EMPLOYEE PERFORMANCE APPRAISAL AS A STRATEGY TO MANAGEMENT

 

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ABSTRACT 

This research work discussed the management function, which is used in achieving desired results through efficiency utilization of human and material resources.

It is intended to be problem solved and revealing the management and subordinates as well.

I have organized this work in chapters to enable full discussion in each area  selected. This first chapter deals with the introduction general background to the subject matter, problem associated with the subject matter, problems that the study will be concerned with, the importance of studying the  area, definitions of important terms and references. This chapter reveals the reasons of the research work to enable the reader to know the area of coverage.

The second chapter is concerned with the literature review, the origin of the subject area, school of thought within the subject area, the school of thought relevant to the problem of study, difference methods of studying the problems, summary and references. This chapter tells us the meaning of the word we are dealing with, how it was seen by some management theorists, reasons for performance appraisals in organization.

The final chapter, which is chapter, three reveals the conclusions, data presentation (highlights of the study) analysis of the data, recommendation, conclusion and references of their research work. This chapter is very vital because it explains the result of the research work and give suggestions on what should be done and what should not be done depending on the finds of the researcher

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

 

CHAPTER ONE

1.0      Introduction

1.1            General background to the subject matter

1.2            Problems associated with the subject matter

1.3            Problems that the study will be concerned  with

1.4            The importance of studying the area

1.5            Definition of important terms

1.6            Reference

 

CHAPTER TWO

2.0      Literature review

2.1            The Origin of The Subject Area

2.2                          Schools of Thought Within The Subject Area

2.3                          The School of Thought Relevant to the Problem of Study.

2.4                          Different methods of studying the problem

2.5                          Summary

2.6                          Reference

 

CHAPTER THREE

3.0      Conclusion

3.1                          Data presentation (highlights of the study)

3.2                          Analysis of the data

3.3                          Recommendation

3.4                          Conclusion

3.5                          Reference

 

 

CHAPTER ONE

 

1.0            INTRODUCTION

It is of immense importance is any firm or organization to put the employees’ welfare first because no organization can exist on theories except if human beings carry out those theories and apply them to practical things. When a worker is employed in an organization, a guide, a rule and regulation are given to him or her to make sure that he effort and performance is directed towards  one channel, which is objectives of the organization.

As well management expects high performance and corporation from the employee who is given incentives by given remuneration but when the things expected by both management and employee is not far fetched then there exists a phenomena, which raises the eye brow of the management to ask what is a miss.

This research work deals with such phenomena, which  such phenomena, which is “Employee performance appraisal as a strategies to management”.

 

1.1                                    GENERAL BACKGROUND TO THE SUBJECT MATTER

The first and only indigenous network provider in Nigeria called NITEL was originally known as post & telegraph communication. It was established during the coloninai era.

The Nigeria Telecommunications Limited (NITEL) is a federal Government owned company that provides public telecommunications services in  Nigeria it started operations as a company in 1985 as an amalgam of the telecommunications Division of the default P & T Department and the Nigeria  External Telecommunications limited (NIT) and now has staff strength of about 11,000.

In 1992, NITEL was commercialized following a tripartite agreement between it, the government and the Technical Committee on Privatization & Commercialization (TCPC). In the same year, NITEL pioneered the mobile telecommunications services in Nigeria, which was later excised from the company to form M-Tel in 1996. M-Tel was however reemerged resulting conglomerate was constituted into three directorates which all  reported to the corporate headquarters. The directorates were for long Distance communications, Domestic  Communications.

M-Tel was again excised from NITEL in April 2003. As a result of   the excision, M-Tel became legally, administratively, operationally and financially autonomous but it remained fully owned by and as  a full subsidiary of NITEL. The company operates a six zonal structure, the zones are:

(a)              Lagos zone with headquarters in Lagos

(b)             North West Zone with headquarters in Kaduna

(c)              North East zone with headquarters in Bauchi

(d)             South East zone with headquarters in Enugu

(e)              South West zone with headquarter in Ibadan

(f)               Central zone with headquarters  in Abuja

Each state of the Federation and the Federal capital represents a territory. Lagos  is however structured into their territories because of the volume of business in the city.

