FULL RESEARCH PROJECT: Financing small scale industries in Nigeria economy.

Click here to Get this Complete Project Chapter 1-5

CHAPTER THREE

RESEARCH METHODOLOGY

3.0     INTRODUCTION

The major objectives of this chapter is to describe the various research methodology to be used in this study. The analytical framework and methodology used were source of data, research design, population of study, sample size and sampling techniques, data analysis etc. The method and procedure used in carrying out this research are stated below:

• RESEARCH DESIGN

The research work is used to find out the role of government and the financial market in the financing and small scale enterprises. The research work aims at reviewing the relationship that subsidies between financing of small enterprises and the impact of same on the economic growth of Nigeria with data covering 1990 – 2006.

3.2   SOURCES OF DATA

Secondary data was used in the field of this research. The source of data were from the Central Bank of Nigeria (CBN) Annual Statistical Bulletin of various years; Federal Office of Statistics, relevant information to the research study, News bulletin, articles, journals and magazines.

The relevant variables to be sourced include the relationship between the Commercial Banks, Gross Domestic Product and Loan/Credit Facilities given by Commercial Banks to SMEs.

 

 

3.3     SAMPLE AND SAMPLING TECHNIQUES

The variables used in  the research project  involved both in the dependent variables  and  independent  variables. The sample  size is  100 one hundred staffs members from  the  selected small  and medium  scale  enterprises.

The population  of  this  study is  made up  of  respondents as  follows:  Artisan( e.g. welder, motor mechanic e.t.c.), Distributor of goods, Manufacturing ,Agro – allied e.g. poultry, animal husbandry, fruits and vegetable, Marketing of goods A sample size respondents was selected at random from the population  which comprised of the following: Artisan (e.g. welder, motor mechanic e.t.c.), Distributor of goods, Manufacturing ,Agro – allied e.g. poultry, animal husbandry, fruits and vegetable, and Marketing of goods.

• POPULATION OF THE STUDY

The population of this study is made up of the small  and  medium scale entrepreneur  who  has  benefited from the commercial  banks loan in  finances  of  their  businesses in  Nigeria.

• PROCEDURE FOR DATA COLLECTION

There  are  two  methods  of   analyses  to  be  used to  be  used  for  the  effective analysis  of  the  available  data.  The  descriptive analysis   which  is  the  collection  of  large  data.

3.6    METHODS OF ANALYSIS

There are two methods of analyses used for the effective analysis of the  available  data.  The descriptive analysis which is the collection of large data with the aim of analyzing them. Also through quantitative techniques includes table and the test for the hypothesis, formulated by using simple regression analysis of ordinary least square (OLS) and the correlation analysis for the test of significance. While the simple linear regression will be used with gross domestic product as dependent variable and loan granted to small and medium scale enterprises by commercial banks as the independent variable model.

The hypothesis used was formulated thus:

H₀:     That there is no relationship between gross domestic product and the loan granted to small scale enterprises by commercial banks in Nigeria.

H₁:     That there is relationship between gross domestic product and the loan granted to small scale enterprises by commercial banks in Nigeria.

 

CHAPTER FOUR

DATA ANALYSIS AND INTERPRETATION

4.1     INTRODUCTION

This chapter deals with the analysis of data. Research data was collected from Federal Offices of Statistics and the central bank of Nigeria. The collected data covers (1990 – 2006).

HYPOTHESIS TESTING

In this research work, two hypotheses were formulated. The hypotheses were tested statistically using SPSS (Statistical Programme for Social Science) with regression.  The   two  test of  hypotheses were tested and analyzed using the regression  analysis.

From regression equation, Y = a + bX + e (1)

(i)           Y is the dependent variable, which is the variable of interest which we are trying to estimate.

(ii)          X is the independent variable, that is, the variable on which the estimate depends.

(iii)        ‘a’ is the intercept, which is the value, the dependent variable will assume when the independent variable is zero.

(iv)        ‘b’ is known as regression coefficient. That is, the average changes in dependent variable (Y) per unit change in independent variable (X).

