THE ROLE OF COMMERCIAL BANKS TO THE INDUSTRIAL DEVELOPMENT SECTOR IN NIGERIA
ABSTRACT
In recent decades, the potential contribution of agriculture to economic growth has been a subject of much controversy among development economists. While some contend that agricultural development is a pre-condition for industrialization, others strongly disagree and argue for a different path.
Taking advantage of Ordinary Least Square Method (OLD), the research carried out by means of secondary data and using independent variables: Agricultural Development, Capital Accumulation, Inflation Rate and Interest Rate re-examines the question of whether agriculture could serve as an engine of growth for the Nigerian economy
Results from the empirical analysis shows that the productivity in agricultural sector has not appreciably impacted positively on the economic growth in Nigeria.
CHAPTER ONE
Introduction
1.1 Background Of The Study
Agriculture is concerned with the husbandry of crops and animals for food and other purposes. It is the foundation upon which the development of stable human communities, such as rural and urban communities has depended on in many parts of the world. The study of economic history provides us with ample evidence that an agricultural revolution is a fundamental pre-condition for economic development. The agricultural sector has the potentials to be the industrial and economic springboard from which a country’s development can take off. Indeed, more often than not, agricultural activities are usually concentrated in the less developed rural areas where there is a critical need for rural transformation, redistribution, poverty alleviation and socio-economic development.
The agricultural sector has the potentials to shape the landscape, provide environmental benefits such as conservation, guarantee sustainable management of renewable natural resources, preserve biodiversity and contribute to the viability of rural areas. Through its spheres of activities at both the macro and micro levels, the agricultural sector is strategically positioned to have a high multiplier and linkage effect on any nation’s quest for socio economic and industrial development.
The growth of the agricultural sector in Nigeria was not smooth.
Anyanwu (1967) held that during the colonial period between 1861 − 1960, attention was given to agricultural research and extension services. Among the activities that was done, the first was the establishment of a research station in Lagos by Sir Claude McDonald in 1893. Landmarks of 10.4 km was acquired by the British Cotton Growing Association (BCGA) in 1899 for experimental purposes strictly for cotton and was named Moor Plantation in Ibadan.
In 1912, the Department of Agriculture was established in each of then Southern and Northern Nigeria, but the activities of the department were virtually suspended between 1912 and 1921 as a result of the First World War and its aftermath. The period 1929 and 1945 was a difficult one for the agricultural sector of Nigeria. This was the period of great depression when the world prices on commodities fluctuated. This affected the agricultural sector negatively because the volume of agricultural produce increased but the value did not increase proportionately.
The period 1945 − 1954 marked the period of export boom, because countries were just recovering from the Second World War and countries that needed to develop their destroyed industrial sector were many. They depended on primary product for the beginning stage of industrialization. They needed to revitalize their industrial sector by demanding primary goods. Prices of primary products rose higher again because there were speculations that there would be a Third World War due to the outbreak of the Korean War. However, after this period, there came another period of price instability. This made the reliance on agriculture and its products to fall, leading to the establishment of a market board. This board bought these products from the local farmers and sold them overseas.
In spite of all the periods, Nigeria made a great revenue from agriculture. In the pre-Independence era, the agricultural sector contributed most to the GDP of Nigeria. Helleiner (1966) said that in 1929, export production amounted to 57% of Nigeria’s revenue and in that 57%, agriculture made up about 80% of the export. On attainment of political independence in 1960, the trend was still very much the same, the Nigerian economy could reasonably be described as an agricultural economy, because agriculture served as the engine of growth of the overall economy (Ogen, 2003: 231-234), from the stand point of occupational distribution and contribution to the GDP.
Nigeria was the world’s second largest producer of cocoa, largest exporter of palm oil. Nigeria was also a leading exporter of other major commodities such as cotton, groundnut, rubber and hides and skins (Alkali, 1997: 15-16). Between 1964 − 1965, agriculture accounted for 55% of GDP and employed 70% of the adult workforce (Matton, 1981). In 1970, agricultural export crops like cocoa, groundnut, cotton, rubber, palm oil, palm kernel, etc. accounted for an average of between 65% − 75% of Nigeria foreign exchange earnings and provided the most important source of revenue for the Federal as well as State governments through export products and sale taxes (Ekundare 1973), despite the reliance of Nigerian peasant farmers on traditional tools and indigenous faming methods, these farmers produced 70% of Nigeria’s exports and 95% of its food needs (Lawal, 1997: 195).
However, the 1967 − 1970 Civil War in Nigeria coincided with the ‘Oil Boom’ era, which resulted in extensive exploration and export of petroleum and its products. This led Nigeria to neglect its strong agriculture in favour of an unhealthy dependence on oil (United States Department of State, 2005). Ever since then, Nigeria has been witnessing extreme poverty and insufficiency of basic food items. The agricultural sector contributions now account for less than 5% of Nigeria’s GDP (Olagbaju and Fashola, 1996: 263). It is against this back drop that we set out to research on the impact of agricultural development on Nigeria economic growth.
