FINANCIAL INTERMEDIATION AND MICRO SMALL AND MEDIUM SCALE ENTREPRENEURS IN NIGERIA: A STUDY OF SELECTED ENTERPRISES IN KANO METROPOLIS

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ABSTRACT


This research is to examine the role of financial intermediation in promoting the growth and development of Micro Small and Medium Scale Entrepreneurs in Nigeria. The primary data was collected through structured questionnaires containing both closed and open ended questions. The data was analysed using descriptive statistics such as frequency, percentages, and tables. The findings show that most of the respondents agreed with the fact that, they did not received a lot of support from the financial intermediaries; Support received by few showed that it enhanced business growth as accounted by 12.4 percent from the statistical analysis of the respondents. Furthermore, the growth of businesses was found to be attributed to the nature of support received by the entrepreneurs. The findings of the study showed the role played by financial intermediaries in promoting MSMEs’ growth in Kano metropolis which consists of seven Local Government Area and these include; Gwale, Fagge, Dala, Nasarawa, Kano Municipal and Tarauni. The metropolis was chosen as a result of old and new emerging businesses to have been concentrated within the region. However, the results of the study form the basis for recommendations to relevant stakeholders to ascertain the appropriate leading strategy for improving MSME sector in Nigeria.



Key words: Micro Small and Medium Scale Entrepreneurs (MSMEs), Financial Intermediation, entrepreneurs, growth, Government, Development, Performance, Programs Kano, Nigeria


TABLE OF CONTENTS

ABSTRACT

CHAPTER ONE
1 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF RESEARCH PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 RESEACH QUESTION
1.5 SIGNIFICANCE OF THE STUDY
1.6 SCOPE AND LIMITATIONS OF THE STUDY

CHAPTER TWO
2   LITERATURE REVIEW
2.1 HISTORY AND GENERAL VIEWS MICRO SMALL AND MEDIUM SCALE ENTREPRISES (MSMEs)
2.2 FINANCIAL INTERMEDIATION OF MICRO SMALL AND MEDIUM SCALE ENTREPRENEURS IN NIGERIA
2.3 THE GROWTH OF MSMEs AND THE CONTRIBUTIVE SCHEMES IN NIGERIA
2.3.1 THE NIGERIA BANK FOR COMMENCE AND INDUSTRY (NBCI)
2.3.2 THE CENTRAL BANK OF NIGERIA SPECIAL CREDIT PROGRAMME FOR SMALL AND MEDIUM SCALE ENTERPRISES (SMES)
2.3.3 WORLD BANK FACILITIES FOR SMALL AND MEDIUM SCALE ENTERPRISES
2.4 REVIEW OF PAST REFORMS AIMED AT RURAL DEVELOPMENT SINCE LATE 1970S
2.3.1 Operation Feed the Nation (OFN)
2.3.2 National Directorate of Employment (NDE)
2.3.3 The Family Support Programme (FSP)
2.3.4 The national poverty eradication programme (NAPEP)
2.3.5 The Youth Empowerment Scheme (YES)
2.3.6 National Economic Reconstruction Fund (NERFUND)
2.3.7 Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN)
2.3.8 Small and Medium Industries Equity Investment Scheme (SMIEIS)
2.5    THE IMPACT OF FINANCIAL INTERMEDIATION AND THE DEVELOPMENT OF MICRO SMALL AND MEDIUM SCALE ENTERPRISES
2.6 INFORMAL FINANCIAL MARKET
2.6.1 Saving Association
2.6.2 Savings and Credit Associations
2.6.3 Credit Associations
2.7 FORMAL FINANCIAL INSTITUTION
2.8 MICROFINANCE POLICY MEASURES AND INSTITUTIONS IN NIGERIA
2.8.1 Microfinance Policy Measures
2.8.2 Microfinance Policy Target
2.8.3 Policy Objectives
2.9 CLASSIFICATION OF MSMEs FIRMS E IN NIGERIA

