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SPIRAL GROWTH OF NIGERIAN BANKS: TALENT AND SOLUTIONS

SPIRAL GROWTH OF NIGERIAN BANKS: TALENT AND SOLUTIONS

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SPIRAL GROWTH OF NIGERIAN BANKS: TALENT AND SOLUTIONS

1.0 INTRODUCTION TO SPIRAL GROWTH OF BANKS IN NIGERIA MANPOWER AND SOLUTIONS

1.1 BACKGROUND OF THE STUDY

Commercial and merchant banking in Nigeria dates back to 1894, when the Bank of British West Africa (BBWA) was founded, and 1960, when Philip Hill (Nigeria) limited and Nigeria acceptances limited were established. Since then, the general profile of the Nigeria banking business has changed in a variety of ways, most notably in terms of number, which has been pretty amazing.

According to figures issued by the Central Bank of Nigeria, the country has 120 commercial and merchant banks (with 2076 branches) as of the end of December 1994. This was unexpected since numerous initiatives implemented to achieve a realistic naira exchange rate upset price levels.

Another cause for the increase in the number of banks is the expansion of the areas in which banks can operate. The general deregulation allows banks to undertake a lot more business, especially in the distribution of merchant and commercial banking.

As a result, the increase in the number of banks is a beneficial development because more individuals are now aware of financial services than ever before.

However, the rapid expansion of the number of banks and their branches envisioned above would undoubtedly necessitate increased bank labour across the system.

Bank management, unlike other business management, is a specialised profession since its stock in trade (money) is so easily defrauded. As a result, it necessitates highly qualified individuals with extensive training.

In light of this, the researcher aims to examine the human resource implications of Nigeria’s bank growth, in order to identify difficulties and propose solutions.

1.2 STATEMENT OF THE PROBLEM

There is little doubt that the extension, change, and growth of commercial and merchant banking activities in Nigeria during the last decade has been a mirror of economic development. However, a detailed examination of this distressing result is required. Bank fraud has taken on unprecedented dimensions, with bank operators at the centre of it all.

Also, bank bosses have grown frugal in their spending to rent official buildings, acquire fleets of luxury cars, and engage a routine of domestic maids or staffs. Their salary and benefits are manifestly insufficient to support the current state of the national economy.

As a result, it appears that the labour resource base available to the banking industry has not been developed at a sufficient rate to account for the industry’s expansion. Many banks’ management environments,

particularly those of newly founded banks, are frequently characterised by the presence of under-exposed key management individuals brought into service from other institutions.

The decline in managerial quality has resulted in poor internal control, violations of statutory laws, a bank portfolio problem, unethical credit policies, and other inappropriate practises. As a result, an investigational study is required.

1.3 OBJECTIVE OF THE STUDY

A study of the manpower challenges and solutions in Nigerian banks, particularly commercial and merchant banks, would be a worthy endeavour.

The goal of this research is to show the spiralling growth of Nigerian banks’ manpower issues and remedies. The research aims are summarised below in light of the foregoing.

1. Determine the institutional arrangements accessible to the industry for the development of industry manpower.

2. Determine whether the labour resource base available to the banking industry has been developed at a suitable rate to match the industry’s expansion.

3. To identify the issues that banks face as a result of insufficient manpower, and

4. To provide strategies for matching the people resource base of banks with the industry’s growth.

1.4 THE HYPOTHESIS

The following hypotheses will be tested for the purposes of this study.

a. The institutional structures used by the banking industry to create the business’s human resource basis

b. The banking business has enough people to keep up with the industry’s growth.

c. The extent to which institutional training programming contributed to the banking industry’s labour shortage.

d. A lack of manpower resulted in the production of trained bank personnel and the pursuit of high compensation levels.

1.5 SIGNIFICANCE OF THE STUDY

The advantages to be gained from this research cannot be overstated. The research aims to provide insight into the spiral expansion of Nigerian banks in order to identify personnel issues and, as a result, propose options for improvement. It will disclose whether the labour resource base available to banks has grown at a sufficient rate to match the industry’s expansion.

This outcome can be used by both the government and the banking industry to develop more efficient and effective workforce planning strategies. This research would also be useful for banking industry investors, educators, readers of this study, and bank employees.

1.6 SCOPE AND LIMITATIONS OF THE STUDY

This study is focused with the workforce difficulties and solutions associated with the spiral growth of commercial and merchant banks in Nigeria. It excludes the Nigerian Central Bank, development banks, and other financial institutions. It is also restricted to commercial and merchant bank personnel managers.

The researcher encountered certain difficulties while carrying out this investigation, which affected the breadth of the study, including the lack of suitable knowledge on the topic as per the area of this research. Another limiting aspect was financial constraints,

which made it impossible for the researcher not to visit some of the headquarters and branches of commercial and merchant banks due to their location. Despite all of these restraints and limitations, the researcher was able to overcome them and complete the assignment on time.

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