THE EFFECT OF RISING PRICES OF BUILDING MATERIALS ON PRIVATE RESIDENTIAL PROPERTIES

THE EFFECT OF RISING PRICES OF BUILDING MATERIALS ON PRIVATE RESIDENTIAL PROPERTIES

 (A CASE ABUJA MUNICIPAL AREA COUNCIL)

CHAPTER ONE

1.1   INTRODUCTION

Housing is one of the essential necessities of life beside food and security. Hence every rational man is desirous of owning a personal house or at least has an opportunity of living in a better accommodation with required basic facilities and utilities in a conducive environment. Shelter is one of the most priorities in our scales of preference when it comes to his needs, this due to its major determinate of productivity Welfare and state of being. Unfortunately, the need is limited in supply worldwide, the cause of this shortage are many. But one of this causes which form basis of this research work is the cost of building materials. The research will examine in practical terms how the cost of building materials has affected private residential properties in Nigeria Generally, and Karu area municipal council in particular. It also proffers remedies to tackle the problems on how our teaming population could be house adequately. Karu has been of the residential area within Abuja municipal area council which has gained tremendous attraction of various dwellers and development for various purpose like wise Nyanya, Durumi, Dutse etc. such attraction has been sequel to the development of private residential properties in the area this write up shall comprise of five chapters chapter one with introductory part of the research while chapter two Is made up of the conceptual frame work which encompass meaning and nature of residential development; also chapter three which research methodology while chapter four treats data presentation analysis, finally, chapter five is the summary of the findings, recommendations and conclusion.

1.2   BACKGROUND KNOWLEDGE OF THE CASE STUDY

Abuja, being Nigeria capital came in existence by virtue of the decree No 6 of 1978, however it has assume that status of nation capital on the 12th December, 1991 when the seat of government was moved from Lagos to Abuja where it take it seat to data the trip of relocate the capital, federal republic of Nigeria began in august 1975 during late General Murtala Mohammed begin on assumption of office, the late General promised to address the deteriorating condition of Lagos and find lasting solution to it is as it becomes clean and in impracticable for Lagos to be retained as the federal capital in order to solve these problems once and for all. The late General Murtala inaugurated distinguish chairmanship of retired Honorable justice Akintola Aguda. The committee was charged with among other these tasks or recommending sweat able and alternative location, having regard to the need for easy accessibility and for every part of the federation. After the committee findings, the report submitted to the federal military government on 20th December. 1975 stated that the total land area in Lagos is estimated to be about 61.72 M2 which was grossly inadequate to be used for federal capital city not to even sharing it with Lagos state government.

The federal capital should be moved out of Lagos and be relocated to the central of the country, and area covering about 8000 M² and situated south of the present Suleja, Niger state. All these recommendations were accepted by the government and promoted the promulgation of federal capital at decree No 604 of 1976, which created the federal capital territory on 5th February, 1976 and vested the ownership and control of all land in the federal capital territory on federal government as well as the administration of the federal capital territory.

1.3   STATEMENT OF THE PROBLEM

The indent study of this problems can be or will be examined by looking at how and to what extent or degree in which rising cost of building material have affected residential (private) property development, what are the effects of rising costs of building material’s in the study area (Abuja Municipal Area Council).

1.4   PURPOSE OF THE STUDY

Nigeria suffers from deep problems that undermine housing and construction companies, so this aspires to reverse the main holding factories o these problems. One of the reason is population growth. Specifically, the average age in Abuja is a mere 18 years. Moreover, Nigeria population growth rate is 2.90% (Central Department of Statistic and Information, 2012). Oil price also seem to be an enormous factors, because it cost more on transportation of personal, shipping of materials, manufacturing and so on. Another factor underlying economic problem, such as inflation, in addition, government project, such as subsidized schools and hospital that helps to cover the high population growth seems to be contributing to higher price.

1.5   OBJECTIVE OF THE STUDY

The project is to examine the effect of rising cost of building materials on private residential property development with a view to recommending positive solution by taking Abuja as the only municipal to carry out informative aims. The following objectives shall be undertaken,

1. To examine the type of building material mostly patronized, weather local or foreign.
2. To examine the trend of the price of building materials between 2006 and 2014.
3. To examine the trend of building materials in Nigeria.
4. To ascertain the difficulties that arise from the project work in studying are and proffer the lasting solutions to them.

1 .6  SIGNIFICANCE OF THE STUDY

This refers to the important of study of the people. This research will help people to know the effect of rising cost of building materials on development. It is also ‘a fair development alternative to expensive building materials, it provide government the opportunity of knowing which area to tackle. The rising cost of building materials so as to reduce the problem being faced by residential property development. It will also serve as reference materials to other researchers.

1.7   RESEARCH METHODOLOGY

1.     The survey intends to use the methodology of identifying the factors

2.     How to identify experts who could help in completing the survey.

3.     The appropriate method of analyze the data in addition, certain factors were evaluated and analyzed to identify the key factors of cost increase in house and construction industry in Nigeria.

The graphic, social and other environmental factors to provide accurate and reliable information regarding the cost rise in Nigeria industry.

1.8   RESEARCH QUESTIONS

The following are research questions tray will guide the study.

1.     What are the main factors that led to high cost of housing construction n the federal capital territory, Abuja?

2.     What are the effects of the factors in housing construction industry?

1.9   SCOPE OF THE STUDY

The study will limit itself to the effect of rising cost building material on residential. Properties development in Abuja municipal area council, this is done in order to enhance adequate coverage of the study area.

1.10 LIMITATION OF THE STUDY

Some hindrance has been encountered in carrying out this research work such as;

1.     Many construction firms. Consultant quality surveyor, estate valuers or firms and land lords were relevant to disclose relevant information or data.

2.     Hostility of some building materials merchants or dealers to release information during market and surveyor and field intervals.

3.     Financial and time constraints also constitute some of the limitation, but the research was able to over come them.

1.11 RESEARCH HYPOTHESIS

H_o:   Rise in oil price, the increase in oil demand in the past 10 years nearly 50 percent increase, lead to the rapid increase in oil price

H_i:    High demand for housing construction, the categories include high demand from (a) Nigeria citizens, government housing project and government public project.

H_o:   Low housing supply, these categories include the increased annual demand for housing unit and the low supply of housing unit.

H_i:    Speculative purchase of undeveloped lands, these categories includes corruption in the selling process of undeveloped land.

1.12 DEFINITION OF RELEVANT TERMS

Price: It refers to change cost and expensive or expenditure required in buying or maintenance price is the quality of payment or compensation given one party to another in return for goods or services.

Building: Building is a manmade structure with roof and walls standing more or less permanently in one place.

Materials: The substance or substance of which things are made of composed. Stone is a durable raw materials or anything that serves as a crude or raw material to be used or developed e.g. wood pule is the raw material.

REFERENCES

Aminu, A.A and Jagboro, G.O (2002). “The effect of construction delays on projects delivery in the Nigerian construction industry”

Isaidinso, E.I. (1988). “The needs and problems of the building industry in Nigeria a qualitative surveyor view”. Research Institute Seminar, Nigerian Building and Road Research Institute.

Fisk, E.R. (1997). “Construction project administration, 5th edition prentice Half, New Jersey.

ASSESSING ENTREPRENEURSHIP DEVELOPMENT AS FISCAL POLICY OF GOVERNMENT

ASSESSING ENTREPRENEURSHIP DEVELOPMENT AS FISCAL POLICY OF GOVERNMENT IN OFU LOCAL GOVERNMENT AREA OF KOGI STATE

ABSTRACT

Generally this study seeks to assess entrepreneurship development as fiscal policy of government in Ofu local government area of Kogi State. To find out if there is significance in the role played by entrepreneurship in Nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of government in the development of entrepreneurship  through fiscal policy of the government in the country. This review the deliberate act or policy of government at all level in the federation initiated and executed, aiming at promoting the growth and development of entrepreneurship in the society. The researcher used both primary and secondary data collection to gather information for analysis. Base on statistical test carried out using X,² hypothesis shows that the inconsistency of the government to provide serious support for business sectors has contributed to the underdevelopment of the economy. Recommendations were made that government should at all level establish a strong support to small scale industries in the society.

CHAPTER ONE

INTRODUCTION

1.       Background of the Study

Entrepreneurship is generally described as the ability of an individual or a group of individuals to create or discover an opportunity and utilize it to the benefit of the society, which will yield success to the innovators and their organization. According to Dau and Cuervo-Cazurra (2017), the authors take a legalistic view of entrepreneurship and define it ‘as the creation of fresh businesses a stable collection of people who coordinate their efforts to produce new value-added economic activity’. The relationship between entrepreneurship and economic growth of a country has increasingly gained a lot of interest from economists and policy makers over the years.

