ABSTRACT
The development of the capital market
has contributed immensely to the economic growth of the nation. Provision of
infra structural facilities will enhance growth and national development.
The objective of the research work is
aimed at examining the National Economic Empowerment and Development Strategy
and the Development of the capital market.
Both exploratory and conclusive
research which comprises of descriptive were used. The data were collected
through the primary and secondary sources. The primary source include the use
of questionnaire while the secondary source include text book, Journal and
Magazines.
Four research questions were
developed in order to reach logical conclusion about the research work. These
questions were tested with chi-square. The question are:
(a) Is there any relationship
between ineffective infrastructural faculties and the performance of NEED?
(b) What is the relationship
between NEEDs and efficient capital market?
(c) Does any relationship exist
between poverty alleviation and NEEDS?
(d) What is the significant
relationship between the NEEDS and the development of small and medium scale
industry?
TABLE OF CONTENTS
Title
page
Certification
Dedication
Acknowledgment
Abstract
Table
of Content
CHAPTER ONE
1.1
Introduction
1.2
Problem Analysis
1.3
Purpose of Study
1.4
Research Questions
1.5
Statement of
Hypothesis
1.6
Scope of Study
1.7
Justification of
Study
References
CHAPTER TWO
Literature Review
2.1 Background of NEEDS
2.2 Concept of NEEDS
2.3 The Goals of the NEEDS Policy
2.4 The Concept of Capital Market
2.5 The composition of the Nigeria Capital
Market
2.6 Reasons for the Establishment of the
Nigeria Capital
Market
2.7 Needs and Role of Capital Market
2.8 What Required for Successful Capital
markets
2.9 Telecommunication and Economic Growth
References
CHAPTER THREE
3.0 Research Methodology
3.1 Re-statement of Research Question
3.2 Restatement of Research Hypotheses
3.3 Research Design
3.4 Population of Study
3.5 Sampling Size and Procedure
3.6 Data collection Instrument
3.7 Data Processes and Analysis
3.8 Limitation of the Methodology
References
CHAPTER FOUR
Introduction
Analysis
of Data
Discussion
of Finding
References
CHAPTER FIVE
5.1 Summary
5.2 Recommendation
5.3 Conclusion
References
Bibliography
Questionnaire/Appendix
CHAPTER ONE
1.1 INTRODUCTION
National Economic Employment and
Development Strategy (NEEDS) was developed by the National Planning Commission,
then headed by Charles Soludo. The Federal Executive Council of Nigeria as a
poverty alleviating strategy endorsed it. The aim of the scheme was to meet the
Millennium Development Goals of curbing the menace of poverty in Nigeria and
bringing it to the barest minimum by the year 2015.
National Economic Improvement and
Development Strategy is a way of letting the International Community know where
Nigeria stands in the region and the world, and how it wishes to be supported.
In looking at the possibilities of National Economic Employment and Development
Strategy (NEEDS) m meeting the aspirations of Nigerians, we must not fail to
state that NEEDS specifically, addresses the international Development Targets
(IDTs), which were set in 1996 to improve economic wellbeing, social and human development
and ensure environmental sustainability and regeneration.
In September 2000, 149 world leaders
adopted the United Nations Millenniums Declaration which listed a series
Millennium Goals (MDGs). The declaration commits UN member states to achieving
the following goals by 2015:
- To halve the proportion of
people whose income is less than one dollar a day and who suffer from hunger?
- Achieve
universal primary education.
- Reduce material mortality by
three - quarters and under five child mortality by two thirds. Halt and begin
to reverse the spread of HIV/AIDS, malaria and other major diseases. Provide
special assistance to children orphaned by HIV / AIDS.
- Significantly improve the
lives of at least 100 million slum dwellers by 2020. In addition, the efforts
of the government in achieving NEEDS (i. e needs of Nigerians) as well as the
monetary policy will be considered.
Capital market is a market that deals
in lending and borrowing in long - term loan able funds. It is the source from which firms obtain their capital for establishment and expansion and
from which the government borrows on long-term basis for development purpose.
The stock exchange perform the
function of providing facilities to the public for the purchase and sale of
stock and shares of any kind and investment of money and controlling the grant
of quotation on the exchange in respect of the shares and stock under the
listing requirement of the stock exchange market.
Base on the above introduction, the
research shall focus on how the NEEDS has been able to contribute to the development of the nation most
especially the capital market and the various problems that NEEDS is meant to
address in terms of industries, infrastructural development among others.
