SS1: ECONOMICS - 3RD TERM
Mining | Week 13 Topics|1 Quiz
Financial Institution I | Week 27 Topics|1 Quiz
Financial Institutions II | Week 35 Topics|1 Quiz
Financial Institutions III | Week 45 Topics|1 Quiz
Business Organisation | Week 53 Topics
Money | Week 65 Topics|1 Quiz
Channels of Distribution I | Week 75 Topics|1 Quiz
Channels of Distribution II | Week 86 Topics|1 Quiz
Some Reasons that May Warrant the Termination of the Middleman in the Channel of Distribution
Ways of Improving the System of Distribution of Consumer Goods in West Africa
Why there are Relatively Fewer Manufacturing Activities in Africa Compared with Advanced Countries
The Role of Co-operative Societies in Distribution of Goods
The Role of Government Agencies in Product Distribution in Nigeria
Problem of Distributive Trade
- Some Reasons that May Warrant the Termination of the Middleman in the Channel of Distribution
Business Finance | Week 97 Topics|1 Quiz
The Development of Banking in Nigeria
The development of banking in Nigeria primarily aimed at assisting the development of commerce and industry in Nigeria as well as assisting the colonial government. The operation of banks did not start in Nigeria until 1872 when African Banking Corporation was established. The bank of West Africa was established in 1894 in Nigeria and later became known as Bank of British West African Limited, the name was changed to Standard Bank of Nigeria, which is now known as First Bank of Nigeria PLC, in 1979.
The sole authority of financial management in west Africa was vested in the West Africa Currency Board (WACB) which was established in 1912. The WACB used its subsidiary the bank of British West Africa to carry out the banking function in British West African countries. WACB functions were similar to the work of the recent central bank printing minting and circulation in British West Africa Limited. After the independence, the West Africa Currency Board was abolished and was replaced by the country’s central banks.
Industrial and Commercial Bank was one of the first indigenous banks in Nigeria. It was established in 1929. Barclays Bank DCQ now Union Bank PLC. was set up in 1917 in Nigeria. And in 1949 the British and French Bank, now United Bank PLC (UBA), was established in Nigeria. Other indigenous banks were the National bank, African continental Bank, Wema Bank, Bank of the North, etc.
The establishment of all these banks was to cater to the business needs of Nigerians as well as to assist the early self-government in Nigeria.
In Nigeria, the following types of financial institutions can be identified;
- Traditional financial institution.
- Commercial Banks.
- The central Banks.
- Merchant Banks.
- Development Banks.
- The Federal Mortgage Banks.
- Insurance Companies.
- The Stock Exchange.
- Brokerage Firms.
- Credit unions.
- Microfinance Banks.