IMPACT OF THE NIGERIA CAPITAL MARKET ON THE GROWTH OF INSURANCE SECTOR IN NIGERIA

CHAPTER ONE

1.1   INTRODUCTION

For any country to be economically sound, she must experience a growing economic sector. It is of interest to Nigeria and other third world countries to attain a steady economic growth rate, as this would enhance National development. Economic growth and development involves an increase overtime of per capital real gross National product (G.N.P) and the welfare of the population.

For economic growth to be achieved, a certain issue that act as constraints ought to be tacked. These issues include technological development, human resources development, low productivity, capital formation, price stability etc. (Iniodu 1996). And as Nwankwo (1991) observes, capital formation which is the function of an efficient financial system is very vital” capital formation involves the mobilization and channeling or resources form the surplus spending units (ssu) to the deficit spending unit (Osu). The Nigeria capital market is a critical part of the financial system which performs this allocative role.

The market is the long term end for financial market. It is made up of the market and institutions, which facilitate the issuance and secondary trading of long term financial instruments. Unlike the money market which function basically to provide short-term funds, the capital market provides funds to industries and government to meet their long-term requirements.

The capital market has its mission statement that is “promoting the Nigeria capital market to respond to the socio-economic development need of the nation”. The objective of the capital market is to mobilize long-term funds for investment. The capital market is performing various functions. The capital market provides an additional channel for engaging and mobilizing domestic savings for productive investment and represents alternative to bank deposit, real estate investment and the financing of consumption loans. It also provides deposit with better protection against inflation and currency and depreciation. Another major function of Nigeria capital market is to improve the efficiency management changes as compared with the administrative or potential mechanism of public sector corporations. The capital market facilitates the transfer of enterprises from the public sector to the private sector and encourages privatization by increasing the marketability of new issues. The capital market employs some instruments used to raise funds, these instruments are equities-ordinary shares  and preference shares. Debt government bonds (federal state and local government). Industrial loans / debenture stocks and bonds.

The players in the capital market are the funds providers who are individuals, unit trusts, pension funds, insurance companies, government intermediaries are the stock broking firms, issuing housing, registers, audit firms and regulators e.g. securities and exchange Commission. The Nigeria stock exchange central bank of Nigeria and the federal ministry of finance.
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IMPACT OF THE NIGERIA CAPITAL MARKET ON THE GROWTH OF INSURANCE SECTOR IN NIGERIA

EVALUATION OF THE IMPACT OF THE NIGERIAN DEPOSIT INSURANCE CORPORATION (NDIC)

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

The federal government of Nigeria ride decree No 22 established the Nigeria deposit insurance corporation in July 1988, This regulatory institution is set up to insure all deposit liabilities of licensed banks and other financial institutions the NDIC act Capt 301 L.F.N 1998 further stress on the establishment of the NDIC by the federal government to incuse bank deposit protect depositors interest and also help in promoting page and sound banking system and further inculcating banking habit among our people.  The Nigeria deposit insurance corporation is an antonymous regulatory body and has the authority to examine the books and affairs of insured banks and other deposit taking financial institution every licensed bank and other deposit taking financial institution operating in Nigeria are man dated to insure its total deposits. A depositor in a Nigerian deposit insurance corporation insured bank will not pay for the cost of this deposit insurance. It is the insured bank that pays through annual assessment on its volume of such deposits.

The authorized capital of the corporation is N100 million out of which N50million had already been called and paid up by the federal government and central bank of Nigeria banks of Nigeria (CBN) in the ratio of 2.3 the decision by the federal government of Nigeria to establish the NDIC are.

1. To encourage saving by increasing the safely of deposit and ensuring development of banking practice.

2. To refund every insured bank depositor to the maximum tune of N50,000 if this bank is liquidated.

3. To protect the deposit of customers.

In Nigeria today hardly can any year pass by without one hearing of one kind of distress or the other in the banking sector. The problem of distress in the financial sector including outright bank failure was observed in Nigeria as far back as 1930, when the first bank failure was reported. Between 1930 and 1958 when the CBN was established over 21-bank failure was reported the number of banks today classified as problem banks as on the increase and have continued to be of serious concern to depositor government and regulatory authorities.
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EVALUATION OF THE IMPACT OF THE NIGERIAN DEPOSIT INSURANCE CORPORATION (NDIC)

CONTRIBUTIONS OF INSURANCE IN THE MANAGEMENT OF RISK IN NIGERIA OIL INDUSTRIES (A STUDY OF SHELL PETROLEUM PLC)

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Nigeria’s economy before independence and shortly afterward largely depended on agriculture. This is because a good number of its citizens are farmers. Intact about 70% of the Nigerian populace then were basically farmers and this goes a long way to show that Nigerians are poor people. Agriculture then was her only source of foreign exchange through the sale of cash corps.

Shortly after independence and the civil war, Nigeria economy changed as a result of oil boom in the early 705. This caused the total neglect of is agricultural sectors and other mineral resources which are blessed with, the boom attracted foreign investor in so many sectors, they includes, bank, insurance companies and oil producing companies etc. Among the early oil producing companies to exploit its shores of Nigeria include British Petroleum Company, Uni Petrol etc. Petroleum is a product of crude oil which is found a black substance naturally underground.

The oil industry is an important aspect in the monetization process and industrial growth of all nations which serves as source of energy to most of the modern power generators and machineries.

Petroleum is also serves as sources of revenue and also contributing to the national output. But due to the fact that our country’s economy depends largely on oil and it’s by product based on chemicals derived from oil sectors and natural gas. It is invariably pertinent that one should consider the risk involved and the types that the petroleum industry as a whole are exposed.

