THE PROBLEMS OF FINANCING A SMALL SCALE BUSINESS IN NIGERIA

A CASE STUDY OF GARRI PROCESSING INDUSTRY ABAKPA NIKE ENUGU

 

 

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ABSTRACT

 

Since independent Nigeria the giant of Africa has spent much time and resources, both human and a material trying to convince the developed countries and indeed the whole world that she (Nigeria) is capable of developing her industrial capabilities.

Much of the efforts made in this direction have found expressions mostly in international conference and seminars, newspapers report, radio announcements and various national development plans.

Industries have actually increase since after the independent, but the disappointing record of economic performance in the last decade has led to the reopening of the debate on the strategy of industrialization.

Nigeria is still a net import of all sorts of goods from needless to heavy machinery, simple because most of the industries where established for their immediate lucrative such as beer, soft drink and other consumers goods industries without the consideration to nation’s industrial needs or for the utilization of local materials.

Besides most of the large scale industries before the industrialization decree were foreign owned and were associated with significant possibilities of income leakages.  This inspite of the rapid increases in the gross national productivity (GNP) in last decade, the poorest segment of the population peculiarity those in the rural areas has received relatively little benefit.

Unfortunately the bulk of Nigeria businesses are small-scale industries of the number of business establishments, they account for about 80% or above of the total number of enterprise in the country.

The important role they play in the development process was observed by the first progress report of the second National Development plan “in spite of the anticipated rapid growth of the wage sector, the major solution to the nations unemployment problem will have to be found in other areas like agriculture and small scale industries development.

Inspite of all these, the small scale industries sub-sector has continued to suffer from lack of credit most all the governments financial programmes for the small industrial credit scheme, fund for  small scale industries has remained largely inadequate and of little effect.

The banks and other financial houses cannot help matters either despite the central bank credit scheme to industries.

It would be noted in this regard that majority of the small scale industries would not be able to meet the requirement of the bank and other financial institution lending policies. Therefore given this financial constraints.

 

 

 

TABLE OF CONTENTS

CHAPTER ONE:

INTRODUCTION

• Background of the Study
• Statement of the Problem
• Purpose of the Study
• Scope of the Study
• Research Questions
• Significance of the Study
• Limitation of the Study
• Definition of Terms

References

 

 

CHAPTER TWO: LITERATURE REVIEW

• Theatrical Review
• Small-Scale Business Defined
• Management and Organization of Small Scale Business
• Sources of Fund to Small Scale Business
• Problems of Small-Scale Business

References

 

CHAPTER THREE: RESEARCH DESIGN AND MYTHOLOGY

• Research Design
• Scope of the Study
• Population of the Study
• Sample and Sampling Procedure/Techniques
• Instruments for Data Collection
• Method of Data Collections
• Method of Data Analysis

References

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

• Presentation and Analysis of Data
• Summary of Findings

References

 

CHAPTER FIVE:         DISCUSSIONS, RECOMMENDATION                                  AND CONCLUSION      

• Discussion of Findings
• Conclusions
• Implication(s) of the Research Findings
• Recommendation(s)
• Suggestions for Further Research

Bibliography

Appendix

 

 

 

CHAPTER ONE

 INTRODUCTION

1.1   BACKGROUND OF THE STUDY

         It is necessary to stress the point that to succeed in business require some measure of discipline.  Most industrialist expect to make a reasonable profit from the investment of time and resources, that they have to make in other to bring a project to fruition.

 

While this may sound simple enough, the bother line is the fact in an economy wide context, the rate or level of reward that can accrue to various level of effort, discipline and productivity should never be allowed to get out of proportion in relation to effort put in.

 

Experience has shown that industrial pursuits have been found to yield for the patient and disciplined industrialist rather than stand for business concern with all kinds of effort mostly unproductive and require no legitimate effort to reap profits in multiple fields.

