The role of financial institutions in the development of nigerian economy
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The project is centered on the role of financial institutions in the development of Nigerian economy. Financial institutions are intermediaries between the owners of fund and users of these funds. The problems that necessitated this study are: the underdevelopment of the Nigerian economy despite the roles and activities of financial institutions in resource mobilization. Low investment rate despite the fund mobilization from the surplus unit to the deficit unit. Poor contribution of the non bank institutions to the economy due to public perception of them. The objectives of this research work is to, discover the relevance of the financial institutions in the development of economy. Look at the various avenues surplus, funds are mobilized and channeled to the deficit units. Investigate what contributions the financial institutions have made to the economic development of the nation ever since their forms inception. Compare and evaluate the traditional and developmental functions of the commercial banks and others with respect to the economic growth and development .to be able to discuss and analysis this, the researcher used primary and secondary data, the questionnaire were presented in tabular form and analysis of hypothesis were conducted using the chi-square based on the analysis and interpretations of the result the following findings and recommendations were made, it was clear from the analysis that commercial banks are performing their role of shifting funds from surplus unit to deficit unit. The researcher concluded with the following recommendations that financial institutions should channel more funds to the rural areas, financial institutions are to be further encouraged to help stimulate investment so as to create employment opportunities in the economy.
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