One should be thinking of the ways to reduce the risk involved both in the offshore and onshore operations. Insurance cover is an appropriate way of handling and reducing those risk exposures that the oil companies experience. The insurance companies have now the capacity to cover most of the risks being envisaged by the petroleum industry.
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CONTRIBUTIONS OF INSURANCE IN THE MANAGEMENT OF RISK IN NIGERIA OIL INDUSTRIES (A STUDY OF SHELL PETROLEUM PLC)

A CRITICAL ANALYSIS OF THE IMPACT OF INSURANCE INDUSTRY TOWARDS ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

A CRITICAL ANALYSIS OF THE IMPACT OF INSURANCE INDUSTRY TOWARDS ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

Evaluation of the impact risk survey in the manufacturing firm in Nigeria. The research was aimed at evaluation the impact of risk survey in manufacturing firms in Nigeria with a case study of Emenite Limited which is the researchers’ topic, objective of this study is to determine how risk managers survey their risk and how it is being control in manufacturing firm, and also these underwriting consideration in risk survey. The research method used was design in a manner to ensure adequate representation of Emenite Limited in Enugu Research findings established that reduction in the volume of loss and increase in profit maximization are the important of risk survey in the manufacturing firms. Apart form the existing risk control in manufacturing firms, other various new risk controls should be adopted.

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Risk is integral to everyday life. Once we have said that risk is always at the centre of insurance. We should also understand that risk is at the centre of our life. This means that for every human endeavor there is ‘risk’ as a result of our different economic pursuits. According to David (2001) risk exists where the future is unknown. It represents both desirable events and undesirable event. It is a desirable event when one internationally initiates certain things in order to better his socio-economic well being. Because of these desirable and undesirable events, an organization will want to transfer their risk to an instance company, which thereby brings about risk survey.

According to David (1989) the prime object of a risk survey is to provide the underwriter with as complete a picture of the risk being offered as possible; to enable him decide whether the risk was acceptable and how it compared with the same kind and as the basis for deciding premium and other terms.

In the present day the surveyor is still closely concerned with provision of underwriting information and in many situations the information disclosed by the completed proposal form, will need to be supplemented by a surveyors report before the picture is completed. However, the surveyor is now more closely concerned with accident preventions, surveying represents one aspect of the wider subject of risk control. Moreover, practice varies among individual answers and there are no established criteria for surveying manufacturing firms. However, it may safely be stated that risks of unusual character or with special features will normally be surveyed in that firm. A safety or risk audit will be conducted.

A safety audit is a critical examination of an individual operation in its entirely to identify potential hazard and level of risk Audits are often undertaken by multidisciplinary terms individual members should have a good knowledge of legal requirements, an understanding of reasonable practice in the industry and above all the ability to communicate with at levels of personnel or department within the organization. In many companies, this expertise is not readily available and so audits tend to be undertaken by external specialist such as consulting engineers acting independently or employed by insurance companies. In a manufacturing firm like Emenite Limited. Risks that presents a serious injury/hazard are those where there are substantial involvement machinery(s) Reports from the Health and safety executive in Emenite limited however, shows that some 80% of accidents are not caused by machinery but by such simple things as falls, lifting heavy weight or defective hand tools.

 

 

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A CRITICAL ANALYSIS OF THE IMPACT OF INSURANCE INDUSTRY TOWARDS ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

PENSION REFORM ACT OF 2004 ANALYSIS OF IT’S IMPACT ON NIGERIAN WORKERS. A RESEARCH PROJECT MATERIAL ON INSURANCE

PENSION REFORM ACT OF 2004 ANALYSIS OF IT’S IMPACT ON NIGERIAN WORKERS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

The main purpose of this write-up was to determine the impact of pension reform Act 2004 on the Image of pension Workers in Nigeria. The pension Reform Act 2004 was characterized by some problems like non-compliance, ignorance of the benefit of the pension reform act 2004 which has hinder the smooth administration of the reform act. The major findings of this study were the fact that pension is a series of benefits provided by government or former employer to a person who has come to end of his working life and that the existing pension prior to the enactment of the pension reform act 2004 was characterized by indebtedness and so was seen effective. The conclusion of the study show that despite the problems faced by the reform act that if the reform act is given full time to manifest the reason beyond its enactment that it will boost the image of pension workers and pension business in Nigeria and will be of benefit to the citizenry of the state and also bring about economic growth and development of the nation.

 

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY

Currently a number of studies have been carried out on the impacts of pension reform Act 2004 on both the image of pension business in Nigeria and the entire workers in Nigeria.

However, much have not been discourse about impact on the new pension reform act 2004 will bring on the image of pension workers in Nigeria.

Pension natural can be described as a sum of money paid regularly to a person who has come to the end of his normal working life or it can be defined as a series of regular payment provided by government or former employer for a person who has come to the end of his normal working life or who no longer works because of age, disablement etc or to his widow or defendant children by the state by his former employer as or from funds to which he and his employers have both contributed. Thus, the introduction of the pension reform act 2004 was due to inability of the previous pension system to meet the need of the people.

Thus this research is embark as a result of the quest to bring to the effect. The new pension reform act 2004 have created so far on the image of pension workers in Nigeria.

It is also hope that this write up will enlighten the readers especially business student and pension administrators on the analysis of the impact of pension reforms act 2004 on the image of pension on Nigeria worker.

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PENSION REFORM ACT OF 2004 ANALYSIS OF IT’S IMPACT ON NIGERIAN WORKERS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE ROLE OF INSURANCE INDUSTRY IN THE PROMOTION OF CAPITAL MARKET SERVICES. A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE ROLE OF INSURANCE INDUSTRY IN THE PROMOTION OF CAPITAL MARKET SERVICES. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

The topic “Analysis of the roles of insurance industry in the promotion of capital market services” has been adequately researched on. The research identify that the roles of insurance industry in the promotion of capital market had been the major reason for the promoting of insurance industries in the capital market. The research used primary and secondary data collection which was distributed to the respondent and will be interpreted by the respondent. The research question objectives of the study, the research hypothesis were all validated and if at the end it was discovered that the promotion of capital market in the role of insurance industry has been the main stay of any insurance company.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

When one is satisfied with basic need of man such as food, clothing, shelter etc. he would design for security against uncertainty according to Abraham Malsow in the theory of motivation, hence insurance provides security or protection against uncertainty.

