CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The post-independence Nigerian
government adopted the entrepreneurship government which constrained it to
assume the role of entrepreneur and the urge to offset the economic neglect of
the colonial government and that resulted in engaging in ambitious
industrialization programmes. When the Nigerian industrial Development Bank
Limited (NIDB) was established in 1964 for the purpose of speeding up the
industrialization process, its mandate was to promote industrial projects which
were large enough to make applicable contribution to the national economy.
However, the collapse of the oil
boom in the early 1980’s exposed the inherent weaknesses of this importation of
inputs resulted in large idle capacities, thereby creeping many gross domestic
product (GDP) declined in the face of the strong national aspiration for the
restructuring of the economy and reduction of the dependence on petroleum.
Small and medium scale enterprises have since become the focus of national
industrial policy. In pursuit of self-reliance in a developing country
particularly in Nigeria, the central government enacted a decree called
“Enterprises promotion Decree” when there was need for small scale enterprises
in the promotion of economic development. This has since been at the fore front
of development strategies.
However, many developing countries
have failed to adopt these strategies owing to their belief that it is a
relatively slow process of industrialization. Without the development of small
scale enterprises in Nigeria, the nation’s quest for industrialization will
certainly remain forever at a slow pace. It is the humble opinion of the
researcher that further development on our business enterprises must add to the
basic issue of creating linkage within the economy to begin to yield real
inputs to our economic activities. Priority attention must therefore be given
to those business enterprises for which domestic inputs could easily be produced.
The objective should be to maximize the value added in their processing and
manufacturing as final strong producer incentives to small scale enterprises
are necessary not only to meet the food requirement but also to promote growing
input supplier industrial growth.
The present economy constraints may well turn
out to be a blessing in disguise to our small scale industry effort
particularly for the dynamic manufacturing sector. For instance, the market
determined exchange rate through Foreign Exchange Market with its resultant
high cost of imported inputs may serve as an impetus for industrialist to
intensify their search for loan substitute.
In 1971, the government of then
East Central State statutorily enacted an edit establishing an office which was
hitherto a sub-system of the ministry of commerce and industry to be known as
fund for small scale industries Credit Scheme (FUSSI) to give credits to
prospective investors to enable them establish, thus helping the country
towards industrialization.
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