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PROMOTION
OF SMALL AND MEDIUM SCALE ENTERPRISES IN THE DEVELOPMENT
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The
main strategy for the establishment by the entrepreneurs of Small and Medium
Enterprises (SMEs) and its promotion by various sectors, is to enhance job
creation, promote economic growth, reduce poverty. The importance of Small and Medium
Enterprises (SMEs) in any economy cannot by overemphasis. They constitute the smallest unit of
business. They predominate in most
sectors of the economy occupying every available space such as form enterprises
in the rural areas, provision store, bakery, pure water production, garri
processing or food processing industries.
Although,
many writers have talked about the financing of the Small and Medium
Enterprises in pre-consolidation and post-consolidation periods of Banks
towards the enterprises development, the issue of credit accessibility and
affordability as it affects economic development has not been stressed. The concern of this research is to examine
the extent of promotion accorded the entrepreneurs of Small and Medium
Enterprises. (SMEs) and the level of economic development in the rural
communities.
The
history of industrial revolution in developed and developing economies or
countries has shown that Small and Medium Enterprises (SMEs) are driving force
of industrial development. It is
therefore, the attention of the government, the world over to focus on the
funding and supporting of Small and Medium Enterprises (SMEs) activities. Available evidence shows that Small and
Medium Enterprises (SMEs) are characterized by being managed by their owners as
proprietorship or partnership. They are
largely local in the areas of capital and relatively small size with the
industry.
Small
and Medium Enterprises (SMEs) predominate in the private sector of the Nigeria
Banbeck
(1983) included in his publication on “Basic Small Business Management” that
more than one-third of all the manufacturing firms in Nigeria
The
characteristics of Small and Medium Enterprises (SMEs) largely constitute the
basis of their problems and special needs that have attracted different
authorities and sectors in recent past.
It is also the focus of this research to critically examine and measure
the effects of the government funding programmes on Small and Medium Enterprises
(SMEs) activities. Though the result of
the findings from the respondents/enterprises, the study will determine how
much of the support have been received from the programmes and extent of
development experienced in the population Okehi LGA. Kogi State
The
study is further intended to reveal the various enterprises with Okehi
communities with a view to identifying their business activities, proffering
solutions to the identified challenges impeding their effectiveness and
proficiency to achieve economic development.
1.2 STATEMENT OF THE PROBLEM
The
research examines in all possible ways, the extent of government funding
programmes in the promotion of Small and Medium Enterprises (SMEs) in the
population area as well as the impact on the socio-economic development of the
area covered by the scope. The study
further identifies the peculiar problems or challenges the SME sub-sector
associated with their smooth operations.
Possible suggestions to provide engine for economic growth and
prosperity in the industries is also the focus of this study.
The
research tend to ask and find answers to such guiding questions as
-
To what extent do the entrepreneurs have
access to credit loan and guarantees?
-
How often have the industrialist received
training and information services for the promotion and development of the
Small and Medium Enterprises (SMEs)?
-
How long have the management of the Small and
Medium Enterprises (SMEs) been enjoying credit facilities from Bank and
government aid, what benefits evidenced in their enterprises?
-
Enumerate the limiting factors inhibiting the
development of the Small and Medium Enterprises (SMEs) in Okehi Communities.
Finally,
the research is carried out to uncover the administrative and technical
weakness of government and other funding agencies in the efficient and effective
implementation of their policies and strategies. That is, do the government and other funding
establishments actually realize their goals aimed at promoting and developing
Small and Medium Enterprises (SMEs).
1.3 OBJECTIVES OF THE STUDY
The
broad and primary objective of this research is to find out the extent to which
the SMEs funding programmes as promotion strategy have impacted on the
development of enterprises in the rural communities. This is further to identifying the all
inclusive measurable performance of the enterprises and to proffer possible
solution to the challenges posed by SMEs programmes implementation strategies.
To
realistically achieve this basic objective, this study will also identify other
secondary objectives. This aids the
researcher to articulate the enterprises direction as regards where is the
enterprise now, what does it want to be and how does it want to get there.
These
secondary objectives includes:
1. To
identify the viability or otherwise of government funding programmes on SMEs.