Insurance is defied according to Nwite (2008) as a system for transforming the responsibility for paying looses from one party to another.

However, insurance play vital role in promoting capital market service in Nigeria. Insurance industry has required to provide technical assistance (TA) for supporting more balance development of capital market increasing the range and sophistication of financial products and strengthen the existing institution and policy frame work making the Nigeria capital market efficient competitive financially sound responsive to global trend and improve access to debt equity and risk management to support high level of economic growth and investment.

Furthermore, the insurance industry helps to government aims to build on previous advisory that addressed weaknesses in important area of capital market operation, and laid the ground work for the capital market to play a strong role in supporting Nigeria economic development with this regard the capital market has grown substantially. Loans from financial institutions continue to be the major sources of private sector financing as of 2007. Bank financing to gross domestic product (GDP) amounted to 80% while equities market 54%.

Therefore capital market can be defined as a part of finance market that provides, facilities for transfer of medium and long term funds to various economic Unilbal (1976).

1.2 STATEMENT OF PROBLEMS

i) The major problem ensilage the poor participation of Nigeria capital market in developing countries like Nigeria, because it is though it that firms are able to expand and obtain Nigeria machinery and equipment.

ii) Inadequate financial capital to take of and expansion of the small medium and large scale industries, such as lack of collateral and low credibility.

iii) Fraud is one of the problem capital market encounter. The rate of fraud in the economy is embracing thereby limited some capital market ability to effective and efficient operation in their economy.

 

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ANALYSIS OF THE ROLE OF INSURANCE INDUSTRY IN THE PROMOTION OF CAPITAL MARKET SERVICES. A RESEARCH PROJECT MATERIAL ON INSURANCE

LEGISLATIVE PROCESS AND DEMOCRATIC PRINCIPLES IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

LEGISLATIVE PROCESS AND DEMOCRATIC PRINCIPLES IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

The thematic thrust of the emergent research is on the presentation of systematic and comprehensive critical analysis of the legislative process and democratic principles in Nigeria politics. Critical appraisal of the legislature an important organ of government in democratic process in Nigeria is vital for the upliftment of political and socio-economic development of Nigeria. Beside the role of law-making which is traditionally associated with the legislature from antiquity, it is also an instrument for representative government. With the return of democratic rule in Nigeria in may 1999, many have hoped that the dividends of democracy would manifest in Nigeria, albeit the legislative chamber in Nigeria. However, this has remained an illusion as nearly ten years of democratic rule in the country has failed to change the fortune of the masses. It is rather disappointing, negligence and highly unfortunate of the legislative arm of government in Nigeria. This has necessitated this study to provide empirical factors that has made the Nigeria legislative arm ineffective in changing the lots of the masses and in providing for quality representation. Therefore, this research work has examined the democratic process in Nigeria with emphasis on the legislature from 1999 – 2006 even till date. The work examined the performance of this arm of government, the factors that have affected it and some of the achievements of the legislature during this period.

CHAPTER ONE

INTRODUCTION

1.1 STATEMENT OF THE PROBLEM

The legislature is an important arm of government in the democratic process empowered to make, change, or repeal its laws and to levy and regulate its taxes. Beside the role of law making, which is traditionally associated with the legislature from antiquity, it is also an instrument for representative government. It is therefore not debatable that the modern legislatures are the engine of democracy in our contemporary world today.

With the return of democratic rule in Nigeria in May 1999, many had hoped that the dividends, which democracy confers on the society would manifest in Nigeria, albeit the legislative chamber in Nigeria. However, this has remained an illusion for the past eight years of democratic rule in a country which failed to change the fortunes of the masses.

Regardless of the central position of the legislature in our democratic process; especially in this current democratic era, no empirical studies have been conducted to examine the Nigerian legislature with a view of providing an empirical account for its effectiveness. Rather studies have concentrated on the executive and the electoral process, ignoring the legislature.

It is rather unfortunate, neglect of the legislative arm of government in Nigeria has necessitated this study to provide empirical factors that have made the Nigerian legislature ineffective in changing the lost of the masses and in providing for quality representation.

To achieve this aim, the following questions have been designed to guide the research work:

(1) To what extent has the Nigerian legislature performed its role in the democratic process in the country?

(2) Are there factors that account for the ineffectiveness of the Nigerian legislature?

(3) What is the achievement of the Nigerian legislature since the return of democracy in 1999?

 

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LEGISLATIVE PROCESS AND DEMOCRATIC PRINCIPLES IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ELECTORAL VIOLENCE IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ELECTORAL VIOLENCE IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

The Nigerian second Republic 1979 – 83 political system was base on the struggle for power among parties. This involves conflicts of interest and the actors are always eager to achieve their interest at the expense of others. Therefore, to achieve their respective ultimate aims they reports to bickering and violence.

Electoral violence in Nigerian politics can be regarded as a sort of response to frustrating circumstance. Elections in Nigeria area a contest of guts, blood shared and tears. The Federal Election of 1904 was base on the system of the winner take us all and the loser forfeits all, the nationally divisive and determined effects of a population census and the general institutionalized opposition of the government in power which is the origin of electoral violence in Nigerian politics. The 1979 political system officially adopted the presidential democracy modeled after the America type.

This politics of the second republic became characterized by thuggery, kidnapping, rigging, muddled elections etc. all resulting in an unprecedented violence. The first election of 1979 witnessed more conflicts. The second election, 1983 was almost a breakdown of law and order in most part of the country. And also the weakness of the FEDECO contributed to the failure of the 1983 elections.

 

CHAPTER ONE

1.0 INTRODUCTION

Explanatory of violence – Violence is one social phenomenon that does not and never did assure even its perpetrators safety their lives and property. It is an ill wind that blows nobody and good.

Electoral violence in Nigerian politics has become very endemic. It seems that one hardly prepare for politicking in Nigeria, without making very adequate provision for violence. This is because politics involves conflicts of interest and the actors always eager to achieve their interest at the expanse of others. Therefore, is achieve their respective ultimate arms, they reports too bickering and violence.

