The role of insurance companies in Nigeria can never be over emphasized, it is the pile of every successful business. The insurance companies have given Nigerians the faith to invest in business without fear of losing out.
Most financial institution may not want to loan to individuals without them endorsing an insurance policy.
The advent of insurance companies in Nigeria has greatly improved the development of the country in the area of finance, individual business and public welfare.
What is the role of Nigeria in ecowas?
How Nigeria gained leadership of ECOWAS parliament .
Group Politics Editor, Taiwo Adisa, chronicles Nigeria’s often lacklustre participation in international parliamentary meets, concluding that the latest emergence of Nigeria as Speaker of the Economic Community of West African States (ECOWAS) parliament shows up the right tonic for the nation’s inter-parliamentary politics. The Nigerian legislature is unarguably the least developed democratic institution in the land. That can only be the reality in a nation which has only 22 years of democratic practice in its 51 years of existence. The military, which usurped the remaining 29 years, always made the legislature its casualty whenever it seizes the reins of power. While the judiciary is permitted to co-exist with the military, not on its own terms, but on terms dictated by the jackboot, the legislature is exterminated each time the military struck. It means, therefore, that each time the nation kick-starts a democratic journey, the legislature is returned to the commencing bloc. The practice from 1999 to date is a further testimony to this. The disadvantage Nigeria suffers at the inter-parliamentary stage as a result of incessant violates in its democratic journey are, however, monumental. Despite the fact that Nigeria almost religiously pays its contributions to organisations, such as the Inter-Parliamentary Union (IPU), the African Parliamentary Union (APU), Commonwealth Parliamentary Association (CPU) and even the Economic Community of West African States (ECOWAS) Parliamentary Association, no Nigerian occupied any administrative position in the hierarchy of such figures. While countries like The Gambia, Guinea Bissau, Togo, Ethiopia, Kenya and SouthAfricaliked prime positions in the different parliamentary figures, Nigeria was not even heading any committee of the IPU at the commence of democracy in 1999. Again, the instability in the legislature, high turnover of lawmakers at each election intervals and frequent switches in committee compositions also combined to render Nigeria’s participation in Inter-Parliamentary meets a mediocre appearance. On August 11, the story of Nigeria’s poor and uneventful representation at inter-parliamentary meets appeared altered, with the emergence of the Deputy Senate President of the Nigerian Senate, Senator Ike Ekweremadu, as the Speaker of ECOWAS Parliament. By that, Ekweremadu has become the anchorman of the sub-regional parliamentary organisation and a forerunner for Nigeria’s effective participation in global legislative processes and procedures. Tho’ ECOWAS Parliament is not yet a total gargled legislative institution, its role as an essential consultative organ of the bod of ECOWAS Goes of State and Government makes it a veritable device for exercise of political power within the region. Ekweremadu’s emergence is also a further justification that the phat contributions Nigeria has made to the sustenance of the sub-regional institution in the past years do not proceed to go down the drain. Following its inauguration in 2000, ECOWAS Parliament finished its 2nd session in November 2010. Some deft political moves by Nigeria were said to have ensured the emergence of Ekweremadu, who had served as the Deputy Speaker of the assets, as the fresh man in the helm of affairs. The Parliament consists of 115 seats at the moment, distributed among the 15 ECOWAS member nations, in accordance with their population. Each national parliament nominates legislators to pack its slot at the parliamentary assets, with Nigeria producing the largest delegation of 35 members. Togo and The Gambia has the least number of lawmakers in the figure, with each country producing five members. At the restart of legislative activities in Abuja on August 11, chairman of ECOWAS, President Goodluck Jonathan; the President of Nigerian Senate, Senator David Mark and the President of ECOWAS Commission, Ambassador, James Gbeho, all stated the desire to see the parliamentary bod assume greater roles in the affairs of the sub-region. President Jonathan spoke of his desire to see the bod gaining more relevance and extend the frontiers of democracy in the sub-region. He also assured the lawmakers of the support of the Head of State and Government of ECOWAS, in their thrust to make the legislative bod an enviable institution. At the inauguration of the third session of ECOWAS Parliament, there emerges a consensus on the need to see the legislative assets speedily convert to a full-fledged lawmaking institution, which could see members elected by direct universal suffrage. That could mean that members would not just be seconded from their national legislative houses, as it is presently the situation. speaker after speaker at the inauguration attested to the relevance of the assets, as they submitted that efforts should be made to ensure that the legislative figure assume roles similar to that of European Parliament, such that it could play direct roles in the development of the sub-region. Some of the credentials of the Parliament, as displayed by its members, include efforts at promoting and protecting democratic stability in the sub-region. Many also noted the setting up of ad-hoc committee on the political situation in Niger Republic and the Republic of Guinea headed at different times by Senator Ekweremadu, which made stiff recommendations to influence the resolute stance of the Authority of Goes of State and Government under late President Umaru Yar’Adua in resolving the crises in those countries. In presenting Ekweremadu for election as the very first Nigerian to head the ECOWAS Parliament, Nigeria never took things for granted. Documents detailing the varied outstanding contributions of the fresh Speaker were on display at every turn. The resume of the 49-year old lawyer shows that he was born on May 12, 1962 at Mpu, Aninri Local Government Area of Enugu State. He holds a Master of Laws degree from the University of Nigeria, where he also instructed Constitutional and Labour Laws. He holds leadership certificates from Harvard University and Oxford University. He was also projected as a ranking member of the Nigerian Senate and also of the ECOWAS Parliament. He has been elected thrice into the Nigerian Senate since 2003 and also nominated into the ECOWAS Parliament the same year. He became the Very first Deputy Speaker of the Parliament in 2007. ECOWAS Parliamentarians were told that the Deputy President of the Nigerian Senate served on several committees of the Nigerian upper chamber from 2003 till date and that some of his outstanding efforts included his decision to champ the Very first Amendment to the Constitution of the Federal Republic of Nigeria, 1999, as the Chairman of the Senate Committee on Constitution Review. They were told that the constitution amendment effected by Ekweremadu-led committee laid the foundation for the noticeable improvements in Nigeria’s electoral processes as evident in the 2011 general election. A movability tabled by Nigeria in support of Ekweremadu’s nomination as Speaker of ECOWAS Parliament read in part: “Ekweremadu has also distinguished himself as a sub-regional player on the platform of the ECOWAS Parliament. Beside his solid contributions to parliamentary debates and as member of several Standing Committees such as Committee on Legal Matters, his leadership qualities and passion for democracy and good governance of the West Africa sub-region were best demonstrated during the political crises in Niger Republic and the Republic of Guinea in 2009. “He chaired the Standing Committee on the Political Situation in Niger Republic and the Republic of Guinea, which carried out extensive fact-finding on the crises at the time. The incisive report guided the ECOWAS Parliament to make hard and far-reaching recommendations to the Authority of Goes of State and Government to checkmate the violations