AN OVER-VIEW OF LOCAL GOVERNMENT FINANCE IN THE NEW MILLENNIUM (A CASE STUDY OF IGBO – ETITI LOCAL GOVERNMENT COUNCIL)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

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08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACTS

This work is undertaken in response to the vexed question of mismanagement improper harnessing of revenue and ineffective control and accountability of local government finance in Nigeria. no doubt there has been a trend of mismanagement of the council revenues. This situation dove fails to the last millennium and has adversely affected grassroot development. It calls for a reversal of the friend for proper generation of revenues, for proper accountability of funds available to the councils for even development etc in the new (third) millennium.

To realize these onerous objectives this research is made it attempts at analyzing the problems and prospects of the third tier of governments in the third millennium of our Lord.

However this research work is confined to Igbo-Etiti local government council, Enugu since we cannot review the writes 774 local government councils in the country within limited scope of the reason for this confinement is obvious. It is informed by the nature and character of the academic respondent with its peculiar scope and limited resources to do otherwise within the circumstance would have been unusual – a situation analogous to stretching the skin of a rat to cover an elephant.

The project undergous for chronological chapters with the first chapter highlighting the introduction with its background, scope, significance etc.

Chapter to reviews available literature  on the problem and underscores the structure, constitutional basis and reforms of the local government systems, their revenue sources and expenditures their statutory roles etc. the project reaches its climase in the third chapter which is the over-view of Igbo-Etiti local government finance in the third millennium of our Lord as a case study of local government finance in Nigeria.

The study is wound up in the fifth chapter with summary of findings, recommendation and conclusion. This was facilitated by the presentation. Analysis and interpretation of Data in Chapter four.

 

 

 

 

TABLE OF CONTENTS

Chapter one

• Introduction 1
  • Background of the study 1
  • Statement of the problem 2
  • Objectives of the study 3
  • Significance of the study 4
  • Scope and limitation of the study 5
  • Statement of hypothesis 7
  • Definition of terms 8
  • Research design and methodology 10

Chapter two

• Literature review 12
  • What is local government? 12
  • Local government administrative structure 13
  • History of local governments in Nigeria

(local government reforms)                                               16

• Functions of local government           18

Chapter three

• An over-view of Igbo-Etiti local government finance in the new millennium 21
  • Igbo-Etiti local government sources of revenue in the new millennium                                                              21
  • Problem and prospects of Igbo-Etiti local government finance in the new millennium 24

Chapter four

• Presentation, analysis and interpretation 29
  • Test of hypothesis 32

Chapter five

• Summary of findings, recommendation and conclusion
  • Summary of findings 34
  • Recommendations 35
  • Conclusion 36

Bibliography                                                                     37

Appendix                                                                           39

 

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Local governments form the third tier of government. The aim of creating local government is to decentralized government activities so that local governments which are nearest to the people will enable the people to participate in development process of their area.

In other to ensure their constant existence local governments need to ensure that adequate controls exist over the transactions that funds are promptly and properly accounted for and all documents and records relating to the financial transactions are accurate and complete. There are increasing demands on and expectations of the local government councils in Nigeria, while their revenue continues to be mismanaged. To prevent this trend and for significant objectives to be achieved in the new millennium there is need for proper harnessing, management, control and accountability of funds available to the councils.

In addition constitutional mechanisms to autonomy, abolition joint accounts and development countries. In this analysis Igbo-Etit local government is our case study. Obviously we have been compelled by limited resource to confine this review to one out of the 774 local government in Nigeria and this forms the fulcrum of this review. Moreover the fact that this work is an academic project with its peculiar characteristics and scope make this choice quite germane.

Furthermore, the finance available to the local government is very low and if specified objectives are to be achieved there must be proper harnessing of this resources, therefore must be proper control of revenue generated and proper accountability of funds available to them. I equally looked at local government sources of revenue, the manner and effective collection and disbursement of funds.

 

• STATEMENT OF PROBLEMS     

The main targets of this study is to determine the followings:

1. Whether the financial management procedures carried out in local government are adequate and effective in meeting the objective of the local government.
2. Whether laid down control procedures are complied with.

