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BANK RECAPITALIZATION AND MANUFACTURING SECTOR IN NIGERIA

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 67 ::   Attributes: Questionnaire, Data Analysis, Abstract ::   57 people found this useful

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CHAPTER ONE

                                        INTRODUCTION

1.1   BACKGROUND OF THE STUDY

One significant element of any market driven economy is the quality of its institutions. These institutions play advisory and facilitators roles in the industrialization process. This consensus results from a wide body of evidence suggesting that a country’s overall economic performance is affected by its institutions.

It has been observed that ailing institutions are associated with slower growth, lower total factor productivity and lower per capital income (Mauro, 1995 Hall and James 1999, and Acemoglu et. Al. 2001) as cited by Mojeed (2009). Also, underdeveloped money and capital markets are not only distort economic growth but also affect the performance of manufacturing industries.

Typically, industries rely on various sources for obtaining funds for investment. These sources are broadly classified into debt and equity. While debt refers to the resources generated by loans from the financial institutions and through the issuance of various debt whereas equity refers essentially to financing through stock markets and various forms of investment, by effectively reducing the cost of borrowing and making it easier for the industries to raise capital from the equity market.

Moreover, the financial institutions in Nigeria are highly liquid to make industrial loans, but they believe that lending to the manufacturing sector is not justified in terms of risks and costs (Olorunsola, 2001).

The perceived high risk comes from a number of sources ranging from difficulty in obtaining information on a firm’s true financial condition and performance, inadequacies in the legal environment including long delay in adjudicating cases of debtor delinquency and problems with contract enforcement. Consequently, banks charge high interest rate, demand high level of collateral and make few loans of more than a year in term.

In addition to the above high interest rate in Nigerian Financial System is a reflection of the extremely poor infrastructural facilities and inefficient institutional framework necessary to bring about substantial reduction in the risk associated with financing an extremely traumatized economy (Ogwuoma, 1980).

Furthermore, the remainder of this paper is organized as follows. In the next section, we provide a brief review of the financial sector reforms in Nigeria and also impact of financial sector reforms on manufacturing industries in Nigeria.

1.2   STATEMENT OF THE PROBLEMS

        Recapitalization is good for the economy but maybe the way the manufacturing sector raise their funds to meet the recapitalization funds are not carefully looked into such that they make their shareholders worse off than they were before the recapitalization. Finally, several research has been carried out on Bank recapitalization and economic prosperity: a case of Nigeria banking industry but not even a single research has been carried out on the recapitalization and manufacturing sector in Nigeria.

1.3   AIMS AND OBJECTIVES

        The main aim of the study is to examine bank recapitalization and manufacturing sectors in Nigeria. Other specific objectives of the study include;

  1. to determine the effect of bank recapitalization in manufacturing sector in Nigeria.
  2. to determine the causative factors of bank recapitalization of manufacturing sector in Nigeria.
  3. to determine the extent to which bank recapitalization affects manufacturing sector in Nigeria.
  4. to determine the relationship between bank recapitalization and manufacturing sector in Nigeria.
  5. to determine possible solutions to the problems.

1.4   RESEARCH QUESTIONS

  1. What is the effect of bank recapitalization in manufacturing sector in Nigeria?
  2. What are the causative factors of bank recapitalization of manufacturing sector in Nigeria?
  3. What is the extent to which bank recapitalization affects manufacturing sector in Nigeria?
  4. What is the relationship between bank recapitalization and manufacturing sector in Nigeria?
  5. What are the possible solutions to the problems?

1.5   STATEMENT OF RESEARCH HYPOTHESIS

HO:   There is no relationship between bank recapitalization and manufacturing sector in Nigeria.

HI:    There is a relationship between bank recapitalization and manufacturing sector in Nigeria.

1.6   SIGNIFICANCE OF THE STUDY

        The study on the bank recapitalization and manufacturing sector will be of immense benefit to the entire Nigeria in the sense that it will help the manufacturing sector to restructure their expenditure pattern in other to spend less and save more as this will help in improving its financial stability.  Manufacturing sector raise their funds to meet the recapitalization funds should be carefully looked into so that they do not make their shareholders worse off than they were before the recapitalization.

Finally, the study will contribute to the body of existing literature and knowledge to this field of study and basis for further research.

1.7   SCOPE OF THE STUDY

        The study on the bank recapitalization and manufacturing sector is limited to Nigeria.

1.8   LIMITATION OF THE STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.9   DEFINITION OF TERMS

Recapitalization:     Means changing the capital structure of a company.

Manufacturing        :       The making of articles on a large scale using machinery; industrial production.

Sector:    An area or portion that is distinct from others.

 

 


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Paper Information

Format:ms word
Chapter:1-5
Pages:67
Attribute:Questionnaire, Data Analysis, Abstract
Price:₦3,000
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