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PROJECT TOPIC: THE ROLE OF DEPOSIT MONEY BANKS ON THE GROWTH OF SMES (A CASE STUDY OF YAKURR LOCAL GOVERNMENT AREA, CROSS RIVER STATE, NIGERIA)

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INTRODUCTION

The growth of the industrial sector of any economy is achieved through the interdependence and interrelationship among various business units. Growth has been defined as the numeric increase in the productive activities of a country. It is an increase in the amount of goods produced by all sectors of an economy in naira value. SMEs are sub-sectors of the industrial sector and they play crucial role in industrial development (Ahmed, 2006). SMEs have been identified as veritable engines that accelerate economic growth. According to Ettah (2004), they are very vital for the indigenization of the industrial sector, creation of employment opportunities, utilization of local raw materials and development of local technology and man power needed to feed large scale enterprises. They also correct imbalances in development among regions through the distribution of investment projects since they can more readily be located in the rural areas (Ettah, 2004). In addition, they have potentials for generating multiplier effects through the process of forward and backward linkages with large scale enterprises.

Irrespective of these vital roles play by SMEs scholars believed that the sector’s full potential has not been completely exploited (see Ihyembe (2000), Ojaide (1999), Levy (1993) and Cookey (2001),). The reasons for this situation are many. Afolabi (2013) noted that financial constraint, explained by high lending rates, high loan requirements, lack of entrepreneurial skills, lack of adequate credit for SMEs, traceable to the reluctance of banks to extend credit to them owing, among others to poor documentation at project proposals as well as inadequate collateral by SMEs operators constitute some of the major problems of SMEs in Nigeria.


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