CHAPTER ONE
1.1 INTRODUCTION
National Economic Employment and Development Strategy (NEEDS) was developed by the National Planning Commission, then headed by Charles Soludo. The Federal Executive Council of Nigeria as a poverty alleviating strategy endorsed it. The aim of the scheme was to meet the Millennium Development Goals of curbing the menace of poverty in Nigeria and bringing it to the barest minimum by the year 2015.
National Economic Improvement and Development Strategy is a way of letting the International Community know where Nigeria stands in the region and the world, and how it wishes to be supported. In looking at the possibilities of National Economic Employment and Development Strategy (NEEDS) m meeting the aspirations of Nigerians, we must not fail to state that NEEDS specifically, addresses the international Development Targets (IDTs), which were set in 1996 to improve economic wellbeing, social and human development and ensure environmental sustainability and regeneration.
In September 2000, 149 world leaders adopted the United Nations Millenniums Declaration which listed a series Millennium Goals (MDGs). The declaration commits UN member states to achieving the following goals by 2015:
- To halve the proportion of people whose income is less than one dollar a day and who suffer from hunger?
- Achieve universal primary education.
- Reduce material mortality by three - quarters and under five child mortality by two thirds. Halt and begin to reverse the spread of HIV/AIDS, malaria and other major diseases. Provide special assistance to children orphaned by HIV / AIDS.
- Significantly improve the lives of at least 100 million slum dwellers by 2020. In addition, the efforts of the government in achieving NEEDS (i. e needs of Nigerians) as well as the monetary policy will be considered.
Capital market is a market that deals in lending and borrowing in long - term loan able funds.It is the source from which firms obtain their capital for establishment and expansion and from which the government borrows on long-term basis for development purpose.
The stock exchange perform the function of providing facilities to the public for the purchase and sale of stock and shares of any kind and investment of money and controlling the grant of quotation on the exchange in respect of the shares and stock under the listing requirement of the stock exchange market.
Base on the above introduction, the research shall focus on how the NEEDS has been able to contribute to the development of the nation most especially the capital market and the various problems that NEEDS is meant to address in terms of industries, infrastructural development among others.
1.2 PROBLEM ANALYSIS
Prior before the restoration of democracy in 1999, Nigeria as a nation is been faced with series of problems ranging from economic dwindling, inadequate and lack of infrastructural maintenance, poverty and inequality, lack of security and weak and inappropriate public sector among others. The researcher observed that the following problem need to be researched upon:
- The problem of inadequate and lack of job creation is one of the area in which tireintroduction of NEEDS in Nigeria is meant to address. Hence, has it been able to address this problem?
- NEEDS equally is expected to address the problem of alleviating poverty among Nigerians. Both the federal and state government have set up various poverty alleviating programme to reduce to the minimum poverty among the citizens.
- The introduction of NEEDS is also expected to facilitate efficient and effective capital market development. It is also expected to address the problem?
Lastly, the introduction of National Economic Empowerment and Development Strategy (NEEDS) is to meet the Millennium Development Goals by the year 2015.
1.3 PURPOSE OF STUDY
This research is aimed at analysing and critically examining' The National Economic Empowerment of Capital Market.
- The study will look at the concept of NEEDS and how it contributes to the capital market development.
- The study is also aimed at look at the concept of capital market.
- The study is also aimed at look at the concept of capital market and the correlation to the establishment of (NEEDS) National and Capital market can facilitate superioreconomic performance among others.
1.4 RESEARCH QUESTIONS
This aspect of the research question will go a long way in asking various questions aimed at looking in to the 'NEEDS' and the capital market.
1. Is there any relationship between ineffective infrastructural facilities and the performance of NEED?
2. What is the relationship between NEEDS and efficient capital market'?
3. Does any relationship exist between poverty alleviation and NEEDS?
4. What is the significant relationship between the NEEDS and the development of small and medium scale industry?
1.5 STATEMENT OF HYPOTHESIS
Ho1: There is no relationship between ineffective infrastructural facilities and the performance of NEEDS.
HA1: There is relationship between ineffective infrastructural facilities and the performance of NEEDS.
Ho1: No relationship between NEEDS and efficient capital market.
HA2: Relationship exist between NEEDS and efficient capital market.
Ho3: There is no significant relationship between poverty alleviation and NEEDS.
HA3: There is significant relationship between poverty alleviation and NEEDS.
H04: Relationship does not exist between NEEDS and the development of small and medium scale industry.
HA4: Relationship exist between NEEDS and the development of small and medium scale industry.
1.6 SCOPE OF STUDY
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