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PROBLEMS OF PERSONNEL MANAGEMENT IN GOVERNMENT OWNED ESTABLISHMENT

PROBLEMS OF PERSONNEL MANAGEMENT IN GOVERNMENT OWNED ESTABLISHMENT

(A CASE STUDY OF ENUGU STATE BOARD OF INTERNAL REVENUE)

 

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ABSTRACT

 

This work fries to find out the problems of personnel management in government owned establishment a case study of Enugu state board of internal revenue.

As very Nigerian literally depressed over the ineffective ad inefficient performance of most government owned establishment such a situation makes null of the good intentions of government in setting up such organization. From the work of earlier researches and seminars and talks delivered by eminent scholars it is widely believed that the reason why government owned establishment have remained insoluble hangs on management more especially personnel management. The work set out unravel these seeming mysteries, the administration of Enugu state Board of internal revenue which have caused so much groaning pains, agony and frustration to their staff and even larger society has been responsible for improper  taxation in Enugu state. To ascertain these problems, these problems, a questionnaire was drawn in which the preliminary question sought to identify the person of the respondent ie her personal data. The rest of the question was on the various aspects of what could be responsible for the problem hindering the smooth and efficient running of the establishment. It was gathered that the main reason for problem of personnel management are as follows:

Lack of motivational policies for employees.

Enugu state board of internal revenue had not articulated a meaningful training programme for their workers the board of internal revenue had not being to promote their staff as and when packages of the board were not promising and are not comparable to other in similar establishments.

                                TABLE OF CONTENT

 

CHAPTER ONE

1.1     Background of the study

1.2     Statement of problem

1.3     Objective of the study

1.4     Scope of the study

1.5     Research Questions

1.6     Significance of the study

 

CHAPTER TWO

LITERATURE REVEIEW

2.1     Theoretical Framework

2.2     Motivation in Work-Needs and Their Satisfaction

 

CHAPTER THREE

METHODOLOGY                                                     

3.1     Design of study

3.2     Population of study

3.2.1. Sample Technique

3.3     Instrument for data collection

3.4     Validity of instrument

3.5     Reliability of the instrument

3.6     Method of data collection

3.7     Method of data analysis

CHAPTER FOUR

Data presentation and analysis

Distribution and collection of questionnaire

CHAPTER FIVE

Summary and conclusion

5.1     Discussion of results

5.2     Conclusion

5.3     Recommendation

5.4     Limitation of study

Bibliography

Questionnaire

 

 

 

 

 

 

CHAPTER ONE

 

BACKGROUND OF THE STUDY

Before its establishment, the then Anambra State Board of Internal Revenue, was established under the Anambra state of  Nigeria Civil Service edict with its Headquarters at Enugu Secretariat.  The Board had its four zonal offices (Enugu zone, Fegge zone, Nsukka zone and Abakaliki zone).

Enugu state Board of Internal Revenue came into being after creation of state from old Anambra state in August 27th 1991.  The Board had its first Director in the person of Chief H.O. Attama with over one thousand, two hundred staff.

It was left with three zonal offices (Enugu, Nsukka and Abakaliki zones) Today Enugu State Boad of Internal Revenue exists with only two zonal offices (Enugu and Nsukka zones) after carving out Abakaliki from Enugu state in 1996.

The state Board of internal Revenue still has its head office at the state secretariate opposite Enugu state Criminal Investigation Divisional (CID) office.

Its statutory services is collecting and accounting for Taxes due to the state.

The Enugu state Board of internal Revenue today has staff Board of internal Revenue today has staff strength of  Nine hundred and fifty with the following departments:

1.       The policy section (chairman office)

2.       Public Relations office

The Internal Audit

HOD collection

HOD Assessment

HOD Personnel

HOD Capital Gain Tax (other taxes)

HOD statistics

 

STATEMENT OF PROBLEM

The problems that hindered the smooth and efficient

Running of this establishment included the following:

Enugu state Board of Internal Revenue has diversed and varied personnel management problem which includes lack of motivation policies for their employee.

