FINANCING SMALL – SCALE BUSINESS IN NIGERIA; AN ECONOMIC ANALYSIS
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TITLE PAGE
FINANCING SMALL – SCALE BUSINESS IN NIGERIA; AN ECONOMIC ANALYSIS
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "financing small–scale business in nigeria; an economic analysis" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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Government has identified the need for the development of SMEs. One of such Sectoral strategies is the introduction and pursuit of policies such as concessionary financing to encourage and strengthen the growth of SMEs in Nigeria. In this paper, a random sample of formal and informal finance sources and 20 SMEs in 6 selected small and medium industries in Kaduna and Abuja have been studied. We found that financing options for SMEs are numerous but access to these funds has been difficult in spite of government initiatives. SMIEIS fund lacks standard guideline for fund disbursement, the unregulated informal finance institutions finance the SMEs much more than the formal sources and the informal sources make up more than half of the SMEs' mix of funds. It is recommended that the informal source of financing is a potentially important source of micro financing. Savings in them should be further encouraged through regulation, government intervention by way of active participation of community and development banks in local business associations. SMEs should consider all financing options that maximize the value of the business enterprise.
TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Table of content
CHAPTER ONE: BACKGROUND OF THE STUDY
- Introduction
- Statement of problem
- Aims and Objectives of the study
- Significance of the study
- Scope of the study
- Limitations and constraints to the study.
CHAPTER TWO: LITERATURE REVIEW
- Concept of small – scale business
- Characteristics of small – scale businesses.
- Concept of finance
- Types of finance
- Financial needs of small-scale business
CHAPTER THREE: RESEARCH METHODOLOGY
- Research population and sample
- Research design
- Instrument of data collection
- Administration of instruments
- Method of data analysis
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
- Brief History of Diamond Bank, plc
- Functions of diamond Bank
- Requirements for small business finance by diamond bank.
- Types of finance given to small business by the bank.
- Advantages of the Loans to the businesses
- Problems associated with the loans
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings
5.2 Conclusions
5.3 Recommendations
References
CHAPTER ONE
1.1 INTRODUCTION
Nigeria has always been a strategic country in Africa with their enormous economic and political power. Unfortunately, a history of prolong military rule left the nations civil institutions in run. The economy grossly mismanaged, and individual values completely misplaced thus preventing Nigeria from attaining it’s full potential. Consequently, due to this uncertainty, quite a number of investors have been way of doing business in Nigeria and with Nigerians. With the successful transition to civil rule in 1999, the cloud of uncertainty cleared up a bit and in 2003 when the sustainability of it’s democracy was tested, a significant number of investors are expected to be interested in investing in the Nigeria economy.
As a part of its strategies to revive the economy and uplift the standard of living of Nigerians, the government has identified sector within the economy with potential for rapid growth. One of such sectoral strategies in the development of small scale business (SSB) are known to encourage people centered development, which helps in alleviating poverty, vereating wealth and employment, and stemming rural – urban drift. However, without finance, SSB cannot be a reality. To alleviate this problem of finance the federal government of Nigeria – set up a number of development Banks.
1.2 STATEMENT OF THE PROBLEM
The purpose of this research is related to the financing SSB S.S.B is a global concept that can be seen from different points of view depending on the angle from where it is been considered, either from the developed or developing countries. The problems that are inherent with S.S.B depends mainly either in the government of such a country where it is been managed or the entrepreneur that a country where it is been managed or the entrepreneur that is managing such an enterprise.
For the growth and development SSB, it can be enhanced by the government through the schemes that has been put in place as it had been in Nigeria in general and in delta state in particular. But there are some problems that equally hinder this growth and development of SSB, especially with reference to finance, and these among where are the reason for this research. These problems include.
1.3 AIMS AND OBJECTIVES OF THE STUDY
The objective of these study is to acquaint and potential SSB with the sources of funds available and problems arising from the establishment and growth of SSB in Nigeria and particularly in rural areas and to offer possible means of ensuring efficient use of these funds so that SSB can grow rapidly.
Some of objectives of this research are:
- To help those already in business to expand through better means of financing.
- To appraising that efforts of Diamond Bank in terms of financing.
- To examine the ways and manners through which working capital funds are raised and managed for the operation of the enterprise.
- To appraise the effort of diamond Bank in term of financing.
1.4 SIGNIFICANCE OF THE STUDY
The outlay of this study is important because, at this state of development, the government of Nigeria is currently placing emphasis on the development of SSB, since it has been discovered to posses the likely solution to the rural – urban drift of her citizens.
The study shall particularly probe into sources of fund to SSB in Delta state with Isoko North Local Government in View.
1.5 SCOPE OF THE STUDY
Small scale business is fairly wide in scope, but in this study, we will take a look at it from the Nigerian perspective and how it affects the populace area of study.
The study also covers the activities of diamond bank plc regarding SSB expansion in Nigeria (Take a look at various form and sources of business finance including the procedures for obtaining loans and in the future prospect of finding SSB in our society despite the associated problem).
1.6 LIMITATIONS AND CONSTRAINTS TO THE STUDY
It is assumed that this research work has been carried out before. As a result, website were consulted, textbooks, annual reports, seminars, workshops and conference materials which discussed the relevance of financing small and medium enterprises were also consulted.
Because this study was done intermittently with lecturers, examination and private study limited time was at my disposal for carrying but this study.
However, as the researcher I will put in the best of my knowledge and understanding to capture and unravel the main purpose and objectives of this study.
1.7 PLAN OF THE STUDY
This project work stems on communication as an important tool for the development of an institution. This study is basically divided into five (5) chapters.
CHAPTER ONE: Takes on the introduction of the subject matter. If consists of the super significance and definition of terms of the study.
CHAPTER TWO: This is the literature review this entails the works that had been done on this particular topic which was done by other researchers.
CHAPTER THREE: Will talk about the Methodist that the researcher adopted in getting necessary materials or information that will facilitate the success of the research work.
CHAPTER FOUR: Explain how the researcher was able to analysis and present the data he got for his work while the chapter:
CHAPTER FIVE: Brings everything to conclusion the researcher does his summary and give necessary recommendation where needed.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "financing small–scale business in nigeria; an economic analysis" is also available. Order full work to download. Chapter two of "financing small–scale business in nigeria; an economic analysis" consists of the literature review. In this chapter all the related work on "financing small–scale business in nigeria; an economic analysis" was reviewed.
CHAPTER THREE: The complete chapter three of "financing small–scale business in nigeria; an economic analysis" is available. Order full work to download. Chapter three of "financing small–scale business in nigeria; an economic analysis" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "financing small–scale business in nigeria; an economic analysis" is available. Order full work to download. Chapter four of "financing small–scale business in nigeria; an economic analysis" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "financing small–scale business in nigeria; an economic analysis" is available. Order full work to download. Chapter five of "financing small–scale business in nigeria; an economic analysis" consist of conclusion, recommendation and references.
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