THE PROBLEMS AND PROSPECTS OF A COMPUTERIZED ACCOUNTING AND IT’S IMPLICATION ON E-PAYMENT IN THE BANKING INDUSTRY

THE PROBLEMS AND PROSPECTS OF A COMPUTERIZED ACCOUNTING AND IT’S IMPLICATION ON E-PAYMENT IN THE BANKING INDUSTRY.

(A CASE STUDY OF FIRST BANK PLC)

Abstract

The use of electronic means to settle financial transactions among individuals, private and corporate bodies is fast growing. Business transactions has moved from manual form to electronic form, as online payment becomes underpin of systems of e-commerce and this has made the issue of e-transactions of immense concern to both individuals, private and corporate bodies. This paper therefore unearths an analysis on the problems and prospects of e-transaction in the Nigeria. To achieve this, samples of 350 questionnaires were used and two hypotheses were formulated for the study and the chi-square statistical tool was adopted in testing the hypotheses. The results revealed that there is a significant relationship between e-transaction in promoting economic growth but this has not been succeeded in the right direction as it is still at its infant stage and the attitude of government, corporate bodies and individuals pose a problem to e-transaction as they are enslaved in fears resulting from insecurity, technical problems, anonymity, cultural problems and so on. Based on the above findings, recommendations were made. 

CHAPTER ONE

1.1     BACKGROUND OF THE STUDY

          Before the emergence of modern banking system, banking operation was manually done which lead to a slow down in settlement of transactions. This manual system involves posting transactions from one ledger to another which human handles. Figures or counting of money which should be done through computers or electronic machine were computed and counted manually which were not 100% accurate thereby resulting to human errors. Most bank then use only one computer in carrying out transactions which ameliorate the sluggish nature of banking transaction.

          Nigeria do not embrace electronic banking early compared to developed countries. Nigeria adopted electronic banking system in the early 2000s.  During the introduction of electronic banking system, the use of raw cash was said to have bred corruption through the “cash and carry syndrome” usually linked with the swift movement of Ghana-must go” bags by some politicians. Such bags as some analyst say, are a major source of corrupt practices as dubious persons seeks to bribe their way to avoid been checked in some sensitive areas or places in a corrupt society.

          Since electronic banking started in all Nigeria banks, it has been a woe for civil servants; checks show that some staff in establishments such as the national boundary commission for instance, are yet to receive their salaries for the previous months as efforts to electrically transfer salaries into their account have failed according to Ibrahim, D. (2009).

          “One bank will tell you it has transferred your salaries but the supposed recipient bank will tell you it has not received anything leaving you even more confused”, says John, I. (2009). Olekah, J. (2009) while acknowledging the initial hiccups that dogged the system, advises stakeholders against being discouraged as such “teething problems” are normal.

          James, A. (2009) a banker reported to vanguard annual report that “we should not destroy electronic-banking by looking at the negative aspects, we must strive towards perfecting it”. James, A. (2009) also says that the volume of data generated by the Government ministry Agencies is much making it a bit difficult for banks to cope, Mathew S. (2009) a worker says in his report to vanguard annual report on banks and cards that government should have done its home work “very well” before introducing the system, “they plugged us into a system they were not prepared for and the result is untold hardship visited on innocent people”.

          At this juncture, is good to know what e-banking is all about.

          According to Anyawaokoro, M. (1999). Electronic banking is defined as the application of computer technology to banking especially the payment (deposit transfer) aspects of banking. He also defined electronic banking as a system of banking with an electronic communication network which permits on-line processing of the same day credit and debit transfers of funds between member institutions of a clearing system.

          According to Clive, W. (2007) in his Academic dictionary of banking, electronic banking is defined as a form of banking in which funds are transferred through an exchange of electronic signals between financial institutions, rather than an exchange of cash, cheques or other negotiable instruments.

