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THE ROLE OF BANK OF INDUSTRY TOWARDS THE DEVELOPMENT OF
SMALL SCALE ENTERPRISES
ABSTRACT
This research work
is conducted on the role of bank of industry towards the development of small
scale enterprises. The aims and objectives of the study is to analyze the
various role played by bank of industry in developing small scale enterprises
as well as the activities of government policies, such as provision of
infrastructural facilities. 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, 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.
TABLE OF CONTENTS
Cover
page - - - - - - - - - i
Title
page - - - - - - - - - ii
Declaration - - - - - - - - - iii
Approval
page - - - - - - - - iv
Dedication - - - - - - - - - v
Acknowledgement - - - - - - - vi
Abstract - - - - - - - - - vii
Table
of contents - - - - - - - - viii
CHAPTER ONE
Introduction - - - - - - - - 1
1.1
Background of the study - - - - - 1
1.2
Statement of the problem - - - - - 3
1.3
Objectives of the study - - - - - - 4
1.4
Significance of the study - - - - - 5
1.5
Research questions - - - - - - 5
1.6
Scope of the study - - - - - - 6
1.7
Limitation of the study - - - - - - 6
1.8
Definition of terms - - - - - - 6
CHAPTER TWO
Literature
Review
2.0 Introduction - - - - - - - 8
2.1 Conceptual Framework of small scale
enterprises - 9
2.2 Definition - - - - - - - - 12
2.3 Reasons for small scale enterprises - - - 19
2.4 Reward for entrepreneurs - - - - - 21
2.5 Bank of Industry - - - - - - 25
2.6 Government
and small scale enterprises - - - 28
2.7 Summary of
Review - - - - - - 37
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 - - - 40
3.5
Instruments for data collection - - - - 40
3.6
Validation of the instrument - - - - - 41
3.7
Reliability of the instrument - - - - - 42
3.8
Methods of data collection
3.9
Method of data analysis - - - - - 43
CHAPTER FOUR
Data
presentation and analysis
4.1
Introduction - - - - - - - 45
4.2
Characteristics of the respondents - - - - 47
4.3
Presentation of data and analysis in table - - 50
4.4
Test of hypothesis - - - - - - 54
4.5
Research questions and answer - - - - 58
4.6
Research findings - - - - - - 60
4.7
Discussion of findings - - - - - - 61
CHAPTER FIVE
Summary,
Conclusions and Recommendations
5.0
Introduction - - - - - - - 63
5.1
Summary - - - - - - - - 63
5.2
Conclusion - - - - - - - - 66
5.3
Recommendations- - - - - - - 66
References - - - - - - - - 70
Appendix - - - - - - - - - 73
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
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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