the insurance industry. It was established in 1997 by NAICOM decree N0 1 of 1997. Prior to the establishment of National insurance commission, the insurance business regulation and supervision were done by the insurance department of the ministry of finance.

The national insurance supervisory board (NISB) was established in 1991 to take over the supervision of insurance form the director of insurance. National insurance commission (NAICOM) is the head by the commission finance and administration and deputy director for insurance technical.

NAICOM Decree 1 of 1997 stated the functions of NAICOM as follows:

• To ensure eh effective administration, supervision regulation and control of insurance business in Nigeria.
• Establishment of standards of the conduct of insurance business in Nigeria.
• Approval of rate insurance premium to be paid of all classes of insurance business.
• Regulation of transactions between insurers and re- insurance in Nigeria and those outside Nigeria
• Ensuring adequate protection of strategic government assets and other properties.
• To act as adviser to the federal government on all insurance related matter.
• Approve standards, conditions and warranties applicable to all classes of insurance business.
• To protect insurance policy holders and beneficiaries and third parties to insurance contract.
• To publish for sale and distribution to he public, annual reports and statistics on the re- insurance industry.
• To liaise with and advise federal ministries, extra ministerial departments, statutory bodies and other government agencies on all matters relating to insurance contained in annual technical agreements to which Nigeria is signatory.
• To contribute to the educational program of the chartered institute of Nigeria and the West African insurance institute.
• To carry out such other activities connected or incidental to its other functions under the decrees.

 

1.2     STATEMENT OF THE PROBLEM

The insurance industry in Nigeria has acute shortage of high level manpower for most classes of insurance and re- insurance business. the Nigeria insurance industry does not enjoy the required public goodwill and reason for this has to do with the damage done to practice of the profession by the get rich entrepreneur who goes about the business of insurance with the little regard to the principle of the profession. As a result of this, the government has come up with so many policies aimed at the study though will save the insurance industry. The extent to which all those government policies affect insurance companies and provides solution to ensure  the survival of these insurance companies is another thing. The research therefore, is indicated to examine the impact of various control measures as promulgated by government to regulate the activities of the insurance industry.

 

1.3     PURPOSE OF THE STUDY

The purpose of this research is essential in a direct investigation on the impact of government policies on the insurance industry in Nigeria.

• To look into the factors hindering the performance of insurance companies through the various government regulatory policies.
• To determine the impact of those government policies on the insurance companies and the insuring public
• Since the insurance industry is the second largest deposit mobilization institution in the country, it therefore encourages saving which plays an important role in the social and economic well being of the country.
• To evaluate the performance of the industry therefore, is necessary for the growth of the economy.

1.4     SIGNIFICANCE OF THE STUDY

i         To enlighten the Nigerian populace about the benefit that they could drive by taken up insurance cover.

ii        To guide the policy makers when hey are enacting laws concerning insurance.

iii       Ascertain the need or otherwise for government intervention through regulatory body in the insurance industry.

 

1.5     SCOPE OF THE STUDY

i         To determine the impact of government policies in regulating the activities of the Nigerian insurance industry.

ii        The study therefore will concentrate on the Nigeria insurance industry.

1.6     DEFINITION OF THE TERM

i         INSURER / ASSURER: This is the insurance or assurance company that issue out policy to the policy holder.

ii        INSURED / ASSURED: This are policy holders in the insurance business.

iii       PERIL: This is known as a prime cause or what gives rise to the loss.

iv       PREMIUM: This is periodic consideration payment by the policy holder to the insurance company which will necessitate compensation by the insurer to the insured.

v        POLICY: This is a written contract of insurance which is issued to the policy holder.

vi       RE-INSURANCE: This is an insurance company re-insuring again a risk that had already been insured to another insurance company.

vii      CEDING COMPANY: This is the direct insurer or the original insurer who is re-insuring the risk to another insurer.

viii    UNDERWRITING: This is a process by which an insurance company determine weather or not on the basis it will accept an application for insurance.

 

 

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