2. To
compare the standards (set objectives) of funding institutions with the a SMEs
actual performance.
3. To
identify the perception of the entrepreneurs or industrialists or SMEs operator
and realistic on the implementation of the government funding programmes as the
affect SMEs development.
4. To
determine the socio-economic impact of the SMEs on the people in the study
area.
5. To
investigate the factors militating against meaningful development of small and
medium scale enterprises in the local government area.
6. To
identify other investment opportunities available to the entrepreneurs.
7. To
recommend based on the findings from the research study ,possible measures to
minimize the challenges facing the practice of SMEs in the rural communities.
1.4 SIGNIFICANCE
OF THE STUDY
The
promotion of Small and Medium Enterprises (SMEs) by the funding institutions is
geared towards improving the living standards of especially the rural dwellers
in the country. The research signifies
the following:
1.
The research pinpoints the unique role of the
funding institution in empowering the entrepreneurs/industrialists. If the purpose of SMEs must be achieved the
entrepreneurs must be supported with adequate capital in form of credit, loan
and guarantees, grants etc.
2.
The study also uncovers the correlation
between the quantum of funds made available to the entrepreneurs and their
level of performance in the business activities. This compares in a measurable for the
standards (set objectives) and actual performance.
3.
The constraints and limitations which affect
the success of the operators of SMEs are uncovered by this study. The research report will acquaint the
industrialist and other stakeholder of the SMEs with some far reaching measures
or suggestions towards realistic entrepreneurship development.
4.
The study further identifies other possible
way or available opportunities of diversifying their investments.
5.
The research report/recommendation serves as
a reference point to potential investors in SMEs. The study widens the business horizons of the
entrepreneurs or operators of SMEs.
1.5
RESEARCH
QUESTION/HYPOTHESIS
RESEARCH
HYPOTHESIS
A
hypothesis is described by Keple (2000) is a prediction of what can be seen in
the world of reality. Hypothesis
formulation is significant in a research work.
It functions as:
·
A link between the world of theory and world
of reality.
·
Showing the direction of data analysis.
·
Helping in the organization of the research
report.
·
Transforming the researcher’s ideas into
testable form.
Two
types of hypothesis; null hypothesis (Ho) and Alternate Hypothesis (Hi) will be
adopted for the problem under study.
1.
Hypothesis 1 (Ho): There is no significant
impact of government funding of Small and Medium Enterprises (SMEs) on the
socio-economic development of Okehi communities.
Hypothesis 1 (Hi):
There is significant impact of government funding of Small and Medium
Enterprises (SMEs) on socio-economic development of Okehi communities.
2.
Hypothesis 2 (Ho): The operators of the Small
and Medium Enterprises (SMEs) in the rural communities cannot easily access
credit facilities from financial institutions.
Hypothesis 2 (Hi):
The operators of Small and Medium Enterprises (SMEs) in the rural communities
can easily access credit facilities from the financial institutions.
3.
Hypothesis 3 (Ho): The government funding of
Small and Medium Enterprises (SMEs) especially in the rural communities has
brought no reduction in poverty level.
Hypothesis
3 (Hi): The government funding of Small and Medium Enterprises (SMEs) especially
in the rural communities has brought about high a reduction in poverty level.
RESEARCH QUESTION
To
achieve a quality result from the study, the following fundamental questions
will serve as guide to the researcher.
1.
To what extent have the government funding
programmes impacted on the development of SMEs in the rural
communities?
2.
Compare the actualization of the funding
objectives of the government with standard set. (has the objectives been
largely achieved?)
3.
How often do the entrepreneurs/industrialist
get funds from the government funding programmes?
4.
What are the factors militating against
meaningful development of SMEs in the Local Government Area?
5.
What factors militates against the meaningful
development of Small and Medium Scale Enterprises (SMEs) in Okehi local
government area?
6.
What are the investment opportunities
available to the entrepreneurs in your locality?
7. What are the
possible measures to be adopted in minimizing the challenges facing the
practice of SMEs in the rural communities?
1.6 SCOPE
OF THE STUDY
1.
The research covers the major stakeholder of
Small and Medium Enterprises (SMEs) in Okehi Local Government Area, Kogi State
2.
