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FUNCTIONS AND ACHIEVEMENTS OF GOVERNMENT SUPPORT AGENCIES IN THE DEVELOPMENT OF ENTERPRENUERSHIP IN ENUGU STATE.

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FUNCTIONS AND ACHIEVEMENTS OF GOVERNMENT SUPPORT AGENCIES IN THE DEVELOPMENT OF ENTREPRENEURSHIP IN ENUGU STATE.

(A CASE STUDY OF NATIONAL DIRECTORATE OF EMPLOYMENT (N.D.E)

 

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Account Name: 3059320631

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TABLE OF CONTENT

CHAPTER ONE:

INTRODUCTION

  • Background of the study
  • Statement of the problem
  • Purpsoe of the study
  • Scope of the study
  • Research hypothesis
  • Significance of the study
  • Definition of terms

References

 

 

 

CHAPTER TWO

REVIEW OF THE RELATED LITERATURE

  • Introduction
  • Entrepreneurship development
  • Need, scope, and characteristics of entrepreneurship
  • Various government support agencies and their functions

References

 

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

  • Research design
  • Area of the study
  • Population of the study
  • Sample and sampling procedure/technique
  • Instrument of data collection
  • Validation of the instrument
  • Reliability of the instrument
  • Method of data collection
  • Method of data analysis

References

 

CHAPTER FOUR:

DATA PRESENTATION AND ANALYSIS

  • Presentation and analysis
  • Testing of hypothesis
  • Summary of results

References

 

CHAPTER FIVE

DISCUSSIONS, RECOMMENDATION AND CONCLUSION

  • Discussion of results/findings
  • Conclusions
  • Implications of the research findings
  • Recommendation
  • Limitations of the study
  • Suggestions for further research

References

Bibliography

Appendages/appendices

Questionnaires.

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Entrepreneurship started when people began to produce more products than they required, as such they had to exchange these surplus with others who also wanted to dispose off their surplus. By this way, producers came to realize that they can concentrated in their areas of production to produce more and then exchange with what they needed. Therefore, through this exchange of products, entrepreneurship started.

According to Schumpeter (1961) Entrepreneurship means doing new things or doing  things that are already being done in a new way.

Nnenna B.Ani (1999) described entrepreneurship as a creative and innovative response to the environment such responses can take place in any field of social endavour, for instance, in business industry, agriculture, education, social work and the like.

An entrepreneur is different from a manager who only plans organizes and controls a business idea after it has been successfully initiated by the entrepreneur”Lawal A.A Et Al (1998), According to Ani Nnnenna B. (1999) a typically Nigeria entrepreneur is self made man who ,might be said to have strong will to succeed, he might engage the services of others like friends, mates, in laws etc to help him in his work or production through this way Nigerians in the olden days  were engaged in entrepreneurship”. Early entrepreneurship characterized with production or manufacturing in which case the producer most often started with a small capital, most of it from his own savings. Early entrepreneurship started with trade by barter even before the advent of any form of money.

In Nigerian modern entrepreneurship started with the coming of the Colonial masters, who brought in their wears and made Nigerians their  middlemen. Most of the modern entrepreneur were engaged in retail trade or sole proprietorship.

One of the major factors that has in many ways discouraged the flow of entrepreneurship development in this country is the value system brought about by formal education. For many decades formal education has been the preserve of the privilege. With formal education, people had the opportunity of being employed in civil service, because in those days the economy was large enough to absorb into the prestigious occupation all Nigerians with some form of formal education. The value system discouraged entrepreneurship  in Nigeria for the colonial masters to solve their goods, because if Nigerians continue to be enterprising, they would not have had market for their goods. as such, the system made Nigerians to be depends on the colonial masters to supply her with the needed products.

Again , the contract between Nigerian entrepreneurs and foreign entrepreneurs during the colonial era was very detrimental and the  competitive business strategy of the foreign entrepreneurs was ruinous and also against moral standards established by the society. For example, the united African company (UAO) that was responsible for a sustain percentage of the  import and export trade of Nigerian, has the policy of dealing directly with produced and refused to make use of the service of Nigeria entrepreneurs. The refusal of the expatriate to utilize the services of local business man inhibited the expansion and acquisition of necessary skills and attitude. For this reasons many eventually folded up. Hose that folded built up a resentment against business which become very demoralizing to other prospective entrepreneurs. As a result, the flow of entrepreneurship in the country was slowed down. But with more people being educated and the fact that government could no longer employ most school leavers, economy programs to encourage individuals to go into private business and self reliant were initiated (Theodore Gieger in Nwachukwu C.C (1990).

In view of the impact of entrepreneurship in improving the socio-economic conditions of the state, the government  have made initiatives to promote indigenous entrepreneurship in small scale business. According to Lawal A.A 91998:2) typically actions of the government take the form of policy initiatives and directives to organization such as ministry of commerce and industry, national directorate of employment, ministry of labour and productivity, center for management development, research institutes to act as executing agencies with responsibility for stimulating, supporting and sustaining entrepreneurship development.

The researcher believes that a study of the functions as well as the achievement of the national directorate of employment (NDE) in Enugu state would help to evaluate the role of government support agencies in entrepreneurship development within the state.

