In the old chapter we examined a complete image of M & A ; A in the theory of banking and at offering economic rating and strategic analyses of the procedure, besides high illuming the public presentation of commercial Bankss in station consolidation period in Nigeria. It so viewed the benefits, effects and restrictions of M & A ; A and concluded with recent estimations of the effects of bank consolidation on Small Business Lending.
In this chapter we shall be looking at the functions of SMEs, its benefits and impacts on the economic development. We shall besides be looking at how SME acquire funded and the chief beginnings of hard currency. Finally we will compare this recognition handiness to SMEs before consolidation and after consolidation in the Nigerian banking sector
Small and Medium graduated table Enterprises ( SMEs ) are of import for successful economic growing and societal development. SMEs, decently supported, foster Entrepreneurship – a proved pre-requisite for national economic success. Public and private policy support of SMEs is most effectual when SMEs are portion of the formal sector. One cardinal nonsubjective therefore is to promote migration of SMEs from informal to formal sector ( Oyekanmi, 2006 )
Nigerian SMEs in informal sector are beyond the reach/help of public or private policy
Policies do non supply sufficient support
Difficult entree to finance
To utilize SMEs to excite economic growing and promote concerns requires SMEs to travel from informal sector to formal sector.
4.1 Definition of SMEs
SME stands for Small to Medium Enterprise. It is a concern term used otherwise in different states and sometimes otherwise in different industries in the same state. In the US, any house from a small-office home-office ( SOHO ) to a big corporation may be called a SME. In European Union, a house with 50 to 250 employees, one-year turnover of Euro 7 to 40 million, entire assets less than Euro 27 million, and non more than 25 percent ownership by a big corporation, may be classified as a SME. The International Chamber Of Commerce ( ICC ) defines a SME as holding 100 to 2000 employees. However, what precisely an SME or Small to Medium Enterprise is depends on who ‘s making the shaping. Industry Canada uses the term SME to mention to concerns with fewer than 500 employees, while sorting houses with 500 or more employees as “ big ” concerns. SMEs definition is single state specific and is based on the size and degree of development of each several economic system. In Nigeria SMEs are the anchors to the economic system, 97 % of all concerns in Nigeria employ less than 100 employees. ( Oyekunmi, 2006 ) . Looking at our earlier definition of SMEs, it means that 97 % of all concerns in Nigeria are “ little concerns ” . The SME sector provides, on norm, 50 % of Nigeria ‘s employment, and 50 % of its industrial end product. In much of the underdeveloped universe, the private economic system about wholly comprises SMEs. In many instances, they are the lone realistic employment chance for communities ( Oyekanmi, 2006 )
4.2 Impact of SMES on Economic Development
Many economic systems, developed and developing have come to appreciate the value of little concerns. This is because little concerns are characterised by dynamism, inventions, efficiency, and their little size allows for faster decision-making procedure. The benefits of SME ‘s to any economic system are easy evident, they include: part to the economic system in footings of end product of goods and services ; creative activity of occupations at comparatively low capital cost, particularly in the fast growth service sector ; supply a vehicle for cut downing income disparities ; develop a pool of skilled and semi-skilled workers as a footing for the future industrial enlargement ; better forward and backward linkages between economically, socially and geographically diverse sectors of the economic system ; provide chances for developing and accommodating appropriate technological attacks ; offer an first-class genteelness land for entrepreneurial and managerial endowment, the critical deficit of which is frequently a great disability to economic development, among others. ( Aina O, 2007 )
SMEs are believed to be the engine room for the development of any economic system because they form the majority of concern activities in a turning economic system like that of Nigeria.
4.3 Role of SMEs to Economy
Small and Medium Enterprises ( SMEs ) occupy a topographic point of pride in virtually every state or province. Because of their ( SMEs ) important functions in the development and growing of assorted economic systems, they ( SMEs ) have competently been referred to as “ the engine of growing ” and “ accelerators for socio-economic transmutation of any state. ” SMEs represent a regular vehicle for the accomplishment of national economic aims of employment coevals and poorness decrease at low investing cost every bit good as the development of entrepreneurial capablenesss including autochthonal engineering. Other intrinsic benefits of vivacious SMEs include entree to the infrastructural installations occasioned by the being of such SMEs in their milieus, the stimulation of economic activities such as providers of assorted points and distributive trades for points produced and or needed by the SMEs, stemming from rural urban migration, sweetening of criterion of life of the employees of the SMEs and their dependants every bit good as those who are straight or indirectly associated with them. ( Onuorah, 2010 ) .
