RELEVANCE OF FINANCIAL MANAGEMENT TO BUSINESS GROWTH IN NIGERIA

RELEVANCE OF FINANCIAL MANAGEMENT TO BUSINESS GROWTH IN NIGERIA

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ABSTRACT

The prerequisite of this extended essay is to know the Relevance of Financial Management to Business Growth in Nigeria.

Financial management is relevant to business growth for a well balanced operation. As businesses in Nigeria are made up of small, medium and large scale enterprises need financial management to operate well. The ultimate aim of financial management is to plan and forecast the profit making and sourcing of fund for business growth. Money is needed in financial management and used in making plans work. It serves as a measuring device that can be used in measuring the plan in terms of naira, and outsiders, such as bankers and other lenders, will do the same.

In starting new business or expansion loan is required. The burden of proof in borrowing money is upon the borrower. You have to show the banker or other lenders how the money borrowed will be used and more important how and when you will repay back the loan.

The extended essay also look at budgeting, as organisation, whether economic, social, or political makes plans for an organisation. Without plan there is no longer an organisation but an uncoordinated assortment of individuals. Some biz-owners/managers carry plans in their head, some make rough estimates on their business and others express their plans in orderly and systematic manner.

An important feature of this extended essay is that the methods taken are in form of data collection through primary and secondary sources. The primary includes questionnaires and oral interview and secondary source include work of authors which were acknowledged.

Finally, the main findings and recommendations are based on the information on the conclusions drawn up to cap the work.

 

TABLE OF CONTENTS

CHAPTER ONE

  • Introduction 1
  • Objective of the study 2
  • Statement of problem 3
  • Scope and Limitation of study 3
  • Significance of study 3
  • Definition of terms 5

References                                                                                             7

CHAPTER TWO

  • Sources of finance 8
  • Issue of financing the firm 19
  • Objective and significance of financing 23
  • Financial decision making (stages & process) 26
  • Cash control and management of organisation in Nigeria 37

References                                                                                             40

 

 

CHAPTER THREE

  • Summary 42
  • Conclusion 44
  • Recommendations 45

Bibliography                                                                                          49


CHAPTER ONE

1.0    INTRODUCTION

The Financial Function has always been important in business management. Irrespective of differences in structure, ownership and size, the Financial Organisation of the enterprise ought to be capable of ensuring that the various finance functions: – Budgeting and controlling are carried out with the highest degree of efficiency. The profit ability of any business depends largely upon the manner the financial functions are performed and related to other business function.

 

During the developing stage, financial management involves only the obtaining of funds to finance the business. Overtime, financial function has increased in its scope to include not only the planning of finance, but incorporate the management and control of the available resources within the firm. This also involves the external generation, flow and uses of funds and, the study and evaluation of the capital market.

 

When talking of the capital market, its operations within the economy cannot be over emphasized. Thus, the demand for and supply of funds for business organizations, become a fundamental management function. Therefore, financial management play an important role both in increasing operational efficiency within the firm and allocating funds to productive or investable sector within and outside the organization.

 

These functions can only be achieved when there is proper planning and controlling, coordinating and other elements of management combined effectively with the finance function.

 

  • HISTORICAL BACKGROUND

Jomfol Investment Company Nigeria limited was incorporated in 1989. The main business of the company as contained in the memorandum and Articles of association amongst others is to carry on business as farmers, farm developers Livestock and poultry business, fisheries hatchery, producers and process or grains and all manners of crops, manufacturer of Livestock feed and concentrates etc.

 

The nature of the business activities includes; – manufacture, distribution and sales of poultry feeds and poultry raw materials and other related activities.

 

The raw materials concerns in the providing these activities includes; maize, soya beans, Soya cake, groundnut beans, and cake, wheat brain, maize brain, sorghum, palm kernel cake, spent grain, Bone meal, Fish meal, cottonseed cake, methionine, lysine, premixes, salt etc.

  • STATEMENT OF PROBLEM

Financial management is a feature, which govern the whole process of organizational management. Emphasis is often on planning and control used within an organisation to strengthen area of potential weakness or to capitalize on more effective opportunity for the business. The purpose of undertaking this study is to identify the important role financial management practice can help in managing an organisation to greater height.

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