 

After considering the above mentioned statement of facts about industry.  The question is how far are we from being industrialized bearing in mind that it yields for disciplined and patient industrialist, all things being equal.

 

Taking cognizance of the fact that a step forward is the beginning of a mile.  Some, therefore Nigeria’s business industrial evolution will only start when positive steps are taken towards adequate financing of small scale business.  The experience of newly industrialized countries has been an eye opener.

 

Finance is the greatest problem we are likely to face whenever we talk of establishing a small scale industry.  This is the most crucial aspect of business enterprise and a lot of controversy surrounding the problem of inadequate finance.  A close look on the small scale industries/business, all over the country would help to throw further light on the effect of lack of fund on growing business.  The drastic effect is mostly felt when one tries to study the rate at which our young industries are gradually collapsing.  Even surviving ones are terribly looking for assistance that they are not sure of.

 

Funds are scare, hence the growing industries as regarded in this part of the world as never-do-wells especially Nigeria.  When an economy is shaky, growing industries in that economy tend to suffer most and usually stand the taste of time.  Hence, an increase in the number of causalities in this regard.

The researcher aimed at exploiting the possibilities, problems of financing small scale business/industries.  The project centers on management and financial problems

 

 

1.2   STATEMENT OF PROBLEM       

There are various problems facing the establishment of small scale business like financial limitation, lack of raw material, poor management and quality of the management, staff, poor accounting method, high interest charge on loans and lack of adequate planning and feasibility studies.

The most common and problematic issues is funding.  Small scale business find it difficult to obtain fund from established institution like commercial banks and…

 

 

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A STUDY ON THE STRATEGIES FOR MANAGING ENVIRONMENTAL FACTORS IN BUSINESS ORGANIZATIONS IN NIGERIA

(A STUDY OF SOME SELECTED MANUFACTURING FIRMS IN ENUGU STATE)

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ABSTRACT

This research work is aimed at finding out the strategies for managing environmental factors in Nigerian business organizations.  A total number of one thousand employee which include the workers and top management staff.

Questionnaire was the major instrument used in collecting data from the sample size of the population in conjunction with personal interviews, while the content of the questionnaires were presented and analysed using simple tables and percentages, the two hypothetical questions were tested using the chi-square statistical tool.

The following findings were made, that goal attainment is affected by environmental uncertainty.  Business environment has an impact on manufacturing firms productivity and that strategic planning management of business environmental uncertainty.

Based on the findings, it was concluded that effective strategic planning is vital in the management of business environmental uncertainty, which hinders the organizational performance and productivity.

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

• Background of the study

1.1     Statement of the problem

• Objective of the study
• Research questions
• Research hypothesis
• Significance of the study
• Delimitation/scope of the study
• Definition of terms

CHAPTER TWO

• Literature of review

2.1     historical overview

• Sources of strategy
• Types of strategies
• Importance of strategies
• Criteria for effective strategy
• Strategic management process
• Business strategy and business environment
• Environmental consideration for business strategy
• External business environment

Chapter three

• Introduction to the chapter

3.1     research methodology

• Area of study
• Population of the study
• Sample size determination
• Instrument for data collection
• Validation of the instrument
• Reliability of the instrument
• Method of data collection
• Method of data analysis

CHAPTER FOUR

• Introduction

4.1     Analysis of research question

4.2     Test of hypothesis

CHAPTER FIVE

• Summary of findings conclusion and recommendations

5.1     summary of findings

• Recommendation
• Implication of the research results
• Suggestion for further research

Bibliography

Questionnaires

CHAPTER ONE

• INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The environment is a major source of uncertainly to a business manager, and as such both influences the design of any organisation and the configuration of organizational structure.

Therefore, without a thorough analysis of the environment, a manager finds it almost impossible to make important operational decisions in his organization, which are vital in the attainment of various business objectives.

Hence no business organization can operate successfully in isolation, it has to exist and operate within an environment where there is complex interplay between human resources, material resources and other system.  This creates the opportunities, threats and problems for the management.

