Financial Intermediation and Economic Development in Nigeria

Abstract Financial intermediation is an important activity in the economy because it allows funds to be channeled from people who might otherwise not put them to productive use to people who will ultimately put the funds to productive uses. In line with the assumption that banking sector plays an important role in financing the investment projects, successive governments in Nigeria have carried out reforms and institutional innovations in the banking sector. The overall intention of these reforms has been to ensure financial stability so as to influence the growth of the economy and also enhance banks to play a critical role of financial intermediation in Nigeria. However, despite the fact that Nigerian banks have undergone series of†¦show more content†¦The efficiency and effectiveness of financial intermediation in any economy depend critically on the level of development of the country’s financial system. In effect, the underdeveloped nature of the financial system in most developing countries accounts largely for the relative inefficiency of financial intermediation in those economies. In these countries the financial system is dominated by banks, which are typically oligopolistic in structure and tend to concentrate on short-term lending as against investments with long-term gestation period. The alternative/complementary source for financing development projects is the development of debt or equity markets which at best, is at the rudimentary stage of development. It is in this regard that specialized financial institutions, including government owned development banks have been established in Nigeria to bridge the gap. The principal function of deposit money banks is the mobilization of savings for investment. The importance of banks in generating growth within an economy has been widely acknowledged, for example Schumpeter (1932) cited in Blum, Federmair, Fink, and Haiss (2002) identified bank’s role in facilitating technological innovation through their intermediary role. SchumpeterShow MoreRelatedThe Financial System in Nigeria6376 Words   |  26 PagesThe Financial System in Nigeria: An Overview of Banking Sector Reforms The Financial System in Nigeria: An Overview of Banking Sector Reforms E. J. Ofanson (Ph.D)1 O. M. Aigbokhaevbolo (Ph.D)2 G. O. Enabulu3 Abstract The paper overviews the banking sector reforms within the framework of the Nigerian Financial System. A theoretical approach was adopted although empirical evidence was presented in some cases. 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Gangs A Brotherhood of Violence Essay - 500 Words

What is brotherhood? How does it apply to those involved? Why does it exist? Merriam-Webster’s Dictionary defines brotherhood as â€Å"an association for a particular purpose.† To gang members, young and old, brotherhood is an escape from society’s constant pressure to fit in, to succeed, to conform to social norms. It is within a brotherhood that gang members find peace and comfort. Brotherhood is a way of life; it is the very essence that allows a gang to thrive in the metropolis of violence. One gang oath states: I will stand by my brother, my brother will come before all others, my life is forfeited should I fail my brother, I will honor my brother in peace and war. Within the confines of a gang, brotherhood becomes an idol, something†¦show more content†¦Brotherhood blurs the reality for gang members; they no longer fret about the retribution and wrath of the law. They are willing to protect their liked ones at any cost. The fear no longer lies in d eath but in dishonoring a brother. Revenge is imminent when a fellow brother has been disrespected or killed. Becoming part of the lifestyle means the end of the current life and the start of a new one devoted to honoring and upholding a tradition, brotherhood means family and family does not get left behind. Despite bringing acceptance, which seems to be for the greater good, brotherhood within a gang is not all rainbows and baby unicorns; it presents a dark and morbid side effect. Brotherhood readily accepts the challenge of keeping the gang pure and prevents infiltration, whether that is battles with rival gangs, or protecting brothers from threats outside the brotherhood. Constant rivalries and power struggles on the street present gangs an opportunity to apply how brotherhood affects them. To return the favor of getting to be part of some Brotherhood numbs gang members and allows for all reasoning to be lost. It keeps them alive and yet causes them to die. To honor the brotherhood that has been â€Å"graciously† given to them, they must kill or be killed. To think that getting to be a part of a brotherhood without having to give anything return is quite naà ¯ve. The price to pay to be part of a family and to belong seems absurd, given the fatality is inevitable in such aShow MoreRelatedThe Brotherhood : The Aryan Brotherhood Essay1333 Words   |  6 PagesOne of the most infamous prison gangs is the Aryan Brotherhood. Few details about their earliest days are known, but they quickly became known and feared by the 1970s. They are ruthless, dangerous, and brutal. Founded during the civil rights movement, white supremacist inmates at the San Quentin prison created a gang of their own for protection. Over time, as their power grew, so did their criminal activity. 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Honor And Dueling Analysis Essay Example For Students