Nigeria’s adoption of parliamentary democracy at independence was by no means accidental. It was by design. For one thing, Britain Nigerian’s colonial master, had been in the practice of parliamentary democracy at independence was by no means accidental. It was by design. For one thing, Britain, Nigeria’s colonial master had been in the practice of parliamentary democracy for continues and even at independence, parliamentary democracy became one of the British colonial legates. What astonishes one is the inability of Nigerians to have embedded the rules of the game of politics such as tolerance, free and fair elections ability to accept election verdicts, ability to accept election verdicts and the willingness to quite political science if and when the electorate say no.

1.1 BACKGROUND OF THE STUDY

Since Nigeria’s independence on October 1, 1960, Electoral violence has been a major feature of Nigeria politics and has been a subject of discussion both at private and public places students of political science and contemporary political scientists aluke have delude into the field of electoral violence of Nigerian politics.

 

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ELECTORAL VIOLENCE IN NIGERIA POLITICS. A RESEARCH PROJECT MATERIAL ON INSURANCE

AN ASSESSMENT OF THE IMPACT OF EXCHANGE RATE FLUCTUATIONS ON ECONOMIC GROWTH IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

AN ASSESSMENT OF THE IMPACT OF EXCHANGE RATE FLUCTUATIONS ON ECONOMIC GROWTH IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This study investigates on “An assessment of the impact of exchange rate fluctuations on economic growth in Nigeria”. The researcher uses multi-regression analysis to capture his result, by applying ordinary least square (OLS) techniques. The dependent variable Real Exchange rate (RER) was captured by independent variables which include; Real Gross Domestic Product (RGDP), Real Interest Rate (RINT), Trade Openness (TON), Real Money Supply (RMS) and Inflation Rate (INF). From the Hypothesis stated in chapter one, “That Exchange Rate fluctuations have impact on economic growth. Analysis of OLS, showed that independent variables used confirm to the apriori expectations except Real Gross Domestic Product and Inflation. Also, from the results obtained showed that exchange rate fluctuations in Nigeria can be brought about by trade openness, Real money supply, Real interest rate, but Real Gross Domestic Product and inflation has no effect in Exchange rate fluctuations in Nigeria Economic growth, and this may be as a result of inadequacy in data used or human factor. Based on the findings, the researcher put forward the following recommendations: (i) The application of demand management and expenditure switching policies that should stabilize macroeconomic aggregates including exchange rates and improve the growth performance of the economy. (ii) The protection of domestic industries using appropriate trade policies is important in order to make domestic goods more competitive in the international market. (iii) Government should provide adequate incentives to domestic producers in the form of tax reduction and other subsides, which would reduce production costs and the prices of domestic goods. Thus making them more attractive globally.

 

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Globalization is soaring by the day since the end of the World War II. According to Samuelson (2002), “Most of the world economies have been enjoying growing economic cooperation, widening trade linkages, increasing integrated financial market and rapid economic growth”. We are therefore faced with the stark reality that no nation is an Island unto herself.

International trade provides the important economic links among nations. Thus, as nations trade with other nations, there is exchange of currencies since every country uses a unique currency for domestic transactions.

An exchange rate means the price of one currency in terms of another. It is the rate at which one currency is exchanged for the other (Anyanwokoro, 1999:109). A fall in exchange rate denotes depreciation while a rise signifies appreciation. As domestic currency depreciates, that of the foreign appreciates and vice-versa.

However, this study focuses only on the appreciation and depreciation of the naira vis-à-vis the U.S Dollar.

Therefore, exchange rate is an important macroeconomic variable which every government looks up to as they push for macroeconomic stability and economic progress.

 

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AN ASSESSMENT OF THE IMPACT OF EXCHANGE RATE FLUCTUATIONS ON ECONOMIC GROWTH IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE IMPACT OF TARIFFS ON ECONOMIC GROWTH IN NIGERIA (1980-2010). A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE IMPACT OF TARIFFS ON ECONOMIC GROWTH IN NIGERIA (1980-2010). A RESEARCH PROJECT MATERIAL ON INSURANCE

CHAPTER ONE

INTRODUCTION 1.1 BACKGROUND OF THE STUDY.

Protection in form of tariff and free trade have long been argued in economic theory and economic history. However , it is possible to say that the precise relationship between trade barriers in form of tariff or free trade in the long run economic growth remains a difficult theoretical issue that is being explored in a variety of ways.

Simithian and Ricardian conclusion reinforced by the Hercscher-ohlin theorem recommend free trade as the best commercial partners. This doctrine that is focused on improvement in the level of income is based on static framework that may limit the interpretation of the long run effect.

Relationship between economic growth and tariffs depends mostly on the characteristics of a country. Tariff can benefit a country depending on whether it is developed or developing or developed (a developed one seems to lose) either big or small country and whether it has comparative advantage in sector receiving protection. Tariffs are imposed on imported goods and are used to refer to schedule of duties applicable to a list of commodities as the commodities imported or exported. These taxes could be assessed either as a percentage of volume of the commodity concerned (ad valorem), or on the basis of some physical features as : weight, length, an specific gravity.(Johnson,1971).

Tariffs rates vary according to the type of goods imported. Import tariffs will increase the cost of importers and increase the price of imported goods in the local markets, thus lowering the quantity of goods imported. Tariffs may be imposed on export, and in an economy with floating exchange rates, export tariffs have similar effect as import tariffs .However, since export are often perceived as „‟hurting‟‟ local industries while import tariffs are perceived as helping local industries, export tariffs are seldom implemented (Meier,2000)

Protectionists believe that infant industries must be protected in order to allow them growth to a point where they can fairly compete with the larger matured industries established in foreign countries. They believe that without tariffs, infant industries will die before they reach a size of economies of scale, industrial infrastructure, and skill in manufacturing have progressed sufficiently to allow the industry to compete in the global market. They argue that government have a responsibility to protect their corporations through tariffs as well as their when putting its companies at a competitive disadvantage by enacting laws for social goods .They believe that these law end up destroying domestic companies and ultimately hurting the citizens, but these laws were designed to protect.

