PROJECT TOPIC- IMPACTS OF BANKING INDUSTRY IN ENUGU STATE EDUCATION DEVELOPMENT
Background to the Study
Different educators such as Osudina (2004) and Odionu (2001) have defined education as the preparation for social and professional life and transmission of culture heritage in a rich form in the social perspective transmission of educational norms values and roles from generation to generation. Economically, it creates well education people who will by their talents, knowledge and skills become productive and effective for sustainable development politically, education produces an enlightened fellowship which develops in the citizenry an awareness of their rights and responsibilities.
This consequently minimizes prejudices and resolved international and group conflicts love and national unity. Williams (2000) described this political function of education as rationalization of attitude, skills and knowledge. Unfortunately, no nation can achieve her educational objectives or implement her educational programmes without adequate financing. According to the national policy on education, the success of any system of education is hinged on proper planning efficient administration and above all, adequate financing.
Adesina (2004:10) has also added that. That most important part of education development plan is not in its projection and output target or in the list of educational priorities. It is that part that deals with human and fiscal resources showing what will be required to effect planned expansion and changed and how the government purpose to raise the required money. Hence, any plan without adequate funding without adequate funding will get nowhere because, it is with finance the physicals facilities are installed and maintained equipment purchased, service and goods provided manpower employed and maintained.
The importance of educational finance thus heightened rather than diminishing the need for careful ordering of priorities (Adensina 2004:page 12). The central objective of this research is to identity the role of banking in industry in the financing of educational in Nigeria the earliest financiers of education in Nigeria were the Christian Missionaries rich merchants and emigrant business men. Not until after the 1882 Education Ordinance which made provisions for the government to participate in education financing some private and mission schools became assisted thorough a system of grants in aid by the colonial government.
The system of grants in aid continued took over the schools under the 1970 public education edit which assumed very great dimensions .The assisted through a system of grants in aid by the colonial government.
The system of grants in aid continued until 1970, when the government took over the schools under the 1970 public education edit which assumed very great dimension the federal government then took the major responsibilities for educational funding of institutions and federal colleges. In addition the Enugu state government also provided funds to the various communities and local government, primary and secondary schools manly from the coal revenue, excise duty and import duties (central bank of Nigeria statistical Bulletin 1992:94-95).
The private sector made up of parent and philanthropists, bank etc supplement any government expenditure through payment of fees levies donations and loans etc. extern all assistance has also been given by advance countries, multinational agencies such as the food foundation, Rock foundation, united motions educational scientific and culture organization (UNESCO) etc in form of loans, grants, personnel or equipment for example, Nigeria funded half of her 1962-68, 70-78, 75-80).
Development plans through foreign assistance. According to central bank. According to central bank of Nigeria (C.B.N) monthly report in January 1991 the federal government secured to total of 120 million dollars from world bank via the international development Association to boaster primary education in the preceding year. This leads to educational dependency, which is not in the interest of the nation. Nwosu (2004) said that astonishing rate of expansion of Nigeria of education system continues to give clear message that pays the source of revenue for education whether it would be from the private, public or external assistance.
The increasing number of children in school which are growing presently at the rate of 25-10,3 percent per annum will inevitably increase the cost overnight render educational forecast unless and throw. The Educational system into a state of disequilibrium unless some thing is done to provide social amenities and educational facilities with the rate at which the school enrollment is increasing. The banking sector as solid growth of any economy has vital role to play in educational financing.
Banking sector here includes the central bank of Nigeria the commercial banks, the merchant banks, and the development banks with their varying functions. The central bank issue notes and they are also lender of last resort, lend money to the government or print money to finance development projects in Enugu state. The commercial banks encourage trading activities through making the use of cheques and gives financial advice to educational institutions and support seminars workshops and sponsor educational development project like I.C.T project. The development banks support capital investment in education system and the entire economy. To this end, this study examines the various roles the banking industry can play in financing development project in Enugu state specifically in educational financing.
PROJECT TOPIC- IMPACTS OF BANKING INDUSTRY IN ENUGU STATE EDUCATION DEVELOPMENT
Statement of the Problem
Nwosu (2004) unequivocally states that the rate of expansion of Nigeria system of Education continue to give clear message of those that pays the source of revenue for education whether it would be from the private, public or external assistance. The increasing number of children in school which are growing presently at the rate of 25- 10.3 percent per annum will inevitably increase the cost over right and render the educational forces useless.
He further maintained that this appalling situation renders the educational system into failure and to remedy this problem, something should be done to provide social amenities and educational facilities with the rate at which the school enrollment is increasing. The banking sector as solid growth of any economy has vital role to play in financing education. Banking sector here includes the central bank of Nigeria, the commercial banks, the merchant banks, and the development banks with their varying functions.
Williams (2000) asserts that no nation can achieve her educational objectives or implement her educational programmes without adequate financing. He further stated that the usual explanation for throwing the door of teaching and learning process open has been the shortage of banks in financing the educational sector. Consequent upon this is the poor student performance in academic activities, terminal and exterminal examinations.
The reason for this may be as a result of lack of infrastructural facilities in the schools, lack of accommodation, Absence of functional library, poor motivation of teachers and students, poor environment for learning. Inadequate employment of teachers, lack of teaching aids, more importantly, inadequate instructional materials constitute the problem. However, adequate and effective financing of education by the banks is the only answer in a bid to rescue the school system from decaying. In view of the foregoing discussion and observation, therefore, the problem to be addressed in this study will be whether the role of banking industrial will lead to the development of Education in Nigerian economy?
Purpose of the Study
Central to the study is the examination of the roles of banking industry in development of education in Nigeria and future expected role in Nigeria educational development specifically the objective of the study include.
(1) To examine how banks finance educational system in Enugu state
(2) To examine the impacts of banks on the development of educational system in Enugu state
(3) To examine the general roles of banks in management and maintainers of schools in Enugu state. To examine how bank organize seminars and workshop and help train teachers, provide educational faculties on conjunction with the schools.
(4) Finally, to examine the expected roles of financial institution in development of education system in Enugu state.
Significance of the Study
This study is expected, through its findings to be beneficial to the following groups. Educational ministers commissioner’s principles and officers will improve.
Bankers on their own will be in long run beneficiaries of their financing the educational system. This is because, the effectiveness and effectively of the school system will determine in future the caliber angularity of personal the banks will have in the future for their management and polices.
The schools are the direct beneficiaries of educational financing by banks. The banks can finance education though plant expansion provision of educational facilities, organizing workshop and seminaries for teachers etc. all these will improve the efficiency and effectives of the school system.
Finally, the general public will benefit, it will show educational financing can be diversified and efficiency and effectiveness of educational service to the people improved.
Scope of the Study
This study was concerned with determining the roles of banking Industry in the development of Education in Nigeria economy. The study was delimited to ten (10) workers of commercial banks in Enugu State city. The study is designed to find out how banking Industry finances educational system in Enugu State and others.
Finally, it is also designed to determine the major impacts of banking Industry in Enugu State education development.
The following question will guide the study.
(1) How does the banking industry finance educational system in Enugu state?
(2) What are the major impacts of banking industry in Enugu state education development?
(3) What could be the expected roles of banks in educational system in Enugu state to enhance efficiency and effectiveness of education system?
(4) What are the roles financial of institution in development of educational system in Enugu State?
Impacts of banking Industry in Enugu State education development.