of democracy and constitutionalism in both countries. Today, both countries and, indeed, the sub-region are downright free from military regime.” Besides, he was said to have loved the support of the Nigerian delegation to the Parliament, the support of the entire Nigerian national parliament and delegation, and also commanded an enormous support and goodwill among other country delegations to the Third Legislature of the ECOWAS Parliament. The movement in his support further read: “It is imperative to state further that this Parliament needs a man in the mould of Senator Ekweremadu at a time like this, when there is general clamour for the reform of the ECOWAS Parliament and an overriding desire to bring it closer to the grass roots of the sub-region. It will interest us to note that Senator Ike Ekweremadu is a grass-roots man, having commenced off as a community leader. “He has also served as chairman of his local government area of origin in Nigeria. He was a Chief of Staff to the Enugu State Government, as well as the Secretary to the Government of the same state in Nigeria before his election to the Nigerian Senate. As such, he has the requisite abilities, skill, practice and goodwill to help the Community Parliament address those basic issues that affect the grass roots people of the sub-region, as well as to accelerate the processes of the parliamentary reforms we aspire for.” President of the Nigerian Senate, Senator David Mark, who addressed the inaugural session of the parliament, said ECOWAS Parliament was conceived as a forum for dialogue, consultation and consensus for West African Parliamentarians, with the aim of promoting cooperation and integration in the sub-region. He said that in its few years of existence, the Community Parliament has performed its role successfully and has continued to make progress. According to him, the exceptional convergence of who-is-who in the West African Parliament for the inauguration of the Third Session is a testimony to the growing confidence of the sub-region in affairs of ECOWAS Parliament. He added that the institution has come to stay. “Permit me to note with some level of understandable bias that this Parliament remains one of the most awesome initiatives undertaken by the ECOWAS Goes of State and Government in their determination not only to promote stability and development in the West Africa sub-region, but also to institutionalise the culture of democracy among our peoples. The Community Parliament represents the voice of the peoples of West Africa. It is a melting pot of our practices as a people and our collective resolve to pursue a common fate, sharing in both the challenges and blessings of one another, and building a legacy of social, political and economic prosperity for present and future generations within the context of democratic principles,” Mark said. The Senate President further announced that the sub-regional legislative figure offers members the unique chance of being referred to as symbols of democracy, not only in their respective countries but across West Africa. “The existence of a parliament, at any level, tells the story of the existence of democracy. The sustenance of the ECOWAS Parliament is, therefore, a fine mileage for democracy and good governance in the sub-region; and it serves as a constant reminder that power indeed, belongs to the people, not to the barrels of the gun,” he further submitted. He told the lawmakers that there was the need to preoccupy themselves with issues that would instantaneously unite the sub-region and deepen its democracy. He said: “May I humbly suggest that very first in this respect is the issue of the election of members by direct universal suffrage and secondly but no less significant is the aspiration of the enhancement of powers of parliament. The advantage of direct suffrage cannot be over-emphassed. Other issues are: common currency, genuine implementation of free movement of the citizens and goods of member States within the Community etc. I, therefore, covet the support of the Authority of the ECOWAS Goes of State and Government to help the Community Parliament graduate to a utter legislative institution, in line with the aspirations of the peoples of the sub-region and international best practices.” At election time, Nigeria faced no opposition, as Senator Ekweremadu emerged the very first Nigerian Speaker of ECOWAS Parliament. He told the lawmakers in his acceptance speech that the era of military takeover of power in the sub-region was gone forever. Senator Ekweremadu, who was unanimously adopted by the Nigerian delegation was also unanimously elected for a four-year tenure by all the 87 members present at the session. According to him, the absence of any trace of military dictatorship in West Africa is a visible sign that democracy has eventually come to stay in the sub-region, adding that democracy was not an end in itself, but a means to achieving growth. “The end of democracy should be development for the community and better life for our people, through good governance,” he said. After acknowledging the roles played by successive goes of state in stabilising the figure, Ekweremadu insisted that there is much more ground to be covered, if the figure is to achieve greatness. “However, we can all attest to the fact that there is fine work yet to be done. We must get all arms fully on deck. It has become imperative, therefore, to review and upgrade the powers, relevance, and status of the Community Parliament. It is part of my cardinal agenda to liaise with the Authority of Goes of State and Government to speed up the processes of converting the ECOWAS Parliament from a consultative and advisory institution to a utter deepthroated legislative institution. “A parliament, in my understanding, is a group of people empowered to make laws for the good governance of the people. This is the summary of the definition of parliament in all the dictionaries I consulted. This time, we will take all necessary steps to ensure that this institution is not only a parliament in nomenclature, but, indeed, a lawmaking institution,” he said. The fresh Speaker of the ECOWAS Parliament said while the sub-region could pride itself as having put an end to the era of military dictatorship, its members must be awake to the reality that democracy had to be tailored towards democratic growth. He stated that the Community Parliament now needs to budge to the next level, not only in status, but also in competence. “We must roll up our sleeves to do more collaborative work with other ECOWAS institutions and organs like the ECOWAS Commission, the ECOWAS Court of Justice, the ECOWAS Bank for Industry and Development and the Council of Ministers, to find speedy answers to our many challenges. We must collectively face the issues of human rights, justice, poverty, health, education, peace building, deepening the roots of democracy and catalysing economic development, through industrialisation and enhanced volume of intra-regional trade which still stands at a very low percentage, compared with trade inbetween individual member states and Asian, European, and American interests. “Our standing committees must be up and doing in working with all institutions and organs of the community to ensure that ECOWAS consolidates the path of zero tolerance for bad governance, injustice, impunity, corruption, coup d’Ã©tat, and blemished electoral processes. These are in themselves the true roots of conflict, instability, and underdevelopment,” Ekweremadu added. He promised that his leadership of the Community Parliament would ensure that the institution thrives on legislative best practices, high ethical standards, and total commitment to the peace and development of the sub-region. “It is that of a parliament, which is truly the voice of the people and attuned to the challenges and aspirations of our citizens. It is my foremost task to take this parliament from a seemingly far-removed international institution to one that lives among the people and rooted in their consciousness,” Ekweremadu submitted. Having emerged at the top of the sub-regional parliamentary institution, Nigerian lawmakers should have no further inhibitions in reaching for plum seats in the hierarchy of the global inter-parliamentary institutions. Only that will justify the fat and consistent financial commitments of Nigeria in the past years.