Enugu state Board of Internal Revenue had not articulated a meaningful training or retaining programmes for their workers

The state Board of Internal Revenue had not been promoting their staff as and when due.

The welfare packages of the state Board of Internal Revenue were not promoting and cannot be compared to other similar establishments.

 

OBJECTIVE OF THE STUDY

There are numerous reasons why government set up this establishment.  The establishment is in public sector with the emphasis on revenue generation.  It is expected that as revenue organization that it can constitute a binder to the public and the government that formed it and this may include:

To investigate the motivational policies of the Enugu State Board of Internal Revenue.  Revenue to enhance revenue generation in the state.

To examine the training programmes of the Board with a view to evolving one tail to meet the needs of the employee.

To find out why Enugu State Board of Internal Revenue are not promoting their workers as and when due.

To appraise the welfare packages of the Board and compare it with those of  other establishment.

 

SCOPE OF STUDY

The scope of this study covers:

The activities of personnel management in government owned establishment as represented by Enugu State Board of Internal Revenue.

The activities of personnel management in government owned corporations as represented by Enugu State water Corporation

 

15.          RESEARCH QUESTIONS

To what extent does personnel management meet what is required from it to Enugu State Board of Internal Revenue?

To what extent does Enugu State Board of Internal Revenue consider experience in engaging worker?

To what extent does the Enugu State Board in Internal Revenue sponsor Personnel management training both internal and external?

What kind of leadership style does the Board of Internal Revenue applies in their operations?

 

 

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THE IMPACT OF THE PRUDENTIAL GUIDELINES IN THE INSURANCE INDUSTRY

THE IMPACT OF THE PRUDENTIAL GUIDELINES IN THE INSURANCE INDUSTRY

 

 

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ABSTRACT

 

What I intend to achieve as the researcher of this project topic the prudential guidelines on insurance companies will hold for the industry in the nearest future.  This is to centered on the impact the issued of guidelines by the various regulatory bodies like the insurance Decree of 1996 and 1991 and the establishment of various bodies like the Nigerian insurance stock brokers and others.

I also want to achieve the performance apprisal of the insurance companies with view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

In an effort to access the impacts of the implementation of the prudential guidelines one must first and for most achieve why the guidelines were issued and what they were intended to achieve.

Hence the need to findings lasting solutions to sanities the insurance industry to bring about a more better future for its existence.

Chapter one

Vividly speaking this will base on Introduction, Background of study, statement of problems, objectives of study, significance of the study, scope limitation and delimitation and lastly Definition of terms.

Chapter two

This particularly involve the Review of related literature, objectives of insurance regulation, insurance Decree of 1976 and insurance Decree No 58 of 1991.

 

Chapter Three

Under this chapter we have Research designed and methodology, Data source, Data type, Data location and method of investigation applied.

 

          Chapter Four

This will basically base on presentation and analysis of data, General review of Nigerian insurance market and claims.

Chapter Five

This will contained the following findings, recommendation and conclusion.

ABSTRACT

          This project work is aimed at giving an insight of what the prudential guidelines on insurance companies hold for the industry in the nearest future.

It is centered on the impact of issued guideline by the various regulatory bodies like the insurance.  Decree of 1976 and 1991 and the establishment of the various bodies like the NISB and others.

It also examine the performance apprisal of the insurance companies with a view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

Hence the need to finding lasting solution to sanitize the insurance industry to bring about a more better future for its existence.