The dynamic role of entrepreneurs and small business owners in emerging economies has contributed to vast development opportunities in these markets. Over the past decade, the evolution of entrepreneurs has been at the heart of Africa’s growing economy. The International Monetary Fund (IMF) Regional Economic Outlook for Sub-Saharan Africa (SSA) indicates that small and medium-sized enterprises (SMEs) create over 80% of the region’s employment. Thus revitalizing the working-class population and encouraging opportunities for robust economic interactions across borders. Hence, entrepreneurs are increasingly recognized as seeds of economic revival within the African region (Bouazza, 2015).

Entrepreneurship development performs a vital role on the growth and development of any modern economy. Entrepreneurship is viewed as the engine of economic growth and a main thrust of economic restructuring, decentralization and development toward market economy. In Nigeria, government of every states and local government embarks on policies and programs aimed at influencing the direction of economic progress towards a rapid and sustainable economic growth through entrepreneurship development (Ogundele et al., 2012; Sule, 2014).

The use of fiscal policy is very paramount in every society most especially in the less developed countries (LDCs) as a major tool for stabilization and for development to be sporadic. Fiscal policy as in many texts and literatures could mean the government actions affecting its receipts (revenue) and expenditure which is taken as ordinarily a measure by the government’s net receipts, its surplus or deficit. The government may offset undesirable variations in private consumption and investment by anti-cyclical variation of public expenditure and tax revenue. Simply put, when the government uses government revenue and expenditure policies to regulate and stabilize the economy toward development, the action is fiscal policy. It thus serves as an economy’s “shockabsorber” in specific areas of development.

Fiscal policy is essentially concerned with manipulating the financial operations of the government with a view to furthering certain economic policy objectives. In other words, it consists of government decisions to vary certain fiscal aggregate such as total government spending and tax revenues as opposed to some other aspects of public finance which are primarily concerned with the effect of specific government expenditures and taxes (Stein 1968). Fiscal policy is majorly measured in terms of government expenditure, tax revenue, government investment, budgeting and debts.

Fiscal policy fosters economic growth and development through a number of different channels. These include the macroeconomic (influence on budget deficit on growth) as well as micro (influence on efficiency of resource use).  While in the developing economies, the economic policy objectives of fiscal policy have been pursued to a greater or lesser degree, the one and overriding objective, the furtherance of which has relied greatly on fiscal policy, is economic development, defined not only as a continuous and sustained growth in total output as well as in output per head, but also as the structural transformation from the basically underdeveloped agricultural economies to fully industrialised ones. The reliance on fiscal policy in developing economies for the achievement of the economic development objectives in particular and other objectives in general, has been particularly great in relation to the use of other policies such as monetary policy in the entrepreneurship development (Olaloku, 1987).

 Ojo (2009) put forth one of the solutions to the problems of entrepreneurship development in Nigeria is the promotion of entrepreneurial development scheme through fiscal policies. A veritable way to do this is government promotion of small scale businesses. Entrepreneurship has been identified as vital for the continued vitality of the modern market for more businesses to emerge; hence, competition and economic growth are improved (Klapper & Love, 2011). Efforts have been taken by the Nigerian government for the development of small scale businesses over the years. The realisation of the Millennium Development Goals (MDGs) and the vision of the Nigerian Government to be rated among the top 20 economies in the world is considerably determined by how government has recognised SSBs as drivers of economic growth and key strategy for poverty alleviation. However, the over-reliance on natural resources especially crude oil as the mainstay of the economy is capable of making the attainment of their desires an illusion. Government, through its actions may be a hindrance or promoter of small scale businesses; thus, this study seeks to assess entrepreneurship development as fiscal policy of government with particular reference to Ofu Local Government Area of Kogi State

1.       Statement of the Problem

The policy uncertainty and related decline in entrepreneurship development and small business startups is taking a toll not only on the traditional lower wage occupations, but on college graduates as well. According to Sum (2013) 36% of college graduates were working in jobs that did not require a college degree. The business environment is dynamic and competitive in such an environment an organization can be best achieved it’s good through a well established leadership style and good managing director that will manage business organization such as; Entrepreneurship development. The small scale business would have been a source to Nigeria economic development. But today, entrepreneurship development are not yielding positive result due to poor performance and lack of government intervention. Therefore, this project will source for various solutions to these problems that militate against entrepreneurship development. These are Entrepreneurship development which includes:

1. Poor Management:

The most critical problem affecting of almost all indigenous enterprise in Nigeria is poor management. The lack of efficient organizational structure and the practice of modern management techniques. If enterprises could be ascribe to two factors, first, if the limited understanding modern management practices by owners managers could be with their strong desire to run the business alone.

• Lack of Management Skills:

Also the problem facing entrepreneurship development include stress primarily arise from the need of hire skilled and qualified personnel to assist in the running of the industries demands the greatest problems of entrepreneurship development is lack of necessary skill in the management group. In every entrepreneurship development, the entrepreneur is one person management team. This makes it difficult for the effective operation of the enterprises.

• Individualism of management of entrepreneurship development:

This is the characteristics of individualism among entrepreneurs. The owner bears the management burden alone. The jobs varies and likes managerial responsibilities are few, if any. The managers are called “Jack of all trades and master of none”.

• Difficulty in services of qualifies personnel: Another factor which leads to managerial problems with entrepreneurship development is difficulty in securing the services of qualified personnel.
• Lack of training and development of personnel: Lack of training and developments of personnel is another factor which compounds the managerial problems of entrepreneurship development in Nigeria. Training provide employees change in job requirement and new technology. It equally serves as motivation of incentive for the existing employees, which increase their productivities. In essence, lack of training and development for the existing workers made replacement of vacant for the existing position difficult.
• Financial Problem: The capital for entrepreneurship development industries are very small. This is because most Nigerian business men and women operate in a low income economy. They are unable to generate sufficient funds through personnel savings which involved huge capital equipment or other fixed assets.

1.       Objective of the Study

The general objective of this study is to assess entrepreneurship development as fiscal policy of government in Ofu Local Government Area of Kogi State.

The specific objectives include:

1. To find out the significant role of entrepreneurship in economic development of Ofu Local Government Area of Kogi State.
2. To ascertain the extent that government policies have improved entrepreneurship development in Ofu Local Government Area of Kogi State.
3. To identify the challenges of entrepreneurship development in Ofu Local Government Area of Kogi State.
   1.       Research Question   

The following research question will serve as a guide to the researcher in attempt to achieve the objective of this study.

1. Does entrepreneurship play significant role in economic development of Ofu Local Government Area of Kogi State?
2. To what extent do the government policies improved entrepreneurship development in Ofu Local Government Area of Kogi State?
3. What are the challenges of entrepreneurship development in Ofu Local Government area of Kogi State?

1.       Research Hypothesis

H₀₁: Entrepreneurship does not play any significant role in economic development of Ofu Local Government Area of Kogi State.

H₀₂: Government fiscal policies does not have significant impact on entrepreneurship development in Ofu Local Government Area of Kogi State.

H₀₃: There are no challenges of entrepreneurship development in Ofu Local Government Area of Kogi State

1.       Significance of the Study

The study is significant in a number of ways to the following people:

• Students: The study would be of immense significant to the students of management, economics/political economy and sociology as the findings of the study will serve as source of secondary data for further studies.
• Entrepreneur: Entrepreneurs will find the findings of this study to be very useful as it will educate them on the role of entrepreneurship development to the development of Nigeria Economy. This will also enable government agencies and policy makers to make favourable policies that encourage the development of entrepreneurship in Nigeria.
• Academicians: The study is significant in that it would contribute to the growth of literature in the area of entrepreneurial culture/entrepreneurship and it will be very useful for all those who want to carry out research in the same area.

1.       Scope of the Study

The scope of this study is limited to assessing entrepreneurship development as fiscal policy of government in Ofu local government area of Kogi State. The study will cover the role entrepreneurship development plays in economic development of Nigeria, the extent that government policies have improved the performance of entrepreneurial organization in Ofu local government area of Kogi State and finally identified the challenges of entrepreneurship development in Ofu local government area of Kogi State.

1.       Definition of Terms  

For easy and concise understanding of this work, it is necessary that vital terms be defined.