Honor And Dueling Analysis Essay A duel was a prearranged combat with lethal weapons between two people, usually taking place under formal arrangements. Each side had a witness, called seconds. The usual cause of a duel is an insult given by one person to the other or over a question of honor. The challenged person has the right to set the place, time, and weapons. Duels have generally been fought early in the morning in secluded places. (Encarta Duel)Dueling to avenge ones honor has never been legal, dueling has been marked by laws opposing it. The practice became popular in Europe after the famous challenge between King Charles V of Spain and Francis I of France. When war was declared on Spain in 1528 by Francis, he annulled the treaty between the two countries, Francis was challenged to a duel after being accused of ungentlemanly conduct by the Spanish ruler. The duel never did take place because making arrangements was to difficult, but this incident influenced the manners of Europeans so that gentlemen everywhe re thought they were entitled to avenge slights on their honor by having similar challenges. (Encarta Duel)Duels involving honor were so prevalent in France that Charles IX issued an ordinance in 1566 that was death to anyone participating in a duel. This became a model for later edicts against dueling. Dueling however did survive longer than monarchy in France. Dueling became a technique for resolving political disputes. (Britannica Duel) The duel was intensely popular in England, during Restoration. Legislation during the 17th century had little effect on suppressing the practice. The English Common Law declares that killing in a duel to be held as murder, but juries rarely convicted in cases of dueling until the custom had ceased to be popular during the reign of Queen Victoria. (Encarta Duel)The earliest form of dueling was the judicial duel or trial by battle. The judicial duel was established because solemn affirmation, or swearing of oaths, in legal arguments had led to exten sive perjury and the ordeal has too much of a chance of being manipulated by the priests. If one man declares before a judge that his opponent was guilty of a crime and the accused said that his accuser is lying, the judge would order the two to meet in a duel. The judge then stipulated the conditions as to the place, time, and weapons. The combatants had to guarantee their participation by throwing down a gauntlet and his opponent accepted by picking it up. It was believed in such a situation that the right could not be beaten and the loser, if still alive would be dealt with by the law this was thought to be the judgement of God and could not be wrong. This form of trial was open to all free men and sometimes serfs. Women, church clergy, the sick, and men under 20 or over 60 could claim exemption. In some cases persons under trial could appoint champions to fight for them, but the person on trial as well as his defeated champion were both subject to legal punishment. (Britannica D uel)The rapier was introduced to Italy in the 16th century, the rapier was a long, thin, lightweight sword, was held one hand, in the other was a dagger, and later a folded cloak which replaced the shield. The use of the rapier spread throughout Europe as the Italian fencing technique. In England and France, the shape and size of the rapier were constantly being modified because of its weight and length made it clumsy to carry around. (Encarta Fencing) When the rapier came to England not all Englishmen adapted well to this southern European innovation. The rapier was once criticized for its slender, easily broken blade, its large hilt and great length which made it difficult to draw. The term rapier is unclear as to where it originated it could be ascribed to the German word rappen, to tear; the Spanish word raspar, to scratch. (Bull 96)Works CitedDuel. Britannica.com Encyclopaedia Britannica a href=http://www.britannica.com/bcom/eb/article/5/0,5716,31895+1,00.htmlhttp://www.britann ica.com/bcom/eb/article/5/0,5716,31895+1,00.htmlMicrosoft Works for Windows 98 (1999). Computer program. WA: Microsoft Bull, Stephen. An Historical Guide To Arms And Armor. Ed. Tony North. New York: Facts On File, 1991. .u108038b687d552b0a32cd45fb94fc704 , .u108038b687d552b0a32cd45fb94fc704 .postImageUrl , .u108038b687d552b0a32cd45fb94fc704 .centered-text-area { min-height: 80px; position: relative; } .u108038b687d552b0a32cd45fb94fc704 , .u108038b687d552b0a32cd45fb94fc704:hover , .u108038b687d552b0a32cd45fb94fc704:visited , .u108038b687d552b0a32cd45fb94fc704:active { border:0!important; } .u108038b687d552b0a32cd45fb94fc704 .clearfix:after { content: ""; display: table; clear: both; } .u108038b687d552b0a32cd45fb94fc704 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u108038b687d552b0a32cd45fb94fc704:active , .u108038b687d552b0a32cd45fb94fc704:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u108038b687d552b0a32cd45fb94fc704 .centered-text-area { width: 100%; position: relative ; } .u108038b687d552b0a32cd45fb94fc704 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u108038b687d552b0a32cd45fb94fc704 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u108038b687d552b0a32cd45fb94fc704 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u108038b687d552b0a32cd45fb94fc704:hover .ctaButton { background-color: #34495E!important; } .u108038b687d552b0a32cd45fb94fc704 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u108038b687d552b0a32cd45fb94fc704 .u108038b687d552b0a32cd45fb94fc704-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u108038b687d552b0a32cd45fb94fc704:after { content: ""; display: block; clear: both; } READ: Cultural Analysis of The Coldest Winter Ever Essay