Information Communications Technology (ICT)- Effect on Human Resources Development

The effect of Information Communications Technology on Human Resources Development

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Technology has been at the heart of human progress and has been a key feature of human Identity and Progress right from the days of the Printing Press and Penecillin.Nwosu (2000) opines that at the economic level, globalization is the Process of denationalizing local and global markets and reshaping their political and legal landscapes. With the expansion of the “free market principal” trade is being internationalized as investors disregard national bureaucratic obstacles.

Ajaja (2002) stated that, the Nigerian Economy, like other globalized economies, is refashioning itself into a Knowledge-based society. This refashioning is based on the development of Information Communications Technology (ICT) related industries. The development of the ICT industry in Nigeria has played a vital role in the spread of so-called high profit and risk-taking “venture businesses” based on new technologies. This mind –boggling economic growth of the ICT industry in Nigeria will exert a great deal of pressure on both the employment and labour markets.

ICT stands for “Information and Communication Technologies.” ICT refers to technologies that provide access to information through telecommunications. It is similar to Information Technology (IT), but focuses primarily on communication technologies. This includes the Internet, wireless networks, cell phones, and other communication mediums. Read More »

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Inter-Communal Conflict: Challenges to Sustainable Development

Challenges of Inter-Communal Conflict to Sustainable Development in Oruku/Umuode Community of Nkanu East Local Government Area of Enugu State

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Conflict, generally is a reality of social relations. Conflicts at any level arise from divergences of interests, desires, goals and values aspirations in the competition for resources to meet imposing demands on social life in a defined socio-physical environment (Otite, 2001). As a matter of fact, Man in a socio-physical environment lives in continuous process of dependence and interdependence which often produces contradictions and conflicts.

Communal conflicts constitute one of the major recurring problems bedeviling the sociopolitical landscape of Africa (Olaoba, 2002). To be sure, communal conflicts are not new, particularly in sociocultural complex societies defined by a high number of ethnic nationalities and language groups such as Nigeria. Pre-colonial and colonial Nigeria experienced inter-kingdom dynastic feuds, and inter-community conflicts (Ogban-Iyam, 2005). Many contemporary Nigeria communities have experienced several cases of communal conflicts. Some of the notable examples include the Tiv-Jukun Wukari conflict in Taraba State(1999-2001); Itsekiri-Urhobo Warri crisis, (1999-2000); the Ife-Modakeke crisis (1999-2000) and Ezzah-Ezzillo crisis of Ebonyi State (Otite and Albert, 1999; Imobighe, . Bassey and Asuni, 2002; Ubi, 2001; Omatayo, 2005; Best 2007). In this present times, globalization, population explosion, and climate change converge to increase the demand for land, water, forest products and mineral resources within territories inhabited by minorities in Nigeria, these groups are forced to find new ways to cope with different types of conflict at once. All over the world, conflicts occur because society is made up of people with differing interests and values (Olaoba, 2002). In most societies, conflicts occur when parties in a state of independence perceives divergent views or believe that their aspirations or goals cannot be achieved simultaneously. Therefore, it is only natural that where there is inequality in access to the control of natural resources and political power for instance, there would be discontent, opposition and controversy. One of the common features of these conflicts has to do with their confrontational and violent dimension which led to the loss of lives and property of people who hitherto lived together in relative harmony.

The consequences of inter communal conflict are Unimaginable for a country like Nigeria, where there is high level of light arms proliferation. These conflicts have led to the destruction of lives and property and also brought untold sorrow on the people in the last fifty six years of our nationhood. Today, there is a tragic scarcity of sophisticated human resources and charismatic leaders at all levels in every geo-political configuration as a result of loss of lives in these violent inter communal conflicts.

Oruku/Umuodes conflict which started on Christmas Day, 25th December 1990 as a result of political tussle has brought loss of lives and properties, and hardship to the two communities (Agbo, 2013). More than two houses were set ablaze and hundreds made homeless. This conflict has affect the state of infrastructure in the two communities and also their neighboring communities. There is lack of connecting bridges across many rivers in the area and it poses the greatest challenge for the people. For instance someone who resides at Umuode, Nkerefi, Mburubu, Nome, Nara, Ogbuakwa, who wants to travel to the council headquarter at Amangunze, would first get to Enugu, a distance of 30 kilometres and from there board a bus to Amangunze, to cover another 30 kilometres, before getting to his or her destination.

Against this background, the researcher intends to investigate the challenges inter communal conflict between Oruku and Umuode of Nkanu East Local Government Area of Enugu State pose to sustainable development of the communities.

1.2 Statement of the Problem

The implications and costs of the conflict in Nigeria are multi dimensional. This includes loss of revenue, lives and properties and discouragement of potential investors.

First, loss of revenue, government losses sizeable Chunk of revenue wherever there are crises between these communities. For instance, tax charges and rates on varied items by local governments cannot be collected during violent crises, implying loss of revenue for development purposes.

Another implication of the conflict is the loss of lives and properties. This conflict always results to violence resulting in a number of causalities. Loss of human lives has implications for the communities’ and the nation’s economy as the killings have effects on the agile workforce. As reported by Ezza Ezzillo Crisis of Ebonyi, people homes were de –roofed and set ablaze, the Ezzillo market was razed to the ground.

Consequently the conflict discourages investment growth in the communities and environs. No investor will be encouraged to invest in an unstable economy like warring communities. The presence of relative peace, security and stability is a cardinal motivational factor for investors.

In Nigeria, conflict has caused untold hardship on the people of conflicting communities. The conflict even spread to their neighbouring communities where some of their people live in exile. This conflict has seriously impeded sustainable development in the communities and their neighbours as well.

1.3 Research Questions

Against this background, therefore an effort is made in this study to examine conflict, the factors escalating it and how it affects sustainable development in Oruku/Umuode communities with the help of the following research questions:

  1. Did chieftaincy tussle and land disputes lead to the rise of Oruku/Umuode conflict?
  2. Did the resolution mechanisms adopted by Enugu State Government, the church, the court and town union escalate Oruku/Umuode conflict?
  3. Did Oruku/Umuode conflict pose challenges to sustainable development in the communities?
  4. How can Oruku/ Umuode conflict be stopped or prevented?

1.4 Objectives of the Study

The rationale behind this study is to look at the destructive nature of conflict and its effects and consequences on the society in general using Oruku/Umuode conflict as a case study. This study also aims to discover factors that gave rise to Oruku/Umuode conflict and recommend the best way to resolve the conflict. To realize these, this study pursues the following objectives:

  1. To discover if chieftaincy tussle and land dispute lead to the rise of Oruku/Umuode conflict.
  2. To investigate if the resolution mechanisms adopted by Enugu State Government, the church, the court and town union escalated Oruku/Umuode conflict.
  3. To ascertain if Oruku/Umuode conflict posed challenges to sustainable development in the communities.
  4. To profer plausible solutions/possibleways of stopping and or preventing Oruku/Umuode conflict.

1.4 Significance of the Study

This study is of utmost importance as it will benefit researchers, Oruku and Umuode communities, Nkanu East Local Government Area, Enugu State and Nigeria at large in the following ways. The significance of this study is here categorized into theoretical and practical:

Theoretical Significance

This study serves as a literature in conflict studies for students and researchers as well. It adds to already existing knowledge in peace and conflict management.

Practical Significance

  1. This study gives the people of Oruku and Umuode a guide on how to bury the hatchet and bring lasting peace and sustainable development to their communities.
  2. This study will help Nkanu East Local Government to manage conflict in not only the case community but other communities in the area. This will consequently prevent loss of lives, properties and other resources.
  3. This study serves as an insight into the causes, consequences and resolution of intra communal conflict in Enugu State and Nigeria at large. This will help the government at every level in prevention and management of conflict.
  4. Furthermore, this study will equip the government and other Non Governmental Organisations (NGO) with added information on the level of destruction and hardship the conflict has brought on the two communities and how to rehabilitate them.

1.6 Definition of Terms

  1. Conflict

A relation between two or more parties who believe they have incompatible goals (Otite, 2001). It is a situation where two or more people perceive themselves as being in a state of incompatibility with each side trying to outdo the other. It could be over resources, values, psychological needs or inadequate information. In this study conflict refers to misunderstanding between parties which leads to loss of human and material resources.

  1. Inter communal conflict

Inter communal conflict ranges from chronic levels of conflict and violence within societies, such as crime or domestic abuse, conflict between groups and across societies, and inter-state conflict in the global state system (Agbo, 2013). Inter communal conflict can range in degrees of aggression and violence from genocide and ethnic cleansing to discrimination and systematic abuse of particular groups by governments and social actors. In this study inter communal conflict refers to conflict between to communities, Oruku and Umuode.

  1. Intra communal conflict

This is conflict between persons or groups of persons in a community (Otite, 2001). In this study intra communal conflict is refers to conflict among the people of Oruku or Umuode.

  1. Conflict resolution

This is an act of finding an answer or solution to a conflict, problem, etc (Olaoba, 2002).

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic:

Challenges of Inter-Communal Conflict to Sustainable Development in Oruku/Umuode Community of Nkanu East Local Government Area of Enugu State

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Traditional Method of Conflict Resolution, A case of Ora-Eri, Aguata LGA, Anambra State

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Effects of Instructional Material in the Teaching and Learning

Effects of Instructional Material in the Teaching and Learning in Primary School in Enugu East Local Government Area, Enugu State.