 

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ANALYSIS OF THE IMPACT OF TARIFFS ON ECONOMIC GROWTH IN NIGERIA (1980-2010). A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE. A RESEARCH PROJECT MATERIAL ON INSURANCE

ANALYSIS OF THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE. A RESEARCH PROJECT MATERIAL ON INSURANCE

CHAPTER 1

GENERAL INTRODUCTION

1.0.0 INTRODUCTION

Due to the high level of illiteracy in the Nigerian society, many people are unaware of insurance policies. However, with the enactment of Insurance Decree[1], the awareness of insurance policies was enhanced. Thus, more people took steps to insure their properties or lives. Unfortunately, however, much as the high percentage of them normally end up unable to have their claims indemnified, either as a result of a breach of one insurance principle or another. These principles are numerous and they are the basis upon which insurance contracts are based. Failure to adhere to any of the principles may render an insurance contract void. The need to understand as well as having a second knowledge of the basic principles of insurance cannot be over emphasized.

These principles of insurance which are i) Insurable interest; ii) Utmost good faith/Duty of disclose; iii) Subrogation; iv) proximate cause; v) Indemnity; vi) ‘No Premium, No Policy’, are the bedrock of insurance contract, the absence of any of which the purpose of insurance will be defeated.

The purpose of insurance cannot be farfetched. This can easily be seen from the various definitions of insurance. Insurance contract has been defined in the case of PRUDENTIAL INSURANCE COMPANY V INLAND REVENUE COMMISSIONER[2], as

a contract whereby a person called the ‘insurer’ undertakes in return for the consideration called the premium to pay another person called the ‘assured’ a sum of money or its equivalent on the happening of a specified event

Insurance is an intricate economic and social device for the handling of risks to life and property. It is social in nature because it represents the various co-operations of various individuals for mutual benefits by combining together funds to reduce the consequence of similar risk.

Simply put, insurance is the placing back of a person who has suffered a loss in the same position he was before loss occurred. It aims to eradicate the consequence of a loss by not allowing the insured to suffer the consequential loss. However, as earlier stated, unless one meets the requirements of all the basic principles of insurance, he will be estopped from claiming under an insurance contract.

1.1.0 BACKGROUND TO THE STUDY

Insurance law is reputed for its general principles, and the principles of indemnity is one of them, others are insurable interest, utmost good faith, subrogation, contribution and proximate cause. A principle denotes a general guiding rule, which does not include specific directions, which vary according to the subject matter.

The basic principles applicable to insurance law flow from the nature of insurance contract as conceived, many years ago, by Law Merchants and taken over by the Common Law. The principles are common to all classes of insurance, both life and nonlife and both marine and non-marine. By its nature, insurance contract postulates that a sum of money will be paid on the happening of the insured event by the insurers; however, the event must be uncertain. The uncertainty related to whether the event will ever happen as in fire or accident insurance or as in life insurance where death is a necessary end to all human life, but the time of death is uncertain. In comparison with other areas of the law, there is no other law, which attracts the number of general principle s with deep-rooted effect as insurance.

1.2.0 AIMS AND OBJECTIVES OF STUDY

The aim of this topic is to enlighten the general public about this area of insurance, which though seem insignificant yet is the basis of the insurance contract. This topic therefore aims to consider the position of the insurer as well as the insured. Also, the aims and objectives of this study is to eliminate or at least to minimize such misunderstandings by stating the ‘rules of the game’ for the benefit of the parties taking part in the insurance contract or transaction.

 

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ANALYSIS OF THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE ROLE OF CONTRIBUTORY PENSION SCHEME IN THE ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE ROLE OF CONTRIBUTORY PENSION SCHEME IN THE ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

In this research work titled the role of contributory pension scheme in the economic development of Nigeria. The researcher examined the impact of contributory pension scheme in the economic growth of Nigeria. evaluated the contribution of the scheme to the welfare of pensioners in Nigeria. The information for the study was collected using primary and secondary methods of data collection. For a primary data collection, while existing literature relevant to the topic was consulted for the secondary data. The research used chi-square statistical model to analyze the data. The researcher found out that Contributory pension scheme has significant impact on the economic growth of Nigeria. Contributory pension scheme contributes to the welfare of pensioners in Nigeria. Based on the findings the researcher recommend that Government and the National Pension Commission must ensure effective monitoring, supervision and enforcement of the provisions of the Pension Reform Act, 2004 that introduced the new contributory pension scheme in Nigeria. Firms and other organizations must ensure effective implementation, compliance and application of the elements of the new contributory pension scheme that will enhance employee retirement benefits.

CHAPTER ONE

1.1 Background of the Study

Nigeria being a former colony of Britain, it’s been argued, received a pension tradition into her public sector that is entirely modeled after the British structure. Nigeria pension’s scheme had started in 1951 when the then colonial British administration established a scheme through an instrument called Pension Ordinance. It, however, had a retroactive effective from 1946 and applied only to Untied Kingdom officials posted to Nigeria. The law allowed the Governor General to grant pensions and gratuities in accordance with the regulations, which were reviewed from time to time with the approval of the Secretary of State for Colonial Affairs in the United Kingdom government. Vesting period was fixed at 10 years of service. The whole of the Ordinance Acts and Decree is capped up in the Decree No. 102 of 1979, which took effect from April 1, 1974. It consolidated all enactments on pensions and in corporate pension and gratuities seals devised for public officers by the Udoji Public Service Review Concision in 1974. In the same way, Pension Act No. 103 of 1979 like its counterpart Decree No.

102, of 1979, on the other hand, dealt with pension benefits, liabilities and seals devised for the agreed forces.