 

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0            Introduction                                                                   1

1.1     Background of study                                                     2

1.2            Statement of problems                                         3

1.3            Objective of study                                                          4

1.4            Significance of the study                                                5

1.5            Scope limitation and delimitation                                  6

1.6            Research  Hypothesis                                                    8

1.7            Definition of terms                                                         9

 

CHAPTER TWO

2.0            Review of Related Literature                                13

2.1     Objectives of insurance regulations                      15

2.2            Insurance Decree of 1976                                              17

2.3            Insurance Decree No 58 of 1991                                    17

2.4            Insurance Association                                                    18

2.5            Brief History of Insurable interest                                 27

2.6            Claims settlement                                                          29

 

CHAPTER THREE

3.0            Research Design And Methodology                     52

3.1     Data source                                                                    52

 

CHAPTER FOUR

4.0            Presentation and analysis of data                                  58

4.1     Introduction                                                                   58

4.2            Presentation of Question                                               58

4.3            Analysis of Data                                                            68

 

CHAPTER FIVE

5.O    Summary of Findings                                                    76

5.1            Decision of Findings                                                      78

5.2            Conclusion                                                           79

5.3            Recommendation                                                 81

 

Bibliography/References                                                83

CHAPTER ONE

1.0     INTRODUCTION

          Insurance companies deal principally money and property.

According to Brettl. J. the subject matter of insurance is money and money only.  They act as mobilizers of funds from surplus units and channel them to deficit units.

This channeling can be refered to as indemnity.

This can be put in another way, that the primary purpose traditionally of insurance to spread the financial losses of insured members over the whole of the insuring uncertainty by compensating the unfortunate few from the contributions of all members.

Premium changed by the insurance company is its primary sources of manning income, therefore the insurance companies help on premium for its insured or person, financial rights or liability to mention but a few.

However, the financial compensation promised by the insurer is what is called the subject matter of the contract.

Insurance contract is subject to the general Principles of Nigerian Law of Contract as in any other commercial activity.  It these principles that makes for its validity.  Not only does it affect insurance but it operates in every other commercial aspect of life.

 

1.1     BACKGROUND OF STUDY

The role of insurance as one of the major economic activities of a nation has long received would acclamation.  It is not a dispute that insurance has attained a high degree of commercial sophistication.

Insurance business plays a major role in shaping the economic furtunes of the business enterprise institutions and individuals.

The economic profits of any country usually has an impact on both cost and benefits of insurance.  Thus one should consider the examination of the subject of insurance regulation timely in view of current economic climate.

 

1.2     STATEMENT OF PROBLEMS

It has been a concern within the insurance industry on the introduction of the prudential guidelines, as it affects the performance appraisal of the insurance companies.

This research work is geared towards investigating the impact of this guideline as it affects the insurance industry in Nigerian.

In 1979 there was an act guiding the operations of insurance and ie- insurance business in Nigeria.

This act stipulated that minimum of 25 percent of the total assets of the insurance companies should be held by government and semi-government securities.

Non life insurance companies should invest not less than 10 percent of their total assets in real estate,  while the minimum proportion for life insurance companies was fixed at 25 percent.

However, in recognition of the financial intimidation role of insurance companies by government the lending operation of the companies were brought under the control of the C.B.N with effect from April 1978.  From then an insurance companies required to render monthly returns of their operation to the bank within 30 days from the end of each month.

 

1.3     OBJECTIVES OF STUDY

  1. To ascertain the impact of the prudential guidelines on insurance companies.
  2. To examine the facts contained in the prudential guidelines issues.
  3. To examine the performance of insurance companies with regards to premium income and profit since the introduction of the prudential guidelines.
  4. To identify the problems insurance companies face as a result of the introduction of prudential guidelines.
  5. To know whether insurance companies now send monthly report to regulatory bodies.
  6. Recommendations on the researcher’s findings.

 

1.4     SI9GNIFICANCE OF THE STUDY

  1. INSURANCE COMPANIES

This licensed companies will, through this research, work improve on their performance since the researcher will let the public know all that is required of the insurance companies as contained in the prudential guidelines issued on licensed insurance companies.

 

b.       THE GOVERNMENT

Since the government though it regulatory bodies like NISB, C.B.N, etc issued the prudential guidelines this research will help the government know whether to let the prudential guideline continue or to withdraw it from being used by insurance companies.

