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THE ROLE OF
FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
A financial
institution can be defined as any institution which portfolios of assets
consist largely of claims rather than inventory, plant and equipment. Financial
institution serves as intermediaries in the financial markets.
However,
since emphasis will be placed in banking sector as a financial institution. It
will be proper at this point to make known what the banking sector entails and
its role in the development of Nigerian economy.
The banking
industry is of tremendous relevance to the economic development of any nation
in the sense that it is responsible for the allocation of funds to different
sectors and sub-sectors of the entire economy. These sectors include
agriculture, manufacturing, mining, construction, transportation, tourism, to
mention but a few. The economic situation of Nigeria today is of great concern
to all and this led to the introduction of different measures by the Federal
Government to bail the economy out of total collapse.
The
introduction of economic measure such as privatization of government parastatals,
the Foreign Exchange Market, and then the fate of Naira is being determined by
the forces of supply and demand. And the structural adjustment programmed. All
these activities are being involved by the banking industry for adequate
implementation in order for the government to achieve its aims on restricting
the country's economy.
The recent
increase witnessed in the number of commercial and merchant banks in the
.country to satisfy the demand of the increasing population on business
financing and other financial related areas has necessitated a careful look at
the activities of this industry, its relevance, with a view to explain its
vital role to the economic development of Nigeria.
Primarily, a
bank is a financial institution where money and other valuables such as gold,
certification, wills share certificates, to mention but a few, are kept for
custody. In modern day banking however, this function has been enlarged and
obviously modified. Hence, present day banking would be modified as the art of
safekeeping, exchanging, lending and borrowing as well as an advisory services
for all which combine to make money available or funds and immediately put to
effective utilization.
Banks in
this regard constitution most important points upon which the wheel of the
economy in general rotates. In the economically development countries such as
the United States, United Kingdom,
Canada,
Banks perform such additional functions as setting and clearance of daily
credit purchase cards and night saving facilities which are services not
available in developing countries of Africa.
In Nigeria,
there is a remarkable increase in the function performed by our banks. This
include acceptance of deposits account holders, granting of loans and advances,
foreign exchange, discounting bills of exchanges loan syndication, equipment
leasing, effecting merging and acquisition of companies. Also banks offer
financial advice to numerous customers.
Financing
developmental projects, issuance of letter of credit to their customer, acting
as Trustees and Executors and Agents in the buying and selling of Stock Exchange
Securities on behalf of customers.
1.2 PURPOSE OF STUDY
These have
been rumored that financial institutions are not helping the revamping of the
economy but are more interested in making profits, not only profits but large
profits that are supposed to be plunged back in the economy but are not.
The purpose
of this study with special reference to the banking industry is therefore to
find out the roles actually played by the banks on the present state of economy
i.e. to come to a conclusion as to whether these roles are effectively
developing the economy.
1.3 SCOPE OF STUDY
In view of
the greater role played by the financial institutions in executing government
policies aims at developing the Nigerian economy and in view of the fact that
the banking sector touches every sector of the Nigerian economy, it is
important to limit the study of the role played by the banking industry with a
brief mention of the insurance industry, the Nigerian Stock Exchange and a few
other financial institutions.
1.4 LIMITATION OF STUDY
In actual,
no one can boldly state or give the time picture of what future have for him
but one can still do this to some extent based on one's experiences of the
past, and the present condition. In the light of the above, the researcher can
state as follows the limitation likely to be encountered in carrying out this
research:
TIME
CONSTRAINTS
To be
specific, time can never be enough since any research work is based on finding
out facts in which all now changes are known. And most importantly, changes
occur almost every day.
FINANCIAL
CONSTRAINTS
This is yet
another constraint in that to carry out any research, a lot of money is usually
being spent - transportation, typing, binding.
GEOGRAPHICAL
COVERAGE
The above
mentioned constraints in tum affect geographical coverage of this work in that
both are used in implementing the later. Moreover, some Nigerian economy covers
the whole country; there will be no time, money to cover all the geographical
regions. In the light of the above, the research will be carried out in Lagos.
