| Content | MONETARY POLICY IN NIGERIA BANKING INDUSTRY( A CASE STUDY OF FIRST BANK OF NIGERIA OWERRI BRANCH)
CHAPTER
1.0 INTRODUCTION
This research is on Monetary policy in Nigeria banking industry ( a case study of first bank of Nigeria Owerri branch). Currently, monetary policy has been taken to be a very vital measure in controlling the Nigeria economy this is one of the principal functions of the first bank of Nigeria (CBN). The CBN caries out this responsibility on behalf of the federal Government of Nigeria through a process outlined in the first Bank of Nigeria Decree 24, 1991 section 8 sub sections 1 and 2, the Governor shall keep the president informed of the monetary and banking policy pursued or intended to be pursued the Bank. The president after due consideration may, in writing, direct the bank as to monetary and banking policy pursued or intended on the board which shall forthwith take all steps necessary or expedient to give effect there to Monetary policy is a programme of action undertake by the monetary authorities, generally the first bank, to control and regulate the demand for and supply of money with the public and the public and the flow of credit with view to achieving predetermined macroeconomic goals
1.1 Background of the Study
The federal Government have seen economy as a result of unstable exchange rate. Is cobbling, and have decided to improve and maintain to strengthening balance of payment and maintenance of stable domestic price level.
1.2 Statement of the Study
In this report, the impact of monetary policy in Nigeria banking industry will be investigated. The investigation on the impact of this monetary policy in Nigeria banking industry's will enable its complete distribution even to the local communities. It will also enable its ascertainment on the likely problem that will occur on the process of implementing monetary policy. It will also go a long way. Way in making people know how to spend their money.
1.3 Objective of the Study
The objective of this study is to ascertain know the high rate of employment.
1.4 Research Question
For the purpose of this study the following question will guide this work.
- How does C.B.N implement their monetary policy?
- How does the C.B.N uses the monetary policy in controlling the price stability of the state?
- How does monetary policy increase the growth of the economic productivity.
1.5 Research Hypothesis
For the purpose of the work, the following hypothesis will be tested.
Null hypothesis; if the impact of monetary affect the banking industry
Alternative hypothesis; if the impact of monetary policy does not affect the banking industry.
1.6 Significance Of The Study
This project proposal is significant in the following ways:
- To prospective study who wants to know more on the impact of monetary policy in the banking sector.
- The study will be relevant to those who work in the bank to help them know how impact monetary policy in banking sector.
- To the Government on how to plan to improve the impact of monetary policy in banking industry's.
1.7 Delimitations And Limitation
This study will cover areas of academics, business, Government and banks.
1.8 Limitation
A study of this nature cannot be carried out without difficulties in the process. An important constraint is the time constraint. This research proposal work and examination and the research were complied with a very short period of one week.
Another constraint is finance, a research of this nature involves adequate search ( raw materials)
Lastly, difficulty in securing relevant data for the study. | CHAPTER ONE INTRODUCTION Background of the Study Business education is a type of education that gives skills for business rated occupations. Business education trains learners or provides learners with information or competencies needed by all in the management of personal business affairs. However, Business Education according to the American Vocational Association in Osuala (2004) is a programme of instruction which consists of two parts: the first part is office education; a programme for office careers through initial refresher and upgrading education, leading to employment and advancement in office occupation. The second part is general business education; a programme to provides students with information and competencies which are needed by all in managing personal business affairs and in using the services of the business world. Business education is the sum total of human activities directed towards providing and acquiring specialist knowledge, skills and attitude that are required for successful promotion of business enterprise (Osuala, 2004). Anao (2006) defined business education as an educational process or content which has its primary aim as the preparation of people for roles in business enterprise. Two major specific objectives of business education are the preparation of learners 1 for vocational experience and development of skills, activities and personal habits which forms the basis for further development of employable skills (Nolan, Hayden and Masbary in MounyJoy, 2007). In essence business education apart from equipping one with such vocational skills as secretarial, marketing, administrative and management skills for business success, also equips its graduates with accounting skills, which enables the graduates succeed in entrepreneurship. Accounting is one of the major occupation areas of Business Teacher Education that prepares students for job or employment within a wide range of business careers. Accounting is generally viewed as information system about the financial affairs and the operation of a business. It is a statement of money held in trust, expressed in credit and debits. Accounting may also be defined as a statement proffering the use of assets and management of liabilities of a business venture, expresses in a book-keeping form (Clarke, 2002). Accounting is generally useful for effective management of business ventures through the accurate recording, analyses and interpretation of business transactions (Osuala, 2004). American Institute of Certified Public Accountants (AICPA) in Anao (2002) defines accounting as an art of reading, classifying and summarizing in a significant manner and in terms of money, transactions and events of a financial character and interpreting the result thereof. According to Anao (2002), this definition identifies the major activities found in accounting which include, recording and summarizing of data, usually expressed in monetary terms and the subsequent interpretation of the resultant accounting information. This definition also emphasizes that accounting has to do with only transactions and events which have financial implications. In the context of this study, accounting is one of the areas of business education that prepare graduates for a job or employment within a wide range of business careers due to the inherent skills the beneficiaries acquired. | The Impact of product development on banks performance ( A Case study of first bank plc )
