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PROMOTION OF SMALL AND MEDIUM SCALE ENTERPRISE IN THE
DEVELOPMENT OF NIGERIA
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND
OF THE STUDY
The
main strategy for the establishment by the entrepreneurs of Small and Medium
Enterprises (SMEs) and its promotion by various sectors, is to enhance job
creation, promote economic growth, reduce poverty. The importance of Small and Medium
Enterprises (SMEs) in any economy cannot by overemphasis. They constitute the smallest unit of
business. They predominate in most
sectors of the economy occupying every available space such as form enterprises
in the rural areas, provision store, bakery, pure water production, garri
processing or food processing industries.
Although,
many writers have talked about the financing of the Small and Medium
Enterprises in pre-consolidation and post-consolidation periods of Banks
towards the enterprises development, the issue of credit accessibility and
affordability as it affects economic development has not been stressed. The concern of this research is to examine
the extent of promotion accorded the entrepreneurs of Small and Medium
Enterprises. (SMEs) and the level of economic development in the rural
communities.
The
history of industrial revolution in developed and developing economies or
countries has shown that Small and Medium Enterprises (SMEs) are driving force
of industrial development. It is
therefore, the attention of the government, the world over to focus on the
funding and supporting of Small and Medium Enterprises (SMEs) activities. Available evidence shows that Small and
Medium Enterprises (SMEs) are characterized by being managed by their owners as
proprietorship or partnership. They are
largely local in the areas of capital and relatively small size with the
industry.
Small
and Medium Enterprises (SMEs) predominate in the private sector of the
Banbeck
(1983) included in his publication on “Basic Small Business Management” that
more than one-third of all the manufacturing firms in
The
characteristics of Small and Medium Enterprises (SMEs) largely constitute the
basis of their problems and special needs that have attracted different
authorities and sectors in recent past.
It is also the focus of this research to critically examine and measure
the effects of the government funding programmes on Small and Medium
Enterprises (SMEs) activities. Though
the result of the findings from the respondents/enterprises, the study will
determine how much of the support have been received from the programmes and
extent of development experienced in the population Okehi LGA.
The
study is further intended to reveal the various enterprises with Okehi
communities with a view to identifying their business activities, proffering
solutions to the identified challenges impeding their effectiveness and
proficiency to achieve economic development.
1.2
STATEMENT
OF THE PROBLEM
The
research examines in all possible ways, the extent of government funding
programmes in the promotion of Small and Medium Enterprises (SMEs) in the
population area as well as the impact on the socio-economic development of the
area covered by the scope. The study
further identifies the peculiar problems or challenges the SME sub-sector
associated with their smooth operations.
Possible suggestions to provide engine for economic growth and
prosperity in the industries is also the focus of this study.
The
research tend to ask and find answers to such guiding questions as
-
To what extent do the
entrepreneurs have access to credit loan and guarantees?
-
How often have the
industrialist received training and information services for the promotion and
development of the Small and Medium Enterprises (SMEs)?
-
How long have the management
of the Small and Medium Enterprises (SMEs) been enjoying credit facilities from
Bank and government aid, what benefits evidenced in their enterprises?
-
Enumerate the limiting factors
inhibiting the development of the Small and Medium Enterprises (SMEs) in Okehi
Communities.
Finally,
the research is carried out to uncover the administrative and technical
weakness of government and other funding agencies in the efficient and
effective implementation of their policies and strategies. That is, do the government and other funding
establishments actually realize their goals aimed at promoting and developing
Small and Medium Enterprises (SMEs).
1.3
OBJECTIVES
OF THE STUDY
The
broad and primary objective of this research is to find out the extent to which
the SMEs funding programmes as promotion strategy have impacted on the
development of enterprises in the rural communities. This is further to identifying the all
inclusive measurable performance of the enterprises and to proffer possible
solution to the challenges posed by SMEs programmes implementation strategies.
To
realistically achieve this basic objective, this study will also identify other
secondary objectives. This aids the
researcher to articulate the enterprises direction as regards where is the
enterprise now, what does it want to be and how does it want to get there.
These secondary
objectives includes:
1. To
identify the viability or otherwise of government funding programmes on SMEs.