 

ABSTRACT

The purpose of this study was to find out the effect of instructional materials in the teaching and learning in primary schools in Enugu-East Local Government Area of Enugu State. The study was guided by four research questions. The design was descriptive survey. The study was carried out in Ujodo Development Centre in Enugu-East Local Government Area. The population covered all the public primary schools in Ujodo Development Centre with a population of 500 teachers. One hundred and twenty teachers (120) were selected using simple random sampling techniques as the sample of the study. A questionnaire on Effect of Instructional Material in Teaching and Learning in Primary Schools (EIMTLPS) was developed and validated. The reliability was established using Pearson Product Moment which yielded 0.80. The data collected were analyzed with the use of simple percentage. Findings indicated only Chalkboards are commonly found or available in all schools in Enugu-East. The findings also showed that technological instructional materials such as computer (visual and audiovisual), radio (audio) are lacked in schools. The study recommended that the State and Local Government should implement fully her intervention programme on instructional materials provision. Read More »

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Impact of Oil Price Changes on the Economic Growth of Nigeria

The Impact of Oil Price Changes on the Economic Growth of Nigeria (1979-2008)

ABSTRACT

    This study examines the impact of oil price changes on the economics growth of Nigeria; this explains that the changes have a negative impact on the GDP (Gross Domestic Product). This change is also known as price volatility.

An economic analysis was employed using the method of ordinary least square and from the result of the analysis, it was clear that oil price change has effect/impact on the Gross Domestic Product where some of the variables has negative and others positive. The Exchange rate has a positive significance on the Gross Domestic Product at the rate of 83%, interest rate and oil export increase leads to a decrease in the Gross Domestic Product (GDP) hence it has a negative impact on the economics growth in Nigeria.

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY

Prior to the discovery and exploration of crude oil in Nigeria, the Nigeria economy was highly dependent on the agricultural sector in terms of revenue and foreign exchange earnings needed for development, this include, cocoa from the Western and groundnut from the Northern part of the country. Cocoa was contributing about 45% and groundnut 25% to the gross domestic product of the economy. It is remarkable that at this time, Nigeria ranked second only to Ghana then known as the Gold coast in terms of production of cocoa.

Agriculture’s contribution to the gross domestic product (GDP) of Nigeria was about 63% in 1988, not because the industrial sector increased its share but due to the neglect of the agricultural sector, and this led Nigeria to be importers of basic food items instead of being producers by 1975.

The then political leader in person of Yakubu Gowon brought about the “oil boom” in Nigeria, making money as it was made to believe was not the matter but how to spend it because the country had so much money. The oil boom led to the neglect of other sectors of the economy even as Nigeria is blessed with both mineral and material resources. Even the crude oil the economy rely on does not receive proper attention as none of Nigeria’s refineries is working properly, refined oil are imported.

The position of crude oil as the bed rock of the world financial system can only be ignored today at the world’s fall which makes it a vital sector of the economy leading to economic growth of the economy. Oil contribution to economic growth is in its returns in excess of production costs in the Nigeria economy from 1970 to 1999, oil generated almost $231 billion in rents and since 1974, these rents have constituted between 21% and 48% of the gross domestic product (Darby1998).

The impact of oil in the economy was felt with the slide in oil price which also reflected in the nation’s service, with potentially serious consequences for the country’s political stability. This was illustrated in 1998, when the government raised the salary of public employees by about 30% basic salary but defaulted on its promise three (3) months later as the amount was slashed by almost half because of declining oil earnings. This led to a strike action that stagnated the economy since most state government failed to implement the new wage for lack of funds. The discovery of oil has both positive and negative effect on the Nigeria economy.

Its positive effect financially includes the earning of about #166.6 million out of the #632.0 million in 1970 which represent 26.3% in 1973, it also account for about 89.1% in 1985 and 96.7% in 2003. The value of Nigeria’s total exports stood at #15,262,093.1 million in 1973 out of this total oil exports accounted for #141,852,435.5 million representing 97.3%. In the period 1960-1970 the gross domestic product recorded 3.1% growth annually, during the oil boom era, roughly 1970-1978 positive growth to 6.2% as the boom lured labor away from the rural sectors in the economy (Ferderer, 1996).

The discovery of oil in Nigeria came with corruption, corruption with mismanagement, mismanagement with marginalization and this to agitation. All of these, led to the abandonment of the agricultural sector as every single state in Nigeria were concerned with how to benefit from oil generated revenue. The negative effect also includes social and political unrest, particularly in the Niger Delta, the unrest among the Ogoni and Ijaw people in the Niger Delta. Agitated, abduction of white and even Nigeria oil workers set in, thus oil which ordinarily ought to be a blessing to the citizens of Nigeria in the form of increased economic growth, transformed to crisis, hunger, fear of the unknown, refugees in one’s own country and other vices alike.

The crisis in the Niger Delta being the negative effect in the discovery of oil arose in the early 1990s over tensions between the foreign oil corporations and a number of the Niger Delta’s minority ethnic groups who felt they were being exploited (particularly the Ogoni and the Ijaw), this persisted through 2007.This crisis was further fueled by competition for oil wealth created by oil the benefit have been slow to trickle down to the majority of the population who since the 1960s have increasingly been forced to forced to abandon their traditional agricultural practices.

The Delta region has a steadily growing population estimated to be over 30 million people as at 2005, accounting for more than 23% of Nigeria’s total population, this led to poverty and urbanization in this area but this urbanization is not accompanied by economic growth to provide jobs and also has led to destruction of the eco system.

The president of Nigeria Good Luck Jonathan may have resolved to tackle the amnesty program me introduced by his predecessor squarely by directing that all issue concerning the laudable program be domiciled in the office of the president adviser on Niger Delta and formal Managing Director of Niger Delta Development Commission (NDDC) Chief Timi Alaibe. The Nigeria Liquidity Natural Gas Company (LNG) lost about $300 billion at the peak of the crisis in 2009; this hampered the nation’s export.

According to the presidential adviser, he said that kidnapping which had stopped for a while has found a new abode in the Eastern part of the country and that this has stalled development projects in the area too.

Amnesty was used as a prerequisite to promote economic development, to stabilize the area and promote peace through retrieval of weapons. This was as a result of the program me of the DDI (Disarmament, Demobilization and Integration). This has paid off as peace now reigns in this region. This crisis reduced production of oil but now production has increased from 700,000 barrel per day to 2.3 million as confidence is been restored.

The oil price changes has great impact on the economic growth of Nigeria that some policies were formulated, one of such policies is the Structural Adjustment Program (SAP) as it relates to the development of the economy and also the welfare of the citizens.

The Structural Adjustment Program (SAP) was formed by the Babangida Administration in August 1985 at a time of depressed oil price. The program lasted between 1986 and 1988.In September 1986, the government introduced a second-tier foreign exchange market (SFEM), sold on auction for a near equilibrium price and used for export earnings and import trade requirement. Under SFEM, the Naira depreciated 66% to #1=us &0.64(#1.56=us$1) and declined further in value through July 1987.The first and second tiers were merged; Nigeria abolished the ex-factory price control set by the price. This led to the reduction of oil price which affects the economic standard of Nigeria as the excess money seen disappeared and borrowing became the last resort.

The empirical evidence from a growing body of academic literature clearly suggests that oil price change, whether an increase or decrease affects the economic growth of Nigeria. This price changes in oil has complicated the task of policy makers and business leaders over the past three (3) decades. The so-called oil macroeconomic relationship has been statically measurable since the later 1940’s (Jones, Leiby and Paik 2004) and although the empirical evidence has grown and become more significant in the last 29 years, policy makers  have shown little interest in this literature or in the powerful implications of the oil-macro economic variables relationship.

Even the International Energy Agency (IEA) which long ignored the issue of price change, recently estimated that a $10 price increase would lead to 0.5% of global Gross Domestic Product creating $255 billion in losses over several years (IEA, 2004). The IEA however makes no mention of the significant implications its estimate carries or renewable energy (RE) and other non-fossil technologies. In absolute terms, the magnitude of these figures is staggering yet economist and the press widely conclude that the economy will “shake off” such oil spike effect. Awerbuch and saiter (2004) quoting (NN,2004).

Monetary and fiscal policies play a role in the effect that oil price changes. Although monetary policy response is often immediate in an effort to prevent inflation, the responses is not always the same after oil price decreases. FerdererS (1996), however, found a significant relationship between oil prices increases and counter inflationary responses, the observed that price increases predict output, monetary policy notwithstanding. In general, policies that do not change expectations quickly or that cannot be expected to persist cannot offset the consequences of oil shocks in the short run (Tatom 1993). Generally, the influence of oil shocks on employment was twice as important as the monetary policy responses (David and Haltiwanger, 2001). Merrill (2002) observes that the combined effects of oil price increase and monetary policy produce a trifecta of trouble that cubs GDP by an average of 2.5%.

Although the issue of price changes increases uncertainty about future oil prices that lead companies to postpone irreversible investments. Changes in the economic growth rate affect the changes of income and therefore also represent a measure of the uncertainty that economic agents face about the future.

On a more aggregate scale, oil has transformed the Nigerian economy from an agrarian subsistence-cum-export economy into an oil based mono-cultural economy with all the attendant consequences.

1.2     STATEMENT OF THE PROBLEM

Globally, inconsistent changes in oil price pose great challenge to policy makers. This inconsistent oil price changes do have several fiscal and monetary macro economic implications, both in the oil exporting and importing countries over the four past decades (cashin et al 2000). Some of this study suggests that rising oil price reduced output. This sort of effect is quite familiar from real trade theory. With a temporary oil price shock, the potential GNP contraction also in temporary. If no adjustment costs are incurred, that is, full employment is maintained throughout the period of the shock, the potential GNP effect is the only loss which would occur and it would be incurred for the duration of the higher price regime.

