– An Evaluation of Sources of Finance For Small Scale Entrepreneurship Development in Kogi and Benue States of Nigeria –
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ABSTRACT
This research work evaluates the sources of finance for small scale entrepreneurship development in Kogi and Benue State of Nigeria.
Entrepreneurs in Kogi and Benue State who are duly registered by the Ministry of Commerce and Industry and recognized by Kogi State Chambers of Commerce and Industry and its Benue State Counterpart were used in the study.
The specific objectives of the study are: to determine the extent to which small scale entrepreneurs utilize the sources of finance available to them; to access the extent to which stringent requirements by financial institutions affect the accessibility of funds by small scale entrepreneurs.
To find out how small scale entrepreneurs suffers discrimination from financial institutions in their quest for credit facilities; to determine the effectiveness of government policy towards the financing of small scale entrepreneurship development in Nigeria.
The study x-rayed various sources of finance available to entrepreneur in the course of carrying out his business activities including the review of past works on the subject.
Attempts were made to test four hypotheses; viz: Small Scale Entrepreneurs to a large extent do not effectively utilize the sources of finance available to them; Stringent requirement by financial institutions do not affect accessibility of funds for small scale entrepreneurship development.
Small scale entrepreneurs do not suffer discrimination from financial institutions in their quest for credit facilities; and Government policies towards small scale entrepreneurship development effort has not been effective. Both primary and secondary data were utilized for the study.
In addition the researcher ensured that the descriptive research approach was employed. The researcher worked with the population of 2,149 staff of entrepreneurial firm in Kogi and Benue States. Oral interview were also conducted among the management of specialized financial institutions.
TABLE OF CONTENTS
APPROVAL PAGE…………………… iii
CERTIFICATION……………….. iv
DEDICATION………… v
ACKNOWLEDGEMENTS………… vi
ABSTRACT………. vii
TABLE OF CONTENTS……….. viii
CHAPTER ONE……….. 10
INTRODUCTION……………. 10
- Background Of The Study……………. 10
- Statement Of Research Problem…… 13
- Objectives Of The Study……. 14
- Research Questions……….. 14
- Research Hypotheses………. 14
- Significance Of The Study………. 15
- The Scope Of The Study…….. 16
- Limitation Of The Study…… 16
REFERENCES…… 17
GLOSSARY……. 18
CHAPTER TWO……. 19
REVIEW OF RELATED LITERATURE……… 19
- Definition Of Small Scale Entrepreneurship……….. 19
- Characteristics Of An Entrepreneur………. 20
- Sources Of Finance For Small Scale Entrepreneur….. 20
- Internal Sources………… 21
- External Sources Of Funds For Small Scale Entrepreneur….. 23
2.4.3 Term Finance…. 26
- Specialized Financial Institutions Put In Place By Government………. 31
- The Contribution Of Development Finance Institutions….. 34
- Problems Of Development Financing In Nigeria……….. 35
- System Of Credit Administration To Small Scale Enterprises…….. 37
- Improving Credit Administration To Small Scale Entrepreneurs…….. 38
REFERENCES……… 40
CHAPTER THREE……. 44
- RESEARCH METHODOLOGY…….. 44
- Research Design…………. 44
- Sources Of Data…………… 44
- Population Of The Study……….. 44
- Sample Size Determination……….. 45
- Description Of Research Instrument…………. 46
- Data Analysis Techniques……….. 47
- Validity Of The Research Instrument…. 47
- Reliability Of The Measuring Instrument………. 47
REFERENCES…….. 48
CHAPTER FOUR……….. 49
- DATA PRESENTATION AND ANALYSIS…… 49
- Specialized Financial Institutions Experience In Their Credit Relationship With SSEs……… 59
- Test Of Hypotheses And Interpretation Of Results………. 60
- Discussion Of Results… 64
REFERENCES………… 66
CHAPTER FIVE……. 67
SUMMARY, CONCLUSION AND RECOMMENDATION…….. 67
- Summary Of Findings………. 67
- Conclusion…………… 67
- Recommendation…….. 68
- Contribution To Knowledge………… 69
- Suggested Areas For Future Research…….. 70
BIBLIOGRAPHY………….. 71
INTRODUCTION
Nigeria is one of the developing countries of the world today, and her speed of development is of serious concern to both the Public and Private Sector analysts. One aspect of this development that is of fundamental importance to it is in the field of entrepreneurship.
This is because of the great role that entrepreneurship activities play in the economy in terms of productive activities, employment generation and overall development of the quality of life of the citizenry. However, it is very imperative to mention that Nigeria still has a long way to go in terms of entrepreneurial development effort.
“Entrepreneurship development involves the development of technical arrangement and creation of conducive environment that is capable of moving an economy to a level of mass manufacture of variety of goods and services involving technology and management techniques, Kasimu (1998:2).
Entrepreneurship development tends to propel growth and quicken the achievement of structural transformation and diversification of the economy. In view of this development, Obasanjo in 2002 set an ambitious goal. “Nigerian President wants the country to become one of the world top 20 economies during the next two decades.
In order to hit the target by 2020, Nigeria will need to increasingly globalize education in two key areas: Information and Communication Technology and entrepreneurship” Oshionya (2008:30).
BIBLIOGRAPHY
Abdumalik, Y.O. (2006): Research Methodology In Business And The Social Sciences. 1st Edition, Garki Abuja. Almalik and Company.
Adebusuyi, B.S. (1997): “Performance Evaluation of Small-Medium Enterprises in Nigeria” in Bullion, Volume 21 No. 4, October/December, 1977.A Publication of the Central Bank of Nigeria.
Ajayi, E.A. (1999): “The role and Contributions of Development Finance Institutions to the performance of the Financial Industry”. A paper presented at the CBN Seminar for Finance and Economic Correspondents.
Asika N. (2001): Research Methodology in The Behavioural Sciences, Ikeja Nigeria. Longman Plc.
Broom, H.N. & Lougenecker, J.G. (2001): Small Business Management, 4th Edition. Cincinnati, Ohio. South-Western Publishing Company.
Buttchet, F.F & Hicks H.M. (1992): Corporate Finance Policy and Management, McGraw Hill, Inc.
StudentsandScholarship Team.
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