Fully commercialization policy of the federal government, NITEL Limited, more than ever, is committed to the provision of efficient, reliable and cost effective telecommunication services nationally and internationally. This set of objectives has remained the guiding principles which the company’s operations are based.

NITEL has about 800,000 telephone lines and about 13000 telex lines in the network with the introduction of digital system into the network  from 1990 and the commencement of GSM operations by M-Tel its subsidiary, the total installed capacity of telephone lines is expected to reach three million next year. About 450,000 lines, while 80% of transmissions digital.

In April 2003 the management of NITEL was contracted to messers pentascope. International following another tripartie agreement between the Bureau of Public Enterprises (on behalf of the National Government). NITEL and pentascope international. This contract is for a period of three years  during which pentascope international will positively turn around the operational, technical, financial and administrative fortunes of NITEL for the betterment of the company’s customer’s shareholders and stakeholders.

In the last quarter of 003, a comprehensive business plan was approved for NITEL. The programme is a blue print too turns the company around. Components of this programme are already being implemented. Some of these are a new organogam for the company investment in various projects that would on completion, earn significant revenues for the company and an intra-industry policy of cooperation, mutual understanding and national cohesion.

NITEL limited has continued to live up to the expectations of the Federal Government by improving on its achievements in the efficient management of its operations and network. The company has consolidated its corporate existence and is firmly on path to providing adequate effective, modern and viable telecommunications services for t he nation development.

This motivation which is one of the functions of management is directed at stimulating workers and therefore, the personnel management department of any organization does appraisal to verify the extent to which they have stimulated workers or employees in an organization toward achieving the organizational main objective.

According to Abraham Mashow and Douglas McGregor who are known for motivational theories said that an employee comes to work to get both the intrinsic rewards such as recognition esteem and self-fulfillment and also the extrinsic  rewards like promotion, improved condition of service and an adequate emuneration. It may seem realistic to say that only pay increase motivates subordinates but it is a blatant lie.

We want to use this study to explore the employees motivational strategies in NITEL Limited and then know what the employees in this company want from their jobs and how best their expectations can be met with a view to motivating them to a higher performance which leads to higher productivity.

 

1.2                                    PROBLEMS ASSOCIATED WITH THE SUBJECT MATTER

There is a question that always strikes ones mind whenever motivation is mentioned. That question is why is it that the self employed Nigerian is always highly motivated to produce more while the public sector employees are not usually responsive to the motivation giving to them.

It is also observed that private company employees performances are very high compared to that of public company employees. All these question and observation revolves around the phenomenon of motivation.

The problem above creates greater economic depress in Nigeria economy and NITEL Ltd. In particular but after this research work remedy will be made.

In answering the question above, some psychologist and some social scientist postulated various theories on motivation, which includes Abram Maslow’s theory of motivation, the popular theory of Herzberg. “motivation Hygiene factors”. Theory  x  and  Y.

It is a pity that many Nigerian managers and employees of labour are not aware  of this important factor called motivation and its effects on employees.

 

1.3     PROBLEMS THAT THE STUDY WILL BE CONCERNED WITH

The problem employees’ performance Appraisal encounter in an organization affects its productivity. Over the years business organizations has tried a lot to eradicate this problems that some times engulf managerial progress in Business organizations and NITEL Ltd. In particulars. These problems are:

1. Favourtism
2. Nigerian quota system
3. Financial worries
4. Domestics problem
5. Ignorance of the effect of ones effort to the achievement of organizational goals

This problem also attaches itself with research question and will use the same opportunities to discuss research questions.

 

RESEARCH QUESTIONS:

1. Why is employees’ performance appraisal needed in an organization?
2. What impact can it create in progress of an organization?
3. Does employee performance appraisal have any theoretical backup and background?
4. Can we be really done without Employees Performance Appraisal?

On the reason why employee performance Appraisal is needed in an organization, both charitable and non-profit organization has failure because of inadequate employees Performance Appraisal. Employees’ Performance Appraisal is needed in an organization to either motivate workers or remind them. NITEL Ltd. Appraisal its staff yearly, after the exercise hard working staff will be promoted and some incentive will be give to them

1.4        THE IMPORTANCE OF STUDING THE AREA

EMPLOYEE WELFARE PROGRAMME IN NIGERIA

 

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ABSTRACT

          In this study an attempt was to determine the Employees welfare in Nitel Limited. In chapter one of this project, it was the introduction which contains the background of the study here in Nigeria.  In chapter two, the literature review, where I discussed the meaning and nature of Employees welfare.   The origin of the subject area, the school of though relevant to the problem of study and different method of studying the problem.