According to LeBlanc and Chinn (2004) economic literature provides no consensus regarding a theoretical frame work for explaining how changing oil price, affect economic growth and activity. Researchers have identified a range of potential mechanisms arguing alternatively that oil price changes primarily effects the economy by increasing input costs, increasing investment uncertainty, as a shock to the aggregate price level, which reduces real money balances and or as a relative shock leading to costly resource reallocation among sectors. Compounding the problems of identifying the actual path way of the oil price effects is that, the effects are difficult to discern and estimate because monetary policy can mask the effect of price movement.

The most obvious indicator of an oil price change is the nominal oil price, more disproportionately is the manner in which oil has become a fundamental preoccupation of Nigeria’s political process. In the early article, Hamilton (1996) shows the increases in the nominal price of oil causes downturns in economic activity. However more recent data have shown this simple measure to have a rather unstable relationship with macroeconomic outcomes, leading subsequent researchers to employ increasing complicated specification of the true relationship between oil and the economy. In particular, Hamilton (1999) argues that the correct measure of oil price changes depends on how the price of oil affects the economy.

On the relationship between oil price and inflation, it is observed that inflationary pressure manifest them when the overall demand for goods and services grows faster than the supply, causing a decrease in the amount of unused productive resources. However, economists have measured economic slack in various ways. Perhaps, the most common measure is the unemployment rate, which measures used resources in the labor market. Another is the output gap, monetary policy is also a vital explanation for any sustained change in the inflation process, but is also believed that this can be made possible if accommodated by monetary policy.

The present study is essential finding that it was not price changes themselves that spur macro economic variables but rather monetary policy’s response to them that caused changes in aggregate economic activity. In a study by Bohi (1999), Bernanke, Gerther and Watson, (1997) explained the possibility that the 1974 economic recession in the united states may have been the consequence of the federal reserve policy response to inflation triggered by an oil price shock. Nigeria is not left alone on this excruciating effect of oil price changes on the economic growth.

In Nigeria, oil accounts for more than 90% of its exports, 25% of its gross domestic product (GDP), and 80% of its public revenues. Thus, a small oil price change can cause a large impact. A US $1 increase in the oil price in the early 1990s did increase her foreign account by about us $320 million a year (Fereder 1999). Nigerian’s reliance on oil production for income generation clearly has serious implications for its economic policy management. In the case of Nigeria, its observed that she is exposed to exchange rate and interest rate uncertainty and this change affect its debt service obligation,  and other associated macro economic problems. As some interest rates are not fixed, the economy become sensitive to change in cross-currency exchange and interest rates. Adverse movements in these rates, which have been extremely volatile in the past two decades, explain rapid increase in macro economic problems as a result of international oil price volatility.

Studies conducted have focused on developed economic and few studies exist yet on the effect of oil price shock in key macro economic variables for an oil exporting country as Nigeria. This study tends to fill this gap.

1.3.      OBJECTIVES OF THE STUDY

The specific objectives of this study are

  1. To analyze the impacts of oil price changes on the economic growth of Nigeria.
  2. To measure the magnitude of this impact.

1.4     STATEMENT OF HYPOTHESIS

Oil price changes do not have any effect on the economic growth of Nigeria.

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic:  The Impact of Oil Price Changes on the Economic Growth of Nigeria (1979-2008)

To get the full report pay a token of 3,000 naira to the following bank account

BANK: ECOBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 4831029253

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BANK: FIRSTBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 3092548117

Immediately after the payment send your name, topic of interest, e-mail address, teller number and location to the following phone number: 07035282233 or email: ralphemeka@gmail.com

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Uniprojectsearch.com only provides papers as a reference for your research. The papers ordered and produced are meant to serve as a guide and source of information for your own paper. We are neither encouraging any form of plagiarism nor are we advocating the use of the papers produced herein for cheating.

….some related project topics and materials

Impact of Inflation on Non-Oil Export in Nigerian Economy (1981 – 2013)

Effects of Monetary Policy on Bank Performance in Nigeria a Case of Zenith Bank

The Impact of Entrepreneurship on the Nigeria Economic Growth

 

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Impact of Inflation on Non-Oil Export in Nigerian Economy

Impact of Inflation on Non-Oil Export in Nigerian Economy

(1981 – 2013)

 

Abstract

This study examined the impact of inflation on non-oil export on Nigerian economy for the period of 1981 – 2013. The study adopted time series econometrics analysis and descriptive statistics to determine the impact of inflation on non-oil export on Nigerian economy. The empirical analysis that was carried out to achieve the objectives mentioned above were diagnostic tests such as unit root, co-integration, Error Correction Model (ECM) and ordinary least square (OLS), in which changes in NOE was regressed on inflation (INF) and Exchange rate (EXC) using annual time series data from CBN statistical bulletin (volume 23). The result of our unit root showed that the variables NOE and INF were stationary at level while EXC was stationary at first difference and also had one cointegrating vector in the longrun. Similarly, the ECM result revealed that there is a speed of adjustment between the short-run and long-run of the variables. This shows that inflation significantly influences non-oil export in Nigerian economy. Based on the findings above, the study recommends that effort should be made to ensure that a single inflation rate is maintained to ensure sustainable non-oil export growth; the government should take measures that will promote non-oil export trade. Such measures include trade openness; tax holidays and subsidies should be given to investors that engage in non-oil export trade.

 

CHAPTER ONE

INTRODUCTION

1.1 Background to the study

The word inflation has become a household name in most African countries. It has become a significant problem for Africa and Nigeria to be specific for several years now. In the words of Adenuga (2012), it is a monster which threatens all economies because of its undesirable effects.  Inflation can be defined as a significant and sustained increase in the general price level over a period of time.

Nigeria has experienced high volatility in inflation rate. Since the early 1960s, there have been four major episodes of high inflation in excess of 30 percent in Nigeria. These were either attributable to excess money growth or to some factors reflecting the structural characteristics of the economy such as supply shocks. The first period of inflation in the 30 percent range was in 1976 (CBN, 2009). This was attributed to the drought in northern Nigeria which destroyed agricultural production and pushed up the cost of agricultural food items coupled with excessive monetization of oil export revenue, which might have given the inflation a monetary character.

Following the adoption of the structural adjustment programme in the late 1980s, the effect of wage increases created cost push inflation. In addition, in the late 1980s, following the structural adjustment programme, the effect of wage increases created a cost push on inflation. Hence, in 1985, inflation peaked at 40 percent at a time of relatively little growth in the economy. At that time, the government was under pressure from debtor groups to reach agreement with the International Monetary Fund (IMF), one of the conditions of which was the devaluation of the domestic currency. The expectation that devaluation was imminent fuelled inflation as prices adjusted to the parallel rate of exchange. Over the same period, excess money growth was about 43 percent (CBN, 2009)

The third high inflation episode started in the last quarter of 1987 and accelerated through 1988 to 1989. This episode is related to the fiscal expansion that accompanied in 1988 budget. However, with drastic monetary contraction initiated by the authorities in the middle of 1989, inflation fell, reaching one of its lowest points in 1991, i.e. 13% (CBN, 2009).

The fourth inflationary episode occurred in 1993, and persisted through the end of 1995. Though inflation gathered momentum towards the tail end of 1992, it reached 57 percent by the end of 1994, and by the end of 1995, it was 72.8 percent (CBN, 2009). This was equally attributed to a period of expansionary fiscal deficit and money supply growth. Between 1996 and 2011, inflation rate has fallen considerably though still in double digit.

It has been rightly established that export trade is an engine of growth, being that it enhance employment generation through the development of export oriented industrials, increase foreign exchange earnings and improve balanced of payment position of a given economy. This claim was supported by Onayemi and Ishola (2009) with the view that growth performance is more satisfactory under export promotion.

Usman (2002), who actually investigated the impact of non-oil export on growth of the Nigerian economy that Non-oil sector comprises those groups of economic activities which are outside the petroleum and gas industry does not directly linked to them. It consists of sectors such as manufacturing, agriculture, telecommunications, service, finance, tourism, real estate, construction and health sectors. (mostly agricultural) products such as groundnut, palm kernel, palm oil, cocoa, rubber, cotton, coffee, beans, hides, skin and cattle dominated Nigeria’s export trade in the 1960s. The efforts of the ADPs were geared towards enhancing agricultural productivity (World Bank 2001). There have been other national programmes established to boost agricultural production in Nigeria. Notable among them was the agricultural guarantee scheme fund (ACGSF) in 1977.

Despite this effort, the discovery of oil at large scale exploration in the 1970s turned down against the agricultural sector in favour of the oil sector, but thereby causing inflation which Nigeria has been experiencing since the 1970s has its origin in the economic measures and controls that were first enacted during the Nigeria civil war of 1967-1970.

More so, because of the energy crisis of the 1970s high inflationary rates became widespread. Even industrialized countries like Britain and Italy recorded annual inflation figure of over 20% significantly however, Nigeria and oil too; of the magnitude of about 15%-30% per year (Yahaya, 2000).

In Nigeria, crude oil is the major export because of the large revenue it generates. This has led the economy to focus on the petroleum sector while ignoring the other sectors as well as the potential revenue they can generate. This research therefore aims to investigate the impact of inflation on non-oil export in Nigerian economy.

1.2 Statement of the Problem

The growth of Nigeria’s non-oil exports has been sluggish and non-encouraging in the post-independence period. It averaged about 2.3% during 1960 to 1990 but in relative terms, declined systematically as proportion of total exports fell from about 40% in 1970 to about 5% in 2010, World Bank, 2011. A well-developed export sector will provide employment opportunity for the people with the attendant reduction in social cost of unemployment. Earning from export will reduce the strain on the balance of payment position and even improve it. A rewarding export drive can turn a hitherto underdeveloped economy into a prosperous economy. Income earned through exporting will help in increasing the level of demand within the economy.