Hypothesis 1

H_o:     That there is no relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

H₁:     That there is relationship between Gross Domestic Product (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

 

TABLE 4.1: Regression  Model Summary

Model	R	R Square	Adjusted R Square	Std Error of the Durbin-Waston
1	.747a	.558	.411	11.19174

 

2. Predictor: (Constant), VAR 00002.
3. Dependent Variable: VAR 00001

Table 4.1 is used to test the hypothesis one. Durbin-Waston value of 11.19174 is greater than 1, then accept (H₁).

 

TABLE 4.2: ANOVA ^b

Model		df	Mean Square	F	Sig.
1 Regression Residual Total	474.235 375.765 100.000	1 3 4	474.235 125.255	3.786	.147a

2. Predictor: (Constant), VAR 00002.
3. Dependent Variable: VAR 00001

F- Statistics

In order to determine whether there is significant relationship between the dependent variable and the predictors, the F-statistics was computed  and presented in table 4.2 above, for the model calculated F=3.786 and critical F of 1.946. Since the F calculated  Statistics is greater than F._{05 ,}  we conclude that the independent variables,   is significantly affected by the dependent variable.

TABLE 4.3:  Regression Coefficients

!083VAR000026.071.6638.735.341 747.6951.946.537.147

	standardized Coefficient		Standardized Coefficient
Model	B	Std. Error	Beta	T	Sig.
1 (constant)

1. Dependent Variable: VAR 00001

Critical T-test

In order to determine the significance of coefficient of independent variable in regression model the t-statistics is computed. The result is presented in table 4.3 above.

The implication this has on the model is that a relationship exists between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

DECISION RULE

Considering various interpretations from SPSS result as obtained from the regression model, reject the null hypothesis (H₀) and accept the alternative hypothesis (H₁) which states that that there is relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

Hypothesis 2

H_o:     That financing of small and medium scale enterprises will not increase Gross Domestic Product and per capital income of a nation.

H₁:  That financing of small and medium scale enterprises will increase Gross Domestic Product and  per capital income of  a nation.

Table 4.4:   Regression Model Summary ^b

Model	R	R Square	Adjusted R Square	Durbin-Waston
1	.776a	.602	.470	12.61378

2. Predictor: (Constant), VAR 00002.
3. Dependent Variable: VAR 00001

Table 4.4 is used to test the hypothesis two. Durbin-Waston value of 12.61378 is greater than 1, then accept (H₁).

Table 4.4:   ANOVA ^b

&0

Model	Sum of Square	df	Mean Square	F	Sig.
1 Regression Residual Total	722.678 477.322 100.000	1 3 4	722.678 159.107	4.542	.123a

a.       Predictor: (Constant), VAR 00002.

1. Dependent Variable: VAR 00001

F- Statistics

In order to determine whether there is significant relationship between the dependent variable and the predictors, the F-statistics was computed  and presented in table 4.4 above, for the model calculated F= 4.542 and critical F of 2.88, since the F calculated  statistics is greater than F._05,   we conclude that the independent variables   is significantly affected by the dependent variable.

Table 4.6: Regression Coefficients a

	Unstandardized Coefficient		Standardized Coefficient
Model	B	Std. Error	Beta	T	Sig.
1 (constant) VAR00 2	6.175 .628	8.597 .295	1776	1718 2.131	.524 .123

 

1. Dependent Variable: VAR 0001

 

Critical T-test

In order to determine the significance of coefficient of independent variable in regression  model the t-statistics is computed.

The implication this has on our model is that a relationship exists between that financing of small and medium scale enterprises  and Gross Domestic Product / per capital income of  a nation.

 

DECISION RULE

Considering various interpretation from SPSS result as obtained from the regression model, reject the null hypothesis (H₀) and accept the alternative hypothesis (H₁) which states that that financing of small and medium scale enterprises will increase Gross Domestic Product and per capital income of  a nation.

Regression Model  between  1990 – 2006

Regression Coefficient of  Gross Domestic Product and Loan  credit  facilities granted by commercial  banks to small and  medium scale  enterprises in Nigeria.

Y = B₀ + B₁  %

Y = Dependent variable is Gross Domestic Products (GDP)

X = Independent variable is loan credit  facilities granted by commercial  banks to small and  medium scale  enterprises

Where          OMRATE = Gross Domestic Products (GDP).