In chapter three of the project I discussed the topic in data presentation, data analysis, recommendation and finally conclusion, some of the reasons for accepting employees development and motivation.

 

 

 

 

TABLE OF CONTENTS

 

Title Page

Approval Page

Dedication

Acknowledgment

Abstract

Table of Contents

 

CHAPTER ONE: INTRODUCTION

1.1             Background of the Study

1.2             Statement of the Problem

1.3             Objective of the Study

1.4             Significance

1.5             Scope of the Study

1.6             Reference.

 

CHAPTER TWO:         LITERATURE REVIEW

2.1             Origin of the Subject Matter

2.2             School of Thought Within the Subject Matter

2.3             School of Thought Relevant to the Problem

2.4             Different Method of Studying the Problem

2.5             Definition

2.6             Reference.

 

CHAPTER THREE

3.1             Conclusion

3.2             Data Presentation

3.3             Recommendation

3.4             Conclusion

3.5             Reference.

 

 

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND ON THE SUBJECT MATTER-NITEL

The Nigeria Telecommunication Limited (NITEL) come into existence in January 1985 as a result of the merger between the former Nigeria External Telecommunication limited (NET) and the Telecommunication, sector of the former Post Telecommunication Department (P&T), by the Federal Government.   The reason for the merger as advised by the government were the compatibility of service equipment and the streamlining of activates in both NET & P & T it was envisaged that NITEL will definitely create harmonization and complimentarily of services which up till the merger, were handled by NET (External and P & T (international).

Unlike most government parastatals, NITEL was created to render its service at a profit.   The company is not only self-financing but serves as a source of revenue per government.   It would be recalled that with NET & P & T, the parent bodies, were solely owned by the federal government hence NITEL could be described as the “Bain child” of government.   The main objective of the company is other provision of telecommunication services both internally and internally through in a combination of communication satellites, submarine cable of microwave links and the high frequency radio network.   The telecommunication services provided by NITEL include the following (both internal and external)

1)                 Telephone Service

2)                 Telex service

3)                 Telegram service

4)                 Press recreation

5)                 Presses international direct delivery service (100)

6)                 Voice cast

7)                 Zeased Grant

8)                 Photo telegrams

9)                 Ship shore service

10)            Television courage the satellite.

11)            High frequency radio service.

The above service are being rendered to the public by NITEL at us head offices in Lagos and at its branches all across the nation on a 24 hours daily basic.

The important of the above service cannot be overstated in the development of our country’s economy.   It is a know fact that communication is and essential and vital means of efficiency one not only desirable but inevitable if the nation must achieve of economic objective and maintains its proper place in the comity of nations.

NITEL in its strive of producing improved and efficient telecommunication service in segmented into five zones of operations, with the national headquarters in Lagos.   The zones are:

1)                 Lagos

2)                 South West

3)                 South East

4)                 North West

5)                 North East

The zones are further divided into 23 territories, all across the 21 states of the federations including the Federal Capital Territory Abuja.

The company is structured into a division for proper and effective administration.   Each division is headed by a direction or general manager, as the case may be.   There are two deputy managing director who co-ordinate the division together for achieving the company’s objectives, the company as a whole is being headed by a managing director.   At the top of the organization hierarchy, the company has a beard of director comprising the chairman, the managing director, the two deputy managing directors and heads of division and zones, as well as the company secretary I Lager Adviser.   The organization is really a complex one and was a designed to case the achievement of the company objectives.

In the area of administration the company had formulated many new polities.   One of such polities includes the recently revised fringes benefit schemes.

 

1.2     STATEMENT OF PROBLEM

Problem of administration of employee welfare Administration of employee welfare programme are fraught with complex problem’s some of these problems device from the installation of the welfare programmes, other purely from inherent bureaucratic procedures.

A few of these problems are:

1)                 Accounting problem.

