THE ROLE OF FINANCING SMALL AND MEDIUM SCALE ENTERPRISE IN RURAL AREA IN KADUNA STATE

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ABSTRACT

An important feature of the Nigerian economy is imbalance in the spatial distribution of natural resources, basic infrastructure and economic institution. In order to foster development, some less development attempts to have started making conscious attempts to encourage deferent part of their territories to tap adequate resources which nature provide.

Throughout it history, shall scale enterprise has been one of the major wheels of economic development in almost all economic of the world from the simple money changing transaction of the Jews in Italy to the middle age goldsmith in England who were regarded as real revolution and up to the present day, complex arrangements of financing of small and medium scale enterprise and the importance of it in any economy cannot be overemphasized.

Its history has been the story of development and problems, occasionally; it has developed from its early role of accepting or financing of small and medium scale business, which is better handled by banks and rural areas. Small and medium scale business that takes care of all the financial needs of its customers. It is the theme of this project to analyze the policy, formulation and execution strategies of the small and medium scale business especially in the rural areas with the view to evaluate the problems and recommendation of the problems. However, prospects are therefore small and medium scale enterprise in Nigeria so as to know what the future hold for them.

TABLE OF CONTENT

CHAPTER ONE

1.1 Introduction – – – – – – – – 1

1.2 Background of the study – – – – – – 3

1.3 Statement of problem – – – – – – 5

1.4 Objective of the study – – – – – – 9

1.5 Research hypothesis – – – – – – – 10

1.6 Scope and limitations of the studies – – – – 11

1.7 Definition of term – – – – – – – 12

CHAPTER TWO : Literature review

2.1 Introduction – – – – – – – – 13

2.2 Institution established for the finance of scale – – 13

2.3 What institute a small scale industry – – – 16

2.4 Small scale industry and problems of financing – – 18

2.5 Factors responsible for business failure – – – 27

2.6 Interest charges – – – – – – – 28

2.7 Out come of finance – – – – – – – 29

CHAPTER THREE

3.0 Summary – – – – – – – – – 31

3.1 Recommendation- – – – – – – – 32

3.2 Conclusion – – – – – – – – 33

References – – – – – – – – – 34

CHAPTER ONE

1.1 INTRODUCTION

Industrialization in Nigeria can be traced as far back as the mid sixty (mid 60’s) although co-ordination and meaningful programmers in this direction become manifested with the released of the second national development plans, subsequent development plan has long focused largely on industrial growth and development plan. These accounted for introduction of the small scale industries credit scheme (s-s-1.cs) all over the federation in 1996 each state from the defined Benue-Plateau states, came the birth of the present Plateau state government which sponsor small-scale industries credit scheme.

The federal and state government realized the important of small-scale industries in the growth and development of stable and dynamic economy accounted for their government assistance in both cash and lend. They made funds and expertise available to small scale medium industries to enable them under take project that could contribute to the economic development of the country.

In general term, the small-scale industries credit scheme was established to provide loan in a cash and kind to the establishment and modernization of small-scale industries that offer promising being of economically viable by producing, needed commodities, making use of local raw materials and expanding employment opportunities, small- scale industries being the “back-bone” of any economy principal source of innovation and new ideals or method, they make up of economic units in every economy, their development and growth is of great significant to overall health of the natural economy by financing (inform of loans) these small-scale industries especially those in the rural areas, it is hoped that growth and development of small-scale industries which is an important pre-requisite for the substance of well balance industries would achieved and there by ensured the realization of Nigeria’s industrial goals, since the bulk source of the Nigeria raw materials are from the rural areas.

Historically small-scale industrial programmes. In developed economy and united state of America (U.SA ) Germany and Japan developing country like Nigeria, generally speaking, small, scale industries served as.

1.2 BACK GROUND OF THE Study

Union Bank of Nigeria plc, commercial banking operate in Nigeria in 1894 as the bank of British West Africa limited (Liver pool) with an authorized share capital of $100000 (one hundred thousand Dollars), making it the second bank to be established in Nigeria after first bank.

The bank recorded remarkable growth over the years with the opening of a branch in Calabar in 1907 and they take over in 1912 of the bank of Nigeria thus, regarding, it position as second bank of apart from first bank in the country at that time. The bank was nominated to act as agent in Nigeria to the West Africa currently board (set up in 1912) to perform, the role of a commercial banking like first bank in Nigeria.

However, it retained this role until 1959 when the central bank of Nigeria was established. The central bank of Nigeria was established inline with the discoloration process of the 1950’s, the bank’s name was changed to bank of West African Limited in 1957. The standard bank of England in compliance with the company’s decree of Nigeria limited in 1969. the federal government of Nigeria purchased 36, 1% of the bank equity while the Nigeria investors took up 12.9% in line with the indigenization process, commenced by the Nigerian government in 1972, government share holding had increased to 44.76% and that of other local investors to 17.24% as a result of the dilution of union bank of Nigeria plc and its share were listed on the floor of the Nigeria stock exchange in the same year.

In compliance with the requirements of sections 31 of the Companies Allied Matters Act 1990. The name of the bank was further changed to union bank provide its customer a full range of commercial banking services including current saving and deposit accounts, loans and over-drafts, provision of international banking services, least export credits, financial advisory services and soon with the establishment of merchant bank in 1990, the bank has also be able to provide its numerous customers a full range or merchant banking services. The union bank of Nigeria plc provides services to its customers in different dimensions in the country.

1.3 STATEMENT OF THE PROBLEM

In spite of numerous efforts by the government to increase new form of industrial activities in the national economy and the unique position occupied in the small and medium industries in the overall national development, very competition disadvantages with the big industries in Kaduna state

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