 

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THE ROLE OF CONTRIBUTORY PENSION SCHEME IN THE ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

A GEOGRAPHIC INFORMATION SYSTEM GIS ASSESSMENT OF URBAN SPRAWL. A RESEARCH PROJECT MATERIAL ON  QUANTITY AND SURVEYING 

A GEOGRAPHIC INFORMATION SYSTEM GIS ASSESSMENT OF URBAN SPRAWL. A RESEARCH PROJECT MATERIAL ON  QUANTITY AND SURVEYING

ABSTRACT

In Nigeria, the urban sprawl debate has closely paralleled urban growth trends over the past few decades. Many studies indicate that it is the pattern, density, and rate of new urban growth that create the appearance of sprawl. Population dynamics are often cited as a driving force behind urban sprawl. This thesis uses Geographic Information Systems (GIS) mapping and land cover change analysis, neighborhood statistics, community surveying, key-informant interviews with planners and developers, and planning documents to measure sprawl. The study area includes the jurisdictions that comprise the Metropolitan Statistical Area (MSA) of Lekki of Lagos. Urban land cover increased by one-fourth, from approximately 559 square kilometers to approximately 746 square kilometers from 1992 to 2001.

This study analyzes urban land cover data as well as interviews with local developers and planning documentation to understand development trends in Richmond from 1992 to 2001. These dates reflect the availability of National Land Cover Data (NLCD), which I reclassified in the GIS to show only those classes that represent urbanized land. I then compared the two years to show the level of urban growth over the nine year time period. Next, I analyze patterns of urban expansion by using mapping capabilities within the GIS and neighborhood statistics in order to show the density and connectivity of patches of new growth. Based on the density and connectivity of new growth areas, I classify patterns as one of three types of sprawl: linear along highways, cluster, and leapfrog. My threshold densities are; 0 to 400 30 meter pixels per square kilometer for low density, 401 to 700 for medium density, and 701 to 1200 for high density. I also interviewed local developers and planners to gauge their opinions on the issue of urban sprawl versus urban growth. Developers do not see themselves as contributors to sprawl while planners see their roles as buffers between unfettered growth and market forces. The results indicate that Lagos MSA did experience an increase in urban land from 1992 to 2001 and that urban growth in the study area can be classified as urban sprawl with the use of GIS mapping, neighborhood statistics, and analysis of jurisdictional planning documentation coupled with interviews with developers, land owners, and local planners. The density of new development is greatest in VIP and LEKKI, but the pattern and character with which development has occurred in Idomuta Lagos is synonymous with sprawl. Sprawl is also facilitated by inexpensive land with available infrastructure (water, sewer lines).

CHAPTER 1: INTRODUCTION

The Urban Sprawl Debate

As urban development takes place within Nigerian cities and around their fringes, urban sprawl or the lack thereof will continue to be a by-product of development practices and policies. Population increases and the consequences of unplanned urbanization are directly related to recent growth management practices that seek to influence the way in which built-up land can proliferate. The pattern, density, and rate at which built-up land develops are the basis for one contemporary debate: urban sprawl versus urban growth. As a contemporary planning issue, the debate over sprawl is framed by different disciplines and their understanding of how and why urban areas grow. Although urban sprawl is a type of urban growth, sprawl is dependent on the way in which development occurs.

Issues related to Urban Sprawl

Sprawl has been criticized for eliminating agricultural lands, spoiling water quality, and causing air pollution (Allen et al 2003). As population increases, so does the need for new housing, schools, and transportation networks. In the urban world today, industrial, commercial, and residential districts are markedly different from years past. Decentralization is a trend indicative of urban sprawl and present day industrial, commercial, and residential areas are no longer necessarily a part of the urban core (Nechyba et al 2004). Rather, these types of development are often found in low-density areas that are separated from the major urban area by large tracts of homogeneous land. Hence, the needs for larger transportation networks and in turn a greater dependency on automobiles, which produce more air pollution. As new roads are put in place, precious farmland is often left unprotected from commercial or residential developers (Hathout 2002). The greater the imperviousness of an area the more water runoff one can expect, which is the catapult for water pollution (Wilson et al 2003). Without regulations on urban growth, consequences of urban sprawl are likely to continue.

 

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A GEOGRAPHIC INFORMATION SYSTEM GIS ASSESSMENT OF URBAN SPRAWL. A RESEARCH PROJECT MATERIAL ON  QUANTITY AND SURVEYING

THE IMPACT OF INSURANCE COMPANIES’ INVESTMENT ACTIVITIES ON THE OUTPUT LEVEL OF GROSS DOMESTIC PRODUCT (GDP) IN NIGERIA.. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE IMPACT OF INSURANCE COMPANIES’ INVESTMENT ACTIVITIES ON THE OUTPUT LEVEL OF GROSS DOMESTIC PRODUCT (GDP) IN NIGERIA.. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This study investigates the relationship between investment of insurance funds and economic development of Nigeria. The main objective of the study is to examine the impact of insurance company’s investment activities on the output level of Gross Domestic Product (GDP) in Nigeria. The estimation period covers the period 2012 to 2012 and employing co-integration, OLS, and variance decomposition techniques, the study found a significant long run relationship between GDP and insurance investment in government securities (IVGS), stock and bonds (IVSB) real estate and mortgage (IVRM) and cash deposit (IVCD). In the short run, insurance investment in stock and bonds (IVSB) positively and significantly correlate with GDP. The short run relationship is between IVCB and GDP is positive but insignificant. The result of the impulse response and variance decomposition of GDP to shock emanating from IVGS, IVSB, IVRM and IVCD show that own shocks remain the dominant source of total variations in the forecast error of the variable. It was recommended that insurance awareness, proper fund management, efficient and effective insurance fund allocation (investment) should be fashioned to accomplish their targeted objectives in the economy.