2)                 Telex service

3)                 Telegram service

4)                 Press recreation

5)                 Press international direct service (100)

6)                 Voice cast

7)                 Leased telegrams

8)                 Photo telegrams

9)                 Ship shore service

10)            Television coverage via satellite

11)            High frequency video service

The above service are being rendered to the public by NITEL at its head office in Lagos and its branches all across the nation on a 24 hours daily basic.

The importance of the above service cannot be overstated in the development of our company’s economy.   It is a known fact communication in an essential and vital means of development in terms of peace and war.   Its effectiveness and efficiency are not only disabling, but inevitable of the nation must achieve its economic objective and materials its proper place in the country of nations.

NITEL in its strike of providing improved and efficient telecommunication services is segmented into five lines of operations with the national headquarters in Lagos.  The lines are:

6)                 Lagos

7)                 South West

8)                 South East

9)                 North West

10)            North East

 

1.3     OBJECTIVE OF THE STUDY

1.       Accounting problem:

The curse of accounting problem facing managers is the fact that very few companies maintain a break-down of the costs of these fringe benefits to reflect.

a)                 Cost per employee per year

b)                Percentage of payroll made up of fringe benefit costs.

c)                 Cost per employee per hour-actual productive hour worked.

In companies where any regular fringe account at all is attempt, it is likely to be a terms of total (naira) cost of fringe benefits and total schedule hours to work.

2.       Eligibility Problem:

The issue of those who are eligible for fringe benefits; has a profound effect on the cost of the programmes.   The more liberal the eligibility rules the higher the cost.   For example, some companies do not allow their new employees to enjoy certain benefits until their precautionary period is over.   Sometimes, some companies do restrict the eligibility of employees for a particular benefit plant a specified categories or levels of employees.

3.       Employee financing:

Should employee make any contribution to the expense of the firm’s benefits programmes? Most union and employees are strongly opposed to “contributory” programmes.   Since many employees feel that they have earned the benefits that they are being grated, they cannot understand why they should pay part of the cost any more from their own wages.

4.       Financial Problem:

Many companies introduce some benefits plan when it is financially sound and tend to run into trouble when they can no longer support the plan financially.

Management must therefore realize that when it introduces a benefit plan it premises some part of the firm’s economic resources.   Even where there are no legal obligation to do so, employee often feel that management has made a moral commitment to continue the programme, the management should face the problem of having to make through, realistic evaluation of its cost, both short-term and long-term.   But the management finds itself incapable of continuing a programme; it would bring the company’s plight before the union so that renegotiations would take place for trading of the programme.

5.       Other Problems:

There are so many other problems such as difficulty in making accurate predictions of the cost of benefit programmes, as they have the tendency to grow more expensive over time; freezing the mobility of labour among rank and file workers; change in the national economy etc.

1.4     SIGNIFICANCE OF THE STUDY

ANALYSIS OF FACTORS RESPONSIBLE FOR LOW PRODUCTIVITY OF NIGERIA WORKERS IN THE PRIVATE SECTOR

 

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CHAPTER ONE

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 /Limitations of the Study

1.6     Research Questions

References

 

CHAPTER TWO

2.0     LITERATURE REVIEW

2.1     Meaning and Nature of Productivity

2.2     Origin of Low Productivity in Nigeria

2.3     Review of Related Literature

 

CHAPTER THREE

3.0     Research Design and Methodology

3.1     Research Design

3.2     Area of the Study

3.3     Population of the Study

3.4     Sample and Sampling Technique

3.5     Validation /Reliability of Instrument

3.6     Method of Collection

References

 

 

CHAPTER FOUR

4.0     Presentation and Analysis of Data

4.1     Presentation of Data

4.2     Interpretation of Data

References

 

CHAPTER FIVE

5.0     Discussion of Results and Findings

5.1     Findings

5.2     Conclusions

5.3     Implications of the Findings/ Recommendation

References

Bibliography

 

 

 

ABSTRACT

          The research on the factors responsible for low-productivity of Nigeria workers in the private sector with particular reference to Nigeria Breweries 9^th mile corners NgwoEnuguState was intended to determine how to increase productivity in Nigerian economy. In conducting the research reference was made to related literature.