          According to Omotayo, G. (2007) defines electronic banking as a system in which funds are moved between different accounts using computerized on line/real time systems without the use of written cheques.

          According to Edit, O. (2008) in international Journal of investment and finance, electronic banking is defined as a system by which transactions are settled electronically with the use of electronic gadgets such as ATMs, POS terminals, GSM phones, and V-cards e.t.c. handled by e-holders, bank customers, and stake holders. 

 1.2    STATEMENT OF PROBLEMS

          As earlier pointed out, there is delay in payment of cheques which lead to the adoption of electronic banking system. Adoption of electronic banking which suppose to ease banking transactions rather resulted to woes to customer. Most people complain of time wasted in banks. This occurs when there is power failure in banks resulting to slow down in operation.

          Another problem that emerged was that banks do not have information backup to fall back on should there be any computer break down.

          In investing in electronic banking, the country will need a large amount of financial resources in computer technology, obviously, the resource is in short supply in Nigeria, couple with high level of poverty. For an efficient functioning of electronic payment system, there must be availability of infrastructural facilities such as electricity and telecommunication network, however, power supply fluctuates and there is still constant failure links in networks.

          Since early 2000s banks have been developing and introducing payment cards for their customers as well as deploy ATM’s cards. Usage was however low due to lack of interconnectivity i.e. switching platform to interconnect the ATM’s for card holders.

1.3     OBJECTIVES OF THE STUDY 

          This research work intends to assess the extent of electronic payment in banking activities as well as identify the various types of electronic banking.

          The researcher will also evaluate the major problems associated with the development of electronic banking system in Nigeria as well as evaluate possible solutions to these problems.

          The effect of electronic banking on profitability of banks will also be assessed. There are different types of electronic banking used in Nigeria banks; the researcher will like to evaluate the impact of these e-payment systems on banking industry and also assess the impact of electronic banking in Nigeria economy.

1.4     RESEARCH QUESTION

          In order to get information from respondents the following questions where formulated:

          What are the various types of electronic payment and the extent of electronic payment in banking activities?

            In what extent can e-banking improve or enhance banking services?

          What are the major problems associated with the development of electronic banking system in Nigerian?

          What are the solutions to the problems associated with the development of e-banking?

          What extent has e-payment affected banking activities?

The research shall attempt to find answers to these questions in the next chapter.

1.5     SIGNIFICANCE OF THE STUDY

Electronic banking in our economy today is a welcome development and also its impacts in the society are over-whelming, so this research is significant in so many ways.

It will expose the strength and weakness of electronic banking. It will motivate banks and other economic agents to computerize their services.

Knowledge in the area of electronic banking will be advanced. Apart from contributing to the knowledge of electronic banking, it forms a reference for future research in this area.

1.6     SCOPE OF STUDY

This research is on economic implication of electronic banking in Nigeria banks and also the various forms of payment and electronic systems used by banks. The researcher will base this work on the entire deposit money banks in Nigeria but to Diamond Bank in particular.

1.7     LIMITATION OF STUDY

Time is a major factor to the researcher as research of this kind requires enough time in gathering of data, but it was not given to carryout the research, distribution, collection and analysis of questionnaire.

Also the school system has made it difficult for student to go out in search for information by not granting exeat for student. Some banks hud information from students who desires such information in other to maintain the banks secrecy thereby making it difficult for students to gather information for their research.

Finally, finance was infact the most limited factor, in spite of this the researcher have to travel out to the sampled organization to interview some of the managers and supervisors.

