Government Policies and Programmes on Financing Micro, Small and Medium Enterprise in Nigeria
– Government Policies and Programmes on Financing Micro, Small and Medium Enterprise in Nigeria –
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ABSTRACT
Adequate supply of financial resources is a necessary condition for the survival of any business. This study tends to review government policies and programmes on financing MSMEs in Nigeria. Both primary and secondary data were employed to arrive at the results with the use of the statistical method of testing hypothesis chi-square (X2) 13.62 > 9.49 the calculated value is greater than the critical or table value.
The results reveal that there is a significant effect between government policies/programmes towards the growth and development of MSMEs in Nigeria. This study recommend that government should not relent in its effort of creating more awareness and enlightenment campaign about its policy and programmes and MSMEs should use the said loan or government grant on the purpose the loan/grant is meant for through strict supervision of project by the government agent.
TABLE OF CONTENTS
TITLE PAGE ……………………………………………………………………………………………………… i
APPROVAL PAGE ……………………………………………………………………………………………. ii
DEDICATION ………………………………………………………………………………………………….. iii
ACKNOWLEDGEMENT …………………………………………………………………………………. iv
TABLE OF CONTENTS …………………………………………………………………………………… v
CHAPTER ONE ………………………………………………………………………………………………… 1
INTRODUCTION ……………………………………………………………………………………………… 1
1.1 BACKGROUND OF THE STUDY …………………………………………………………. 1
1.2 STATEMENT OF THE PROBLEM ………………………………………………………… 2
1.3 OBJECTIVES OF STUDY ……………………………………………………………………… 3
1.4 SIGNIFICANCE OF STUDY ………………………………………………………………….. 4
1.5 RESEARCH QUESTION: ………………………………………………………………………. 5
1.6 STATEMENT OF HYPOTHESIS ………………………………………………………………. 5
1.7 SCOPE OF STUDY ………………………………………………………………………………… 6
CHAPTER TWO ……………………………………………………………………………………………….. 7
LITERATURE REVIEW……………………………………………………………………………………. 7
2.0 INTRODUCTION ……………………………………………………………………………………. 7
2.1 DEFINITION OF MICRO SMALL AND MEDIUM ENTERPRISES …….. 7
2.2 FINANCIAL PROBLEMS FACED BY MSME’S BEFORE GOVERNMENT
INVENTION. …………………………………………………………………………………………………… 10
2.3 GOVERNMENT POLICIES AND PROGRAMMES ON FINANCING
MSMES INVESTMENT IN NIGERIA ……………………………………………………………. 11
2.3.1 NATIONAL ECONOMIC RECONSTRUCTION FUND ACT. ……………… 11
2.3.2 CENTRAL BANK POLICES/GUIDELINES/SCHEME…………………… 13
2.3.3 MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT
FUND (MSMEDF) ………………………………………………………………………………………….. 14
2.3.4 NATIONAL DIRECTORATE OF EMPLOYMENT (NDE) ……………………. 15
2.3.5 THE PEOPLE’S BANK OF NIGERIA (PBN) ………………………………………. 16
CHAPTER THREE …………………………………………………………………………………………. 30
3.0 RESEARCH METHODOLOGY ………………………………………………………………. 30
3.1 INTRODUCTION ……………………………………………………………………………………… 30
3.2 RESEARCH DESIGN ……………………………………………………………………………… 30
3.3 POPULATION AND SAMPLE SIZE ………………………………………………………… 30
3.4 INSTRUMENT OF DATA COLLECTION ……………………………………………….. 31
3.5 RELIABILITY OF THE INSTRUMENT …………………………………………………… 31
3.6 METHOD OF DATA COLLECTION ……………………………………………………….. 32
3.7 METHOD OF DATA ANALYSIS ……………………………………………………………… 32
3.8 VARIABLE MEASUREMENT AND SCALING VARIANCE …………………… 33
CHAPTER FOUR ……………………………………………………………………………………………. 35
DATA PRESENTATION AND ANALYSIS ……………………………………………………… 35
INTRODUCTION ……………………………………………………………………………………………. 35
4.4 DATA ANALYSIS ON THE MSMEs RESPONSE TO THE QUESTIONS48
4.5 HYPOTHESIS TESTING …………………………………………………………………………. 50
4.6 SUMMARY OF FINDINGS ……………………………………………………………………… 53
CHAPTER FIVE ……………………………………………………………………………………………… 55
SUMMARY, CONCLUSION AND RECOMMENDATION ……………………………. 55
5.1 SUMMARY ……………………………………………………………………………………………….. 55
5.2 CONCLUSION …………………………………………………………………………………………. 56
5.3 RECOMMENDATION ……………………………………………………………………………… 57
BIBLIOGRAPHY …………………………………………………………………………………………….. 60
QUESTIONNAIRE ………………………………………………………………………………………….. 62
INTRODUCTION
The financing of micro, small and medium enterprises investment is today the major pre-occupation in various economies in the world and Nigeria in particular, there is a general consensus among such enterprises stakeholders in the country that accessing finances and financial services is the major problems affecting the sector and the economy.
Adequate and access financing is a necessary condition for the survival of any business enterprise and considering the fact that the contribution of micro small and medium enterprise to employment generation and capacity building.
BIBLIOGRAPHY
Adeboyeku, J.A. (2003), Financing of Small and Medium Enterprise (SMEs) Proceeding of the First Public Lecture on Small and Medium Enterprise, held at Abdulsalam Abubakar Youth Centre, Minna, Niger state 19lh July.
Adegbite. O. (1997), SME Development under the Structural Adjustment Programme in Nigerian Small Scale Enterprise Development, An International Journal Intermediate Publication. London, 8(4).
Anyanwu, C.M. (2001), “Financing and Promoting of Financing Industries: Concepts, Issues and Prospects”, Bullion,
Central Bank of Nigeria, 25(3).Awoniyi M.A. (2010). A survey of government industrial policy and programmes on SME growth and entrepreneurs development strategy in Nigeria. Atlanta, Georgia USA July, 2010.
CSN Team.
