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The Contributions Of Insurance Industry To Gross Domestic Product (gdp) In Nigeria (1985 – 2010)
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1.3 OBJECTIVES OF THE STUDY
The
major objective of the study is to appraise the contribution of the
insurance industry to the growth of Nigeria economy. Other specific
objectives include;
• To verify the existence of any relationship
between the insurance contribution and the gross domestic product (GDP)
in Nigeria.
• To expose the challenges to an effective contribution of insurance funds to the economy.
• To examine the significant relationship between total investment of insurance business and gross domestic product in Nigeria.
1.4 RESEARCH HYPOTHESES
Hypotheses for the research are stated in the null an alternative forms as follows;
Hypothesis 1
Ho
– There is no significant relationship between the total investment of
insurance business and the gross domestic product in Nigeria.
H1 – There is a significant relationship between total investment of insurance business and gross domestic product in Nigeria.
Hypothesis 2
Ho – insurance contribution do not significantly relate with gross domestic product (GDP) in Nigeria.
H1 – insurance contribution do significantly relate with gross domestic product (GDP) in Nigeria.
1.5 SIGNIFICANCE OF THE STUDY
This
study will be of immense benefit to authorities in the insurance
industry, relevant government agencies (policy makers) and students in
the universities. To the authorities in the industries, the findings
will expose the various means of tackling the challenges of insurance
investment in the economy it. It will also reveal some of the loopholes
in their endeavour to enhance on the activities of insurance in the
economy. In this regards, an effective solution will be preferred to
assist their efforts.
The relevant government authorities, a
suggestion that will enable them appreciate the need for a reduction in
policing the affairs of the industry will be made. This will ensure that
insurers are given a free hand to operate within the armpit legitimacy.
The
findings of this research will also benefit under graduates in the
universities. It will add to the volume of literature that is available
in the library on the topic and also serve as a source of reference for
further research.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The scope
of the study is limited to the examination of the contribution of the
insurance business to the gross domestic product (GDP) of Nigeria. A
range of time is taken from (1985 – 2010).
The study however suffered
an initial and usual constraint of time and finance, there was also
poor information supplied by some of the respondents who feared exposing
official secrets. This caused an initial setback in the investigation.
They were however over taken with time and this resulted to the success
in the regard.
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ABSRACT - [ Total Page(s): 1 ]This work examined the contributions of the insurance industry to the gross domestic product (GDP) in Nigeria. Data for the study were basically through the secondary process, extracted from journals, newspapers, internet, magazines, textbooks, CBN statistical Bulletin and Statement of Account etc. The Ordinary Least Square technique was used to test the validity of the hypotheses stated in the study. The research revealed that insurance industry through her routine activities has contributed si ... Continue reading---