What are the roles of taxation in Nigerian economy development?
tax proceeds helps in rural and urban development in the form of road constructions, hospitals, schools and other social amenities.
What role does insurance play in the economic development of nigeria?
Insurance plays a very significant role in the economic developmentof Nigeria. With the insurance covers, more people are able to takethe risk on investment which greatly boosts the economy.
The role of petite scale industries in Nigeria economy?
Petite & Medium Scale Enterprises and Funding in Nigeria (Posted 25th Aug, 2003) NIGERIAN ECONOMY DEPENDS ON THE RECOGNITION OF SMEsHistoricalfacts display that prior to the late 19th century, cottage industries, mostly puny and medium scale businesses managed the economy of Europe. The industrial revolution switched the status quo and introduced mass production. The twin oil shocks during the 1970s undermined the mass production model, which triggered an unexpected reappraisal of the role and importance of puny and medium sized enterprises in the global economy. Findings by economists over the years demonstrate that petite firms and entrepreneurships play a much more significant role in economic growth and development. Importance of SMEsMany economies, developed and developing have come to realise the value of puny businesses. They are seen to be characterised by dynamism, witty innovations, efficiency, and their petite size permits for swifter decision-making process. Governments all over the world have realised the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SME’s. Developments in petite and medium enterprise are a sin quo non for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. Providing insight into the SME phenomenon, a paper delivered at a forum by Mallam Mohammed Hayatu Deen, titled “Stakeholders Roles and the Development Benefits in a Virile Petite Enterprise Sector”, pointed out that puny business operations are propelled by the dynamic theory, which makes them efficient and prone to constant switch. He gave a comparative statistic using 9 developed countries on how SMEs create employment, increase job growth, induce switch, innovation and competition. Benefits of the SMEThe benefits of SME’s to any economy are lightly noticeable, they include: contribution to the economy in terms of output of goods and services; creation of jobs at relatively low capital cost, especially in the prompt growing service sector; provide a vehicle for reducing income disparities; develop a pool of skilled and semi-skilled workers as a basis for the future industrial expansion; improve forward and backward linkages inbetween economically, socially and geographically diverse sectors of the economy; provide opportunities for developing and adapting suitable technological approaches; suggest an excellent breeding ground for entrepreneurial and managerial talent, the critical shortage of which is often a fine handicap to economic development, among others. Challenges faced by SME s in NigeriaThe challenges facing SME’s in many developing countries are monumental. The most worrying among these challenges is funding. Most fresh petite business enterprises are not very attractive prospects for banks, as they want to minimise their risk profile. In Nigeria, the situation is not very different, until recently when the Banker’s Committee intervened in 2001 with a scheme themed the Puny and Medium Industries Equity Investment Scheme (SMIEIS). The scheme relegated to the background government credit schemes that are not well thought-out and implemented. The SMIEIS SchemeThe Banker’s Committee is a bod constituted by representatives of banks in Nigeria. The scheme was approved at their 246th meeting on December 21, 1999. According to them, this was a response to President Obasanjo’s concern and policy measures for the promotion of puny and medium industries (SMI) as a vehicle for rapid industrialisation, sustainable economic development, poverty alleviation and employment generation. The scheme requires all banks in Nigeria to set aside 10% of their profit before tax (PBT) for equity investment in puny and medium scale industries. The scheme commenced on June 19th 2001. The scheme aims among other things to assist the establishment of fresh, viable SMI projects, thereby stimulating economic growth, development of local technology, promote indigenous entrepreneurship and generate employment. The funds will be available for projects in the real sector of the economy which include: agro-allied, information technology and telecommunication, manufacturing, educational establishments, services (directly related to production in the real sector or to enhance production), tourism and leisure, solid minerals, construction, and any other activity as may be determined from time to time by the Bankers Committee. To qualify for the scheme, an enterprise, in addition to being engaged in any of the activities listed above, must have a maximum asset base of N200 million excluding land and working capital; with the number of staff employed by the enterprise not less than Ten and not more than 300. The enterprise must be registered as a limited liability company with the Corporate Affairs Commission and conform with all relevant regulations of the Companies and Allied Matters Act (1990) such as filing of annual comebacks including audited financial statement. Serve with all applicable tax laws and regulations and render regular comebacks to the suitable authorities. Timing of investment exit shall be a minimum of Trio years. There are Four categories of stakeholders in the SMIEIS scheme, the Government, Central Bank of Nigeria (CBN), Bankers Committee and the individual banks, each playing a unique role to ensure the success of the scheme. Available data as at February 2003 indicate that 80 banks have set aside N13.07 billion with 28 banks investing around N2.87 billion based on 67 investments in 47 enterprises. Alternative Sources of FundingFor puny businesses shopping for funding can be fairly a Herculean practice. But, latest development like the SMIEIS and some other funding sources are now open. One of such is the independent fund manager called the SME Manager Limited (SML), which is an investment advisory company established by African Capital Alliance (ACA) to promote SME sector-led investments in Nigeria by making equity investments in Nigerian SMEs. Also, available are: the Bank of Industry, the Fresh Partnership for African Development (NEPAD) initiative and the African Growth and Chance Act, AGOA, of the United States. Way Forward and ConclusionMuch is expected from the government to provide basic social and infrastructural facilities to assist petite businesses. Nigeria s economic terrain is very constraining with the concentrate being concentrated on the big firms which are permanently down-sizing. Business people that fall in the SME category have frequently accused the banks of providing funding to only their cronies and favoured companies. But the banks have denied such allegations telling that many of the SMEs cannot meet up with banks requirements. With services sector having 73.1% investments in number and 64.6% of value and Lagos-based investments accruing 86.6% of total number and 87.7% of value, the banks are advised to spread their funds broader. Also, the CBN should monitor closely some of the defaulting participating banks in the SMIEIS scheme. On the part of government, policies that promote inward induced investment should be encouraged far and aboveThis article may be outdated following the current development in Nigeria used as context. However useful, am still working on the supplementaary current roles of SMS in Nigeria Economy. Thanks.