• To identify the major problems methodology in the implementation of financial administration procedures.

Sources of council revenues and expenditure and most importantly the control and ac

THE ROLE OF COMMERCIAL BANKS IN AGRICULTURAL FINANCING IN ENUGU STATE

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT

 

The object of this study is to determine the vital role played by commercial banks in Agricultural financing in Enugu State which has been a major handicap to agricultural development today.

The study arose from the fact the guest to achieve self sufficiency in food production which is the greatest and highest priority area facing most of the world’s people today. Apart from the role of oil economy today, agriculture still remains the major stay of the Nigeria Economy as it provides majority of the populace with employment, income and food.

As a business venture, it cannot be executed extensively unless funds is available for replacement and capital equipment procurement to enhance a quicker, clearer and more comprehensive of the important of this study. This work is divided into three chapters. Chapter one deals with statement of problem, brief history of Afribank PLC purpose and significant of the study scope and limitation of the study and definition of terms

Chapter two deals with review of related literature which includes policy and means to boost agricultural scheme, types of loan factors and risk in agricultural financing and costly constraints to agricultural financing

Chapter three deals with findings recommendation and conclusion.

CHAPTER ONE

• Introduction
• Statement of the problems
• Brief history of Afribank plc
• Purpose of the study
• Significance/importance of the study
• Scope and limitation of the study
• Definition of terms

 

CHAPTER TWO

• LITERATURE REVIEW
  • Introduction
  • Policy and means to boost agricultural finance
  • Agricultural credit guarantee scheme
  • Types of loan available in Afribank plc
  • Agric insurance scheme
  • Factors and risk in agric/ financing
  • Constraints

 

CHAPTER THREE

3.1   Recommendation

3.2   Conclusion

3.3   References

3.4   Bibliography

3.5   Appendix

CHAPTER ONE

 

INTRODUCTION

Agriculture can be define as the science or practice of farming i.e. cultivation and integration of live-stocks and production of raw materials for industries. It is well known that farming is the oldest occupation in the world and indeed it remains till date, one in which the largest number of people are engage. The vast majority of the population of the world, depends on its more complex since, agriculture is basically concerned with the production of food which is basic necessity of life.

The problems of capital scarcity in agricultural production in most developing nations are generally giving cause for involvement. As of the huge capital elopement, subsistent agriculture now cultivate crops only for their selves and their immediate families, hence the need for commercial bank to participate actively in agricultural financing materials for key industries and a major foreign exchanged earners has further added to its prominence among all human occupation. As a business, it cannot be carried out intensively unless funds are available for maintenance, replacement and capital equipment procurement and other expenses.

 

THREE TYPES OF CREDIT ARE USUALLY REQUIRED.

1. Short Term Credit to financial yearly planting operations, seeds, fertilizers and farm expenses until the crop is sold. The amounts involved here might not be large, but inadequate of this type of credit is most predominantly felt by small farmers who have little or no savings upon in which to hang on.
2. Medium Term Loan (longer than one planting year but less than three year). This is need for acquisition a breeding stock and cheap with relatively short little.
3. Long Term Credit necessary to acquire major machines and equipment repairs and maintenance of farm lands building, storage facilities etc. the role of credit finance in promoting development in the country is well known in recent times, government has devoted lot of financial resources to the agricultural sector in order to boost food production through it’s lending policies to commercial banks as well as the establishment of certain agricultural schemes.

 

1.2     STATEMENT OF THE PROBLEMS

In this age of expanded business activities around the world especially in Nigeria Agriculture is more than ever needs financial assistance in form of bank loans to meet the increasing need for food production. Obtaining such loans however has not be easy for farmers. Largely as a result of collaterals security, lack of  proper accounting records and management among other limiting factors.

Inspite of the importance of oil in the economy today, agriculture still remains the main stay of the Nigeria Economy as it provides the greatest avenue for employment, income of food for the Nigerian populace. It’s internatic position as a source of raw materials for agricultural credit.

