Small and medium scale industries constitute and the bed rock of any meaningful industries nation.
But inspite of this not much of small and medium scale industries have been seen on a nation wide scale in this country. The industries in this country suffers a tremendous set back ranging from specialized institutions established for the purpose and also certain government polices and activities. This study is therefore aimed at finding out the following.
1.To trace the extent of which Nigeria development have contributed in the country’s transformation process through the provision of financial assistance to indigenous small and medium scale enterprises.
2.whether the activities ad contributions of development bank as a whole and NBC in particular and beneficial to the small and medium scale industrialist in particular.
2.1WHAT DEVELOPMENT BANKS ARE AND THE RATIONAL FOR THEIR ESTALISHMENT.
In appreciation, the roles of contributions of development bank in Nigeria, in their granting of financial assistance of small and medium scale industries.
It is useful to understand and meaning of development banks, and the rational for their establishment especially in developing countries of the world.
According to Nwankwo 1980 he suggested three thesis as rational believed the existence of development banking. These are the cup thesis: the exigency thesis and catalyst thesis. The cap thesis states that development bank come into existence because of the need to fill the supply gap that medium long term in the financial system. The exigency thesis argues that bodies such as the international finance for corporation (IFC) usually encourage recipient countries to establish development bank because these bank can easily obtain the required government guarantee and select the most promising enterprise for financial. The catalyst thesis states that development bank are required to asseverate the growth rate of industrialization as a crucial aspect of economic development for the above explanation. It beome clear that the exrgency thesis is a consequences of the gap thesis, and that both the gap and catalyst thesis can collide into a single. Let us call it a development thesis. This simply states that development bank are established to transfer fund from surplus arrears to deficit probity areas well as provided entrepreneurial leadership towards the raid growth and structural adjustment in these areas of the economy.
ONOH (1978) in his contribution development banks as indispensable institutions for country whose government is seeking to indigent this economic base the bank can assist, in the absence of a development financial market and in an orderly transfer of shares resident or non-resident foreign investors to indigenes. The desire to promote rapid economic development and to be self reliantly to the establishment of development bank in many African countries to finance industries projects.
Contributing also in the rational for the establishment of developing banks UZOAGO 1984 argues that development countries in Africa from colonialism have been desirous of rapid economic development with emphasis or industrialization.
The operation of the banks in grating financial assistance of Nigeria industrialist especially the small and medium scale industrialist.
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CHAPTER ONE INTRODUCTION 1.1 Background to the study Small and medium enterprise (SMEs) are considered backbone of economic growth in all countries (Rajesh, Surash and Deshmukh, 2008). Small and medium enterprises play an important role in Nigeria’s economic growth, as they constitute 97.2% of the companies in Nigeria (Ministry of Trade and... Continue Reading
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