Financial Institutions In Nigeria

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Project and Seminar material for Accountancy

Project and Seminar material for Accountancy


Dedication


This project topic is dedicated to GOD for his inspiration and for making all things about this project topic to work perfectly.

It is equally dedicated to my parents MR. & MRS. GODWIN IYIAKA and also my brother Mr. CHRISTOPHER IYIAKA for his support and encouragement.


Acknowledgement


The researcher would like to express her gratitude to the God Almighty for He made my dreams come through and who made a ay where seemed to be no way.

I am grateful to my project supervisor, Mr. Nkwocha and Head of department accountancy B.N Okezie for their attention.

My heartily appreciation goes to my senior brother Mr. Christopher Iyiaka and also my parent Mr. & Mrs. Godwin Iyiaka for their support and encouragement.

I must also express my profound gratitude to my lecturers whose expert’s intelligent and matured guidance made it possible for me to complete this course.

Finally, my sincere gratitude goes to Onyedikachi Nnam for his encouragement and provision of materials to make this work a success.


Abstract


The object of this research work reported in these texts, aimed at finding out details of financial institution in Nigeria.

Financial institution refers to those organizations that are largely established either by the government or individual’s money and credit in circulation.

Financial institutions can be classified into:

  1. Banking type financial institutions and
  2. Non Banking type financial institutions

The sources of data used were both primary and secondary source of data. The primary sources of data were interviews grants to me while the secondary sources were obtained from other related literature.

The analysis and discussion of result of the study is in relation to the role of financial institutions in the development of an economy.

From the researchers findings, it will be seen that one thing to be very clear is that the domestic mobilization of financial resources is essential for capital formation and accelerated growth and that financial institutions offer an efficient institutional mechanism through which resources can be mobilized and directed from essential used to more productive investment.

The problems of the financial institutions are the financial institutions especially the commercial bank and insurance companies should continue in their expansion network and even as many part of the country as possible and be more aggressive for deposit.


Table Of Contents


  • Title Page
  • Approval Page
  • Dedication
  • Acknowledgement
  • Abstract
  • Table Of Content

Chapter One

  • 1.0 Introduction
  • 1.1 Background of the Study
  • 1.2 Statement of Problems
  • 1.3 Purpose of the Study
  • 1.4 Research Question
  • 1.5 Significance of the Study
  • 1.6 Scope of the Study
  • 1.7 Limitation of the Study-
  • 1.8 Definition of Terms-

Chapter Two

  • 2.0 Literature Review
  • 2.2 The Nature of Financial Institution in the Development of an Economy
  • 2.3 Types of Credit Facilities
  • 2.4 The Effect of Government Policies on Financial Institutions- –
  • 2.5 The Scope of Financial Institutions in the development of an economy. –
  • 2.6 The Concept of Economic Development-
  • 2.7 The Structure of the Nigeria Financial System
  • 2.8 Establishment of Nigeria Deposit Insurance Corporation
  • 2.9 The Need for Financial Institutions in the Development of an Economy

Chapter Three

  • 3.0 Research Design And Methodology
  • 3.1 Introduction
  • 3.2 Research Design
  • 3.3 Sources/Method Of Data Collection
  • 3.4 Population And Sample Size
  • 3.5 Sampling Techniques
  • 3.6 Validity And Reliability Of Measuring Instrument
  • 3.7 Method Of Data Analysis

Chapter Four

  • 4.0 Presentation And Analysis Of Data
  • 4.1 Introduction
  • 4.2 Presentation Of Data
  • 4.3 Analysis Of Data
  • 4.4 Analysis Of Research Question
  • 4.5 Interpretation Of Result
  • Questionnaire

Chapter Five

  • 5.0 Summary, Conclusion, Recommendation
  • 5.1 Introduction
  • 5.2 Summary Of The Finding
  • 5.3 Conclusion
  • 5.4 Recommendation
  • Reference
  • Appendix

Chapter One


1.0 Introduction


1.1 Background Of The Study

Financial institution refers to these organizations that are legally established either by the government or individuals to directly or indirectly control and manage the volume of money and credits in circulation. The legality of the establishment of these organizations distinguishes them from other organization that control money in this category.

Even though they lend money to people, they are not legally authorized to perform, therefore, any contract entered into with these people is void and a nullity and hence, cannot be enforced at the court of law.
The financial Institution can be classified into :

  1. Banking type financial institutions and
  2. Non-Banking type financial institutions.
Banking Type Financial Institutions

These institutions control and manage the volume of money in circulation directly; they are responsible for the printing, minting and creation of credit of money. Banking type financial institution can also be called the deposit type financial institutions. Deposit in the sense that they accept money deposit from their customers, or other financial intermediaries. By this, the banking type financial institution intermediate between the saving surplus counts and the saving deficit units thereby increasing the volume of money in circulation through credit creation.

Types Of Banking Type Financial Institutions:
  1. Central bank
  2. Commercial banks
  3. Merchant banks
  4. Development banks
  5. People’s banks
  6. Community banks etc.
Non-Banking Type Financial Institutions

As the name suggests, non-banking financial institution do not control money supply directly as the banking types do. However, the non-banking institution still control money supply, although indirectly. Examples of institutions under this category include Insurance companies, co-operative Societies, building Societies, provident funds, etc.


