Bank of Industry (BOI) and Small and Medium Scale Enterprises in Federal Capital Territory, Abuja, Nigeria, 2014-2021

Abstract

This study titled Bank of Industry (BO) and small and medium scale enterprises in Federal Capital Territory, Abuja Nigeria 2014-2021 is written to examine the areas of intervention by Bank of Industry in small and medium scale enterprises in job creation in the Federal Capital Territory and to establish whether leadership of Bank of Industry has affected the performance of SMEs in the Federal Capital Territory. The study adopted a research survey design with a population of 37,383 respondents which is the total number of small and medium scale enterprises in the Federal Capital Territory. However, considering the fact that it will be difficult if not impossible to each the entire population the study used the Cochran sample size formula to reach a sample of 380. The research instrument used to elicit data from respondents is a structured questionnaire and the data collected from respondents were analyzed using frequencies and percentages while hypotheses were tested using the chi-square statistical formula. Findings revealed that BOI is not doing enough to promote the activities of SMEs in the FCT for adequate job creation. Again, the leadership of SMEs is bedeviled with lack of skills and requisite qualifications to keep appropriate records of their businesses and to pilot the affairs effectively, which is a serious set-back for the promotion of SMEs to achieve its desired objective. The study therefore recommends that BOI should deliberately do more in creating awareness of its activities so that many SMEs in the FCT, as much as possible can access their services. Finally, BOI should endeavour to undertake frequent training and supervision of the activities of SMEs in the FCT to ensure that more SMEs are set up and the existing ones survive to provide the much needed services to reduce unemployment and poverty.