STUDY OF FINANCIAL INTERMEDIATION AND RESOURCE MOBILIZATION (IMPLICATION FOR ECONOMIC DEVELOPMENT IN NIGERIA)
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STUDY OF FINANCIAL INTERMEDIATION AND
RESOURCE MOBILIZATION
(IMPLICATION FOR ECONOMIC DEVELOPMENT
IN NIGERIA)
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
Title
page
ii
Approval
page iii
Dedication
iv
Acknowledgement
v
Abstract
vii
Proposal
ix
Table of
content. xi
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.
1.3 OBJECTIVES OF THE STUDY
The objectives of the study are
a. To establish extent of financial
intermediation in Nigeria and the likely effect on economic development.
b. To reveal the economic development
position (as measures by gross national/domestic income) of countries that have
comparatively the same level of financial intermediation and those whose level
of financial intermediation are relatively high.
1.4 SIGNIFICANCE OF THE STUDY
The
financial intermediation in Nigeria like their counterparts else where in the
world play a number of vital roles which are not only necessary for the smooth
running of the economy. Among those roles the first that comes readily to mind
is their dealing in finance in which they transfer spending money. Furthermore,
some of them like central and commercial banks are involved in the provision at
the legal tender for the economy and the money creation activity respectively
while the central bank of Nigeria issues the legal tender currently which
lubricates economic transaction as lither to experienced trade by barter the
commercial banks create money (no form of credit) base on the level of their
demand deposit after providing for this safety stock.
There are a lot of important roles
played by the financial intermediaries but it will be discussed fully in
chapter two.
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