1. Entrepreneur: An Entrepreneur means a person who starts, organize a commercial enterprise especially one having financial risk. Meredith et al (2018) look at an entrepreneur as an individual who has the ability to see and evaluate business opportunities gather the necessary resources to take advantage of them and initiate appropriate action to ensure success and he is a risk taker.
2. Entrepreneurship Development: This is the coming into existence in society of the class of individuals, who are not limited to pace odds.
3. Small scale business: Ejiofor (2017) defines small scale business as those enterprises that have relatively little capital investment, that produce in small quantities and as a result of controlling a small share of market that employs not more than fifty workers (50) and in which management marketing and entrepreneurship functions are used in the proprietor.
4. Economic Development: The improvement of the individuals, society well being, such that the GDP of such people/societies equals or greater than the United Nations standard.
5. Fiscal Policy: Fiscal policy refers to the use of government spending and tax policies to influence economic conditions, especially macroeconomic conditions, including aggregate demand for goods and services, employment, inflation, and economic growth.

ANALYSIS OF FACTORS AFFECTING RESIDENTIAL PROPERTY DEVELOPMENT PATTERNS IN OSOGBO, OSUN STATE NIGERIA

ANALYSIS OF FACTORS AFFECTING RESIDENTIAL PROPERTY DEVELOPMENT PATTERNS IN OSOGBO, OSUN STATE NIGERIA

ABSTRACT

This study  set to analyze the factors affecting residential  property development pattern and in Osogbo, Osun State – Nigeria, to achieve this aim the researcher evaluate the patterns of property development, identify the various factors affecting property development pattern and rental value of properties and evaluate the effects of such factors on property investment in Osogbo metropolis. The research adopted survey designs which allow the gathering of relevant information using questionnaire, observations, and oral interviews of stakeholders. The data gathered were presented and analyzed using the descriptive statistics. The research reveals that property location, and infrastructural facilities have a very significant impact on residential property development patterns and rental value in the study area. Finally, it is recommended that the government harness development potential within the study area to create enabling environment for property development and urban infrastructures that will enhance property value in Osogbo, Osun State – Nigeria.

CHAPTER ONE

INTRODUCTION

1.0       BACKGROUND OF THE STUDY

Property, in the abstract, is what belongs to or with something, whether as an attribute or as a component of said thing. In the context of this article, it is one or more components (rather than attributes), whether physical or incorporeal, of a person’s estate; or so belonging to, as in being owned by; a person or jointly by  group of people or a legal entity like a corporation or even a society. Depending on the nature of the property, an owner of property has the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it (as a durable, mean or factor, or whatever), or at the very least exclusively keep it (Wikipedia, 2018).

Residential property refers to building that is developed for people to live or undeveloped land that is designated for residential use. Residential properties could be a consumption goods, or investment goods (Sratton,2008).As a consumption goods, it is acquired for owners occupation while as investment goods it is acquired for the purpose of deriving optimum return from outright sale or letting of the property. If this is the case, the price or rent of the residential property becomes very important to the seller and buyer or landlord and the tenant. Hence investment in this type of property is regarded as a considerable source of wealth for many investors.

Property development comprises a significant component of total Australian economic output. The property development process involves the continual combination of significant factors of production (land, labour, capital and enterprise). In addition, property development in Australia has been characterized by some significant cyclical influences as the process involves significant risk. It is in the interests of capital markets, market participants and the public sector that property development processes are better understood so as to ensure efficient allocation of physical resources, human resources and capital(Cadman, 1995).

The pattern of property development within the context of metropolitan growth and development has been the subject of an extensive literature. Among the streams of literature have been monocentric and polycentric models, rent gradients and population density, and spatial mismatch and jobs/housing balance. Less examined have been the factors that determine the specific location of residential development from among the number of potentially suitable sites available. Miles (2002) of opined that site selection suggest that factors that are important in locating a residential development include: physical suitability for development, slopes, soils, hydrology, land availability, legal restrictions, government regulations (zoning and other land use controls), existing land use patterns and location of other property development, access, including proximity to interstate highways, distance to employment sources, distance to shopping, availability of amenities (water, restaurants and shopping, golf, parks), neighborhood factors such as age of surrounding housing stock, schools, crime etc (McMillan, 2000).

The price or rent derivable from properties varies as different property command different rent and price (Oni, 2007). Rent and price are yardsticks for determining the value of a property. Since property with high value command high rent or price and properties with low value command lowrent or price vice versa. The value of residential properties are influenced by several factors among which are physical features of a building such as numbers of  room, facilities available, size, age, location factors for instance; proximity to work place, market, school, hospital etc, accessibility to various amenities and services, population density of the location of the property and availability of property title (Oni, 2007).Therefore, any investigation in to the nature and behavior of property price must recognize that property as a commodity is not a single goods but a complex bundle of services or potential services which operate in many dimension. (Oyebanji,2003). Nigeria has a large real estate market that has not attain its climax due to limited circulation of information on properties transaction as it relates to properties feature, their actual value and  impact on market value, organizations available properties and professional services available in various locations nationwide. These has made it necessary that as real estate developers market their properties they must recognize that in order to achieve success, reliable  information of properties market must be documented and made available to property merchant.

The value of access is capitalized into the land value and access is measured through market participants’ willingness to pay. Essentially, this view suggests that accessibility measures may be inferred from land prices. The relationship among accessibility, property values and land use patterns has been the pre-occupation of earliest theorists with indication that travel costs were traded off against property rents and population densities from Central Business District (CBD) to suburbs of a mono-centric city (Oni, 2009).

Quality of the environment is also another factor that affects the rental values of property. Property value does not only depend on the physical characteristics of a building but also the environment that surrounds the building. Developments of various transportation modes have become pivotal to physical and economic developments. Access to major roads provides relative advantages to residential users (Rosen, 2014).

The capital intensive nature of property development has resulted huge gap between demand and supply for properties especially residential properties due to the ever increasing population in many major cities in Nigeria of which Abuja is not an exception in view of this development. This study is carried out to analysis of the factors affecting residential property development pattern in Osogbo in order to provide guide to prospective real estate developers and tenants on residential property transaction.

1.1       STATEMENT OF PROBLEM

The capital expenditure in housing project, high property demand due to ever increasing population and limited supply of properties has made properties developers to source for funds from different financial institutions to engage in the provision of residential houses to meet the high demand. Due to the high demand and good returns on property investment, more investors are showing interest in properties but with little or no knowledge of the factors that determine the property development pattern and rental value and due to this, they have encountered problem in maximizing their returns. This has made it necessary to assist the property developers and landlords with information on factors that affect property development pattern and rental value to enable them make informed decision on property development project

1.3       AIM AND OBJECTIVES

The aim of the research work is analyse the factors affecting residential property development pattern in Osogbo, Osun State – Nigeria.

To achieve this aim, the listed objectives shall be pursued:

1. To evaluate the patterns of property development in the study area
2. To identify the various factors affectingproperty development pattern and rental value of properties in the study area
3. To evaluate the effects of such factors on property investment in the study area.

1.4       RESEARCH QUESTIONS

1. What are the patterns of property development in Osogbo?
2. What are the various factors affecting property development pattern andrental value of properties in the study area?
3. What are the effects of such factors on rental value of real estateinvestment in the study area?

1.5       SIGNIFICANCE OF THE STUDY

This study will contribute to the body of knowledge that is available in public document, literatures, book, magazines and journals. Also it will serve as a reference material for students, scholars and other researchers. In addition, it will help individuals, professionals, investors, communities, change agents, and the society at large on what to look out for when venturing in to property market. Also, this study will help researchers, scholars, and investors to identify various property development pattern and residential properties characteristic that have relatively strong impact on their rental values and to an extent influence the sales or purchase decisions of sellers and buyers in Nigeria.  

1.6        SCOPE AND LIMITATION OF THE STUDY

The scope of the study is limited to the analysis of the factors affecting residential property development pattern in Osogbo. The research is also limited toboth commercial and residential properties within the town.

Limitations

The researcher faced various problems when carrying out this field study. Some of these challenges included:

1. Some respondents were unwilling to fill the questionnaires since they were suspicious about the study. Many perceived it as sharing very vital information which they were not ready to furnish the researcher with.
2. Delays were experienced from the respondents who took very long to complete the questionnaires and constant postponement of the picking date proved to be very frustrating to the researcher.
3. At times some of the respondents did not fill in the questionnaires adequately and ignored certain sections that required the giving of opinions which made it difficult for the researcher to make adequate conclusions.

1.7       DEFINITION OF TERM

Property development: Property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to others (Wikipedia, 2017).

Property: This is the embodiment of tangible ownership right or bundles of right in real estate. It could also be described as a concept of right which can be held separately (Babatunde, 2003).

Rental Value: This is the worth or value of property in an open market. It is also the value arising out of the lease or renting out of a property on a periodic basis usually yearly.

Residential Property: it is a building that is used or suitable for dwelling purpose. They are dwelling house such as bungalows, duplex, detached houses, semi-detached houses, etc. (LBTT 4010)

Value: This is the monetary worth of a thing. It is expressed as the value of a goods or services measured by the amount of other goods and services for which it will exchange. It is a determination or quality of an object, which involves any sort of appreciation or interests. Such appreciation involves feeling and ultimate desire or tendencies. Value is basically the worth of a thing (Olayonwa 2006).