 

 

 

C       THE PUBLIC

The public here includes, the “insured” and the intending ones.  This research work will help particularly the intending policy buyers to be aware of the new insurance policy on the insured.

 

1.5            SCOPE LIMITATION AND DELIMITATION

SCOPE

This research work covers the facts of the guidelines, premium income and profits position of insurance companies before and after the prudential guidelines, how the insurance companies welcome this new guidelines the impact the guidelines have made so far and the problems facing insurance companies as a result of the guidelines.

 

LIMITATION

NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

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ABSTRACT

The research work critically examined the extent to which naira exchange rate depreciation had affected domestic inflationary rate in Nigeria between 1985 – 2000. Therefore, in this study, the researcher examined the trend of inflation and exchange and the relationship between the two variables.   A model was specified to show the relationship between both variables.  Also interest rate was included in the model as one of the variables that affect inflation.The model was then estimated using multiple regression method and variable statistical tests where carried out on the regression equation. The result was analyzed accordingly. Moreover, the result of the statistical test shows that exchange rate depreciation of Naira is significant in explaining variation in the rate of inflation.

Finally, the data for the project work was collected from most recent years in order to make finding, adequate in explaining the cause of inflation in recent times.

 

 

TABLE OF CONTENTS

Title page                                                                                          ii

Approval page                                                                                  iii

Dedication                                                                                         iv

Certification                                                                                                v

Acknowledgement                                                                                      vi

Abstract                                                                                            vii

Table of contents                                                                              viii

CHAPTER ONE

Introduction                                                                                                1

1.1            Background to the study                                                                   1

1.2            Statement of problem                                                              3

1.3            Significance of study                                                               5

1.4            Objective of the study                                                             5

1.5            Research hypothesis                                                                6

1.6            Scope of study                                                                        7

1.7            Definition of terms                                                                            7

Reference                                                                                 8

CHAPTER TWO                                     

Literature review                                                                               9

2.1            The concept of exchange rate                                                  9

2.2            Exchange rate management in Nigeria                                     19

2.3            Inflation – a concept                                                                28

2.4            Theories of inflation                                                                32

2.5            Inflation in Nigeria                                                                  37

2.6            Exchange rate depreciation and inflation in Nigeria                          41

2.7            Empirical evidence                                                                  43

Reference                                                                                 46

CHAPTER THREE

Research methodology                                                                      48

3.1            Method of data collection and analysis                                   48

3.2            Theoretical framework and model specification                      48

Reference                                                                                 53

CHAPTER FOUR      

Analysis of result                                                                    54

4.1            Presentation of result                                                              54

4.2            Analysis of result                                                                    55

CHAPTER FIVE

Summary, conclusion and recommendation                                               57

5.1            Summary                                                                                 57

5.2            Conclusion                                                                              58

5.3            Recommendation                                                                     58

 

 

 

CHAPTER ONE

 

INTRODUCTION

1.1            BACKGROUND TO THE STUDY

The naira exchange rate depreciation coupled with persist increase in the inflationary rate has been a major bane on economy of Nigeria.  To a layman inflation is a phenomena to embrace as his income increases daily without knowing the harmful side of such an increase.  Whether there is anything like depreciation or an improvement in the exchange or whether is income is nominal or real the layman do not know.

But this complementary problems so to say of naira exchange rate depreciation and inflation has been a thought of obesity in the hearts of Nigerians past and present governments and many patriotic Nigerians.

