AN EVALUATION OF THE EFFECTIVENESS OF NEW FINANCIAL PRODUCTS IN NIGERIAN COMMERCIAL BANKS. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
The basic objective underlying this study was the evaluation of the study of the ability of the New Financial Products by Commercial Banks in Fund Generalization or Mobilization. This study has been structured into five chapters to make for easy reading and comprehension. Chapter one dealt with the background of the prevailing circumstance in the economy that necessitated the introduction of program intended to correct the imbalance in the economy. It also gives an insight into the measure, both monetary and fiscal policies established to build as strong and viable economic base for the country’s economy. From this, other four chapters derived that base from the chapter one I order to confirm the findings, recommendations and conclusions. Though the banks have benefited from their innovativeness in product, development, certain problems were encountered by some of this banks which include poor communication system (ie) publicity, weak data bases, fluctuations in interest rate arising from market forces. In view of the findings above, recommendations have been made to help consolidate the banks effort in new product development. However, it would be not worthy to mention here that the trend in new product development has been a welcome and rewarding development in the financial sector.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The era of oil boom in 1970’s in Nigeria economy lead to the nations over reliance on oil as its main source of revenue and there by ignoring other sectors of the economy hence a mono-product economy. Because of this, most of the industries established during this period depended on imported components and raw materials for their operations, and the upsurge in oil revenue during the period in question and structural distortions, it engendered assumed crisis proportions in 1986 because of the severe decline in crude oil price of that year.
A number of measures were taken by the various governments to correct the situation, but unfortunately these measures failed because the country was on mono-product economy where there are heavy dependence on oil exports and other sectors of the economy were neglected. It would also be recalled that monetary policies within this period were designed for short term crises control management, but by 1986 till date, the situation has been getting out of control which necessitated a long term crises management of the Structural Adjustment Programme (SAP).
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