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THE ROLE OF BANKING SECTOR IN THE ECONOMIC DEVELOPMENT OF NIGERIA

CHAPTER ONE

INTRODUCTION TO THE STUDY

1.1 BACKGROUND OF THE STUDY

Ever since the introduction given by Good to man to “Be fruitful and multiply” replenish and subdue the earth” man has alone a lot to pursue this injunction of subduing the earth. By this it entails among other things the development of the world as a macro society for the overall good of man- economically politically socially and otherwise. The wheel of change has been rolling on through the entire world transforming virgin lands deserts oceans and seas to the economic advantage of man. Nigeria was unknown then. The first step in the British acquisition of Nigeria was the annexation of lagos in 1861 (ONWUBIKE 1973). It marked the first major step taken by the British government in the 19th century to acquire economic and political domination over the people of Nigeria. A chattered company- the royal Niger company was administering the high land of Nigeria – North of Lokoja – on behalf of the British the British government had declared a protectorate over areas claimed by the company in 1887. Then on 1st Jan. 1990 it took royal Niger company and named it the protectorate of Northern Nigeria with laggard as its first high commissioner. Floral Shaw- formal colonial correspondent of the times on London who later became Lugards wife ealled this great political unit Nigeria in 1900. (onwuikeo,1973) finally the two Selecta government : the colony and the protectorate of Northen Nigeria on 1st Jan. 1914. Lugard became its first governor- general. The coming into existence of Nigeria was aptly described by late sir Ahmade when be rather solemnly said “God did not create Nigeria the British did” (onwubiko 1973). Nigeria continued in this march toward development in every facet of life as a new emerging nation in the west African region and by October 1960 she was granted political freedom and emancipation when she was granted independence. To crown the whole stride it had already made she was granted a republican status in 1963.

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THE ROLE OF BANKING SECTOR IN THE ECONOMIC DEVELOPMENT OF NIGERIA
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