As noted earlier, the neglect of the agricultural sector and the dependence of Nigeria on a mono-cultural crude oil based economy had not augured well for the well-being of the Nigerian economy. In a bid to address this drift, the Nigerian government as from 1975 became directly involved in the commercial production of food and cash crops.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
Procedure for Downloading the PDF (Docx) Material
The Role of Commercial Banks to the Industrial Development Sector in Nigeria can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.
| Seminar Material Cost ₦3,000 | Project Material Cost ₦5,000 |
Request Complete Material
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
Introduction
- 1.1 Background of the Study
- 1.2 Statement of Problem
- 1.3 Objectives of the Study
- 1.4 Statement of Hypothesis
- 1.5 Significance of the Study
- 1.6 Scope and Limitations of the Study
Literature Review
- 2.1 Theoretical Literature
- 2.1.1 Agriculture As A Passive Contributor to Economic Development (Classical School of 1950s and 1960s)
- 2.1.2 Agricultural led Industrialization (Classical School of 1970s and 1980s)
- 2.1.3 Agricultural Linkages And Growth and Development
- 2.1.4 Problems Associated with Agricultural Development
- 2.1.5 Empirical Literature
- 2.2.1 Agriculture and Poverty Reduction
- 2.2.2 Agriculture and Nutrition
Research Methodology
- 3.1 Methodology
- 3.2 Area of Study and Coverage
- 3.3 Model Specification
- 3.4 Data Sources
- 3.5 Method of Evaluation
Presentation And Analysis Of Results
- 4.1 Unit Root Test
- 4.2 Co-Integration Test
- 4.3 Economic Opinion, Interpretation
- 4.4 Statistical Criteria of the Result
- 4.5 Econometric Criteria of the Result
Summary, Recommendation And Conclusion
- 5.1 Summary of Findings
- 5.2 Policy Recommendation
- 5.3 Conclusion
- BIBLIOGRAPHY
- APPENDIX
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of Commercial Banks to the Industrial Development Sector in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
Introduction
- 1.1 Background of the Study
- 1.2 Statement of Problem
- 1.3 Objectives of the Study
- 1.4 Statement of Hypothesis
- 1.5 Significance of the Study
- 1.6 Scope and Limitations of the Study
Literature Review
- 2.1 Theoretical Literature
- 2.1.1 Agriculture As A Passive Contributor to Economic Development (Classical School of 1950s and 1960s)
- 2.1.2 Agricultural led Industrialization (Classical School of 1970s and 1980s)
- 2.1.3 Agricultural Linkages And Growth and Development
- 2.1.4 Problems Associated with Agricultural Development
- 2.1.5 Empirical Literature
- 2.2.1 Agriculture and Poverty Reduction
- 2.2.2 Agriculture and Nutrition
Research Methodology
- 3.1 Methodology
- 3.2 Area of Study and Coverage
- 3.3 Model Specification
- 3.4 Data Sources
- 3.5 Method of Evaluation
Presentation And Analysis Of Results
- 4.1 Unit Root Test
- 4.2 Co-Integration Test
- 4.3 Economic Opinion, Interpretation
- 4.4 Statistical Criteria of the Result
- 4.5 Econometric Criteria of the Result
Summary, Recommendation And Conclusion
- 5.1 Summary of Findings
- 5.2 Policy Recommendation
- 5.3 Conclusion
- BIBLIOGRAPHY
- APPENDIX
Disclaimer for Complete Material Utilization
The displayed research work titled "The Role of Commercial Banks to the Industrial Development Sector in Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
Frequently Asked Questions (FAQ)
Can the material for “Effects of Poor Funding of Public Libraries in Nigeria” be used as a guide for Library and Information Science (LIS) Project?
Yes it can be used — Public library funding refers to the various ways individuals derive the expected funds for capital and recurrent expenses. The study was carried out to investigate the Effects of Poor Funding of Public Libraries in Nigeria using Imo State Library Board as a case study. In achieving this aim, the following specific objectives were laid out to find alternative source of funding public libraries and establish the state of funding public libraries in the study area. Investigation revealed that shortage of funds has resulted in shortage relevant text books as currently being experienced by students and researcher who are in need of the materials. Inadequate provision of funds has prevented the provision of current materials needs by the staff and clientele …
Can this topic “An Investigation on the Level of Phonological Interference in the Speech of Hausa-English Bilingual” be used for English / Hausa Project?
Yes it can be utilized for research — This study has set to find out “an investigation on the level of phonological interference in the speech of Hausa-English bilingual: A case study of Usmanu Danfodiyo University Sokoto.” It was to find out the features that distinguish Hausa accent from the Received Pronunciation. The Recorded speech of ten selected native speakers of Hausa was used. Students who were native speakers of Hausa were sampled. Phonological approach was used using snowball sampling technique. It was discovered that phonological features of Hausa such as substitution, under-differentiation, spelling pronunciation, epenthesis and simplification, of consonant cluster were the common features found in the oral English of the samples. The English of the samples has been affected by their L1. …
Can the material for “The Effective of Laboratory Facilities and Resources in the Teaching and Learning of Physics” be used as a guide for Physics Education Project?