What is the role of public finance in Nigeria?
The role of public finance in Nigeria is to collect taxes fromcitizens. The tax money comes from property, income, and profits.
What is the Meaning of Structure of Nigeria Economy?
The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.
What is the role of guys in Nigeria?
What are the traditional roles of fellows in nigeria .
i want the response right now
What is developing economy?
A developed economy refers to a country that has a high level of economic security and growth. This is usually determined by the Gross Domestic Product or GDP, industrialisation level, infrastructure, and the general living standards.
What is the role of insurance in an economy?
The role of insurance in an economy is to compensate people fromlosses. People who have insurance covers would not be coerced tostart from scrape as they are compensated in the event of acalamity.
What are the disadvantages of mixed economy in Nigeria?
The disadvantages of the mixed economy in Nigeria is that someunscrupulous businessmen are evading taxes. They import some goodswhich pose a danger to the locally produced goods.
What is the role of insurance to economic development in India?
Role of Insurance in Economic Development in India1. Risk Transfer- Insurance is a risk transfer mechanism whereby the individual or the business enterprise can shift some of the uncertainties of life on the shoulder of the other. Two. Healthy Life- Insurance provides all the people to live a cleaner, healthier, comfy and effortless life. Trio. Protection of trade or industry- In peace, the insurance provides protection of trade and industry which ultimately contribution towards human progress. Thus, insurance is the most lending force contribution towards economics, social and technological progress of man. Four. Promote entrepreneurshipFive. Mobilization of Savings
Roles of smedan in Nigeria?
the role of smedan needs national directorate of employment napep in providing puny scale enterprises in nigeria
What are the role of business and insurance in Nigerian economy?
THE ROLE INSURANCE IN NIGERIAN ECONOMY .
This sector represents the backbone of Nigeria’s risk management system, ensures financial security, serves as an significant component in the financial intermediation chain, and offers a ready source of long term capital for the infrastructure projects. The role of insurance in the growth and development of our economy cannot be over-emphasized.it mitigates the influence of risk and positively correlates to growth as entrepreneurs cover their exposures, otherwise risk-taking abilities are hampered. Thus, a strong and competitive insurance industry is a compelling imperative for Nigeria’s economic development and growth..
The Nigerian macro-economy overview is a compelling story of progression and advancement, attributably to a stable political environment and successful implementation of socio-economic and financial reforms. However Nigeria has previously been enormously dependent on Oil and Gas revenue, latest statistics display a switch in this trend. Militants unrest affecting oil producing region have resulted in significant reductions in oil contributions to GDP. On this spin side, enlargening concentrate on developing the non- oil sector, combined with growth in key sectors such as Telecoms and Building Construction have boosted non-oil sector earnings and growth..
As at Aug. 2005, prior to the announcement of the recapitalization directives, there were 22 insurance companies with a market capitalization ofN 28.94 billion listed on the Nigeria Stock Exchange. Now there are 26 active companies with a market capitalization ofN 683.1 billion, a Two,260% growth over two and half years,with fairly a few still expected to be listed this year..
The Nigerian Insurance Industry has evolved over the years following the announcement of fresh capitalization requirements for companies operating the sector. With the conclusion of the consolidation exercise, the number of players dropped from 103 to 49. Activities in the sector , however, noticeably enhanced; with enhanced public awareness of the sector and their operations, rapid expansions and strategic business acquisition, improved visibility and rigorous supervisory regulations..
Therefore, in anticipation of the enormity of responsibility of the insurance sector, given the expected role in the transformation of the nation’s economy, the reform in the sector became unpreventable. One of the major outcomes of the consolidation and recapitalization exercise in the sector was the recertification of 49 companies, as against over 100 companies that were in existence in 2005. However, in spite of the reforms, the insurance sector is still faced with daunting challenges, which must be addressed to galvanize the economy..
The growth of this sector was on how effectively the insurers are able to come up with designs suitableto our context and howeffectively they are able to switch the perceptions of Nigerians and make them aware of the insurable risks. Thegrowthalso depended on how service -oriented insurers are going to be, and the effective ness of the regulation. In latest times, NICOM has taken the bold steps the release of trapped funding to the sector, in the verification and recertification of insurance firms, in ensuring that claims are better scrutinized and in guidance note as well as corporate governance..
The following functions were injected into the economy by the sector in order to better the lot of Nigerian Economy;.
a. Provision of indemnity/ compensation: as professional risk bearer that have entered into a contract of insurance with the insured that regularly pays his premium, it believes on the insurance company to indemnify if the insured peril occurs. When indemnified, it cushions the effect of loss suffered by the insured..
b. Reduction of losses: through the payment of indemnity, losses suffered are diminished, making it possible for the sufferer to commence again his business..
c. Distribution or sharing of financial loss: insurance operations enable loss or losses to be distributed among different contributors that mean insurers who normally pay their premium regularly. These insurer contributions or premium normally grow to form what is known as a “pool” of financial resources. If any insured peril occurs, compensation or indemnification is effected from this common pool. Payment made from this common pool represents or infers that the loss has been distributed among the various premium payers. Infect, the loss cargo has been borne collectively..