2. To
compare the standards (set objectives) of funding institutions with the a SMEs
actual performance.
3. To
identify the perception of the entrepreneurs or industrialists or SMEs operator
and realistic on the implementation of the government funding programmes as the
affect SMEs development.
4. To
determine the socio-economic impact of the SMEs on the people in the study
area.
5. To
investigate the factors militating against meaningful development of small and
medium scale enterprises in the local government area.
6. To
identify other investment opportunities available to the entrepreneurs.
7. To
recommend based on the findings from the research study ,possible measures to
minimize the challenges facing the practice of SMEs in the rural communities.
1.4 SIGNIFICANCE OF THE STUDY
The
promotion of Small and Medium Enterprises (SMEs) by the funding institutions is
geared towards improving the living standards of especially the rural dwellers
in the country. The research signifies
the following:
1.
The research pinpoints the
unique role of the funding institution in empowering the
entrepreneurs/industrialists. If the
purpose of SMEs must be achieved the entrepreneurs must be supported with
adequate capital in form of credit, loan and guarantees, grants etc.
2.
The study also uncovers the
correlation between the quantum of funds made available to the entrepreneurs
and their level of performance in the business activities. This compares in a measurable for the
standards (set objectives) and actual performance.
3.
The constraints and
limitations which affect the success of the operators of SMEs are uncovered by
this study. The research report will
acquaint the industrialist and other stakeholder of the SMEs with some far
reaching measures or suggestions towards realistic entrepreneurship
development.
4.
The study further identifies
other possible way or available opportunities of diversifying their
investments.
5.
The research
report/recommendation serves as a reference point to potential investors in
SMEs. The study widens the business
horizons of the entrepreneurs or operators of SMEs.
1.5
RESEARCH
QUESTION/HYPOTHESIS
RESEARCH HYPOTHESIS
A
hypothesis is described by Keple (2000) is a prediction of what can be seen in
the world of reality. Hypothesis
formulation is significant in a research work.
It functions as:
·
A link between the world of
theory and world of reality.
·
Showing the direction of data
analysis.
·
Helping in the organization of
the research report.
·
Transforming the researcher’s
ideas into testable form.
Two
types of hypothesis; null hypothesis (Ho) and Alternate Hypothesis (Hi) will be
adopted for the problem under study.
1. Hypothesis
1 (Ho): There is no significant impact of government funding of Small and
Medium Enterprises (SMEs) on the socio-economic development of Okehi
communities.
Hypothesis
1 (Hi): There is significant impact of government funding of Small and Medium
Enterprises (SMEs) on socio-economic development of Okehi communities.
2. Hypothesis
2 (Ho): The operators of the Small and Medium Enterprises (SMEs) in the rural
communities cannot easily access credit facilities from financial institutions.
Hypothesis
2 (Hi): The operators of Small and Medium Enterprises (SMEs) in the rural
communities can easily access credit facilities from the financial
institutions.
3. Hypothesis
3 (Ho): The government funding of Small and Medium Enterprises (SMEs) especially
in the rural communities has brought no reduction in poverty level.
Hypothesis
3 (Hi): The government funding of Small and Medium Enterprises (SMEs) especially
in the rural communities has brought about high a reduction in poverty level.
RESEARCH QUESTION
To
achieve a quality result from the study, the following fundamental questions
will serve as guide to the researcher.
1. To
what extent have the government funding programmes impacted on the development of SMEs in the rural
communities?
2. Compare
the actualization of the funding objectives of the government with standard
set. (has the objectives been largely achieved?)
3. How
often do the entrepreneurs/industrialist get funds from the government funding
programmes?
4. What
are the factors militating against meaningful development of SMEs in the Local
Government Area?
5. What
factors militates against the meaningful development of Small and Medium Scale
Enterprises (SMEs) in Okehi local government area?
6. What
are the investment opportunities available to the entrepreneurs in your
locality?
7. What
are the possible measures to be adopted in minimizing the challenges facing the
practice of SMEs in the rural communities?
1.6
SCOPE OF THE STUDY
1.
