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THE ROLE OF BANK OF
INDUSTRY IN THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES (SMES) IN KADUNA
ABSTRACT
This research work is conducted on the role of bank of
industry in the development of small and medium enterprises (SMEs). The aims
and objectives of the study is to analyze the various role played by bank of
industry in developing small and medium enterprises as well as the activities
of government policies, such as provision of infrastructural facilities
provision of local finance facilities, funding of industries and institutions
like SSICS, CIRD and FIIRO. The researcher uses the questionnaire and interview
method to collect the data from the respondents. The analysis and crossed
tabulation of data gathered were done using the mean statistical method with
the 1-5 Likert rating scale for proper accuracy in arriving at a dependable
decision rule. Lastly the researcher concluded that, the bank of industry was
able to maintain its customer because they do welcome whatever kind of
financial assistance, therefore, he finally recommended that, the government
should also endeavour to appoint the workers to teach the entrepreneur who does
not have the advantage of attending seminar or workshops especially the
illiterate ones and keep supervising them in right way.
TABLE OF CONTENTS
Title page - -
- - -
- - -
- i
Declaration - -
- - -
- - -
- ii
Approval page
- - -
- - -
- - iii
Dedication - -
- - -
- - -
- iv
Acknowledgement -
- - -
- - -
- v
Abstract - -
- - -
- - -
- vi
Table of contents -
- - -
- - -
- vii
CHAPTER ONE: Introduction
1.0
Background of the study -
- - -
- - 1
1.1
Statement of the problem
- -
- - -
- 3
1.2
Objectives of the study - -
- - -
- 4
1.3
Significance of the study -
- - -
- - 5
1.4 Research questions - -
- - -
- - 8
1.5 Scope
of the study - - -
- - -
- 8
1.6
Limitation of the study - - -
- - -
8
1.7
Definition of terms
- - -
- - -
- 9
CHAPTER TWO: Literature Review
2.0 Introduction
- - -
- - -
- -
11
2.1 Conceptual
Framework of small and medium
enterprises - 12
2.2 Definition of small and medium enterprises -
- - 14
2.3 Reasons for
small and medium enterprises -
- -
20
2.4 Reward for
entrepreneurs - - -
- - -
21
2.5 Bank of
Industry - - - -
- - 27
2.6 Government and
small and medium enterprises -
- 29
2.7 Summary of
Review - -
- - -
- 36
CHAPTER THREE: Research Methodology
3.0
Introduction - - -
- -
- - -
38
3.1
Research design - -
- - -
- - 38
3.2 Area of
study - -
- - -
- - 39
3.3
Population of the study - -
- - -
- 39
3.4 Sample
size and sampling technique - -
- - 39
3.5
Instruments for data collection
- - -
- - 40
3.6
Validation of the instrument
- - -
- - 40
3.7
Reliability of the instrument
- - -
- - 41
3.8 Methods
of data collection - -
- - -
41
3.9 Method
of data analysis - -
- - -
- 42
CHAPTER FOUR: Data presentation and analysis
4.0
Introduction - - -
- - -
- - 44
4.1
Characteristics of the respondents
- - -
- 45
4.2
Presentation of data and analysis in table -
- - 48
4.3 Summary
of findings - -
- - -
- 52
4.4
Research finding - -
- - -
- - 53
4.5
Discussion of findings - -
- -
- - 54
CHAPTER FIVE
Summary, Conclusions and Recommendations
5.0
Introduction - - -
- - -
- - 56
5.1
Summary - -
- - -
- - -
56
5.2
Conclusion - -
- - -
- - -
58
5.3
Recommendations- - -
- - -
- - 58
References - -
- - -
- - -
- 62
Appendix - -
- - -
- - -
- 63
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
The dynamic role of government agencies in the development of
small and medium enterprises is an engine through which the growth and
development objectives of developing nations can be achieved which has been
recognized and stated in the literature is quite interesting. These enterprises
have a very important impact on the life of everybody in the society. The 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 and medium
enterprise constitutes an importance in todays business activities or
system. The role of small and medium 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 and medium 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 167 million in 2012
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 and medium business to the development of the economy of Nigeria.
Government agencies are charged with the responsibilities
among others to carryout duties and deliver utilities as it 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 and
medium enterprises and industries
project, co-sponsoring financial institutions and small and medium 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 of 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.
1.1
STATEMENT OF THE PROBLEM
Several studies have indentified financial constraints as the
major obstacle to good small and medium enterprise development in developing
countries including Nigeria. Most government agencies have undergone numbers 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 facing the society is the most basic economic problem such as
what to produce, how much to produce, for whom to produce, How efficient of
resources use or providing efficient financial resources technical assistance,
how much to consume and to save and problem of unemployed resources etc,
security on loan given out to customer
SMEs evaluating of project that are financed which may take more time than
stated at the beginning. Also the
finance 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.
The project financing involves giving loan to a new entity
established specifically to own or operate project. On the part of small and
medium enterprises (SMEs) 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 these agencies (BOI) in obtaining loan and other
services rendered such as interest rate on capital collateral facilities and
the role of government.