 

1.2     STATE,MENT OF THE PROBLEM.

In Enugu state, various government support agencies have been set up by the government to assist entrepreneurship development and encourage the rapid development of small and medium scale industries. These agencies were established because government owned organization can no longer cope with employment of graduates and school leavers. Further more, the graduates and school leavers have to establish their own small business, which will help in solving the problems of unemployment and economic development.

Therefore, in carrying out this research it is very important to study the problems listed below.

  1. Examine the mandates for establishing the NDE.

 

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THE EFECT OF UNCONTROLABLE IMPORTATION ON INDEGINEOUS INDUSTRIES

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THE EFFECT OF UNCONTROLLABLE IMPORTATION ON INDIGENOUS INDUSTRIES  (A CASE STUDY OF NIGERIA BREWERIES PLC)

 

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ABSTRACT

 

The purpose of this study is to the effect of uncontrollable importation of indigenous industries with particular reference to Nigeria Breweries Enugu.

Due to the unprecedented growth in manufacturing and  Merchandising industries over the fears, inventory has been accorded the save cost of those industries.  It therefore follows that in trying to hold the industries in those manufacturing organization, the level of these should be adequately and properly controlled with the view to minimizing costs.

Hence, in conducting research, the researcher made use of oral interview and questionnaire she also reviewed other  related literatures necessary to provide the required date for study. The data collected for the study were analysed in tables using chi-squares.

The findings were that through the management lives as much as the can, there are lapses in inventory control system also on the valuation of stock, the researcher found out that the company uses the first-in-first-out (FIFO)method of stock valuation in valuing her stock.

This is because of inherent benefits in its and commanded by the SAS, /AS and SSAP.

Based on findings, we have recommended among other things that the local source of raw materials should be made to suppl7y the firm when required.

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

  • General background to the subject matter
  • Problems associated with the subject matter
  • Problems that the study will be concerned
  • Importance of studying the area
  • Definition of important terms
  • References

 

CHAPTER TWO

LITERATURE REVIEW

  • The origin of subject are
  • School of thoughts within the subject area
  • The school of relevant to the problem of study
  • Different methods of studying the problem
  • Summary
  • References

 

CHAPTER THREE

CONCLUSION

3.1     Data presentation

  • Data analysis
  • Recommendation
  • Reference

CHAPTER ONE

 INTRODUCTION   GENERAL BACKGROUND TO THE SUBJECT MATTER

The president of manufacturing association of Nigeria, Rufus Giwa (200.p16) define industry thus:

“Industry, particularly, miniaturization is  the motive force for development. In fact, industrialization is more than engine of growth. It is also the catalyst for technological, financial and socio-economical advancement.

Trade, and more specifically foreign trade have astronomically been instrumental in man’s bids towards betterment of his lifer on earth.

Today, we can enjoy and make use of automobile made in far away Japan as if they  grow in air gradens. Other articles which we can’t dream of producing even in the next millennium liters our markets as if they were going out of fashion.  All these are courtesy of foreign trade and broadly on one  of its two-pronged  division. “Importation”. A very important concept is but like a two-edge sword, it can destroy if not carefully handled.

  1. A study on how foreign products crowd our market, and how our local industries are nose-division into oblivion show that we are  already receiving a fair does of rough handing under the sharp claws of this excessive importation.“The Nigeria trade Journal” of March/April 1980, analyzing our  trade statistics put the total of Beer and stout importation at N7,562,135. people shouted and rose dust over it that it is excessive, but what have we to say today that people 200m off from the country Just to import tooth picks and toilet tissues?The millions of graduates that our academic institutions turn out annually have their fate hanging over the balance. With hands supporting their checks , and all hope on divine intervention they helplessly watch as our few industries fold up in their hundreds.Retrenchment and counter retrenchment of workers have become so common as the few cresting ones battle to   break even and remain in contention. Consequently, unemployment and poor standard of living can’t be more adventurous.

    An it idle man they said is the devils tool coupling with the fact that both ends must meet, arm-robbery, fraud, bribery, corruption and other social vices exert domination. Hence our country can’t help wining the inglorious “most corrupt country” award in the year 2000.

    Our surviving industries virtually are at the end of their letter judging from the lamentable figures they post in their annual report as profit after exuberant tax from a government that don’t spare their selves a through about their welfare instead of re-investment or expansion, the  little token that will succeed  in dropping into their counter went into unreasonable advisement which they see as their last resort to remain in contention in the ever growing competitive market.

    These and many more have been the plight of our indigenous  industries consequently upon excessive importation. This work try to look into the effect of this practice and how to curtail its excessive. It will make a steep further to put forward, measures towards remaining the vandalized state of our indigenous industry.

    1.2     PROBLEM ASSOCIATED WITH THE SUBJECT MATTER

    The subject matter is that which have a hamper of problems under it care: below  are some of the them.

    1. DPERSSION AND DUMPING: With more and more goods from           broad finding their ways undisturbed and unrestrained into the country,           compiling with the locally made ones, a situation where supply  will           exceed demand  will emerge. And not only will our wobbled economy           and ingenious industries suffer a great depression, but also the nation           will be turned into in dumping ground.
    2. EXCESSIVE COMPETITION: Our weak industries became so much of       the market share from day to day fell to these foreign goods. and to fight back in their own effeminate way in order to still remain in contention,   our indigenous industries resort to aggressive promotion which drain their meager income and adversely effect their level of operation.

    iii.        UNEMPLOYMENT: With a generous portion of the market under            the..