CHAPTER THREE
3   RESEARCH METHODOLOGY
3.1 INTRODUCTION
3.2 POPULATION OF THE STUDY
3.3 SAMPLING SIZE
3.4 MEHOD OF DATA COLLECTION
3.5 METHOD OF DATA ANALYSIS

CHAPTER FOUR
4   DATA REPRESENTATION AND ANALYSIS
4.1 INTORDUCTION
4.2 DATA REPRESENTATION, ANALYSIS AND INTERPRETATION
4.3 SUMMARY OF FINDINGS

CHAPTER FIVE
5   SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATION
APPENDIX SECTION 1
REFERENCES


CHAPTER ONE

1 INTRODUCTION


1.1      BACKGROUND OF THE STUDY


The Micro Small and Medium Scale enterprises are sub-sector of the industrial sector which plays a crucial role in the industrial development (Ahmed, 2006). Following the adaptation of economic reform programme in Nigeria in 1981, there have been several decisions to switch from capital intensive and large scale industrial projects which was based on the philosophy of import development to the development of Small and Medium Scale Enterprises, which have better prospect for developing domestic economy, thereby generating the required goods and services that will propel the economy of Nigeria towards development. It is based on this premises that (Ojo, 2009), argued that one of the responses to the challenges of development in developing countries particularly, in Nigeria, is the encouragement of entrepreneurial development scheme.


Despite the abundant natural resources, the country still finds it very difficult to discover her developmental bearing since Independence. Quality and adequate infrastructural provision has remained a night-mare, the real sector among others have witnessed downward performance while unemployment rate is on the increase. Most of the poor and unemployed Nigerians in order to better their lots have resorted to the establishment of their own businesses. Consequently, Entrepreneurship is fast becoming a house hold name in Nigeria. This is as a result of the fact that the so called white collar jobs that people clamour for are no longer there. Even, the touted sectors (Banks and companies) known to be the largest employer of labour are on the down-turn following the consolidation crisis and fraudulent practices of the high and mighty in the banking sector. The companies of course are folding up as a result of erratic power supply, insecurity and persistent increase in interest rate which has lead to high cost of production and undermines profit making potentials of companies operating in Nigeria. As a result of banking sector practices and continuous folding up of companies, a lot of Nigerians are thrown into unemployment which inevitably detriment the economic situation of the country.

Since the office jobs that people desire are no longer there for the teeming population, and the few ones that succeeded in getting the jobs are thrown out as a result of the factors identified above, the need for the government and the people to have a rethink on the way-out of this mess became imperative. Hence, the need for Micro Small and Medium Scale Enterprises (MSMEs) became a reality as a means of ensuring self independent, employment creation, import substitution, effective and efficient utilization of local raw materials and contribution to the economic development of our dear nation (Nigeria). All the afore stated benefits of Micro Small and Medium Scale enterprises cannot be achieved without the direct intervention of the government and financial institutions (Financial Intermediaries). Over the years a number of policies have been formulated by the government with a view to developing Micro Small and Medium Scale Enterprises. The Nigerian government under the then leadership of Chief Olusegun Obasajo promulgated micro-finance policy and other regulatory and supervisory frame work in 2005.

This paper will therefore examine the Financial Intermediation and Small and Medium Scale Enterprises vis-a-vis roles played by the government as well as the programs formulated in achieving MSMEs development in Nigeria.



1.2        STATEMENT OF RESEARCH PROBLEM

The problem of unemployment is a nationwide phenomenon which has been the major factor that endangers Nigerian socio-economic development. Unless giant strides and purposeful plan of action are put in place by the government and individuals, the problem will continue to persist. However various schemes in Nigeria have contributed to the growth of Micro Small and Medium Scale Entrepreneurs MSMEs in order to combat these challenges such as unemployment as a major problem in developing the economy of the nation (Emanuel Daniya, 2012)......


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