THE IMPACT OF BANKS CREDIT IN THE NIGERIAN ECONOMY (A CASE STUDY OF FIRST BANK OF NIGERIA PLC AND ZENITH BANK PLC)EKWULOBIA
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ABSTRACT
This research is on the impact of bank credit in the Nigeria economy, A case study of first bank plc and Zenith bank plc Ekwulobia. Objectives of the study includes: to determine the extent to which the various banks credits has been felt in the Nigeria economy, t access the level of knowledge of the various credits facilities provided by the banks in the Nigeria economy, to determine the response of the various business existing in the various sector the economy to bank’s credits and to review the impact of the central bank of Nigeria (CBN) monetary policy on the banks. The related literatures were revealed in the methodology, data were collected through questionnaire and personal interview. In the finding, it was discovered that the analysis of bank credit have a great impact to the economic growth and development in the country, and among other findings. The researcher therefore, concluded that banks credits have been greatly felt in the Nigeria economy. It is recommended that long term credit facilities should be encouraged to aid capital formation of businesses since it is the main instrument for economic growth and development; the monetary authorities should also consider the activities of banks when using the monetary policies of the central bank in order to achieve growth and development in the country.
TABLE OF CONTENTS
Title page- – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – i
Dedication- – – – – – – – – – – – – – – – – – – – – – – – – – – – – — – – – – ii
Approval page- – – – – – – – – – – – – – – – – – – – – – – – – – – – – — -iii
Acknowledgment- – – – – – – – – – – – – – – – – – – – – – – – – – – – – iv
Abstract – – – – – – – – – – – – – – – – – – – – – – – – – – – – – — – – – – – v
Table of content- – – – – – – – – – – – – – – – – – – – – – – – – — – – – – -vi
CHAPTER ONE
1.0 Introduction – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 1
1.1 Background of the study – – – – – – – – – – – – – – – – – – – – – 1
1.2 Statement of the problem – – – – – – – – – – – – – – – – – – – – – 3
1.3 Objective of the study- – – – – – – – – – – – – – – – – – – – – – – – 3
1.4 Research Question- – – – – – – – – – – – – – – – – – – – – – – – – – 4
1.5 Significance of the study- – – – – – – – – – – – – – – – – – – – – – -4
1.6 Scope of the study- – – – – – – – – – – – – – – – – – – – – – – – – -5
1.7 Definition of terms- – – – – – – – – – – – – – – – – – – – – – – – – -6
CHAPTER TWO
2.0 Review of related literature – – – – – – – – – – – – – – – – – – – 7
2.1 A brief introduction- – – – – – – – – – – – – – – – – – – – – – – – -7
2.2 Model and theories relevant to the research question- -7
2.3 Banks in Nigeria- – – – – – – – – — – – – — – – – – – – – – – – – – -8
2.4 Central bank as the controller of credit in Nigeria- – – – -10
2.5 Roles of monetary policy in Nigeria – – – – – – – – – – – – – -19
2.6 summary of literature review- – – – – – – – – – – – – – – – – – – -22
CHAPTER THREE
3.0 Research Methodology- – – – – – – – – – – – – – – – — – – – – – -23
3.1The research Design – – – – — — – – – – – – – – – – – – – – – – – – -23
3.2 Area of the study- – – – – – – – – – – – – – – – – – – – — – – – – – – -23
3.3 population of the study- – – – – – – – – – – – – – – — – – — – – – -24
3.4 Sample of the study – – – – – – – – – – – – – – – – – – – – – – – – – – -24
3.5 Instrument for data collection- – – – – – – – – – – – – – – – – – – – – 25
3.6 Validation reliability of instrument- – – – – – – – – – – – – – – — -26
3.7 Distribution and retrieval- – – – – – – – – – – – – – – – – – – – – – – – 26
3.8 Method of data analysis- — – – – – — – – – – – – – – – – – – – – – – – -26
CHAPTER FOUR
4.0 Data presentation and analysis- – – – – – – – – – – – – — – – – – – – 27
4.1 Brief Introduction – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 27
4.2 Data presentation- – – – – – – – – – – – – – – – – – – – – – – – – – – — – 27
4.3 Discussion of the findings- – – – – – – – – – – – – – – – – – – – – – – – 32
CHAPTER FIVE
5.0 Summary, conclusion and recommendation- – – – – – – – – – – – -34
5.1 Summary of findings- – – – – – – – – – – – – – – – – – – – – – – – – – – – – -34
5.2 Conclusion – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 35
5.3 Recommendation- – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 35
5.4 Limitation of the study- – – – – – – – – – – – – – – – – – – – – — – – – – – – 36
5.5 Suggestion for further research- – – – – – – – – – – – – – – – – – – – – – – 36
References- – – – – – – – – – – – – – – – – – – – – – — – – – – – – – – – – – – – – – – -38
Appendices – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 40
questionnaire) – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 41
CHAPTER ONE
- INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In Nigeria, credit has been recognized as an essential tool for promoting growth and development in the country. About 70 percent of the population is engaged in informal sector or in agricultural production. The federal and state government of Nigeria has recognized that for sustainable growth and developments in Nigeria, the financial empowerment of both the urban and rural areas in the economy is very vital being the repository of both the predominantly poor in society and in particularly the small and medium scale enterprises. If this growth strategy is adopted, and the latent entrepreneurial capabilities of this large segment of the people is sufficiently stimulated and sustained, then positive multipliers will be felt throughout the economy. To give effect to this aspiration, various policies have been instituted over time by the federal government to improve agricultural production capabilities, positivity and channel the potential of Smts to enhance their standards of living and to put the sector in the front burner of government development strategy.