Agricultural credit therefore is a necessary ingredient in agricultural practices and in farm productivity especially if supplied on sufficient quantity and efficiently used. However, credit is only one of the “essentials for expansion and modernization, for credit parse, is not entirely inevitable, but a necessary key to a more prosperous future.

The commercial banks on their part has been placed what might be an optimal level in banking lending. The customers who has over

THE SIGNIFICANCE OF AUDITING IN THE PUBLIC SECTOR

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

Today in the public sectors, staffs have decided in involving themselves in fraud, misappropriation of fund mismanagement of assets entrusted on them, and abuse of their profiles for their different personal interests.

But, auditing has become a tool for ensuring good accountability. Through auditing, the account of individuals, partnership, co-operative and public sectors can at any time be examined by an auditor which enables him to express his opinion of true and fair view, by the use of auditing standards.

However, it is through this auditing, that those errors, frauds and other accounting mal-practices or irregularities can be easily traced out and be corrected. Through this auditing, spin off effect can easily be provided. Though all the secondary objective of auditing.

In conclusion, auditing has become an indispensable instrument through which the funds and assets entrusted in the hands of directors in public sector could be examined and make sure that those whom properties are entrusted were tested and reliable staff.

Moreover, this work is arranged in such a way that one chapter flows and naturally leads to next. It organized in three chapters

Chapter one: includes, introduction, objective of the study, significance of the study, scope of the study, auditing standard, destinations between auditing and accounting function and definition of terms.

Chapter two: what is auditing, who is our auditor types and objectives of auditing qualities of an auditor fraud in the public sector, internal control and internal check.

Chapter three: findings, conclusion, Recommendation Suggestion for further studies, bibliography.

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

1.1    Introductions                                                          1

1.2    Objective of the study                                             8

1.3    Significance of the study                                          9

1.4    Scope of the study                                                  10

1.5    Auditing standards                                                  11

1.6    Distinction between Auditing and Accounting Job      11

1.7    Definition of terms                                                  12

 

 

CHAPTER TWO

2.1    What is auditing?                                                    15

2.2    Who is our Auditor?                                                17

2.3    Types and objectives of Auditing                              18

2.4    Qualities of an auditor                                             20

2.5    Fraud in the public sector                                        22

2.6    Internal control, internal check and internal audit      24

2.7    Classes of audit                                                       26

CHAPTER THREE

• Findings 28
• Conclusion 30
• Recommendation 31
• Suggestion for Further studies 33
• Bibliography 34

 

 

CHAPTER ONE

INTRODUCTION

Currently, taking a glance look into our public sector establishments, one can easily notice that all their activities revolved round the pivot of the auditing principles. Just as the auditors carry out their work on the state of affairs of the financial statement in order to enable him express his opinion of true and fair view of the accounts they purports to represent. Most of public sector establishment are engaging in audit work internally without knowing. Take for instance where the work of one personnel is being complemented by another personnel inured to ensure effective check for prevention of misappropriation and other irregularities on the assets entrusted on them, which refers as internal check on audit terminology.

In a nutshell, auditing can be seen as a through investigation and examination of an opinion on financial statement that hand prepared by an accountant thus, auditing work starts where accounting work stopped. In the view of audit operational standard audit is defined as the independent examination of financial statement and expression of opinion on the financial statement and expression of opinion on the financial statement of any enterprise in assurance of that appointment are in compliance with any relevant statutory. From the above definition, it can be seen that auditor has to deal with pure independent. This term of impendent of an auditor, enables him to carry out his audit work without any conflict of interest, fear and favors or any interference by the management.

At this juncture, it is necessary to know that auditing work has to be done by an auditor, who is a qualified accentuates having sat and passed the professional examination which is only the bring of institute of chartered accountant that is empowered by (CAMA) Company Allied Matters act to conduct such exams. In addition, such person must be of good character, conduct and must have a verse knowledge which helps him in easily understanding the practical business and be in position for easily ascertainment of the suitable procedure and methods of any concern he undertakes to audit.