Pattern:according to Collins English Dictionary defined  pattern as the repeated or regular way in which something happens or is done or  an arrangement of lines or shapes, especially a design in which the same shape is repeated at regular intervals over a surface.

1.8       THE HISTORICAL BACKGROUND OF THE STUDY AREA

The early history of Osogbo is essentially the legendary account of the spirit-world; it is the history of the early people whom we call the spirits and fairies. This is in line with Yoruba traditions, which use mythical stories to explain the origins of the ruling families of an early Yoruba state.

Osogbo according to Yoruba oral history had been founded as early as Oduduwa period. Oso-igbo, the goddess of Osun River, was the Queen and original founder of Osogbo. She was credited with many important achievements, which helped to establish the settlement.

Osogbo the capital of Osun lies on coordinates 7°46′ North 4°34′East with an area of 47kmsq. According to the 2006 Population and Housing Commission Census, the city has a population of 156,694 people. Osogbo shares boundary with Ikirun, Ilesa, Ede, Egbedore and Iragbiji and is easily accessible from any part of the state because of it’s central nature. It is about 48km from Ife, 32km from Ilesa, 46km from Iwo, 48km from Ikire and 46km from Ila-Orangun.

Osogbo is a commercial and industrial centre. This started in 1907, when the British Cotton Growing Association sited an industry for growing and ginning of cotton. The Nigerian Tobacco Company (NTC) built its first factory in Osogbo. In this same year, a major turning point for the city which helped in its industrial and commercial development occurred.  The railway tracks were constructed linking it to other parts of Northern Nigeria.  This attracted people from far and near.

The Ataoja of Osogbo is the traditional title of the King and he is the political and spiritual heads of Obas and Chiefs in Osogbo and Olorunda Local Government Areas.

Osogbo is famous for the annual Osun Osogbo Festival which attracts tourists from different part of the world.

THE ROLE OF DEPOSIT MONEY BANKS TO THE SMALL SCALE ENTREPRENEURIAL DEVELOPMENT IN NIGERIA

THE ROLE OF DEPOSIT MONEY BANKS TO THE SMALL SCALE ENTREPRENEURIAL DEVELOPMENT IN NIGERIA

ABSTRACT

The study examined the role of deposit money banks to the small scale entrepreneurial development in Nigeria with particular reference to kitchen 54, Nasarawa. The specific objectives of the study is to evaluate the extent to which small scale enterprises have been able  to obtain loans and advances from Nigerian deposit money banks; ascertain the problems facing deposit money banks in financing small scale enterprises in Nigeria and to identify problems encountered by small scale enterprises in obtaining funds from deposit money banks.  The study adopts the survey research design and Chi-square was used to test the research hypotheses. The findings of the study shows that that deposit Money Banks play significant role to the small scale entrepreneurial development in Nigeria. The study recommends that the deposit money banks should put more effort in financing entrepreneurs and small and medium scale business in other for their roles to be felt by the SMEs in terms of growth and development.

CHAPTER ONE

INTRODUCTION

1. Background of the Study

There is no doubt that banks and other financial institutions occupy strategic positions in the operation of Nigeria  economic system. The importance of these banks and other financial institutions are so encompassing that one may not imagine the functionability of the economic system without them (Oshiobugie & Okoh, 2015). This probably has been why government is always sensitive to the happenings in this important sector.

In an economy such as Nigeria, things have to be bought and paid for (for instance, an entrepreneur, buying raw materials from suppliers). Such transactions in modern times are usually done in many cases, through the bank credit transfer system because apart from the large amount of money that may be involved; there is also the need to consider the security of the money. It is for this reason that modern organizations (business and non-business alike) make use of banks and other financial institutions for many of their financial transactions. So, banks just act as intermediaries in many business transactions involving money (Afolabi, 2013).

Entrepreneurship development over the years has been facing problems of slow or stagnating development. This problem has continued to serve as a cog in the wheel of progress of the overall economic development in the country. This stampede of the growth of entrepreneurship in Nigeria is nowadays threatening to deprive the nation of the much needed benefits of poverty reduction, employment generation and wealth creation, which by implication should have set the country’s ball rolling for sustainable and growth and development (Lawal and Ijaiya, 2007).

One major problem, which is indisputable in all quarters, is the lack of sufficient fund to set up and run businesses (Onyeiwu, 2012). Lack of funds and access to credit facilities are significant obstacles to the development and sustainability of microenterprises that discourage those with entrepreneur skills. Small firms seeking bank loans face considerable credit constraints in that they receive credit much less frequently than larger ones. It is also known that many entrepreneurs would like to start up their businesses, but refrain from doing so due to the lack of credit to finance their initial or subsequent operations (Garba, 2013).

For any business to grow credit is essential; lack of credit is a barrier to the development and growth of the incomes of households and entrepreneurship. Access to credit enhances the adoption of new and more advanced technologies that will enable the rural household to expand their agricultural and non-agricultural enterprises, which in turn improve their income levels, and hence help in reducing their incidence of poverty (Abubakar, 2011). Despite the fact that credit has been recognized as an essential tool for promoting business, savings also plays an important role next to credit (Olaitan, 2006).

The deposit money banks which are main players in the financial systems of nearly every economy, have the potential to pull financial resources together to meet the credit needs of entrepreneurs, therefore, there is still a huge gap between supply abilities of the banks and the challenging needs of entrepreneurs. In Nigeria, the situation is even more predominant (Olutunla & Obamuyi, 2008) Also, it has been observed that entrepreneurs do not use formal means of financing as much as the large scale enterprises do.

The World Development Report indicated that small-scale business firms obtain only 19 percent of their financing needs as against 44 percent by medium and large scale enterprises from external sources in developing countries (World Bank, 2000). Entrepreneurs are often discouraged in sourcing for funds from the deposit money banks as they find accessing bank credit difficult. Abereijo and Fayomi (2005) note that the majority of deposit money banks loans who offered to entrepreneurs are often restricted to a period far too short to pay off any considerable investment. In addition, banks in many developing countries choose to lend to the government rather than private sector borrowers because the risk involved is smaller and higher returns are accessible (Levitsky, 2017). The main thrust of this study is to examine the role of deposit money banks to small scale entrepreneurial development in Nigeria.

1. Statement of the Problem

There is dearth of financial institutions which cater for long and medium term credit needs of businesses operating in the economy.

1. Lack of Startup Capital: Small scale enterprises are no exceptions to these, and they suffer a great deal for want of capital for development and expansion of the economic survival of the country. It cannot be over emphasized that they have moved from the subsistence level of pre-indigenization period to a position of importance in the country’s industrialization process.
2. Lack of Collateral: In an attempt to secure loan from Deposit Money Banks in Nigeria small scale business entrepries are required to provide collateral which in most cases are not available thereby poses as a problem to access capital from the banks.
3. Lack of Financial Education: The need in many cases is beyond the financial capability of the entrepreneurs who set up the business. They also lack basic financial education which help them easily access capital from the Deposit Money banks such basic education including records keeping, operating a business account among others.

The study therefore examines the role of deposit money banks to the small scale entrepreneurial development in Nigeria.

1. Objectives of the Study

The main objective of this study is to examine the role of deposit money banks to the small scale entrepreneurial development in Nigeria.

The specific objectives are:

• To evaluate the extent to which small scale enterprises have been able  to obtain loans and advances from Nigerian deposit money banks.
• To ascertain the problems facing deposit money banks in financing small scale enterprises in Nigeria.
• To identify problems encountered by small scale enterprises in obtaining funds from deposit money banks. 

1. Research Questions
2. To what extent does  small scale enterprises have been able  to obtain loans and advances from Nigerian deposit money banks.
3. What are the problems facing deposit money banks in financing small scale enterprises in Nigeria.
4. What are the problems encountered by small scale enterprises in obtaining funds from deposit money banks. 
   1. Statement of Hypothesis

Ho: Deposit Money Banks does not play significant role to the small scale entrepreneurial development in Nigeria

H1: Deposit Money Banks play significant role to the small scale entrepreneurial development in Nigeria

1. Significance of the Study

The importance of the study is to seek and direct government effort, stimulate and promote economic growth, develop local technology and to also generate employment. No doubt that this work would be of benefit to a host of stake holders in the small-scale enterprise scheme, especially the owners (promoters) and employees of business organization, the students, the government, investing financial institution and the general public.

This study through its findings and recommendations will be significant in the following ways.

