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FINANCING SMALL SCALE INDUSTRIES IN NIGERIA, PROBLEMS AND PROSPECT

CHAPTER ONE

INTRODUCTION

  • BACKGROUND OF THE STUDY

Small scale industries have been known to have added immensely to the economic development of most cities essentially in Nigeria which is on e of the developing countries.

However, there is no universally agreed definition of the word ‘small scale industry’ from place to place here in Nigeria, small scale industry may be seen as a processing manufacturing or service enterprise whose capital investment does not exceed N250,000 in equipment and machinery only.

Again, small scale industries may be regarded as one of large industry. In Nigeria small scale industries from the main industrial subsector and have greatly transformed the economic future of Nigeria over a period of time.

In ikere local government Area of Ekiti a few small scale industries exist as the basis for industrial development of the area, many factors have being responsible for assistance of these small scale industries commonest amongst which is the little capital or financial needed to run such a business venture. It becomes important therefore at these point to find solution to the issue of the services of finance to the small scale industries on loans from individual, savings, loans from relatives, ploughing back profit among these also importance is to ascertain that small scale industries, suffer from inadequate finance, a problem resulting from their inability to acquire credit from banks and other financial institutions. Lack of managerial competence and inefficiency has also prevented small scale industries from success in capital formation.

With the development, the state and federal government have made determinable effort to revamp the economy by paying more attention to small industries because of their value.

Finally, it is the intention of this study to carefully examine the failure of financing small scale industries and to identify the problem and prospects of such industries.

  • STATEMENT OF THE PROBLEM

Very many of our industry in this country lack funds not because they are not credit worthy, not because they are not credit or collateral security, nor their projects is not viable but because they do not know the right source to go to.

Many of the small scale industries in kere local government Area of Ekiti suffer from miss – allocation of capital.

Banks doubt the credit worthiness of the small scale industries and hence they find it difficult to obtain loans from the bank. Many of these industries, many investors direct the funds obtained for business purpose into private use thereby making the business suffer.

For the purpose of this study, we are going to focus our attention on the large number of business client in kere local government Area of Ekiti.

What personal problems do they encounter?

What financial problem do they encounter?

Does loan obtained actually used entirely for the business?

Generally, studies have shown small scale industries in many West Africa setting are besieged with problems of lack of fund, lack of skilled manpower and manage rid ability, problem of population difficulties, workers, and negative surrey into ready marker.

Also a large number of owners of the very small business have had only elementary education; a few have moderate but specula progress.

A few small scale industries on the other hand were naturally business minded and were lucky to come from relatively with families, harmful got money by success of various types of grumbling and this success made the difference between business collapse and sound growing project.

Many of them operate ad ridiculous low over and efficiency is just only able to keep their heads above water, success for most of this establishment rest mainly on sound financial support and management.

A basic requirement for the successful operating of any business is to balance commitment against resources when business commitment are not matched by resources there is problem it can therefore be seen that the problem of undercapitalization facing many Nigeria especially ikere local government Area of Ekiti is that owed industries establishment need urgent part of their industrialization programme.

Updated: August 18, 2017 — 8:58 am

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