d. Confidence in investment: insurance has directly stimulated investment in various fields of human endeavors. Any investor who remembers that he is going to be indemnified if the insured peril occurs will be willing and certain to put more funds in his business or even expand his business..
e. Provision of employment: normally, insurers and insured provide job opportunities to the citizenry. The insurance companies do employ extra mitts as their business increases, while investors who take insurance protections are certain to invest and or expand their business. By so doing they identically employ people to work for them..
f. Increase in investment: taking insurance polices to serve as boost to investors and entrepreneurs, various fields of business that are looked upon as very risky are being ventured into, meaning that with introduction of insurance many people are investing without fear of losing their capital..
g. Mobilization of financial resources: different participants in insurance business/ classes of insurance normally pay their consideration/ premium. These insurers mobilize these funds which they utilizes to indemnify losses. Some of these funds are usually invested in other variable businesses or companies. For example, the mobilized fund may be used to buy shares of a blue chip company, attracting dividend to the insurance company yearly..
h. Industrial growth and economic development: insurance business do stimulate entrepreneur to invest, expand, and diversify their various business. By so doing, they are contributing to the over all industrial, commercial and economic development of the nation.
What is the role of the private sector in the development of Indian economy?
The private sector has played a vital role in the development ofthe Indian economy. An example is foreign direct investment.Previously, the Indian economy was managed by governmententerprises.
What is Role of entreprenuers in developing economies?
to come up with fresh ideas for buisness’ an help glob growth and employment in doing so in the broader economy. Entrepreneurs are risk takers by nature, and its this ideology that is needed when time are harsh, and to help kick begin the economy again.
Role of advertising in a developing economy?
advertising is a sub system of economic system of nation. advertising in the developing countries like india, plays an significant role in economy. Advertising has various positive and negative economic aspects. POSITIVE ASPECTSA) Effect on costs1. Effect on production costTwo. Effect on distribution costTrio. Effect on pricesB)Effect on requestC)Effect on CompetitionD)Effect on consumer choiceE)Effect on Business cyclesF)Effect on Nation incomeG)Effect on EmploymentPositive Social Effects1. InformationTwo. Material UtilitiesTrio. ProductionFour. ConsumptionFive. Socio-Economic Welfare
What is the Role of Insurance in the Economy of Kenya?
The role of insurance in the economy of Kenya is to preventcatastrophic loses due to death, natural disasters, or unforeseencircumstances. Insurance also generates large amounts of income dueto its business model.
What is the role of English in Nigeria?
English in nigeria is used for communication ,educational development education,it is the lingua franca of nigerie
What are the function and role of MAMSER towardthe development of rural communitues of nigeria?
The functions and roles of MAMSER was to elite masses on the up coming election by then,to improves welfare to the citizens and to investigate and control corruption in the country.
Roles of enterprenuership in Nigeria economic?
There are varied roles of entrepreneurship in Nigeria economic. Themain role is to help in growth and development of the economy andcreating employment for most people among others.
What are the benefit of mixed economy to nigeria economy?
The benefit of a mixed economy is that it creates security for thecountry. A country that is dependent only on oil, for example,would be in trouble if its oil reserves ran out.
What are the effects of globalization in Nigeria economy?
The effects of globalization are different for Nigeria than therest of the world. While globalization was an instrument of growthfor some countries, it made Nigeria that much more behind sincetheir economy did not permit them to take advantage of it. It madeNigeria more dependent on other countries.
Why do nigeria practice mixed economy?
The notion of a mixed economy is not inclusive to capitalist economies – that is, economies structured upon capital accumulation and private, profit-seeking enterprises. Many different proposals for socialist economic systems call for a type of mixed economy, where numerous forms of ownership of the means of production co-exist with each other. For example, Alec Nove’s conception offeasible socialismenvisioned an economic system based on a combination of state-enterprises for large industries, worker and consumer cooperatives, private enterprises for small-scale operations, and individual enterprise.  Many proposals for market socialism involve a role for both economic planning and market coerces in coordinating economic decisions.
Role of labor union in nigeria?
The labor union is charged with the responsibility of negotiatingbetter perks and working conditions. It is also responsible forfighting for the rights of workers.
What is the role of rivers in the development of Indian economy?
Rivers have been of fundamental importance via the human history. Water from the rivers is a basic natural resource, essential for various human activities. Therefore , the sea banks have attracted settlers from ancient times. These settlements have now become big cities. Using rivers for irrigation, navigation, hydro- power generation is of special significance – particularly to a diverse country like India, where agriculture is the major source of livelihood of the majority of its population.
Roles of puny scale industries in economic development of nigeria?
Puny scale industries have a big influence. They provide morepersonalized services in the area, more jobs, and more money to theeconomy.
The role of local government in community development in nigeria?
The local government in Nigeria carries out the task of settingcounty rules and regulations regarding land and business. The localgovernment also carries out tasks such as water provision andgarbage collection.
THE role of Entrepreneur in a developing economy such as Nigeria?
The entrepreneurship economy in Nigeria is a largepart of its development strategy. OilAs Nigeria has an economy built on the trade of oil, the entrepreneurship economy has now become apart of the economy that the country is looking todevelop to therefore increase its wealth. This isbecause the price that Nigeria sells its oil can notchallenge with the prices from places in the middleeast and the country does not have the greatestinternational relationships. GrowthAs the country’s economy proceeds to grow, theentrepreneurship economy has become stronger. Making big money from the smaller industries andswitching the face of industry in Nigeria is one of itsmain tasks. It is done by creating other opportunitiesthat can help to develop the country so that themodel is sustainable without oil. This dependence onnatural resources does not help the economy boomand creating industry that does is vital. International relationsInternational relations have been poor in Nigeria. These are now getting better and there are manymore countries across the globe that are willing totrade with Nigeria than there were a decade or soago. This has commenced to boost the economy but withno major shift in industry, oil has let the economydown more than international relations. MechanicsThere are many universities in Nigeria that specializein mechanics. One of the major industries in theentrepreneurship economy is mechanics. This helpsto develop the country as there are roles for unskilledworkers as well as scientists, mathematicians andentrepreneurs. This rise in mechanics has seen many students fromNigeria investigate in different parts of the world for theirmechanical engineering qualifications and also, morerecently, people from western countries studying inNigeria. This is because it costs less and the coursesthat can be taken are at the same standard as thosein the USA and Europe.