1. Policy Makers and Regulators in the Industry:  To policy makers and regulators in the industry, it will present a scheme, through its analysis that could assist them in formulating policies that will not only positively impact on banks’ performances but also remain relevant in the economy of Nigeria.
2. Bankers: To bankers in general, it will expose the relationship existing between Deposit Money Banks and the Development of Nigeria Economy.
3. Academicians: In the academic arena, this study will prove to be significant in the following ways: v It will serve as a body of reserved work and knowledge to be referred to by researchers.  It will add value and enrich other literatures on banks’ performances in Nigeria and the world at large. It will suggest ways of enhancing the performance of the banking industry in Nigeria and the entire Nigerian economy. This will in turn, boost development positively which is usually affected by banks and their activities.

1. Scope of the Study

The scope of this study is limited to the role of deposit money banks to the small scale entrepreneurial development in Nigeria. The study is further limited to Kitchen 54 in Nasarawa Local Government of Nasarawa State.

1. Limitation of the Study

This study was carried out successfully but while in the course of gathering data, the researchers were confronted with the mention and analyzed problems,

• Time Constraint: The researchers had no enough time to carry out their research as have been planned because this project write up was coincided with other academic activities such as attending lectures, doing assignments and test
• Financial Constraint: Due to the economic situation that things are hard to come by, fund frustrated the researchers, but was able to take control of it.
• Materials: The researchers had no sufficient materials as to lay hands on books on the research topic. Also, the Bank Officials visited were reluctant initially to give useful information until a repeated visit.

1. Operational Definition of Terms

Deposit Money Banks: Deposit money banks are resident depository corporations and quasi-corporations which have any liabilities in the form of deposits payable on demand, transferable by cheque or otherwise usable for making payments.

Small Scale Enterprises: As defined in the Nigerian context, following the current official definition of industrial  enterprises adopted by the 13^th meeting of the National Council on Industry (NCI)  Markudi, Benue State in July, 2001 as “an enterprise with total capital employed of over  ₦1.50m but not more than ₦50m, including working capital but excluding cost of land  and or labour size of 11-100 workers.

Short term credit: This type of credit is a credit or loan that has maturity period that is less or more than  one year. E.g. Personal loan.

Medium term credit: This is a type of credit or loan that has a maturity period of more than one year but  not exceeding two years to be repaid back. E.g. loan required for temporary business  requirement.

Long term credit: This type of credit matures in more than three years and above. It has a very long  maturity period as agreed by the lender and the borrower. E.g. are business  development loans and Bridging loans.

THE IMPACT OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT IN NIGERIA

THE IMPACT OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT IN NIGERIA

ABSTRACT

The study centered on the impact of entrepreneurship in economic development in Nigeria. The study aims at pursuing the following objectives: to find out the significant role of entrepreneurship in economic development of Nigeria; to ascertain the extent that government policies have improved the performance of entrepreneurial organization in Nigeria; to examine the extent to which macroeconomic policies foster entrepreneurship culture in economic development of Nigeria, and to identify the challenges of entrepreneurship in economic development in Nigeria. The study had a population size of 1100, out of which a sample size of 293 was realized using Taro Yamane’s formula. The study employed a survey research design. The instrument used for data collection was the questionnaire which was structured in line with likert five point rating scale and was validated. A total number of 293 questionnaires were distributed while 285 copies were retrieved. The data from the responses were presented using frequencies, simple percentages and cumulative percentages. The hypotheses were tested using the chi-square (X2) and F-test statistical tools. The study found out that: entrepreneurship plays significant (X2 ccal = 33.125 > X2 t0..5 = 7.962); there are positive significant impact of entrepreneurship in economic development of Nigeria State (X2cal = 15.965 > X20.5 = 7.962); government policies to an extent improve the performance of entrepreneurial Organization in Nigeria (Fc -test = 8.08 > Ft1 = 2.87); macroeconomic policies positively foster entrepreneurial culture (Fc -test = 8.08 > Ft1 = 2.87) entrepreneurship is challenged by finances in economic development of Nigeria. The study, based on the above findings, concluded that a comprehensive approach to the promotion of entrepreneurship rested on favourable economic policies, entrepreneurial skills/culture and improvement of entrepreneurial framework condition. The study recommends that there should be a strict policy framework that can enhance entrepreneurs-government partnership in area of finance, skill development and alliance.

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The socio-economic impact of entrepreneurship on the sustainable economic growth of the Nigerian economy is difficult to accurately measure or estimate, but it is believed to be highly dynamic and significant (Oyelola, Ajiboshin, Raimi, Raheemi, Igew 2013). However, a study estimated that between 45 and 60 percent of the urban labour force work for small private enterprises or what is otherwise called small businesses Nwaka, (2005). Another study suggests that entrepreneurship has been beneficial because the Nigerian private sector comprising of small and medium enterprises provides diverse employment opportunities for 50 percent of the country’s population and 50 percent of its industrial output, Ariyo (2005).

Entrepreneurship may not be regarded as the sufficient condition for the growth and development activities, but it is surely a necessary condition. This perhaps informs why Adeyemi (2012:2) avers that “entrepreneurship is the livelihood of any economy”. It is in line with this position that entrepreneurship is looked at as being imperatives for the economic development of Nigeria. Nigeria, the most populous country in Africa, is naturally endowed with millions and millions of acres of durable land, 38.5 bullions barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million (Oteh, 2009:1).

Entrepreneurship also creates goods and services that are capable of satisfying needs. The multiplicity of this creation enlarges productivity. Agbaeze (2007:36) cites John Kendrick as informing that higher productivity is chiefly a matter of improving production techniques and this is entrepreneurial functions per excellence. Two keys to higher productivity are research and development (R and D) and subsequent investment in the plant and machinery.

Furthermore, entrepreneurs are usually, thirsty for innovation and creation in a bid to have competitive advantage over each other’s inventions, new technologies and development. A single creation may lead to a number of other creations and subsequently new products. In the 18th century, James Watt, in England, developed and perfected the steam engine, in a bid to ease the production processes in the factory (Agbaeze; 2007). To take advantage of this intervention and remove some of the bottlenecks associated with it in the mid 1960s, James Hargreaves invented the spinning jenny, an invention linked to the steam engine. Further in 1785, an English clergy man invented the power loom-a weaving machine powered by the steam engine.

Agbaeze (2007:36) cites Zoltan as describing small business, created by entrepreneurs as agents of change in the market economy. Two possible types of technological changes associated with products/services in the market place include quantum technological change that result into quantum product innovation (a shift or jump from the existing product to entirely new product), and incremental technology change – that is change that refines an existing technology and leads to gradual improvements or refinements in products and services overtime. In any of the cases, competition is rejuvenated. Firms are worked up and competitions are renewed. Relay-race is investigated by changes in innovations and counter innovations

From the forgoing, therefore, the assumption and/or hypotheses that entrepreneurship is linked to economic growth finds it’s most immediate foundation in simple intuition, common sense and pure economic observation: activities to convert ideas into economic opportunities lie at the very heart of entrepreneurship. Entrepreneurship is a source of innovation and change, and a such spurs improvement in productivity and competitiveness (Agbaeze, 2007:36 cites Zoltan).

On account of encouraging entrepreneurial initiatives, the country has experienced exponential growth in the number of private firms. However, majority of these businesses are very small when their operations are measured in terms of capital, employment and revenues (Attahir and Minet, (2000). Added to the above is difficulty confronted by small businesses in accessing bank credits, but the most serious and damaging problem threatening the state of entrepreneurship in Nigeria is the poor government interest and support for micro, small enterprises Chu et al., (2008). Besides, entrepreneurship and small and medium enterprises development is hampered by surplus of challenges like bad roads, bribes by government officials, multiple taxes, epileptic power supply and rising overhead costs on transportation and communication. All these challenges and similar others have attracted the interest of the researcher, therefore, this study seek to examine the impact of entrepreneurship on economic development of Nigeria.

1.2     Statement of the problem

Entrepreneurship is often seen as a process of creation with a view to identifying gaps in need, and mobilizing the necessary factors of production to close the gap(s) with a view to profiteering, if not immediately, later. By so doing so many societal problems are solved. The above notwithstanding, in Nigeria over half of the Nigerian’s population lives on less than a dollar a day. Nigeria is one of the top three countries in the world that have the largest population of poor people. In addition, Nigeria remains off track on achieving the millennium development goals (MDGs) especially in alleviating a number of people who live in extreme poverty through entrepreneur ideas. The economic reforms have not been sufficient to reverse years of economic decline, deteriorating capacity, weakened institutions and inadequate infrastructure investment while the recent drama in stock market decline and banking crises and the global economic crises have accentuated the situation.