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LOCAL GOVERNMENT AUTONOMY AND GRASS ROOT DEVELOPMENT

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LOCAL GOVERNMENT AUTONOMY AND GRASS ROOT DEVELOPMENT (A CASE  OF NSUKKA LOCAL GOVERNMENT OF ENUGU STATE)

 

 

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Account Name: 3059320631

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ABSTRACT

Local government  Autonomy and grass root development ( A case of Nsukka Local government of Enugu state). The purpose of the study is to determine how local government autonomy has affected grass root development in Nsukka Local government Area of Enugu State. A total population of seven hundred and fifth staff working at Nsukka Local government was chosen for the study. The sample for the study was 213 staff using yaro yamani method. Three (3) research questions were formulated to guide the study. Data analysis was done using simple percentage.

 

The major findings of the study were: Nsukka Local government lacks political autonomy as the State government interferes in their bye-law and policy making process, the Local government is not been financed properly and even when financed the State will hinder such by interfering through the State joint Local government Account, administratively, the state determine, discipline, recruit, promote etc the Local government staff and thereby denying administrative autonomy over their personnel. Despite these problems, it was recommended that: Nsukka Local government should have control over it’s finance, their personnel should be appointed, recruited, promoted, discipline by themselves. They should equally make their bye-law and other policy making themselves so as to boost it’s autonomy.

 

TABLE OF CONTENTS

CHAPTER ONE:

INTRODUCTION……………………………………………………………..1

1.0     Background of the study ……………………………………….………1

  • Statement of problem……………………………………………………5
  • Purpose of the study…………………………………………….………7
  • Research Question ………………………………………………………8
  • Statement Hypothesis ……………………………..……………………9
  • Theoretical frame work………………………………………..………10
  • Significance of the study………………………………………………11
  • Scope of the study……………………………………..………………12
  • Limitation of the study…………………………………………………12
  • Definition of terms …………………………………………………..13

 

 

CHAPTER TWO:

Review Literature ……………………………………………………………16

  • Introduction …………………………………………………..………16
  • Indices for measuring Local Government autonomy………….…….19
  • The quest for Local Government autonomy and 1976 Local Government reform………………………………………………….20
  • Gras root development ………………………………………………22
  • Challenges to full Local Government autonomy…………..………..24
  • Summary of the literature Review ………………………………….25

 

CHAPTER  THREE:

RESEARCH DESING AND METHODOLOGY…………………….…….27

3.0     Design of the study………………………………………………….27

3.1     Area of the study……………………………………………….…….27

3.2     Population of the study………………………………………..…….28

3.3     Sample size / sampling techniques…………………………….…….28

3.4     Instrument  for data collection ………………………………..…….29

3.5     Reliability of  the instruments ………………………………….……….29

3.6     Validity of the instruments ……………………………………………….29

3.7     Distribution and Retrieval of the instrument  ……………………….29

3.8     Method of  data Analysis …………………………………………….30

CHAPTER FOUR:

4.0     DATA  PRESENTATION  AND ANALYSIS ……………………………31

4.1     Data  Presentation  and Analysis …………………………………….31

4.2     Analysis of research question …………………………….………….32

4.3     Testing of Hypothesis    ……………………………………….…….39

4.4     Interpretation of results ……………………………………………….48

CHAPTER  FIVE:

SUMMARY OF FINDINGS / CONCLUSION AND RECOMMENDATION

  • Summary of Findings ………………………………………………….49
  • Conclusion ……………………………………….……………………….51
  • Recommendation ……………………………………………………….52

References………………………………………………………………….54

Appendix A………………………………………………………….…….55

Questionnaires …………………………………………….……….…….56

 

CHAPTER ONE

INTRODUCTION

 

  • BACKGROUND TO THE STUDY

 

The struggle for Local Government Autonomy in Nigeria has been a recurring issue. It is as old as the history of Nigeria colonial state. Local government Administration practiced anywhere in the world is largely dependent on the historical, geographical, political and economic life of the citizens. Nigeria with a long history of slavery. Colonization, as well as military and civilian administration which have to a large extent determined the system of local government Administration up till date. This work intend accessing the various reforms or ordinance that the local government system in Nigeria has witnessed since 1914 during the amalgamation of the Northern and Southern protectorate by Fredrick Lord Laggard.

 

The Local Government during this period of 1914 is based on the Native Authority system whereby indirect rule and exploitation was the order of the day. According to Ogunna (1996), Native Authority is the traditional political authority at the Local Level which formed part of the machinery of British colonial government charged with the responsibilities of maintaining law and order. Based on the Native Authority ordinance of 1916, a unified Local Government System was established in the Northern part because of their Emirate system of Administration practice before the colonial Administration. This Native Authority was later extended to the East and South with varying degree of success. This native Authority did not satisfy the needs and aspiration of the local people and it arouse agitation from the rural citizens especially from the educated elites in the southern Nigeria craving or desiring for a greater participation in their own affair.