OMAPP = loan granted to small scale enterprises by commercial banks

 

PMD = per capital income of a nation.

PMAPP = loan granted to small scale enterprises by commercial banks

X = per capital income of  a nation.

Y = B₀ + B₁ (% GDP)

Coefficient for PMD

Y = B₀ + B₁(x)

 

 

• DISCUSSION OF REGRESSION MODEL

There is relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

Table 1 (Variables Entered/Removed):    In the above table, variable entered were OMAPP which is loan granted to small scale enterprises by commercial banks while the dependent variable were OMRATE which means the Gross Domestic Products (GDP).

Table 2 (Model Summary^b): In the table, analysis, the predictors is constant (OMAPP) which means loan granted to small scale enterprises by commercial banks while dependent variables (OMRATE) means Gross Domestic Products (GDP).

Table 3 (ANOVA^b): The above table means the predictors: constant (OMAPP) means loan granted to small scale enterprises by commercial banks while dependent variable. OMRATE means Gross Domestic Products (GDP).

Table 4 (Coefficients^a): In the above analysis, the dependent variable. The constant under unstandardized coefficients are model.

Constant =   B₀ = 31.917

OMAPP = B₁ = – 1.80

Regression Coefficient on financing of small and medium scale enterprises will increase Gross Domestic Product and per capital income of  a nation.

Y = B₀ + B₁ %

Y = Dependent variable  Gross Domestic Product

X = Independent variable financing of small and medium scale enterprises

 

 

 

 

Where OMRATE = Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

OMAPP = Gross Domestic Products (GDP)

PMAPP = loan granted to small scale enterprises by commercial banks

X = Gross Domestic Products (GDP)

Y = B₀ + B₁ That there is relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria.

Coefficient for OMA/D

Y = B₀ + B₁(x)

 

• DISCUSSION OF REGRESSION MODEL TABLES

Financing  of small and medium scale enterprises will increase Gross Domestic Product and per capital income of  a nation.

Table 1 (Variables Entered/Removed):    In the above table, variable entered were PMAPP which is Gross Domestic Products (GDP). While the dependent variable were PMRATE which means the loan granted to small scale enterprises by commercial banks.

Table 2 (Model Summary^b): In the table, analysis, the predictors is constant (PMAPP) which means Gross Domestic Products (GDP). While dependent variables (PMRATE) means Gross Domestic Products (GDP)

Table 3 (ANOVA^b): The above table means the predictors: constant (PMAPP) means Gross Domestic Products (GDP) dependent variable.

Table 4 (Coefficients^a): In the above analysis, the dependent variable. The constant under unstandardized coefficients are model for the GDP..

Constant =   B₀ = 31.917

OMAPP = B₁ = – 1.80

4.3     INTERPRETATION OF RESULTS

The results of this study were analyzed statistically using SPSS (Statistical Programme for Social Science) with Regression analysis. The Nigerian Data relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria. The tests covered the period between 1990 to 2006. The nature of the relationship was investigated for both the Gross Domestic Products (GDP). The stating period is the latter eliminates the transitional effects of the first few months of the devaluation exercise in Nigeria. A close look at the result indicates that variation in the general.

In Nigeria, the SMEs account for about 70% of industrial employment which  is 50% of the Gross Domestic Product (Odeyemi, 2003). Thus, being able to find out the factors which improve the profitability of SMEs so that they are successful and grown into conglomerates is of considerable concern to the entrepreneurs and the Nigerian government. Recognizing the importance of SMEs in economic development, government in Nigeria has set up various programmes and institutions aimed at developing the SME sector. However, SMEs are vulnerable and very few manage to survive due to the problems of finance, low sales, low profitability, high costs of doing business and labour market barriers. Sourcing initial and expansion capital funds has been a perennial problem of SMEs globally. Commercial banks have the capability to pull financial

resources together to meet the credit needs of SMEs. Yet there has always been a gap between the supply capabilities of banks and the demanding needs of the SMEs. Specifically, in Nigeria, there is a huge supply of both equity and loanable funds in the commercial banking sector which the SMEs are not benefiting from.