The need for this study being the impact of product development on bank performance was to determine the rate at which the performance of this product is helping the economic development an growth in the banking industry in the terms of employment and amended in 1997. The public became aware of the importance especially through the introduction of privatization and the N25 billion capital bases for banks. There is no gainsaying therefore that the Nigerian capital market has come a long way to stay as the powerhouse for mobilizing and allocating long-term capital funds for commerce and industry. | Chapter One
Introduction
1.1 Background of the Study
This project is on Effectiveness of taxation as an instrument for control of money in circulation. Government, all over the world needs tax to fund and control their economic activities and one of source of revenue is taxation. Taxation can be variously defined. Fundamentally however, it is a compulsory levy on income since the decision to pay tax is not that of the tax payers. According to Amaechina (1998:9), “taxation has been defined as a levy which a government imposes on the income of the citizens or corporation in a state for which the government gives no direct benefit to the taxpayer” or “a non-punitive but yet a compulsory levy by government on the properties and income of individual and corporation”. The government cannot build a school or a hospital personally for somebody because he has paid his taxes, but the money realized is used to finance general government expenditures.
The existence of taxation in Nigeria is linked with the era of the colonial master in the early 20th century. The introduction becomes necessary as a result of the enormous tasks facing the government. In Nigeria, tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of repelling of obsolete provision and simplifying the main ones. Under current Nigeria law, taxation is enforced by the tiers of government that is local, state and federal government. The tasks have to do with how government can control its economic activities and how government can achieve the desired level of price inflation and deflation and how to control supply of money.
As the topic of this research work is “the effectiveness of taxation as an instrument for control of money in circulation” taxation constitutes significant impart as an instrument for control of money in circulation such as the effect on rapid rise in price on revenue, expenditure and credit; the extent to which the tax system may be effective in preventing or combating an inflation.
1.2 Statement of the Problem
The project titled effectiveness of taxation as an instrument for control of money in circulation is aimed at determining the nature of taxation and how it can be used to control the supply of money and regulate the economic activities in our country.
It is obvious that Nigeria being one of the developing nations of the world seriously faced with series of problems which includes;
- The extent in which the tax system has been inactive or ineffective in preventing or combating inflation.
- The probable effects of a rapid rise in prices on revenues and expenditure.
- The vicious circles of poverty (i.e. the gap between the rich and poor is too wide).Nigeria has one of the world’s highest economic growth rates, averaging 7.4% according to the Nigeria economic report released in July 2014 by the world bank. Poverty still remains significant at 33.1% in Africa’s biggest economy.
1.3 Objective of the Study
For the purpose of this study; the following objectives are expected to be attained:
- To determine how tax system can be effective in preventing and combating inflation.
- To ascertain the extent on which revenue and expenditure are probable effects of a rapid rise in prices.
- To determine and to use tax system to breach the vicious circles of poverty in our Country.
1.4 Research Questions
In order to achieve the objective highlighted above, the following research questions were formulated as follows:
- In what ways can tax be used to effectively prevent or/and combat inflation?
- The effectiveness of rapid rises in prices on revenues and expenditure
- The effect of vicious circles of poverty in Nigeria economy.
1.5 Research Hypotheses
HI: The extent to which tax system is inactive and ineffective in preventing and combating inflation.
HO: The extent to which tax system is not inactive and ineffective in preventing and combating inflation.
HI: There is significant effect of a rapid rises in prices, on revenues and expenditure.
HO: There is no significant effect of a rapid rises in prices, on revenue and expenditure.
HI: There is significant effect on tax system and supply of money with the vicious circles of poverty.
HO: There is no significant effect on tax system and the money with the vicious circles of poverty.
1.6 Significance of the Study
The study is important in such that:
(i) The outcome of this study would enhance the ability of the students offering course in taxation to understand the subject properly and help the researcher to obtain the award of bachelors of Science Degree in Accountancy.
(ii) The study would serve as an information bank for future research in the area of Taxation.
(iii) The findings of this research would help government officials to utilize taxation in Achieving desired goals.
(iv) It shall also serve as an eye opener to government of the present time that Taxation can be used as economic tool for the control of money in circulation in order to avoid inflation, control high cost of living and low standard of living.