Questionnaires were also used for collection of data for the study. Other forms of data collection were also used e.g. personal observation and consultation of textbooks. It was not all that easy, so there were some limitations which in one way or the other affected the findings of the research.

Tables were used to present, analyze and interpret the data. At the end, findings based on the data and other consultations revealed that, factors like breakdown of machine and equipment, poor management, high rate of labour turnover and lack of production goal cause low productivity .

Recommendations and conclusions were made based on the findings in order to help solve this problem of low-productivity in Nigeria workers.

 

CHAPTER ONE

 

INTRODUCTION

 

1.1 BACKGROUND OF THE STUDY

The issue of low productivity of Nigeria workers has in recent years been a matter of grate concern to the nation. The rate at which productivity grows is influenced by two things: –

(i)      The rate of society’s demand and the rate of inflation.

Increased productivity is very vital for the health of the country because it will help to improve the conditions of the environment, enhance security and improve the standard and quality of life of the citizens. This is why David Ricada in his study of population said that food needs to grow at a geometrical rate in order to meet the demand of the growing population. This emphasizes the need for increased productivity.

Yesufu T.M. (1962) was of the view that productivity can be defined as the ratio between output and all the resources used in production i.e. capital, labour, raw materials etc. the most efficient use of all available resources. With these definitions; One may ask why is the Nigeria worker inherently characterized by low-productivity in spite of all government’s efforts to improve the economy and the ever increasing need for improved productivity? The answer to this disturbing question is vital and will be answered and discussed in this study.

Increasing productivity is a way of increasing the ability of people to do what they want, to do as well as achieving a higher standard of living for all suffering from low income and in boosting the prosperity of the overall Nigeria economy.

 

1.2     STATEMENT OF PROBLEM

          Nigerians have so much complained about a low productivity of Nigerian workers. Even workers themselves have also been worried about their own level of productivity. Some of them believe if one’s output is high, it will motivate one much towards working harder and thereby increasing productivity, as high output makes one to be satisfied.

Nigerians cannot withstand the competition in the world market; this is also attributed to low- productivity especially in the industries in the private sectors. This is because; most of the product used in Nigeria is manufactured by them. In other countries their level of technology is high so their productivity is usually high and as such they do well in international market.

It can now be seen that low-productivity is a general issue in Nigeria and also a big problem in Nigeria and it adversely affects the economy. Nigerians are faced with several hardships in the country. Low-productivity of our industries is one of the notable causes of this.  It makes cost of many products to be high as many people want to buy the few available products.

This study will therefore find out the factors responsible for this low-productivity in the private sector of the Nigerian economy using NBL 9^th Mile as the case study.

 

1.3     PURPOSE OF THE STUDY

          The depressing economic situation of things in our country led to the carrying out of this research as the bad economy can be attributable to low-productivity in our industries.

The purpose of this study is therefore to find out those factors which are responsible for low-productivity in Nigeria workers especially in the private sector; from the findings the writer will recommend possible solutions. This will help our workers in the industries to increase their performance and thus help to improve the standard of living and the general economy of Nigeria.

 

1.4     SCOPE OF THE STUDY

The scope of shall cover only Nigeria Breweries Plc 9^th mile corner Ngwo. The study is concerned with factors responsible for low-productivity in Nigeria workers in the private sectors. Measurement of productivity in the business enterprises is relatively quite simple because of the existence of clear – cut relationship between inputs and out-put.

On the basis of the above, this research did not give much consideration to the problems relating to productivity is not easily quantifiable.

 

1.5     RESEARCH QUESTIONS

          The following research questions have been designed to guide this study: –

1. What are the factors responsible for low productivity in Nigeria workers in the private sector?
2. Is the level of productivity of industries in the private sector important to the Nigerian economy?
3. What are the influences of low-productivity in Nigeria workers on Nigerian economy?

 

 

CHAPTER ONE

 

1.1      INTRODUCTION

Privatization means the sales of public enterprises to private hands through the sale of share. The privatization programme in Nigeria is mean to benefit almost all Nigerians. While, Commercialization is the selling of share of some of the government to make them operate as profit making venture. It is the re-organization of enterprises in such a way that they shall operate as profit making commercial ventures and without subvention from the federal government. Commercialization can come in two forms;

 

v Public enterprises are expected to operate profitably on commercial basis and to be able to raises fund from the capital market without government guarantee.

v Public enterprises which may be considered by the government for capital grant to finance their capital intensive project.

