FINANCIAL PROBLEMS AND SURVIVAL STRATEGIES OF SMALL SCALE ENTERPRISES IN AWKA SOUTH L.G.A,ANAMBRA STATE

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Keywords: FINANCIAL PROBLEMS AND SURVIVAL STRATEGIES OF SMALL SCALE ENTERPRISES IN AWKA SOUTH L.G.A,ANAMBRA STATE

ABSTRACT

The study was carried out to examine the financial Problems and Survival Strategies of Small Scale enterprise in Aguata  Local Government Area of Anambra State. The purpose of the study is to find out the financial problems and survival strategies of small and medium scale enterprises. Four research questions and four null hypotheses were raised. The sample size was 140. Questionnaire was used to collect the data. Frequency tables, percentages, and z-test were used to analyse the four hypotheses. The result revealed that small and medium scale industry face a lot of financial problems and these problems is mainly as a result difficulty in raising capital. These problems have hampered its survival. In view of these findings the researcher made some recommendations to these problems.

                                         CHAPTER ONE

                                          INTRODUCTION

1.1 Background to the Study

Since Nigeria attained independence in 1960, considerable efforts have been directed towards the nation’s industrial development. The initial efforts were government-led through the vehicle of large industry, but lately emphasis has shifted to Small Scale Industries (SSIs) following the success of SSIs in the economic growth of Asian countries (Ojo, 2003). Thus, the recent industrial development drive in Nigeria has focused on sustainable development through small business development. Prior to this time, particularly judging from the objective of the past National 4-Year Development Plans, 1962-68 and 1981-85, emphasis had been on government-led industrialization, hinged on import-substitution.

Since 1986, government had played down its role as the major driving force of the economy by a process of commercialization and privatization (Beyene, 1999). Emphasis, therefore, shifted from large-scale industries mainly to small scale industries, which have the potentials for developing domestic linkages for rapid and sustainable industrial development. Attention was focused on the organized private sector to spearhead subsequent industrialization programmes. Incentives given to encourage increased participation in these sectors were directed at solving and/or alleviating the problems encountered by industrialists in the country, thereby giving them greater leeway towards increasing their contribution to the national economy.

Interest in the role of Small Scale enterprises in the development process continues to be in the forefront of policy debates in developing countries. The advantages claimed for Small Scale enterprises (SSEs) are various, including: the encouragement of entrepreneurship, the greater likelihood that SSEs will utilise labour intensive technologies and thus have an immediate impact on employment generation (Ayozie&Latinwo, 2010); they can usually be established rapidly and put into operation to produce quick returns; SSIs development can encourage the process of both inter- and intra-regional decentralization (Ogujiuba et al., 2004);

1.2 Statement of  The Problem

The key problem facing most small scale enterprises is lack of finance whether for the establishment of new industries or to carry out expansion plans. The inability to attract financial credit or resources has hindered or stifled the growth of small scale enterprise. The reasons for the lack of fund include the followings:

• High rate of inflation that led to the vast depreciation of Naira exchange rate, thus making it difficult for most Small Scale enterprise to obtain required inputs for expansion.
• Low level of savings in the economy, which leads to low capital formation.
• High rate of interest charged on loans, which scares off potential Small Scale enterprise.
• The unwillingness of retail banks to grant credit to Small Scale enterprise because of the low creditworthiness of these enterprises has also hampered their growth over the years.

Keywords: FINANCIAL PROBLEMS AND SURVIVAL STRATEGIES OF SMALL SCALE ENTERPRISES IN AWKA SOUTH L.G.A,ANAMBRA STATE

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Keywords: FINANCIAL PROBLEMS AND SURVIVAL STRATEGIES OF SMALL SCALE ENTERPRISES IN AWKA SOUTH L.G.A,ANAMBRA STATE

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