1.7 Scope and Limitation of the Study
This topic, the effectiveness of taxation as an instrument for control of money in circulation should been expected to cover Nigeria (i.e. Thirty six (36) states and the FCT) but decided to limit it to some states of the federation, since the economy of every state of the federation is not the same and the same tax Act is applied throughout the Federal Republic of Nigeria.
Due to financial handicap, distance (Landmass) and the constraints and the attitude of the respondents, most of them were either not available or incorrectly completed the questionnaire given to them. The irrational behavior of human beings who react differently as same were willing to give the needed information, others were reluctant or refused to co-operate even under several persuasion.
1.8 Definition of Terms
Some technical term, which features in this work are defined to enhance letter understanding of the research work?
Taxation: Taxation refers to compulsory levy imposed on private, individual, and institutions or groups by the government
Tax: Tax is the money paid by the citizens, according to their income, value of goods Purchased etc. to the government for public purposes.
Financial Handicap: This means shortage of money for an activity.
Tax Payer: People, group of people or companies that pays tax.
Vicious Circle: It is a situation in which one problem leads to another, which then makes the first one worse.
Inflation: This is when there is too much money in circulation. | THE IMPACT OF SMALL AND MEDIUM SCALE INDUSTRIES ON THE ECONOMIC GROWTH OF NIGERIA (1986 - 2010)
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY.
In recent time, the fortune of small scale and medium scale Industries attracted the attention of government world-wide and thus has been the focus of general interest and research, especially in developing Countries due to the importance of small scale and medium scale Industries.
Their importance cannot be over emphasized as they constitute a whole virile vehicle for the generation of vast production of outputs and job creation. They are also act as catalyst for restructuring and diversifying the productive base of an economy and for the Industrial economy and for the Industrial economy take-off and growth of such an economy. The small and medium scale Industries are seen to hold the key to future expansion of the Industrial sector.
In Nigeria, evidence has shown that in 1986, small scale and medium scale Industries accounted for 70% of all firms, employing millions of Nigerians (first Bank of Nigeria report, 1987). By the end of 1979, over 80% of all establishments licensed under the factory act were small and medium scale Industries (Onwuala, 1987). This made the importance of this economic unit to be unelectable.
Small scale and medium scale Industry in its widest sense implies the urgent response to the challenges of developing countries, of which Nigeria is not an exception. Small and medium scale Industries should be practiced with due regards to the importance of available local raw materials in its environs because the challenges facing small and medium scale Industrialist are enormous.
The importance of small and medium scale Industries to the economic development of any country, whether developing or developed, have been widely acknowledged and acclaimed. They are considered as there stimulate to private ownership and entrepreneurial skills, generate employment, promote industrial dispersal and rural- urban migration.
Clive carpenter (2001), said that across the world, small businesses are crucial for economic growth, poverty alleviation and wealth creation.
Uayatudeen (2001) said that across the world, small businesses have such a crucial role to play in the development of an economy and that cannot be ignored. According to William and David, most firms and small and medium scale Industries are compared with companies that economist usually study. But economists have concentrated on large scale Industries. The leading textbooks in economics have title discussions on small and medium scale business or entrepreneurs.
The partial combinations of small and medium scale Industries on the Nigerian economy are; creation of wealth, poverty eradication and employment generation as encapsulated in the national economic empowerment development strategies (NEEDS)
However small and medium scale Industries are bedeviled by numerous challenges which have hampered its development and growth and also its combination to national development. To this end, government has instituted various programs to address the challenges and constraints facing small and medium scale industries growth. The programs and institutions Include:
a. Setting up and founding of industrial estates.
b. Establishment of national directorate of employment (NSE)
c. Establishment of the Nigerian bank of commerce and industry (NBC),
the national economic re-construction fund (NERFUND),the Nigerian Industrial bank (NIDB) which has merged in to one agency in the bank of industry, the world assisted small scale enterprises loan scheme (SNEX), the Nigerian export and import bank (NEXIN) etc.
d. Setting up a small and medium scale enterprises development agency of Nigerian (SMEDAN); an agency which Co. ordinates development in small business sector.
Unfortunately, all these formal credit schemes have not been able to adequately address the fundamental problems which have constrained small scale enterprises access to credit; and any other enterprise establishing a small and medium scale industry requires capital to take off survive and eventually expand.
Nigeria's major manufacturers produce food and beverages, cigarettes, textiles and clothing, soaps and detergents, footwear, wood products, motor vehicle parts, chemical products and metals while small and medium scale manufacturing engage in leather making, poultry making and wood carving. The smaller industries are often organized in craft guides involving particular families who pass the skill from generation to generation.
