THE ROLE OF BANK OF INDUSTRY IN THE DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES (SMES) IN KADUNA

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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.

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.