THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINACNING IN NIGERIA FROM 2006 –2012

(A CASE STUDY OF FIRST BANK OF NIGERIA PLC ONITSHA BRANCH)

 

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ABSTRACT

 

 

The primary objectives of this study was to examine how the financial institution export finance in Nigeria using First Bank of Nigeria Plc Onitsha branch as a case study. In carrying out this study, I used survey method in which I used the questionnaire to collect data. The target population was the staff of first bank of Nigeria Plc Onitsha Branch from which a sample of 80 was drawn. I used research questions and formulated research hypotheses. The relevant literature was reviewed for the study. The data were collected, presented analyzed and hypotheses tested using chi-square. At the end of the study a number of recommendations were made for further studies and on how to improve the Nigeria financial export in Nigeria and how to encourage the institutions for expansion and modernization.

 

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TABLE CONTENTS

CHAPTER ONE: INTRODUCTION

• Background of the Study:……………………………………………………….3

 

 

• Statement of Problems:.………………………………………………

 

 

• Purpose of the Study:………………………………………………………

 

 

• Significance of the Study:………………………………………………

 

 

• Research Questions:………………………………………………………………8

 

 

• Formulation Hypothesis………………:…………..……………9

 

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• Limitation of the Study:……………………………………………………

 

 

• Definition of Terms :…………………………………………………………

 

 

CHAPTER TWO: LITERATURE REVIEW

 

 

• Mexim Annual Statement of Account of 1999

 

 

Foreign  Sources  ……………………………………………

 

 

• Sources of Finance  For  Export  …………………

 

 

• The role of Financial Institution ………………………..………………18

 

 

• Factors Militating  Against  Export

 

 

• Historical Background  to  Export  F

 

 

• Policy Instrument:…………………….…………………………………………

 

 

• Duty Draw  Back/Suspension  Manufac

 

 

CHAPTER THREE: RESEARCH METHODOLOGY

 

 

• Area of  the  Study  :……………………………………

 

 

• Population of  the  study:………………………

 

 

• Sample and Sampling Technique:…………………………………

 

 

• Instrument for  Data  Collection  :…

 

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• Validation of  the  Instruments…..…

 

 

• Distribution and  Retrieval  of  the

 

 

• Method of Data Collection and Analysis:……………………………..…35

 

 

• Analysis:………………………………………………………………

 

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

 

 

• Finding and Discussion of Finding Questionnaires

 

 

Distribution………………………………………………………

 

 

CHAPTER FIVE

 

 

• Summary of findings, conclusions and  Recommendatio

 

 

• Summary of Findings:…………………………………………….……

 

 

• Conclusion:……………………………………………………………..………

 

 

• Recommendations:……………………………………………………………

 

Appendix:……………………………………………………………………

Questionnaire  :……………………………………………51

 

Bibliography  :………………………………………………………

 

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CHAPTER ONE

 

THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN

 

NIGERIA

 

INTRODUCTION:

 

 

Financial institutions are organizations which deal basically in money.

 

`They constitute the financial framework of an economy. Financial institutions help to pool savings and excess liquidity from millions of individuals and firms within the country and make them available to those who need them for various purposes.

 

Financial institutions include commercial bank (Joint stock banks) discount houses, the central bank, saving banks, development bank (BOI), insurance companies, hire purchase companies, the national providence fund, the stock exchange building etc.

 

Before the introduction Nigeria export- import bank (NEXIM) in Nigeria as at 1999 the commercial banks were generally referred to retail bankers, while merchant banks were known as wholesale bankers.

 

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However the two operate and offer almost the same services that any line of demarcation is now rather fussy- one can only say that the distinguishing factor between the two sectors of the banking industry is that the commercial banks are members of the central bank of Nigeria (CBN) clearing house, While the merchant bank are not members of the Central Bank clearing house.

 

Another contentious factor is the licence granted merchant banks to take companies to capital market which the Nigeria stock exchange denied the commercial licensed them to do so, the introduction of the universal banking system of divide effect. A trader could approach either commercial or merchant bank for financing facility for his transactions. They can provide both short and long term facilities and can design any product which meets any requirements of customers.

 

The Nigeria export-import bank (NEXIM) was established in 1988 but commenced operations in January 1991. The bank was established to provide mainly short term financing for exporters who need working capital to buy hair activities. Among the function of the banks is the maintenance of a foreign exchange revolution fund which

 

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is to be made available as loans to exporters who need to export machineries, raw materials and spare parts to satisfy export orders. It can also consider loans involving domestic trade which are likely to assist exports.

 

• BACKGROUND OF THE STUDY

 

 

The banking system has been integral part of the structural reforms and it has a leading role in management of policy change. The role of financial institutions in export financing is that of a cartelist and a committed broker. It ranges from assisting company and individual on how to enter export market through financing and handing shipping document and collect export proceedings.

 

Generally an export can meet his financing needs in the following number of ways.