The Native Authority Ordinance failed because it has no autonomy to meet up with the demands of the citizen and as a result, the first Local Government reform was ushered in. Thus after the second World War in 1945, the colonial policies on Local Government changed coupled with the demands for greater participation and this led to the adoption of the representative or liberal democratic system of Local Government in the 1950s.

 

The 1950 Local Government reform serves as a foundation on which modern Local Government was built in Nigeria as it abolished the native Authority system. This reform paved way for the following features in Local Government system; it has a three tier system (country, district and local council), it was granted the power of taxation as a source of funding, it introduced popularly elected Local Government council but the franchise is based on tax payers and it equally recognize that the Local Government should be given adequate autonomy as the council were given financial and Administrative power. According to Ogunna (1996). This reform introduced representative democratic Local Government system on the negative side. It suffered from conflicts among the tiers, inadequate funding, poor staffing, bribery and mal administration. As a result of these problems coupled with intense politicking, no reform could be initiated until the military seized power in 1966 which rudely terminated the first republic. The 1966 Local Government reform was to correct the ills of the Local Government system they inherited.

 

However, all these reforms did not ensure a complete autonomy of Local Government system until the introduction of the 1976 Local Government reform under the military administration of General Olusegun Obasanjo. This reform marked a turning point in Local Government Administration in the country. This reform were the federal government response to the recommendation of Chief Jerome Udoji public service review commission of 1974. The reform aim to make the Local Government more effective in their primary role of bringing development to the grassroots. It established a multi-purpose single tier system throughout the country, with the same structure and function. Local Government were recognized as a third tier of government with the federal structure. It provided for the Local Government to receive their statutory allocation from Federal Government through the State

Government. They were democratized through popular or indirect election. The Local Government were given specific function to perform and enshrined in the fourth schedule of the 1979 constitution. Local Government were granted a relatively high level of autonomy.

From all indications, this reform is very important and distinct from other reforms and that is why Adamolekun (1979:3) has observed, what distinguished the 1976 Local Government reform from all the previous reform exercise in the country is the formal and clearly recognition of the Local Government as constituting a distinct level of government with definite boundaries, clearly stated functions and provision for ensuring adequate human and financial resources.

Despite all these constitutional provisions which granted the Local Government autonomy in all ramifications, there is still little or no development they have brought to the rural dwellers which ought to be their utmost share from the National cake.

At this juncture, the researcher is solely directed at accessing the impact, status, entity and autonomous existence of Nsukka Local Government in the development of their grass root.

1.1         STATEMENT OF THE PROBLEM

The rate of interference and control which the State and Federal Government put on Nigerian Local Government cannot be over emphasized. This which has eaten up the Local Government, does not only affect the Local Government Chairmen and Councilors but as well as the local people who feel neglected in the National cake, resources, and revenue allocations, the high rate of over dependency by the Local Government on the federal and state Government in terms of finance administration. Some Authors, scholar and Administrator argue that this tier of government should be scraped away irrespective of it’s constitutional and legal frame work.

To the Chairman and Councilors, it posses a problem as regards to law making, policies and implementation functions allocated to them by the constitution.

Administratively, the personnel and human resources management of the Local Government in term of recruitment, promotion, security and disciplines staff within it’s area of jurisdiction is not free and fair. The State and Federal Government control them through the introduction of the integrated staff system.

Financially, Local Government do not enjoy autonomy. Their freedom to impose local taxes, generate and allocate revenue within it’s assigned source, allocates it’s financial and material resources, determine and authorize it’s budget is greatly influence by both the Federal and State Government. The statutory allocation which they receive through the State -joint Local Government Account is highly hampered by the State Governors.

Therefore, it is these view that the researcher deem it necessary to examine and access how autonomous Nsukka Local Government Area of Enugu state is in relation to grass root development.

  • PURPOSE OF THE STUDY

The main objectives of this research work is to determine how Local Government Autonomy has affected the grass root development in Nsukka Local Government Area of Enugu State.

However, in specific terms, the study is based at the following points:

I       To acertain whether the process of law making and policy implementation by the Councilors and Chairmen affects the grass root development of Nsukka Local Government Area.

ii      To determine how the personnel Administration of Nsukka Local Government Area hampers it’s grass root development

iii     To determine whether State interference in the financial allocation of Nsukka Local Government affects it’s grass root development.

1.3   RESEARCH QUESTION

The following research questions has been constructed as a guide to the success of this research work in order to obtain a useful result.

I       To  what extent has the process of law making and policy implementation by the Councilors and Chairmen affects the grass  root development of Nsukka Local Government Area.

ii      To what extent has the personnel Administration in Nsukka Local Government hampers it’s grass root development.

iii     To what extent has the State interference in the financial allocation of Nsukka Local Government affects it’s grass root development.

1.4   STATEMENT OF HYPOTHESIS

Ho:   Law making process and policy implementation by the Councilors and Chairmen does not affect the grass root development of Nsukka Local Government Area.

Hi:    Law making process and policy implementation by the councilors and chairman does not affect the grass root development of Nsukka Local Government Area.

Ho:   The personnel Administration of Nsukka local government does not hamper it’s grass root development.

Hi:    The personnel Administration of Nsukka local government does not hamper it’s grass root development.

Ho:   The State interference in the financial allocation of Nsukka Local Government does not affect it’s grass root development.

