AN ASSESSMENT OF CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC)
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AN ASSESSMENT OF
CONTRIBUTION OF COMMERCIAL BANK TO THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE
STUDY OF FIRST BANK OF NIGERIA PLC)
ABSTRACT
This study is conducted on an Assessment of Contribution of
Commercial Banks in the Economic Development of Nigeria. The concept is also on
eye opener to the society and business as well. The research was carried out by
means of questionnaires and oral interview with the official/staff of the bank
selected on which the following questions that need to be tested are based on
the contribution of commercial bank to the economic development.
In this research some relevant hypotheses have been
formulated and their validity has been proven by the findings and analysis of
relevant data obtained. It is hope that this study will give the readers, the
societies and business world as a whole the need for effective understanding of
the concept in order to achieve a sound atmosphere between the society and
organization.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1 Background of the
Study
1.2 Statement of the
Problem
1.3
Hypothesis/Research Questions
1.4 Objective of the
Study
1.5 Significance of
the Study
1.6 Scope of the
Study
1.7 Limitation of the
Study
1.8 Historical
Background of the Case Study
Reference
CHAPTER TWO
Literature Review
Conceptual Framework and Review of Related Literature
2.1 Introduction
2.2 Introduction to
Banking Industry in Nigeria
2.3 Meaning of
Commercial Bank
2.4 Functions of
Commercial Banks
2.5 Objectives of
Commercial Banks
2.6 Problems of
Commercial Banks
2.7 Suggested
Solution
2.8 Recent
Development in Commercial Banks in Nigeria
2.9 Definition of
Term
Reference
CHAPTER THREE
Research Methodology
3.1 Introduction
3.2 Research Design
3.3 Population of the
Study
3.4 Sample and
Sampling Techniques
3.4.1 Method of
Data Collection
3.4.2 Primary Source
3.4.3 Secondary Source
3.5 Method of Data
Analysis
CHAPTER FOUR
Data Presentation and Analysis
4.0 Data
Presentation
4.1 Data
Analysis
4.2 Test of
Hypothesis
4.3 Major
Findings
CHAPTER FIVE
Summary, Recommendation and Conclusion
5.1 Summary
5.2 Conclusion
5.3
Recommendation
5.4 Further Study
Bibliography
Appendices
CHAPTER ONE
1.1 BACKGROUND OF
THE STUDY
Nigeria as a nation is characterized by a developing economy
due to the fact that the various sectors responsible for economic development
are not optimally utilized as a result of which we have not being able to tap
fully the natural resources that Nigeria is blessed with as it could increase
our national earnings leading to an increase in per capita income instead. We
have a reverse situation were there is low per capital income. Low standard of
living increase in the level of insecurity etc.
The first task every government put in its table of priority
is economic development. Nigeria among other nations of the world is not
excluded. In order to keep the development of the country in progress Bank
plays a pivotal role especially the commercial banks. It is of importance to
not that of this point the bedrock of every economy is the banking sector, of
which the commercial bank is a leading pace. As a matter of fact, no country in
the world in this present dispensation can boast of having developed or tested development
without the adequate and timely contribution of commercial banks.
However, one of the major setbacks to economic development in
countries today is the inadequate supply of capital. It is in this regard, the
commercial banks serve as ling between those who need capital and those willing
to save and make the money available to investors. They are expected to provide
to an extent large credit facilities and divert voluntary savings into
productive channels. In addition, they are to offer technical advice to
industrialist by way of feasibility studies which ensure that investment are
made in the right direction.
Furthermore, there are numerous agencies/sectors involved in
economic development, but of all the sector that stimulate growth and development
into the economy of Nigeria is the commercial banks perhaps the commercial
banks the most important role such as help to pool savings and excess liquidity
from millionaires or rather millions of individuals and firms within the
country making them available to those that require them for various purposes.
Economic development requires sustained improvement in social
welfare that are pervasive through the society and modern economic growth that
is confined to a small enclose within a developing society particularly if a
non-indigenous people dominate that enclose, it is not economic development.
Economic development requires that modern economic growth affect a broader
segment of the total populace in a way that will enhance their welfare. It
entails the provision of basic needs, acceleration of economic growth,
reduction of inequality and unemployment, eradication of absolute poverty as
well as changes in attitudes.