THE GROWTH OF INDUSTRIES IN NIGERIA: PROBLEM AND PROSPECT

THE GROWTH OF INDUSTRIES IN NIGERIA: PROBLEM AND PROSPECT

(A CASE STUDY OF AJAOKUTA STEEL COMPANY)

Abstract

Empirical evidences from the developed and few emerging economies have shown that the producing unit of the economy tends to influence the entire economy’s performance and stability. But, without adequate finance, incentive of operations, business friendly environment, effective management and operation structure, growth-oriented government policies and regulations, the manufacturing firms’ will not perform as expected. The rate of firms exit in the Nigeria’s manufacturing sector prompted this study, to analyze the dynamics of manufacturing firm’s growth in Nigeria using panel analysis. The panel regression model employed emanated from the neo-classical, managerial, and optimum firm’s size theories and theGibrat’s Law of Proportionate Effect. Multi-stage sampling technique was used to survey 45 manufacturing firms quoted under the Nigerian Stock Exchange (NSE) between 1989 and 2008. The estimated dynamic panel model revealed that the manufacturing firms finance mix, utilization of assets to generate more sales, abundance of funds reserve and government intervention as indicated by Tobin’s Q, operating efficiency, capital reserve and government policies are significant determinants of manufacturing firms’ growth and dictated their dynamics in Nigeria. Also, that the Gibrat’s component enhanced the growth rate of

manufacturing firms’ sales, profit and capital employed dynamically in the manufacturing sector.

 Keywords: Firms, Manufacturing, Growth, Determinants, Panel data, Nigeria

CHAPTER ONE

1.1            INTRODUCTION

The Success or failure of any organization depends largely on the cordial labour/ management relation. Since they are partners in progress  in an organization. Following the industrial revolution of the 18^th and 19^th century in Britain and Autralia/USA.

The idea of labour/management was evolved. During this period, as the rate of industrialization progressed the power vested on the employees were curtailed, hence the employer could no longer dictate every pace at the work place, these ideas hitherto evolved and pave way for pluralistic ideologies and hence management /labour relations was institutionalized.

However, in Nigeria the emergence of wage employment made labour/management relations a strange one, until during colonial administrative that wage is used as a means of compensating workers for services rendered.

At the end of the first would war, labour became surplus, this excess labour brought about the exploitative tenderness of workers employment were determined by the forces of demand and supply.

The ideas of the classical economists were institutionalized in the labour market. This no doubt brought about industrial misery, this is so because the bargaining power of the labour was far worker than the position of the employer.

This was the starting point of labour/management conflict.

Several variables have been identified as the courses of growth of industries growth in Nigeria between unions and the employers (management) within the organization which include: when perceived right and privileges are denied or trampled upon, deliberate creation of communication gap between employees and employers, when management fails in its responsibilities or basic functions e.g. payment of salaries, promotion, job and personal/property security etc.

The emergence of trade union ideologies brought a new objective into labour/management relation which is primarily to improve the working conditions and increase in wages and secondly to protect the interest of their members. Example of trade unions are the Nigeria Labour Congress (NLC) Trade Union Congress (TUC) Nigeria Union of Teachers (NUT).

However, the unions adopt agitation as a tool for expressing their grievance to the management which enable labour/management reconcile its conflicts through consultation and collective bargaining.           

1.2            STATEMENT OF PROBLEM

The problem of management is a common issue in an Organization, which Ajaokuta Steel Company is not an exception. People sees the problem of ASCL to ineffective and corruption which leads to series of conflict as a result of non-payment of salaries and allowance for some months now. All these referred the progress of the company.

1.3             OBJECTIVE OF THE STUDY

The study aims at identifying ways to create a conclusive atmosphere in which the workers of Ajaokuta Steel Company can be motivated to contribute towards the realization of the objective for which it was set- up. And to identify factors adversely affecting the relationship between the employers and the employees.

The objective of the study includes:

i.        To identify causes of industrial conflict and to prefer solution  

ii.      To suggest ways to create conclusive atmosphere for workers of Ajaokuta Steel Company.

iii.    To look at the negative effect of affecting the growth of the industrial.

iv.    To recommend possible ways of the management of industrial conflicts.

v.      To identify the role of management (employer) and the labour (union) in the management of industrial conflicts.