The enormity of the challenge is corroborated by Nigeria’s low score on human development index (HDI) – an index that measures the average achievement of a country in terms of the welfare and quality of its people. Consequently entrepreneurial development in Nigeria appears to have not performed creditable well and hence not played the expected vital and vibrant role in the economic growth and development of Nigeria. This situation has been of great concern to the government, citizenry, operators and practitioners of the organized private sector. It is thus, against this background problem that this seek to examine the impact of entrepreneurship in the economic development of Nigeria.

1.3     Research Questions

The following research question will serve as a guide to the researcher in attempt to achieve the objective of this study.

1. Does entrepreneurship play significant role in economic development of Nigeria?
2. To what extent do the government policies improved the performance of entrepreneurial organization in Nigeria?
3. To what extent do macroeconomic policies foster entrepreneurship culture in economic development of Nigeria?
4. What are the challenges of entrepreneurship in economic development in Nigeria?

1.4     Objectives of the Study

The general objective of this study is to examine the impact of entrepreneurship on economic development in Nigeria. The specific objectives include:

1. To find out the significant role of entrepreneurship in economic development of Nigeria.
2. To ascertain the extent that government policies have improved the performance of entrepreneurial organization in Nigeria.
3. To examine the extent to which macroeconomic policies foster entrepreneurship culture in economic development of Nigeria.
4. To identify the challenges of entrepreneurship in economic development in Nigeria.

1.     Statement of Hypotheses

H_i1: There are positive significant roles of entrepreneurship in economic development of Nigeria

H_i2: Government policies to an extent improve the performance of entrepreneurial Organization in Nigeria.

1.     Significance of the Study

The study is significant in a number of ways: First, it is hoped that the findings of this study would be of immense importance to government and economic policy makers. On the government side, the study would help government to develop and implement policies that would foster entrepreneurial culture.

Secondly, the study would be of immense significant to the students of management, economics/political economy and sociology. The researcher will use this study as a source of secondary data for further studies.

Thirdly, the study is significant in that it would contribute to the growth of literature in the area of entrepreneurial culture/entrepreneurship and it will be very useful for all those who want to carry out research in the same area.

1.      Scope of the study

This study focused on the impact of entrepreneurship on economic development of Nigeria. Basically the study concentrated on some selected small and medium enterprises in Lokoja town.

1.     Limitations of the study

Certain limitations encountered in the course of the study include:

Attitude of the Respondents: This study was further limited by the attitude of the respondents. Owing to high level of ignorance, many respondents were reluctant to fill the questionnaire and also felt indisposed to provide vital information. The constraints notwithstanding, the researcher successfully overcame and did a good research work.

1.9     Definition of Terms

Business: Is the planned activities of individuals or groups of people aimed at producing and selling, for a profit, the goods and services that satisfy the need of consumers.

Economic Development: The improvement of the individuals, society well being, such that the GDP of such people/societies equals or greater than the United Nations standard.

Economic Structure: Institutional arrangement for deciding on what, how and for whom goods and services are to be produced.

THE EFFECT OF TRAINING AND MANPOWER DEVELOPMENT ON ORGANIZATIONS

THE EFFECT OF TRAINING AND MANPOWER DEVELOPMENT ON ORGANIZATIONS

(A CASE STUDY OF ANKPA LOCAL GOVERNMENT COUNCIL)

ABSTRACT

This research work is set to examine the effect of training and manpower development on organization, a case study of Ankpa Local Government Council with the view of finding out the way by which training and manpower development can be conducted and its effects on organizational performance.  The objective of the study is to highlight the advantages of human resource training and development and recommend an appropriate measure that could help improve the current human resource training programmes. Relevant data for this research work were collected from both primary source and secondary source of data. A descriptive method was used for this study. The total population of the staff in the organization is 150 out of which questionnaires were drawn from staff of the organization which constitute a sample size of 80.  The statistical instrument used in testing the validity of the hypothesis was chi – square. Among the major findings of the work was that training and development programme improve productivity and better performance. The research therefore recommended that there should be a free flow of information to enable all the staff to be aware of the training and development programme available to them both internally and externally.

CHAPTER ONE

INTRODUCTION

1. BACKGROUND OF THE STUDY

Manpower training and development must be based on a need analysis derived from a comparison of “actual performance’’ and behavior with “required performance’’ and behavior. Manpower training and development is one of the major ways organization invests in the workforce for greater return today and even in the foreseeable future.

Organizational effectiveness rests on the efficient and effective performance of workforce that makeup the organization. The efficient and effective performance of the workforce in turn, rest on the richness of the knowledge, skills and abilities possessed by the workforce. Training and manpower development in most organizations is a continuous act/exercise. The inexorable march of time and the ceaseless glamour for social change combine to make adaptability and continuing preparation of the workforce as inevitable as the initial acquisition of knowledge and skills. This cannot happen if employees training and development do not occur in an enterprise. In other to maximize the productivity and efficiency of the organization, every executive, manager or supervisor in a public or private organization has the responsibility and indeed the binding duty to ensure the development of their employees who have requisite knowledge and expertise.

Training is like sharpening an existing skill in order to reflect the trends in technology and other social–cultural environmental changes of an organization. Productivity is the goal of today’s competitive business world and training can be a spring board to enhance productivity. The aim is to enable them contribute their full measure to the welfare, health and development of the organization (Onah 1993).

The main objective of training and manpower development in an organization is to increase efficiency of employees with the resulting increase in corporate productivity. This accounts for why a large number of fund and time is expended by organization at one period or the other in the improvement of the skills of their employees at various levels.

The principal intention of training according to Akpan (1982:128), is to equip people with the knowledge required to qualify them for a particular position of employment, or to improve their skills and efficiency in the position they already hold.

Manpower development on the other hand, implies growth and the acquisition of wide experience for future strategic advantages of the organization. Manpower training and development therefore, improves the effectiveness and efficiency of the employee. Therefore, the aim of this research is to know the current state, nature, procedure and method of training and manpower development used by Ankpa Local Government Council for their employees.

1. STATEMENT OF THE PROBLEM

This research deals with the effect of training and manpower development on organization is intended to find out the efficiency and effectiveness of training and manpower development programme in an organization with reference to Ankpa Local Government Area Council. Since this organization is a public organization which deals with people at the grassroots level it encounters numerous problems which affects the achievement of organizational objectives. Such problems ranges from:

1. Lack of employees with requisite skills and knowledge to carryout their official responsibilities.
2. Lack of training, retraining and manpower development for the employees of the local government.
3. Lack of qualified instructors and consultants to undertake training courses,
4. Lack of essential training tools, to
5. Lack of effective communication within the organization which makes it impossible for most employees to know about training opportunities available to them.

1. OBJECTIVES OF THE STUDY

The objective of this research is to examine the effect of training and manpower development in an organization using Ankpa Local Government Council as a case study with a view to find out how the organization is performing in terms of its employees training and development.

The following are the specific objectives of the study:

1. To highlight the advantages of employees training and development in an organization.
2. To examine the current training and development of employees in the organization
3. To increase the general knowledge and understanding of individual staff as regards training and development.
4. To recommend appropriate measures that could help improve the current manpower training program.

1. RESEARCH QUESTION

For the sake of achieving the desired objectives for this research, the researcher tries to find answers to the following research questions:

1. Does your company engage in any form of employees training and development programme?
2. How often do you conduct training and development in your organization?
3. Does your organization have policy on employees training?
4. What are the major problems in the organization with respect to staff training and development?
5. Does training and development improve skills and knowledge of manpower in service organization?
6. Does training and development improve productivity and better performance?

1. STATEMENT OF HYPOTHESIS

Here, Hi and Ho below represent the alternative hypothesis and null hypothesis respectively.

HYPOTHESIS ONE

Hi:  Training and development improve productivity and better performance.

Ho:  Training and development does not improve productivity and better performance.

HYPOTHESIS TWO

Hi: Training and development improve skills and knowledge of manpower in service organization.

Ho: Training and development do not improve skills and knowledge of manpower in service organization.

1. SIGNIFICANCE OF THE STUDY

The research will be beneficial to both public and private organization especially Ankpa local government council and their staff as it emphasized the need and encourage the establishment of policy guidelines on the efficient and effective training and development porgramme in an organization.

It will help managers of various organizations to generate ideas and solution to problems based on the best way to run training in their organization in order to achieve desired goals and objectives.

It will equally be useful to small scale business, large corporations, universities, college of education and to the government.

It will also help researchers to know more about training programme as a tool for improving employees’ performance.

Finally, it will be of great value to students as a point of reference and will equally form the basis for further research study.

1. SCOPE OF THE STUDY

The scope of this study is limited to Ankpa Local Government Area Council as it will be very difficult to examine the effect of training and manpower development in all organization in Nigeria. Therefore the information and data required for this research will be sourced from Ankpa Local Government Council and any conclusion reached can be binding on the entire local government in Nigeria or such organization as they share similar features or characteristics.

