An Evaluation Of The Impact Of Urban Development In Project Financing In Nigeria, Table Of Content
1-1- Background Of The Study
1-2-- Statement Of The Problem
1-3-- Objective Of
TABLE OF CONTENT
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of
1.4 Significance of the
1.5 Limitations of the study
1.6 Definition of the
2.1 Review of related
2.1 Urban development bank and other development
2.2 Similarities Between urban development Banks
2.3 Differences Between urban development Bank and
other development banks.
Research design and methodology
3.1 Source of data (secondary
3.2 Location of data
3.3 Method of collection
Recommendation and conclusion
1.1 BACKGROUND OF STUDY
In the history of Nigeria most of the government at one time or
the other and also the articulate member of the public have recognized
the growing need of urban infrastructual development in Nigeria this can easily
be inferred from the alarming rate of urbanization in Nigeria over
the past few years and the continued deterioration stats of urban
environments and the numerous attendants problems .
The background to the settling up of the urban development Bank of
Nigeria PLC can betrayed to the preparation of the third National development
plan in 197475. at that period , urban problems were b becoming more
visible and important that the than federal Government had to set up a federal
ministry of urban development and the Environment. This ministry had to b
e scrapped about three years late due to the inhabit of the ministry to
properly execute its operations, as a realty of the failure of
conceptualization of what showed be the omission of the ministry
In appreciation of the necessity to redress the situation of
deteriorating state of our urban environments various committees had been setup
by Government to look into the matter adequately. These committees came up
with various reports and proposals to establish a commission of urban
Affairs or urban development. One of these proposals gave his to the
establishment in 1977 of the Nigeria state urban development programme (NSUDP)
for the propose of reducing the acute shortage of accommodation on
the then newly created states of abaci, Bennie, Googol, IMO, Niger, Ogun and
Ondo. But it was soon realized that the programme was not capable of
adequately handling the problem of urban development .
As a result of this inadequately the infrastructure development
fund (IDF) was in 1985 as a replacement for the Nigerian states urban
Development programmes. The infrastructual Development fund soon ran into
troubled waters in order to find a permanent (or lasting solution to the
problem, government accepted the proposal of developing a financial structure
based on local initiatives and resources for urban development with increased
value of financial discipline. Hence, the urban development bank of Nigeria plc
was established under decree No 51 of 1992, better known as the urban
development bank of Nigeria decree of 1992.
In conclusion, the urban development Bank of Nigeria plc was
established and charged within the promotion and development of urban centers
through the provision of financial credit on along term basis to states, local
government and private sectors for the purpose of the urban project
The bank expected to finance projects on urban infrastructure,
urban general economic development project, social projects and institutional
1.2 STATEMENT OF
The supply, upkeep and systematic expansion of various
categories of infrastructual is of great importance to any programme of urban
enhancement. It is therefore not far-fetched for the reason behind section3 of
the enabling decree establishing the urban development bank of Nigeria plc
which categorically states that the “faster the rapid development of urban
infruacture throughout the federation through the provision of finance and
banking services”. To be able to fully comprehend his objective of the bank, it
is quite pertinent to comprehend the nature of infrastructure. Infrastructure
is basically social overhead capital which needs to be
differentiated from directly productive activities. According to Hirsman,
“social overhead capital exhibits the following characteristics:
(a) The services cannot be imported” according
to Mabogunje “Nigeria is recognized as one of the countries
in Africa with a relative high level of urbanization.
(b) The services are predicted in practically all countries by
public agencies or by private agencies subject to some public control they are
provided free of charge or at rates regulated by public agencies.
(c) The services they facilitates or are in same sense basic to
the carrying on of a great variety of economic activities. In respect of cities
with at least half a million people, Nigeria has nine (9) out of the total in
substance Africa as at1987, many activities in Nigeria today have along
history, many of them developing from one area of long winding streets and
roads with attendant poor housing to another. Infact the system of
indirect rule used by our colonial masters meant that little attention was
given to deals of administration as long as the paramount ruler was able to collect
taxes from his subjects. But this nonetheless, colonial masters had interest in
some Nigeria cities for the purpose of providing decent residential area for
the Europeans. In 1977, Lord Luggard categorized Nigeria n cities into three
(3) classes, on the ability of those cities to raise funds and provide their
Consequently, these cities were allowed some degree of autonomy. The only
grade one city in Nigeria then was Lagos .Though raising of funds from property
tax and other sources available to it. Lagos was able to provide itself with
many infrastructual facilities of modern urban existence with it’s water works
dating back to 1914, other Nigerian cities like Calabar, Benin-city, Ibadan,
Sokoto, Zaria and Kano were either Grade II or III cities. It is quite clear
that none of these visible effects be addressed without enough financial
resources. Without these financial resources, Nigeria cannot embark or any
meaningful urban reformation exercise. Finally, it is in recognition of the
efforts of the urban Development Bank of Nigeria in financing of infrastructual
amenities in urban centers, the problem associated with such project financing
the benefit or urban infrastructure development in urban centers first and in
Nigeria as a whole, that inspired the writers to take on the topic “ AN EVALUATION OF THE IMPACT OF URBAN DEVELOPMENT
BANK IN PROJECT FINANCING IN NIGERIA (1992-1966).
1.3 OBJECTIVE OF THE STUDY.
The purpose for which the writer decided to undertake this study
is listed bellows.
1. To review the sources of funds available to the urban
Development Bank of Nigeria plc.
ii To identify the various types of project financed by the urban
Development Bank of Nigeria.
iii To found out extent of participation in projects by the urban
Development Bank of Nigeria.
iv To evaluate the impact of urban Development Bank of Nigeria on
the Nigeria Economy.
v To review how the urban Development Bank of Nigeria grants
loans to its customers.
To its identify performance of urban development bank of
Nigeria to assess the effects of government polices on the operations of urban
development bank of Nigeria .
To make recommendation based on the findings of the research. .to
see if management of urban development bank Nigeria is making inadequate
investment with mobilizes funds.
SIGNIFICANCG OF THE STUDY .
Although the bank is not financed adequately it has been able to
embark upon some projects which include infrastructure loan scheme: the bank
has granted a loan of N263 million to eleven local government councils and a
tourism firm for the execution the infrastructure loan scheme is a
participatory fund mobilized to provide soft loans for the provision of
sustainable cities programme has introduced by the united nations center for human
settlements to assist cities in the thieved world counties to arrest
infrastructure leeway and strengthen environmental management capacity to the
programme .already abandon cannoned Enugu ere Nigerian cities that benefited
from the programme. Municipal enterprises the bank made available the sum of
N402 million as loan to 23 local governments for municipal development and for
the provision of social services . Nigerian the establishment of the Nigerian
urban forum the bank initiated the establishment of the Nigerian urban forum
which is erudite –disciplinary in-governmental organization to be a watchdog of
the urban environment .
Secure and execute two able to secure and execute consult
involving rehabilitation programme involving rehabilitation and procurement of
mass transit vehicles and urban social waste management .
6. Urban basic services programme: It works
in collaboration with the Federal Ministry of works and Housing and
UNICEF in the implementation of the Urban Basic services programme. This
scheme provides micro credit facilities to complement physical provision of
urban send to ensure employment end income generation in the urban areas.
DEFINITION OF TERMS
The following terms were used in this
UDBN-Urban Development Bank of Nigeria PLC.
States Urban Development Program
TERMS AND CONDITIONS APPLY
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