Imaga (1996:40) said, we ought to realize that an organization is an integral part of it environment and that they are mutually interdependent where the environment plays the role of providing the resources and opportunities to organization for its existence, and the organization in turn, offers its goods and services to the people living in its environment.

Fayol (1949:43) said that of all the basic functions of management such as planning, organizing, commanding, co-coordinating and controlling, planning is the most important and yet the most difficult responsibilities of management.  This is because when goals and objectives have been determined, the next step is to choose the methods, approaches and or strategies of attaining them.  All when and how this is to be done is for the planner.

However, plans alone cannot ensure success of an organization; this is because organization operates in has a big or vital role to play in the success of the organization.

Stanner (1998:207) observed that the most important sole influence on organizational policy and strategy is the environment, both within and outside the organisation.  The more complex, turbulent and dynamic an environment becomes, the greater the impact on human altitudes, organizational structure and process, therefore since the environment is very complex, all organizations should direct its attention to their environment when formulating their strategic management policies, to facilitate their survival.

• STATEMENT OF PROBLEM

There is a vital need to map out a strategy, which will enable a business organization to operate successfully in its ever-changing environment.  The environment, which business organizations operate in, is highly complex, turbulence, dynamic, therefore all organization, large or small for survival, should pay more attention to their environment more than ever before when formulating and implementing organizational policies and strategies.

Chairman, “John Holt” in the year 2000 Annual Report said “the Nigerian economic environment during this year witnessed unsatisfactory growth rate high rate of…

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EFFECTIVE MOTIVATIONAL PROGRAMMES AND PRODUCTIVITY IN GOVERNMENT PARASTATALS,

(A CASE STUDY OF IMO STATE HEALTH MANAGEMENT BOARD)

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ABSTRACT

 

The continued decline in productivity government  palatals despite huge financial and material resources invested in them has been a matter of concern to all  well meaning Nigerians. This has in its part contributed to  the economic crisis which the country is currently facing. This research work is designed to look into the motivational aspect of the work environment and its relative effect on productivity  in these palatals.

 

Some how workers in the public sectors of the economy are no effectively motivated into increasing their productivity and this has a major factor in contributing  to the decline in productivity and subsequently to the present condition of the economy. these it is the purpose of the study  to investigate the     assumptions as stated in the hypothesis.

 

The data used for this research were collected mainly through the use of questionnaire. These questionnaires were positioned in various cadres of workers in the Imo State hospital manageemnt board in all the three (3) zones of the state. The data collected were analyzed by percentage and chi-square statistical methods the findings of the research are:

1. That a fairly good majority of workers in these parastatals are happy with  their job
2. That the management of these parastatals does not pay worker nor reward staff for putting more effort in their job
3. That majority of the workers opted for promotion salaries recognition high payment of wages/salaries as the major conditions for them to increase their productivity
4. The management of the parastatals virtually make no effort to recognize and compensate workers.
5. That sponsored training programme in the parastatals are few
6. That very good inter-relationship exist among the worker.
7. That 96 percent of workers affirmed to the fact that if they are compensated effectively they will increase their productivity.
8. That the inherent problem of financial benefits and welfare especially has covered the standard of living of the workers.

 

Finally the recommendations suggested to help alleviate the problem areas are:

1. The employers should device an effective and efficient means of paying the worker the various benefits and care fro welfare
2. The motivational factors like promotion increase in salaries and recognition should be used as means of gingering the workers into increase performance.
3. That recognition and appropriate financial reward should be given to workers who put in more effort on the job
4. That the management of the parastatals should increase their sponsored training programme as its tool of increasing productivity
5. That the management of the parastalats should do everything possible to maintain the work environment

 

TABLE OF CONTENT

CHAPTER ONE

1.0          INTRODUCTION

1.1     A brief historical background of the Imo state health management board

• Statements of problem.
• Research questions
• Purpose/ significant  of the  study
• Assumptions of the study

