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THE ROLE OF
COMMERCIAL BANKS IN DEVELOPMENT OF EDO STATE
ABSTRACT
The main
purpose of this important research was to examine the role of commercial banks
in the development of Edo State. The project work was divided into five
chapters. Chapter one deals with introduction, statement of problems, objective
of the study, significance of the study. Chapter two deal with literature
review. Chapter three talks about the methodology of the study. Chapter four
deals with data analysis and interpretation. And lastly chapter five deals with
summary, conclusion and recommendation. The researcher used the questionnaires for
eliciting information from the respondents. Finally recommendations were made
by the researcher.
TABLE OF
CONTENT
CHAPTER
ONE
Introduction
Background
of the study
Statement of
the problem
Objective of
the study
The
significance of the study
Research
questions
The scope of
the study
Limitation
of the study
Definition
of terms
CHAPTER
TWO
Literature
review
CHAPTER
THREE
Methodology
Research
design
Population
of the study
Sample of
the study
Sampling
techniques
Instrumentation
Method of
data collection
Method of
data analysis
CHAPTER
FOUR
Data
presentation
CHAPTER
FIVE
Summary,
Recommendation and Conclusions
Summary
Recommendation
Conclusion
REFERENCES
QUESTIONNAIRES
CHAPTER ONE
INTRODUCTION
BACKGROUND
OF THE STUDY
A major
engine of economic growth and development in any nation it its financial
market. It impacts in directly and positive on the economy providing financial
resources through its intermediation process, for the financing of short,
medium and long term projects (AL-Faki, 2007). Finance is one of the basic
organic functions of any organization revolves, be it a profit seeking or non
profit concern financial management decision are sing anon to all other organizational decisions, therefore the way
the finance of a firm is manage determines to a very large extent it survival
and growth it is a function practiced by all organization irrespective of type,
form or size, and has been very dynamic over the years basically as a result of
the changing environment of business (Ajayi, etal 2003). To facilitate
financial transactions therefore, commercial banks are provided.
Banks refer to financial
institutions who serve as a store of money and other valuable items, generally.
Banks offer financial services such as keeping money for individual people of
companies, exchanges currencies, makes loans, are offers financial services.
(A.L FAKI 2007)
Banking therefore, is the business,
the basic services to consumers are business, the basic services a bank are
checking accounts, which can be used like money to make payments and time
deposits that can be used to save money for future use. Loans that consumer and
businesses can use to purchase goods and services and basic cash management
services such as check cashing and foreign currency exchange four types of
banks specialize in offering these basic banking services, Commercial Bank,
savings and loans association, saving banks and credit union. (Redmond, 2007)
A broader definition of bank is nay
financial institution that receives, collects, transfers pays exchanges lends,
invest, or safeguards money for it customers. This boarder’s definition
includes many other financial institutions that are not usually thought of the
broadly defined banking services, these institutions include finance companies,
investment companies, investment banks, insurance companies, pension funds,
security brokers and dealers, mortgage companies, and real estate investment
trusts.
Banks services are extremely
important in a free market economy such as that found in advanced economics of
the world, including Nigeria, Britain, Canada, and the United State. Banking
services serve tow primary purposes, first by supplying customers with the
basic mediums of exchange (cash checking accounts, and credit cards) Banks play
a key role in the way goods and services are purchased. Without these familiar
methods of payment, goods could only be exchange by barter (trading one good
for another) which is extremely time consuming and inefficient, second, by
accepting money deposits from solvers and then lending the money to borrowers,
banks encourage the flow of money to productive use and investments this is in
turn allows the economy to grow. Without this few, saving would sit idle in
someone safe or pocket, money would not be purchase cars or houses, and
business would not be able to build the new factories the economy needs to
produce more goods and enabling the how of money from savers to investors is
called financial intermediation, and it is extremely important to a free market
economy.
