GLOBAL FINANCIAL MELTDOWN AND ITS EFFECTS ON NIGERIA BANKING SECTOR (A CASE STUDY OF INTERCONTINENTAL BANK AND FIRST BANK PLC)

 ABSTRACT
BOTH DEVELOPED AND DEVELOPING COUNTRIES AROUND THE WORLD HAVE BEEN WORRIED OVER THE EFFECT OF THE GLOBAL FINANCIAL CRISIS ON THEIR LOCAL ECONOMICS. ONE WOULD HAVE NOTICED THAT NIGERIA IS NOT EXEMPTED FROM THE CRISIS. THIS IS THE MAJOR REASON WHY THIS PROJECT WAS EMBARKED UPON TO ASCERTAIN THE EFFECTS OF THIS GLOBAL FINANCIAL CRISIS ON OUR ECONOMY BUT WITH THE BANKING SECTOR AS OUR CASE STUDY. THE PROBLEM CAUSED BY THIS GLOBAL FINANCIAL CRISIS ON OUR ECONOMY AND ESPECIALLY THE BANKING SECTOR CANNOT BE OVER EMPHASIED. THE PROBLEMS TYPICALLY INCLUDE INCREASE UNEMPLOYMENT, DECREASED CONSUMER AND BUSINESS SPENDING, DECLINING STOCK PRICES, DEPRECIATION OF NAIRA AGAINST FOREIGN CURRENCIES, SHARP FALL IN THE PRICES OF SHARES AND MANY MORE. THE PURPOSE OF THIS RESEARCH IS TO EVALUATE THE EFFECT OF THIS GLOBAL FINANCIAL CRISIS ON THE BANKING SECTOR AND ECONOMY AT LARGE. FOR THE PURPOSE OF THIS, THIS RESEARCH, THE METHOD OF QUESTIONNAIRE WAS USED FOR DATA ANALYSIS WAS PERCENTAGE FORMULA AND ANY PERCENTAGE THAT IS MORE THAN FIFTY (50) PERCENT IS ACCEPTED WHILE BELOW IS NOT. THE FINDING WERE THAT THE CRISIS HAS REALLY AFFECTED THE NIGERIAN BANKS NEGATIVELY AND THE NIGERIAN STOCK EXCHANGE AS WELL, BECAUSE OF THE TREND CONTINUE, I AM AFRAID MOST OF THEM WILL GO OUT OF THE BUSINESS. RECOMMENDATION WAS ALSO GIVEN THAT THE ECONOMY SHOULD BE DIVERSIFIED AND THAT THE ACTIVITIES OF THESE BANKS SHOULD BE CHECKED TO PREVENT MISMANAGEMENT.
 

TABLE OF CONTENT
Title    Page                                                           i
Approval    page                                                   ii
Dedication                                                            iii
Acknowledgement                                                iv
Table of contents                                                  v
Abstract                                                                IX                                                                                                                        

CHAPTER ONE           
    INTRODUCTION                                                   1   
1.1    Background of study                                        1
1.2    Statement of the problem                                  6
1.3    Purpose of the study                                          7
1.4    Significance of the study                                    8
1.5    Research Question                                             9
1.6    Scope of the study                                              9
1.7    Definition of terms                                              10

CHAPTER TWO
LITERATURE    REVIEW                                                12   
2.1    The Origin of Global Meltdown                              13
2.2    The coming economic meltdown in Nigeria            15
2.3    Causes of Economic Recession                             22
2.4    Nigeria Banks and Capital Market                          27
2.5    Nigeria: How Economic Meltdown is affecting         35
2.6    The Global Economic meltdown and Banking in Nigeria                                                                         39
2.7    Panic comments of the banking sector                  48
2.8    Summary of literature review                                  51

CHAPTER THREE    
3.0    Research Methodology                                           53
3.1    Brief outline of the study                                         53
3.2    Design of the study                                                 53
3.3    Area of the study                                                    54
3.4    Population of the study                                           54
3.5    Sample of the study                                                55
3.6    Instrument for data collection                                  55
3.7    Validation of instrument                                           56
3.8    Distributions and retrieval of the instrument             56
3.9    Method of data analysis                                           57

CHAPTER FOUR
PRESENTATION AND DATA ANALYSIS                             58
Discussion of the findings                                                  68

CHAPTER FIVE
5.1    Summary of findings                                                  71
5.2    Conclusion                                                                 73
5.3    Recommendation                                                       74
5.4    Suggestion for further research                                  75
5.5    Limitation of the study                                                  76
    References                                                                        77
    Appendix                                                                            79
    Questionnaire                                                                    80