ABSTRACT
This research is aimed at finding out how to solve the problem of financing a small scale business industry in Nigeria, using Igweshi garri processing industry at Akpugo in Nkanu West Local Government Enugu as a case study with a view to discovering areas of improvement and possible handicaps associated with such industries. In Enugu State, the state government established fund for small scale industries (FUSSI) in 1971 through the state ministry of commerce, industry and technology The fund says “small scale industry means a manufacturing, processing or servicing industry with a capital investment of up to N150,000 in machinery and equipment alone, this excludes working capital and cost of land”.
Data was collected through primary and secondary sources for this project. That is oral interview and designed questionnaire and also textbooks, newspapers, internet and journals were all used. Some of the findings of the study include: Lack of good equipment or machines, Bad roads, electricity and poor management. My suggestions and recommendations is that, government should grant loans to the small scale industries to enable them buy good machines for their business.Government should also provide electricity in rural areas, so that it will help Igweshi garri processing industry and small scale industries to grow.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
It is necessary to bring out the point that to succeed in business required some measure of discipline. Most industrialist expected to make a reasonable profit from the investment of time and resources, that they have to make it, in other to bring a project to friction.While this may sound simple enough, the bother line is the fact in an economy wide context, the rate of level of reward that can accrue to various level of effort, discipline and productivity should never be allowed to get out of proportion in relation to effort input.Experience has shown that industrial pursuits have been found to yield for the patient and disciplined and industrialist rather than stand for business concern with all kinds of effort mostly unproductive and required no legitimate effort to reap profits in multiple fields.After considering the above mentioned statement of facts about industry; the question is, how far are we from being industrialized bearing in mind that it yields for disciplined and patience industrialist all things being equally.
Taking cognizance of the fact that a step forward is the beginning of a mile. Some, therefore Nigeria’s business industrial Evolution will only start when positive steps are taken towards adequate financing of small scale business. The experience of newly industrialized countries has been an eye opener.Finance is the greatest problem we are likely to face whenever we talk of establishing a small-scale industry. This is control surrounding the problem of inadequate finance. A look on the small-scale industries/business, all over the country would help to throw further light on the effect of lack of fund or business, the drastic effect is mostly few when gradually collapsing, even surviving ones are terribly looking for assistance that they are not sure of.
Funds are scarce, hence the growing industries as regarded in this part of the world as never-do-wells especially Nigeria. When an economy is shaky, growing industries in that economy tend to suffer most and usually stand the taste of time. Hence, an increase in the number of causalities in this regard.The researcher aimed at exploiting the possibilities, problems of financing small-scale business/industries.The project centers on management and financial problems.