The pegging of, inflation in Nigeria can be said to be a direct result of the policies of the country’s governments to stimulate a fast rate of economic growth and development, since 1951 when the ministerial government was introduced between 1984 and 1986, the naira was quoted against dollar and pounds as the only intervening currencies which was in line with the International Monetary Fund (I.M.F) demand.  I.M.F had earlier complained that naira exchange rate was rising above the stipulated 2% limit.  The naira was then devalued at 1.000 4 US dollar.  The inflation rate in Nigeria was not serious problem before her independence.  But immediately after the civil war i.e. from 1970’s, the inflation rate in Nigeria took another dimension.  The value of naira as against dollar and pounds sterling started to deteriorate, in 1970, it was a naira to 1.400 dollar and 0.584 pounds sterling.  In 1971, it was 1.44 dollar and 0.582 pounds sterling to a naira.  In 1973, it was 1.519 dollar and 0.614 pounds sterling to a naira.  In 1974 it was 1.589 and 0.675 pounds sterling to naira which increased to 1.623 dollars and 0.734 pounds sterling in 1975 as a result of Udoji salary award of 1974 increased wage extensively.  Higher wages increased the purchasing power of consumers thus, leading to increase in their prices.

The introduction of Structural Adjustment Programme (SAP), and second-Tier Foreign Exchange (SFEM) in 1986 on one of government’s major policy packages, was aimed at making the over, valued naira exchange rate more realistic and responsive to market forces.  Regrettably, C. Anyanwu (1989) observed, the SAP/SEFEM was a disaster that was fast destroying the foundation of Nigeria economy.  There was consequent persistence of exchange rate depreciation of the naira (from 1.5691 naira to 1.0 dollar at the end of September 1986, 7.8950 naira to 1.0 dollar by mid February 1990).  Also by August 1998, the dollar was sold for 21.9960 naira at the Foreign Exchange Market (FEM) while at parallel market it was sold for 45 naira.  The value of naira continued to depreciate to the extent that the exchange rate was less than one dollar to a naira before 1990.  It was 0.119 US dollar to a naira in 1990.  This depreciated to 115.7 to a dollar by the 12 April, 2001 (CBN) 1994.  By 2003, it has risen N130 to the US dollar.

 

1.2            STATEMENT OF PROBLEM

The depreciation of naira persistently, has various inflationary effects on the economy of Nigeria.  The effects of this macro-economic problem can be highlighted in different stages.  In the first place, when a currency is depreciated, it is designed to reduced or discourage the excessive dependence on a particular foreign or some foreign commodities.

This will make domestic prices of such imports may be intermediate goods and as a result tends to push the cost of production of final goods up.

In another way, deteriorating exchange rate of naira could bring about inflation of increase in wage rate or demand, when the naira is devalued, the price of important raw materials increases domestic firms may be willing to increase production reduction on their competition as a result of like in prices of raw materials.

Consequently, the output of the firms will attract high prices, therefore for consumers to meet their provisions level of consumption or maintain their real income, calls for wages increase which according to Sotersten (1994) will worsen the whole situation.

Nigerians as one of the developing nations that heavily depend on imported inputs, implements and machinery, the cost of these are usually very high due to poor exchange rate of naira.

This will discourage potential investors, how investment will lead to reduced national product, which is an indicator of stagnancy or retrogression of the economy.

For this reason, Obasanjo (1999) noted that any thing could happen of regulatory authorities did not take steps to tidy up the situation, so the researcher wants to find out the problems and suggest ways of remedying the situation.

 

1.3            SIGNIFICANT OF THE STUDY

For the purpose of this study, the researcher took a step further to determine the possible significances.

(i)                To give other researchers who which to write on this topic the process to follow

(ii)             To check the inflationary of deflationary gap

(iii)           To determine the cumulative impact of broad money growth and the sizeable devaluation of the naira

(iv)           To determine the fate of naira with other internal currencies.

(v)             To determine government policies.

1.4            OBJECTIVE OF THE STUDY

The objectives of this study include the following

(i)                To identify the causes of inflation and exchange rate depreciation.

(ii)             Examine the extent to which naira exchange rate depreciation heed affected domestic inflationary rate in Nation.

(iii)           Assess the effectiveness of government earlier introduced policies.

(iv)           Give suggestion and recommendation on appropriate policies for the future.

 

1.5            RESEARCH HYPOTHESIS

Since the research data was mainly from secondary sources, the hypothesis used will be in two forms to determine result.