As  at the end of the first quarter of 2007, out of N38.2 billion set aside under the scheme by the banks, only N18.1 billion or 47.3% had been assessed by the SMEs (CBN, 2007). Similarly, the Financial Guidelines every year stipulate that banks must dedicate a minimum proportion of their loan portfolio to the SMEs. However, since the 1970s the banks have not met this requirement. On the demand side, the SMEs have been reluctant to seek bank loans despite the various loan schemes being offered by the banks and the government, because of the fear of the business being taking away in case of any problem to meet the agreed terms. The objective of this paper, therefore, is to investigate the relationship between profitability, bank loans, age of business and the size of business, measured by the number of employees.

The structure of small and medium enterprises in Nigeria

The Small and Medium Industries Equity Investment Scheme(SMIEIS) in Nigeria, defines small and medium enterprises(SMEs) as enterprises with a total capital

employed not less than N1.5 million, but not exceeding N200 million, including working capital, but excluding cost of land and/or with a staff strength of not less than 10 and not more than 300. This paper adopts the employees’ criterion of a business with employees of 10 – 300 for ease of comparability with other countries and regions of the world.

The hypothesis that there is no relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria should be rejected. This result lends credence to the view that the standard  of  living and gross domestic product which  is  measured  by  the  levels  of  per  capital  income  of  individual in Nigeria. Hence, efforts at moderating the impact of the credit facilities by commercial  banks  in  the  financing  of small and  medium  scale  enterprises  in  Nigeria.

The analysis of financing of small and medium scale enterprises by commercial banks could  be  determined by  the  interest  rate  of  the  banks. As a matter of fact, constant high rate of interest has effect on a gross domestic product of a country.

The SMEs consist mainly of those engaged in the distributive trade who constitute about 50% of the SMEs, 10% are in manufacturing, 30% in agriculture and 10% in services, which together account for well over 50% of Nigerian Gross Domestic Product. There are indications that the SMEs account for about 70% of industrial employment in Nigeria.

Increasing per capital income (PCI) and output, Small scale enterprises create employment opportunities, enhance regional economic balance through industrial dispersal and generally promote effective resource utilization considered critical to engineering economic development and growth. Interest in the finance of small and medium-sized enterprises (SMEs) in the development process continues to be in the forefront of policy debates in developing countries. The cost of financing any business like the small and medium enterprises in Nigeria has to do with capital funds which are measured in monetary terms. The idea of financing a business started with the establishment of such business entity like small and medium scale enterprises.

 

4.4     GENERAL FINDINGS

There are lots of literature reviews on the study on the financing small scale industries in Nigeria economy. The  researcher were of  the  view that the  gross  domestic product and the loan  facilities granted  by  the  commercial  banks  towards  financing of  small  and  medium  scale  entrepreneurship in  Nigeria is  determined  based  on government  policy.

The monetary and fiscal policy measures of government have often been enunciated taking into consideration the development of small and medium scale industries. The fiscal measures available to small and medium scale enterprises include pioneer status under the income Tax Relief Act, import duty relief, capital allowance under the accelerated depreciation Allowance system, export promotion incentives in order to promote the growth of non-oil exports and budgetary measures.

However, a lot of challenges and problems has contributed to the failure of  most small  and  medium scale  businesses. Some  factors  includes the  rate of currency depreciation in developing countries like Nigeria. The performance of small and medium enterprises (SMEs) is of interest to all countries. The enterprises have a big potential to bring about social and economic development, by contributing significantly in employment generation, income generation and catalyzing development in urban and rural areas. In many of the newly industrialized nations, more than 98% of all Industrial enterprises belong to the SMEs sector and account for the bulk of the labour force. It provide for more employment per unit of capital investment than large-scale enterprises.

 

 

CHAPTER FIVE

SUMMARY, CONCLUSION AND POLICY RECOMMENDATION

 

• SUMMARY OF FINDINGS

The chapter focus on summary of the study is on the financing small scale industries in Nigeria economy. Despite the contributions of small scale industries in Nigeria, small and medium scale enterprises still   faced with a lot of inherent challenges  arising from different sources. One of such is sources of financing small scale  businesses in Nigeria.