1. LIMITATION OF THE STUDY

Analyzing the efficient human resources development on organizational growth is not a shallow topic to be handled haphazardly. Ti is not only technical also sensitive and broad.

For the purpose of this project it restricted to the business concern. Also for want of time resources industrial training fund (ITF) Enugu area office is sampled out as abase for the research work.

So many factors are deemed to militate against quicker  and easier completion of the work. These include among other:

Cost:       Lack of fund may affect not only the period of the analyzing the effects of human resources development on the organizational growth and come out of legacy for the posterity one need to travel far and near

Time:   Time is as costly as money, it is even easier facing financial problems than time. Time cost is hardly required.  Financial markets do exist but time existed for time with the school academic; the period for the research work is too short putting other course into the budget.

Source of facts:   This research has convinced me that so many authors share almost the same view on this topic “the effect of training and manpower development on organization” as such are going to a library having about ten textbooks of different authors at least you find our they are saying the same thing but in different tongue invariable you are reading a research work as compiled from the review of different authors in the library. Invariably one can say you are having a book or two.

Reluctant to co-operate:   The  management of the local government  are too reluctant  to disclose the required information and more so when it comes to disclosing the organizational books of record. The idea equally affects the quality of facts given in the research.        

1. DEFINITION OF TERMS

MANPOWER: This means the amount of human resources (employee) in a given organization. It is the total number of employees that undertook different tasks in the organizational setup.

TRAINING: This is an act, event in which people engage to improve their performance in a specific job related to tasks. It`s also the process of learning or increasing knowledge to the employee in an organization.

MANPOWER DEVELOPMENT: According to Ascon (1992) manpower development is a process which enables an organization to meet its current and projected manpower requirements. It`s also the process of producing or creating something new that will enable organization meet its target.

ATTITUDE: Someone’s approach to challenge or life in general.

EDUCATION: This is an agent of change that seek to overhaul entire physical interaction of man in relation to his work, work environment and the society.

TRAINING: This is aimed at improving skills for specific vocation or trade such as clerical duties, artisans and other operative status.

DEVELOPMENT: This is grooming, encouraging and drawing out a potential for application to a fresh task, job or appointment.

EMPLOYER: This is someone who hired people to work for him.

TRAINING OBJECTIVE: These are the targets of the training

PERFORMANCE: This is someone’s ability to get something done, especially as regards to duty.

SKILL: This is one of the traits expected from an employee after training.

TRAINING NEED: This is a gap between the expected or desired performance and actual performance, which can be removed by improvement of skill, increase in knowledge and change of attitude.

EMPLOYEE: This is someone who is paid to work for someone else.

THE CONTRIBUTION OF THE BANKING INDUSTRY TO THE DEVELOPMENT OF NIGERIA ECONOMY

THE CONTRIBUTION OF THE BANKING INDUSTRY TO THE DEVELOPMENT OF NIGERIA ECONOMY

(A CASE STUDY OF UNITED BANK FOR AFRICA NASARAWA BRANCH)

ABSTRACT

The study examines the contribution of the banking industry to the development of Nigeria economy. Specifically, the study seeks to examine the relationship between economic growth and the level of financial intermediation and to determine the impact of interest rate on economic development of Nigeria. The study adopts survey method in order to obtain genuine information needed for the study. The research also make use of questionnaire as the instrument for data collection while the data collected was analyzed using tables, percentage and hypothesis were tested using Chi-Square. The findings of the study shows that there is a significant relationship between economic growth and the level of financial intermediation by the banks, and that banking industry interest rate have significant impact on economic development of Nigeria. Finally, the study recommend that the government should provide enabling environment for the banking industry to enable them carryout their financial intermediation responsibility very well and that the regulatory body responsible for regulating the interest rate charged by the bank should ensure that the banks do not charge too much or higher interest rates on loans.

CHAPTER ONE

INTRODUCTION

1. Background of the Study

The Nigeria economy revolves round the hub of an active banking industry which consists of financial institutions, financial markets, financial instruments and improved rules and regulations that facilitate and regulate the flow of funds from surplus units to the deficit units. The banking industry as a corporate entity that deals in financial claims, is controlled by the government through various regulatory bodies such as the CBN, NDIC and the SEC who supervise their activities. In Nigeria, the financial institution engages in mobilizing funds from the surplus sector of the economy and lends such funds to the deficit sector. In this way, it intermediates between the people with surplus funds and those in deficit and because of this vital role, it is called a financial intermediary (Ogboghro, 2013).

One of the key functions of Banking industry is financial intermediation and issuing of loan facilities to governments, organizations and virtually every sector of the economy. These economic sectors range from the manufacturing, agriculture, services, construction, transport, mining, oil and gas among others (Ugiagbe & Egbeonu, 2016). Obviously, both the public and private sectors of any economy need banking sector credits for more productive activities as prerequisites for enhancing a nation’s overall performance.

Economic growth or development is a sustainable increase in the value of goods and services in an economy within a given period of time. This could be measured by nominal gross domestic product, real gross domestic product, gross domestic product per capita or gross domestic product growth rate. The nominal gross domestic product is the total value of goods and services produced in an economy without adjusting for an inflation rate. A real gross domestic product is the total value of goods and services produced in an economy after adjusting for an inflation rate (Ugiagbe & Egbeonu, 2016).

Lucas (2018) noted that the development of any economy is greatly enhanced through a vibrant banking industry which serves the function of mobilizing savings from small and large savers in the economy and channels same to the fund users for investment purposes. All the sector of the economy needs funds to remain in operation and contribute to the nation’s overall performance. For it to survive and perform effectively there must be an investment which is synonymous with funding, hence the banking industry becomes a very relevant funnel. Soludo (2004) asserted that in Nigeria, deposit money banks are the largest financial intermediaries that transfer funds from surplus sector to the deficit sectors of the economy.

Banking industry provides credit facilities to individuals and companies, for one kind of economic activity or the other. It could be for industrialisation purpose, manufacturing, agricultural production, mining and quarrying, execution of contract among others. It is against this background that this study examines the contribution of the deposit money banks to the development of Nigeria Economy.

1. Statement of the Problem

Banking industry as the engine and prime mover of economy is supposed to be playing a leading role in empowering the other sectors of the economy especially the real sector to contribute to economic growth and development through improved GDP. Over the years, one of the major problems facing the banking industry in its intermediation role is how to ensure that loans/funds reach various sectors of the economy especially the real sectors and significantly impact on them in a positive way. Banking industry is expected to play a catalytic role of extending enough loans and advances to the real sectors in order to ensure their growth and contributions to the Gross Domestic Product (GDP) of the economy. The government has adopted so many policies to influence the flow of credits to the real sectors of the economy since early 1980s, but to the best of my knowledge, sufficient literature has not been in place as to assess the impact of such credits on the performance of the real sector’s GDP growth rate. The assessment is necessary because the conventional economic thinking relates banking sector performance to the extent to which it has inherent impacts on the transformation and improvement of the development of Nigeria economy. But unfortunately the roles of banks in the economic development have not been given adequate attention in the discussion of performance of GDP in Nigerian context. It is important to know the impact of the roles of banking industry on the development of Nigeria economy which can only be understood through a well-researched study, hence this study. In other words, there is insufficient empirical work on the contribution of the banking industry to the development of Nigeria economy.

1. Objective of the Study

The objective of this study is to examine the contribution of the banking industry to the development of Nigeria economy. The specific objectives are to:

1. To examine the relationship between economic growth and the level of financial intermediation.
2. To determine the impact of interest rate on economic development of Nigeria.

1. Research Questions
2. What is the relationship between economic growth and the level of financial intermediation?
3. What is the impact of interest rate on economic development of Nigeria?

1. Statement of Hypothesis

H₀₁: There are no significant relationship between economic growth and the level of financial intermediation.

H₀₂: The Banking industry interest rate has no significant impact on economic development of Nigeria.

1. Significance of the Study

The findings of this study on the contribution of the banking industry to the development of Nigeria Economy will of great significance or importance to the following:

1. Policy Makers and Regulators in the Industry:  To policy makers and regulators in the industry, it will present a scheme, through its analysis that could assist them in formulating policies that will not only positively impact on banks’ performances but also remain relevant in the economy of Nigeria.
2. Bankers: To bankers in general, it will expose the relationship existing between Deposit Money Banks and the Development of Nigeria Economy.
3. Academicians: In the academic arena, this study will prove to be significant in the following ways: v It will serve as a body of reserved work and knowledge to be referred to by researchers.  It will add value and enrich other literatures on banks’ performances in Nigeria and the world at large. It will suggest ways of enhancing the performance of the banking industry in Nigeria and the entire Nigerian economy. This will in turn, boost development positively which is usually affected by banks and their activities.