Hi:    The State interference in the financial allocation of Nsukka Local Government does not affect it’s grass root development.

  • THEORETICAL FRAMEWORK

The researcher employ General system theory in the course of this work.

This theory has so many writers on it such as Almond (1960), Easton (1965), Adamolekun (1983) and Offiong (1996). This theory argue that every system, including political system has a sub-system, including political system has a sub-system which make up the entire system. They have assigned function and provided with enabling empowerment, including resources, appropriate authority that enable them discharge their responsibility optimally.

 

Applying this brief exposition of the political system analysis to the Nigerian local government system, the local government in the country constitute the sub-system. They must be handled well in terms of being fed with adequate inputs (that is resources and appropriate authorities) as provided in the constitution of the federal republic of Nigeria so that they can contribute appropriately to the goals of Nigerian political system as well as it’s stability. Form these, it is very useful to realize the importance of the general system theory in handling Local Government Autonomy in Nigeria.

They has been assigned with responsibilities to perform which benefit the people, not as part of Federal or State Government. So, if Local Government is not treated as a sub-system, it will bring frustration to the performance of their function and on the long run bring dissatisfaction among the rural people and their National cake will be neglected too.

  • SIGNIFICANCE OF THE STUDY

This research work would be of benefit to the rural people in Nsukka Local Government of Enugu State. At the end of this work, the rural people will be able to enjoy their constitutional right which is rural development and when such is granted to them, they will no longer feel neglected in the National cake which has been their utmost need from the Local Government.

For scholars, researchers and Authors, they could also use or gather information to review this work and also use it as a reference to any related work they are writing since this work is reliable and validated.

1.7   SCOPE OF THE STUDY

Local Government Autonomy and Grass root development. A of study of Nsukka Local Government Area of Enugu State.

1.8   LIMITATION OF THE STUDY

The researcher encountered so many constraint while carrying out this research work. The problems and the solutions are as follows: lack of power supply by the Enugu electricity Distribution Company (EEDC) Since power supply has been a serious problem in Oko community, the researcher re-schedule reading at night to day time so as to avoid the problem of power supply.

Lack of fund: This problem was solved as it propel the researcher to borrow money from friend and families to supplement the cash saved before this work.

Lack of time: The researcher adjusted most of it’s programmes that does not add any value to the success of this work.

Lack of material: Since there is no sufficient material for the research work, the researcher joined a study group were most of the problems confronting the work is discussed and settle. The researcher equally made out time to visit the cyber café for more information so as to supplement the information gotten from study group.

These are the problems encountered by the researcher and how the researcher equally over come it so as to make this work successful.

 

1.9   DEFINITIONS OF TERMS

The following terms are used in this study which have unique meaning that could be subjected to different meaning form different persons; are defined as follows:

GOVERNMENT: It is a machinery through which the will of a State (country) is formulated expressed and attained

AUTONOMY: It is the freedom for a country, a region or an organization to govern itself independently; the ability to act and make decision without being controlled by anyone.

REFORM: This means the improvement or amendment of what is wrong, corrupt and unsatisfactory.

ORDINANCE: It is a degree or law promulgated by a state or National Government without the consent of the legislature such as for raising revenue through new taxes or mobilization of resources during an emergency.

AUTHORITY: It is define as the process or right to give order and enforce obedience.

ALLOCATION: It means an authorization to incur expenses or obligation up to a specific amount, purpose and within a specified period.

ENTITY EXISTENCE:  A Government or organization is said to be an entity if it has the ability with essential corporate power, names to engage into contract, sue and be sued and acquire properties.

DEVELOPMENT: It means a process in whitish something passes by degree to a different stage (especially a more advanced or mature stage).

GOVERNMENT AS A TIER: A government character and entity existence.

NATIVE: Characteristics of or existing by virtue of geographic origin.

ADMINISTRATION: Is all about getting things done with co-coordinated effort of man using effective use of other available resources to get things done.

PERSONNEL MANAGEMENT: It is that part of management process which is primarily concerned with human constituents in an organization.

CONSTITUTION: It is a whole body, fundamental laws, custom belief etc according to a particular state operation.

 

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THE ROLE OF COMMERCIAL BANKS IN FINANCING SMALL SCALE INDUSTRIES IN NIGERIA

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THE ROLE OF COMMERCIAL BANKS IN FINANCING SMALL SCALE INDUSTRIES IN NIGERIA

(A CASE STUDY OF UNION BANK OF NIGERIA PLC).

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ABSTRACT 

The topic of dissertation is The Role Of Commercial Banks In Financial Small Scale Industry In Nigeria. A case study of union bank of Nigeria plc. The  major objective of the study is to ascertain the extent to which union bank of Nigeria plc has helped to financial small scale industries.Instrument of data collection is questionnaires and research questions which formed the source of primary data, while materials from various published articles, textbooks, journals and newspaper formed the secondary data.

The method of analysis is the use of  tables, percentages and chi-square .

The major finding of the research is that union bank of Nigeria plc has helped to financial small scale industries period under review.

The recommendation based on the finding is that in order to reduce the risk in small scale industry lending, the central bank of Nigeria and the government can do more than they are doing currently scheme.

The study concluded that if the desired objective of using small scale industries as catalysts of development is to be achieved than the role of commercial banks should be mutually supportive.