1.5 HISTORICAL BACKGROUND OF WEMA BANK PLC
Wema Bank
PIc is a Commercial Banking Institution Incorporated in 1945 as a private
Limited Liability financial institution under its old name, Agbonmagbe Bank
Limited.
The bank
with a modest beginning now has over 154 branches at various major locations in
Nigeria. It has also effective connection in the business centre of the world,
allowing the bank to offer fast and efficient banking services within and
outside Nigeria. The bank functions are regulated by a general policy
formulated, approved by the board that embodied operational, accounting
personnel, lending and expansion policies.
Recent time
has seen tremendous growth in all sphere of its operations.
There has
also been a phenomenal expansion in its clientele among who are statutory
corporations, agriculturist, state and local governments, commercial houses,
industrialist, on a cross-section of the general public. The bank is presently
directed by a vividly and Dynamic board in whose hands its future development
lays.
Physical
development and computerization of the bank, apart from the bank's purchase for
strong and functional physical structure, the interplay of real aesthetic
beauty and value depicts the uniqueness in the overall design of Wema Bank,
Urban, Semi-Urban and Rural branches.
The bank's
branches at Apata, Tponri, Edun-Abon Mokola, Olubadan, Dopemu, Ondo Town and a
host of others are just a few example of its uniqueness in architectural
design.
At a time
when Computer Technology is being introduce as a way of enhancing qualify and
fats service in the banking industry. Wema Bank has in fact successfully
computerized its Head Office Account and a greater number its branches.
Details
comprehensive plans are already a foot computerized the few remaining branches.
This is not
only in consonance with modem banking needs; it also underscores the desire to
deliver their services with minimum delay in a relatively conducive
environment.
Also, a
strategic business unit which is aimed at planning for the future of the bank
as' well as making it to stay afloat in the country's present harsh economy
condition has been set up.
Wema Bank's
corporate ambition propelled by the ever interesting need to consolidate as
well as improve as its achievements has led to the introduction of many
products enumerated below.
Financial
Services:
Overdraft
Short-term
and medium-term loans
Bankers
Acceptance/Commercial Papers
Guarantees
Bills
discounting
Performance
services
Corporate
Services:
•
Participation in loan syndication
• Trade
finance
• Export
finance
• Equipment
leasing
• Advance to
corporate clients
Financial
Advisory Services:
• Business
advisory services are also provided free of charge to the customers of the
banks.
International
Financial Services:
• Invisible
trade transaction (i.e. buying and selling of foreign currencies, personal home
remittances).
• Visible
track transaction
• Export
services.
1.6 PROJECT BUDGET
For any
project to be successfully executed in which research is no exemption, a
certain sum of money has to be earmarked, fixed or budgeted for it. Through it
might not accurate but it is good not to be surpass amount budgeted for.
However, in carrying out this research, the amount can be broken down as
follows:
Transportation
1,500.00
Typing
4,500.00
Binding
2,000.00
Data
collection
3,000.00
Miscellaneous
1,500.00
12500.00
1.7 PROBLEM OF STUDY
In depressed
economic as experienced in Nigeria. The banks are hampered in carrying out
their rates in revamping the economic by a number of factors. One of their
major difficulties is in connection with existing loans and advance to the
public sector which are long overdue.
The amount
as at the end of 1991 was put at N23.5 billion and was owed to the banks by
various state government and their agencies.
N34.6billion
as at 2011. A substantial proportion of these debts arose out of credit to
state government for the direct payment of wages and other emoluments to their
employees and credit provided to the governments and their agencies for
financing various project.
In addition
to these direct lending to the government arid their agencies, the banks have also
made huge lending to many contractors who had worked for the government and
their agencies and who were yet to be paid for such projects or other jobs
performed. Although some improvements in the repayment and saving of these
overdue loans and advances have been made, what remains outstanding continues
to determine the amount of progress the banks could ensure, made In sustaining
the nation economy by recycling lending into more productive areas. This
capital market is still fading a lack of general public awareness about the
securities business. The surrounded by mysticism among the general public. This
state of ignorance can be exploited by unscrupulous individuals at the expense
of the general public.
Furthermore,
there is a high disproportion between demand and supply of securities as many
indigenous businesses are adverse to public quotation of their businesses
mostly for fear of losing control.
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