1. Scope of the Study

The scope of this study is limited to the examination of the contribution of the banking industry to the development of Nigeria Economy with particular reference to United Bank for Africa Nasarawa Branch.

1. Limitation of the Study

The major problems that tends to limited the scope of this study include the following:

• Time Constraint: The researchers had no enough time to carry out their research as have been planned because this project write up was coincided with other academic activities such as attending lectures, doing assignments and test
• Financial Constraint: Due to the economic situation that things are hard to come by, fund frustrated the researchers, but was able to take control of it.
• Materials: The researchers had no sufficient materials as to lay hands on books on the research topic. Also the First Bank Officials visited were reluctant initially to give useful information until a repeated visit.

1. Operational Definition of Terms
2. Bank: A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets.
3. Banking Sector: The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth.
4. Deposit Money Banks: Deposit money banks are resident depository corporations and quasi-corporations which have any liabilities in the form of deposits payable on demand, transferable by cheque or otherwise usable for making payments.
5. Discount House: A discount house is a financial institution that acts as an intermediary between the Central Bank and the licensed banks in open market operation transactions and other eligible securities. It also facilitates the issue and sale of short term Government securities and other short term commercial bills.
6. Economy: Economy is the wealth and resources of a country or region especially in terms of the production and consumption of goods and services.
7. Economic Growth: – is an increase in the capacity of an economy to produce good and service compared from period of time to another.
8. Banking Development: – is a financial institution concerned with providing all types of financial assistance (medium as well as long term) to business unit in the form of loan under writing, investment and guarantee operations and promotional activities and economic development in general.
9. Financial Intermediation: – is a productive activity in which an institutional unit incurs liabilities on its own account for the purpose of acquiring financial assets by engaging in financial transaction on the market.
10. Gross Domestic Product (GDP):  Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.
11. National Income: National income means the value of goods and services produced by a country during a financial year.

CULTURAL STUDIES APPROACH TO MASS MEDIA AS A FACTOR OF MANKIND’S SOCIO-CULTURAL DEVELOPMENT IN NASARAWA LOCAL GOVERNMENT

CULTURAL STUDIES APPROACH TO MASS MEDIA AS A FACTOR OF MANKIND’S SOCIO-CULTURAL DEVELOPMENT IN NASARAWA LOCAL GOVERNMENT

CHAPTER ONE

INTRODUCTION

1.1     Background of the Study

In recent years, cultural studies have emerged as a set of approaches to the study of culture and society. It focuses on the interplay of representations and ideologies of class, gender, race, ethnicity, and nationality in cultural texts, including media culture. Cultural studies are approach to study the effects of newspapers, radio, television, film, and other popular cultural forms on audiences. They also focused on how various audiences interpreted and used media culture differently, analyzing the factors that made different audiences respond in contrasting ways to various media texts.

Cultural studies insists that culture must be studied within the social relations and system through which culture is produced and consumed, and that thus study of culture is intimately bound up with the study of society, politics, and economics. Cultural studies show how media culture articulates the dominant values, political ideologies, and social developments and novelties of the era.

Cultural studies are valuable because it provides some tools that enable one to read and interpret one’s culture critically. It also subverts distinctions between “high” and “low” culture by considering a wide continuum of cultural artifacts ranging from novels to television and by refusing to erect any specific cultural hierarchies or canons. Previous approaches to culture tended to be primarily literary and elitist, dismissing media culture as banal, trashy, and not worthy of serious attention. The project of cultural studies, by contrast, avoids cutting the field of culture into high and low, or popular against elite. Such distinctions are difficult to maintain and generally serve as a front for normative aesthetic valuations and, often, a political program (i.e. either dismissing mass culture for high culture, or celebrating what is deemed “popular” while scorning “elitist” high culture).

The mass media play an important role of shaping public image of the masses and in so doing pressure them to behave according to cultural norms of their country and this is achieved with communication which plays a vital role in development, bringing about behavior and lifestyle changes, (Oyekan, 2009). Any activity to be successfully accomplished requires communication, and effective communication will be achieved when a person is able to convey what he wants to say clearly and precisely and is able to understand correctly what the other person is saying. The cultural and lifestyle of citizens in a community is learned and passed from generation to generation and the culture of a particular society is dynamic, people learn and embrace new ideas, new ways of behaving and new and emerging trends, (Ubgaja, 2011).

Every culture should be preserved for it is a society’s distinct way of life. Cultural education is done through communication channels like telecommunication and the mass media since everyone engage in intrapersonal, dyadic, small lgroup, public, mass communication and computer-assisted or online communication (Gamble & Gamble, 2010). The mass media is an important factor in Nigeria. They have important roles to play in the area of cultural education and national development. The mass media support and enhance development programmes in the country. The media offers a learning ground for people, and are used to learn about what is happening around the world (Turow, 2009). The masses learn from the media, and rely on the media for I nformation getting educated in the process.

Among the various functions of mass media in the society is the promotion, and transmission of cultural heritage from one generation to another. In this perspective, radio programme arguably becomes the most appropriate channel and route to execute the function of promoting culture, (Ahmed, 2013).The Radio is believed to have the capacity which can cut through the barrier of illiteracy and is the overall development of the socigety. This perspective has been accepted by different authorities in mass communication, from the long standing traditional change, this suggest that Radio station is relevant in power distribution and watching over the extent at which the power is negatively or positively being impacted on the people.

As a channel of mass media, Radio station recognizes their obligation to the society especially in the area of culture and promoting.

1.2     Statement of Problem

It has been observed that culture studies determines the developmental pace of a society because the traditional values of a people are related to the pace with which they accept or reject the demands of socio-economic development, (Oyekan, 2009). The culture of every nation is an important aspect of that nation and should be preserved especially by the media which exposes the masses to the activities happening around them. To this light, federal government commissions number of mass media (radio and Television stations among others) across the country for this purpose. But the socio-cultural impact of cultural studies approach to mass media as a factor of mankind socio-cultural development has been subject of argument. In the light of the foregoing, this study seeks to examine cultural studies approach to mass media as a factor of mankind socio-cultural development in Nasarawa local government.

1.3     Objectives of the Study

The main objective of this study is to examine cultural studies approach to mass media as a factor of mankind socio-cultural development in Nasarawa local government.

The specific objectives include the following

1. To access the level at which the mass media propagate culture.
2. To know if the cultural studies through the mass media has any effect on the audience.
3. To know the impact of cultural studies and mass media on the socio-cultural development in Nasarawa Local Government.

1.4     Research Questions

In the course of this research work, the following questions were raised as it is relevant to the study.

1. To what extent does Mass media propagate culture in Nasarawa local government?
2. How does the cultural studies through mass media affect the audience?
3. How does cultural studies and mass media impact on social cultural development in Nasarawa?

1.5     Scope of the Study

This study is centered on cultural studies approach to mass media as a factor of mankind socio-cultural development in Nasarawa local government.

1.6     Significance of the Study

This research work is expected to serve as an eye opener for all categories of people to learn about the impact of cultural studies and mass media on mankind socio-cultural development. The work is significant because it will explain indetails why people need to be conversant with their culture. In this research work, ways and manners by which people can learn about their culture are identified and explained. Also the relevance of mass media will be examined as a medium through which cultural knowledge and awareness can be acquired. A mass media promotes cultural norms, values and ethics just as it serves as a means of acquiring cultural education which will aid and promote societal decency. The research becomes significant because it is one of the ways of exposing and promoting Nigerians cultural heritage among her citizens. The study is also expected to benefit diverse sectors of the economy as follows:

• Media house: mass media organizations will benefit from this work because it will enable them to pay more attention to cultural preservation and promotion, aside serving as a veritable agent of socialisation.
• Citizens: Nigerians will through this study know the benefit of mass media in the area of socialization and teach their children what and when to watch television.
• Government: government at all levels will benefit from this study especially by partnering with community media to showcase and boost cultural values of the society. In the light of the above, this research draws attention to the need to assiduously harmonize the cultural elements of the Nigeria people, and in most specific terms examine the working of Radio state in the area of cultural promotion.

1.7     Definitions of Term

The researcher used operational definitions.

Cultural Studies: Cultural studies is a field of theoretically, politically, and empirically engaged cultural analysis that concentrates upon the political dynamics of contemporary culture, its historical foundations, defining traits, conflicts, and contingencies.

Culture:  Taylor (2009), defined culture as a complex whole, which includes knowledge, beliefs, morals, customs, and habits or any other capabilities acquired by man as a member of society.