            An assessment of the trend and patterns of activities in the non-oil sector of Nigeria revealed that despite the various policies, strategies and reform programmes, the contributions of the sub-sectors of this sector have been dismal, disheartening and below its full potential. Agriculture that serves as mainstay is still characterized by low productivity. This stems from small farm size with crude and out-dated farm implements, lacking access to credit facilities production machinery and inputs by farmers owing to inadequacies of their provision among others.

Inflation is a highly controversial term which has undergone modification since it was defined by the neo­­­-classical economist. It led to the abandonment of the German currency in the 1920s. Gokal (2004) stated that inflation may also reduce a country’s international competiveness by making it export relatively more expensive, thus impacting on the balance of payment; from the oil boom era of 1970s in Nigeria, persistent inflationary pressure have exerted overwhelming effect in the economy.

The major explanations of inflation include monetary, fiscal and balance of payment aspect (1970s) in the monetary aspect, inflation is considered as a result of increase in money supply while the fiscal aspect, budget deficits are considered the fundamental cause of inflation.

The challenges of non-oil export sector is not that it is being over shadowed by the oil export trade, but traceable to declining non-oil export and loss of market share in the non-oil trade globally is a clear evidence of how the non-oil sector competitiveness of the Nigerian economy has been consistently eroded over the last three decades. A robust and strong export trade is indicative of how competitive the commodities and services are, and how large the scale of the industrial base of an economy is, this is reflected by the comparative advantages possessed by the country. Also, exports of commodities are possible when domestic demand for such are satisfied and surpluses exist in commercial quantities. Thus, the non-oil export sector serves as the hub for exporting these surpluses produces by the non-oil base of the country’s economy. There has been several research works which have examined the relationship between non-oil export and economic growth.

Okoh (2004) observed that global integration had positive but not significant relationship in explaining the behaviour of non-oil exports in the long-run. Since the aggregate non-oil exports data used by previous studies may biased their conclusion and the need to correct the existing cultural distortions and put the economy on the path of sustainable growth is therefore compelling. This raises the question of what need to be done in order to diversify the economy and develop the non-oil sector to realize the potentials of the sector.

This heavy reliance subjects the country to difficulties when the price of crude oil, the major export commodity, became known in the international market. In the light of this, the government adopted various strategies to boost non-oil export in order to stabilize the economy. For instance, as at 2000, oil and gas exploration accounted for more than 98% of export earnings and about 23% of federal government revenue (export-import bank 2009). The oil sector also accounted for more than 40% of gross domestic product (GDP) in Nigeria and about 95% of foreign exchange earnings. Despite this seemingly high revenue from the oil sector, the paradox of it is that over 70% of Nigerian population is engaged either in the informal sector or the agricultural population (Olaitan, 2006).

1.3       Research Questions

The following research questions sharpen the focus of the problem.

  1. Does inflation have any significant impact on non-oil export in Nigeria?
  2. To what extent does long-run relationship exist between inflation and non-oil export in Nigeria?
  3. Is there any causal relationship between non-oil export and inflation in Nigeria?
    • Objectives of the Study

The general objective of this study is to examine the effect of inflation on non-oil export in Nigeria.

The specific objectives include:

  1. To determine the effect of inflation on non-oil export in Nigeria.
  2. To determine the extent to which long-run relationship exists between inflation and non-oil export in Nigeria.
  3. To evaluate the causal relationship between non-oil export and inflation in Nigeria.

1.5       Research Hypothesis

The working hypotheses of the study are stated as follows:

H0:    Inflation does not have any significantly impact on non-oil export in Nigeria.

H0:  There is no long-run relationship existing between inflation and non-oil export in Nigeria.

H0:  There is no causal relationship between inflation and non-oil export in Nigeria.

1.6       Significance of the study

The significance of this study cannot be overstressed. The relevance of this study is that it reviews the concepts and effect of inflation on non-oil export in Nigeria economy growth.

To government, it will educate them on the gap which oil sector export has caused non-oil export growth in Nigeria economise since the government has concentrated on oil export forgotten the impact on non-oil export sector.

It will be useful if government will look into non-oil export sector squarely. It will contribute positively to the Nigeria economy growth.  Monetary and fiscal authorities i.e. policy makers; this study will enable them to make a policy miss that will combine inflation rate which will affect a domestic exchange rate positively. Meaning that, the policy makers will make use of monetary and fiscal policy to control the rate of inflation that affects a domestic exchange rate.

To the society at large, this work will reveal to them the opportunities in non-oil export sector such as farming, industries, cassava production, poultry etc.

For further studies, it will serve as a reservoir of knowledge for such academic exercises.  Finally, the findings of this study would add to the stock of econometric literature of Nigeria.

1.7 Scope and Limitation of the study

The study will investigate the effect of inflation on non-oil export in Nigeria for the period 1981-2013. Annual time series data will be employed by this study to conduct the investigation. The researcher encountered the following constraints in the course of this work, data constraint, financial constraint, limited information due to the type of research work and time constraint. This research work is also limited to the use of secondary data gotten from secondary sources, as such if there are any errors made by those who generated these data; this research work incorporates such errors.

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Project Topic:  Impact of Inflation on Non-Oil Export in Nigerian Economy (1981 – 2013)

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Effects of Monetary Policy on Bank Performance in Nigeria a Case of Zenith Bank

The Impact of Entrepreneurship on the Nigeria Economic Growth

Impact of External Debt on Nigeria Economic Growth (1981-2013)

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Effects of Monetary Policy on Bank Performance in Nigeria

Effects of Monetary Policy on Bank Performance in Nigeria a Case of Zenith Bank (1992- 2014)

 

ABSTARCT

This study examines the effect of monetary policy on bank performance in Nigeria for the period 1992 to 2014 using Secondary data source from CBN statistical Bulletin 2014. In this paper, we carried out an empirical test using Augmented Dickey fuller (ADF) test to trace the stationarity of the dependent and the independent variables, the Johansen co-integration test and the Vector error correction mechanism technique (VECM). The monetary policy on bank performance was proxy by deposit and lending rate (DLR) (dependent variable), Interest Rates of banks (INR), Exchange rate on banks (EXR) and monetary policy rate of the banks (MPB) as the independent variables.

The unit root test results show that all the variables are stationary at first difference. This implies that there is no possibility of spurious result.

The co-integration test result shows that there is a long run relationship between monetary policies and bank performance in Nigeria.

The Vector Error Correction Mechanism test results suggest that an increase in the activities of monetary policies and bank performance with specific emphasis Exchange rate on banks (EXR) and monetary policy rate of the banks (MPB) will significantly enhance output in the country because of the positive relationship, While Interest Rates of banks (INR) will not significantly enhance output in the country because it have a negative significant relationship. The evidence from this study reveals that monetary policy has impacted positively on bank performance. This recommends that the regulatory authority of the Nigeria economy should evolve policies and action programmes that would develop and grow the monetary policy by encouraging both the private individual and institutional investors to take greater initiatives in participating in the banking system.

CHAPTER ONE

Introduction

1.1  Background of the Study 

Monetary Policy is one of the major economic stabilization weapons which involve measures designed to regulate and control the volume, cost, availability and appropriate direction of money in an economy to achieve some specific macro-economic policy objectives Akanbi and Ajagbe, (2012).

The main objective of monetary policy in Nigeria is to ensure stability in price and volume of money in circulation. Which is achieved by causing savers to avail investors of  surplus funds for investment through appropriate interest rate in Nigeria  structure, proper supervision of banks and related institutions to ensure Monetary financial sector soundness and maintenance of  efficient payment system. Amidu Mohammed and Wolfe Simon (2008).

Monetary policy according to Anyanwu (1993) involves a deliberate effort by the monetary authorities to control the money supply and credit conditions for the purpose of achieving broad economic objectives. The central bank policy of Nigeria, over the years regulate and control the volume, cost, availability and appropriate direction of money in an economy to achieve some specific macro- economic policy objectives over the years, have instituted various monetary policies to regulate and develop the financial system in order to achieve major macro-economic objectives which often conflict and result to distortion in the economy. Although, some monetary policies like cash reserve and capital requirements have been used to buffer the liquidity based and credit facilities to the public. The economy of Nigeria is faced with unemployment, low investment and high inflation rate, these factors hinder the growth of the economy. Thus adopting monetary policy in manipulating the fluctuation experienced so far in the economy, the central bank of Nigeria undertake both contractionary and expansionary measures in tackling the problems observed.

The responsibility of monetary policy and its implementation in Nigeria rest with Central Bank of Nigeria.

                Monetary and financial policies pursued in recent years have been designed to support the attainment of basic objectives of the economic stability in the short term and induce resumption of sustainable growth. Bryan, William R. (1972).The instruments available to the CBN during this period for the achievements of objective of monetary policy include both the direct and indirect instruments, which have been used in various degrees and at different stages of the country’s experiment with monetary policy.

The monetary policy in Nigeria have been always ineffective  due to some factors such as irregularity over loan, oligopolistic structures of the banks, dual markets, poverty and low valuation of financial assets in the market.

       CBN (1993) has it that the economic environment that guided monetary policy before 1986 characterized by the g rowing importance of the oil sector, the ending role of the public sector in the economy and overdependence on the external sectors.  In order to maintain price stability and healthy balance of payment position, monetary management depended on the use of direct monetary instrument such as credit ceilings, selective controls, administered interest exchange word as well as monetary policy rate.