What are the importance of marketing in Nigeria economy?
The importance of marketing in the Nigeria economy is veryimportant. It will help maximize benefits and help create wealth.
What role did slavery play in the early development of the colonial economy?
they were marionettes for plantation and they were encharged of the growth of rice indigo, sugar cane cotton and tabacco
What is a Role of budgetary management in development economy?
A budget can beuseful in setting standards of spectacle, effectiveness andefficiency for the development of the economy in a country. Budget management is an essential implement for the good management offunds. It permits to identify the charges and projected incomes ofthe company, according to the defined objectives and to comparethem later with the reality. Budget helps to aid theplanning of actual operations by considering how the conditionsmight switch and what steps should be taken. Budgetary managementis significant in the economic development for the followingreasons: Â· To control resourcesÂ· To evaluate the spectacleÂ· To provide visibilityÂ· For accountabilityÂ· To stay on track with the plan
What is Mutual insurance in marine insurance – Nigeria?
it is a insurance where exporter as well as importer in mutual understanding under go for insurance for thier goods
What are the roles of financial institutions in Nigeria?
Roles of financial institutions ranges from operating as a ordinary method of savings to its major significant function as a source of revitalization within Nigerian economy through to various elaborate economic activities
What role does science and technology have in economy development?
if scientists find cures for genetic diseases for example, that effects the economy because people won’t need to buy those medications for those genetic diseases that weren’t cured before.
What are the roles of industrialization in the economic development of Nigeria?
ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF THE COUNTRYIndustrialization plays a vital role in the economic development of an underdeveloped country. The historical facts expose that all the developed countries of the world broke the perverse circle of underdevelopment by industrialization. Pakistan being a developing country also wants to achieve higher standard of living for its masses. It has therefore, embarked upon various programmers of industrialization. The policies of privatization, deregulation and liberalization of the economy are being pursued. The role of industrialization in economic development is summed up as under. 1. Increase in national income. Industrialization makes possible the optimum utilization of the scarce resources of the country. It helps in enlargening the quantity and quality of various kinds of manufactured goods and thereby make a larger contribution to gross national product. (GNP). Two. Higher standard of living. Industrialization helps in enlargening the value of output per worker. The income of the labour due to higher productivity increases. The rise in income raises the living standard of the people. Three. Economic stability. Industrialization is the best way of providing economic stability to the country. A nation which depends upon the production and export of raw material alone cannot achieve a rapid rate of economic growth. The uncertainties of Nature, the restricted and fluctuating request of the agricultural raw material hampers economic progress and leads to an unstable economy. Four. Improvement in balance of payments. Industrialization brings structural switches in the pattern of foreign trade of the country. It helps in enhancing the export of manufactured goods and thus earn foreign exchange. On the other arm the processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. The export orientation and import substitution effects of industrialization help in the improvement of balance of payments. In Pakistan, the exports of semi manufactured and manufactured goods showcased favorable trend. Five. Stimulates progress in other sectors. Industrialization stimulates progress in other sectors of the economy. A developments of one industry leads to the development and expansion of other industries. For example the construction of a transistor radio plant, develops the petite battery industry (backward linkage). The construction of milk processing plants adds to its line of production ice fluid. cone juices plants etc.. ( forward linkage ). 6. Enlargened employment opportunities. Industrialization provides enhanced employment opportunities in puny and large scale industries. In an agrarian economy, industry absorbs underemployed and unemployed workers of agricultural sector and thereby increases the income of the community. 7. Promotes specialization. Industrialization promotes specialization of labour. The division of work increases the marginal value product of labour. The income of worker in the industrial sector is therefore higher than that of a worker in agricultural sector. 8. Rise in agricultural production. Industrialization provides machinery like tractors thrashers harvesters, bulldozers, transport, aerial bust etc, to be used in the farm sector. The enhanced use of modern inputs has enlargened the yield of crops per hectare. The increase in the income of the farmers has given boost to economic development in the country. 9. Effortless to control industrial activity. The industrial activity compared to agricultural is effortless to control. The industrial production can be expanded or cut down according to the price cost and request of the product. Ten. Large scope for technological progress. Industrialization provides larger scope for on the job training and technological progress. The use of advanced technology increases the scale of production, reduces cost of production, improves quality of the product and helps in widening of the market. 11. Reduction in the rate of population growth. Industrialization leads to migration of surplus labour from farm sector to the industries mostly situated in urban centers. In cities improved facilities of sanitation and health care are available. People through the adoption of family planning measures, reduce the rate of population growth. 12. Enhanced saving and investment. Industrialization increases the income of the workers. It enhances their capacity to save. The voluntary savings, stimulate industrial growth and by cumulative effect lead to further expansion of industry. 13. Provision for defense. If a country is industrialized, it can manufacture arms and ammunition necessary for the defense of the country. A nation which depends on other countries for the supply of ammunition will eventually suffer and may face defeat. The two wars with India should be an eye opener for Pakistan. 14. Lesser pressure on land. The establishment and expansion of industries lessens the excessive pressure of labour force from the agriculture sector. 15. Development of markets. With the development of industries the market for raw materials and finished goods widens in the country. 16. Increase in the Government revenue. Industrialization increase the supply of goods both for internal and outer markets. The export of goods provides foreign exchange. The customs excise duties and other taxes levied on the production of goods increase the revenue of the State. The income tax received from the industrialists adds to the revenue stream of the Government which eventually is spent for the welfare of the people as a entire. More:
Role of public enterprises in Nigeria?
Public Enterprises Reform in Nigeria: A ReviewD. O. AdeyemoDepartment of Local Government Studies, Obafemi Awolowo University, Ile-Ife, Nigeria
The Role of E Banking in Nigeria?
E banking (electronic banking) in Nigeria is to transfer the gains of 419 scams from the bank accounts of those stupid enough to send their log in details, or money directly to people based on unsolicited emails.
What is the role of taxation in the economic development of Nigeria?