Yes it can be used — Physics laboratory work is an active learning activity which involves students performing experiments with concrete objects and concepts. The study was carried out to examine Effective of Laboratory Facilities and Resources in the Teaching and Learning of Physics. In achieving this aim, the following specific objectives were laid out to investigate the availability of physics laboratory equipment for the teaching and learning of Physics in senior secondary schools and determine the extent of utilizing the available Physics Laboratory equipment for the teaching and learning of Physics in senior secondary schools in Onitsha. Investigation revealed the common observation shows that secondary schools in Onitsha North of Anambra State have varied problems associated with their physics laboratories. Some having only one multipurpose …
Can the material for “Exercise as a Boost for the Health Promotion of the Elderly” be used as a guide for Nursing (Science) Project?
Yes it can be used — Exercise for elderly comprises the daily living activities, interests or hobbies and living demands they must fulfill each day. The aim of the study is to explore research work titled “Exercise as a Boost for the Health Promotion of the Elderly”. In achieving this aim, the following specific objectives were laid out to explore ways in which exercise functions as a boost to elderly health in multicultural environment and find out the role played by nurses in provision of exercise to elderly. The research design used in this report is descriptive design, utilizing questionnaire method to obtain information from the respondents for this project. A total of 150 (one hundred and fifty) respondents were selected for this study to represent …
Is the topic “The Impact of Motivation on Workers Productivity” recommended for Public Administration (PA) Project?
Yes it is highly recommended — The objective of this study was to determine the impact of motivation on workers productivity of staff of tertiary institution with particular reference to both the academic staff and non-academic staff of the tertiary institution in Ijebu-Ode Metropolis, South Western in Nigeria. Fifty (50) staffs were surveyed using descriptive questionnaire. The questionnaire contained twenty research questions covering the indices of motivation considered in this. All the questionnaires were distributed accidentally, and 49 (forty-nine) out of fifty (50) questionnaire were completed and returned giving a 98percent return rate. The 49 (forty-nine) completed questionnaire were analyzed using a simple percentage for the demographic data of the respondents and‘t’-test to test the hypothesis. To improve on performance and productivity of the staffs, management should …
Can the material for “Effect of Communication on the Productivity in an Organization” be used as a guide for Human Resource Management (HRM) Project?
Yes it can be used — Effective communication defines most organizations in terms of their marketing campaigns, productive interpersonal relationships among co-workers and successful customer service resolutions. The study was carried out to investigate the Effect of Communication on Productivity in an Organization using Military Hospital in Ikeja, Lagos State as a case study. In achieving this aim, the following specific objectives were laid out to examine the significant effect on communication efficiency and determine the relationship between communication and productivity level. Investigation revealed that many system of communication have been operated in the offices which have nothing to do with productivity level just because the right system is not used at the right time to the right person. The research design used in this report …
Can the material for “The Role of Gender in Administrative Positions in Nigeria Public Sector” be used as a guide for Sociology Project?
Yes it can be used — Nigerian public sector industry has long been the exclusive realm of the Nigeria men. This is as a result of the prevalent view in the world that women are subordinates, as a result of which certain jobs were not meant or seen as appropriate for them. Another general assumption is that women are less-educated, lack of the will to coordinate, lack the motivation to achieve, always less-concerned, more committed to their role as women/mother than Jobs, naturally weak and lazy and do not make good administrators cum managers. A problem this work tend to evaluate, taking cognizance that with more education cum knowledge, women have left the traditional careers open to them and have gone into fields that formerly were …
Can the material for “Design and Implementation of Student Apartment Directory System” be used as a guide for Computer Science (CS) Project?
Yes it can be used — Renting an apartment can generally be so stressful, real estate businesses usually have agents whose work is to help potential tenants find their dream homes at locations of their choice, but in the Nigeria system, the real estate business agents are usually not found in areas where tertiary institutions are located. The aim of this project is to create and implement a web-based student's rental platform. In achieving this aim, the following specific objectives were laid out to design and develop an application software that will help the students find the desired apartment from the comfort of their home with just any internet-enabled device and help reach out to their potential tenants and advertise their building online. The motivation that led …
Can the material for “Web Based Examination Supervision Scheduling for a Higher Education Institution” be used as a guide for Computer Science (CS) Project?
Yes it can be used — This project aims at automating the examination supervision scheduling of the institute of management and technology, Enugu. An in-dept study made on the existing system of the case study and it’s automation cannot be over emphasized result showed that the existing manual system in use was inadequate in many ways ranging from time wasted and labour lost to waster of funds. Therefore, a need for automation is eminent to effect reduction in these wastes of resources. This work outlines are emphasizing on how information concerning exams supervision scheduling in IMT can be collected processed and stored using the computer system. When this is invented and implemented will in turn help to reduce to a great extent the stress and errors usually encountered during …
Can this topic “The Role of Financial Institutions in Export Financing in Nigeria From 2006 – 2012” be used for Banking and Finance (BF) Project?
Yes it can be utilized for research — 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 …