 1.2   STATEMENTS OF THE PROBLEM

When CBN actions and  regulations restricts the activities and operations of profit making institutions such as commercial banks, finance companies and non-financial institutions such as co-operatives thrift in situations and pension funds, they immediately search on alternative ways of making profit. The constraints can also affect the level of development in the economy.

By manipulating the monetary policy instruments such as credit and exchange rate, central bank affect the rate of growth of the money supply, the level of interest rate, security prices, credit availability and liquidity creation from commercial bank.  These factors, in turn can exert monetary imbalance or shocks on the economy by influencing the level of investment, consumption, imports, government spending, total output, income and price level in the economy.

Kashyap and Stein (2000) and Amidu and wolfe(2008) studies also provide empirical evidence to support the effect of monetary policy changes on loan supply of illiquid banks, deposit base and induce banks ability to perform their expected roles within the financial system. Despite

several empirical evidence, the unresolved major issue is on the long run nexus between monetary policy and bank performance and this has further led to wide methodological gap in either adopting a single or simultaneous model co-integration approach. The main thrust of this work is to fill this gap created through adopting a two-step procedure co-integration approach.

1.3   OBJECTIVES OF THE STUDY.

The main objective of the study is to determine the effects of monetary policy on bank performance in Nigeria using Zenith bank as a study.

The specific objectives include;

  1. To determine the effects of interest rate on the performance of banks in Nigeria.
  2. To examine the effect of exchange rate on bank performance in Nigeria.
  3. To ascertain the impact of monetary policy rate on the performance of banks in Nigeria.

1.4 Research Questions

  1. What is the effect of interest rate on bank performance in Nigeria?
  2. What is the impact of exchange rate on bank performance in Nigeria?
  1. What is the effect of monetary policy rate on bank performance in Nigeria?

1.5 Research Hypothesis

  1. HO: There is no significant effect between interest rate

 and the performance of banks in Nigeria.

   H1:  There exists a significant effect between interest rate

   and the performance of banks in Nigeria.

  1. HO: There is no significant effect between exchange and bank performance in Nigeria.

     H1: There is significant effect between exchange rate and bank performance in Nigeria.

  1. HO: There is no significant effect between monetary policy rate and bank performance in Nigeria.

      H1:  There is some significant effect between monetary policy rate and the performance of banks in Nigeria.

1.6 Significance of the Study

The findings of the study will be of great benefit to the following persons;

  1. Bankers-The study will be of great benefit to bankers because, the study will enable them to strategize ways of managing the bank for optimum performance.
  2. Investment Analyst-it will be of great benefit to investment Analyst because the study will enable them to evaluate the monetary policy made on both the banking sector and the Nigerian economy.
  3. Government agency-.The result of the study will be of great importance to the Government agency because it will enable them to evaluate the effects monetary policies made on both the banking sector and the Nigerian economy.
  4. Finally, the result of the study will add to the existing literatures on monetary policies. It will add to the existing literatures on monetary policies. It will also help researchers or students who may wish to carry out further research in this area in obtaining qualitative information for a quality research work.

1.7 Scope of the Study

The work is aimed at examining the impact of monetary policy on the performance of banks in Nigeria from 1992-2014.The choice of this sector is because the banking sector performance has a large positive impact on the economy.

1.8 Limitations of the Study

The following are the limitations of the study.

  1. Workers unwillingness to comply: Most of the workers are not willing to give out information because of the wrong perception they have that giving out information will lead to the collapse of the bank and also that they will lose some of their customers.
  2. Scarcity of literature: Scarcity of literature and information hindered the researcher in the course of carrying out this research because he could not lay his hand on adequate information needed for the work.

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic: Effects of Monetary Policy on Bank Performance in Nigeria a Case of Zenith Bank

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ACCOUNT NUMBER: 3092548117

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The Impact of Entrepreneurship on the Nigeria Economic Growth

Impact of External Debt on Nigeria Economic Growth (1981-2013)

 

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Impact of Entrepreneurship on the Nigeria Economic Growth

The Impact of Entrepreneurship on the Nigeria Economic Growth

 

ABSTRACT

This work has quantitatively examined the impact of entrepreneurship on the Nigeria economic growth with its perceived indicators in the economy such as loans to small and medium enterprises, credit to the private sector and interest rate on Nigeria’s economic growth. This research work made use of multiple regression analysis based on ordinary least square (OLS) technique. In the analysis, RGDP represents the dependent variable; loans to small and medium enterprises, credit to private sector and interest rate are the independent variables. The coefficient of determination (R2) will be used to determine the fitness of the result while D.W statistics will be used to check the presence/absence of auto correlation. The above result shows that the ECM(-1) value is -0.605 implying that the speed of adjustment should there be any disequilibrium, is 60.5% per year. However, R-Square indicated that 88.4% of the total variation in the Real Gross Domestic Product (LRGDP) is accounted for, the explanatory variables; bank loans to the small and medium enterprises (LBLSME), Credit to the private sector (LCPS) and interest rate (INT). The regression plane of the model indicated that the joint influence of the explanatory variable is statistically significant. This is confirmed by the P-value of the F-Statistics [0.001281]. The model shows that there is no presence of autocorrelation as the Durbin Waston statistics is 2.24. The result shows that entrepreneurship has a significant impact on the Nigeria economic growth with R2 of 88.4% which show a strong fit of the regression.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Entrepreneurship in Nigeria started when people in the villages and farming communities produced more product than they needed; as such they had to exchange the surplus with those who needed them within their immediate and neighbouring communities. The exchange of goods for goods and services was based on trade barter initially, until commodity money was developed and used. Exchange encourage specialization among producers, and the communities came realize that they concentrate on the areas of productions they are best filled. Consequent on the above, the culture of entrepreneurship started in Nigeria during the colonial era, business scene was dominated at the grassroots level by Indines, Greeks, Nigeria, Ghanaians and others. These foreign nationals had a better exposition from the Nigeria with this advantage; it was easy to dislodge them when the colonial left Nigeria and shaping their country economies.

The federal government introduced indigenization and enterprise promotion dance of the 1972 and its revision in 1977 with the objective to foster economic self reliance and maximize external intervention in the economy.The socio- economic impact of entrepreneurship on the sustainable economic growth of Nigeria economy is difficult to accurately measure or estimate but it is believed to be highly dynamic and significant (chu et al, 2010). However, a study estimated that between 45 and 65 percent urban force work for small private enterprise or what is call small business.

Another study suggests that entrepreneurship has been beneficial because the Nigeria private sector comprising of small and medium enterprise provides diverse employment opportunity for 50 percent of the country’s population and 50 percent of its industrials input as stated by Ariyo, 2005. On account of encouraging entrepreneurship initiatives, the country has experienced exponential growth in the number of private firms. Also the Nigeria Enterprise Promotion Decree (NEPD) of 1972 which was revised in 1977, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) helped in encouraging the entrepreneurial spirit in the country. However, according to Attahir & Minet (2000) majority of this business are very small when their operations are measured in terms of capital, employment and revenue.

Added to the above is difficulty confronted by small business in accessing banks credits, but most serious and damaging problem threatening the state of entrepreneurship in Nigeria is lack of government interest and support for micro, and small enterprise [Ariyo (2005), Chu et al (2008)]. Besides entrepreneurship and small & medium enterprises development is hampered by plethora of challenges. More importantly, economic growth has eluded benefits as current socio economic indications suggest that the nation’s mineral wealth has become a source of misery as aver (Alan, 2007).

This paper therefore will discuss how Nigeria can attain a sustainable economic growth through the effort of the entrepreneur.

STATEMENT OF THE PROBLEM

Entrepreneurship development which forms the bedrock of all enterprises or business evolution and economic miracle of any nation has its peculiar problem, which goes long way in satisfying its growth and development. The first problem is that the approach to entrepreneurship development in Nigeria has remained faulty. All small business owners in Nigeria are faced with various constraints. Government policies and programmers focus on the development of small & medium scales enterprises has made no effort, until recently to distinguish entrepreneurship firm form non entrepreneurial small business as canvassed (Garland et al, 1984). Development of small business is important for socio economy growth of any economy. The distinctive role of entrepreneur is job creation for other and in accelerated economic development has to be encouraged and supported to keep the youths usefully engaged in self employment which will solve the problem of youth restiveness and indulgence in criminal activities.

The second set problem that constraint the development of entrepreneurship in Nigeria relates to environmental, socio-economic, political and cultural factors that affect entrepreneurial firms in the country. Agboli & Ukaegbu (2006) emphasizes the effect of poor infrastructural facilities, including epileptic power supply, poor condition of road network and inadequate water supply in production process on emerging businesses. A related environment factor is incessant case of kidnapping and insurgence, which create unhealthy and insecure environment for business operation.

Another problem is high cost production in Nigeria, imposed economic dimension of challenges encountered by emergence of enterprises. The weight of high incorporation cost, legal & professional fees, business permits, and licenses add up to other cost to create heavy burden on small businesses faced with limited access to credit facilities and high interest rate. The incidence of multiple taxation and levies in different forms at Federal, States and Local government levies constitute a militating force for emerging enterprises especially small ones.

Above all corruption in all ramifications has continued to pose as serious threat to the survival of small business in Nigeria. Transparency international’s 2010 corruption index place Nigeria at 134th out of 178 surveyed economies. This translates to score of 2.4 out of 10 point or 24% (Economy Watch, 2010). Corrupt practices appear to permeate all level of business life in Nigeria through the creation of low standard goods.

RESEARCH QUESTION

          In order to solve the research problem, the following research question will be asked:

  1. Does entrepreneurship have long run significant impact on the economic growth of Nigeria?
  2. Is there any significant causal relationship between entrepreneurship and economic growth in Nigeria?