Coevals of Employment, Studies show that SMEs history for a big proportion of employment in many states. In Nigeria, SMEs part is approximately 30 % to planetary GDP. SMEs play a critical function of chief safety cyberspace for the majority of the population in developing economic systems. Their labour strength construction histories for their acknowledgment as a occupation making avenue. The employment chances provided reduces rural-urban migration and allows for even development.
Use of local resources: This promotes the usage of local natural stuffs necessitating simple engineering.
Income coevals: SMEs constitute major avenues for income coevals and engagement in economic activities in the lower income and rural brackets of developing societies particularly in agribusiness, trading and services.
The benefits of SMEs can non be overemphasized they include ; parts to the economic system in footings of end product of goods and services, creative activity of occupations at comparatively low capital cost, particularly in the fast growth service sector ; It ‘s a vehicle for the decrease of income inequality therefore developing a pool of skilled or semi-skilled workers as a footing for the future industrial enlargement ; better forward and backward linkages between economically, Socially and geographically diverse sectors of the economic system provide chances for developing and accommodating appropriate technological attacks ; offer an first-class genteelness land for entrepreneurial and managerial endowment, the critical deficit of which is frequently a great disability to economic development among others.
Stiglitz and Weis ( 1981 ) observe that little and average graduated table houses with chances to put in positive net nowadays value undertakings may be blocked from making so because of inauspicious choice and moral jeopardy jobs. Adverse choice jobs arise when possible suppliers of external finance can non readily verify whether the houses have entree to quality undertakings. However, the liquidness ratio of the moneymans plays a major function. Moral jeopardy jobs are associated with the possibility of SMEs deviating financess made available to them to fund alternate undertakings or develop the leaning to take inordinate hazards due to some permeant inducement construction in the system. ( Ogujiuba, Ohuche, & A ; Adenuga, 2004 )
On the other manus, because SMEs do non hold entree to public capital markets they of course depend on Bankss for support. Dependence on Bankss makes them even more vulnerable for the simple ground that shocks in the banking system can hold important impact on the supply of recognition to SMEs. Thus, SMEs are capable to funding jobs in equilibrium and these jobs are declining during periods of fiscal instability.
Berger and Udell ( 2001 ) further note that shocks to the economic environment in which both Bankss and SMEs exist can significantly impact the willingness and capableness of Bankss to impart to little and average graduated table houses.
Governments all over the universe have realised the importance of this class of companies and have formulated comprehensive public policies to promote, support and fund the constitution of SME ‘s. Developments in little and average endeavor are a asset for employment coevals, solid entrepreneurial base and encouragement for the usage of local natural stuffs and engineering. ( Oladele, 2009 ) .
Since its independency, the Nigerian authorities has supported many entrepreneurial and little concern development plans, few of which have yielded impressive consequences. The challenge is to place the factors that influence the development and public presentation of little and moderate-sized endeavors ( SMEs ) in Nigeria, every bit good as the deductions of these factors for policy.
In less developed states where there is a lack of information on the operations of SMEs, the state of affairs degenerates into entire risk-aversion by fiscal establishments in support SMEs. Such risk-averse behaviors can finally impact the public presentation of pecuniary policy through the recognition channel of policy transmittal and possibly snowball into fiscal instability in the system. ( Ogujiuba, Ohuche, & A ; Adenuga, 2004 )
4.4 SMEs Promotion in Nigerian
Since the attainment of independency in Nigeria, every known government recognizes the importance of advancing SMEs as the footing of economic growing. As a consequence, several micro loaning establishments were established to heighten the development of SMES. Such micro recognition establishments include the Nigerian Bank for Commerce and Industry ( NBCI ) , National
Economic Reconstruction Fund ( Nerfund ) , the People ‘s Bank of Nigeria ( PBN ) , the Community Banks ( CB ) , and the Nigerian Export and Import Bank ( NEXIM ) , and the liberalisation of the banking sector. ( Ogujiuba, Ohuche, & A ; Adenuga, 2004 ) .
Unfortunately, records indicate that the public presentation of SMEs in Nigeria has non justified the constitution of this surfeit of micro-credit establishments. Odedokun ( 1981 ) notes that in malice of the quantum of recognition made available to the fabrication sector ; the part of the index of fabricating to GDP was merely 7 per centum between 1970 and 1979.