1.4             THE SIGNIFICANCE OF THE STUDY

The subject is significant for a number of reasons, some of which  are as follows:

i.        It provides data for future researchers who intend to undertake a study on the management of industrial.

ii.      It will equally go along way to guide us in our bid to understand the problems and prospects of employees and their employers.

iii.    It also gives us insight into the responsibilities of management that were neglected which leads to industrial disputes and to identify solutions to the above disputes to ensure smooth and enduring labour/management relation.

iv.    Lastly, given that labour had experienced authoritarian management regime, it is important to establish rules to protect the rights of labour to avoid law-offs and sacks without pay as in the past. 

1.5             SCOPE/LIMITATION OF THE STUDY

The researchers intend to properly look at the relationship that exist between the labour and management of Ajoakuta Steel Company Limited.

The study will also offer useful suggestions on how to manage the growth and promotion of the  organization for peaceful atmosphere, particularly ASCL. However, some limitations encountered during the study include:

i.                    Academic Work Load: The rate of academic work is too cumbersome to combine with project write up.

ii.                  Time: Time as you know is everything. Time was the greatest problem of the study because of tight schedule as a worker and part time student.

iii.                Access to records: Lack of free access to records resulting from the uncompromising attitude of those in-charge of giving vital data under the pretext of being “top secret” is a serious limitation.

iv.               Finance: In the course of undertaking a course of study, it always involved money. And money is a scarce resource, hence the prudent utilization of the little available one which negatively affects the quality of this write – up.   

1.6            THE RESEARCH QUESTIONS

In this project, we shall answer  the following Research Questions,  

i.                    Intensive approach to workers, general grievance and accumulated anger and frustration leading to open confrontations/disharmony is ASCL.

ii.                  Government policy affects labour/management relationship

iii.                Deliberate creation of communication gap which affects/management relationship.

 

1.7            DEFINITION OF CONCEPTS

1.                 Management: According to Oxford Advanced Learner’s Dictionary of current English sixth edition 2000. management is the act or skill of darling with people or situation in a successful way.

2.                 Industrial Conflict: This refers to conflict or dispute that may arise between the employees and the employers in particular industry.

3.                 Labour:Labour naturally is the energy, the intellect, the mental activities of individual contribution towards achieving a goal in the production of goods and services. Labour are the people that work in an organization.

4.                 Trade Union: Trade Union can be described as the coming together of workers (body) in order to enable them struggle for their rights employers through collective bargaining.

5.                 Public Sector: This refers to the section of the economy established and control by the government which could be profit or nonprofit oriented.

6.                 Dispute/Shrike Resolution: Strike is the total stoppage of labour supply in order to bring pressure on employers to accede to the demand of employees (labour unions) in an organization.

7.                 Grievances:  This refers to unfairly treatment of workers by the management which could lead to breakthrough dialogue that causes of disputes are identified. Analyzed and solution are found.