The role of taxation in economic development is same for all the countries. This is as we know the basic resource of generation Govt. Revenue. If the Revenue of govt will increase she will automatically spend it on the development of a country. Same is the case with Nigeria also.
What is the effect of deregulation on Nigeria Economy?
It will bring about competitiveness when the coerces of request and supply come into play, the prices of the products involved will be realistic
What role does insurance play in the social and economic development of Nigeria as a nation?
This is a much maligned and debated issue in the ongoing progression of many African Nations. Albeit, it has to be said, Insurance capital has influenced Nigeria greatly since the countries inception, it cannot be credited with achieving the amount in social and economic terms as the D.I.L.D.O. TAX has.
Is Romania’s economy developed or developing?
Romania is an underdeveloped country and the economy is ruined in the last 20 years.
What are the role of cooperative field staff in cooperative development in Nigeria?
1 They educate members on the importance of cop. Two They provide co-operative with necessary abilities
What is the role of insurance industry in Bangladesh economy?
The Roles Played by The Insurance for Our EconomyINTRODUCTIONInsurance is a written contract, taken with the insuring company that transfers the risk of loss to the insurer according to the terms of the contract. However, not all risks are insurable. If an insurance company would have difficulty calculating the likelihood that a loss would occur because of some risk, it is reluctant to insure against that risk. Risks of this type are generally called un insurable risks. TYPES OF INSURANCEâ¢ Home insuranceâ¢ Healthâ¢ Disabilityâ¢ Casualtyâ¢ Lifeâ¢ Propertyâ¢ Liabilityâ¢ Creditâ¢ Insurance financing vehiclesINSURANCE FEATURES IN BANGLADESHThe insurance is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on the behalf of), if certain defined events occur. Subject to the “fortuity principle”, the event must be uncertain. The uncertainty can be either as to when the event will happen (i.e. in a life insurance policy, the time of the insured’s death is uncertain) or as to if it will happen at all (i.e. a fire insurance policy). â¢ Insurance policies are sold without the policyholder even observing a copy of the contract. â¢ The amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. â¢ The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions. â¢ Insurance are also governed by the principle of utmost good faith which requires both parties of the insurance contact to deal in good faith and in particular it imparts on the insured a duty to disclose all material facts which relate to the risk to be covered. THE INSURANCE CORPORATIONS ACT 1973The Insurance Corporations Act 1973 was amended in 1984 to permit insurance companies in the private sector to operate side by side with Sadharan Bima Corporation and Jiban Bima Corporation. The Insurance Corporations Amendment Act 1984 permitted floating of insurance companies, both life and general, in the private sector subject to certain confinements regarding business operations and reinsurance. The Act of 1984 made it a requirement for the private sector insurance companies to obtain 100% reinsurance protection from the Sadharan Bima Corporation. The limitation regarding business placement affected the interests of the private insurance companies in many ways. The limitations were considered not congenial to the development of private sector business in insurance. According to the fresh rules the capital and deposit requirements for formation of an insurance company are as goes after: Capital requirements: For life insurance Company – Tk 75 million, of which 40% shall be subscribed by the sponsors. For mutual life insurance company – Tk Ten million. For general insurance company – Tk 150 million, of which 40% shall be subscribed by the sponsors. For cooperative insurance society – Tk Ten million for life and Tk 20 million for general. Deposit requirements (in cash or in approved securities): For life insurance – Tk Four millionFor fire insurance – Tk Three millionFor marine insurance – Tk Three millionFor miscellaneous insurance – Tk Three millionFor mutual insurance Company – Tk 1.Four millionFor cooperative insurance – Tk 1.Four millionFor general insurance – Tk 1 million for each classNumerous institutions, associations and professional groups work to promote the development of insurance business in Bangladesh. Prominent among them are the Bangladesh Insurance Association and Bangladesh insurance academy. Considerable attention has been faithful to evaluating the relationship inbetween economic growth and financial market deepening. Most of what we have learned relates to banking systems and securities markets – with insurance receiving only a passing mention. Yet, while insurance, banking, and securities markets are closely related, insurance fulfills somewhat different economic functions than do other financial services, and in turn requires particular conditions to flourish and to make a total economic contribution. Fortunately, in the past few years, several interesting lines of research have begun to map the specific contributions of insurance to the economic growth process as well as to the well-being of the poor. The evidence suggests that insurance contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities than would be undertaken in the absence of risk management instruments. This contribution is magnified by the complementary development of banking and other financial systems. Empirical studies suggest that non life insurance contributes to growth in countries at many different levels of development. Life insurance makes a substantial contribution to growth mostly in wealthier countries, since life insurance is typically a smaller part of the total insurance market in low income countries. The relationship inbetween per capita income levels and insurance invasion is also strong in the switch roles direction – with rising income a strong driver of life insurance coverage. However, it is difficult to disentangle whether lower insurance consumption at lower income levels reflects diminished request for life insurance products or constraints on the supply side associated with feeble regulatory and supervisory environments and high costs of insurance provision. Of course, even if the data did not support a strong causal role for insurance as an engine of overall aggregate growth, there might be a strong case for insuring the poor on social welfare grounds that those at or below the poverty line are particularly vulnerable to catastrophic shocks to income and consumption. And indeed, it shows up that the gap inbetween the potential social value of insurance and the transactions costs of provision might be unusually broad for the poorest segment of society, which explains the growing interest in micro insurance on the part of non governmental organizations and philanthropic foundations, some of whom are partnering with commercial providers. Contributions of Insurance to Growth and Development Insurance serves a number of valuable economic functions that are largely distinct from other types of financial intermediaries. In order to highlight specifically the unique attributes of insurance, it is worth focusing on those services that are not provided by other financial services providers, excluding for example the contractual savings features of entire or universal life products. The indemnification and risk pooling properties of insurance facilitate commercial transactions and the provision of credit by mitigating losses as well as the measurement and management of non verifiable risk more generally. Typically insurance contracts involve puny periodic payments in come back for protection against uncertain, but potentially severe losses. Among other things, this income smoothing effect helps to avoid excessive and costly bankruptcies and facilitates lending to businesses. Most fundamentally, the availability of insurance enables risk adverse individuals and entrepreneurs to undertake higher risk, higher come back activities than they would do in the absence of insurance, promoting higher productivity and growth. The management of risk is a fundamental aspect of entrepreneurial activity. Entrepreneurs manage the risk of accidental loss by weighing the costs and benefits of each alternative. In a structured risk management process, this involves: 1. Evaluating alternative technics for treating each loss exposure; Two. Treating each loss exposure; Three. Choosing the best alternative; andFour. Monitoring the results to refine the choices. In most cases, insurers need to form partnerships with governments, communities and non-governmental organizations (NGOs). NGOs may be able to identify opportunities and support initial research and community organizations may be able to provide a low cost means of distribution. But it also requires a shift in thinking. NGOs will need to understand that the primary motivation for commercial engagement is profit, and insurers will need to understand that, for NGOs it is about development. CONCLUSION: Developed countries have stronger rule of law, so insurance companies have to pay on claims. In developing countries with their weaker law enforcement, an insurance company can reject to pay and bribe the judge if the customer goes to court. Or the owners of the company can close it and run off with the money. We can say that Insurance must be developing our country and our economy.