 

OBJECTIVES OF THE STUDY

The purposes of this study are to determine the following:

  1. To examine if there is any long run significant impact of entrepreneurship on the Nigeria economy.
  2. To determine if there is significant causal relationship between entrepreneurship and economic growth in Nigeria.

RESEARCH HYPOTHESIS

This research will be guided by the following hypothesis:

  1. Ho: Entrepreneurship does not have long run significant impact on the Nigeria’s economic growth.
  2. Ho: There is no significant causal relationship between entrepreneurship and economic growth in Nigeria.

SIGNIFICANT OF THE STUDY

Irrespective of the role of entrepreneur’s in the economic development of Nigeria, enough has not been done in terms of education awareness and financial assistance. The study is of great importance to entrepreneurs as a guide in guide, in addition the study will as well serve as a useful guide in entrepreneurship. Also policy makers in business organization will find it useful in making decision. It is expected that the findings will help to bridge the gap that may exist and to make entrepreneurship business more effective and efficient in the cause of carrying out the business activities.

SCOPE AND LIMITATION OF THE STUDY

    This research intends to consider the impact of entrepreneurship development in Nigeria economy growth. This study will give a broader view of this impact and prospect of entrepreneurial development and make recommendation on findings.

    The limitation of this study is time. Time is a major constraint that has militated against the realization of the objectives of this research, especially as the researcher has to carry it out in the midst of academic pressure.

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic:

The Impact of Entrepreneurship on the Nigeria Economic Growth

To get the full report pay a token of 3,000 naira to the following bank account

BANK: ECOBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 4831029253

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BANK: FIRSTBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 3092548117

Immediately after the payment send your name, topic of interest, e-mail address, teller number and location to the following phone number: 07035282233 or email: ralphemeka@gmail.com

The full report will immediately be forwarded to you.

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Uniprojectsearch.com only provides papers as a reference for your research. The papers ordered and produced are meant to serve as a guide and source of information for your own paper. We are neither encouraging any form of plagiarism nor are we advocating the use of the papers produced herein for cheating.

….some related project topics and materials

Impact of External Debt on Nigeria Economic Growth (1981-2013)

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Availability and Utilization of Instructional Materials in the Teaching of Social Studies

Availability and Utilization of Instructional Materials in the Teaching of Social Studies in Junior Secondary Schools in Ohaukwu Local Government Area of Ebonyi State

ABSTRACT

This study focused on the availability and utilization of instructional materials in the teaching of Social Studies in junior secondary schools in Ohaukwu Local Government Area of Ebonyi State.  The descriptive survey design was adopted for this study. The instrument used for data collection was a questionnaire developed by the researcher. The questionnaire was validated by three experts, one in Social Studies and two in measurement and evaluation, Ebonyi State University Abakaliki. An instrument of 24 items was developed. The researcher used simple random sampling in selecting the 200 respondents used for the study. Four research questions guided the study. Means and grand mean were used to answer the research questions. The findings revealed that instructional materials were not adequately available and also not effectively utilized in the teaching of Social Studies in junior secondary schools in Ohaukwu Local Government Area of Ebonyi State. Also, the study revealed that lack of funds, teachers’ knowledge and technical knowhow, unavailability of instructional materials, environmental factors, time constraints, and poor maintenance culture hinder effective utilization of instructional materials by Social Studies teachers. The study further revealed that the use of instructional materials influence the teaching and learning of Social Studies positively. The researcher recommended among others that bodies such as the Secondary Education Board (SEB) and the Parents Teachers Association (P.T.A) should be advised to provide funds regularly for procurement of instructional materials in schools. Educational implications of the findings were highlighted and suggestions for further research made.  Based on the results of the study, the researcher concluded that instructional materials for the teaching of Social Studies were not adequately available and also not effectively utilized in junior secondary schools in Ohaukwu Local Government Area of Ebonyi State. Read More »

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Unemployment and Economic Growth

Unemployment and Economic Growth in Nigeria (1981 – 2013)

 

ABSTRACT

Unemployment: This study examined the impact of unemployment on economic growth in Nigeria within the sample period 1981-2013. Unemployment has remained a major hindrance to economic growth in most developing countries most especially Nigeria. The data for this research work was obtained from the CBN Statistical Bulletin (1981 – 2013) and analysed using ordinary least square (OLS) technique. Gross domestic product was regressed on Unemployment rate, government expenditure on health and government expenditure on education.  The result shows that the national income captured by gross domestic product has a significant influence on the country’s unemployment level. The cointegration test revealed that the entire variables have long run relationship with economic growth of Nigeria within the sample period with at least one co-integrating equation. The unit root test indicates that the entire variables were stationary at first differencing. The VECM result indicates that the dependent variable has the capacity to adjust to short-term fluctuation from long term equilibrium. The error correction term of -0.497426 indicates that about 50% of the discrepancy between the shortrun and longrun equilibria is corrected annually. Based on this finding the researcher recommends among others: that Government should embark on labour intensive technique of production as against capital intensive and also close the border to some extent which is the likely measure to reduce unemployment and increase domestic output level (GDP).

 

CHAPTER ONE

INTRODUCTION

1.1 Background to the study

            One of the greatest challenges facing the Nigeria economy is unemployment which has maintained a rising trend over the years.Unemployment is generally seen as a macro-economic problem as well as a socio-economic problem. Unemployment arises as a result of insufficient and non-availability of jobs to correspond with the growing population, even those who are unemployed due to job insecurity and retrenchment of workers. There is employment of factors of production if they are engaged in production (Asoluka and Okezie, 2011). The term unemployment could be used in relation to any of the factors of production. However, with reference to labour, there is unemployment if it is not possible to find job for all those who are eligible and able to work. Labour is said to be underemployed if it is working below capacity or not fully utilized in production (Akintoye, 2008). According to Noko (2013) unemployment in Nigeria is defined as the proportion of labour force that was available for work but did not work in the week proceeding the survey period for at least 39 hours.

            Belo, et al (2003) also defined unemployment as the percentage of the labour force that is without job, but is able and willingness to work. In Nigeria however, the ability and willingness to work is not sufficient. It is necessary for the unemployment to be registered with an employment bureau in order to be recognized as employed. Yet, from an economic view point, the unregistered unemployed are part of the labor force and are therefore technically unemployed. In Nigeria, unemployment data are obtained through labor force sample surveys which ask if the respondent has worked in the week preceding the survey.

            Unemployment can either be voluntary or involuntary. Voluntary in the sense that one’s choose not to work because he or she has means of support other than employment. Example is an idle rich man. On the other hand, involuntary unemployment exists when persons who are eligible and willing to work at the prevailing rate of pay are unable to find work (Anyawu, 1995). According to the central bank of Nigeria (2004) unemployment rose to 30% during first quarter of 2004 statistics and it remained the highest figure of unemployment in Nigeria. Although, unemployment has been in its rising state since 2004 till date.The annual unemployment rate in Nigeria as at 2004 was 11.8% and has risen to 21.1% in 2010,infact, since 2011 till 2013, unemployment remains at 23.90% which was on a high side.

            Unemployment has been seen as a world-wide economic problem and has been categorized as one of the serious impediments to social progress. Apart from representing a huge waste of a country’s manpower resources, it generates welfare loss in terms of lower output thereby leading to lower income and well-being of the people (Anyawuocha, 1993). The need to avert the negative effect of unemployment has made the tackling of unemployment problems to feature very prominently in the development objective of many developing countries.

            In the study of unemployment in Africa Okonkwo (2005) identified three causes of unemployment, the educational system, the choice of technology which can either be labour intensive or capital intensive and inadequate attention to agriculture. The use of machine to replace work done by labour and computerization has contributed top those social problems in the sense that what for instance, forty (40) men can do manually, a machine will only need like five (5) men. Therefore, the remaining thirty-five (35) are unemployed. More so, lack of enough education and skill to have access to credit and capital also inhibit investment thereby increasing unemployment in the country.

            Unemployment rate is measured by the proportion of the labour force that is unemployed divided by the total number of the labour force. The total labour force was projected at 61,249,485, in 2007 indicating an increase of 3.9%. Total employment in 2007 stood at 52,326,923 compared with 50,886,836, in 2006. In 2010, the actual figure of labour force was indicating that 21.1% of the labour forces were unemployed. The figure rose to 23.90% of unemployed individuals in 2011, where the labour force was 67256090 and employed labour force stands at 51224,115, leaving 16,074,205people without work (Punch, 15th October, 2014).

The NPC said the lack of sufficient jobs resulted in additional 2.1 million unemployed persons in 2011, up from 1.5 million unemployed people produced in 2010. It added unemployment was higher in the rural areas, at 25.6 percent, than in the urban areas, where it was 17 percent on average (Punch, 15th October, 2014).

            In 2009 the official figures from the Bureau of Statistics puts the figure of unemployed at 19.70 per cent, about 30 million, but this figure still did not include about 40 million other Nigerian youths captured in World Bank statistics in 2009. By implication, it means that if Nigeria’s population is 140 million, then 50 percent of Nigerians are unemployed(Asoluka and Okezie, 2011). Viewing this from the perceptive of the recent events in the Middle East where unemployment and poverty among others played a key role in the uprising, one can only conclude that Nigeria’s unemployment poses a threat to its development, security and peaceful co-existence, being that Nigeria is made up of diverse entities from different cultural and religious backgrounds most of whom  have shown differences in political, cultural and religious understanding and accommodation emanating from concerns of abuse of power, resource allocation, nepotism, negligence and corruption among others.