ENTREPRENEURIAL EDUCATION AS A TOOL FOR REDUCING UNEMPLOYMENT IN NIGERIA

ENTREPRENEURIAL EDUCATION AS A TOOL FOR REDUCING UNEMPLOYMENT IN NIGERIA

ABSTRACT

Education in Nigeria is devoid of the element crucial to averting the surging rate of unemployment in the country. The provision of entrepreneurial development through education will advance the economy of the nation if much credence would be given to it and ingrained with focus on profitable personal development. Unemployment prevails in the country, hence, the growth of violence, poverty and segregation amongst citizens, because the educational system itself fails to empower the ones passing through it. The core message of the evolving educational policy in Nigeria is devoid of a system of education that emphasizes on the need to culture the country's youth through the knowledge of rudimentary entrepreneurial development, common cultural heritage, and identification of exploitable strengths of structures, systems and cultures of others. If anything, there is a greater need of its augmentation, which can propel the country to work towards enduring peace and harmony. This research work, therefore, was carried out to examine the strategies of entrepreneurial education carried out in two of the universities pioneering it Federal University of Technology, Akure, and Covenant University Ota, the former being a public university and the latter a private university. The objectives of the study were to appraise if  educational styles arouse the interest of students in the industries of their discipline; to explore the effectiveness of entrepreneurial development strategy in education in universities that implement it; to see if the current university educational system stimulates entrepreneurial creativity in its students The methodology adopted was a mixed analysis of quantitative and qualitative parameters based on the survey design which relied on primary and secondary sources of gathering data, through the use of questionnaires and interview instruments. Three hundred (300) questionnaires were administered, and two hundred and fifty four (254) were returned. The study adopted quota and simple random sampling technique. The data was analyzed and presented using tables and percentages. Consequently the findings on this research portrayed a huge disparity between the perception and conceptualization of entrepreneurship in the graduates of each university used in the study, creating the significance in the strategies being used to educate the students while in the university. The study shows that entrepreneurial education should be taught in the field and through practical approaches, rather than using theoretical approaches, as the former yields better results for the economy than the latter. It was discovered that  graduates from Covenant University have more aptness to creating value, and are self driven to developing some form of business whether or not they have an employment. The study recommends that there should be a working partnership, bridging the gap between the higher institutions and the industry; lecturers should have field experience to aid communication and teaching of the courses. The study also recommends that Universities should work toward becoming entrepreneurial hubs for students and young entrepreneurs; the government should also focus more on the youth age group for entrepreneurship development in the country.

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND TO THE STUDY

Nigeria is bedeviled by a myriad of problems which, despite her oil wealth, inhibit her development and even threaten her continued existence as a sovereign state. Nigeria’s sociopolitical and economic circumstances give the significant indication that many of her problems stem from an origin of artificial colonial construct which lumped together a variety of separate peoples. Fragmentation of the nation is seen as a distinct possibility unless its citizens can be induced to accept a new sense of Nigerian identity, involving a commitment to the survival of the present state as a cohesive entity. This would necessitate a number of radical changes, not only in the political and economic structure of the country but also in the psychology of the people. Nigerians have lived through series of administrations under different governments in Nigeria, and the question still arises, ‘is Nigeria a nation at all?’, a critical look at what the government calls reform results in personally instituted concept of governance, filling the seats of power with those they believe to be their kin, rather than have professionals in the positions of merit, and a breed of people typified by their integrity of heart, ingrained in the trainings and qualifications they have received in the course of service to the nation.

With an increasing number of those who are not gainfully employed or adequately educated in the country, they remain preys as political tools of violence, as it has been seen in the history of violence occurring in the country over a period of time. The country has depended much on oil as its major source of revenue for years, however, the current administration also

fails to recognize that the future of the country may very well depend on the economy of its people (the youths), which is possibly the only untapped, ill harnessed, most lucrative resource of the country. If it remains this way in the next ten years, putting into consideration the effect of increased poverty, lack of employment, poor educational system, it is unpredictable what the result will be.

Evidence from a range of sources including the report of the National

Committee on Job Creation and Putting Nigeria to Work (World Bank 2010) reveals that the biggest drivers of Nigeria’s current youth unemployment crises are:

- Lack of jobs

- Lack of skills and experience

- Mismatch between supply and demand for labour

- Numerous barriers to youth entrepreneurship

Plethora of job creation interventions in the public, private and nonprofit sectors, including Nigerian Directorate of Employment (NDE), Industrial Training Fund (ITF), National Poverty Eradication Programme (NAPEP), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), but reaching fewer than 100,000 youths a year.

These initiatives struggle to transform the lives of Nigerian youth because of their:

- Limited scope and scale

- Limited focus on the unique needs of young Nigerians

- Poor collaboration and cooperation across the sectors

- Outdated and theoretical training models

- Distance from the grassroots.

