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
CHAPTER ONE
Introduction - - - - - - - - 1
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
CHAPTER FOUR
Data presentation and analysis
CHAPTER FIVE
Summary, Conclusions and Recommendations
Appendix - - - - - - - - - 73
CHAPTER ONE
INTRODUCTION
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 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 140 million in 2007 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 scale business to the development of the economy.
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.
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.
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.
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