IMPACT OF INSURANCE MARKET ACTIVITY ON ECONOMIC GROWTH IN NIGERIA

IMPACT OF INSURANCE MARKET ACTIVITY ON ECONOMIC GROWTH IN NIGERIA


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                                                                               ABSTRACT
Insurance is one of the cornerstones of modern day financial services sector. In addition to its
traditional role of managing risk, insurance market activity, both as intermediary and as provider
of risk transfer and indemnification, may promote growth by allowing different risks to be
managed more efficiently through promoting long term savings, encouraging the accumulation
of capital, serving as a conduit pipe to channelling funds from policy holders to investment
opportunities as well as mobilizing domestic savings into productive investment. Insurance is an
indispensable aspect of a nation’s financial system and theoretical conceptions explain that
financial systems influence savings and investment decisions through lowering the costs of
researching potential investments, exerting corporate governance, trading, diversification and
management of risk, mobilization and pooling of savings, conducting exchange of goods and
services and mitigating the negative consequences that random shocks can have on the economy.
However, the level of insurance market activity which should be commensurate with Nigeria’s
huge potentials has not been attained. Insurance by reducing uncertainty and volatility, smoothen
the economic cycle and reduce the impact of crisis situations on the micro and macro level. But,
the demands for protection against losses of life, property caused by natural disaster, crime,
violence, accidents, fire are not met in Nigeria. It is against this background that this study
examined the impact of life-insurance penetration, non-life insurance penetration, total insurance
penetration and insurance density on economic growth in Nigeria. The study adopted the ex-post
facto research design and annualized cross sectional data for 26-year period 1987-2012 were
collated from the Central Bank of Nigeria statistical Bulletin, National Insurance Commission
and Nigerian Insurers Association. Four hypotheses were proposed and tested using the Ordinary
Least Square (OLS) regression model. Descriptive statistics and graphs were also used to
complement the regression results. The results emanating from this study indicate that while life
insurance penetration and insurance density had positive and significant impact on economic
growth in Nigeria, both total insurance penetration and non-life insurance penetration had
positive but insignificant impact on economic growth in Nigeria under the period of this study.
The study therefore recommends among others, that for the insurance industry in Nigeria to exert
more positive impact on the Nigerian economy, government policies concerning insurance
should focus more on attracting rural communities into the insurance bracket. This will assist at
enhancing savings therefore providing funds for investment into the Nigerian real sector.

TABLE OF CONTENTS
Title Page. . . . . . . . . . . i
Approval Page. . . . . . . . . . ii
Declaration. . . . . . . . . . . iii
Dedication. . . . . . . . . . . iv
Acknowledgments. . . . . . . . . . v
Abstract. . . . . . . . . . . vii
Table of Contents. . . . . . . . . . viii
List of Tables. . . . . . . . . . . xi
List of Figures. . . . . . . . . . xii
CHAPTER ONE INTRODUCTION
1.1 Background of the Study. . . . . . . . 1
1.2 Statement of the Problem. . . . . . . . 4
1.3 Objectives of the Study. . . . . . . . 5
1.4 Research Questions. . . . . . . . . 5
1.5 Research Hypotheses. . . . . . . . . 6
1.6 Scope of the Study. . . . . . . . . 6
1.7 Significance of Study. . . . . . . . . 7
1.8 Operational Definition of Terms. . . . . . . 8
References. . . . . . . . . . 10
CHAPTER TWO REVIEW OF RELATED LITERATURE
2.1 Theoretical Review. . . . . . . . . 11
2.1.1 Theories of Economic Growth. . . . . . . 11
2.1.2 Theoretical Review of the Nigerian Insurance Industry. . . . 19
2.1.3 Theories of Reinsurance in Nigeria. . . . . . . 25
2.1.4 Classifications of Insurance Business in Nigeria. . . . . 30
2.1.5 The Nigerian Financial System. . . . . . . 43
2.1.6 Theories of the Financial System. . . . . . . 46
2.1.7 Theories of the Role of Insurance in Financial Intermediation. . . 48
2.1.8 Environmental Factors affecting Insurance Market in Nigeria . . . 57
2.2 Empirical Review. . . . . . . . . 68

