The Impact of Industrial Training on Banking and Finance Students

The Impact of Industrial Training on Banking and Finance Students

In the introductory part of the project, we looked at the ways of reducing the rate of unemployment. This quickly brings to mind the need for the right type of person that will be able to work in our industries effectively and efficiently. The current move by the Federal Government of Nigeria towards attaining self-reliance in the area of manpower development is commendable.

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The Student Industrial Work Experience Scheme is a skilled training programme designed to expose and prepare students in institutions of higher learning for the Industrial Working situating in which they are likely  to meet after graduations.

The effective use of manpower resources is one of the main problems facing our society today. Government and co-operate bodies are being forced by the prevailing Socio-Economic situations to give increasing attention to employment policies, massive scheme for creating jobs experiment in work sharing and increased opportunities for job training are the order of the day.

This locatable scheme-SIWES is financed by the Federal Government of Nigeria and operated through the Industrial Training Fund (ITF). This study seeks to establish the impact of Industrial Training  on the training of Banking and Finance Students in the Institute of Management and Technology Enugu State. The study revolves round the following.

  1. Historical background of Industrial Training Fund and Development of SIWES. AIMS
  2. Industrial work experience scheme in Banking and Finance.
  3. importance of SIWES if Banking and Finance Students.

2.1     HISTORICAL BACKGROUND OF INDUSTRIAL TRAINING FUND AND DEVELOPMENT OF SIWES – AIMS

The Industrial Training Fund was established by decree N0. 47 of October 18, 1971. The Industrial Training Fund was the First of the three (3) manpower training and development agencies, created by the Federal Military Government during the second National Development plan promulgated as a result of criticisms; that in the past some universities started offering Engineering Courses and producing Engineering graduates from whom there was no organized Industrial Training. This led to the national by industries, that engineering graduates of the Universities and Diploma from polytechnics in Nigeria lack the practical skills to undertakes serious Industrial work. There was a glaring evidence that then there existed a wide gap between theory and practice of engineering technology and other practically oriented courses in almost all Nigerian Institutions of higher learning. It was in this light that the of training fund was established the Decree No 47 of 1971 also defined the aims of the Industrial Training Fund as a body for promoting and encouraging the acquisition of skill in tributaries and commerce with a view of generating a pool of the trained manpower for nation. The  ITF governing Councils comprehensive policy on training was formulated in February, 1973. It was called “Industrial Training Fund policy. Statement No 1 “. The policy statement covers the functions of Industrial Training Funds; among which are:-

The establishment of uniform national vocational apprenticeship training scheme in the country. Seeking to harmonize training programme with the circular of formal educational Institutions.

To manage the affairs of the fund a governing council was inaugurated in 1971. Members of the council are drawn from the public and private sectors and reflect the co-operative spirit of the institution. There is need for private employers. Organized labour and the provider of training to co-operate in formulating policy, identifying training needs and providing the machinery to meet the need. The council consist of twenty-two (22) members appointed by the Federal Minister for industries, to make policy and take decision.

The members were appointed are follows:-

  • Six (6) Federal Government ministries representatives each from industries, economic development, Education. Labour, finance, Agriculture and National resources and National manpower Board.
  • Four (4) persons to represent the states in rotation for two years at a time, provided that no two members so appointed shall not come from one state.
  • Three (3) representatives of the chambers of commerce and industries.
  • Three (3) representatives of Traole union.
  • Four (4) representative of Nigerian employers consultative association.
  • Two (2) persons with error knowledge and close associate with Industrial Training.

As shown by the table above, it is evident that industrial can help the majority of the students to secure jobs on graduation. This is evident from 54% of the respondent that the industry have the vacancy to employ more workers as against 46% of the respondent that disagreed. Again 70% of the respondents agreed that they would like to go back to the place where they did their industrial programme. If they were offered a permanent job while 30% of the respondent disagreed that they will not go back there, ever if they were offered a permanent appointment. It is also clear that 60% of the respondents agreed that they were promise to offered a permanent job where they did their Industrial Training.

This article was extracted from a Project Research Work Topic

THE IMPACT OF INDUSTRIAL TRAINING ON BANKING AND FINANCE STUDENTS

(A CASE STUDY OF I.M.T ENUGU)

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