 

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THE IMPACT OF INSURANCE COMPANIES’ INVESTMENT ACTIVITIES ON THE OUTPUT LEVEL OF GROSS DOMESTIC PRODUCT (GDP) IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

A STUDY ON THE AGRICULTURAL RISK MANAGEMENT STRATEGIES BY THE AGRICULTURAL FINANCE CORPORATION OF KENYA. A RESEARCH PROJECT MATERIAL ON INSURANCE

A STUDY ON THE AGRICULTURAL RISK MANAGEMENT STRATEGIES BY THE AGRICULTURAL FINANCE CORPORATION OF KENYA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

The study set out to establish the risks facing Agricultural Finance Corporation, determine the risk management strategies deployed to counter these risks and assess the effectiveness of these strategies in meeting the overall corporate objectives. This study set out to establish the relationship between risk management and the performance of the

Agricultural Finance Corporation.

A STUDY ON THE AGRICULTURAL RISK MANAGEMENT STRATEGIES BY THE AGRICULTURAL FINANCE CORPORATION OF KENYA. A RESEARCH PROJECT MATERIAL ON INSURANCE

The study involved the analysis of credit performance indicators for the period 2010 to 2012. A trend analysis was established, on the basis of which a descriptive analysis was conducted to determine the impact of implementing risk management strategies on the performance of the Agricultural Finance Corporation.

An overall analysis showed that the Corporation is significantly affected by external factors, including political interference and government policy but that internal factors are also contributing to the deteriorating performance of its loan book. The analysis shows that following the adoption of risk management in its lending operations, Agricultural Finance Corporation is realizing an improvement in the performance of its loan portfolio.

 

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A STUDY ON THE AGRICULTURAL RISK MANAGEMENT STRATEGIES BY THE AGRICULTURAL FINANCE CORPORATION OF KENYA. A RESEARCH PROJECT MATERIAL ON INSURANCE

LIFE ASSURANCE PATRONAGE AND ITS IMPLICATION ON THE NIGERIA ECONOMY. A RESEARCH PROJECT MATERIAL ON INSURANCE

LIFE ASSURANCE PATRONAGE AND ITS IMPLICATION ON THE NIGERIA ECONOMY. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This study examines the implication of life assurance patronage on the Nigeria economy. The nature of life insurance business should do with the indemnification of the insured or the insured’s beneficiary on the maturity of the life insurance contract or on the death of the life assured. Life insurance patronages in Nigeria are confronted with several challenges that hinder its impact on the Nigeria economy which include; inflation, political instability, low domestic saving, customers lack familiarity with life assurance products, interest rate and low income. However, the objective of this study is to show the implication of life assurance gross premium on insurance companies assets, to examine life assurance business in Nigeria, to examine the implication of life assurance patronage and hence its importance to the Nigeria economy. In order to achieve the objectives of this study, data were collected from secondary sources and analyzed descriptively. In testing the research hypotheses, the simple linear regression was used. The result showed an R2 value of 0.754 which indicates that 75.40% of the variations in total assets of insurance companies (TAIN) can be explained by the independent variable which is life assurance gross premium (LAGP) while the remaining 24.60% would be due to other factors not considered in the model. At 5% level of significance and f-value of 24.562 which is greater than the table value of 5.978, the null hypothesis was rejected and the alternative hypothesis was accepted which established that there is a significant relationship between life assurance gross premium and the total asset of insurance companies (which is the economic indicator for this study), which implied that there is a significant relationship between life assurance patronage and the Nigeria economy. This study reveals that life assurance patronage affects Nigeria economy positively through the funds accumulated from life assurance patronage. It is recommended that there should be; proper management of fraudulent activities, proper and effective awareness of life insurance products, development of domestic financial market, and provision of professional training for all life insurance staffs.

 

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LIFE ASSURANCE PATRONAGE AND ITS IMPLICATION ON THE NIGERIA ECONOMY. A RESEARCH PROJECT MATERIAL ON INSURANCE

INSURANCE PREMIUM AND GROSS FIXED CAPITAL FORMATION(GFCF) IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

INSURANCE PREMIUM AND GROSS FIXED CAPITAL FORMATION(GFCF) IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This paper is an empirical investigation into the relationship between insurance companies’ premium and gross fixed capital formation (GFCF) in Nigeria and specifically how the latter responds to stimuli emanating from the insurance companies.  Data were collected from CBN statistical bulletin from 1993-2013 while regression statistical model was used for estimating and analyzing the variables involved. The results revealed that the insurance industry premium insignificantly correlate with Gross Fixed Capital Formation. Some Empirical findings also showed that there is a low insurance market activity in Nigeria and that Nigerians have not fully embrace the insurance industry despite its importance to the growth of the economy. This means that insurance premium is not invested in productive sectors in the economy, thereby making economic growth minimal and thus capital formation. Based on the findings, the paper therefore recommends the formulation and implementation of policy measures that will increase insurance penetration, improve insurance fund mobilization and enlarge the insurance market in the Nigerian economy.

 

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INSURANCE PREMIUM AND GROSS FIXED CAPITAL FORMATION(GFCF) IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE CONTRIBUTION OF INSURANCE TO THE NIGERIAN PETROCHEMICAL INDUSTRY: Challenges and Prospects. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE CONTRIBUTION OF INSURANCE TO THE NIGERIAN PETROCHEMICAL INDUSTRY: Challenges and Prospects. A RESEARCH PROJECT MATERIAL ON INSURANCE

CHAPTER ONE

INTRODUCTION

1.1                         BACKGROUND TO THE STUDY

A study of human history reveals a universal desire for security. The quest for security has been one of the most potent and motivating forces in material and Cultural Revolution. Early societies relied on family and tribe cohesiveness for their security. Insurance, in some form, has been a universal response to societies’ quests for security as it covers risks in many aspects of human endeavor including the petrochemical industry (Kenneth and Harold, 2005).

Nigeria’s economy before independence and shortly afterward largely depended on agriculture; this is because a good number of its citizens were farmers. Agriculture then was her only source of foreign exchange through the sale of cash crops. Shortly after the independence and the civil war, Nigerian economy changed because of oil boom in the early 70s. This caused a significant neglect of its agricultural sector and other mineral resources which they are blessed with. The boom attracted foreign investors which include banks, insurance companies, oil producing companies etc. Among the early oil producing companies to exploit its share of Nigeria include British Petroleum Company (now SHELL), Uni Petrol etc.