The research covers the major
stakeholder of Small and Medium Enterprises (SMEs) in Okehi Local Government
Area,
2.
The enumerated areas as the
sampled population of the study include randomly selected entrepreneurs in
various communities actively engaged in the enterprises.
3.
It is also within the scope of
this study to enumerate the funding institutions such as Banks and identified
government programmes in the promotion and funding of Small and Medium
Enterprises (SMEs).
4.
The scope covers a four (4)
year (2007 – 2010) performance review period of the Small and Medium
Enterprises (SMEs) major stakeholders.
This period is used to measure the level of socio-economic development
as a consequence of the promotion efforts or otherwise of the funding institutions.
5.
Enumeration of the critical
factors militating against the success or development of the enterprises in the
rural communities also forms part of the scope of the study.
6.
It also covers identified areas for
improvement in the entrepreneurial development.
1.7 LIMITATION OF THE STUDY
A
good research work is normally carried out with some attendant limitations, in
this particular study under review, the under mentioned problems were
encountered:
1.
The study is limited to the
assessment of promotion strategy on Small and Medium Enterprises (SMEs) and
their measures of development in the rural communities. There are no much record made available to
the researcher on the operators to quantify the efforts of the funding
institutions
2.
To collect scientific data in
the production of quality reports some sampling techniques were employed. These techniques like questionnaires were
delayed or not correctly answered by the respondents.
3.
Time constraints: Time of survey were limited in terms of data
collection. All sampled population could
not meet all the needed information within the stipulated period.
4.
During the survey period, the
level of cooperation varied from one entrepreneur/industrialist to another.
5.
Inaccessibility of records
from the funding institutions like Banks and government agencies. The desired records to ascertain the quantum
of grants or subventions or loan guarantee offered to the operators of the SMEs
were not made available by the relevant stakeholders.
6.
The method of data analysis
where some formular are involved may be too technical to the understanding of a
layman. The test of hypothesis may not
be cleared to individual that is not mathematically inclined.
1.8. DEFINITION OF TERMS
Various
bodies/organization defined SMEs in their own perspective depending on the
purpose, objective and use.
In
the context and purpose of this research the following definitions were
adopted:
(i)
Funding Agencies: These are
government Parastatals/Agencies, Development Banks, Private Organizations like
Banks, NGOs which make funds available in the form of grant, credit facilities
to the industrialist or entrepreneurs.
(ii)
Micro Enterprise/College
Industry: A firm or enterprise with a labour size of not more than ten workers
(1 – 10) or total cost (including working capital but excluding cost of land)
not more than two million naira (N2m) and/or a turnover of less than four
hundred thousand naira only (N400,000.00).
(iii)
Small Scale Enterprise:
Industry with a labour size of between 11 – 100 workers or a total cost including
working capital but excluding cost of land) not more than fifty million naira
only (N50m) and/or a turnover of less than ten million naira only (N10m)
(iv)
Medium Scale Enterprise:
Industry with a labour size of 101 – 300 workers or a total cost including working
capital but excluding cost of land) of over fifty million naira only (N50m) but
not more than two hundred million naira only (N200m).
(v)
Large Scale Enterprises:
Industry with a labour size of over 300 workers or a total cost including
working capital but excluding cost of land of over two million naira only
(N200m).
Other
abbreviations, terms and notation used in this study include but not limited to
the following:
(vi)
A.C.G.S: Agricultural Credit
Guarantee Scheme
(vii) NACRDB:
(viii) NASME:
(ix)
DFIs: Development Finance
Institution, these are companies involved in projects and development finance
e.g. Bank of Industry (BOI).
(x)
SMEs: Small and Medium
Enterprises (SMEs)
(xi)
SMEDAN: Small and Medium Scale
Enterprises Development Agency of
(xii) CBN:
Central Bank of
(xiii) NEEDS:
National Economic Empowerment and Development Strategy.
(xiv) SEEDS:
State Economic Empowerment and Development Strategy
(xv) NDE:
National Directorate of Employment
(xvi) NAPEP:
National Poverty Eradication Programme.
(xvii) MSME:
Micro-Small and Medium Enterprises.
(xviii) MAN:
Manufacturers Association of
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