A CRITICAL ANALYSIS OF THE ROLE OF BANK OF INDUSTRY TOWARDS THE DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA
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A CRITICAL
ANALYSIS OF THE ROLE OF BANK OF INDUSTRY TOWARDS THE DEVELOPMENT OF SMALL AND
MEDIUM SCALE ENTERPRISES INNIGERIA
BACKGROUND
OF THE STUDY
The study of
the role of government agencies towards the development of small scale
enterprises is quite interesting. These enterprise have a very important impact
on the life of everybody in the society. Small independence business are
everywhere and in every line of work, they can also be seen in every community.
This business is as old as man. So virtually everything is done in life
involved the element of business. Small scale enterprise constitutes an
importance in todays business activities or system. The role of small scale
enterprise in our economic history however, has been one of the distribution
and contribution.
Although its
relative importance has decline with the growth of the big business, small
scale business is till major contribution to the countries economy. Business in
Nigeria today is made up of both large and small business. Today small scale
enterprise have to enjoy more prestige than ever before because of its vital
contribution to the nations economy. So vital is small scale business. There are
successful small scale enterprise operating like the manufacturing plants,
retails, stores, wholesales, drugs, computers, construction firms and hundred
of other type of business.
Nigeria
population was estimated to be 140 million in 2007 with about 75% of this made
up of small scale enterprise operators. Lack of full study of government
agencies in the development of these enterprises especially, the financial
institution made it impossible to Â
know the size, structure and function of these small scale business to
the development of the economy.
Government
agencies are charged with the responsibilities among others to carryout duties
and deliver utilities as may be regulated from time to time on behalf of the
government for the purpose of uplifting the standard of living. Government
agencies such as bank of industry (BOI) is charged with the responsibility like
provision of medium and long term finances by way of equity funding, loan and
lease financing, guarantees, investment in corporate bonds business development
services, co-financing, working capital finance and    promotion of small
scale enterprises and industries project, co-sponsoring financial institutions
and small scale enterprises.
This bank of
industry was formerly originated from Nigerian industrial development bank
limited was established in 1964 following the reconstruction of the investment
company of Nigeria limited (ICON) NIDB was set up primarily to accelerate
Nigerian industrialization.
The bank was
to conceive shortly after Nigerian attains independence in 1960. The idea was
to set up development financial institution to serve as a dedicated window for
channeling fund from within and outside the country to the young nation states
industrial sector. Economic reconstruction fund (NERFUND) in the last regime of
Obasanjo administration is renamed as BOI.
STATEMENT OF
THE PROBLEM
Most
government agencies have undergone number of re-organization especially bank of
industry (BOI) which affect their forces and activities that leads to effective
performance and lack of proper control on their activities.
The most
obvious problems of Bank of Industry (BOI) is how to produce or provide
efficient financial resources technical assistance, security on loan given out
to customer (SSE) evaluating of project that are financed which may take more
time than stated at the beginning.
Also the
project time table, which depends on nature and complexity of the project, it
may take one to two years sometimes longer from when project was identified to
when it was commissioned.
On the part
of small scale enterprises (SSE) how effective are they utilizing the services
rendered to them by the bank of industry (BOI). Also are they able to cope with
the policies adopted by this agencies (BOI) in obtaining loan and other
services rendered such as interest rate on capital collateral facilities and
the role of government.
OBJECTIVES
OF THE STUDY
The aims and
objectives of the study is to analyse various role played by (BOI) in
developing of small scale enterprises as well as the activities of government
policies such s provision of infrastructural facilities, provision for local
finance, facilitating and funding industries and funding institutions like the
(CIRD), (FIRO) and (SSICS) to what does the policies of government are achieved
towards developing Small scale enterprise.
It is also
to analyze the various ways by which bank of industries (BOI) has contributed
effectively to the development of he economy through the role played in
financing and provisions of other necessary features for development of Small
scale enterprise.
SIGNIFICANCE
OF THE STUDY
The
significance of the study is to serve a reference material to other students
who may write on, make research on similar topic and serve as recommendation to
bank of industry (BOI) in discharging its functions to the customers as well as
the mode of rendering services to the customers small scale enterprise
RESEARCH
QUESTION
Based on the
subject matter, the researcher prefer to use the following questions for
research findings;
What are the
problems of small scale business?
What are the
roles of small scale?
3.  Â
 Are banks of industry the sole
financier of small scale enterprise    Â
4.  Â
 Does government have favourable
policies towards development of small scale enterprise
SCOPE OF THE
STUDY
This study
will cover the area of activities and role played by the government agency
(BOI) in developing small scale enterprises.
LIMITATION
OF THE STUDY
It is not an
easy assignment for a student to conduct a research work without encountering
two or more problems one of such problems faced by the researcher was lack of
adequate information which the researcher could obtain for necessary research
work as some of the organization officials formed to be very busy and required
for some signatory from the department before giving out information to be
used.
DEFINITION
OF TERMS
Small Scale
Enterprises (SSE): a type of business that is run and managed by a single
person
NIDB: Â Â Â
         Nigeria Industrial
Development Bank
BOI: Â Â Â Â
           Bank of Industry
NBCI:
Nigeria Bank for Commerce and Industry
NERFUND: National Economic reconstruction Fund
FIIRD:
Federal Institute of Industrial Research
SSCF: Small
Scale credit fund
Interest: Certain amount that are charged on borrowed
money
Capital:
Money
Development:
The gradual growth of some thing, so that it
becomes more
advanced, stronger
Community:
Local country side
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