 

 

TABLE OF CONTENTS

CHAPTER ONE

INTRODUTION ANALYSIS

1.1     Background to the problem

1.2     Problem statement

1.3     Objectives of the study

1.4     Research questions

1.5     Research hypothesis

1.6     Scope of study

1.7     Limitations of the study

1.8     Definition of study

Reference

 

CHAPTER TWO

LITERATURE REVIEW

2.1     Introduction

2.2     Meaning of small scale industry

2.3     Government policy

2.4     Support systems

2.5     Financing

2.6     Monetary policy development in favour of small scale industries

2.7     Benefits of small scale industry

2.8     Problems facing small scale industry

2.9.1  Financing the project

2.9.2  Technical knows how

2.9.3  Personnel, matters and general administration

2.10   Improving funding small scale industries

References

CHAPTER THREE:   

RESEARCH METHODOLGY

3.0     Introduction of the study

3.1     Research design

3.2     Area of study

3.3     Population of study

3.4     Sample size determination

3.5     Instrument for data collection

3.6     Validation of the instrument

3.7     Reliability of the instrument

3.8     Method of data collection

3.9     Data analytical techniques

 

CHAPTER FOUR:     

PRESENTATION AND ANALYSIS OF DATA

4.1     Presentation of data

4.2     Hypothesis testing

 

CHAPTER FIVE FINDINS:

CONCLUSIONS AND RECOMMENDATIONS

5.1     Findings

5.2     Conclusion

5.3     Recommendation

Bibliography

Appendices

 

 

CHAPTER ONE 

INTRODUCTION

1.1     BACKGROUND TO PROBLEM

The successive development plans of Nigeria have laid emphasis on the attainment of self reliance.  The need for this national objective is because much is expected from individuals from the view point of providing employment opportunities self reliance in basic food and material production high per capital income, foreign exchange earnings and the production of industrial raw materials.

Okporobie (1989:10) observes that Nigeria small scale industries continued to decline despite the so called priority given to the sector

However, the discovery by the central bank  that this policy was not enough by it self led to the central bank request with effect from 1970/80 that all commercial bank must reserve a proportion of the minimum credit allocation to indigenous borrowers for small scale Nigeria enterprises.  The target prescribed in 1979 was ten percent (10%) which subsequently raised to sixteen percent (16%).

Even though available data showed that performance of commercial banks against this directive has been disappointing. The central bank intends to  spare no effort in ensuring that banks fully couple without compromising the smooth functioning of the nation banning system.

He observed also, that without the development of small scale industries in Nigeria, the nations quest for industrialization will certainly remain forever at stake. It is the opinion of the researcher that future development in our industrialization must address the basic issues of creating linkages without the economy to begin to produce real inputs to our manufacturing activities .

Priority attention must therefore be given to these industries for which domestic inputs could easily be produced.  This will bring about  agro-allied industries like food processing and other by-products.

The objective should be to maximize the value added in their processing and manufacturing as final goods immediately inputs.

Nzewi and Oze (1985:56) observed that empirical evidence indicates that strong producer incentives to small scale industrialists are necessary not also only to meet the food requirement but also to  provide growing input supplies and demand as a foundation for sustained industrial growth.

The present economic constraint may well turn out to be a blessing in disguise to our industrialization effect particularly for dynamic manufacturing sector.  For instance, the market determinate exchange rate through seeing with its result and high cost of imported inputs may serve as an impetus for industrialist to intensify their search for local substitutes.

Ekenyong and Nyong (1992) observed that small scale enterprises are regarded an organic part of a viable structure for the attainment meaningful economy development in developing economic like Nigeria.

They are significantly more cost effective in bringing about development than large enterprises because of the perceived linkage and multiplier effects which small scale enterprises have on the performance of the economy and economic growth in general.

 

Osayameh (1989) observes that the strength that make small scale enterprises more amendable for assistance areas as follows.

1.       Personal commitment of the proprietor whose life savings usually form the start up capital.

2.      Low initial capital out lay requirement

3.       Ease of entry and exit and prevalence of just minimal legal constraints

4.       Amenability to business advisory services because of their small size which makes than more responsive to improvement suggestions.

Olashore (1987) Observes that the four main sources of enterprises financing open to small scale industry in Nigeria are.

i.        Formal financial institutions such as commercial banks merchant banks, insurance companies and the development bank.

ii.       Informal financial landlords, credit and savings associations “esus” friends and relations personal savings and .

iii.      Other financial scheme, NERFUND NEXIM

in 2001, there was an introduction of small and medium industries equity investment scheme (SMIEIS) in which N359 million was set aside to date by banks under small medium industries equity investment scheme.

Through union bank small and medium scale enterprises (SMES) department, the bank has remain ed in fore front of SMES financing nations was extended to the SMES as at 31st March 2004.

Small scale industry is any industry not exceeding N750,000 including working capital  but excluding cost of land.

It is also defined by center for industrial research and development of Obafemi  Awolowo university Ile Ife as  those industries whose total assets in plant, equipment and working capital do not exceed N250,000 with not more than 50 employees.