Commercial Banks are therefore a
specialized type of financial institution that deals in loans to commercial and
industrial business. Commercial Banks are owned by private investors, called
stockholders or by companies called holding companies the vast majority of
Commercial Banks are owned by baking holding companies (A holding commercial
banks are for profit organizations. Their objective is to make profit. The
profits either can be paid out to bank stockholders or to the holding company
in the form of dividends of the profits can be retained to build capital (net
worth). Traditionally have the broadest variety of assets and liabilities their
historical specialties have been commercial lending to business on the asset
side and checking accounts for businesses and individuals on the liability
size. However, also make consumer loans for automobiles and other consumer
goods as well as real estate (mortgage) loans for both consumers and
businesses.
The projects, which could be
promoting by government or private institutions, are usually in such areas as
infrastructure, agriculture, solid minerals, manufacturing and the real estate
sector. Hence, without an efficient financial market the economic may be
starved of required long term fund for sustainable growth.
Essentially the study is
exploratory and the case studies are confined to Benin City, Edo State. This
does not however reduce the flavour and value of the findings.
STATEMENT OF
PROBLEM
Finance has been noted to be the
lifeblood of any investment, without which no physical development or feasible
business transaction can take place. The Nigeria business and investment
market, particularly the referenced the desired expansion and has not been able
to fully tap into it potentials the high and ever increasing demand for goods
and services, housing and other noteworthy tools of development. This is as a
result of the fact that lump sum capital are usually required to execute most
business operations, particularly, the real state project, which most times can
not be financed with owner’s equity finance but in conjunction with loans from
financial institutions.
Financial institutions such as bank
have a strong link with investment, business operations and the real estate
market as they remain the major source of major development finance to a wide
array of investors.
As a result of the above discussed
matters, some pertinent question are drawn which will aid the furtherance of
this research. They are what are entrenched in the development of a state? What
are the characteristics of Commercial Banks in the study area? What
characteristics have the most significant influence on development in Edo
State?
What are the contributions of
identified characteristic on development in Edo State?
AIM AND
OBJECTIVES
The aim of this research is to
asses the roles and influence of Commercial Banks in the development of Edo
State.
The specific research objective
explored include
To analyze the concept of state development
To identify which of the characteristics of
Commercial Banks in the study area.
To identify which of the characteristic has
the most significant influence in development in the study area.
To asses the contribution of identified
characteristic on development in the study area.
SCOPE OF
STUDY
The study is essentially aimed at
investigation of the role and influence of Commercial Banks in the development
of Edo State. Ideally, a study of this nature should cover all Commercial Banks
and a wide array of financial institutions within the financial market, as this
will provide a basic for comparative evaluation and analysis. Time and cost are
serious constraints to the study. These have confined the scope of this study
in term of geographical location type of Commercial Banks covered are time from
used in this research period.
First, the study is limited to
Commercial Banks in the commercial district of Benin City, this sub-market is
considered appropriate for this study because Benin City is the states capital,
and it has their zonal head offices there, hence capital decisions are carried
out from there.
Secondly,
among the different categories of Commercial Banks within the study area, First
Bank of Nigeria (FBN) Plc. Is referred because of apparent consistency, old age
and availability and willingness in offering relevant information on the
bottleneck in the research process.
JUSTIFICATION/NEED
OF STUDY
The significance of this study is
to add to the general body of knowledge to enlighten researcher’s students and
the general public on the effect of Banks. The role and influence of Commercial
Banks in the development of a society particularly, in Edo State. it is also
intended to fill the empirical gap (little information on the subject matter in
the body of knowledge.
This work would also establish the
extent, to which the Commercial Banks and financial institutions in general has
and can impact on the economy as a whole.
AREA OF
STUDY
Edo State, which is referred to as
the Heart Beat of Nigeria “was created from the old Bendel State on the 27th of
August, 1991, and it has it capital in Benin City. It covers a totals area of
17, 80km2 (6, 873,4 sqmi) and it ranked as 22nd from Nigeria 36 states. It has
a total population of about 5000000 people (2006 census) according to the 2007
estimate, it has GDP of $11.89 billion and a per capital income of $3, 623.
Edo State is a bounded in the north
and east by Kogi State, in the south by Delta State and in the west by Ondo
State. it is split into 18 local government areas.
Edo is a centre of education,
having one federal university, a state university and two private universities,
it federal polytechnic a state polytechnic and series of private polytechnics,
the state has three college of education or education, amidst other
institutions of higher learning.
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