1.2 PROBLEM
ANALYSIS
Prior before the restoration of
democracy in 1999, Nigeria as a nation is been faced with series of problems
ranging from economic dwindling, inadequate and lack of infrastructural
maintenance, poverty and inequality, lack of security and weak and inappropriate public sector among others. The
researcher observed that the following problem need to be researched upon:
-
The problem of inadequate and lack of job creation is one of the area in
which tire introduction of NEEDS in Nigeria is meant to
address. Hence, has it been able to address this problem?
-
NEEDS equally is expected to address the problem of alleviating poverty
among Nigerians. Both the federal and state government have set up various poverty
alleviating programme to reduce to the minimum poverty among the citizens.
-
The introduction of NEEDS is also expected to facilitate efficient and
effective capital market development. It is also expected to address the
problem?
Lastly, the introduction of National
Economic Empowerment and Development Strategy (NEEDS) is to meet the Millennium
Development Goals by the year 2015.
1.3 PURPOSE
OF STUDY
This research is aimed at analysing
and critically examining' The National Economic Empowerment of Capital Market.
- The study will look at the
concept of NEEDS and how it contributes to the capital market development.
- The
study is also aimed at look at the concept of capital market.
- The study is also aimed at
look at the concept of capital market and the correlation to the establishment
of (NEEDS) National and Capital
market can facilitate superior economic
performance among others.
1.4 RESEARCH
QUESTIONS
This aspect of the research question
will go a long way in asking various questions aimed at looking in to the
'NEEDS' and the capital market.
1. Is there any relationship
between ineffective infrastructural facilities and the performance of NEED?
2. What is the relationship
between NEEDS and efficient capital market'?
3. Does any relationship exist
between poverty alleviation and NEEDS?
4. What is the significant
relationship between the NEEDS and the development of small and medium scale
industry?
1.5 STATEMENT OF
HYPOTHESIS
Ho1: There is no relationship between
ineffective infrastructural facilities and the performance of NEEDS.
HA1: There is relationship between ineffective
infrastructural facilities and the performance of NEEDS.
Ho1: No relationship between NEEDS and efficient capital market.
HA2: Relationship exist between NEEDS and
efficient capital market.
Ho3: There is no
significant relationship between poverty alleviation and NEEDS.
HA3: There is significant relationship
between poverty alleviation and NEEDS.
H04: Relationship
does not exist between NEEDS and the development of small and medium scale
industry.
HA4: Relationship exist between NEEDS and
the development of small and medium scale industry.
1.6 SCOPE
OF STUDY
This research work is expected to
cover the National Economic Empowerment and Development Strategy NEEDS and the
development of capital market. Various sub-topics like small and medium scale
industry; poverty alleviation among others shall be discussed.
However, the primary data
(questionnaire) for this study is limited to only hundred (100) staff of
selected banks, capital market and small scale industries within the Lagos State. ]
1.7 JUSTIFICATION
OF STUDY
The introduction of NEEDS by the
government: seeks torestore the trust in government as a
facilitator of development, which the country needs badly. The study of NEEDS
is important because it enables Nigerians to implements livelihood strategies
and achieve personal goals. The government has to stop trying to run businesses
and redirect its effort providing essential services. It must sell off the
businesses currently under it control in order to free up labour and funds that
it can use to improve basic service.
NEEDS is essential because changing
the way the government works is a colossal task, but NEEDS will build on
processes that have already begun to make a difference.
NEEDs is also important in the area of
curbing and strengthening as well as modernizing the anticorruption organisations
it has established. Exposing unethical and illegal practices and punishing
those who engage in them. It is also expected to establish formal training in
ethics and fostering leadership by example.
Furthermore, NEEDS is also essential because it will encourage all levels of government to adopt an
annual budget framework and guidelines. The guidelines will promote balanced
budgets, implementation of priority programmes, budget discipline, cost
effectiveness and the generation of internal revenues and savings.
A peer-review mechanism will enable
leads of government agencies to compare their performance and nurture a common
culture of excellence. The NEEDS period should be characterized by the punctual
release of annual budgets.
The government also instituted
massive anti-corruption campaigns and established the independent corrupt
practices and other related crimes commission and the Economic and Financially
Crimes Commission, which outlaw corrupt practices. The government is committed
to the Extractive Industries Transparency imitative, which encourages oil companies to fully disclose revenue
and cost of operations.
Lastly, the study of this nature can
be justified when one look at the important role that NEEDS play in term of
developing the capital market as well as improving the lives of Nigerians.
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