The null hypothesis and the alternative hypothesis.  The null hypothesis (Ho) will be tested against the alternative hypothesis (Hi)

(a)     Ho:    There is no positive or significant relationship

between exchange rate depreciation and domestic inflation in Nigeria.

(b)     Hi:     There is significant or positive relationship between

exchange rate depreciation and domestic inflation in Nigeria.

1.6            SCOPE AND LIMITATION OF THE STUDY

The study covers the period from 1985 to 2000.  It concentrates on the trend of exchange rate depreciation and inflation in Nigeria.  The study is limited to the period because of the problems associated with the availability and collection of secondary data needed for the research work due partly to the level of development of the Nigeria economy.

 

 

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FINANCIAL INTERMEDIATION AND RESOURCE MOBILIZATION

FINANCIAL INTERMEDIATION AND RESOURCE MOBILIZATION

(IMPLICATION FOR ECONOMIC DEVELOPMENT IN NIGERIA)

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Account Name: 3059320631

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ABSTRACT
Financial intermediation is the process by which financial institution accept saving from house hold and lend this saving to business organizations.
Since high level of financial intermediation has been associated with high degree of economic development e.g Nigeria has allegedly been said to experience low level of financial intermediation.
The objective of this study
1. To establish the extent of financial intermediation in Nigeria and the likely effect on economic development.
2. To reveal the economic development position (as measures by Gross National/Domestic Income) of countries that have comparatively the same level of financial intermediation are relatively high.
This proper will also look into the following problem. In Nigeria there has been a comparatively low level of financial intermediation demonstrated by the grossly inadequate habits to all nooks and corners of the country. Lack of actual practical indegenisation of bank industry.
The ultimate effect is that the existing financial intermediation find it impossible to effectively mobilize available resources and allocate them enhance the rate of economic development
After examining these problems, recommendation will be made. It will be aimed at increasing the level of financial intermediation in Nigeria. Then conclusion will be drawn.

 

PROPOSAL
Financial intermediation is the process by which financial institution accept saving from house hold and lend this saving to business organizations.
Since high level of financial intermediation has been associated with high degree of economic development e.g Nigeria has allegedly been said to experience low level of financial intermediation.
The objective of this study
3. To establish the extent of financial intermediation in Nigeria and the likely effect on economic development.
4. To reveal the economic development position (as measures by Gross National/Domestic Income) of countries that have comparatively the same level of financial intermediation are relatively high.
This proper will also look into the following problem. In Nigeria there has been a comparatively low level of financial intermediation demonstrated by the grossly inadequate habits to all nooks and corners of the country. Lack of actual practical indegenisation of bank industry.
The ultimate effect is that the existing financial intermediation find it impossible to effectively mobilize available resources and allocate them enhance the rate of economic development
After examining these problems, recommendation will be made. It will be aimed at increasing the level of financial intermediation in Nigeria. Then conclusion will be drawn.

 

 

TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION 1
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objectives of study 3
1.4 Significance of the study 4
1.5 Scope and Limitation of the study 5
1.6 Definition of terms 6
Reference: 12

CHAPTER TWO
REVIEW OF LITERATURE 13
2.1 Bank and Non-Bank financial Intermediaries 13
2.2 Financial Institutions and Economic Development. 14
2.3 Financial Intermediation and Economic
Development in developed countries. 21
2.4 Financial intermediation and Economic Development
in less Developed countries. 23
2.5 Financial Intermediaries and monetary control 26
2.6 Review in increasing the level of financial
Intermediation in Nigeria and the LDC’S 28
2.7 The problems of financial Intermediation 29
Reference. 30

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY 32
3.1 Research methods used 32
3.2 Description of Respondents 32
3.3 Sources of Data 33
3.4 Method of Investigation 34
References 36

CHAPTER FOUR
Presentation and analysis of data introduction. 37
Testing of Hypothesis. 42