1.2 Statement Of The Problem

The major problems of financial institution are breach of contract, negligence, conversion and deformation. Moreover, the relationship between the financial institution and his customer does not continue indefinitely. The accuracy of any of the following of any of the following wants can bring the relationship to an end.

  1. Death of the customer
  2. Banking or insolvency of the customer
  3. Mental incapacitation
  4. Liquidation and
  5.  Closing of account

1.3 Purpose Of The Study

The objectives of any study undertaking are to contribute to the development and growth of the case study. This research work intends to investigate critically financial institutions in nigeria.
The purpose includes:

  1. To assess the financial institution impact on the economic Growth and development in Nigeria.
  2. To examine the ownership distribution of the institution in the system, the structure of the system and regulatory framework within which the institutions operation.
  3. To ascertain how much the purpose of the financial institution have been able to achieve their standing.
  4. To know the relationship between the public and the financial institution and
  5. To ascertain the legal risks arising out of the financial institution, customer relationship.
  6. The research will also look into the future of the financial system, its responsibilities and the role in the Nigerian economy and therefore, suggest likely ways of solving the problem.

1.4 Research Questions

  1. Do financial Institutions play any role in the development of an economy?
  2. Does non-banking type financial institution control money supply directly as the banki8ng type do?
  3. Do the financial institution and his customers’ relationship continue indefinitely?
  4. Does the overall objective of establishment of the institution tend towards meeting the political and economic needs of the country?

These questions when answered will show how well financial institutions play a role in these developments of an economy.


1.5. Significance Of The Study

This work, the role of financial institution in the development of an economy is indispensable and equally significance because this will not only enhance the economy growth of the country but will also improve the standard of living of the people as it directly or indirectly creates employment for the teaming population of the many unemployment in the nation. It is also worth studying in the sense that it is unique in position as being solely responsible in determining and launching the nation into a good economy.

The study is equally important to the general public since this research review the role of financial institution in meeting their primary purposes as well as other objectives with a view to improving the economic standard in Nigeria.

It also looked into the primary role of these institutions which includes provision of equity capital and funds by ways of granting loans to individuals, institutional or organization for medium and long term investment. in industry and commence as such rate and upon such terms as may determined by the board in accordance with the policy directed by the federal executive council.

These research works also intended to provide a base for further researchers in the area of financial institutions.
Finally, this topic will hopeful be of great important to any developing country hoping to established financial institution to help speed up her economic development since it has highlighted the role and functions such institution plays in economic development.


1.6 Scope Of The Study

In the process of conducting this research topic, the researcher examination will only be concentrated on financial institution in Nigeria. This research work will cover financial institutions. The researcher intended as much as possible to conduct an adequate research but could not achieved due to some constraints sequel to the developing and high demand of adequate finance, this is every indication that thee are constraint to the validity of the conclusion reached.


1.7 Limitation Of The Study

This study is limited by certain constraint required to write off the cost incurred in marketing this project ass success, such limitation are as follows:

i. Lack of fund required to cover the cost of transportation, materials for working and typing the project and binding of the project.

ii. Time factor:The time allocated for the completion of the study is too short for more objectives of th4 result. As extension of time given should be encouraged.

I am suggesting that the project topic should be approved for the writer, starting from the first semester of thee academic session.

iii. Co-operation from the staff of the company:The researcher, if not for the help of friends and well wishers, getting information for the research from the company and libraries, could have been so difficult.

The management and staff thought that the researcher was about to carrying out espionage on the company to other competitors who are located at the same area? It took the research so much time to convince the management that the research is strictly for academic purpose.


1.8 Definition Of Terms

The following terms re defined in these contexts, which are used in the research work.

  1. Financial institution
  2. Banking type Financial institution
  3. Non banking type Financial institution
  4. Economy
  5. Role
  6. Population
  7. Monetary policy.
1. Financial institution:

These refer to this organization that are legally established either by the government or individuals to directly or indirectly control and manage the volume of money and credit in circulation.

2. Banking type financial:

These institution control and mange the volume of money in circulation directly.

3. Non- banking type financial institution:

These institutions refers in those that do not control money supply directly as the banking type do.

4. Economy:

In this research economy refers to the control and management of the money, goods and other resources of the Nigeria societies with regards to the improvement of the standard of living of the people.

5. Role:

These are all part played and exhibited by financial institution in the development of Nigeria economy.

6. Population:

This can be defined as the number of element in a research study that the research has access for the purpose of gathering data.

7. Monetary policy:

This is a measure which deals with the discretion control of money supply by the monetary authority with a view to achieve stated economy objective designed to influence the cost and availability of credit


I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic


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How to nail it on the head during your project defence


You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.


Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.


Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.


Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.


Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.


Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.


Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.


Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.


These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.

SAMPHINA

SAMPHINA

Samuel Obiora Blessed is the CEO and founder of samphina.com.ng a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials. A musician as well as a developer with the interest of Nigeria students at heart. If you need a professional website, contact him via WhatsApp or phone call @ 08143831497 to get the best.

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