In the ‘NeXT Generation Report’ of the British Council in 2010, it is highlighted that Nigeria needs to develop the infrastructure that will underpin a world class economy, spending up to an additional 4% of Gross Domestic Product (GDP) on this task. It should diversify away from oil, with an emphasis on sectors that will improve employment prospects for young people, while removing obstacles to economic growth and private enterprise. The oil industry contributes as much as 40% to national GDP, but is highly capital-intensive and employs only a tiny fraction of the population. Other industries still in their infancy offer greater potential to Nigeria and Nigerians: communications; manufacturing (textiles, clothing and footwear; automobiles); and the mining of resources other than oil.”Clearly, national development cannot be spoken of without the citizenry first believing in a common goal that obliterates segregation between people of differentiated peculiarities in a community, this is critically supposed to be heaved on the responsibilities of the government. Poverty and lack, illiteracy and miseducation, bad leadership and poor governance are the threading of the society, that when weaved with the economy of the people, brings about dissociation from any that shares no particular quality with themselves. However this has to be changed through changing the mindset of people through the quality of education received within the walls of our institutions.

According to National Bureau of Statistics (2009:238; 2010:2), the national unemployment rates for Nigeria between 2000 and 2009 showed that the number of unemployed persons constituted 31.1% in 2000; 13.6% in 2001; 12.6% in 2002; 14.8% in 2003; 13.4% in 2004; 11.9% in 2005; 13.7% in 2006; 14.6% in 2007; 14.9% in 2008 and 19.7% in 2009. Lack of entrepreneurial education, that creates a self-reliant ideology in people will lead to gross unemployment, which results in poverty and lack; this in turn creates survival instincts in individuals, and then brings about segregation among the people, Nigeria could never attain integration with the current educational strategy it breeds.

Entrepreneurial education will however lead to increased employment, reduce poverty level, bring about entrepreneurs working together for common good, therefore establishing a stronger economy than the present Nigerian economy. Entrepreneurs can take advantage of the nation’s state to grow their businesses, create jobs and employment for required skill sets they will find within their societies and grow. Poverty entails more than just the lack of income and productive resources to ensure sustainable livelihoods. Its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion as well as the lack of participation in decision-making. Various social groups bear disproportionate burden of poverty.

A social perspective on poverty should contribute to the debate on the effectiveness and limitations of current poverty reduction strategies, one of which is education. Education is critical to the development of personal economy from poverty level to at least the level of self-sustenance, however, the current curriculum of the Nigerian educational system, prepares the average graduate to be prepared to become employed by the available firms or business owners in the society, which in turn grows the number of unemployed in the society. This emphasizes more on the quality of education administered, than the number of students that pass through school, according to the goals of the United Nations for developing countries.

Among the barriers that would hinder progress within the current Nigerian education systems certainly are (these are however, not unique to the educational sector):

·        Rigidity of systems: Certain people benefit from the status quo, and are resistant to change. Others are unable to see the possibilities for change, or lack the commitment, courage or energy needed

·        Governments, or local leaders, who are generally not held accountable for how much money is spent, and how education systems are managed

·        Sufficiency attitude – what is provided for the poor is good enough

·        Inadequate pro-poor infrastructure or support systems – this makes it difficult to implement successful poverty eradication interventions

·        A lack of systematic tracking of propoor interventions – in this way it is extremely difficult to know if the activities and programmes implemented have had any impact at all.

Nigeria cannot combat the ills of the society just by raising its budget; there should be a strategic systematic approach to education that exists, and bridging the gap between its service delivery and its effectiveness in the country.

1.2     STATEMENT OF THE PROBLEM

Education in Nigeria is devoid of the element crucial to averting the surging rate of unemployment in the country, therefore the breeding of psychological dependence on direct access to money. Entrepreneurial development through education will advance the economy of the nation; much credence should be given to it and ingrained with focus on profitable personal development.