            According to Bello (2003) from time immemorial, the subject of unemployment has always been an issue of great concern to the economists, policy makers and economic managers alike; giving the devastating effect of this phenomenon on individuals, the society and the economy at large.

1.2 Statement of the problem

            Unemployment has reached a very alarming proportion in Nigeria. In recent times, the incidence of unemployment in Nigeria has been deep and wide spread, cutting across all facets of age groups educational strata and geographical entities. The unemployment rate oscillated between 4.8 and 6.4 percent during 1970 and 1980;in 1990 and 2010 it was 3.5 and 21.1% respectively. It reached an alarming rate of 23.90 as earlier mentioned in 2011and 2012 respectively (NBS,2013)

            The socio-economics effect of unemployment includes; fall in national output, increase in rural-urban migration, waste of human resources, high rate of dependency ratio, poverty, depression, frustration, all sorts of immortal acts and criminal behaviour. The social effect of unemployment brings to light the need to proffer possible solution to salvage our nation Nigeria (Noko, 2013).

                  Indeed labour market in Nigeria is dangerously close to saturation. The inconclusive poor economic condition in Nigeria, namely lack of electricity, poor road network insecurity, kidnapping, infrastructural decay, embezzlement of public funds among others have caused the close down of many companies, throwing many people into labour market in certain market over 100 textile factories closed shops across the country and the trend countries. Principal among other reasons for this is epileptic power supply.

            Factories depend on generator sets to power their factories and this is inefficient and increases unit cost of production and makes their product uncompetitive leading to shut down of many firms.

            The unemployment syndrome of Nigeria also can be attributed to our school system. The universities produces good number of “quarter” baked graduates, without employable skills. The reason for this includes poor funding of universities, overloading the lecturers and “sorting” syndrome (Okebukola, 2006 cited in Adawo et al, 2012).

This among others call for government to develop a more pragmatic approach in tackling unemployment problem in Nigeria.

1.3. Research questions

  1. Is there any long-run relationship between unemployment rate and economic growth in Nigeria?
  2. Does unemployment have any significant impact on economic growth of Nigeria?

1.4 Objective of the study

            The main objective of this research is to empirically investigate the relationship between unemployment and economic growth of Nigeria within the sample period of 1981-2012. The specific objective are to:

  1. determine the long-run relationship between unemployment and economic growth in Nigeria.
  2. examine the impact of unemployment on the economic growth of Nigeria.

1.5 Research hypotheses

  1. Hypothesis one

Ho: There is no significant long-run relationship between unemployment and economic growth in Nigeria.

  1. Hypothesis two

Ho: Unemployment has no significant impact on economic growth in Nigeria.

1.6 Significance of the study

            One of the macroeconomic goals of any country is actualization of full employment. Therefore, unemployment in any system is seen as a policy failure and there is concerted effort on the part of the government in checkmating the impact of unemployment in an economy. The study of unemployment is important to the policy makers, politician and student of economics.

            To the policy makers, ascertaining the rate of unemployment in an economy to the desired height, the policy makers with the knowledge of the nature of the relationship between unemployment and economic growth, and the state of unemployment in the system stands the best chance of controlling it appropriately with initiative like poverty eradication programs and creation of unemployment opportunities that touches the lives of the population.

1.7 Scope and Limitation of the Study

            The scope of this study is centered on the relationship between unemployment and economic growth in Nigeria. The research work covers a period of 31 years (1981-2012). The regression analysis was also based on the use of time series extracted from the central bank of Nigeria statistical bulletin.

            In the process of this research work, some difficulties were encountered. They include inadequate and non-availability of relevant data, time constraint, financial constraint and cost of transportation. Despite the above mentioned constraints the researcher put in adequate effort to ensure the success and reliability of the research work.

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic:

Unemployment and Economic Growth in Nigeria (1981 – 2013)

 

To get the full report pay a token of 3,000 naira to the following bank account

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ACCOUNT NUMBER: 3092548117

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….some related project topics and materials

 

Micro Financing on Small and Medium Scale Enterprise in Ebonyi State

Impact of Financial Intermediation on the Economic Development of Nigeria (1990-2014).

The Impact of Financial Accounting Reporting on the Corporate Performance of Business Organization (A Case Study of Nigerian Breweries Plc)

 

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Micro Financing on Small and Medium Scale Enterprise

Micro Financing on Small and Medium Scale Enterprise in Ebonyi State.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

          Since Nigeria attained independence in 1960, considerable efforts have been directed towards the nation‟s industrial development. The initial efforts were government-led through the vehicle of large industry, but lately emphasis has shifted to Small and Medium Enterprises (SMEs) following the success of SMEs in the economic growth of Asian countries (Ojo, 2003). Thus, the recent industrial development drive in Nigeria has focused on sustainable development through small business development. Prior to this time, particularly judging from the objective of the past National 4-Year Development Plans, 1962-68 and 1981-85, emphasis had been on government-led industrialization, hinged on import-substitution.

          Since 1986, government had played down its role as the major driving force of the economy by a process of commercialization and privatization. Emphasis, therefore, shifted from large-scale industries mainly to small and medium scale industries, which have the potentials for developing domestic linkages for rapid and sustainable industrial development Attention was focused on the organized private sector to spearhead subsequent industrialization programmes. Incentives given to encourage increased participation in these sectors were directed at solving and/or alleviating the problems encountered by industrialists in the country, thereby giving them greater leeway towards increasing their contribution to the national economy.

Lack of access to finance has been identified as one of the major constraints to small business growth (Owualah, 1999; Carpenter, 2001; Anyawu, 2003; Lawson, 2007). The reason is that provision of financial services is an important means for mobilizing resources for more productive use (Watson and Everett, 1999). The extent to which small enterprises could access fund is the extents to which small firms can save and accumulate own capital for further investment (Hossain, 1988). However, small business enterprises in Nigeria find it difficult to access formal financial institutions such as commercial banks for funds. The inability of the SMEs to meet the standard of the formal financial institutions for loan consideration provides a platform for informal institutions to attempt to fill the gap usually based on informal social networks, and this is what gave birth to micro-financing. In many countries, people have relied on mutually supportive and benefit-sharing of the social networking of these sectors for the fulfilment of economic, social and cultural needs and the improvement of quality of life (Portes, 1998). Networks based on social capital exist in developed as well as developing countries, including Nigeria. In order to enhance the flow of financial services to the Micro, Small and Medium Enterprises (MSME) subsector, Government in Nigeria has, in the past, initiated a series of programmes and policies targeted at the MSMEs. Notable among such programmes were establishment of Industrial Development Centres across the country (1960-70), the Small Scale Industries Credit Guarantee Scheme – SSICS (1971), specialized financial schemes through development financial institutions such as the Nigerian Industrial Development Bank (NIDB) 1964, Nigerian Bank for Commerce and Industry (NBCI) 1973, and National Economic Recovery Fund (NERFUND) 1989. All of these institutions merged to form the Bank of Industry (BOI). In 2000, the government also merged the Nigeria Agricultural Cooperative Bank (NACB), the People‟s Bank of Nigeria (PBN) and Family Economic Advancement Programme (FEAP) to form the Nigerian Agricultural Cooperative and Rural Development Bank Limited (NACRDB). The bank was set up to enhance the provision of finance to the agricultural and rural sector. Government also facilitated and guaranteed external finance by the World Bank (including the SME I and SME II loan scheme) in 1989, and established the National Directorate of Employment (NDE) in 1986.

In 2003, the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), an umbrella agency to coordinate the development of the Small and Medium Enterprises (SME) sector was established. In the same year, the National Credit Guarantee Scheme for SMEs to facilitate its access to credit without stringent collateral requirements was reorganised and the Entrepreneurship Development Programme was revived. In terms of financing, an innovative form of financing peculiar to Nigeria came in form of intervention from the banks through its representatives „the Banker’s Committee‟ at its 246th general meeting held on December 21, 1999. The banks agreed to set aside 10% of their profit before tax (PBT) annually for equity investment in small and medium scale industries. The scheme aimed, among other things, to assist the establishment of new, viable Small and Medium Industries (SMI) projects; thereby stimulating economic growth, and development of local technology, promoting indigenous entrepreneurship and generating employment. Timing of investment exit was fixed at minimum of 3 years. By the end of 2001, the amount set aside under the scheme was in excess of 6 billion naira, which then rose to over N13 billion and N41.4 billion by the end of 2002 and 2005 respectively, but stood at N48.2 billion by the end of December, 2008. Despite all these efforts, the contribution of SME to Nigeria Gross Domestic Product (GDP) remains very poor, hence; the need for alternative funding window. In 2005, the Federal Government of Nigeria adopted microfinance as the main financing window for micro, small and medium enterprises in Nigeria. The Microfinance Policy Regulatory and Supervisory Framework (MPRSF) was launched in 2005; the policy among other things, addresses the problem of lack of access to credit by small business operators who do not have access to regular bank credits. It is also meant to strengthen the weak capacity of such entrepreneurs, and raise the capital base of microfinance institutions. The core objective of the microfinance policy is to make financial services accessible to a large segment of the potentially productive Nigerian population, which have had little or no access to financial services and empower them to contribute to rural transformation.

          The microfinance arrangement makes it possible for MSMEs to secure credit from Microfinance Banks (MFBs) and other Microfinance Institutions (MFIs) on more easy terms. It is on this platform that we intend to examine the impact of microfinance on SME`s.