The major recognition plans and specialized recognition bringing establishments implemented to advance SMEs in Nigeria between the twelvemonth 1971 to 1997 includes: The little graduated table industries 1971, agricultural recognition warrant strategy of 1973, the Nigerian Agricultural and Co-operative Bank of 1973, the Nigerian bank for Commerce and Industry of 1973, the little and average graduated table endeavors loan strategy of 1992, National Economic Reconstruction Fund of 1994 and The Family Economic Advancement Program of 1997. ( Oyekunmi, 2006 )
All these programmes have been associated with high rates of default attributed to Poor loan processing and recognition disposal processs, Lack of equal undertaking supervising techniques, Abuse of plans in which clearly unviable undertakings were financed attributed to miss of ownership, corruptness, etc. ( Oyekunmi, 2006 ) .
In 1999, the Bankers Committee at the enterprise of the CBN developed an interventionist scheme called the Small and Medium Industries Equity Investment Scheme ( SMIEIS ) . This strategy requires Bankss to put aside 10 per centum of their net income before revenue enhancement to fund SMEs in an equity engagement model. ( Ogujiuba, Ohuche, & A ; Adenuga, 2004 ) . SMIEIS requires all Bankss in Nigeria to put aside 10 % of their PAT for equity investing in SMEs ( revised to 5 % from terminal 2006 ) ( Oyekunmi, 2006 )
Beginning: CBN Annual Report
Harmonizing to Mambula ( 1997 ) , since its independency, the Nigerian authorities has been passing an huge sum of money obtained from external support establishments for entrepreneurial and little concern development plans, which have by and large yielded hapless consequences. Unfortunately these financess barely reach the coveted concern because they may be lost to bureaucratic bottle cervixs and stop up in histories of public office holders. It has nevertheless been worrisome that despite the inducements, policies, programmes and support aimed at revamping the SMEs, they have performed instead below outlook in Nigeria.
4.5 Funding chance for SMEs
Because of their particular nature, little vague houses may be adversely affected by alterations in the construction of the banking industry. The issue of handiness of recognition to these borrowers is relevant non merely from a theoretical point of position but besides for policy intents. In many states deregulating and fiscal and technological invention have stimulated extended restructuring in the fiscal sector. Commercial Bankss have engaged in amalgamations and acquisitions, taking to the disappearing of many little recognition establishments and the outgrowth of complex fiscal pudding stones. The lifting of barriers to geographic enlargement has allowed entry in antecedently stray local markets, cut downing cleavage. To fund a concern thought, you have two major beginnings to entree ; internal and external finance. Internal finance is concerned with sourcing financess through personal nest eggs, and those of friends and relations. However, as the house grows its funding demands may travel beyond personal nest eggs. The following beginning is external finance. External support is based on virtue harmonizing to the rating of fiscal establishments. There are two noteworthy discrepancies of external finance: debt funding and equity funding. Debt funding involves the procurance of involvement bearing instruments such as loans, overdrafts, letters of recognition and histories receivable etc. They are secured by asset-based collateral and have term constructions, that is, either short or long term. The equity constituent of external finance gives the moneyman the right of ownership in the concern and as such may non necessitate collateral since the equity participant will be portion of the direction of the concern. ( Ogujiuba et wholly, 2004 )
In 2001, a survey identified hapless entree to finance as the most critical restraint on little and average graduated table endeavors in Nigeria. In fact, 50 per centum of the surveyed endeavors received external finance while 79 per centum indicated deficiency of fiscal resources as a major restraint ( see Guardian, Nov, 26, 2001.
4.5.0 Where make SME acquire their capital?
“ Most little houses will ne’er be able to set together all the support they would wish from Bankss and other establishments. In this petroleum sense at that place will ever be a lack in the support of the sector equal to the difference between the entire demand for support and that portion of this demand which qualifies for funding support ” ( Hamilton and Mark, 1998 ) . As a consequence, a clear and present challenge for operating and meaning little concern is sourcing of financess.