1.6     limitation of the study

• Definition of terms

 

CHAPTER TWO

2.0     Literature review

• The concept of motivation
• What is motivation
• Definition of motivation
• The importance of motivation
• Theories of motivation
• The concept theories

1. Douglas H. gregor’s theories x and Y
2. Abraham H Maslow’s need of hierarchy theory

iii.      Fredrick Herzberg’s two factor theory

1. David Mc cleland needs theory of motivation
2. C.P Alerfer’s era theory of motivation

vi       Elton mayo’s human relations theory of motivation

vii.     The equity theory

2.5.2  other motivation factor

1. The expectancy theory
2. Summary of literature review

Reference

CHAPTER THREE

3.0     Research design & methodology

3.1 Data selection

• Determination of sample size
• Sources of data
• Methods of data analysis

CHAPTER FOUR

4.0     Finding and analysis of data

 

CHAPTER FIVE

5.0     Summary of research finding

5.1     Recommendation

5.2     Conclusions

Appendix

Appendix I letter of authority

Appendix II questionnaires

 

 

 

CHAPTER ONE

There is clearly and widely accepted belief that the economy of this counting is weak. This has in effect caused such as untold economic hardship to the populace, such that has never been experienced in the history of Nigeria since its independence. It is an acknowledged view that the economy of the entire world is undergoing recessional period. This is much noticeable and hard- feet in the third world countries of which Nigeria is one.

 

Nigeria is much up of thirty- six  (36) state and Abuja as the federal Capital territory (FTC) and she practices mixed economy ideology system. This is an inheritance from her colonial masters. This resulted to her economic structure in relation to ownership of factors of production being divided into sectors.  Earlier before the outset of the third commendable and the standard of living was fairly high, as the purchasing power of our currency was also high. The factors that led into the buoyancy were the revenue that was constantly earned from the sales of crude oil.

 

The second factor was that the nation’s agricultural productivity was also higher than what is obtainable now. Some of the resultant effect of high flow of revenue from crude oil was that people became reluctant to work and displayed a great deal of non- chalet attitude towards the continuation of their agriculture and small sale industrial operations. This subsequently led to a decrease in productivity of goods and services. It further resulted in an increased dependence on imported oil. Thus, there existed a great disparity between our foreign exchange earnings and our expenditure of which the later was greater.

 

The emergence of the oil, glut, made it clear that Nigerian’s economy is hanging on a balance. This situation led to the introduction of the structural Adjustment programmes other wise known as ‘SAP’ by the Babangide administration. This was designed to help bring the rumblings economy its shape. The main strategy here is to reduce the rush for foreign goods, increase production locally and to restructure the entire economy to operate at a greater degree of indecency from foreign influence. The role of effective management of financial, material and human resources cannot therefore be underestimated as one of the means of achieving these economic goals. The government is doing her best through viable policy plans and strategies to influxes substantial materials and financial resources of the two arms in production and ultimate economic stability.

 

On the note, its very important to recognize that for economic growth to be achieved, full and effective consideration must be given to the well being of the individual workers that required to carryout their respective activities in the economic system. When workers are being taken care of, there is the tendency for increased productivity. If productivity increases, there will be the urge for generating more revenue (that is profit) from taxes to the government. Undertaking higher motivational programmes on the individual workers can only do this as it effects human resources management among other factors of production.

 

It is the objectives of the study to examine the extent if positive effect that could be achieved through effective motivational programmes on productivity unique semi- independent government sector called prostates.

 

1.2     STATEMENT OF THE PROBLEM

There is an ‘Igbo’ adage which says that ‘a collectively owned goat starves to death’. But why? This adage goes to explain the differences that have been existing in efficiency, effectiveness and productivity between the private owned and government establishments.