1.2 STATEMENT OF THE PROBLEM

Majority of the micro and small enterprises (MSEs) in Ebonyi state are still at a low level of development, especially in terms of number of jobs, wealth and value creation. This is because 65% of the active populations, who are majorly entrepreneurs, remain unsaved by the formal financial institutions. The microfinance institutions available in the country prior to 2005 were not able to adequately address the gap in terms of credit, savings and other financial services. As reported by the CBN, the share of micro credit as a percentage of total credit was 0.9%, while its contribution to GDP was a mere 0.2% (CBN, 2005). The CBN in 2005 identified the unwillingness of conventional banks to support micro-enterprises, paucity of loanable funds, absence of support institutions in the sector, as well as weak institutional and managerial capacity of existing microfinance institutions among other reasons as the major reasons for the failure of past microfinance initiatives in the country.

             To address the situation, the Microfinance Policy, Regulatory and Supervisory Framework (MPRSF) for Nigeria was launched by CBN in 2005 to provide sustainable financial services to micro entrepreneurs. This initiated an important turning point in the microfinance industry with the establishment of the Microfinance Bank (MFB) as an institutional vehicle for privately owned, deposit taking Microfinance Institutions (MFIs). The framework is designed to unite the best of the NGO credit organizations, and new MFI initiatives under a common legal, regulatory and supervisory regime. Five years down the line, though microfinance has proven to be one of the ways of bridging the resource gap created in the Nigerian economy, there are still some undesirable problems experienced against its proper execution. The lack of documentation of the practice of micro financing in Ebonyi state and Nigeria in generally has made it difficult to formulate supportive programmes for the growth of the sector.

          Despite the potential importance of MSMEs in any economy, high mortality rate among established MSMEs is a matter of major concern in developing economies. International Finance Corporation (IFC) reported in 2002 that only 2 out of every 10 newly established businesses survive up to the fifth year in Nigeria. The report was corroborated by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) that only 15% of newly established businesses survive the first five years in Nigeria. This is a pointer to the fact that there is a problem

It is not uncommon to find in many microfinance programmes non-financial services such as advisory services, managerial and technical training, weekly meetings and pre-loan training to mention only a few, rendered as support services to MSMEs. These services that are poorly provided in Nigeria are mostly very costly to deliver (McKernan, 2002), yet many microfinance programmes consider them an integral part of the success of their programmes. Though the contribution of such non-financial services is not in doubt, the extent of the contributions is yet to be ascertained in Ebonyi state, Nigeria.

1.3 Research Questions

The study attempts to answer the following research questions:

  1. To what extent does micro financing enhance the survival of MSEs in Ebonyi state?
  2. To what extent is the growth of small businesses influenced by the financing capacity of Microfinance Banks?
  3. How does the injection of microfinance funds into small business operations affect the productivity of MSEs in Ebonyi state?

1.4 Objectives of the Study

The aim of this study is to estimate the impact of micro financing on small and medium scale enterprise in Ebonyi state.

The primary objectives are to:

  1. Assess the contributions of micro financing to the survival of SMEs in Ebonyi state.
  2. Analyses the effects of micro financing on SME growth and expansion capacity in Ebonyi state.
  3. Ascertain the effects of microfinance on the productivity of SMEs operators in Ebonyi state.

1.5 Statement of Hypotheses

  1. Ho – Microfinance bank makes no significant contribution to the survival of SMEs in Ebonyi state.

H1: Microfinance bank makes a significant contribution to the survival of SMEs in Ebonyi state.

  1. Ho – Microfinance bank does not have the capability to influence the expansion capacity of SMEs in Ebonyi state.

H1: Microfinance bank makes a significant contribution to the survival of SMEs in Ebonyi state.

  1. Ho – Microfinance bank has no significant effect on the level of productivity of SMEs in Ebonyi state.

H1: Microfinance bank has a significant effect on the level of productivity of SMEs in Ebonyi state.

1.5 SIGNIFICANCES OF THE STUDY.

Most researchers in Nigeria have also not taken time to document the nature, mode of operation and processes involved in micro financing. This study therefore becomes significant in filling this observed gap by testing empirically the impact of both the financial and non-financial services offered by Microfinance Banks on small business growth/survival and by examining the capability of Microfinance institutions in enhancing the expansion capacity of small businesses in Nigeria. The study also contributes to the literature on microfinance and small business survival.

           Successive governments in Nigeria have always had a policy programme for SMEs, but most of the programmes have failed to achieve sustainable growth in the SMEs sub-sector. Most of the government assisted-programmes have themselves become failures. The findings of this study is expected to inform policy makers regarding the direction of further research into interventionist programmes for MSEs in Nigeria. The study is also of great importance to Microfinance Institutions, in the sense that it is expected to assist the microfinance institutions in assessing the effectiveness of their programmes and to know which variables contribute most to small business growth and survival. The study is expected to assist the microfinance institutions in their credit policy formulation strategies. For owners and managers of micro and small businesses, access to a study like this can aid their understanding of current challenges and reveal the essential factors that promote small business growth and survival and thus enable them to focus on the relevant ones in an attempt to enhance their growth and performance. The study is expected to help the government to validate or reject the choice of microfinance as the main source of financing MSEs in Nigeria and also suggest ways of improving the existing financing arrangements, if need be.

Finally, it will add to already existing body of knowledge on this topic as it will provides a new window for further research.

1.6 Scope of the study

The study provides insight into microfinance and small business survival and growth, as well as provides a measure of the effects of micro financing on small business performance and productivity in Ebonyi. It covers SMEs that have access to microfinance for a period .The population for the study includes the clients of the selected Microfinance Banks, that is, the 10 Microfinance Banks in Ebonyi state that have obtained their final operating licenses as of the year 2014. These includes microfinance banks that metamorphosed from community Banks into MFBs in 2005. They are spread across both rural and urban areas of the state.

1.7 LIMITATIONS OF THE STUDY

The main limitation of the study is the reliance on information supplied by micro and small business operators who normally do not want to make a full disclosure of their businesses to an unknown person for fear of being subjected to tax payment. In the same vein, most of the small business operators lack proper record keeping practices and do not adhere to standard book keeping and accounting procedures. Some of them do not have the necessary skills needed for sound book keeping, auditing and tax assessment; neither do they employ qualified personnel to undertake such tasks for them. The oath of secrecy between the bank and its customers is another area of constraint in this study. Factors such as economic environment, political instability and government policy on MSEs are considered to have strong effects on SME performance but are not readily available and so constitute a constraint to the study. The amount of money need to spend effectively and administer the questionnaires is not within the reach because the write is a student and has no such money. So also, the time allocated to this all important research work is not friendly at all, thereby limiting the spread of the micro finance to be sampled and hence localizing the data to be employed in the analysis.

1.8 DEFINITION OF OPERATIONAL TERMS

Micro enterprise: Micro- enterprise is the informally organized business activity undertaken by entrepreneurs; excluding crop production by convention, employing less than ten people and having assets less than N5 million excluding land and building.

Small enterprise: Small enterprise is any enterprise that employs between ten (10) to forty-nine (49) people and has asset worth (excluding land and building) between N5 million and N50 million.

Medium enterprise: Medium enterprise is any enterprise that employs between fifty (50) and one hundred and ninety–nine (199) people and has assets worth (excluding land and building) between N50 million and N500 million (SMEDAN, 2007).

Microfinance Banks: Microfinance Banks are licensed financial institutions meant to serve the un-served, but economically active clients in the rural and peri-urban areas by providing diversified, affordable and dependable financial services to the active poor, in a timely and competitive manner, which would enable them to undertake and develop long-term, sustainable entrepreneurial activities and mobilize savings for intermediation (CBN, 2005).

Microfinance Institutions: Microfinance Institutions are organizations whose activities consist wholly or in significant part, of the provision of financial services to micro entrepreneurs.

Microfinance: Microfinance denotes the provision of financial services adapted to the needs of low income people such as micro-entrepreneurs, especially the provision of small loans, acceptance of small savings deposits and simple payment services needed by micro-entrepreneurs and other poor people (USAID, 2005).

Microcredit: Microcredit is commonly defined in terms of loan amount as a percentage of average per capita income (USAID, 2005). In the context of Nigeria, with a GDP per capita of N42,000 (about $300) in 2003, loans up to N50,000 (around $350) will be regarded as micro loans. GDP per capital (PPP U$) in 2007 was U$1,969 (UNDP – HD Report, 2009).

Micro savings: Micro savings are defined as savings accounts with a balance of less than N8,400 (about $50), that is less than 20% of the average annual income per

—This article is incomplete———–This article is incomplete———— It was extracted from a well articulated quality Project, Research Work/Material

Project Topic:

Impact of Micro Financing on Small and Medium Scale Enterprise in Ebonyi State.

 

To get the full report pay a token of 3,000 naira to the following bank account

BANK: ECOBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 4831029253

Or

BANK: FIRSTBANK

ACCOUNT NAME: ODUNUKWE RAPHAEL CHIEMEKA

ACCOUNT NUMBER: 3092548117

Immediately after the payment send your name, topic of interest, e-mail address, teller number and location to the following phone number: 07035282233 or email: ralphemeka@gmail.com

The full report will immediately be forwarded to you.

GOD BLESS

www.uniprojectsearch.com has A-grade project topics and materials in all departments…..inform others

Uniprojectsearch.com only provides papers as a reference for your research. The papers ordered and produced are meant to serve as a guide and source of information for your own paper. We are neither encouraging any form of plagiarism nor are we advocating the use of the papers produced herein for cheating.

….some related project topics and materials

Impact of Financial Intermediation on the Economic Development of Nigeria (1990-2014).

The Impact of Financial Accounting Reporting on the Corporate Performance of Business Organization (A Case Study of Nigerian Breweries Plc)

Empirical Study of Impact of Corporate Governance on the Performance of Financial Institutions in Nigeria

 

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