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ASSESSMENT OF BANK SERVICES AND ECONOMIC DEVELOPMENT IN NIGERIA: THE CHALLENGES
ABSTRACT
The cardinal point of this study is to “Assess bank services on economic development of Nigeria. The simple percentage statistical methods was employed. It has been discovered that bank services has effect on the economy of Nigeria. The study seeks to establish among others, the relationship between banking sector and economic development in Nigeria. The importance of banks in generating growth within the economy has been widely discussed in literature. Many researchers are of the view that there still exists great dichotomy regarding the role of bank services in facilitating sustainable economic growth. Earlier studies by Schumpeter (1911), Gurley and Shaw (1995). However, bank services have positive impact on the economic growth of Nigeria.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Banking is a commercial business in Nigeria’s economy and effective circulation of flow of capital (money) through the given economic units. It is meant to encourage economic growth and development in the Nigerian economy. Historically, the idea of banking in Nigeria dates back to the olden days when money was introduced in different forms as the means of exchange especially precious metals (Igweike, 2005).
People who deposited their precious metals with goldsmiths realize that not all the money deposited with him is withdrawn at the same time. Therefore they, decided to put all surplus money at his disposal into use to earn return in addition to the cost charged for safe keeping (Hoggson,1926). This idea of banking continued into the earlier period of colonial administration in Nigeria.
Indeed, it is confirmed that it was during the free-banking era that the three biggest foreign banks and two indigenous banks were established. These were;
-The Bank of British West Africa Limited (BBWA)
-The Barclays Bank Dominion Colonial and Overseas
-The British and French Bank.
The Africa continental Bank limited was established in Lagos in 1894 and took over the Africa banking corporation established two years earlier in 1892. The Bank of British West Africa therefore was the first surviving banks in Nigeria and remained the only bank in the country until it was joined by Barclays Bank, eighteen (18) years later in 1912. Also, Barclays bank became part of the Barclays group of bank in 1925. The first Nigerian owned bank was established in 1929, the industrial and commercial bank of Nigeria (Igweike, 2005). The bank however, went into liquidation a year later after it was established because of bad financial management, inadequate capital and wave of economic depression, which affected the whole world at that time. Two years later, the Nigerian mercantile bank was formed in 1931, and in 1936, it also went into voluntary liquidation for the same reason. Before 1952, many indigenous banks were established but collapsed one after the other leaving the National Bank of Nigeria, Wema Bank and the Africa Centripetal bank as the only surviving banks. The failure of these banks led to the first banking legislation known as the 1952 Banking Ordinance
In order to create a shift to rural areas, the Central Bank of Nigeria proposed a programme of Rural Banking in 1977 with a primary objective of extending banking facilities to the rural areas. Under this scheme, the commercial banks were required to establish new branches in the rural areas of the country.
Each of the banks was allocated to specific geographical areas of this purpose. With regard to the title of the study, “problem of Banking services among commercial banks in Nigeria”, a case study of First Bank Plc, Abak road, Uyo, the aim of carrying out this research work will not be far fetched knowing fully well that our commercial banks are being called upon to leave up to expectation by the society; one therefore wonders what must be responsible for this low performance by the commercial banks. Having viewed the whole situation critically for the improvement of their services to the society, we should first and foremost identify their problems. Moreso, it should be noted here that banking is an industry and that they all have some identical problem. What union bank plc suffers can be applicable to Afri-bank plc.
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