ABSTRACT
Since independent Nigeria the giant of Africa has spent much time and resources
both human and material trying to convince the developed countries and indeed
the whole word that she (Nigeria) is capable of developing her industrial
capabilities.
Much of the efforts made in this
direction have found expressions mostly in international conference and
seminars, newspapers report, radio announcements and various national
development plans.
Industries have actually increase
since after the independent, but the disappointing record of economic
performance in the last decade has led to the reopening of the debate on the
strategy of industrialization
Nigeria is still a net import of all
sorts of goods from needless to heavy machinery, simple because most of the
industries where established for their immediate lucrative such as been soft
drink and other consumers goods industries without the consideration to
nation’s industrial needs or for the utilization of local materials.
Besides most of the large scale
industries before the industrialization decree were foreign owned and were
associated with significant possibilities of income leakages. This in spite of
the rapid increase in the gross national productivities (GNP) in last decade,
the poorest segment of the population peculiarity those in the rural areas has
received relatively little benefit.
Unfortunately the bulk of Nigeria
business are small-scale industries of the number of business establishments,
they account for about 80% or above of the total number of enterprise in the
country.
The important role they play in the
development process was observed by the first progress report of the second
National Development plan “in spite of the anticipated rapid growth of the wage
sector, the major solution to the nations unemployment problem will have to be
found in other areas like agriculture and small scale industries development.”
In spite of all these, the small
scale industries sub-sector has continued to suffer from lack of credit most
all the governments financial programmes for the small industrial credit
scheme, fund for small scale industries has remained largely inadequate and of
little effect.
The banks and other financial houses
cannot help matters either despite the central bank credit scheme to
industries.
It would be noted in the regard that
majority of the small scale industries would not be able to meet the
requirement of the bank and other financial institution lending policies.
Therefore given these financial constraints.
TABLE OF CONTENT
1.0 CHAPTER ONE:
INTRODUCTION
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Research question
1.5 Research Hypothesis
1.6 Significance of the study
1.7 Scope of the study
1.8 Limitation of the study
1.9 Definition of terms
Reference
CHAPTER TWO:
REVIEW OF RELATED LITERATURE:
2.0 Theoretical and empirical
2.1.0 Theoretical review of related
literature
2.1.1 Small scale business defined
2.1.2Management and organization of
small scale
industries/businesses
2.1.3 Sources of fund to small scale
industries/businesses
2.1.4 Problems of small scale
industry/business
2.2
Empirical Review of Related Literature
REFERENCE
3.0 CHAPTER THREE: RESEARCH DESIGN
AND METHODOLGY
3.1 Research Design
3.2 Area of the study
3.3 Population of the study
3.4 Sample and sampling Techniques
3.5 Instruments for Data collection
3.6 Method of Data collection
3.7 Method of Data Analysis
3.8 Method of investigation
References
4.0 CHAPTER FOUR: DATA
PRESENTATION
AND DATA ANALYSIS
4.1 Data presentation and Analysis
of results
4.2 Test of hypothesis
4.3 Summary of result
Reference
5.0 CHAPTER FIVE: FINDINGS,
CONCLUSION
AND RECOMMENDATION
5.1 Findings
5.2 Conclusions
5.3
Recommendation
5.4
Suggestion for further research
Bibliography
Appendix
Questionnaire
CHAPTER ONE: INTRODUCTION
1.1
BACKGROUND OF THE STUDY
It is necessary to stress the point
that to succeed in business require some measure of discipline. Most
industrialists expect to make a reasonable profit from the investment of time
and resources that they have to make in other to bring a project to
function.
While this may sound simple enough,
the bother line is the fact in an economy wide context, the rate or level of
reward that can accrue to various level of effort, discipline and productivity
should never be allowed to get out of proportion in relation to effort put in.
Experience has shown that industrial
pursuits have been found to yield for the patient and disciplined industrialist
rather than stand for business concern with all kinds of effort mostly
unproductive and require no legitimate effort to reap profits in multiple
fields.
After considering the above
mentioned statement of facts about industry. The question is how far are
we from being industrialized bearing in mind that it yields for disciplined and
patient industrialist, all things being equal.
Taking cognizance of the fact that a
step forward is the beginning of a mile. Some, therefore Nigeria’s
business industrial evolution will only start when positive steps are taken
towards adequate financing of small scale business. The experience of
newly industrialized countries has been an eye opener.
Finance is the greatest problem we
are likely to face whenever we talk of establishing a small scale
industry. This is the most crucial aspect of business enterprise and a
lot of controversy surrounding the problem of inadequate finance. A close
look on the small scale industries/business, all over the country would help to
throw further light on the effect of lack of fund on growing business.
