Statutory Institutional Finance Scheme and Entrepreneurial Development in Lagos State
Abstract
This study empirically evaluates the effect of statutory institutional finance scheme on entrepreneurial development in Lagos state, Nigeria. Both Primary and secondary data were employed in this study. Data were collected through questionnaire was carried out in Lagos state on selected two hundred and fifty (250) entrepreneurs in Lagos state Lagos state, in which Lagos were stratified into five (5) strata representing the 5 divisions that make up the state which comprises of Ikeja Badagry, Ikorodu Lagos Island and Epe divisions. (IBILE), but only two hundred and one (201) were filled-in and returned. Data were analysed using descriptive statistic tool and the formulated Hypotheses were tested through Regression Analysis and Anova. The result of tested hypotheses indicated that statutory institutional finance scheme has positive significant effect on entrepreneurial development in Lagos state, Nigeria with ( R2 of 0.76%; Adj R2 75% ; P<0.05). Base on the findings it is recommended that Government at large should formulate flexible laws and by-laws which are user friendly for different small enterprises seeking loans from different financial institutions.
Keywords: Finance Scheme and Entrepreneurial Development.
References
Akande OO (2010) Performance Impact of Entrepreneurial Skills on Small Business in Lagos State, Nigeria. Unpublished Ph.D Thesis, LAUTECH, Ogbomoso.
Anayo A (2010) Entrepreneurship in Nigeria; The Fronteira Post. Economic Policy and Financial Markets.
John N (2013) Power of Bank credit on Economic Growth: A Nigerian Perspective. In ternational Journal of Financial Economic.Vol.1 No.
Ogundele O (2012) Entrepreneurship Training and Education-A strategic tool for poverty alleviation in Nigeria. American International Journal of contemporary Research.
Al-zubaidi H (2002) Bank Credit management and analysis.Amman, Dar Warraq Publishing.
Fasoranti M, Akinrinade O, Ajibefun I (2006) Impact of micro credit and training on efficiency of small scale enterprises: Evidence from national directorate of employment loan/training programmes in Nigeria. The Social Sciences, 1(4):264-269.
Evans D, Jovanovic B (1989) “An estimated model of entrepreneurial choice under liquidity constradiots, The Journal of Political Economy, 97:808-827.
Ahmad N and Seymour R.G (2008) Defining Entrepreneurial Activity: Definitions Supporting Framework for Data Collection†OECD, Statistics working paper.
Wim N (2013) Entrepreneurship and economic development: Theory, evidence and policy. Discussion Paper No. 7507.
Shane S, Eckhardt J (2003) Opportunities and entrepreneurship, Journal of Management, 29:333-349.
CBN (2011) Microfinance Policy: Regulation and Supervisory Framework for Nigeria. A publication of Central Bank of Nigeria, Abuja.
Duru M, Lawal K (2012) Financial sector reforms and growth of small and medium scale enterprises in Nigeria. Universal Journal of Management and Social sciences, 2(8).
Onigu BAN (2005) Small and medium enterprises (SME) in Nigeria: Problems and solution. Journal of Retailing and Consumer Services 14 (2):150-163.
Abiola B (2012) Effects of Micro finance on Micro and Small Enterprises Growth in Nigeria. Asian Economic and Financial Review, 2(3):463-477.
Alawe Tijani (2004) Entrepreneurship Process and Small Business Management. Industrial Science centre, Owoyemi House, Abeokuta road Sango Otta Ogun State, Nigeria.
Amoros JE (2009) “Entrepreneurship and Quality of Institutions: A Developing-Country Approach.†WIDER Research Paper 2007/02. Helsinki: UNU WIDER and Cross Section Evidenceâ€. Environment and Planning. 21,249-255.
Abrereijo I, Fayomi A (2005) Innovative Approach to SME financing in Nigeria: A review of small and medium industries equity investment scheme. Journal of Social Sciences,1(3):219-227.
Agbaeze E, Onwuka I (2014) Impact of micro-credit on poverty alleviation in Nigeria-The case of enugu east local council. International Journal of Business and Management Review, 2(1):27-51.
Fabaya DO (2009) ‘Small Industry in Developing Countries; A Discussion of Issues†World Development Report 10: 913-948.
Naude W (2013) Entrepreneurship and Economic development: Theory, Evidence and Policy. International Development Ideas, Experience and Prospects, Oxford. Oxford University Press.