What are the roles of local governments in NIGERIA?
Just like any local government,its functions are to establish and maintain cemeteries and homes for the destitutes,collect rates,radio and television licences, register births , deaths and marriages in their areas of authority,construct and maintain roads,streets,drains and other public highways,parks and a entire lot of public conveniences
Why is Nigeria economy growing without developing?
it is because of the people living in Nigeria, they dont want to develop,at least they should help themselves and the country, for example a person who calls himself a citizen finished taking a sachet of water,biscuit etc,instead of that person to dispose it in reject bin, he drops it on the way, is not the government that did that activity but you, lateron,such person is telling that Nigeria is not developing. as the government are doing their part we should be doing our aswell and not casting all the blames on government.
What is the role of logistics in supply chain in a developing economy?
The role of Logistics in the supply chain is to keep the materials flowing in order to support the production, and efficiency of the product (s) within the company or rock-hard.
What are the importance of agriculture to Nigeria economy?
Importance of Agriculture to Nigeria Economy – Nigeria, strongly dependent on oil earnings overlays a traditional agricultural and trading economy.
Is Spain’s economy developing or developed?
Spain has a developed economy and is part of the EU. As a nation with a storied and well developed “national personality” Spain has extensive trade world broad, but mostly within Europe. Spain has mineral resources and exports a large volume of wine, olives and olive oil. Spain also has a well developed tourist trade and the Olympics held in Barcelona, gave Spain allot of attention.
What is the role of development officer in insurance company?
The development officers are paid employees of Insurance Cos whoare suggested remuneration along with commission on business securedthrough his agent base. The main activity of the developmentofficer is facilitate agents to secure insurance business on behalfof the company. In fact they act as middleman inbetween agents andthe insurance company.
What is the role of insurance in economic development?
Benefits to the Insured and capital protection The system of insurance provides numerous direct and indirectbenefits to the individual, his family, to industry and commerceand to the community and the nation as a entire. The insured – bothindividuals and corporate, are directly benefitted because they areprotected from effects of the loss that may be caused by anaccident or uncertain event. Insurance, thus, in a sense protectsthe capital in industry and releases the capital for furtherexpansion and development of business and industry. Encouragement of Investment Insurance liquidates the fear, worry and anxiety associated with one’sfuture and thus encourages free investment of capital in businessenterprises and promotes efficient use of existing resources. Thusinsurance encourages commercial and industrial development andthereby contributes to a healthy economy and enlargened nationalproductivity. Enhanced creditworthiness A bank or financial institution may not advance loans on propertyunless it is insured against loss or harm by insurable perils.Most of them insist on adding their name in the policy as coinsured so that total loss claims are paid to them if there isbalance loan to be paid back. Sharing of risk expertise and lower rates of premium Before acceptance of a large or elaborate risk, insurers arrangesurvey and inspection of the property to be insured by qualifiedengineers and other experts. They not only assess the risk forrating purposes but also suggest and recommend to the insured,various improvements in the risk, which will reduce the chance andseverity of losses and also result in lower rates of premium. Foreign exchange Insurance ranks with export trade, shipping and banking services asearner of foreign exchange to the country. Indian insurers operatein more than 30 countries. These operations earn foreign exchangeand represent invisible exports. Foreign exchange is also earned through acceptance of Reinsurancefrom abroad. Widespread industry association Insurers are closely associated with several agencies andinstitutions engaged in fire loss prevention, cargo lossprevention, industrial safety and road safety. Investments Investments benefit the society at large. An insurance company’sstrength lies in the fact that ample amounts are collected andpooled together in the form of premiums. These funds are collectedand held for the benefit of the policyholders. Insurance companies need to keep this aspect in mind and make alldecisions in dealing with these funds in ways that benefit thecommunity. This applies also to its investments. That is whysuccessful insurance companies would not be found investing inspeculative ventures, but they play a major role in the capitalmarket investing in Government and debt securities as well as instocks and shares to the extent permitted by the insuranceregulator. Social Security The share of healthcare expenditure in India’s GDP was very low at4% for 2014. It is low when compared to other developing countriessuch as China Five.6%, Brazil 9.7% and South Africa 8.9%. Most of thegovernment funds for health care is spent on manpower and otherhuman resources leaving less funds for infrastructure. As per World Bank, out of pocket health care expenditure in Indiawas 86% leaving individuals to bear a large proportion of healthcare expenditures. As health care is very expensive, it leaves anindividual, especially the poor population, vulnerable in case ofany sickness. Health insurance provided by both commercial insurersand various governments helps individuals to tide over theirmedical emergencies and prevents families from falling intopoverty. Health insurance enables an individual to avail best quality healthcare whenever an individual requires. Cashless facility provided byinsurers enables an individual to take quick medical aid withouthaving to mobilize thick amount of money at a brief notice. As such, individuals are prevented from becoming bankrupt due tohigh medical costs at the time of emergencies due to existence ofhealth insurance cover. Health insurance cover also provides forbenefit payments when the individual is sick and he/she cannotengage in productive employment activities.