In the last fifteen years Nigeria has been experiencing the most serious economic crisis. The first major factor that put the country’s small – scale on the tendons position was the main stay of the economy. Nigeria being among the major producer of crude oil, suffered adversely from the effects of hurt in the world oil market. Nigeria depend on oil exportation for over 90% of its foreign exchange earning and 85% it government revenue. An appraisal of the contribution and constraints militating against effect fulfillment of bank objectives is provided. I also observed that if banks declare huge profit in a year, it is for the benefit of the economy since part of it is invested in preferred sectors of the economy. And as well will invariably create employment. Situation where government takes action to penalize bank for declaring so called huge profits leaving out manufacturing and oil companies is not encouraging at all. A case in point in the natural housing funds decree of 1990, which require banks and insurance companies to invest an amount equipment to not less than 10% of their loan and advance rate. Or above these current account rate. Such policy, it must be enforced, it should cut across all sectors of economy.
Research, A.
(2018). THE ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF NIGERIA. Afribary. Retrieved from https://afribary.com/works/the-role-of-commercial-banks-in-the-economic-development-of-nigeria
MLA 8th
Research, Afri
"THE ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF NIGERIA" Afribary. Afribary, 03 Feb. 2018, https://afribary.com/works/the-role-of-commercial-banks-in-the-economic-development-of-nigeria. Accessed 29 Mar. 2024.
MLA7
Research, Afri
. "THE ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF NIGERIA". Afribary, Afribary, 03 Feb. 2018. Web. 29 Mar. 2024. < https://afribary.com/works/the-role-of-commercial-banks-in-the-economic-development-of-nigeria >.
Chicago
Research, Afri
. "THE ROLE OF COMMERCIAL BANKS IN THE ECONOMIC DEVELOPMENT OF NIGERIA" Afribary (2018). Accessed March 29, 2024. https://afribary.com/works/the-role-of-commercial-banks-in-the-economic-development-of-nigeria
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