 

1.2     STATEMENT OF THE PROBLEM

The problem of credit to small scale industries may not necessarily be as a result of financing insufficiency but rather for some other reasons among which are.

i.        Insufficient preparation on the part of small scale entrepreneurs in their request for credit assistance.

ii.       Information gaps as to range of funding institutions and scope of services available in these institution

iii.      Moreover, servicing of small business accounts is relatively experience, risky and difficult to monitor with low turn over of account.

However, the parishioners in the sector small scale industry do not display competence in preparing justification for their project.  It is are to see most of them coming up with cash flow projections, projected balance sheets, among others.  They are based on personal rudimentary in formation and speculation.  At times when they seek the advice of consultants, the outcome that are made figures project based on assumptions which are most of their time unrealistic.

As a result such proposals are out rightly rejected by banks.

There are suitable when credit demands in this sector are not in compliance in this government monetary policy and credit guidelines which must be adhered to by banks.

The researcher identifies these problem and considers it necessary to carry our study on them.

 

1.3     OBJECTIVES OF THE STUDY

The objectives of the study include:

a.       To ascertain the extent to which the union bank of Nigeria plc has helped to finance small scale industries.

b.       To identify the problems encountered by small scale industrialists in obtaining finance from union bank of Nigeria plc.

c.       To evaluate various measures introduced to boost industrial production and its financing and how this has affected realization of the set goals.

d.       To determine the causing changes in small scale industrial financing by union bank of Nigeria plc.

e.       To make suggestion and recommendations based on the data generated by the study.

 

1.4     RESEARCH QUESTIONS

The critical appraisal to give answers to the following questions.

a.       To what extent has  union bank of Nigeria plc helped to finance small scale industries?

b.       What are the problems encountered by the small scale industrialists in obtaining finance from union bank if Nigeria plc?

c.       What are the various measures introduced to boost industrial production and its  financing and how this has affected the realization of the set goals?

d.       What are the causes of changes in small scale industrial financing by union bank of Nigeria plc?

e.       Does any linear relationship exist between lending to small scale industries and economic recovery and self reliance on the economy?

 

1.5     RESEARCH HYPOTHESIS

a.       There is no linear relationship between lending to small scale industries and economic recovery and self-reliance of the economy.

b.       there is no relationship between union bank of Nigeria plc lending to small scale industries and the attitude of this customers

 

1.6     SCOPE OF STUDY

The scope of the study is the role of commercial banks in financing small scale industries in Nigeria. A case study of union bank of Nigeria plc.  It does not cover the role of commercial banks in financing medium and large scale industries.

 

 

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NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

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NAIRA EXCHANGE RATE DEPRECIATION AND DOMESTIC INFLATION IN NIGERIA

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ABSTRACT

The research work critically examined the extent to which naira exchange rate depreciation had affected domestic inflationary rate in Nigeria between 1985 – 2000. Therefore, in this study, the researcher examined the trend of inflation and exchange and the relationship between the two variables.   A model was specified to show the relationship between both variables.  Also interest rate was included in the model as one of the variables that affect inflation.The model was then estimated using multiple regression method and variable statistical tests where carried out on the regression equation. The result was analyzed accordingly. Moreover, the result of the statistical test shows that exchange rate depreciation of Naira is significant in explaining variation in the rate of inflation.

Finally, the data for the project work was collected from most recent years in order to make finding, adequate in explaining the cause of inflation in recent times.

 

 

TABLE OF CONTENTS

Title page                                                                                          ii

Approval page                                                                                  iii

Dedication                                                                                         iv

Certification                                                                                                v

Acknowledgement                                                                                      vi

Abstract                                                                                            vii

Table of contents                                                                              viii

CHAPTER ONE

Introduction                                                                                                1

1.1            Background to the study                                                                   1

1.2            Statement of problem                                                              3

1.3            Significance of study                                                               5

1.4            Objective of the study                                                             5

1.5            Research hypothesis                                                                6

1.6            Scope of study                                                                        7

1.7            Definition of terms                                                                            7

Reference                                                                                 8

CHAPTER TWO                                     

Literature review                                                                               9

2.1            The concept of exchange rate                                                  9

2.2            Exchange rate management in Nigeria                                     19

2.3            Inflation – a concept                                                                28

2.4            Theories of inflation                                                                32

2.5            Inflation in Nigeria                                                                  37

2.6            Exchange rate depreciation and inflation in Nigeria                          41

2.7            Empirical evidence                                                                  43

Reference                                                                                 46

CHAPTER THREE

Research methodology                                                                      48

3.1            Method of data collection and analysis                                   48

3.2            Theoretical framework and model specification                      48

Reference                                                                                 53

CHAPTER FOUR      

Analysis of result                                                                    54

4.1            Presentation of result                                                              54

4.2            Analysis of result                                                                    55

CHAPTER FIVE

Summary, conclusion and recommendation                                               57

5.1            Summary                                                                                 57

5.2            Conclusion                                                                              58

5.3            Recommendation                                                                     58

 

 

CHAPTER ONE

 

INTRODUCTION

1.1            BACKGROUND TO THE STUDY

The naira exchange rate depreciation coupled with persist increase in the inflationary rate has been a major bane on economy of Nigeria.  To a layman inflation is a phenomena to embrace as his income increases daily without knowing the harmful side of such an increase.  Whether there is anything like depreciation or an improvement in the exchange or whether is income is nominal or real the layman do not know.