 

1.2      HISTORICAL BACKGROUND OF THE STUDY

Privatization and commercialization was first hinted by the Shagari Government of Second Republic followed by Buhari’s Regime, but was only given priority in 1986 speech when the then president Babangida said that parastatals have constitute an unnecessary high burden on government resources. As from 1986 the volume of non-statutory transfer to all economic and Quasi-economic parastatals constitute not more than 50% of their present levels”

 

In essence, president Babangida Had went further to expressed out the position of government in relation or with respects to the public enterprises with regard to their performance, and criticized them as follows;

v Been inefficient in their operations.

v They are avenue for corruptions.

v Financial burden on government

v They are not making return in respect to investment made on them.

 

Other views are that government involvement in enterprises is the failure in economic development and that business is not a venture for government.

 

1.3      STATEMENT OF PROBLEM

As the country developed and the economy expanded many public enterprises in the country find it difficult to render effective service. A number of problems were responsible for the ineffective performance of these corporations and enterprises. They include;

v In appropriate capitalization from inception.

v Improper definition of roles and objective for setting them up.

v Total government ownership which did not encourage profit orientation operations.

v Influence of political environment.

v Poor funding conditions of service and work environment

v Poor organization structure.

v Poor attitude to work on the part of workers of the corporation who believed that government would always provided subvention for the payment of their salaries and wages.

v Unnecessary interference in the management of the corporation by the supervising agencies of the government.

v The partial failure of the antagonization Degree.

v The windily foreign earning from export of petroleum which had become the main stay of the economy by the end of the 1970’s

v The heavy linkage of natural expenditure and product to imports resulting in heavy foreign debt burden from the early 1980’s and the poor performance of public enterprises and corporations, all combined to create rapid and serious down ward trend in the Nigerian economy.Hence, in 1988, decree 25 was promulgated to recognize such enterprises. Thus, government corporations were commercialized. Now a second phase of the programme was inaugurated by the present administration taking a new step. The focus of the paper the examination of the success or other wise of the programme on public enterprises in Nigeria.

 

AN EVALUATION OF MONETARY POLICIES IN NIGERIA

(A CASE STUDY OF CBN). 

 

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TABLE OF CONTENT

CHAPTER ONE

1.0    Introduction

1.1        Historical background of study

1.2        Statement of problems

1.3        Objective of study

1.4        Hypothesis

1.5        Research Questions

1.6        Limitation of the study

1.7        Definition of terms

 

CHAPTER TWO- Literature review

2.0    Introduction

2.1    The Concept of Monetary Policy

2.2    Institutional arrangement for formulation and implementation of Open Market operation

2.3    Technical and Operational Modalities

CHAPTER THREE – Research Methodology

3.0        Introduction

3.1        Research Methods

3.2        Interview

3.3        Existing Document

3.4        Documentary Method

3.5        Validity of the Method Adopted

 

CHAPTER FOUR – Presentation and Data Analysis

4.0        Introduction

4.1        Presentation and Data Analysis

4.2    performance result and finding

 

CHAPTER FIVE – Summary, Conclusion and Recommendations

5.0        Summary

5.1        Conclusion

5.2        Recommendations

Bibliography

Appendix I

Appendix II

 

 

CHAPTER ONE

1.0        INTRODUCTION

Monetary policy deals with the discretionary control of money supply by the monetary authorities in order to achieve the desired economic goals. It cold be seen that money policy comprises of those government actions which are designed in attempt to change the influence the behaviour of the monetary sector of an economy. However, there are two views on the efficiency or monetary policy, monetarist and Keynesian view. The Keynesian view is that monetary policy should be direct towards interest rates rather than money supply and that the monetary policy should be subsidiary to fiscal policy. The monetarist recommends that the control of money supply should be the main concern of the money authorities. But it should be noted that money policy has a central role in macro economic management primarily because of the close relationship between the monetary aggregate and economic activity.