2.2.1 Financial Structure and Economic Growth. . . . . . 68
2.2.2 Financial Intermediation and Economic Growth. . . . . 73
2.2.3 Insurance Industry and Economic Growth. . . . . . 79
2.2.4 Life Insurance and Economic Growth. . . . . . 86
2.2.5 Non-Life Insurance and Economic Growth . . . . . 88
2.2.6 Insurance Penetration and Growth. . . . . . . 91
2.2.7 Insurance Density and Growth. . . . . . . 92
2.2.8 Insurance Sector Development and Capital Market Growth. . . . 92
2.3 Review Summary. . . . . . . . . 94
References. . . . . . . . . . 96
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Research Design. . . . . . . . . 110
3.2 Nature and Sources of Data. . . . . . . . 110
3.3 Model Specification . . . . . . . . 110
3.4 Description of Variables. . . . . . . . 113
3.4.1 Dependent Variables. . . . . . . . . 113
3.4.2 Independent Variables. . . . . . . . 113
3.4.3 Control Variables. . . . . . . . . 114
3.5 Techniques of Analysis. . . . . . . . 115
References. . . . . . . . . . 116
CHAPTER FOUR PRESENTATION AND ANALYSIS OF DATA. . .
4.1 Presentation and Interpretation of Data. . . . . . 117
4.2 Test of Hypotheses. . . . . . . . . 126
4.2.1 Test of Hypothesis One. . . . . . . . 126
4.2.2 Test of Hypothesis Two. . . . . . . . 126
4.2.3 Test of Hypothesis Three. . . . . . . . 129
4.2.4 Test of Hypothesis Four. . . . . . . . 130
4.3 Implication of Result. . . . . . . . . 132
References. . . . . . . . . . 134

CHAPTER FIVE SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATIONS. . . . . .
5.1 Summary of Findings. . . . . . . . . 135
5.2 Conclusion. . . . . . . . . . 136
5.3 Recommendations. . . . . . . . . 137
5.4 Recommendation for Further Studies. . . . . . 138
5.5 Contribution to Knowledge. . . . . . . . 139
Bibliography. . . . . . . . . . 140
Appendix. . . . . . . . . . 154

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THE ROLE OF MICROFINANCE BANKS IN THE ALLEVIATION OF POVERTY IN NIGERIA. ( A Case Study of Oha Microfinance Bank Ogui Road Branch, Enugu State)

THE ROLE OF MICROFINANCE BANKS IN THE ALLEVIATION OF POVERTY IN NIGERIA.
( A Case Study of Oha Microfinance Bank Ogui Road Branch, Enugu State)


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ABSTRACT
This study explores the immense role of the microfinance banks in the alleviation of poverty in Nigeria. The researcher revealed that the rate at which rural dwellers deposit their money in their pillows rather than in microfinance banks is high. Data were collected through primary and secondary sources. As regarded to primary sources, questionnaires and interviewed were used. The chi-square (x²) method was used for testing of hypotheses. Responses to the questionnaires were analyzed using percentage method of analysis. Based on the findings of this study, an attempt on the role of microfinancing as stimulus to poverty alleviation in Nigeria may lack adequate knowledge of various financial transactions available and how the rural dwellers can access them. In conclusion, it hoped that the recommendation will help the microfinance banks to strengthen its weakness for better and effective services in order to achieve its sets of goals and socio-economic advancement for the alleviation of poverty in Nigeria.