But this complementary problems so to say of naira exchange rate depreciation and inflation has been a thought of obesity in the hearts of Nigerians past and present governments and many patriotic Nigerians.

The pegging of, inflation in Nigeria can be said to be a direct result of the policies of the country’s governments to stimulate a fast rate of economic growth and development, since 1951 when the ministerial government was introduced between 1984 and 1986, the naira was quoted against dollar and pounds as the only intervening currencies which was in line with the International Monetary Fund (I.M.F) demand.  I.M.F had earlier complained that naira exchange rate was rising above the stipulated 2% limit.  The naira was then devalued at 1.000 4 US dollar.  The inflation rate in Nigeria was not serious problem before her independence.  But immediately after the civil war i.e. from 1970’s, the inflation rate in Nigeria took another dimension.  The value of naira as against dollar and pounds sterling started to deteriorate, in 1970, it was a naira to 1.400 dollar and 0.584 pounds sterling.  In 1971, it was 1.44 dollar and 0.582 pounds sterling to a naira.  In 1973, it was 1.519 dollar and 0.614 pounds sterling to a naira.  In 1974 it was 1.589 and 0.675 pounds sterling to naira which increased to 1.623 dollars and 0.734 pounds sterling in 1975 as a result of Udoji salary award of 1974 increased wage extensively.  Higher wages increased the purchasing power of consumers thus, leading to increase in their prices.

The introduction of Structural Adjustment Programme (SAP), and second-Tier Foreign Exchange (SFEM) in 1986 on one of government’s major policy packages, was aimed at making the over, valued naira exchange rate more realistic and responsive to market forces.  Regrettably, C. Anyanwu (1989) observed, the SAP/SEFEM was a disaster that was fast destroying the foundation of Nigeria economy.  There was consequent persistence of exchange rate depreciation of the naira (from 1.5691 naira to 1.0 dollar at the end of September 1986, 7.8950 naira to 1.0 dollar by mid February 1990).  Also by August 1998, the dollar was sold for 21.9960 naira at the Foreign Exchange Market (FEM) while at parallel market it was sold for 45 naira.  The value of naira continued to depreciate to the extent that the exchange rate was less than one dollar to a naira before 1990.  It was 0.119 US dollar to a naira in 1990.  This depreciated to 115.7 to a dollar by the 12 April, 2001 (CBN) 1994.  By 2003, it has risen N130 to the US dollar.

1.2            STATEMENT OF PROBLEM

The depreciation of naira persistently, has various inflationary effects on the economy of Nigeria.  The effects of this macro-economic problem can be highlighted in different stages.  In the first place, when a currency is depreciated, it is designed to reduced or discourage the excessive dependence on a particular foreign or some foreign commodities.

This will make domestic prices of such imports may be intermediate goods and as a result tends to push the cost of production of final goods up.

In another way, deteriorating exchange rate of naira could bring about inflation of increase in wage rate or demand, when the naira is devalued, the price of important raw materials increases domestic firms may be willing to increase production reduction on their competition as a result of like in prices of raw materials.

Consequently, the output of the firms will attract high prices, therefore for consumers to meet their provisions level of consumption or maintain their real income, calls for wages increase which according to Sotersten (1994) will worsen the whole situation.

Nigerians as one of the developing nations that heavily depend on imported inputs, implements and machinery, the cost of these are usually very high due to poor exchange rate of naira.

This will discourage potential investors, how investment will lead to reduced national product, which is an indicator of stagnancy or retrogression of the economy.

For this reason, Obasanjo (1999) noted that any thing could happen of regulatory authorities did not take steps to tidy up the situation, so the researcher wants to find out the problems and suggest ways of remedying the situation.

1.3            SIGNIFICANT OF THE STUDY

For the purpose of this study, the researcher took a step further to determine the possible significances.

(i)                To give other researchers who which to write on this topic the process to follow

(ii)             To check the inflationary of deflationary gap

(iii)           To determine the cumulative impact of broad money growth and the sizeable devaluation of the naira

(iv)           To determine the fate of naira with other internal currencies.

(v)             To determine government policies.

1.4            OBJECTIVE OF THE STUDY

The objectives of this study include the following

(i)                To identify the causes of inflation and exchange rate depreciation.

(ii)             Examine the extent to which naira exchange rate depreciation heed affected domestic inflationary rate in Nation.

(iii)           Assess the effectiveness of government earlier introduced policies.

(iv)           Give suggestion and recommendation on appropriate policies for the future.

1.5            RESEARCH HYPOTHESIS

Since the research data was mainly from secondary sources, the hypothesis used will be in two forms to determine result.

The null hypothesis and the alternative hypothesis.  The null hypothesis (Ho) will be tested against the alternative hypothesis (Hi)

(a)     Ho:    There is no positive or significant relationship

between exchange rate depreciation and domestic inflation in Nigeria.

(b)     Hi:     There is significant or positive relationship between

exchange rate depreciation and domestic inflation in Nigeria.

1.6            SCOPE AND LIMITATION OF THE STUDY

The study covers the period from 1985 to 2000.  It concentrates on the trend of exchange rate depreciation and inflation in Nigeria.  The study is limited to the period because of the problems associated with the availability and collection of secondary data needed for the research work due partly to the level of development of the Nigeria economy.

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