the effect of non banking financial institution on Nigeria economy

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND TO THE STUDY

Historically, the Nigeria stock exchange started as the Lagos stock exchange act of 1961. It was incorporated on 5th September, 1960 and it began operation on 5^th June, 1961. It’s established was a follow-up of the report of the committees appointed to advice on ways and means of fostering a share under professor R.H. Bareback by the Federal Government to consider ways means of promoting a stock exchange market in Nigeria.

A stock exchange is a market where large and small investor’s elite buy and sell through stock broker. The need for capital market in an economy whether developing or developed.

Therefore, arises partly because of the government requirements to borrow locally and partly as a result of an expanding private sector that excites local funds, as a result of an expanding private sector that require funds for both expansion and new development.

Therefore, looks upon the capital market and all various types of machine, which directors saving towards the financing of plants, vehicles, equipments, buildings, working capitals and other major capitals that outlays required of organization.

Thus, it is the process of long-term guidance for economic activities.

The primary concern of this reseal is the capital market and the role being played by the financial intermediaries operating in the market. Indeed, them are the areas of the market in which the research of this nature can be carried out. This topic was however, chosen because of the need to access the financial intermediation function on the capital market. The reason is not for fetched as we know, the market cannot function effectively without these entire important facets.

1. 2    OBJECTIVES OF THE STUDY

The objective of this project is to discuss in full the effect of non banking financial institution on Nigeria economy, which comprise of how it is being controlled function, roles and overall performance on the economy.

Finally it is also the aim of this study to know how these institution have been responding to the rules and regulations either positively, negatively and the appropriate things to do.

1.3     STATEMENT OF THE PROBLEM

The research work is designed to explore the indispensability of non- banking financial as it positively affects the economy growth and development of the nation.

Some of the problems are:

1. How to improve the efficiency of stock exchange.

2. To what extent have the firm tried to exploit the benefits of idle assets.

According to Alice and Anal (1986), the concept of stock exchange is a place where securities openly one can purchase Or sell any Such securities relatively easily.

1.4     SCOPE OF THE STUDY

This study tends to examine regulation and control of non-banking financial institution in Nigeria. The impact of non-banking financial institution, on Nigeria economy will also be shown in this study. It is also limited in term of data profitability turn over and business cost. Some factors which includes the following

(a. Time constraints on the part of the research

(b. Lack of textbooks.

(c. Financial inadequate

(d. No record or incomplete records are kept.

(e. Financial handicapped is also a problem

1.5     DEFINITION OF TERMS

I. NON- BANKING FINANCIAL INSTITUTION:-It is specialized or matters relating to financial institution which specialize on one operation or the other.

II. RATE OF RETURN ON INVESTMENT: A performance measure used to evaluate the efficiency of an investment to compare the efficiency of a number of different investments.

III. CAPITAL MARKET: It a financial market that works as a conduit for demand and supply of debt and equity capital.

IV. FINANCE: Is regarded as the blood of the organization without financial, the firm cannot be existed. In other words, it refers to the financial assets which necessary for running the business smoothly.

V. INVESTMENT FINANCIAL: In financial, investment refers to putting aside a fixed amount of money and expecting some kind of gain out of it within a stipulated time frame.

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