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Difference Between Development Bank and Commercial Bank
Development bank may be defined as a financial institution set up purposely to offer long term loans meant for development projects 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.
Central Bank: Definition, Features, Functions & Examples
A Central Bank is a National Government owned apex financial institution which controls and supervises the entire monetary system of a country. It assists, directs and regulates the activities of other financial institutions to make them comply with government monetary and economic policies.
Monopoly: Definition, Types, Features, Causes, Pros & Cons
Monopoly may be defined as a market situation where there is only one producer or supplier of a particular commodity that has no substitute and who has the power to influence the price of the commodity to his own favour. The commodity sold by a monopolist is usually differentiated.
Problems of Financial Institutions in Nigeria
Financial Institutions are business organizations which deal in money, though some may deal in other financial assets such as shaves, letters of credit, bills of exchange etc. With the exception of the Central Bank, they make profits by trading in money; that is, through the process of accepting deposits in several ways e.g. offering technical advice etc.
Inflation: Definition, Types, Causes, Effects & Control of Inflation
Inflation refers to a persistent and sustained rise in the general price level. A general phenomenon during a period of inflation is a continuous fall of the value of money in the economy.
Difference Between Central Bank and Commercial Bank
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.
Commercial Bank: Definition, Features, Functions & Problems
A commercial bank is a joint-stock financial institution which trades in money with the sole aim of raising profits for its shareholders.
Capital Market: Definition, Functions & Advantages
The capital market is a financial market for trading in, long-term financial assets. It is a market for long-term loans and investments. It consists of people and organizations who wish to lend out money or to borrow on a long-term basis.
Nigerian National Petroleum Corporation (NNPC) – Functions & Problems
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.
Balance of Payments: Definition, Example, Problems & Solutions
Balance of payments is a systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payment is a summary of receipts (income) and payments (expenditure) of a country in the international accounts.
International Trade: Definition, Features, Importance, Merits & Demerits
International trade is the exchange of goods, capital, and services among different countries because there is a need or want of goods or services.
ECOWAS: Features, Structure, Objective & Merits
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.
Commercial Policy in International Trade: Definition, Aims & Objectives
Commercial policy in international trade refers to deliberate efforts on the part of a government to intervene in the country’s trade relations with other countries. Commercial policy aims at regulating trade and protecting the economy.
Tax: Definition, Features, Types, Pros & Cons of Taxes
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: Definition, Sources, Pros & Cons
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.
Development of Petroleum Industry in Nigeria
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: Definition, Uses, Problems & Limitations
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.
Public Finance: Definition, Features & Objectives
Public Finance is an aspect of economics that state how a government gets and spends the revenue it collects. In a more technical sense, it can be defined as that branch of economics that studies the relationship between the revenue and expenditure patterns of the government.
Development Planning: Definition, Types, Reasons & Problems
Development Planning can be defined as a systematic or carefully formulated course of actions/policies designed to achieve the developmental goals of society.
Niger Basin Commission (NBC) | Functions, Aims & Objectives
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.