CHAPTER FIVE
FINDINGS, RECOMMENDATION AND CONCLUSION 43
5.1 Findings 43
5.2 Recommendation 48
5.3 Conclusion 53
References. 56
Bibliography 57
Questionnaires 59

CHAPTER ONE
INTRODUCTION.
1.1 BACKGROUND OF STUDY
The concept of financial intermediation and resources mobilization are not new in financial literature, their relationship with economic development has also been widely discussed. Relevant literatures on financial intermediations and resources mobilization have attempted to distinguish the concept of self-finance, direct finance and indirect finance.
Direct finance involves the use of marketing techniques in which primary securities (or the liabilities of ultimate borrowers). In such forms as bonds corporate securities mortgage etc. are distributed among those financial assets. This mode of finance through encourages high savings rate and alertness to new profitable investment opportunities, total reliance on self finance is not probably a desirable long run strategy.
The other form of finance the indirect finance on he other hand involves the existence of financial intermediaries with place themselves between ultimate lenders and ultimate borrowers by purchasing the primary securities of the latter and issuing claims against themselves. Indirect securities for the portfolio of ultimate lenders while self finance makes for a balanced budget the direct and indirect finance which are forms of external fiancé make for deficit financing in which intermediaries solicit for loan able funds from the simple limits and allocate these to the deficit units whose direct debt. They absorb
From the three methods of financing highlighted above writes on this issue identified the indirect finance as the only are that calls for the intermediation by the financial institution following the above conception, gurley and show (1960) attempted the definition of the concept of financial intermediation as intermediating or go between function of financial institutions in purchasing primary securities from ultimate borrowers and issuing indirect debt (secondary securities) of the portfolio of the ultimate lenders by so doing the financial intermediaries establish a link between the borrowers. The deficit units and the lenders the simple units with this linkage they transfer resources from the surplus to the deficit unit.

1.2 STATE OF THE STUDY
It is general acknowledged fact by economist that high level of financial intermediation is associated with high rate of economic development. This has been experience by the grossly inadequate number of financial intermediaries, inadequate spread of banking habits to all the nooks and corners of the country, lack of actual practical indegenisation of the banking industry. The ultimate effect is that the existing financial intermediaries find it impossible to effectively mobilizes available resources and allocate them to enhance the rate of economic development.
In the final analysis there is low level of financial intermediation in Nigeria which culminate in a disappointedly low level of economic growth and development. These are the problem this study is set to look into which a view to finding possible solutions and recommendations.

 

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THE ROLE OF COMMERCIAL BANK IN FINANCING SMALL SCALE INDUSTRIES

THE ROLE OF COMMERCIAL BANK IN FINANCING SMALL SCALE INDUSTRIES

(CASE STUDY OF UNION BANK PLC)

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ABSTRCT
It is to review what essentially constitutes small scale industries for an adequate discussion of the issue involved:- financing of small scale industries by the commercial banks. Often, there is no single criticism for classification of business unit as small scale. The central Bank of Nigeria for example defines small scale enterprises as any enterprise whose annual turnover is less than (N 500,000) five hundred thousand Naira as small scale.
Furthermore the National Directorate of employment (NDE)defines it to include projects with capital investment of below five thousand Naira (N500) and a staff strength of three (3) persons. While the centre for management Development (CMD) gave the definition of small scale industry in the policy proposal it submitted to the federal Government in June 1982 as follow; “A small scale industry in a factory or production type of operations, employing up to fifty (50) full time workers. Investment in plant and machinery but excluding land and building shall not exceed five hundred thousand (N500,000) Naira power, plant and machinery are utilized its operations.
In a nutshell, a small- scale industries are classified in the following criterion; initial capital outlay, ownership structure, initial capital outlay, ownership structure, management style, profit level market share, number of employees and total assert size etc.
The objective of this project work will include the extent to which small scale industries in Nigeria have been able to obtain loans and advances from Nigeria commercial banks as a major source of finance to the economy and many others.
The project was carried out by using Union Bank PLC, Okpara Avenue, Enugu as a case study.