People have lived in what is now known as Nigeria since at least 9000BC, evidence indicated that since at least 5000BC, some of them have practiced settled agriculture. In the early (centuries (AD), kingdoms emerged in the drier northern savanna, prospering from trade with north Africa. At roughly the same time, the western and southern forested areas yielded city- state and looser federations sustained by agriculture and coastal trade. These systems changed radically with the arrival of the Europeans in the late 15th century, the rise of the slave era in the 16th Century through the 19th Century. Nigeria achieved independence in the 1960, but has since been plagued by an unequal distribution of wealth and inflation.
The first well documented kingdom was the Yoruba kingdom, which was observed between the 11th -12th centuries. Over the next few centuries, they spread their political and spiritual influence beyond the borders of its small city states. Its artisans were highly skilled, producing among other things, bronze castings of heads in a very naturalistic style. Terra- cotta, wood and Ivory were the common media instruments used.
Shortly after the 12th century, the kingdom of Benin emerged in the mid-western south region. Although it was separate from the Yoruba kingdoms; Benin legends claim that the kingdoms first rulers were descendant from an Ife prince. By the 15th century, the Benin kingdom was large, wood designing was what sustained the city's trade (both within the region and later with Europe). Its legacy includes a wealth of elaborate bronze plagues and statues recording the nation's history and glorifying its rulers.
From the above paragraphs, it can be noted that small and medium scale industries are indeed necessary for the development of any economy. Small and medium scale industries act as the major stepping stone to economic growth. In Nigeria today, small and medium scale industries are common but have no efficiently achieved or attained her goals.
Therefore, to encourage local businessmen and institutions in buying small and medium sized businesses, the government established the Nigerian bank for industry and commerce, which had an initial operating capital of 50 million naira. There was some concern in Nigeria that Nigerians might not be able to raise enough capital to take over the foreign owned businesses affected by the decree and that there might not be enough Nigerians with the technical and managerial skills necessary to replace extricate personnel.
1.2 STATEMENT OF THE PROBLEM
The small and medium scale Industries survey conducted in 2005 by the central Bank of Nigeria (CBN) provides some evidence that apart from the acute short of technology, managerial skills, poor management, adverse environment, and change in policy, capital is a source of great concern to the entrepreneur in the sector. Since one of the microeconomic goals of the Nigerian government is economic growth, we can assume that the government aims at the expansion of small firms.
In a continent where finance is a major constraint on development, the problem confronting the private sector in Nigeria above all small and medium scales Industries standout.
Most large scale industries in Nigeria have reduced their borrowings due to high interest rates and the short term nature of available loans. At the same time, banks are unwilling to lend to the small and medium scale sector with its high perceived rises. In this case, lending is not efficient to the real sector and loanable funds are currently used to finance primary consumer imports and to separate in foreign exchange markets. The research question from the above experience is thus; will small and medium scale contribute much to economic growth in Nigeria when they are not properly funded.
1.3 OBJECTIVES OF THE STUDY.
The aim of this research work is to examine the importance of small and medium scale industries on the Nigerian economy in order to ascertain how small and medium scale is utilized in production using the available raw materials and resources with a view to achieve gradual formalization in the guest for national industrialization. Meanwhile, the specific objectives are:
a. To determine the impact of small and medium scale enterprises.
b. To examine the effect of small and medium scale enterprises.
1.4 STATEMENT OF HYPOTHESIS.
For the purpose of this study, the research developed the following hypothesis.
Ho: Small and medium scale industries are not catalyst for economic development and growth in Nigeria.
Hi: Small and medium scale industries are catalyst for economic
development and growth in Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
The significance of the study is to establish an extent of growth and development and to expose the immense benefit derivable from small and medium scale industries.
Also, this study will help to redress the belief of the society that small and medium scale industries can bring about economic and development in Nigeria.
1.6 SCOPE AND LIMITATION OF THE STUDY.
The study encompasses the roles and contributions of small and medium scale industries on the Nigeria economy from 1986-2010. The basis of covering this period of time is to ascertain whether there have been any significant impacts of small and medium scale industries on the
Nigerian economy. And also, this study does not consider the medium and large scale industries.
In writing this project, the researcher encountered some limitations, which were; lack of information from appropriate quarter, time constraints, transportation, lack of funds, power outrage etc. However, in spite of all the odds, the researcher was able to come out with a standard work. The project However, contains information which in reliable and authentic.
THE IMPACT OF SMALL AND MEDIUM SCALE INDUSTRIES ON THE ECONOMIC GROWTH OF NIGERIA (1986 - 2010) | Abstract
The role of accounting system in measuring organizational performance of transport company ( A Case study of ABC Transport). This research work is designed to show that the best companions in the management of any transport is a good accounting system with particular emphasis on ABC transport company. It is worthy to say that good accounting system is really maintained in most privately owned companies in Nigeria. Only few among them lack good accounting system. Hence this project strives to show that good accounting system exist in most private companies. This discussion in this project is done in five chapters. |
