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ABSTRACT
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The research work undertaken is on financing small scale industry in Nigeria and prospects, a case study of Home Fresh Yoghurt Kaduna, for the work to be adequately understood, the researcher introduced the matter by highlighting the statement of the problem, the study also some possible solution and to the problem identified the study further objectives, important of their study also to know the scope of hypothesis and limitation of the study.
The researcher also tend the literature review gives various definition as they relate to matter, sources of finance of small scale industry, the financial and ways to minimize problem of small scale industry and of the chapter.
The research touched method of gathering data of the study, sample size and technique. Data gathered were analyzed and hypothesis formulated were tested. The researcher comes up summary of finding conclusion and recommendations of the research among youth the researcher recommended that government should less of tax to be paid by small scale industry to encourage those that are to open new business.
TABLE OF CONTENT
Title page
Declaration
Approval page
Acknowledgment
Dedication
Abstract
Table of Content
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Statement of Hypothesis
1.6 Scope of the Study
1.7 limitation of the Study
1.8 Historical Background of Home Fresh Yogurt
1.9 Definition of Terms
CHAPTER TWO
LITERATURE REVIEW
2.1 Definition of Small Scale Industry
2.2 Characteristic of Small Scale Industry
2.3 Fields of Small Scales Industry in Nigeria
2.4 Sources of Finance
2.5 The Financial Problem of Small Industry
2.6 General Problems of Scale Industry in Nigeria
2.7 Ways of Minimizing the Problems of Small Scale
2.8 Government Objectives and Policies of Small Scale in Nigeria
2.9 Summary of the Chapter
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research Design
3.2 Population of the Study
3.3 Sample Size and Sampling Technique
3.4 Methods of Gathering Data
3.5 Justification for the Method Used
3.6 Methods of Data Analysis
3.7 Justification for the Instrument Used
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation
4.2 Analysis of Data
4.3 Test of Hypothesis
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendation
References
Appendix
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
The fundamental aim and objective of any developing country like Nigeria is that of socio-economic growth and development involving transformation from an extractive economy to producing economy from importer of finished goods to met exporter of such goods and traditional technology to modern one.
It is obvious that Nigerian reliance on the developed countries for both durable and non- durable consumer goods is dangerous. The result of which is that management and control of Nigerian economic activities will become the monopoly of foreigners who are gaining a rapid access to our industrial sector.
For us to get ourselves out of the bondage of economic imperialism, government, individual and our venture capitalist must encourage industrialization with vast control of Nigerians. For us to successfully embark on industrialization however, small scale industry must be encouraged.
Planning As A Management Function In An Organization
Small scale industries are the firm that are independently owned and operated and which are not dominant in its field of operation. In general we should recognize that the small scale industries most have few employees, often have few employees, small capital investment and low sales.
However, the federal ministry of industries (1989) defined small scale-industries as that with total net exceeding N750, 000 (excluding the cost of – land).
The term small scale industries varies, in meaning from one country to another and from one industry to another. In Nigeria, the federal Government’s industrial policy of (1989) defined small scale industries as “the business that its total investment is between N10, 000 ₦2million exclusive of land and including working capital”.
The Federal Ministry of Industries by its revised definition according to Ayuba (1989:7) sees small scale industries as “the business that its total capital investment (excluding cost of land) is up to ₦750,000 and employing up to 50 persons.
Zahradeen, (2001) defined small scale industries as “the business characterized by using owner’s resources, some retained earnings, trade credits and short-term bank loan, without access to capital market or long term or long term loan, employing (50) people or less and capital outlay of N5 million or less. According to Third National Development plan 1975-1980) defined small scale industries as the manufacturing establishments employing less than ten (10) people or business whose investment in machinery and equipment do not exceed N600,000.
The Central Bank of Nigeria in its credit policy for commercial and merchant banks defined small scale industries as “the business whose total worth is above N1 million but not more than N10 million excluding cost of land and including working capital’. The United Nations Industrial Development Organization (UNIDO) has located about fifty different definitions of small scale industries in seventy-five countries.
