CASHLESS POLICY AND SOCIO-ECONOMIC DEVELOPMENT OF NIGERIA (A STUDY OF NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC)
Abstract
ABSTRACT
This study critically examines the relationship between Nigeria’s cashless policy and socio-economic development, with a particular focus on the Nigerian National Petroleum Corporation (NNPC). The cashless policy, introduced by the Central Bank of Nigeria (CBN), aims to reduce the dominance of physical cash transactions, promote electronic payments, and enhance economic transparency and efficiency.
The research adopts both qualitative and quantitative approaches, utilizing data collected from structured questionnaires, institutional reports, and secondary sources. The findings reveal that the cashless policy has significantly improved operational efficiency, reduced transaction costs, and enhanced accountability within organizations such as NNPC. However, challenges such as infrastructural deficits, cyber insecurity, low digital literacy, and resistance to change continue to hinder its full effectiveness.
The study concludes that while the cashless policy has the potential to accelerate socio-economic development in Nigeria, its success largely depends on improved technological infrastructure, public awareness, and policy consistency. Recommendations are provided to strengthen implementation and maximize its developmental impact.
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