It was also discovered that married people are much more involved in SME’s business in the country, and most funds generated from the business are not plough back instead they are spent on larger family welfare, this has been identified as one of the problem of SME’s in Nigeria.

The financial institution may not be accommodative in financing small  and  medium scale business due  to high interest rate on  the capital loan. Government policy  through high  tax rate might be a  threat to some small  and  medium  scale business.

However, a number of factors has contributed to the slow growth of small scale businesses in Nigeria and beyond, some of the major limiting factors are:  unfavorable environment  suitable  for any kind of  small scale business in  the  community, inadequate Venture capital which is finances, high cost of capital to be used in floating or starting up the businesses as an entrepreneur; inability to obtain the required fund in order to starts proposed business and weaknesses in financial planning and management.

Other findings are: lack of initiatives of the entrepreneur to keep proper accounting and finances of the business, inability to employed experts in proper documentation, lack of application of internal control system in family business and lack of audit of small scale business.

Most small scale business has suffered great loss as a result of problem of finances and accounting  experienced in their daily transactions, ineffective system  of  accounting has also pose a problems to the operation  of  small  and medium enterprises. Also improper   recording and financial controls of the small business concerned, an entrepreneur of small business may  experience  persistent loss instead  of profitability  in their business.

The necessary enabling environment for the smooth running of small and medium enterprises in Nigeria. The establishment of small medium enterprises like family business is a venture capital of individual business men and women, in which can sustain economic growth and development of any society. Although finances and capital which is indispensable in establishing and financing  of small business are almost not at the reach of average entrepreneur business owner.

• The needs to checkmates the problems and challenges being faced by small and medium scale  in the developing economy and giving necessary recommendations to those problems.
• To determine how micro finance can use to sustain the standard of living through assistance to small and medium scale enterprises in Nigeria.

The  need for more small  and medium scale business in Nigeria cannot be over-estimate based on the poverty assessment study commissioned sponsored by the World Bank and IMF to alleviate poverty through small  and medium scale scheme  in a developing economy.

• CONCLUSIONS

In reference to the literature review on  the financing of  small  and medium scale business in a developing economy. This study has established that small  and medium scale scheme which  is indeed a strategy for poverty reduction in the  society.

The development of SMEs must be a coherent part of a development programme aimed at the achievement of explicit socio-economic objectives which vary both overtime and between countries.  Appropriate and effective policy packages for  financing SME and  development will similarly vary and it cannot be assumed that there will exist a standard policy package.  The conditions under which SMEs can realise their employment and growth potential have to be identified and the links with poverty alleviation and other development objectives clearly established. The   foregoing  analysis  is  that  through proper  financial  management  of  small  and  medium scale  enterprises  coordination  and  administration,  Nigerian  can  develop  SMEs  culture  that  will  form  the  country’s  technology  and  industrial  growth. Hence, it can be said that accounting education is vital for business management like small and medium enterprises. Critically looking at most small and medium scale enterprises in Nigeria, there is a pronounced problem of working capital management while some investments on SMEs with high rate of return had turned out to be failures and were frustrated out of business because of lack of inadequacy of initial capital. Many firm had been either temporarily or completely shot down because they could not meet their financial obligation as at when due. The governments are also advised to assist the small scale procedures by improving infrastructural facilities and environmental limitations such as road network, water, electricity, and communication. Inefficiencies in these areas create addition costs to small-scale manufacturers.

5.3     POLICY RECOMMENDATIONS

From the foregoing, it is quite instructive that the contribution of small  and  medium enterprises in a developing economy nations like Nigeria is a welcome development. Financing of  the  small  and  medium  scale  businesses has been a major  challenges  in  a  country  like  Nigeria. If the SMEs scheme  can be effective and efficiently implements for the primary purpose of financing small and medium scale business and increase both the gross  domestic products and the standard of living in the society. Therefore, the recommendations can be as follows:

1. There is need for strict adherence to and enforcement of all existing and future legislation on ethical standard among SMEs.
2. SME’s proprietor should seek to develop their educational level by enrolling in management courses/workshop or through formal educational institutions so as to increase their level of educational capabilities.
3. SME’s proprietors should meet regularly through their umbrella body to form a common front and speak with one voice, making presentations to government in order to address some of the problems confronting them.
4. SME’s should be advised to narrow down their business activities and concentrate and specialize on a particular field, instead of stretching resource and looking for easy profit.
5. SME’s operators should be encouraged to keep financial records and prepare accounts so as to guarantee accuracy and transparency as well as easy presentation of their accounts from time to time.
6. There should be adequate capital outlay in order to float and runs the business very effectively.
7. The small and medium business should be floated to withstand competition of other business in the same similar trade.
8. There should be effective internal control system established by managers of family business, in order to prevent fraud and irregularity of any means.
9. There should be adequate information and effective communication between the accountant and owners of family business.
10. Small and medium scale enterprises scheme should be designed in such a way that it will affects individuals lifestyles in the society.
11. There is need to designed the basic goals and objects of Small and medium scale enterprises scheme as panacea to grassroots poverty in a developing economy like Nigeria.
12. Small and medium scale enterprises scheme should be designed in a form of financial intermediation, which focuses on alleviating poverty through the provision of financial services to the poor or owners of micro enterprises.
13. Micro financing institution should seeks to provide low income people with capital for income generating activities of individual entrepreneur.
14. Small and medium scale enterprises scheme should be designed towards commercialization and promotion of innovation in Nigeria economy.
15. Government policy should be made to regulate the activities of Small and medium scale enterprises scheme in a developing economy.

 

REFERENCES

Adebusuyi, B.S (1997).“Performance Evaluation of Small-Medium Enterprises (SMEs) in Nigeria.” CBN Bullion 21(4):46–52. (October/December).

Adelaja, B. O. (2003) Financing Small & Medium Scale Enterprises under SMIEIS’ being a paper at CBN seminar on Small & Medium Industries equity invention ,Lagos: August, No4pp 100 – 114.

Augustine, A. (2008:15) Financial Management  in  the  small business. CIBN journals  Jan-March 2008 Lagos.

Balik, M. (1992) ‘Impact of adjustment policies on the small-scale enterprise sector in Tanzania’ in Helmsing, A H J and T H Kolstee (eds) (1992) Small Enterprise and Changing Policies: Structural Adjustment. Financial Policy and Assistance Programmes in Africa, IT Publications, London, 91-113

Oyetade, B. (2001) The Financing of Small Business, Lagos, punmark  publishers.

Central Bank of Nigeria (2007) Economic Report for the First Quarter of 2007, Abuja

Dawson, J. (1993) ‘Impact of structural adjustment on the small enterprise sector: a comparison of the Ghanaian and Tanzanian experiences’, in Helmsing A and Kolstee T (eds), Small Enterprise and Changing Policies: Structural Adjustment Financial Policy and Assistance Programmes in Africa, London, IT Publications, 71-90

Green, H. (2002) ‘Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical Investigation’, Small Business Economics, 8, 59-67

Hallberg, K. (2000). “A Market – Oriented Strategy for Small and Medium Scale Enterprises”, International Finance Corporation Discussion Paper, 40, April.

Inang, E.  (1992). “A Review of Small-Scale Enterprises Credit Delivery Strategies in Nigeria.” CBN Econ. Finan. Rev. 30(4): 249 – 278.

Lawrence, D. (2003) ‘Small Industry in Developing Countries: A Discussion of Issues’, World Development (10), 11, 913-948

Myers, S. (1998) ‘Outside Equity Financing’. NBER Working Paper No. 6561, Cambridge MA

Obitayo, S. (1995) ‘The Impact of economic liberalisation on small companies’ competitiveness Small Enterprise Development, 5 (4), 41-46

Odeyemi, J. A (2003). “An Overview of the Current State of SMEs in Nigeria and the Need for Intervention,” A Paper Presented at the National Summit on SMIEIS Organised by the Bankers’ Committee and Lagos Chambers of Commerce and Industry (LCCI), Lagos, 10^th June, 2003.

Ogunji, E. (2004).The Theory of the Growth of the Firm. 3rd ed. Oxford, UK: Oxford University Press. ISBN 0-19-828977-4: 272.