Levy in 1993 reported that smaller endeavors have limited entree to fiscal resources compare to larger administrations and he discussed the impact of his findings in economic growing. Harmonizing to Cork and Nisxon, ( 2000 ) hapless direction and accounting patterns have hampered the ability of smaller endeavors to raise finance. This is coupled with the fact that little concerns are largely owned by persons whose personal life style may hold far making effects on the operations and sustainability of such concerns. As a effect of the ownership construction, some of these concerns are unstable and may non vouch returns in the long tally. However, there is ground to trust because harmonizing to Liedholm et Al. ( 1994 ) , a big figure of little endeavors fail because of non-financial grounds. Remmers et Al. ( 1974 ) reported the debt/total assets ratio to be independent of steadfast size while Peterson and Schulman ( 1987 ) reported that debt/total assets ratio to first rise and so fall with size of house. Irrespective of which side of the divide one is, the behavior of loan allowing establishments can be evidently predicted when they have a pick of allowing loan installations to either a large concern with a good balance sheet or a little concern with an every bit good balance sheet. Fundss can be sourced by the undermentioned methods
Retained Net income
The Financial Market
The usage of Bankss.
New Government pecuniary policy
4.5.1 Retained Net income
When a concern makes a net income and it does non pass it, it keeps it. The maintained net income is so available to utilize within the concern to assist with purchasing new machinery, vehicles, computing machines and so on or developing the concern in any other manner. Retained net incomes are besides kept if the proprietors think that they may hold troubles in the hereafter so they save them for a showery twenty-four hours!
Small concern may get down up from personal nest eggs, gifts from friends and relations and sometimes loans. In Nigeria, Bankss peculiarly the Agriculture Development Bankss are mandated to give loans to little concern but the inability of most little concern proprietors and meaning enterprisers to show the needed collateral remains a major reverse.
4.5.2 Fiscal Market
A fiscal market is a mechanism that allows people to purchase and sell ( trade ) fiscal
securities ( such as stocks and bonds ) , trade goods ( such as cherished metals or agricultural goods ) , and other fungible points of value at low dealing costs and at monetary values that reflect the efficient-market hypothesis. Both general markets ( where many trade goods are traded ) and specialized markets ( where merely one trade good is traded ) exist. Markets work by puting many interested purchasers and Sellerss in one “ topographic point ” , therefore doing it easier for them to happen each other. An economic system which relies chiefly on interactions between purchasers and Sellerss to apportion resources is known as a market economic system in contrast either to a bid economic system or to a non-market economic system such as a gift economic system. In finance, fiscal markets facilitate:
The elevation of capital ( in the capital markets )
The transportation of hazard ( in the derived functions markets )
International trade ( in the currency markets
And they are used to fit those who want capital to those who have it. The money market is a constituent of the fiscal markets for assets involved in short-run adoption and loaning with original adulthoods of one twelvemonth or shorter clip frames. Trading in the money markets involves Treasury measures, commercial paper, bankers ‘ credences, certifications of sedimentation, federal financess, and ephemeral mortgage-backed and asset-backed securities. [ 1 ] It provides liquidness support for the planetary fiscal system. Companies such as SMEs borrow money to help short term or long term hard currency flows. They besides borrow to fund modernisation or future concern enlargement.
States all over the universe, no affair the phase of their development acknowledge the importance of advancing little and average graduated table houses as the engine of growing and industrialisation. An of import function of Bankss is to plan ways of supplying loans to informationally opaque little concern ( Berger, Klapper, Udell 2001 ) . However, a figure of factors may impact the banking system ‘s ability to supply recognition to little borrowers in the hereafter. There is grounds of bank consolidation across many states of the universe through amalgamations and acquisitions.
These mega Bankss may be oriented towards dealing loaning and supplying capital markets services to big corporate clients. These establishments are besides frequently head quartered at great distances from little concern clients and may hold trouble treating locally based, and frequently less quantitative relationship information on little concern. Banks in Nigeria are known to be extremely liquid and study that they would wish to do loans available to SMEs but they are put off by the really hazardous nature of SMEs in Nigeria. Because Bankss do non supply the needed recognition to SMEs, they rely on personal assets for working capital therefore doing it hard to run at full capacity and increase end product and gross revenues. The deficit of finance besides limits investing to better engineering and to spread out operations. The beginning of major hazard harmonizing to Bankss in Nigeria are deficiency of information on the SMES true fiscal conditions and public presentation, the Judicial system is reportedly inefficient, Bankss can non easy implement contracts, the concern environment is by and large risk prone and unsure and houses are non able to serve debts. As a consequence of the foregoing Bankss resort to to a great extent asset- based loaning regulations.