The enumerated areas as the sampled
population of the study include randomly selected entrepreneurs in various
communities actively engaged in the enterprises.
3.
It is also within the scope of this study to
enumerate the funding institutions such as Banks and identified government
programmes in the promotion and funding of Small and Medium Enterprises (SMEs).
4.
The scope covers a four (4) year (2007 –
2010) performance review period of the Small and Medium Enterprises (SMEs)
major stakeholders. This period is used
to measure the level of socio-economic development as a consequence of the
promotion efforts or otherwise of the funding institutions.
5.
Enumeration of the critical factors militating
against the success or development of the enterprises in the rural communities
also forms part of the scope of the study.
6.
It
also covers identified areas for improvement in the entrepreneurial
development.
1.7 LIMITATION
OF THE STUDY
A
good research work is normally carried out with some attendant limitations, in
this particular study under review, the under mentioned problems were
encountered:
1.
The study is limited to the assessment of
promotion strategy on Small and Medium Enterprises (SMEs) and their measures of
development in the rural communities.
There are no much record made available to the researcher on the
operators to quantify the efforts of the funding institutions
2.
To collect scientific data in the production
of quality reports some sampling techniques were employed. These techniques like questionnaires were
delayed or not correctly answered by the respondents.
3.
Time constraints: Time of survey were limited in terms of data
collection. All sampled population could
not meet all the needed information within the stipulated period.
4.
During the survey period, the level of
cooperation varied from one entrepreneur/industrialist to another.
5.
Inaccessibility of records from the funding
institutions like Banks and government agencies. The desired records to ascertain the quantum
of grants or subventions or loan guarantee offered to the operators of the SMEs
were not made available by the relevant stakeholders.
6.
The method of data analysis where some
formular are involved may be too technical to the understanding of a
layman. The test of hypothesis may not
be cleared to individual that is not mathematically inclined.
1.8. DEFINITION
OF TERMS
Various
bodies/organization defined SMEs in their own perspective depending on the
purpose, objective and use.
In
the context and purpose of this research the following definitions were
adopted:
(i)
Funding Agencies: These are government
Parastatals/Agencies, Development Banks, Private Organizations like Banks, NGOs
which make funds available in the form of grant, credit facilities to the
industrialist or entrepreneurs.
(ii)
Micro Enterprise/College Industry: A firm or
enterprise with a labour size of not more than ten workers (1 – 10) or total
cost (including working capital but excluding cost of land) not more than two
million naira (N2m) and/or a turnover of less than four hundred thousand naira
only (N400,000.00).
(iii)
Small Scale Enterprise: Industry with a
labour size of between 11 – 100 workers or a total cost including working
capital but excluding cost of land) not more than fifty million naira only
(N50m) and/or a turnover of less than ten million naira only (N10m)
(iv)
Medium Scale Enterprise: Industry with a
labour size of 101 – 300 workers or a total cost including working capital but
excluding cost of land) of over fifty million naira only (N50m) but not more
than two hundred million naira only (N200m).
(v)
Large Scale Enterprises: Industry with a
labour size of over 300 workers or a total cost including working capital but
excluding cost of land of over two million naira only (N200m).
Other
abbreviations, terms and notation used in this study include but not limited to
the following:
(vi)
A.C.G.S: Agricultural Credit Guarantee Scheme
(vii) NACRDB:
Nigeria
(viii) NASME:
Nigeria
(ix)
DFIs: Development Finance Institution, these
are companies involved in projects and development finance e.g. Bank of
Industry (BOI).
(x)
SMEs: Small and Medium Enterprises (SMEs)
(xi)
SMEDAN: Small and Medium Scale Enterprises
Development Agency of Nigeria
(xii) CBN:
Central Bank of Nigeria
(xiii) NEEDS:
National Economic Empowerment and Development Strategy.
(xiv) SEEDS:
State Economic Empowerment and Development Strategy
(xv) NDE:
National Directorate of Employment
(xvi) NAPEP:
National Poverty Eradication Programme.
(xvii) MSME:
Micro-Small and Medium Enterprises.
(xviii) MAN:
Manufacturers Association of Nigeria
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