TABLE OF CONTENT
Cover page———————————————————————————i
Title page———————————————————————————-ii
Certification——————————————————————————-iii
Approval page—————————————————————————–iv
Dedication———————————————————————————-v
Acknowledgement————————————————————————vi
Abstract————————————————————————————vii
Table of content—————————————————————————viii
CHAPTER ONE: INTRODUCTION
1.1 Background of the study————————————————————–1
1.2 Statement of problems—————————————————————-4
1.3 Objectives of the study—————————————————————-6
1.4 Research Hypothesis——————————————————————6
1.5 Research questions——————————————————————–7
1.6 Significance of the study————————————————————–7
1.7 Scope of the study———————————————————————8
1.8 Limitations of the study————————————————————–8
CHAPTER TWO: LITERATURE REVIEW
2.1 Overview of microfinance activities in Nigeria———————————–10
2.2 Justification for the establishment of microfinance institutions————-16
2.3 Microfinance policies and goals—————————————————19
2.4 Contributions of government in alleviation of
poverty through establishment of microfinance banks———————–23
2.5 The rate at which rural dwellers are not able to repaytheir loans————26
2.6 Supervision of microfinance banks—— —————————————-28
2.7 Roles and responsibilities of stakeholders————————————–30
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design———————————————————————33
3.2 Sources of data collection———————————————————–33
3.3 Methods of data collection———————————————————34
3.3.1 Primary data————————————————————————-34
3.3.2 Secondary data———————————————————————-35
3.4 Determination of population size————————————————-35
3.5 Determination of sample size—————————————————–35
3.6 Sample procedures—————————————————————36
3.7 Method of data analysis———————————————————-37
3.8 Decision rule———————————————————————–38
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data presentation—————————————————————–39
4.2 Summary of responses———————————————————–39
4.3 Test of hypothesis—————————————————————–48
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of Findings————————————————————–55
5.2 Conclusion————————————————————————–56
5.3 Recommendations—————————————————————–56
BIBLIOGRAPHY——————————————————————-58
APPENDIX A———————————————————————–60
APPENDIX B—————————————————————————61
APPENDIX C—————————————————————————63

      

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EXPORT FINANCING IN NIGERIA,PROBLEMS AND PROSPECTS

EXPORT FINANCING IN NIGERIA,PROBLEMS AND PROSPECTS


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                                                                 Abstract

This research sought to examine the impact of Nigerian Export Import Bank credit terms on non-oil export in Nigeria; examine the impact of Total banking export credit on non-oil export in Nigeria and examine the relationship between non-oil export and Nigeria’s gross domestic product. The study adopted the ex post facto research design and data were gathered from secondary sources. The study utilized the simple linear regression analysis where the Nigeria Export-Import Bank Credit (NEIXMC), Total Bank Export Credit (TBEC) and Non-oil Export (NOE) were used as the independent variables and Non-oil Export (NOE) and Gross domestic Product GDP as dependent variable for the hypotheses respectively. The result of the hypotheses tested revealed that Nigerian Export Import Bank credit have positive significant impact on non-oil export in Nigeria; Total banking export credit have positive significant impact on non-oil export in Nigeria and Non-Oil Export have positive significant impact on Nigeria’s gross domestic product.

Thus the study recommends that; Local manufacturers should be encouraged to expand production and source market globally; export policy implementation agencies should be made to improve on their strategies to boost production and Government should ensure pre and post shipment finance in local currency through rediscounting facility among others.