Before the commencement of an audit work the dent must state the nature of the audit work. Precisely, the auditor on his side will write an engagement letter thereafter to the management to define the work which the management expects him to do. On no account should and auditor go beyond or allow to go beyond the scope specifically stated in the letter of engagement.

On appointment of an auditor, the remuneration will be fixed and it includes all the cost of materials and any wages. Ethical law and company allied matters act of 1990 (CAMA) states it specifically that auditors should not received gift inform of lairs, allowance grants from client immediately remuneration in fixed.

In t

A COMPARATIVE ANALYSIS BETWEEN PUBLIC AND PRIVATE SECTORS

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

 

Internal control is an important tool by which management aims to achieve its object, of ensuring as far as practical  the orderly and to efficient conduct of the business of the enterprise it is an indispensable aid to efficient management particularly in large scale organization where it is impossible for management to be physically present to all sense of action.

The research project is control in the private sector in order to find out whether move is a difference between the two and also to find out reason for these of suggesting ways of improving internal control in the public sector.

In order to  achieve the objectives of this research four organization are used two from the public sector (Enugu state Institute) ie (PROUDA) and also two from the private sector (Eastern shop Nigeria limited Enugu all in Enugu State, were made use of properly  validate research and oral interview were used in a means of data collection for the purpose of the study.

 

TABLE OF CONTENT

CHAPTER ONE

• Introduction

1.1     Purpose of the study

• Significance of the study
• Scope of the study
• Limitation of the study
• Definition of terms

 

 

CHAPTER TWO

• Definition of internal control

2.2     Functions

2.3     Relevance of study

 

CHAPTER THREE

• Summary of finding, Conclusion Recommendation

3.1     Summary

• Finding
• Conclusion
• Recommendation

Bibliography

CHAPTER ONE

• INTERODUCTION

1.1     INTERNAL CONTROL

This is the system by which management  maintains control over the purchase  reserving storing and selling of merchandise strong internal control we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control  we needed not only for purchases and sales transactions, but for all other types of transaction as well. In fact the concept of internal control affects all assets and liabilities the revenue control is to provide assurance that the entire business operates in according with management’s plan and policies.

A system of control within the organization included all measure taken by an organization for the purpose of the following.

1. Protecting its resources against western fraud inefficiency.
2. Ensuring accuracy and reliability in accounting and operatry data.
3. Security compliancy with company policies
4. Evaluating the level of performance in all division of the company.

Many people wants of internal control as only a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and liabilities and preventing fraud. This is only a port of it role. A primary objective of me system of internal control is to ensure my reliability of the accounting and operating data used in decisions –making.

The public sector or social corporations the moves corporation in which Government investment are made and which provide basic amenities that cannot be price and even if they are prices are usually provided free or almost free to my people because may are politically expedient. The public sector also includes companies an organization in which the government has a computer control or at leas 81% of the equity.

The comparative as used in the contextual this study is aimed at evaluating the equity of internal control in the public  sector and the quality of the internal control in the private sector.

 

1.1     PURPOSE OF THE STUDY

          An agency’s management is required to include an assurance statement on the internal controls over financial reporting in the annual performance and accountability report as described  in section Vi reporting on internal control. This statement is management assessment of the effectiveness of the agency’s internal control over financial reporting as of June 30 of the fiscal year (see exhibit 2), this assurance statement is required to include the following.

A statement of management’s responsibility for establishing and

THE IMPLICATION OF COMMON CURRENCY FOR WEST AFRICAN COUNTRIES

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

CHAPTER ONE

• Introduction 1

1.1     Background of the study                                         1

1.2     Statement of the problem                                         4

1.3     Purpose of the study                                                5

1.4     Research questions                                                  6

1.5     Significance of the study                                         6

1.6     Scope and limitation of the study                             7

reference                                                                  9

CHAPTER TWO

Literature review                                                                10

• Introduction 10
• West African Countires – ECOWAs 12
• Problem of ECOWAs 17
• West African Currency Board (WACB) 18
  • West African Currency Board operation 20
  • The concept – common currency 21
• Global common currency 23
  • The Euro – Dollar                                         23
• The need for global common currency 24
• Management, headquarters and mode of operation of West African Common Currency 31
• The prospect o common currency for West African 33
• The problems facing the establishment of common currency for Africa.                                                             35
• References 39

