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
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
Table of Content
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
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
2.7 Needs and Role of Capital Market
2.8 What Required for Successful Capital markets
2.9 Telecommunication and Economic Growth
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
Analysis of Data
Discussion of Finding
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
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
- 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
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 Niger