Subsequent to the above provisions that stimulated the
establishment of commercial banks in Nigeria is to meet the aspirations of the
citizenry. This research work is aimed at identifying the contributions that
commercial banks have made to the development of the Nigerian economy.
1.2 STATEMENT OF
PROBLEM
Countries over the world strive to articulate well meaning
polices that would extinct them from obscurity. Nigeria as a nation is also on
the queue alongside other countries that quest for economic prestige. That is
why the country had established various commercial banks to salvage the
economy. However, in spite the establishment of the commercial banks, Nigerians
still decry of inadequate capital for investment, high level of unemployment.
The reduction in the Gross Domestic Product (GDP) which were the care issues
that the concept for the establishment commercial banks was conceived to
address.
1.3
HYPOTHESES/RESEARCH QUESTION
Hypothesis is the statement which shows the relationship
between two variables.
Consequently, for the purpose of this study, the hypothesis
are as follows:
Ho: The establishment
of commercial banks in Nigeria has contributed to economic upliftment of the
country.
Hi: The establishment
of commercial banks in Nigeria has not contributed to economic upliftment of
the country.
Ho: Increase in bank
lending will reduce unemployment in the country.
Hi: Increase in banks
lending will not reduce unemployment in the country.
Ho: Increase in banks
lending will increase the country’s Gross Domestic Product (GDP)
Hi: Increase in banks
lending will not increase the country’s Gross Domestic Product (GDP)
1.4 OBJECTIVE OF THE
STUDY
This study is primarily aimed at examining critically an
assessment of contribution of commercial bank to the economic development of
Nigeria. Specifically, the study aim to;
1. Evaluate
the contribution of commercial bank to the economic growth of Nigeria.
2. Investigate
the role of commercial bank in the development of the economy of Nigeria.
3. To make
suggestions on how the activates of commercial bank could bring about
investment
4. To
appraise the extent to which commercial bank has been affected as a result of
economic meld-down.
5. The study
also aim at taking a critical look at the cause of the economic meltdown and
how to manage it.
1.5 SIGNIFICANCE OF
THE STUDY
The research project aim at critically looking into an
assessment of contribution of commercial banks in the economic development of
Nigeria with special reference to First Bank of Nigeria Plc. Nevertheless this
study is significance in that it tries to analyze the assessment of commercial
banking in relation to economic development. In addition this study will
contribute to the existing literature and it will serve as a reference to any
researcher or organization who may be conducting research in similar or related
field in the future.
To the institution, it shall be something to be referred to
in years to come therefore. It shall be placed in the institution meaning other
students of the institution involved in research work can benefit from the
work.
To the bank, particularly First Bank of Nigeria Plc, it will
serve as an appraisal of their performance therefore they can make amendments
where they are missing and serving as a means of encouragement where they are
doing well.
Furthermore, the external users include prospective
shareholders the government and the general public can use these project as a
way of encouragement. To the shareholders, it can encourage them to invest
especially if the bank is performing well. This is because they are sure that
they will not run into loss at the end of the day or their investment in stock.
To the government, it shall serve as a mirror to see the effect of directives
in respect of bank lending and how it affects economic development of the
country. And in addition to the government decision and policy it can use the
bank as a means of channeling it’s capital project through the bank.
To the general public especially customers of the bank due to
the sound track record, recorded by the bank in term of service delivery and
the safe keeping of customer money and valuables, these study is sure of
increasing the level of confidence to the bank customers.
1.6 SCOPE OF THE
STUDY
The main thrust of this study is essentially in assessing the
contributions of commercial bank to the economic development of Nigeria. The
study based its reference to First bank of Nigeria Plc, shall concentrate
mainly on the lending of commercial bank and how it affects the economic
development of Nigeria.
1.7 LIMITATION OF THE
STUDY
Besides time and resources constraint the researcher
encountered some problems in the cause of gathering materials and analyzing
data. The bank uses unwilling to release all the necessary data for the
research work, probably for the fear of competitors. This passed a little
problem for the researcher. Information that is vital to this study is
considered secret and as such not released.
The uncooperative attitude of some respondents which led to
the non-return of some questionnaires was another setback to the researcher.