 

CHAPTER THREE

Research methodology

• Method of investigation 42
• Instrument of data collection 42
• Primary sources of data 43
• Secondary sources of data 43
• Population and determination of sample size 44
• Validity and reliability of research instrument 46

CHAPTER FOUR

Data presentation and analysis                                           47

• Data analysis techniques                                                47
• Analysis of questionnaires 48

CHAPTER FIVE

Summary of findings, recommendations and conclusion

• Summary of findings 65
• Recommendations 66
• Conclusion 68

Bibliography                                                                      69

Appendix                                                                           73

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

          The actual study for establishment of a common currency for west African state (ECOWAS) and drafting of a programme of monetary and fiscal polices of members states was between 1985 and 1986 period (Arah, 2001: 29). In response to the study, the sub-region monetary co-operation programme involving short and long term measures were seen to be economic flight (Ogwuma 1998:3). The highest level of economic integration is the monetary union, which involves the integration of trade and micro-economic policies and establishment of a common central bank and a single currency.

The establishment of a monetary union is however consequent on the member states, meeting the convertibility condition of monetary and fiscal prudence and other macro – economic convergence indicators which are the short and long term measures. The short term measures were settlement of areas in the west Africa monetary agency (WAMA), clearing system establishment of a credit guarantee fund, introduction of new payment instrument like ECOWAS travelers cheques and extension of the range of products eligible for transactions through the clearing system. According to Ezema (2001;30) the long term measures include liberation of trade and payment system in all member countries, liberation of all interest and exchange rate, reduction of inflation to a single digit and creation of a single currency zone within the sub-region by the year 2000 (the deadline for achieving the measure by all member countries was set for 1988). However, most member states beat the deadline while the traveler cheques issues was delay due to political and economic muscle flexing between the Unions Economiuqe Manetaire Quest Africa (UEMQA) members and the rest. The traveler cheques afforded one of the most realistic steps towards achieving economic integration and a single momentary zone, but had to suffer several postponement due to various reasons. The initial disagreement among member states was on the modalities for finding the cheques out of the ‘ghost” or imagined position to the members in the scheme of things. In the words of Olajide (2001:31) at another attempt in 1998, some CFFA zone members did not attend the summit on the ground that the delegates wanted to conclude some contracts with their home governments. This was done without notice even as it suffered postponement for another meeting with France before that of the travelers cheques launch.

In February 1998, at the planned launching in Abuja, all disagreement were resolved under the auspices of an adequate-hoc committee set up by the ECOWAS heads of states composing Cote D’ voice, Ghana, Mali, Togo and Nigeria. Univocally, the CFA zone members were in vanguard of the launching of the travelers cheques in 1999. Ostensibly due to the successful establishment of Euro (the European common currency which will take over the  national currencies in Europe in 2004), and therefore effectively terminate the French Support for CFA. On December 15, 2000, heads of state and governments of ECOWAS in Bamako, Mali approved the decision to establish a common currency by 2003. the decision was the result of the initiative take by Ghana and Nigeria in a bilateral economic meeting on December 1999 to adopt  a two – track system called FAST TRACK APPROACH (FTA) to the implementation of ECOWAS integration programmes for West African  in 2004. The fast track approach recognize the need to have a parallel zone christened West Africa monetary Zone (WAMZ) the UEMOA to work for a gradual merger of the two at appointed period in line with the deadline.

 

• STATEMENT OF THE PROBLEM

In spite of the numerous efforts made by the ECOWAS member states to establish a common currency in West Africa which will help to foster economic integration international the sub – region by implementing ECOWAS monetary measures, the issue of common currency is still a mirage because of the following reasons;

1. The strength of the economics of these West African countries vary, so there is no common relationship between their monies.
2. Divergent tariff structure among member countries.

Low level of intra-regional trade in the sub region since less than 5 percent of the total