Ogunleye, G. (2003)  Small  and  Medium  Enterprises  As  Foundation  For  Rapid  Economic  Development  In  Nigeria.

Ojo, A. (2003),  Small  And  Medium  Enterprises Development   And Smieis-  Effective  Inplementation  Strategies. Maryland  Finance  Company  Ltd, Lagos.

Ojo, A.T (2003).“Partnership and Strategic Alliance Effective SME Development” Small and Medium Enterprises Development and SMIEIS: Effective Implementation Strategies; CIBN Press Ltd, Lagos, 185-212

Olorunshola, W. F. (2003) ‘How Small Enterprises in Nigeria  have responded to Adjustment’, The World Bank Economic Review, 6 (3), 423-438

Olutunla, G.T (2001). “Entrepreneurship for Economic Development,” Inaugural Lectures Series 27, Federal University of Technology, Akure, Nigeria. ISBN- 978-33757-5-X, 1-64

Organisation for Economic Co-operation and Development (OECD) (2004). “Small and Medium – Sized Enterprises in Turkey, Issues and Policies”.www.oecd.org/agr

Oyelaran-Oyeyinka, T. (2003) Some  Dominant  And  Competitive  Role  In  Private  Sector  Economy. CIBN journals.

Paul, D. P (2000). “The Policy Environment for Promoting Small and Medium –Sized Enterprises in Nigeria and Ghana”. Finance and Development Research Programme Working Paper Series; No. 15, May.

Salami, F. (2003) ‘Macro-policies for small-scale industry and appropriate technology’, Small Enterprise Development, 1(3), 4-15

Sanusi, J. O (2003) “Overview of Government’s Efforts in the Development of SMEs and the Emergence of Small and Medium Industries Equity Investment Scheme (SMIEIS)”. A paper presented at the National Summit on SMIEIS organised by the Bankers’ Committee and Lagos chambers of commerce and Industry (LCCI), Lagos, 10th June, 2003.

Seibel, T. (1996) ‘Policy for Small-Scale Industry:  A Critique’, Journal of International Development 1(2), 231-260

Thorsten, A. (2003) ‘Relationship Lending and Lines of Credit in Small Firm Finance’, Journal of Business, (45) 3, 352-380

Udechukwu, A.I (2003). “Productivity in the Manufacturing Sub-Sector: Issues of Structure and Cost of Production”. Contemporary Economic Issues in Nigeria, CBN Publication, Abuja

Uduebo, O. and Sule, E. (1985) ‘Small Industries and Structural Adjustment in Ghana’, Small Enterprise Development, 6 (2), 50-54

Williams, W.  (2006). “Supporting the Growth of Small and Medium Enterprises”, Address to the Nova Committee of the Trinidad and Tobago Chamber of Industry and Commerce; March, 16.

 

APPENDIX 1

Relationship between Gross Domestic Products (GDP) and the loan granted to small scale enterprises by commercial banks in Nigeria (1990-2006).

Year	X Gross Domestic Product at factor cost	Y Comm. Bank loan/SMEs	Commercial Bank total credits	Commercial banks loan/Smes. (Percent)
1990	328,606.1	–	26,083.9
1991	328,644.5	–	31,762.4
1992	337,288.6	20,400.0	41,810	48.8
1993	342,540.5	15,462.9	48,056	32.2
1994	345,228.5	20,552.5	92,624	22.2
1995	352,646.2	32,374.5	141,146	22.9
1996	367,218.1	42,302.1	169,242	25
1997	377,830.8	40,844.3	240,782	17
1998	388,468.1	42,260.7	272,895.5	15.5
1999	393,107.2	46,824.0	353,081.1	13.3
2000	412,332.0	44,542.3	508,302.2	8.7
2001	431,783.2	52,428.4	796,164.8	6.6
2002	451,785.7	82,368.4	954,628.8	8.6
2003	495,007.2	90,176.5	1,210,033.1	7.5
2004	527,576.0	54,981.2	1,519,242.7	3.6
2005	–	50,672.6	1,899,346.4	2.7
2006	562,043.7	84,806.7	2,385,643.3	3.6

 

 

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $15 for International clients.

Click here to Get this Complete Project Chapter 1-5