ABSTRACT
This study examined the influence of government support agencies on promoting entrepreneurship development in Uyo Local Government Area, as the study area. Three research question were formulated to guide the study. Ex-port factors research design was used in the study. Simple random sample technique was used to selected 60 respondent out of 100. The research instrument used for data collection was a structured questionnaire titled “the influence of government support agencies on promoting entrepreneurship development questionnaire” (IGSAPEDQ). The validity of the instrument was ascertained by two experts in test and measurement. Data from 60 completed questionnaire forms were used for analysis. The research questions were tested with simple percentage. The finding indicated that government support agencies on promoting entrepreneurship have been realized has the engaged for economic development. Based on the findings, recommendation were made that government should look inward and provide adequate raw materials for entrepreneurs in Nigeria.
CHAPTER ONE
1.0 INTRODUCTION
Background of the Study
Small and medium scale enterprises are sub-sectors of the industrial sector which play crucial roles in industrial development (Ahmed, 2006). Following -the adoption of economic reform programmed in Nigeria in 1985, there has been several decisions to develop entrepreneurial institutions which have better prospect for developing domestic economy, thereby generating the required goods and services that will propel the economy of Nigeria towards development. Recognizing the indispensability of small scale enterprises in generating economic development, many Local Governments have instituted enterprise support network and structures to fuel the development of these institutions. Nigeria is not an exception in this regard. At various times since the 1970s, the government has designed and introduced a variety of measures to promote small and medium enterprises development. These included fiscal, monetary, and export incentives. Fiscal incentives introduced included tax holidays and tariff concession. For instance, small enterprises were given a tax holiday for the first six years of their operation. In terms of monetary authority support, the Development Bank of Nigeria (DBN) introduced credit guideline requiring commercial and Merchant Banks to allocate a portion of their loanable funds to small enterprises. In the same vein, a number of developments at financial institution and schemes were also established to aid the development of the small and-medium enterprises (SMEs) in the country. These included the Nigerian Bank for Commerce and Industry (NBCI), Nigerian Industrial Development Bank (NIDB), Raw Materials Research and Development Council (RMRDC), the National Economic Reconstruction Fund (NERFUND) now merged to form Bank of Industry. In other words, some government agencies/institutions and schemes have been set up to support and promote entrepreneurship practices in Nigeria. Since the office job that people desire are no longer there for the teaming population, and the few ones are succeeded in getting the jobs are thrown out as a result of the factors identified above, the need for the government and the people to have a rethink on the way out of this problem became imperative. Hence, the need to reposition small and medium scale enterprises (SMEs) to solve some problems, such as self-reliance, employment creation, resuscitating import substitution, effective and efficient utilization of local raw materials and stimulating of economic growth and development in Nigeria. All the foretasted benefits of small and medium scale enterprise cannot be achieved without the direct intervention of the government and financial institutions. Over the years, a number of policies have been formulated by the government with a view of developing small and medium scale enterprises. The Nigerian government under the then leadership of Chief Olusegun Obasanjo promulgated micro-finance policy and other regulatory and supervisory framework in 2005.This paper will therefore examine several policies aimed at developing small and medium scale enterprises roles played by the government and financial institutions.
1.2 Statement of the Problem
In under-developed or developing nations like Nigeria, the populace depends solely on government and large scale industries for employment. The populace has failed to understand that even the multinational companies were once small scale enterprises. Against this backdrop, successive governments in Nigeria have given great attention to the concept of entrepreneurship development. Consequently, several support agencies in promoting entrepreneurship practice in the country have been established. Among them are Industrial Training Fund (ITF) established to promote the acquisition of skills, training and manpower sufficient to meet the needs of the economy, National Directorate of Employment (NDE) established in (1987) to train school leavers to acquire skills and then empowering them in terms of equipment and working capital. The Raw Material Research and Development Council (RMRDC) which was established in (1987) to develop local raw material and coordinate research efforts especially in relation to raw materials acquisition, exploitation, conservation and development, etc. However, the activities of Entrepreneurship in the country have been abysmal particularly as the issue of unemployment still lingers. At this juncture, it is germane to perhaps ask if these agencies established to invigorate entrepreneurial practices in the country have really lived or played the expected roles for which they were established. Against the dwelling state of entrepreneurial activities in the country, this research work is therefore poised to examine the supposed roles of government, support agencies in the amelioration of entrepreneurship challenges in the country. 1.3 Purpose of the Study The study intends to achieve the following objectives: To determine the Influence of Nigerian Investment Promotion Commission on the Development of Entrepreneurship. To determine the Influence of Corporate Affairs Commission on the Development of Entrepreneurship. To determine the Influence of Development Banks on Promoting Entrepreneurship. 1.4 Significant of the Study This will make a researchers work to be beneficial in both small scale and medium scale enterprises especially in the formulation of entrepreneurship.
Since Government shows great concern about the development of entrepreneurship, it will since to measure the performance of entrepreneurship development. Individual and student will find it useful both as a reading and research materials for further studies in additional to adding to existing stock of knowledge in this field.