All these definitions were based on parameters such as called capacity utilization, employment, capital and type of industry. At holistic view as expressed by Committee for Economic: development (CED) if the United State considered an industry to be small at least two of the following characteristic prevails:
The managers are often owners
Capital supplied by individual
The area of operation is local
The business is small in compares with competitors in its industry.
The past and present government in Nigeria appreciates the social and economic benefit involved in the promotion of small scale industry. This awareness has been evident in second, third and fourth National Development Plan (1970 – 1974).
The federal government established the Nigerian Bank for Commerce Industry (NBCI), and allocation of N5.4 million was also made in plan with sole objective of tackling the financial problems confronting indigenous small scale industry.
Finance is perhaps the most important of any business concern. This finance is paramount either for existing small scale industry battling to survive adjustment in the economic system or new ones anxious to venture into the business.
1.2 Statement of the Problems
There are several problems which inhabit small scale industry in Nigeria. The problems affect the successful float of small scale industry and they include among others:
Financial problem
Lack of competent management
Absence of specialization
Inability to attract skilled personnel
Susceptible to economic changes
Poor record-keeping
Wrong location
Inadequate credit control
1.3 Objectives of the Study
This research work seeks the following objectives:
To highlight the problems of financing small scale industries and suggest the possible solution to the problems.
To find out how small scale industries entrepreneur could raise capital for establishing or developing their business
To know how small scale industries find solutions to the problems of unemployment in society
Significance of the Study
The following are the significance of the study:
The study is carried out to know how entrepreneur of existing small scale industries is raise more fund to expand or develop their industry
The study will also help our young and unemployed youth on how to start and finance small scale industries in Nigeria.
The study will be of great importance to the student who is interested in knowing the problems facing small scale industries in Nigeria.
1.5 Statement of Hypothesis
Ho: Small scale entrepreneurs face financial problem in financing their business
Hi: Small scale entrepreneurs face no financial problem in financing their business
1.6 Scope of the Study
This research work is conducted to examine the possible theoretical practical reaction of the subject matter “financing small scale industries in Nigeria”. The study will cover various means by which a prospective entrepreneur could raise capital for establishing or developing small scale industries. The theoretical aspect of this work covers the entire country (Nigeria) with little reference to situation of small scale industries in some other developed countries while the practical work is only limit to Home Fresh Yoghourt, Kaduna. This study aimed at covering how small scale industries are financed.
Limitations of the Study
In any project work of this nature, some problems are usually encountered the research came across the following problems.
1. Inaccessibility to all the information required by the researcher
2. Inadequate and poor response to the question in the questionnaire.
3.Time is always limited either for its completion or date submission and coupled with lecture time, the researcher found it difficult to a busy of four months.
4. The researcher also found it difficult to keep some of the appointment with the company used as case study
1.8 Historical Background of Home Fresh Yoghurt
The Home Fresh Yoghourt was established in 1998 as a private limit company and is registered with corporate affairs commission (CAC). Its head office is located at No, 21, Ahman Pategi Road, Ungwa Sarki, Kaduna and its farm is located at Niyyan farms limit kin 3, Abuja express way Kaduna. The head office is headed by two deputy managers; one is in charge of administrative (operation) and the other is in charge of finance and supplies. The head office also has one clerical staff two assistant, two sales girls, one receptionist and a daily cleaner.
Home Fresh Yoghourt produces about 2,500 tones of yoghourt daily and he about 500 cows, 1500 chicken (layer) 300 goats, 1,000 turkeys and cultivated land of about 1380 sq km. The farm is divided into 3 sections each headed by a
worker who is in charge of his section and manager responsible for the farm on a daily basis. Home Fresh Yoghurt produces about 10,000 tones of fresh milk per, 200-220 crates of egg, 300-400 kg poultry meat per day. Raw materials needed in the farm include feeds of concentrate which are brought from premier feeds and ECWA feeds pullets. Roughages and hay stock are Niyya farm Limited is the parent company of Home Fresh Yoghurt, i.e home Fresh Yoghourt limited is a subsidiary of Niyya farm, their turnover output (profit) cannot be revealed due to some strategic
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