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Evaluating the Contributions of Small and Medium Enterprises Equity Investment Scheme (Smeeis) to Nigerian Economic Growth in the Manufacturing Sector

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Evaluating the Contributions of Small and Medium Enterprises Equity Investment Scheme (Smeeis) to Nigerian Economic Growth in the Manufacturing Sector.

Abstract

This study examined the contributions of Small and medium enterprises equity investment scheme to Nigerian economic growth in the perspective of the manufacturing sector in Nigeria SMEEIS.

A perfect research into the role of SMEEIS in the manufacturing sector cannot be carried out without an in-depth analysis, contributions roles and operations of SME .

This study became necessary to the Nigerian Entrepreneurs, who have assisted and contributed to the country’s gross national product and have also played vital roles in the lives of the people.

The Nigeria economy cannot be driven by the government and public sector alone hence the need for SMEEIS.

The initiative was in response to the Federal Government’s concerns and policy measures for the promotion of Small and Medium Enterprises (SMEs) as vehicles for rapid industrialization, sustainable economic development, poverty alleviation and employment generation.

SMEEIS is a voluntary initiative of the bankers committee approved at its 245th meeting held on 1st December, 1999.

SMEEIS is acronym for the small and medium enterprises equity  investment scheme”, which requires all banks in Nigeria to set aside annually ten percent (10%) of their profit before tax for equity investment and promotion of small and medium enterprises in Nigeria.

The objective of the study was to determine the role of small and medium enterprises equity investment scheme in the manufacturing sector and to ascertain the contribution of SMEEIS in manufacturing sector. The study used both primary and secondary sources of data collection.

Table Of Contents

Certification                    i

Dedication                      ii

Acknowledgment             iii

Abstract                            iv

List of Figures                  v

List of Tables                    vi

CHAPTER ONE: INTRODUCTION

  • Background of the Study 1
  • Statement of Problem 6
  • Objectives of the Study 10
  • Research Questions 11
  • Research Hypotheses 11
  • Significance of the study 12
  • Scope of the Study 13
  • Limitations of the Study 13
  • Definition of Terms 14

References         15

CHAPTER TWO: REVIEW OF RELATED LITERATURE

  • Introduction 16
  • Conceptual Frame Work 17
  • Theoretical Frame Work 19
  • Empirical Review 21
  • Gap in Literature 24
  • SMEEIS Operations Investment by Banks 24
  • Withdrawal of Uninvested SMEEIS Funds by CBN 25
  • SMEEIS Investment Update Total Funds Set Aside Since Inception of SMEEIS             26
  • The Way Forward 29

References              35

CHAPTER THREE:  RESEARCH METHODOLOGY

  • Introduction 36
  • Research Design 36
  • Area of Study 37
  • Source of Data 37
  • Tools for Data Collection 38
  • Population 38
  • Sampling Procedure 39
  • Questionnaire Design and Administration 42
  • Pilot Survey 42
  • Data Treatment Technique(s) 44
  • Decision Rule 45

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

  • Data Presentation and Analysis 50
  • Test of Hypotheses 99

CHAPTER FIVE:  SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

  • Summary 106
  • Conclusions 108
  • Recommendations 109

Introduction

Background Of Study

The Small and Medium Enterprises Equity Investment Scheme (SMEEIS) is an initiative of the bankers’ committee comprising Managing Directors and Chief Executives of Banking Institutions in Nigeria, and it requires all licensed banks in the country to set aside 10% of their Profit Before Tax (PBT) annually for Small and Medium Enterprises

The core thinking behind the scheme is the recognition of the need to assist the manufacturing sector, which is acknowledged as the veritable vehicle for economic growth by meeting their financial requirements through private equity participation.

According to Ademola  (2010), “despite the widely acknowledged role of small and medium scale enterprises in fostering economic growth and development, they have continued to face a variety of constraints”.

some of the challenges they face are inadequate infrastructural facilities, shortage of skilled manpower, high rate of enterprise mortality, low level of entrepreneurial skills, lack of conducive operating environment, restricted market access and cumbersome regulatory requirements for those that are quoted on the Nigerian Stock Exchange.

References

Adamu, B. I. (2001). “Small and Medium Enterprises Equity Investment Scheme, Pro or Anti–Industrialization” Central Bank of Nigeria, Bullion, Vol. 29, No. 4, December 2001.

Adamu, B. I. (2005). Small and Medium Enterprises Equity Investment Scheme (SMEEIS): Pro or Anti-Industrialisation,” Central Bank of Nigeria (CBN) Bullion, Vol. 29, No. 4, Oct/Dec. 2005.

Adamu. B. I. (2005A). “Small and Medium Enterprises Equity Investment Scheme”, Central Bank of Nigeria, Bullion, Vol. 29, No. 4, December 2005.

Adamu. B. I. (2005B). “Small and Medium Enterprises Equity Investment Scheme”, Baseline Economic Survey on SME Central Bank of Nigeria, Bullion, Vol. 29, No. 4, December 2005.

Adejuyigbe, S. B. and Dahunsi O. A. (2010). “A Study of Small- and Medium- Scale Industrial Development in Ondo State, Nigeria,” AU J.T. 13(3): pp. 186-192

Ademola. A. (2010). “Capital Market as alternative means of financing SMEs” Punch Newspaper Thursday June 10,2010.

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