A CONTRIBUTION OF COMMERCIAL BANK TOWARD ECONOMY DEVELOPMENT IN NIGERIA

A CONTRIBUTION OF COMMERCIAL BANK TOWARD ECONOMY DEVELOPMENT IN NIGERIA ( CASE STUDY OF UNION BANK OF NIGERIA PLC)

ABSTRACT

This study is aimed at finding the contribution of commercial banks towards economic development of Nigeria with a case study of Union Bank. Plc. The purpose of this research is to final the areas of strengths and weakness in economic development as it affect commercial banks. Also the researcher tend to find solution to the problems to ensure equal development of all sectors of the economy and improve the standard of living of the people and the state in general. In carrying out the research, relevant finding were made using the following observations- Chapter one and two of this work deals with introduction of the study and literature review, chapter three and four deals with the methods for data analysis were the primary and secondary sources of data, which constitute questionnaire the major instrument for data collection in this study. Random sampling technique were used to select the respondents were analyzed using labels and simple percentage.  Chapter five deals with the conclusion, findings and recommendations upon examination, it was discovered from the facts gathered from text books and magazine, interviews personal experience and internet. To prove or discard this idea, questionnaire were used in spite of the limitations to the study. The researcher was able to go through and eventually brought the researcher to an end. From the data collected. The researcher observed that after analysis of the data, the researcher cannot believe that commercial banks are actually responsible for the lopsidedness in the economic development the study made a number of recommendation one of which is that many bank managers, central banks authority and federal ministry of finance should be involved in making regulations to favour every body concerned.

CHAPTER ONE

1.0  INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Bank can be define as a financial institution were money and other valuable are kept for security purpose. It is also an institution that provide services, such as accepting deposit, given business loans and auto loans, basic investment products like saving account all for the purpose of making profit. It is also seen as the primary unity of the Nigeria banking services. It is also an institution that give out both long and short term loan to individual and industries. Banking system in Nigeria can be traced to the event goldsmith who developed the practice of saving peoples golds and valuable. In which they issue receipts and charge little fees for the custody of the gold given to them . for the goldsmith to return the gold or any valuable to the depositor he/ she has to present the receipt to the goldsmith, then the goldsmith has the obligation of returning the particular gold to the owned of the gold, for the purpose of this project, more emphasis are laid on union bank of Nigerian Ltd. The union bank of Nigeria as the researcher have said first came to Nigerian inn 1917 and was incorporated in Nigeria in 1930, this development became necessary in order to meet up with the commercial need of the economy.

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HISTORY OF UNION BANK OF NIGERIA

Union bank of Nigeria first cam e to Nigeria in 1917 and was incorporated in Nigeria in 1930. This development became necessary in order to meet up with the commercial need of the economy. Union bank of Nigeria plc is committed to equal opportunity and to a performance culture were promoted, reward are based upon merit and demonstrated performance, their employment policy is derived by generous staff welfare. The union banking sector create and industrial loan for all business men and farmers on the rural sector/ area but the major problem is that the union bank is having a high interest rate which is 25% rate, they also provide training for new staff in the bank sector (Union bank) to educate their staff to their own satisfaction.

1.2  STATEMENT OF THE PROBLEM:

This research work deals with the purpose and necessity of the commercial bank towards economic development in Nigeria. Which the case study is Union bank of Nigeria.

  1. What is eh leading rate of Union bank
  2. How many people are been employed by Union bank
  3. What is the duty of Union bank in the economic development in Nigeria.
  4. To what extent does union bank participate in industrial set up in Nigeira.

1.3  OBJECTIVE OF THE STUDY

The major objective of eh study is to find and identify “the contribution of commercial bank towards economic development in Nigeria” using Union bank of Nigeria limited as a case study, objective includes:

  1. To examine how to increase the flow of communication in the bank.
  2. To know how to promote economic development it would enhance greater confidence in adopting an improved banking practices and making greater investment
  3. To ensure the problems being encountered in evaluating the performance on eh banking system is amended, in other to improve the economic.
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1.4  RESEARCH QUESTION

We shall try to answer the following question

  1. How does the leading rate of banks affect economic Nigeria Plc the development in Nigeria.
  2. How many people are employed by banking services essential for the economic development of Nigeria.
  3. What further roles can banks play in strengthening the Nigerian economy.

1.5  SIGNIFICANCE OF THE STUDY:

  1. The study is significant because he believes that this study can help the government and the larger security to know about the problem of commercial banks.
  2. To help individual both entrepreneurs and investor to know the easier way to assess loans overdraft from union bank.
  3. This study also encourage tax monitoring which is good for the government.

1.6  SCOPE/ DELIMITATION OF THE STUDY:

The scope of this research work is limited to union bank in Delta state it is designed to cover the numerous activities as it’s related to economics development to attain this, there will be an oral interview and use of question area but is not fully comprehensive.

  • DEFINITION OF TERMS

Economic development for the purpose of this study is defined as the upward movement or growth development in the society or are such as agricultural site strive after development. It is an objective that most people take for granted while economic progress in an essential component of development. It is the structural transformation of a society such that the society in no distance time acquire the capacity and capability to supply the goods and services needed by the entire population, other terms to the defined  are as follows:

  1. Collateral security: something which a bank can turn into cash if the loan is not paid back to the bank when due or as agreed. Example is a properly like land and building.
  2. Interest rates The amount paid by the customers to bank for services rendered to them.
  3. Loan: This is the sum of money given by the bank to customer at an agreed interest rate for a specific period of time.
  4. Cheque: This is a bill of exchange drawn in a banker payable in demand.
  5. Saving: This means regaining from consumption which depends on total income of the community and the way which it is distributed.
  6. Unemployment: It is a condition where by a factor of production especially labour is not demanded.
  7. Requlator control: Direction given to the commercial bank by the central bank of Nigeria (C.B.N) is how to operate.
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