CHAPTER ONE
1.1 INTRODUCTION
The idea of establishing indigenous development financial institution was moved after the establishment of the Central Bank of Nigeria on first July, 1959 after the bank’s failure of the early 1950’s. During this time, it became obvious that there was an urgent need fro financial institution capable of providing medium and long term capital to full up serious gaps in the financial system/structure of the economy. As a result of this need, arose to create special institutions for special purpose, the special purpose being development in the widest sense of the term. There was a need to create institution that could undertaken investment where the private investor, might for the time being also revetments to go, and create atmosphere in private investor where they will find the risk of investment considerably reduced if not wiped out entirely. The need is to stimulate the private sector of the economy and also with the promotion and finance of an enterprises by the provision of long-term and medium term finance was accepted.
1.2 STATEMENT OF THE PROBLEMS
1.2.1 MAJOR PROBLEMS
This research entitled “The Role of Financial Institution in a Developing Economy, attempted to determine find out the role of financial institution in enhancing the economy development of Nigeria with particular reference to some premise financial institutions like Nigeria Bank for Commerce and Industry can Nigeria Agricultural and Cooperative Bank.