The drastic effect is mostly felt when one tries to study the rate at which our
young industries are gradually collapsing. Even surviving ones are
terribly looking for assistance that they are not sure of.
Funds are scare, hence the growing
industries as regarded in this part of the world as never-do-wells especially
Nigeria. When an economy is shaky, growing industries in that economy
tend to suffer most and usually stand the taste of time. Hence, an
increase in the number of causalities in this regard.
The researcher aimed at exploiting
the possibilities, problems of financing small scale business/industries.
The project centers on management and financial problems
1.2
STATEMENT OF PROBLEM
There are various problems facing
the establishment of small scale business like financial limitation, lack of
raw material, poor management and quality of the management, staff, poor
accounting method, high interest charge on loans and lack of adequate planning
and feasibility studies.
The most common and problematic
issues is funding. Small scale business find it difficult to obtain fund
from established institution like commercial banks and because of the some
projects have take off but had to be abandoned half way. The issue
involved is the question of capital adequacy.
When a company is under capitalized
it cannot realize its full potentials. Many small scale enterprises in
Nigeria experience this problem. They cannot expand their scale of
production to optimum level.
To ameliorate these problems
therefore government should implement the law or policy that made to enhance
small scale business (especially that of in fact once) such as central bank policy
that direct all commercial bank to give out some percentage of loan to small
scale business than those of medium and large scale industries/business.
1.3
OBJECTIVE OF THE STUDY
The purposes of this study include:
(a)
To ascertain the present economic state of the life’s of small scale business
with the view to identify the major problems that affect the financing of small
scale business bearing in mind the adequate financing stands as an energizer to
its operations.
(b)
To determine what strategies employed by the surviving and successful ones
among them toward alleviating these problems.
(c)
To ascertain the extent to which the financial institution has helped to
develop small scale business.
1.4 RESEARCH
QUESTIONS
This issue will not be treated in
isolation taking into cognizance the level of development in Nigeria.
Based on this, questions were asked by the researcher, which include:
a.
What are the present economic states of life’s of small scale business with the
view to identify the major problems that affect the financing stands as an
energizer to its operations.
b. What are strategies employed by
the surviving and successfully ones among them toward alternating these problem.
c.
How does the financial institution help to develop small scale business?
1.5 HYPOTHESIS
FORMULATION
The following hypothesis is relevant
and necessary for the carrying out this research
a. Ho: Lack of adequate finance has contributed to the failure of
economic state of lives of small scale business.
Hi: Lack of adequate finance has not contributed
to the failure of present economics state of lives of small scale
business.
b. H0: There is failure in strategies employed
by the surviving and
successful one among them toward alternative these
problem.
Hi: There is no strategies employed by
the surviving and
successfully one among
them toward alternating these problem
c. H0: Financial institution has
contributed to the failure of small
scale business.
Hi: Financial institution has not
contributed to the failure of small scale business.
1.6
SIGNIFICANCE OF THE STUDY
The significance of this research is
that the result will help identify how business loan are obtained or secured
both locally and internationally from financial institutions. On this
note awareness is being created or it will help to create it on how fund or
finance could be raised to finance small scale business.
1.7 SCOPE OF
THE STUDY
The area would have been the study
of all the small scale business in Nigeria but however, this would have posed
some threats to the researcher. Among them were the lacks of adequate fund to
meet the rising cost of research. Unavailability of sufficient books by
Nigerian authors in the area of small business and its problems. Also the
problem associated with the collection of data.
Consequently, the study is specially
design to examine the problems of Garri processing industry at Abakpa Nike,
Enugu towards getting financial assistance from financial houses.
1.9
DEFINITION OF TERMS
The following words relating to the
subject matter of the research work have been defined thus:
RETAINED EARNING: Retained earning as undistributed profit to the
shareholders, it is profit that is ploughed back into a business for expansion.
FINANCE: It is an economic force used in the making payment both
final and deferred settlement for things of value.
INDUSTRY: Industry is a group of firms which are engages in
manufacturing as oppose to commence and distribution. Firm is a subset of an
industry.
EQUITY CAPITAL: Equity capital is the money contributed but by the
owners ie shareholders as a capital of the business. It can also be
shareholders money.
MOTIVE POWER: Motive power is the human used in production in an industry
usually human resources.
DEBT: It is amount owned by the business or individual to another
business or individual called creditor or period.
EXTERNAL EQUITY: It is capital borrowed by a business.
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