 

 

CHAPTER ONE
1.1 Background of study
1.2 Statement of Study
1.3 Objective of the study
1.4 Scope and limitation
1.5 Research questions
1.6 Hypothesis
1.7 Significances
1.8 Definition of terms
CHAPTER TWO
2.1 Introduction
2.2 Meaning of small scale industries
2.3 Government policy
2.3.1 Projection and promotion
2.3.2 Monetary and Fiscal policies adopted by government
2.3.3 Effects of Government Polices on small scale industries
2.4 Financing
2.5 Problems facing the small scale industrialists
2.6 Improving funding to small scale industries
CHAPTER THREE
3.0 Methodology
3.1 Research design
3.2 Area of the study
3.3 Population of the study
3.4 Sample and sampling procedure
3.5 Instrument for data collection
3.6 Validity of the research instrument
3.7 Reliability of the research
3.8 Method of administration of research instrument
3.9 Method of data analysis
CHAPTER FOUR
4.1 Data presentation and results
4.2 Testing Hypothesis
CHAPTER FIVE
5.1 Summary of Finding
5.2 Recommendation
5.3 Conclusion
5.4 Bibliography

 

CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF STUDY
The concept of self-reliance has occupied a place in the literature of economic development over the years, basically as a manifestation of the various attempts by the developing world to state new economic strategies, which world relieve them form economic dependence of their fromer colonial masters in Europe. Today, some years after, the concepts of self reliance continues to be misunderstood in its fundamental ramifications and has remained elusive in large sections of the developing world.
In Nigeria in particularly, neither the mixed economy approach to development nor the capitalist approach appears to have respond to the dictates of economic self reliance.
Consequently, in pursuit of self reliance in the developing world particularly in Nigeria, the central government, enacted a decree called ‘Enterprises promotion Decree, when there was need for small scale enterprises owned ad managed by Nigerians to be promoted.
The importance of small-scale enterprises in the promotion of economic development has always been at the forefront of development strategies.
However, many developing countries have failed to adopt this strategy owing to their belief that it is a relatively slow process of industrialization. But in the recent times, due to the scarcity of foreign exchange that attention began to be focused once again on development of indigenous that will be local resource based.
Without the development of small-scale industries in Nigeria, that nation’s quest for industrialization will certainly remain forever at a stake. It is the humble opinion of the researcher that future developments in our industrialization must address the basic issue of creating linkages within the economy to begin to produce real inputs to our manufacturing activities.
Priority attention must therefore be given to these industries for which domestic inputs could easily be produced. This automatically brings to mind the Agro-Allied industries like food processing and other by products objective should be to maximize the value added in their processing and manufacturing as final goods or immediate inputs.
Empirical evidence indicates that strong incentives should be given to small scale industrialist to enable them meet the food requirement and also to promote for sustained industrial growth. For instance, the market determined exchange rate through SFEM with its resultant high cost of imported inputs might serve as an impetus fro industrialist to intensify their search for local substitutes.
In 1971, the government of the then East central state statutory enacted an edict establishing on office which was hither to a sub-system of the ministry of commerce ad industry to be known as fund for small scale industry credit scheme (FUSI) to give credits for prospective investors to enable them establish their business in a bid to moving the country towards industrialization.
As at march 9th 1992, loans approved for small scale projects in Enugu State by Nigerian Bank for commerce and industry (NBCI) amounted to N13,345.40.
Similarly, in the circular on small scale and medium enterprises loan scheme released by central Bank of Nigeria in February, 1989, it was reveal that world bank has granted a loan of U.S. $270 million to the federal government for the development of small scale and medium scale enterprises in the private sector.
However, the very slow rate of growth of the industrial sector, the inability of the sector to adequately provide and satisfy the need of the economy, the over dependence of the industrial sector as well as the nation at large on foreign goods, praised a necessary cause for concern.
The means of helping small-scale industries to acquire the much-needed finance for growth and development especially form the banking industry from the background of this research study.

 

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