Business Finance in Less Developed Capital Markets

By Klaus P. Fischer; George J. Papaioannou | Go to book overview

indigenous clients and businesses, would ensure in a better manner the balanced growth of the economy, rural and urban, and of small, medium, and large-scale enterprises. In essence, the suggested package of measures would bring forth a much broader financial system that can more effectively harness investable funds for investment in a wider range of enterprises than in the case of the existing, very narrowly structured financial system.


NOTES
1.
Ojo ( 1974), chaps. 7 and 8. See also Ojo ( 1976), chaps. 5 and 6.
2.
Shaw ( 1973). chap. 4.
3.
For three detailed accounts of the poor performances of banking services to customers by bank employees, see Abiola Irele. "What Are Banks For?" The Guardian, October 15, 1986, p. 9.
4.
Ojo ( 1976), p. 28.
5.
Ojo ( 1974), chap. 4.
6.
See Ojo ( 1974, 1976), Ojo and Adewunmi ( 1982), and Okigbo ( 1983) for further analyses of some inadequacies of the Nigerian financial system.
7.
See Ojo ( 1974, 1976) for details on this recommendation. Also, see Nikoi ( 1986) for an interesting experience in developing a rural bank for a cocoa-farming community in Ghana.

REFERENCES

Alile H. I. ( 1984). "A Comparative Analysis of Capital Markets Development in the Less Developed Countries." Mimeo.

Bolton J. E. ( 1978). "The Financial Needs of the Small Firm." In The Banks and Small Businesses, ed. the Institute of Bankers, Cambridge Seminar, UK, 1978).

Fernando Edgar. ( 1986). "Informal Credit and Savings Organizations in Sri Lanka: The Chetu System." Savings and Development, Quarterly Review, no. 3: 253-263.

Nigeria, Federal Republic of. ( 1976). Report of the Committee on the Nigerian Financial System (Chairman: Dr. P. N. C. Okigbo). Lagos, December.

-----. Federal Military Government's Views on the Committee on the Nigerian Financial System. Lagos: Federal Ministry of Information.

Nikoi Gloria. ( 1986). "Rural Banking on the Rise." Development Forum, March: 5-10.

Ojo Ade T. ( 1976 and 1985). The Nigerian Financial System. Cardiff: University of Wales Press.

Ojo J. A. T. ( 1974). "Financial Sector and Economic Development, with Special Reference to the Nigerian Capital Markets." Ph.D. thesis, University of Wales.

Ojo Ade T., and Wole Adewunmi. ( 1982). Banking and Finance in Nigeria: A Study of the Role of Banking and Financial Institutions and Markets in a Developing Economy. Leighton Buzzard, U.K.: Graham Burn Publisher.

Okigbo Pius. ( 1983). "Reforming the Banking System for the 1990's." Lecture delivered at the Nigerian Institute of Bankers.

Osaze B. E. ( 1981). "Financing Small Rapid Growth Firms." Ph.D. thesis, University of Bath.

-53-

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