The analysis of bank credit in the Nigeria economy can be said to have a great impact to economic growth and development of the country to the extent that if there were no banks, then the activities of the economic growth and development could not be possible. Banks plays important role in the economy of every nation. The health of the economy is closely related to the soundness of its banking sector. Although banks create no new wealth by their lending, borrowing and related activities that facilitate the process of production, exchange and communication of wealth.
Today, modern banks are very useful for the utilization of the resources of the country. The impacts of the banks have been felt by the various sectors of the economy. Banks as a matter of facts are like the heart in the economy structure of Nigeria and it credit products, the organs will remain sound and healthy in the blood if it is not supplied to any organ, the organ will remain useless, so it also relates to the Nigeria economy if banks credit are not provided to the various sector of the economy of Nigeria such as Agricultural sector, Industrial sector, e t c, The various sector will be useless.
Credit facilities provided by the banks works as an incentive to the producer and manufacturers to increase their production. The role played by the Nigeria banks as to provision of medium/intermediate finance, long term finance and permanent finance. Credit facilities provided by banks are so important to the economic development of the country.
1.2 STATEMENTS OF THE PROBLEM
The following problems necessitated for this study. This includes;
The low credit facilities provided by the banks to the various sectors of the Nigeria economy.
Insufficient knowledge of the various credit facilities provided by banks in the Nigeria economy.
The low response of the various business existing in the various sector of the Nigeria economy to banks credit facilities.
The restrictive impacts of central bank of Nigeria (CBN) monetary policy on the bank.
1.3 OBJECTIVES OF THE STUDY
The purpose of this study includes:
- To determine the extent to which the various bank credits have been felt in the Nigeria economy.
- To access the level of the knowledge of the various credit facilities provided by the banks in the Nigeria economy.
- To determine the response of the various business existing in the various sector of the economy to banks credit facilities.
- To review the impacts of the central bank of Nigeria (CBN) monetary policy in the banks.
1.4 RESEARCH OUESTIONS.
(i) Are the various bank credit felt in the Nigeria economy?
(ii) Is there adequate knowledge of the various credit facilities provided by the banks in the sector?
(iii) What is the level of response of the various business existing in the various sector of the economy to banks credit facilities.
(iv)Has the CBN monetary policies sufficiently encouraged the banks in granting credit facilities?
1.5 SIGNIFICANCE OF THE STUDY
This research work will be of a great significant to all sectors of the economy of Nigeria. This is due to the fact that no sector of the Nigeria economy can survive without adequate credit provided by the banks.
Government :This research work will be important to the government to enable her know the extent the bank credit has impacted to the economy in order to enable them formulate laws that will not be detrimental to the banks and their various facilities which may in return affect the economy generally.
Academic Institutions: This research work is of significance to the various disciplines in the institution such as banking and finance, business management e t c.
Bank customer/Borrowers: This research work will also help those that needs credit facilities from the banks to gain adequate knowledge of how the bank can assist them in their capital formation.
Subsequent Researchers: It will be of great help to the students in the department in respect of their research projects. And finally, it will add to the existing knowledge on the impact of banks credit in the Nigeria economy to the citizens of Nigeria.
1.6 SCOPE OF THE STUDY
Although bank credit has a strong impact on the development of the economy .This study will basically focus on the impact of banks credits in Nigeria in the Nigeria economy with a particular study on first bank p l c and zenith bank p l c in Ekwulobia Anambra State. The choice of the scope is because it will be too broad to study all the banks in Nigeria.
1.7 DEFINATION OF TERMS
Banks: A bank can be defined as an organization that provides various financial services such as keeping valuables, keeping and lending of money to customers, subject to the obligation of honoring cheques drawn upon them from time to time by the customers E t c.
Credit: This is the money borrowed from any financial institution or a bank.
Economy: This describes the relationship between production, trade and supply of money in a particular country.
Short term finance: These are loans rendered to customers by banks originally scheduled for re payment within one year.
Long term finance: This are fund that remains in the business for relatively long period of ten years and above.
Medium term finance: They are fund borrowed for a period of 5 to 10 years e g. leasing and installment credit facilities such as credit sales and hire purchase
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