Full Project – Microfinance banks – the roles and effect of the growth and survival of small and medium scale enterprises in Nigeria

Full Project – Microfinance banks – the roles and effect of the growth and survival of small and medium scale enterprises in Nigeria

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       The roles and effect of the growth and survival of small and medium scale enterprises in Nigeria.  This referred to the increasing recognition by government of the need to boost non-oil sector, made the government focus on small scale industries.  The economic reforms being carried out under the structural adjustment programme since 1986, has however, placed greater emphasis on the small scale industrial development.

Moreover, the economic condition that prevailed in the country during the 1980s made people argue that the large scale industries have not played the expected role in a developing nation like Nigeria thus, it became evident in the country that small-scale and medium scale industries could play very important roles as well as large-scale industries if not better.  The Nigerian government supportive programmes such as Fund for Small and Medium Scale Industry (FUSSI).  Directorate of Food Road and Rural Infrastructure (DFFRI) and the monetary policy guidelines were particularly meant to encourage merchant and commercial banks and other financial institutions to lend more money to small and medium scale industry sub-sector of the economy.



This research work is on the roles and effect of the growth and survival of small and medium scale enterprises in Nigeria, with a particular reference to Chikum Microfinance Bank.  The research is aimed at finding out whether Chikum as Microfinance Bank provide incentive to the small and medium enterprises and people concerned.

The growth and survival of small scale enterprise are essentially concerned with small and medium industries.  It is the intelligent and objective concern for the welfare of the small and medium enterprises, as well as the society and their development by being self employed.

Business can only exist within an organized society.  When people are totally self sufficient, the concept of business has no place in their lives.  The organization of the society then makes it possible for people to engage in business activities in return, those in business must make a contribution to the society that sustains their existence, that is, business owners have obligation to the society in which they operate and responsibilities to others who live in the society with them

Researches have shown that some of the business enterprise in Nigeria today started as small business, these business firms perform various functions which include:

  1. Manufacturing of goods.
  2. Distributing of goods and services and
  3. Relating of these goods to the final consumers.

Moreover, small business are credited with being responsible for the majority of innovations, so much that small business has been called the innovation “engine of the economy”.

There has been no census among all practitioners on what constitutes a small and medium scale business.  The question has been “how small is small business” when confronted with the explaining what a small business means.  It means different things to different people.  The terms small business has been a confusing issue.

The definition of small and medium scale business vary from the country to another even within the same country.  They also vary in terms of time, from one period to another, such that the definition acceptable in 1980 will no longer be acceptable in 1985.  It varies from sector to sector.  The definition of small and medium scale business also varies from institution to another.

Business is important in our society in Nigeria because we depend on it for survival.  Many of us work in business organization depend on them for our income and general welfare, one can see that our society Nigeria cannot do without business organization.  Therefore the researcher took it upon himself to look at the roles these small business have played in Nigeria and the effect the growth and survival of these small business has had in the past and would have in the future on Nigeria.



That all business is a success many problems have contributed to the failure and winding up of small and medium scale businesses.  It is for this reason that this research study is being designed to address the following problems:

  1. Lack of managerial experience.
  2. Wrong business decision
  3. Financial problem
  4. Lack of knowledge and experience in the chosen field of business by entrepreneurs.



This research was designed for the purpose of achieving the following:

  1. To highlight the country investment climate in order to educate prospective investors and facilitates investment decisions.
  2. To focus on the attention of the federal government on key facilities and development areas that needs improvement for the benefit of Nigerians.
  3. To investigate how political instability affect small business.
  4. To ascertain how low the national income affects small scale business in Nigeria.



The following are the research questions:

  1. To what extent is the Nigerian business environment conducive for prospective investors?
  2. To what extent does the Nigerian government needs to pay attention in the development of key facilities and development area for the benefit of small scale industries?
  3. To what extent does political instability affect small scale business in Nigeria?
  4. To what degree is there a symbiotic relationship between the national income and the growth of the small scale industries in Nigeria?
  5. What factors contribute to the high rate of mortality of small scale business in Nigeria?



In essence, research work is aimed at serving certain significance in relation to individual groups of individual or a particular event.  The significance lies in the fact that the success of an organized business survival in its environment dependent to a large extent on fulfilling organizational social responsibilities to its environment.

The result of the study is significant to both the small and medium scale industries and is also significant to the government because after the research work they observe that their effort to promote small scale industries will be of benefit to them and the environment which they control because every success of any individual is gain to the development of that country.

The work is significant to Nigerian society and the people in it for the development of the country.



       The study is aimed at researching the roles and effect of the growth and survival of small and medium scale enterprises in Nigeria through the help of Micro Finance Banks as a social responsibility to its environment and for the success of the environment.




There are constraints encountered in the course of this project writing, which includes the following:

  • Time Factor: Limited with various engagements and my academic pursuit affected the research work.
  • Inadequate Fund: There were difficulties in getting the necessary information needed due to insufficient fund.
  • Distance: The place to get the required information for the success of the research work was far.
  • Unavailability of Records: There was little or no statistical record available to assist the research work.
  • Attitude: Most information sought for were not assessable from the entrepreneurs. They will t ell the researcher to wait for long hours or to make calls with the view at frustrating his efforts.




  • Feasibility Study: This is a form of research carried out to determine the viability of a business projects or idea.
  • Innovation: This involves the ability of an entrepreneur to develop new ideas, new products, new technology, new distribution, new practices etc.
  • Synthesis: This involves combining ideas information from different sources, analyzing and serving item and finally integrating them into a new useful pattern.
  • Extension: This involves adopting an idea that worked in one area with another area. It may be in the form of introducing a product made for a particular market into another with little or no modification.

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Full Project – Microfinance banks – the roles and effect of the growth and survival of small and medium scale enterprises in Nigeria