 

This is true irrespective of whether one is considering the monetarist or Keynesian framework. Although it may be desirable to introduce some monetary instruments the environment for their effective application may not be suitable. This fact should be borne in minds as we considered the application of various instrument of controlling money supply in the Nigerian economy. The Nigeria monetary system is part of the wider financial sector and its major operators are the monetary authorities, the banks merchant and commercial banks) as we as discount houses recently permitted to operate within the system.

 

The monetary authorities design and implement monetary policy and consist of the presidency, apex bank and federal ministry consist of these, the apex bank is the agency which is primarily responsible for designing monetary policy proposal for presidential approval and ensuring implementation of the monetary policy measures accepted by the federal government.

 

These goals of monetary policy remain the same irrespective of the package of instruments in use. The monetary policy attempts at maintain a balance as possible between the supply and demand for the monetary assets of the economy in order to achieve adequate economic growth. This broad purpose may be transmitted or rather translated into several specific objectives such as price stability, high level of employment or an acceptance  growth rate of the real gross domestic product (GDP), as well as balance of payment equilibrium.

 

Monetary management could take the form of direct or indirect control instruments comprising of interest rate registration, credit ceilings and sectorial allocation of credit. An indirect control instrument is mostly adopted by market based economy.  It has the advantage of the relationship between money supply and the monetary base and the ability of the monetary authorities to induce appropriate change in the monetary base. Banks reserves constitute an important component of the monetary base usually targeted by the monetary authorities to control the money supply in the Nigerian economic through the manipulation of the discount rate and reverse ratio. In Nigeria, the application of credit ceilings was designed to ensure that domestic credit expansion and the monetary implications of the balances of payment targets the expected increase in total demand for liquidity in the economy. But Nigerian have decided to move away from indirect and direct monetary instruments under credit ceiling for instance, the apex bank found it increasingly difficult to achieve the stated monetary targets. The techniques of indirect monetary control basically involves the control of the money stock through the manipulation of the sources of the monetary base by the application Open Market Operation (OMO), reserve requirement and rate.

 

OMO is conducted mainly in the secondary market for government securities through the buying and selling of government securities, the apex bank directly changes the level of the bank reserves and indirectly induces changes in the level of interest rates, terms and availability of credit and ultimately the money supply.

 

1.1    HISTORICAL BACKGROUND OF THE STUDY

the adoption of a market-base framework such as Open Market Operation in an economy that had been under direct control for long required substantial improvement in the macro-economic stability, effort were directed to the management of excess liquidity. Thus a number of measures were introduced to reduced liquidity in the system. These includes the reduction in the maximum ceiling on credit growth allowed for banks; the recall to Central Bank of Nigerian (CBN) from banks of the special deposits as requirements against outstanding external payment arrears; abolition of the use of foreign guarantees or currency deposits as collateral for naira loans and the withdrawal of public sector deposits fro banks to the CBN. The use of stabilization securities for purpose of reducing the bulging size of excess liquidity in banks was introduced in August, 1990.

 

Commercial banks cash reserve requirement were increased in 1989, 1990 and 1992; the rising level of fiscal deficits was identified as a major source of macro economic but also to synchronize fiscal and monetary policies. In the legal aspect, the federal government promulgated the CBN decree (BOFID) No. 1969, the CBN decree enhanced the banks powers and discretion in the design and conduct of monetary policy, while the BOFID addressed the problem of policy leakages in the monetary management by bringing the non-bank financial intermediaries, which hitherto, were entirely outside the control of the CBN under the control and supervision of the bank.

 

The decree streamline and simplified procedures for licensing bank and established procedures for licensing and controlling of other financial institutions including discount houses and financial companies. Three discount houses have been fully licensed to undertake secondary market dealership in treasury security. By way of inducing efficiency and encouraging a good measure of flexibility in banks, credit operations, the regulatory environment was also improved. Consequently, the sectors specific credit distribution targets were compressed into four (4) sectors in 1986 and to only two (2) in 1987. The commercial and merchant banks were subjected to equal treatment since their operations were found to produce similar effect on the monetary process. Hence, merchant banks, hitherto excluded from cash reserve requirement, were subjected to the same cash ration with commercial banks. Also liquidity ration of merchant banks was raised to the level applicable to commercial banks. In August 1987, all controls n interest rates were removed. However, in 1991, bank maximum lending rates were pegged at 21% while a minimum of 13.5% was stipulated for saving deposits. From 1992 the markets was feed of interest rate controls. However, controls measures were re-introduced in 1994 and later deregulated in 1997.

