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THE ROLE OF BANK OF
INDUSTRY TOWARDS THE DEVELOPMENT OF SMALL SCALE ENTERPRISES (EXTENDED ESSAY)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
The study of the role of government agencies towards the
development of small scale enterprises is quite interesting. These enterprise
have a very important impact on the life of everybody in the society. Small
independence business are everywhere and in every line of work, they can also
be seen in every community. This business is as old as man. So virtually
everything is done in life involved the element of business. Small scale
enterprise constitutes an importance in todays business activities or system.
The role of small scale enterprise in our economic history however, has been
one of the distribution and contribution.
Although its relative importance has decline with the growth
of the big business, small scale business is till major contribution to the
countries economy. Business in Nigeria today is made up of both large and small
business. Today small scale enterprise have to enjoy more prestige than ever
before because of its vital contribution to the nations economy. So vital is
small scale business. There are successful small scale enterprise operating
like the manufacturing plants, retails, stores, wholesales, drugs, computers,
construction firms and hundred of other type of business.
Nigeria population was estimated to be 140 million in 2007
with about 75% of this made up of small scale enterprise operators. Lack of
full study of government agencies in the development of these enterprises
especially, the financial institution made it impossible to know the size, structure and function of
these small scale business to the development of the economy.
Government agencies are charged with the responsibilities
among others to carryout duties and deliver utilities as may be regulated from
time to time on behalf of the government for the purpose of uplifting the
standard of living. Government agencies such as bank of industry (BOI) is charged
with the responsibility like provision of medium and long term finances by way
of equity funding, loan and lease financing, guarantees, investment in
corporate bonds business development services, co-financing, working capital
finance and promotion of small scale
enterprises and industries project, co-sponsoring financial institutions and
small scale enterprises.
This bank of industry was formerly originated from Nigerian
industrial development bank limited was established in 1964 following the
reconstruction of the investment company of Nigeria limited (ICON) NIDB was set
up primarily to accelerate Nigerian industrialization.
The bank was to conceive shortly after Nigerian attains
independence in 1960. The idea was to set up development financial institution
to serve as a dedicated window for channeling fund from within and outside the
country to the young nation states industrial sector. Economic reconstruction
fund (NERFUND) in the last regime of Obasanjo administration is renamed as BOI.
1.2 STATEMENT OF
THE PROBLEM
Most government agencies have undergone number of
re-organization especially bank of industry (BOI) which affect their forces and
activities that leads to effective performance and lack of proper control on
their activities.
The most obvious problems of Bank of Industry (BOI) is how to
produce or provide efficient financial resources technical assistance, security
on loan given out to customer (SSE) evaluating of project that are financed
which may take more time than stated at the beginning.
Also the project time table, which depends on nature and
complexity of the project, it may take one to two years sometimes longer from
when project was identified to when it was commissioned.
On the part of small scale enterprises (SSE) how effective
are they utilizing the services rendered to them by the bank of industry (BOI).
Also are they able to cope with the policies adopted by this agencies (BOI) in
obtaining loan and other services rendered such as interest rate on capital
collateral facilities and the role of government.
1.3 OBJECTIVES OF
THE STUDY
The aims and objectives of the study is to analyse various
role played by (BOI) in developing of small scale enterprises as well as the
activities of government policies such s provision of infrastructural
facilities, provision for local finance, facilitating and funding industries
and funding institutions like the (CIRD), (FIRO) and (SSICS) to what does the
policies of government are achieved towards developing Small scale enterprise.
It is also to analyze the various ways by which bank of
industries (BOI) has contributed effectively to the development of he economy
through the role played in financing and provisions of other necessary features
for development of Small scale enterprise.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the study is to serve a reference
material to other students who may write on, make research on similar topic and
serve as recommendation to bank of industry (BOI) in discharging its functions
to the customers as well as the mode of rendering services to the customers
small scale enterprise
1.5 RESEARCH
QUESTION
Based on the subject matter, the researcher prefer to use the
following questions for research findings;
1. What are
the problems of small scale business?
2. What are
the roles of small scale?
3. Are banks of
industry the sole financier of small scale enterprise
4. Does government
have favourable policies towards development of small scale enterprise
1.6 SCOPE OF THE
STUDY
This study will cover the area of activities and role played
by the government agency (BOI) in developing small scale enterprises.
1.7 LIMITATION OF
THE STUDY
It is not an easy assignment for a student to conduct a
research work without encountering two or more problems one of such problems
faced by the researcher was lack of adequate information which the researcher
could obtain for necessary research work as some of the organization officials
formed to be very busy and required for some signatory from the department
before giving out information to be used.
1.8 DEFINITION OF
TERMS
Small Scale Enterprises (SSE): a type of business that is run
and managed by a single person
NIDB: Nigeria
Industrial Development Bank
BOI:
Bank of Industry
NBCI:
Nigeria Bank for Commerce and Industry
NERFUND: National
Economic reconstruction Fund
FIIRD:
Federal Institute of Industrial Research
SSCF: Small Scale credit fund
Interest:
Certain amount that are charged on borrowed money
Capital:
Money
Development: The gradual growth of some thing, so that it
becomes more advanced, stronger
Community: Local
country side
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