Petrochemicals are chemicals derived from petroleum or natural gas. They are obtained either directly from cracking (pyrolysis), or indirectly from chemical processing of petroleum oil or natural gas. Major petrochemicals are acetylene, benzene, ethane, ethylene, methane, propane and hydrogen from which hundreds of other chemicals are derived.

The petrochemical industry and the products it makes play an enormous role in our daily lives. Imagine life without gasoline, cosmetics, fertilizers, detergents, synthetic fabrics, asphalt, and plastics. These products and many more are made from petrochemicals.

Petroleum products are used virtually in all major facets of human endeavours, these include: household product manufacturing, transportation, communication etc. Spitz and Peter.H in their book “Petrochemicals: The rise of an industry” argues that the petrochemical industry has become an important sub-sector in the modernization process and industrial growth of many nations. More so, it is a source of revenue generation, foreign exchange earner and high contributor to national output. Thus, our age has aptly been described as the age of petroleum.

Crude oil has become a global commodity because of its extensive applications which are capital intensive (Anthony, 2007). This explains why multinational organizations want to invest in the oil and gas industries to apply their skills in high technology. Also, volatile nature of petrochemical operations makes it risky to handle with utmost diligence; therefore, the importance of insurance is accorded equal degree on importance with the petrochemical industry itself.

As our country’s economy depends largely on oil and its by-products, based on chemicals derived from oil sector and natural gas, it is pertinent that one should consider the risk involved and the types of risks that the petroleum industry is exposed to. It is of paramount necessity to think of appropriate ways of minimizing the risk involved in its operations. Insurance is an appropriate way of handling and reducing these risk exposures. Insurance covers losses or destruction to properties, equipment and machineries, etc., and since petrochemical industries use some of these equipment’s in their operation, insurance is of essence in the industry. Insurance’s most important function is indemnification, and it prevents the petrochemical industry from being handicapped financially or to stop production after a loss.

1.2                STATEMENT OF THE PROBLEM

With the discovery of crude oil in Nigeria, other sectors of the nation’s economy were neglected and given the back seat of the economy while the euphoria associated with the lucrative opportunities that came with the oil sector promoted the sector in the economy. The said promotion and diversion of majority of attention to the oil sector and its lucrative opportunities gave rise to the neglect of some perceived risks faced by the industry, and as well, the neglect of the need for insurance companies.

Nigerian economy has grown rapidly in recent years with strong expansion in the chemical and petrochemical industries, transforming the country into one of the world’s largest producers of chemical products. As the Nigerian economy grows, so does the number of industrial accidents. This gives rise to safety issues, as industrial accidents become a constant occurrence. In the past few years, there have been numerous large-scale industrial fires and explosions, causing widespread public concern and significantly impeding prospects for further development of the petrochemical industry. Also, there have been many lesser-known accidents that caused severe property damage and casualties.

 

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THE CONTRIBUTION OF INSURANCE TO THE NIGERIAN PETROCHEMICAL INDUSTRY: Challenges and Prospects. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE ROLE OF THE INSURANCE SUB-SECTOR IN THE GROWTH AND DEVELOPMENT OF THE NIGERIA ECONOMY.. A RESEARCH PROJECT MATERIAL ON INSURANCE

THE ROLE OF THE INSURANCE SUB-SECTOR IN THE GROWTH AND DEVELOPMENT OF THE NIGERIA ECONOMY.. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This study took an empirical view of the role of the insurance sub-sector in the growth and development of the Nigeria economy.  The study highlighted the functions, role and significance of insurance companies in developing economies. It further sought to assess the impact of the growth and structure of insurance industry’s profit, premium and investment on Nigeria’s economic growth. Data were collected from CBN statistical bulletin from 1993-2013 while regression statistical tool was applied. GDP was found to be positively but not strongly significantly related to investment. Employment rate is also positively and significantly related to profit of the insurance industry. It was also discovered that Capital formation is negatively and insignificantly related to total premium of the insurance industry. Empirical findings also showed that all the measures of insurance activities jointly have a significant impact on GDP. Based on the findings, recommendations were made which include that insurance business authorities should review its reform policy and ensure that policies that will strengthen the functions of the sector are put in place. In terms of investment, Insurance companies should invest more in public enlightenment and manpower development to give life assurance business its pride of place in the economy.

 

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THE ROLE OF THE INSURANCE SUB-SECTOR IN THE GROWTH AND DEVELOPMENT OF THE NIGERIA ECONOMY. A RESEARCH PROJECT MATERIAL ON INSURANCE

LIFE INSURANCE PATRONAGE AND THE GROWTH OF THE INSURANCE INDUSTRY IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

LIFE INSURANCE PATRONAGE AND THE GROWTH OF THE INSURANCE INDUSTRY IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE

ABSTRACT

This study empirically investigated life insurance patronage and the growth of the insurance industry in Nigeria. The objective was to determine the impact of life insurance patronage and the growth of the insurance industry in Nigeria. To achieve the objective, secondary data extracted from Nigerian Insurers Association (NIA) Digest (various years) was used. Regression model was used for evaluation of data. Two hypothesis were tested using Scientific Package for Social Science (SPSS). The first hypothesis showed that there is a positive relationship between life insurance premium and total insurance premium which was used as a measure of the insurance industry’s performance. This means that total insurance income increases as the amount of life insurance premium increases. The second hypothesis showed that claims of life insurance benefits has a significant effect on the insurance industry in Nigeria meaning that other factors contribute. On this note, it was recommended that insurance companies should organize public lectures, seminars, and symposia on insurance as a way of creating awareness of life insurance and insurance policies.

 

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LIFE INSURANCE PATRONAGE AND THE GROWTH OF THE INSURANCE INDUSTRY IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE