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This study looked at the financial sector and higher education development in Nigerian. The objectives of this study are to analyze the various developments in the financial sector, to examine the trend of the financial development and to determine the financial sector development in relation to the Nigerian education in contribution of the CBN in Nigeria.
This study is based on the Big-Push theory and the method used in the study is an explanatory method which is more of analysis. The findings, which were both theoretical and empirical shows that there was a correlation between the literatures reviewed and the findings, while the empirical findings proved the Big-Push theory wrong.
The recommendations made in this study are to enable the success of financial sector developments in Nigeria and concluding on the note that there indeed exist a relationship between the financial sector development and that of educational contribution of the CBN.
1.1 Background of the Study
Financial sector is in no doubt a very essential part of the economy of a nation and any development experienced in the financial sector extends to other part of the economy, like the oil and gas, Agriculture, banking, education and more. One of the most important tasks before developing countries is to achieve higher rate of economic growth in education. Due to the influence of the activities in the financial sector on the economy at large, every nation strives to have a proper and up to date financial sector in the hands of professional in the field which is possible by higher education.
Education as a bed rock of any developing nation, should put a delegation disbursement of funds for public use (Corbally, 1962, Osuntokun, 2003). Looking at financial funding in any sector of the economy as the financial activities of public authorities in terms of taxing, spending, borrowing and lending and it involves the means of providing for the expenditure involved in the staffing, equipment and maintenance of educational institutions (Adesua, 1981, Charles, 2002). The financing of education as an aspect of banking sector embraces all aspects of funding of education including the sources of funding and how the money earmarked for education is spent especially for the purchase of goods and the services of men and materials (Agbobu 1983, Borokhovich, Bricker, Zivney and Sundaram, 1995). Also, the financing of education is a vital area of Economics of Education (Akangbou, 1986, Adeyemi, 1998).
The value of enough financing of education cannot be over-stressed. Ozigi (1977) argued that no organization could carry out its functions effectively without adequate financial resources at its retention. The Nigerian Currency is needed to pay staff, maintain the plant and keep the services going. This disagreement supported earlier findings that finance is of essential value to education and economic growth in Nigeria. (Sheehan, 1973; Eaton, and Nofsinger, 2000; Taggert, 2003).
For clarity, the financial sector does not only mean the banking sector, but also the capital market, institutions, laws, regulations and techniques through which bond, stocks and other securities are traded, interest rates are determined and financial services are produced and delivered around the world. The money and capital markets, along with the financial system that support them, are an exciting area for study. What goes on daily in these markets and within the financial system as a whole has a powerful impact on the Nigerian economy. Broad changes are forever remaking the financial market as new institutions, new methods, new problems and new services continually appear.
Financial problems seem to be the same everywhere in the world and though the ways to solve those problems differ from one country to another, they tend to set to achieve the same goal. One of the factors identified by development economist in their search for the explanation of Africa’s poor macroeconomic performance (though there is no consensus on s single cause) is lack of financial depth. This simply means that financial problem somewhere is financial problem elsewhere. This explains the reason the importance of financial development cannot be over emphasized.
Nigeria, which is our main concern in this study, has recorded a number of challenges in her financial sector and this has in all ways affected the economy as a whole. Though there have been a number of programmes and policies put in place to achieve a well-developed financial sector, it cannot really be said that this has been achieved and the consequence of this is being seen in the economy of the nation.
1.2 Statement of Problem
Generally, the reasons for financial sector challenges differ from one country to another
And these range from inadequate policy framework for financial development to incompetent management, while others are misuse of tools to achieve the desired outcome pertaining financial development.
Government intervention in education can be justified, among others, on the account of the difficulties faced by students to secure loan for their educational pursuit due to the imperfection in the capital market. Students or their parents in general are unable to secure funding for their (or their children’s) education, because they are unable to provide collateral security for loans. Olaniyan and Adedeji (2007) found that financial institutions believe that it is too risky to supply loans to (mostly young) individuals that may have problems in getting a degree or gainfully securing employment after completing their programmes, and subsequently, repaying their debts becomes proble-matic. Thus, efficiency and equity (social justice) conside-rations justify government’s intervention in financing higher education.
However, the form that state intervention should take is not so easy to prescribe. Some would argue for the state to set minimum standards and give financial support to poorer families, but others argue that education should be privately managed and publicly funded. Some scholars (Babalola, 1995; Adedeji and Bamidele, 2003) have also argued that the poorer a country is, the more the benefits of subsidized education that will grow to the children of the wealthy family.
Nigeria’s financial sector challenges can be said to be as old as the financial system itself. The money market (banks) had some of its challenges dating back to the era of the foreign banks in Nigeria and the challenges in other institutions of this sector can also be traced back to origin. The sector’s inability to overcome its challenges constitutes one of the serious obstacles to the growth of the sector and that of the economy at large. As earlier mentioned that financial problems seem to be the same around the world, this means the aforementioned reasons can also be ascribed to the Nigeria economy.
1.3 Scope of the Study
This study covers the historical background of the Nigeria’s financial sector developments and higher education funding including its origin, causes and relation to the economy as a whole. The period to be considered in this study is a range from 1970 to 2015. This time frame was chosen as it covers the period of pre-SAP (Structural Adjustment Programme) and post-SAP in Nigeria.
1.4 Objective of Study
The broad objective of this study is for us to evaluate the financial sector and higher education developments in the Nigerian economy.
The specific objectives however are:
- To analyze the various developments in the financial sector;
- To examine the trend of the financial development; and
- To determine the financial sector and higher education development in relation to the Nigerian economy.
1.5 Significance of Study
Requirement for a better education and the undeniable link between the economy of a nation and its financial sector motivates the steps taken for the development of the financial sector and higher education. In developing countries like Nigeria, different steps have been taken towards the achievement of its financial sector and higher education though it the desired destination has not been achieved.
This Study focus mainly on the financial sector and higher education development in Nigeria, and how it has affected the economy both positively and negatively. This study will be useful to policy makers, economists and to several individuals, who are stakeholder, when it comes to the financial sector. The study will also serve as an introductory phase to others who want to do a further research work in this area.
1.6 Research Questions
In light of the objectives listed above, the basic questions to be answered include the following:
- What is the nature of the various developments in the financial sector?
- What is the current situation of these developments?
- How has the financial sector affected the Nigeria higher education development?
1.7 Research Methodology
The research methodology of this study entails an explanatory form. This is done through the compares of the seasons stipulated in the study. These seasons are those that revolve around the introduction of the Structural Adjustment Programme (SAP)
1.8 Sources of Data
The data to be used for this study will be mainly secondary data and we shall limit our data to domestic ones. This data will be restricted to the figures in the pages of Central Bank of Nigeria Statistical Bulletin.
1.9 Definition of terms
Financial sector: the financial sector is an institution in charge of regulating and keeping money for the state, national or private or public enterprise.
Higher education: the process of enhancing academic position from primary, secondary also to university level and be above, it the professional state of a person in the area of study.
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