The main functional area of these parastatals is centered on provision of services of various types such as healthcare, information dissemination, electricity supply and so on. Competition between these private organizations that offer the same services in the…

 

 

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THE IMPACT OF CENTRAL BANK OF NIGERIA FINANCIAL MANAGEMENT ON THE NIGERIAN ECONOMY

(A CASE STUDY OF UNION BANK OF NIGERIA).

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TABLE OF CONTENTS

 

INTRODUCTION

1.1     Background of the Study.

1.2     Statement of the Problem.

1.3     Purpose of the Study

1.4     Delimination

1.5     Limitations

CHAPTER TWO

LITERATURE REVIEW

2.1     Historical Origin of Union Bank

2.2     Difference Between Union Bank and Other Banks

2.3     Function of Union Bank

2.4     Concept of Management

2.5     The Meaning of Capital Formation Inflation, Inflation, Exchange rate, Balance of Payment Position and Money Supply.

2.6     Operation of the Union Bank of Nigeria.

CHAPTER THREE

DATA PRESENTATION

3.1     Findings, Recommendations and Conclusion

3.2     Summary of Findings

3.3     Recommendations

3.4     Conclusion

REFERENCES

BIBLIOGRAPHY

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The Nigerian economy has undergone structural changes in the past three decades from a predominantly agricultural economy in the 1960s to an economy mainly valient on oil from the mid 1970s

The growth in oil earnings was not fully internalized into the economic system. The result was that the consumption production pattern became largely import oriented inability to emergence of trade arrears.

A growing department burden also surface in the early 1980s as a result jumbo trans contracted from the international capital market. External Debt outstanding rose drastically from US 93.6 million to 1976 to us 18.6million in 1986 and to about us 30.8 billion in 1990.

The pursuit of an over valued exchange rate policy, the subsequent relegation of the agricultural sector to the background, heavy public sector pending and combined to create distortion in the production. Consumption and payments patterns.

The predictions decline in oil earnings in the 1980s necessitates policy redirection aimed at realigning the domestic production patterns with the local resources   base.

The structural adjustment pro (SAP) was introduced in July 1986 to eliminate   structural distortions and encourage a diversified and broad productive base the major feature of the SAP includes: –

(a)      The re- alignment of the naira exchange rate to reflect forces.

(b)     Tread liberalization.

(c)      Privatization and commercialization of government owned enterprises and the promotion of locally secured raw materials

(d)     The deregulation of the economy.

The banking system has been an integral part of the on- going  structural reforms and it has played a heading role in the management of policy changes within the banking system

The Union Bank plays a leading role in the management economy.

The union adopts measures describe appropriate to influence the performance of the financial sector for the achievement of desired objectives which in of monetary stability and a sound financial structure.

In their performance of the supply of credit and money and sustainable growth without generating inflationary pressures and undus instability in the exchange rate.

The banking failures of the 1950s lead to the introduction of a Union Bank following the recommendation of J.B. Loynes.

The ordinance establishing the C. B. N. was promulgated in 1958 and it became fully operational on the lot of July 1959.

The main provision of the ordinance includes: –

(1)     Issuance of legal tender currency in Nigeria maintenance of external reserve in order to safeguard the internal value of the currency.

(2)     Promotion of monetary stability and a sound financial structure.

(3)     Bank to bank in Nigeria and abroad Ambassador Olatopo Falowon opined that Union Bank has not been playing the traditional roles structure part from control of the money stock are to prevent systematic financial instability and meliorate concerns about the efficiency and equity of financial intermediation failure of the financial institutions to loss of confidence in the system.

Finally, the Union Bank Decree of 191 upon which this study is based – Bases on the conflicting view of others and an personal experience as a banker, the researcher was motivated to undertake this study.

(A case study of Union Bank of Nigeria Pl c. money by in creasing their lending.

 

 

1.2     STATEMENT OF THE PROBLEM

There is the problem of low capital formation in the economy. As a result of the irregular savings investment procedures. Hence low per capital income. There is also the problem of under development of the Nigerian financial system i.e. insufficient financial…

 

 

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