THE CONTRIBUTION OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY

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THE CONTRIBUTION OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY

CHAPTER ONE

INTRODUCTION

1.1 STATEMENT OF THE PROBLEMS

The research is geared towards findings out the roles played by commercial banks in enhancing the economic development of Nigerian through agriculture and commerce. I will like to find out on how the commercial banks help in the development of Nigeria economy.

1.To know conditions involved in getting credit facilities to enhance economic development.

2.To know how the commercial banks contributed to the growth of entrepreneurship development in Nigeria.

3.To know if the banks grant enough credit facilities to the enhancement of economic development.

4.To know how far the commercial bank have attracted foreign investment into Nigeria.

5.To also know how the commercial banks increase in industrial productivity in Nigeria.

1.2 RATIONALE OF THE STUDY

The aim behind the establishment of the commercial banks was to promote and foster rapid economic development by financial industries and commerce. Against this background therefore, this particular study tired to find out whether these commercial banks live up to the expectation for which they wee established.

1.3 SIGNIFICANCE OF THE STUDY

The idea of setting up the commercial banks in Nigerian was that hey would in no small way speed up the economy growth and development of the nation. This study is very important because having examined the various roles performed by these commercial banks it will enable any developing nation hoping to establish financial institution to make clear-out decision in their drive to speed up economic growth and development.

1.4 DEFINITION OF TERMS

INVESTMENT: the money that people or organization have put in a company or business to make a business activity successful with a view to make profit.

FINANCIAL INSTITUTION: Refer to banks and non banking institution charge with the responsibility of short and medium term loan.

ECONOMIC DEVELOPMENT: This is a kind of spontavous charge in economic activities which leads to increase in the national income of a state.

COMMERCIAL BANKS: It is a financial institutions which hold out themselves to the public by accepting deposits and giving out advances as well as performing other services to their customers.

FOREIGN INVESTMENT: It refers to the acquisition by institution or individuals in one country to assets of firm in another country.

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