In recognition of the fact that well capitalized banks would strengthen the banking system for effective monetary management, the monetary authority increase the minimum paid capital of commercial bank and merchant banks in February 1990 from N40 million and N50 million and from N12 million to N20 million respectively. This was later increased to N500 million  for both banks in 1997. Also in 1990, the apex bank brought into force the risk weighted measure of capital adequacy recommended by the BALSE committee of the bank for international settlements for licensed banks, which were complementary to both the prudential guidelines for licensed banks, which were complementary to both the capital adequacy requirements and Statement of Accounting Standard (SAS). The prudential guidelines among others, spelt out the criteria to be employed by banks for classifying non-performance loans. The CBN and NDIC continue to monitor and examine banks in order to promote stable banking system.

 

In an effort to improve the operation of the money market an auction – based market for treasury securities was introduced in 1989 and these treasury instruments were made bearer bills so as to enhance transferability and promote secondary trading. The importance of timely data for the success of indirect monetary management, especially through OMO was realized by the CBN such that efforts have been made to improve the quality and timeliness of financial data. To this end, remarkable progress have been made in the computerization effort to the CBN and banks thereby creating a more conducive atmosphere for quick processing of relevant data. From 30^th June 1993, the CBN commenced OMO in treasury securities with banks through discount houses. The OMO is coordinated with discount window and reserve requirement policies to ensure the attainment of the monetary policy objectives and targets. In particular OMO has been conducted every week monitoring the growth in the monetary base, which consists of currency in the hands of the non-bank public total bank reserves.

 

OMO is based on the discretionary of CBN to buy and sell eligible securities in the money market from the private sector, depending on the objectives of the policy. Thus, if there is need to reduce bank credit and hence money stock in an inflationary economy, the appropriate response of CBN is to sell traded securities, hoping that the private sector (bank and non bank public) would purchase them. When purchases are made by bank on behalf of their customers, the banking system, money stock is still constrained through reduction in the system’s reserve and hence ability to expand credit. However, if the purchase security off the private is financed through currency outside the banking system, the constraining effect on money supply is direct. When the stance of the policy is monetary ease, the apex bank reserves it strategy of the banking system is expanded. This enable the bank expand credit which influence money stock, where funds sis realize from the sale of securities by non – bank public are kept outside the banking system, OMO expand money supply directly. Though, the effect of OMO is more flexible and better suited for ay to day adjustment of the reserves in the desired direction.

 

The type of securities used for OMO varies from country to county but generally they consists of both government and non-governments with issues ranging from very short to long term maturities. The essentials is that the securities trade should be those which the CBN can use easily to influence the level of reserves, credit and money and money stock thereby inducing favourably changes in order relevant variables for economic growth. Depending on the sophistication of the financial market the operation vary from outright sales and purchases to temporary trading securities. Temporary trading could be reports in which case securities are sold with an agreement to purchase in future before maturity; or reverse response in which securities are purchased with an agreement to resell later before maturity. Other techniques of OMO include forward sales sand purchase as well as swaps.

 

Recruitment of participations of OMO depends largely on the structure of the financial system. Where there are discount houses, it is common for the apex bank to channel transaction primary through discount houses, in their absence the CBN relies on the selected from the foregoing that the main purpose of OMO is to influences banks liquidity with a view of influencing monetary growth. However, the expansion or contraction in money stock is not desired for its own sake but rather to achieve monetary growth, that is consistent with short term to long term objectives of the economy especially with regards to exchange rates, interest rate, investment and low or non-inflationary growth in goods and services.

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1.2    STATEMENT OF GENERAL PROBLEM

The fundamental problem of any government is it economic or otherwise its implementation. a number of government monetary policy instrument have been designed and applied in Nigeria in the hope of achieving the desired result of stable price level, low level of unemployment, efficient banking system etc. but the application of direct monetary instrument have not bring forth the desired objectives stated above hence, left the government with no any other alternative than to turn to the direct monetary instrument. Therefore, the problem under study is the application of OMO as an instrument of monetary policy in Nigeria.