Unemployment prevails in the country, hence, the growth of violence, poverty and segregation amongst citizens, because the educational system itself fails to empower the ones passing it, therefore not catering to the economy its results should enhance by default.

This should be the core message of the evolving educational policy of Nigeria which is devoid of a system of education that emphasizes on the need to culture the country's young through the knowledge of rudimentary entrepreneurial development, common cultural heritage, and identification of exploitable strengths of structures, systems and cultures of others. If anything, there is a greater need of its augmentation, which can propel the country to work towards enduring peace and harmony.

1.3     OBJECTIVES OF THE STUDY

·        To appraise if educational styles arouse interest of students in the industries of their discipline.

·        To explore the effectiveness of entrepreneurial development strategy in education in universities that implements it.

·        To see if the current university educational system stimulates entrepreneurial creativity in its students

1.4     RESEARCH QUESTIONS

·        Do the educational strategies arouse mature curiosity in the students in the industries of their discipline?

·        Are the entrepreneurial development strategies being implemented truly effective?

·        Does the university classroom stimulate creativity necessary for entrepreneurship in the students?

1.5     SIGNIFICANCE OF THE STUDY

The focus of this study brings to the fore the crucial need for entrepreneurial education in Nigeria, putting more consideration on the educational system, strategies and its eventual social developmental effect in the society.

The study highlights the problems of the level of education in the country and its equivalence to level of poverty in the society by virtue of lack of employment or knowledge of how to startup businesses; the resultant effect of which is a society that breeds healthy partnership and motivation, impacting on the development in the nation.

One of the MDG goals highlights education as a critical factor to reduce poverty and dependency on in developed nations, however, the contribution of this thesis to knowledge identifies what is important to the economy, which is qualitative education focused on the needs of the economy per time, rather than the resolution of the United Nations to increase budgetary details, increasing the people that go through school. This is not the first paper on entrepreneurial education; however, it is the first to do a comparative study on what is being implemented by different universities to see the effectiveness and brings to light the results in order to ascertain which strategy would eventually work for the Nigerian economy in truly eradicating unemployment in Nigeria.

1.6     SCOPE OF THE STUDY

The study examines the role of education in the social development of Nigeria, its significance in the reduction of the unemployment in Nigeria and comparison between universities that implement para-entrepreneurship educational systems. The study considered the undergraduates of the current university teaching system, from levels one to the final year, assumably those who gained admission into the university in the last five (5) years. The study considers period to be relevant because of its immediate impact on the future of Nigeria, in order to be able to discover if the role education plays currently in Nigeria will facilitate national development.

The study will consider students and graduates of Covenant University, Ota and Federal University of Technology, Akure as case studies, and it will be a comparative study between the two universities; the former being a Christian private university, and the latter a federal university, because they already have embraced entrepreneurial education as part of their curriculums for at least three (3) years. This will help in giving insight into how it is operated and the effectiveness to consider which system will work determining if the country would be able to survive the huge downpour of graduates that will be on the increase as against the limited jobs from available employers.

1.7     LIMITATIONS OF THE STUDY

In the study, the limitations to getting more robust analyses on the research include:

·        Classroom observations were inhibited due to long ‘due process’ permissions to carry out research.

·        Knowledge of lecturers about research would impede the regular style of lecturing to attempt including entrepreneurial mentions during classes

·        Responses from some undergraduates were possibly laced with ideals rather than realistic perspective of what they do experience (please see chapter four)

·        There was no comprehensive data on graduate employment statistics from the universities involved.

REFERENCES

National Bureau of Statistics (2005) The Nigerian statistical fact sheets on Economic and Social Development, FOS, Nigeria.

National Bureau of Statistics (2009), Annual Socio-Economic Report, Nigerian Unemployment Report

National Bureau of Statistics (2010), Annual Socio-Economic Report, Nigerian Unemployment Report

National Bureau of Statistics (2011), Annual Socio-Economic Report, Nigerian Unemployment Report.