TABLE OF CONTENTS
Title page – – – – – – – – – i
Certification – – – – – – – – ii
Dedication – – – – – – – – iii
Acknowledgement – – – – – – – iv
Abstract – – – – – – – – – v
Table of contents – – – – – – – vi
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study – – – – – 1
1.2 Statement of the Problem – – – – – 4
1.3 Objectives of the Study – – – – – 5
1.4 Research Questions – – – – – – 5
1.5 Research Hypotheses – – – – – 6
1.6 Scope of the Study – – – – – – 6
1.7 Limitation of the Study – – – – – 6
1.8 Significant of the Research — – – – 7
1.9 Definition of Terms – – – – – – 8
References – – – – – – – 11
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Policy formulations for Exports Financing – – 12
2.2 Import and Export Finance by Nigeria Banks – 17
2.3 Increasing Non-Oil Exports in Nigeria – – 28
2.4 Export Financing through Export Processing Zones 34
References – – – – – – – 41-43
CHAPTER THRE: RESEARCH METHODOLOGY
3.1 Research Design – – – – – – 44
3.2 Nature and Sources of Data – – – – 44
3.3 Population, Sample Sizes/Techniques – – 45
3.4 Model Specification – – – – – – 45
3.5 Technique for Analysis — – – – – 46
References – – – – – – – 48
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 Introduction – – – – – – – 49
4.1 Presentation of Relevant Data – – – – 49
4.2 Test of Hypotheses – – – – – – 50
4.2.1 Test of Hypothesis One – – – – – 50
4.2.2 Test of Hypothesis Two – – – – – 51
4.2.3 Test of Hypothesis Three – – – – – 52
CHAPTER FIVE:
5.0 Summary of Findings , Conclusion and
Recommendation – – – – — – 54
5.1 Summary of Findings — – – – – 54
5.2 Conclusion – — – – – – – 55
5.3 Recommendations – – – – – – 57
Bibliography – – – – – – 58-61
Appendix – – – – – – – – 62-66

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LOAN GRANTING AND ITS RECOVERY PROBLEMS ON COMMERCIAL BANKS (A CASE STUDY OF FIRST BANK PLC, OJO- ALABA BRANCH)

LOAN GRANTING AND ITS RECOVERY PROBLEMS ON COMMERCIAL BANKS

(A CASE STUDY OF FIRST BANK PLC, OJO- ALABA BRANCH)


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                                                                              ABSTRACT

This research work was undertaken to assess the Loan granting and its recovery problems on Commercial Banks. The research was intended to achieve the following objectives: To find out the several problems facing loan recovery, the effects of loan default on commercial banks and the measures that will be used in reducing the incidence of loan default. Relevant data were collected from both primary and secondary sources. Questionnaires were the main primary data collection instrument employed while data from various relevant publication constituted the sources of secondary data. Upon the analysis of data, the following conclusions were drawn: That problem of loan default stemmed from the fact that there is unavailability of security to be disposed by banks to realize funds. And also customer’s attitude towards loan payment. On the basis of the above findings, it was recommended that commercial banks should use some risk control measures to guide against loan default. Also, before granting loan, they should examine critically the project statement submitted by the customer or borrower which will help them to find out the realistic repayment pattern and also help them in knowing if the projects are realistic based on the customer’s past performance. Also, the Central Bank of Nigeria should create a conducive environment for the successfully operation of commercial banks in Nigeria.

TABLE OF CONTENTS Title page————————————————-ii

Approval page————————————————————————–iii Certification—————————————————————————-iv Dedication——————————————————————————-v Acknowledgment———————————————————————–vi

Table of contents——————————————————————-vii-ix Abstract———————————————————————————-x

CHAPTER ONE
1.1 Background of the study—————————————————————1
1.2 Statement of problems—————————————————————–3
1.3 Objectives of the study—————————————————————–4
1.4 Research question———————————————————————-4
1.5 Research hypothesis——————————————————————–5
1.6 Scope of the study———————————————————————- 5
1.7 Significance of the Study ————————————————————-6
1.8 Definition of terms———————————————————————-6
1.9 Limitations of the study—————————————————————-7
CHAPTER TWO LITERATURE REVIEW

2.1 Brief introduction——————————————————————— 8

2.2 The nature of loan and advances granted by banks—————————–9

2.3 Problems of loan default————————————————————-1

3 2.4 Causes of loan default—————————————————————14

2.5 Effects of loan default—————————————————————-19

CHAPTER THREE RESEARCH METHODOLOGY
3.1 Research design——————————————————————— 21
3.2 Definition Population ————————————————————–21

