Nigeria Banking History
All started in the nineteenth century when Elder Dempster Company bought in a foreign owned bank into Lagos.
Standard Bank Nigeria Limited (Now First Bank PIC)
In 1894, a British-owned bank opened its office in Nigeria and operated under the name of Bank of British West Africa. This...
Population census is the counting of statistical data on an entire specific population of a group of people. In this way, its characteristics can be precisely known.
The West African Currency Board (WACB)
The West African Currency Board (WACB) was founded in November, 1912 following the recommendations of Lord Emmitts Committee which was appointed by then Colonial Secretary, Mr. Lewis Harcourt to look into the currency situations of British West Africa in 1910.
The WACB committee was set...
Central bank is a financial institution which controls and supervises the entire monetary system of a country while Commercial bank may be defined as a financial institution which carries out retail banking services, set up for keeping and lending money to people, owned by organisations, individual or governments, for the purpose of making profits.
The Nigerian National Petroleum Corporation (NNPC) was established in 1977 by the NNPC Act No. 33, through the merger of the Nigerian National Oil Company (NNOC) and the then Ministry of Petroleum Resources.
The main function of the NNPC was primarily operational while the duty of the Ministry was mainly regulatory. The new body NNPC started to perform both operational as well as regulatory functions.
The ground work for the formation of ECOWAS can be traced to the efforts of the heads of States of Nigeria and Togo in 1972. They had a series of meetings and sent draft proposals to other heads of States of West African countries.
A tax is a compulsory payment made by citizens and corporate bodies to the government to enable it carry out its responsibilities. Examples include income and property tax.
National debt or public debt is the total debt a country owes to its citizens, governments of other countries or international financial organizations like the World Bank and International Monetary Fund (IMF).
The debt which a country owes its citizens is known as internal or domestic debt, while the debt owed to foreign governments or international financial organizations is known as external or foreign debt.
Petroleum Industry | Crude oil is the most important of all the mineral resources found in Nigeria. Before oil was discovered, agriculture played the dominant role in Nigeria’s development.
National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.
Government Budget is a detailed statement indicating estimates and sizes of anticipated revenue and proposed expenditures for a period of time, usually a year.
When a government decides to spend more than its revenue, it is said to have a Deficit Budget and when it plans to spend less than its revenue, it is said to operate a Surplus Budget.
The River Niger Basin Commission is an inter-governmental organization in the West African subregion that was established in 1964. Its current membership comprises Nigeria, Cameroon, Niger Republic, Benin Republic, the Gambia, Mali and Burkina Faso.
Gas Producing and Exporting Countries (GPEC) was founded by 14 countries Algeria, Brunei, Egypt, United Arab Emirates, Iran, Lybia, Qatar, Trinidad and Tobago, Venezuela, Indonesia, Malaysia, Oman, Russia and Nigeria.
The Chad Basin Commission was established in 1964. It draws its membership from countries bordering it. These are the Chad Republic, Nigeria, Cameroon and Niger Republic.
West African Clearing House (WACH) is form on July 1, 1976 was largely due to the efforts of the Governors of the Central Banks in West Africa to find a solution to one of the obstacles to trade among West African countries.
The formation of United Nations Conference on Trade and Development UNCTAD in 1964 was initiated by the less developed nations of the world, the majority of which are members of the United Nations. Its headquarters is located in Geneva, Switzerland. Since its inception in 1964, it has been holding full sessions at least once in every four years.
The International Monetary Fund (IMF) was established in 1944.
Its financial resources stem mainly from quota subscriptions which are assigned to each member according to its relative size in the world economy. A member’s quota also determines its voting power as well as its access to IMF financing.
The International Bank for Reconstruction and Development (IBRD) otherwise known as the World Bank was established in 1944 with its headquarters in Washington DC.
European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development was established in 1991.
Aims and Objectives of the European Bank for Reconstruction and Development (EBRD)
To provide technical assistance and training to economies once geared toward communist planning.
To establish a framework for a Western style...
The European Economic Community (ECC) now referred to as the Enropean Union (EU) was established in 1958 under the Treaty of Rome of I957. It has a membership of twelve countries at present. The number is likely to grow as the years roll by.
