Financing Small – Scale Business In Nigeria An Economic Analysis

TABLE OF CONTENT

Title page

Certification

Dedication

Acknowledgement

Table of content

CHAPTER ONE: BACKGROUND OF THE STUDY

1.1 Introduction

1.2 Statement of problem

1.3 Aims and Objectives of the study

1.4 Significance of the study

1.5 Scope of the study

1.6 Limitations and constraints to the study.

CHAPTER TWO: LITERATURE REVIEW

2.1 Concept of small – scale business

2.2 Characteristics of small – scale businesses.

2.3 Concept of finance

2.4 Types of finance

2.5 Financial needs of small-scale business

CHAPTER THREE: RESEARCH METHODOLOGY

3.1Research population and sample

3.2Research design

3.3Instrument of data collection

3.4Administration of instruments

3.5Method of data analysis

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1Brief History of Diamond Bank, plc

4.2Functions of diamond Bank

4.3Requirements for small business finance by diamond bank.

4.4Types of finance given to small business by the bank.

4.5Advantages of the Loans to the businesses

4.6Problems associated with the loans

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1Summary of findings

5.2Conclusions

5.3 Recommendations

References

CHAPTER ONE

1.1INTRODUCTION

Nigeria has always been a strategic country in Africa with their enormous economic and political power. Unfortunately, a history of prolong military rule left the nations civil institutions in run. The economy grossly mismanaged, and individual values completely misplaced thus preventing Nigeria from attaining it’s full potential. Consequently, due to this uncertainty, quite a number of investors have been way of doing business in Nigeria and with Nigerians. With the successful transition to civil rule in 1999, the cloud of uncertainty cleared up a bit and in 2003 when the sustainability of it’s democracy was tested, a significant number of investors are expected to be interested in investing in the Nigeria economy.

As a part of its strategies to revive the economy and uplift the standard of living of Nigerians, the government has identified sector within the economy with potential for rapid growth. One of such sectoral strategies in the development of small scale business (SSB) are known to encourage people centered development, which helps in alleviating poverty, vereating wealth and employment, and stemming rural – urban drift. However, without finance, SSB cannot be a reality. To alleviate this problem of finance the federal government of Nigeria – set up a number of development Banks.

1.2   STATEMENT OF THE PROBLEM

The purpose of this research is related to the financing SSB S.S.B is a global concept that can be seen from different points of view depending on the angle from where it is been considered, either from the developed or developing countries. The problems that are inherent with S.S.B depends mainly either in the government of such a country where it is been managed or the entrepreneur that a country where it is been managed or the entrepreneur that is managing such an enterprise.

For the growth and development SSB, it can be enhanced by the government through the schemes that has been put in place as it had been in Nigeria in general and in delta state in particular. But there are some problems that equally hinder this growth and development of SSB, especially with reference to finance, and these among where are the reason for this research. These problems include.

1.3 AIMS AND OBJECTIVES OF THE STUDY

The objective of these study is to acquaint and potential SSB with the sources of funds available and problems arising from the establishment and growth of SSB in Nigeria and particularly in rural areas and to offer possible means of ensuring efficient use of these funds so that SSB can grow rapidly.

Some of objectives of this research are:

1. To help those already in business to expand through better means of financing.

ii.To appraising that efforts of Diamond Bank in terms of financing.

iii.To examine the ways and manners through which working capital funds are raised and managed for the operation of the enterprise.

iv.To appraise the effort of diamond Bank in term of financing.

1.4 SIGNIFICANCE OF THE STUDY

The outlay of this study is important because, at this state of development, the government of Nigeria is currently placing emphasis on the development of SSB, since it has been discovered to posses the likely solution to the rural – urban drift of her citizens.

The study shall particularly probe into sources of fund to SSB in Delta state with Isoko North Local Government in View.

1.5   SCOPE OF THE STUDY

Small scale business is fairly wide in scope, but in this study, we will take a look at it from the Nigerian perspective and how it affects the populace area of study.

The study also covers the activities of diamond bank plc regarding SSB expansion in Nigeria (Take a look at various form and sources of business finance including the procedures for obtaining loans and in the future prospect of finding SSB in our society despite the associated problem).

1.6LIMITATIONS AND CONSTRAINTS TO THE STUDY

        It is assumed that this research work has been carried out before. As a result, website were consulted, textbooks, annual reports, seminars, workshops and conference materials which discussed the relevance of financing small and medium enterprises were also consulted.

Because this study was done intermittently with lecturers, examination and private study limited time was at my disposal for carrying but this study.

However, as the researcher I will put in the best of my knowledge and understanding to capture and unravel the main purpose and objectives of this study.

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