An Evaluation of the Business and Financial Performance of a Business Organization in Nigeria Between 2008 and 2010: a Research Analysis of First Bank of Nigeria Plc
AN EVALUATION OF THE BUSINESS AND FINANCIAL PERFORMANCE OF A BUSINESS ORGANIZATION IN NIGERIA BETWEEN 2008 AND 2010: A RESEARCH ANALYSIS OF FIRST BANK OF NIGERIA PLC
1. INTRODUCTION
In analyzing the management and financial performance of a Nigerian company- First Bank of Nigeria Plc, in the last three years covering year 2008 to 2010, this analysis intend to give a brief overview of the Nigerian economy during the period and with a focus on the banking sector generally but zeroed - in on the First Bank of Nigeria Plc performance during the period under review.
2. THE NIGERIAN ECONOMY
1. HISTORICAL ANTECEDENTS
The Nigerian economic structure is largely based on oil. This is in spite of the country’s great potentials in agriculture and solid minerals which were largely neglected and unexploited. Ironically the pre- and post- independence era of the country, Nigerian economy was robustly agricultural based and dependent until the discovery of the black – gold - oil, which seems to be the bane of development. Similarly, the Nigerian economy has stumbled for years due to political unrest, corruption and poor fiscal policies. However, since the restoration of the democracy and introduction of some economic reforms, the country is returning to growth at a fast pace.
The Nigerian economy is reported by the International Monetary Fund (IMF) as one of the most developed economies in Africa, projected as the second fastest growing economy in the world, with tremendous potentials to outperform other African economies in the near future. In the same vein, by the United Nations (UN) classification, Nigeria is a middle income nation with developed financial, communication and transport sectors. All these with its prime position as the second largest stock exchange market, the Nigerian is rated as one of the most developed economies in Africa.
2. THE STRUCTURE
Coincidentally, owing to the surge in the international oil prices, Nigeria
1. INTRODUCTION
In analyzing the management and financial performance of a Nigerian company- First Bank of Nigeria Plc, in the last three years covering year 2008 to 2010, this analysis intend to give a brief overview of the Nigerian economy during the period and with a focus on the banking sector generally but zeroed - in on the First Bank of Nigeria Plc performance during the period under review.
2. THE NIGERIAN ECONOMY
1. HISTORICAL ANTECEDENTS
The Nigerian economic structure is largely based on oil. This is in spite of the country’s great potentials in agriculture and solid minerals which were largely neglected and unexploited. Ironically the pre- and post- independence era of the country, Nigerian economy was robustly agricultural based and dependent until the discovery of the black – gold - oil, which seems to be the bane of development. Similarly, the Nigerian economy has stumbled for years due to political unrest, corruption and poor fiscal policies. However, since the restoration of the democracy and introduction of some economic reforms, the country is returning to growth at a fast pace.
The Nigerian economy is reported by the International Monetary Fund (IMF) as one of the most developed economies in Africa, projected as the second fastest growing economy in the world, with tremendous potentials to outperform other African economies in the near future. In the same vein, by the United Nations (UN) classification, Nigeria is a middle income nation with developed financial, communication and transport sectors. All these with its prime position as the second largest stock exchange market, the Nigerian is rated as one of the most developed economies in Africa.
2. THE STRUCTURE
Coincidentally, owing to the surge in the international oil prices, Nigeria
References: First Bank of Nigeria Plc Annual Report and Accounts 2007, 2008 and 2009 Business World Intelligence, 2010: A Special Publication of Business World Newspaper Nigeria Economic Report, 2003, FOS Central Bank of Nigeria (CBN) Brief, 2006 – 2007 edition Central Bank of Nigeria (CBN) Annual Report and Financial Statement, 2008 Central Bank of Nigeria (CBN) Economic Report for the half year, 2007