3.3 Sample size————————————————————————–21

3.4 Sources and method of data collection——————————————22

3.5 Method of data presentation and analysis————————————–26

CHAPTER FOUR
4.0 Data presentation and analysis—————————————————23
4.1 Presentation and interpretation of data——————————————23
4.2 Data analysis and findings——————————————————–31
4.3 Discussion of the findings———————————————————32
4.4 Recovery measures——————————————————————33
CHAPTER FIVE SUMMARY OF FINDINGS, RECOMMENDATIONS AND CONCLUSION

5.1 Summary of findings—————————————————————- 39

5.2 Recommendation———————————————————————40

5.3 Conclusion—————————————————————————–41

5.4 Suggestion for further research—————————————————-42

Bibliography ————————————————————————–43

Appendix A—————————————————————————-45
Appendix B———————————————————————–46-48

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THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN NIGERIA (A CASE STUDY OF FIRST BANK OF NIGERIA PLC ONITSHA BRANCH)

THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN NIGERIA

(A CASE STUDY OF FIRST BANK OF NIGERIA PLC ONITSHA BRANCH)


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                                                                               ABSTRACT
The primary objectives of this study was to examine how the financial institution export finance in Nigeria using First Bank of Nigeria Plc Onitsha branch as a case study. In carrying out this study, I used survey method in which I used the questionnaire to collect data. The target population was the staff of first bank of Nigeria Plc Onitsha Branch from which a sample of 80 was drawn. I used research questions and formulated research hypotheses. The relevant literature was reviewed for the study. The data were collected, presented analyzed and hypotheses tested using chi-square. At the end of the study a number of recommendations were made for further studies and on how to improve the Nigeria financial export in Nigeria and how to encourage the institutions for expansion and modernization.

TABLE CONTENTS
Cover Page:……………………………………………………..………i
Title Page:…………………………………………………….………..ii
Approval Page:………………………………………….…………….iii
Certification:……………………………………………………………iv
Dedication:………………………………………………………..……v
Acknowledgements:….…………………………………………………vi
Abstract:………………………………………………………………vii
Table of Contents..……………………………………………………viii
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study:………………………………………………………….3
1.2 Statement of Problems:.…………………………………………………………..4
1.3 Purpose of the Study:…………………………………………………………….…6
1.4 Significance of the Study:………………………………………………………….7
1.5 Research Questions:…………………………………………………………………8
1.6 Formulation Hypothesis :………………………………………………………..9
1.7 Limitation of the Study:………………………………………………………….10
1.8 Definition of Terms :……………………………………………………………….11
CHAPTER TWO: LITERATURE REVIEW
2.1 Mexim Annual Statement of Account of 1999
Foreign Sources ……………………………………………………………………16
2.2 Sources of Finance For Export ……………………….……………………….18
2.3 The role of Financial Institution ………………………..……………………18
2.4 Factors Militating Against Export Finance:………………………………20
2.5 Historical Background to Export Financial In Nigeria:………………21
2.6 Policy Instrument:…………………….…………………………………………….23
2.7 Duty Draw Back/Suspension Manufacture in Board Scheme …26
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Area of the Study :………………………………………………………………….33
3.2 Population of the study:…………………………………………………..……33
3.3 Sample and Sampling Technique:…………………………………………..33
3.4 Instrument for Data Collection :……………………………………………..34
3.5 Validation of the Instruments…..……………………………………………34
3.6 Distribution and Retrieval of the Instrument:………………………..35
3.7 Method of Data Collection and Analysis:……………………………..…35
3.8 Analysis:………………………………………………………………………………….37
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Finding and Discussion of Finding Questionnaires Distribution
CHAPTER FIVE
5.0 Summary of findings, conclusions and Recommendations:……46
5.1 Summary of Findings:…………………………………………….………………46
5.2 Conclusion:……………………………………………………………..……………..47
5.3 Recommendations:………………………………………………………………..48
Appendix:…………………………………………………………………………………………50
Questionnaire :…………………………………………………………………………………51
Bibliography :……………………………………………………………………………………55

 

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