1.2
OBJECTIVES OF THE STUDY
The aims and objectives of the study is to identify and
consequently analyze the most effective and efficient way through which bank of
industry is developing of small and
medium enterprises as well as the activities of government policies such as
provision of infrastructural facilities, provision for local finance
facilitaties and funding of industries and funding institutions like small
scale industrial credit scheme (SSICS), center for industrial research and
development (CIRD), and Federal Institute of industrial research,
Oshodi (FIIRO) etc are they to what does the policies of government are
achieved towards developing SMEs by so doing that, the researcher intends
giving an in-depth information and analysis on the various strategies thorough
which SMEs can be financed by BOI.
1.2.1
General Objective
i. To
find suitable strategies that will improve the financing growth and development
and survival of SMEs in Nigeria
ii. To
investigate and identify the constraints confronting financing of SMES in
Nigeria
iii. To
investigate and examine the effects of corporate governance of BIO on the
performance and contribution of SMEs to the economy of Nigeria.
iv. To
investigate and examine the trend of financial support given to small and
medium enterprises in Nigeria.
v. To
appraise the contribution of bank of industry to the funding of small and
medium enterprises in Nigeria.
1.2.2
Specific Objectives
i. To
evaluate the services and dissemination of the results or contributions of the
SMEs
ii. To introduce these services in the daily
activities of the institutions, industries or operators and partners of SMEs
iii. To
update and redefine the tasks of the operators responsible for providing the
services to SMEs.
iv. To identify
the differences between services and current demand of find innovative services
and related tools that will be used by SMEs in order to improve the use of the
instrument of intellectual property and promoting the research and development
(R and D) of new products in project areas.
1.3
SIGNIFICANCE OF THE STUDY
The study is to serve as a reference material to other
students or researchers such as scholars, the management, the prospective
investors, the general public, researchers and academic and banking
professional body and banking and finance students etc who might be interested
to write on or make research on similar topic and serve as recommendation to
the bank of industry (BOI) in discharging its functions to their customers as
well as mode of rendering services to the customers SMEs. Since the SMES in Africa
rely largely on own savings, not only to grow but also to innovates, firms
often need real services sup[port and formal finance assistance, failing which
under investment in long term capabilities training and research and
development (R & D) may result to evaluate the operations of a vital
segment of the industrial sector-small and medium scale enterprises which shall
be done with special focus on their financing thereby adding to the existing
literature on the subject matter. The following can benefit from this studies.
1. The management:
Managers and the operators of the bank of industry will find this study very
great benefit as it will give rise to the confidence of the banking public in
the BOI thereby repositioning them to play their vital intermediation roles in
the economy of Nigeria.
2. The prospective
Investors: Investors or entrepreneurs and bank of industry customers will
further be enlightened on the beneficial service maintaining and offered by the
bank of industry from the results of this study. If the investors or customer
comply with the efficiency of the management in terms of customer relations and
some other activities that will determine the reputations of the corporate
which will encourage more investors to invest more and by developed an
orientation devoid of financial indiscipline the investors will use this study
in repositioning their business for easy access to BOI’s credit facilities.
3. The general
public: Public can benefit from this study through by devoting a research and
development (R & D) initiatives.
i.
Regulatory Bodies: The regulatory bodies will find this study very
useful, such body are central bank of Nigeria (CBN) and Nigeria Deposit
Insurance Corporation (NDIC). The study will serve as a guide in the review of
monetary policies guidelines on the operations of Bank of industry by the CBN.
The study will also assist the NDIC in granting the extension of deposit
insurance cover to bank of industry.
ii.
Policy makers: The government and other relevant agencies should utilize
the knowledge gained from this study in assisting the bank of industry by
designing appropriate policies and training programmes for the operators of
banking sector.
4. Banking
professional Body: The chartered institute of bankers of Nigeria (CIBN) will
find this study useful toward building and implementing the baking industries
been competency framework by supporting the variety of career path ways for
banking professionals in enriching their syllabus and accreditation criteria as
well as review of licensing criteria for practicing bankers.
5. Research and
Academics: The researchers and academic can use the result of this study by
using juggling process such as step by step self-regulated problem solving
format with automatic reinforcement at every level of accomplishment and stay
on task, screen out distractions, manage their energy to act appropriately and
with the desired results using successive approximations, persevere through a
series of minor failure (drops), analyzed final results of the process and
incorporate the newly learned activities that can be demonstrated and through
to others as a basis for conducting further research studies like for student
of banking and finance.
Student of banking and finance
This study will be useful to students who is studying in this
field by also using that of juggling process format such as step by step
self-regulated problem solving. The juggling process format provides a series of
sequential problems solving which might require the researchers (Students) to
calm down and settled by paying attention, listen analytically, observe
critically focus on one activity at a time and plan a learning strategy by
using that of juggling process format. The study will make empirical
contribution to the field of banking sectors to the bank of industry and the
student who are yet upgrade of working in bank and other industries, who seek
to pursue a career in banking sector as well as to help bank professionals in
order to keep pace with the development of banking.
1.4
RESEARCH QUESTION
Based on the subject matter, the researcher prefers to use
the following questions for research findings;
1. What
are the problems of small and medium
scale enterprises business?
2. What
are the roles of small and medium enterprises?
3. Are banks of
industry the sole financier of small and medium
enterprise?
4. Does
government have favourable policies towards development of small and medium
enterprise?
5. Does
government policies have an impact on small and medium enterprise?
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