The time given to the researcher to complete the research work was limited
couple with daily lecture’s, the time allowed for this project is too short
considering the academic activities all tied up with a short period of time.
1.8 HISTORICAL
BACKGROUND OF CASE STUDY
First Bank of Nigeria Plc. For over a century has
distinguished itself as a leading financial institution and a major contributor
to the economic development and contribute to the advancement of Nigeria
economy.
The bank was incorporated as a limited liability company on
march31, 1894 with head office in liver pool by Sir Alfred Jones, a shipping
merchant. It started business in the office of Elder Demporate. A company in
Lagos under the corporate name of the bank for British West Africa. (B.B.W.A)
with a paid capital of 12,000 pounds stealing established earlier in 1892. In
its early years of operation the bank recorded an impressive growth and worked
closely with the colonial masters in their governance performing the
traditional functions of a central bank such as issue of specie in the West
Africa coverage, a branch was opened in Accra, Ghana in 1896 and another in
fret won, Sieraleone in 1898. This marked the genesis of the banks
international banks in Nigeria. Was in the old Calabar in 1900 and two years
late services were extended to Northern Nigeria.
The bank had at various times embarked on restructuring
initiatives. In 1957, it changes its name from Bank of British West Africa to
Bank of West Africa. In 1969,the bank was incorporated locally as the standard
bank of Nigeria Limited in line with the Company Decree of 1968. Changes in the
name of the Bank introduced a decentralized structure with five regional
administrations.
To further enhance the Bank’s operational efficiency. This
was reconfigured into sixteen area offices in 2003. In view of the foregoing,
it was therefore a natural progression when in 2001, the Bank began in earnest
gained momentum in 2003 and was launched on Tuesday, April 27, 2004 with the
introduction of a new corporate identity. First Bank got listed on the Nigerian
Stock Exchange (N.S.E) in March 1971 and has won several award like the 2008.
Best bank, Nigerian Global Finance magazine, 2008. Best foreign exchange
provider Nigeria, Global finance Magazine, 2008. Financial institution Award
petroleum Technology Association of Nigeria, 2008 Best Bank in Manufacturing
financing. Nigerian Bankers Award, 2008. Super brands Nigerian Award, 2008.
Diamond Award 2008. Youth and Gender Network 2008. While in 2007 External Award
includes quoted company of the year. Nigeria Stock Exchange 2007. Winner, 31st
Annual President’s merit Award. Nigeria Stock Exchange 2007. Annual Reports and
Accounts merit Award. Nigeria Stock Exchange 2007. In addition, the Nigerian
Stock Exchange president’s merit award was won by the bank of event time for
the best financial report in the banking sector.
In line with the banks
mission statement, remain true to our name by providing the best financial
services possible “and its brand essence “dependably dynamic” the bank will
consistently transform itself as it forges ahead in its second century of
qualitative banking to the nation.
Over the years, the bank had experienced phenomenal growth
with its shareholders funds growing to N42 billion as at March 2004. The bank’s
total asset was N207.18 billion at March 2004. Also, the profit before tax for
the period increased by 33 percent the First Bank of Nigeria Plc. on the 6th
march, 2006 recorded a remarkable total of 24.48 percent in gross earnings for
nine month ended December 2005. The gross earning grew from N40-60 billion in
March 2005 to N50.54 billion. The profit after tax increased from N8.75 billion
to N11.67 billion a 33-35 percent growth.
The bank vigorously engage in the promotion of
entrepreneurial, corporate and national economic development during the review
period providing N13.3 million for the 2008 economist conference organized by
the economist magazine, N13.5 million for the 5th Nigerian China Business and
investment. N12 million for the 13th Nigerian Economic Summit N10 million for
the First Edition of West African Mining Investment Conference 2007 and N8m for
the 1st Annual Banking Conference of the Charted Institute of Bankers of
Nigeria(CIBN).
Currently, First Bank has seven subsidiaries that are into
registership, trusteeship, insurance, brokerage, merchant banking, SME
Financing and venture Capital, mortgage banking and pension fund management.
Also the bank offers a wider array of financial services to diverse customer
base through its local and offshareoffices including 396 branch offices
(strategically spread across the country) and the head office in Lagos.
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