4.5.4 Government policy ( New Monetary Policy )
18.104.22.168 Small and Medium Enterprises Equity Investment Scheme ( SMEEIS )
The Small and Medium Enterprises Equity Investment strategy is a voluntary enterprise of the Bankers ‘ Committee approved at its 246th Meeting held on 21st December, 1999. The enterprise was in response to the Federal Government ‘s concerns and policy steps for the publicity of Small and Medium Enterprises ( SMEs ) as vehicles for rapid industrialization, sustainable economic development, poorness relief and employment coevals.
The Scheme requires all Bankss in Nigeria to put aside 10 ( 10 ) per centum of their Net income After Tax ( PAT ) for equity investing and publicity of little and average endeavors. The 10 % of the Net income After Tax ( PAT ) to be set aside yearly shall be invested in little and average endeavors as the banking industry ‘s part to the Federal Government ‘s attempts towards exciting economic growing, developing local engineering and bring forthing employment. The support to be provided under the strategy shall be in the signifier of equity investing in eligible endeavors and or loans at individual digit involvement rate in order to cut down the load of involvement and other fiscal charges under normal bank loaning, every bit good as provide fiscal, consultative, proficient and managerial support from the banking industry. Every legal concern activity is covered under the Scheme with the exclusion of trading/merchandising and fiscal services. Ten per centum ( 10 % ) of the financess set aside has been earmarked for loaning to microfinance endeavors.
22.214.171.124 Microfinance Banks
The Microfinance Policy Regulatory and Supervisory model was a major policy enterprise of the Bank in 2005 after consolidation of Bankss. The President and Commander- in-Chief of the Armed Forces of the Federal Republic of Nigeria launched the Micro finance Policy on December 15, 2005. The policy, among others, addresses the job of deficiency of entree to recognition by enterprisers who do non hold entree to regular Bankss ; strengthens the weak capacity of such enterprisers, and raises the capital base of microfinance establishments. The cardinal elements of the new policy model include the followers:
Puting aside an sum of non less than 1.0 per cent of the one-year budgets by State/and Local Governments for on loaning activities through microfinance Bankss ;
Fundamental law of the National Microfinance Policy Consultative Committee ( NMFPCC ) ;
An accreditation procedure for the direction of micro-finance Banks ( MFBs ) ;
List of all the micro-finance Institutions ( MFIs ) in Nigeria for CBN ‘s microfinance database ;
Constitution of a Microfinance Development Fund ;
Introduction of sedimentation insurance for microfinance Bankss to protect depositors ; and
The formation of an vertex organic structure for microfinance Bankss ( MFBs )
4.6 Problems associated with Credit handiness for SMEs
Bad Credit History
An inauspicious adoption history of SMEs peculiarly if it is affecting a sister organisation will deter the loaner. The logical given is that if you do non hold a good recognition history so that is declarative of a personality form which means that in the hereafter you will confront the same jobs as you are seeking to unclutter you refinancing inaugural. The bank is so good advised to remain off from you or at the really most offer you some really rigorous footings for adoption.
Poor concern programs
Most SMEs using for loans do non show converting feasibleness surveies or attractive concern programs. They are hence regarded as bad ventures.
Lack of Collateral
Third, even those SMEs with concern programs non backed by equal collateral. The deficiency of equal collateral would be unacceptable hazard for the loaner. As Bankss can non afford to take any opportunities of non-repayment of loans, they insist on these collateral demands being met. In every bit much as they have nil to fall back on should you default on your loan refund duties? Good fiscal direction requires that they do non accept a refinancing enterprise until they are certain that you are more than capable of covering the full loan if fortunes demand it. Collateral is the concluding modesty to run into this standards and if it is losing, so the determination is likely to be negative.
The impact of regulative and pecuniary factors on bank loan
The consequence is that pecuniary policy effects on bank loaning depend on the capital adequateness of the banking sector ; loaning by Bankss with low capital has a delayed and so amplified reaction to involvement rate dazes, comparative to well-capitalized Bankss. Other deductions are that bank capital affects imparting even when the regulative restraint is non momently adhering, and that dazes to bank net incomes, such as loan defaults, can hold a relentless impact on loaning.
Again bank fiscal hurts may besides be an of import determiner of recognition handiness during periods of ‘credit crunch ‘ and attach toing fiscal crises. However, there are really few little houses that will fulfill the strict status set by the traditional feasibleness assessment theoretical account, which is frequently designed for both little and large houses. While some facets of the standards of the feasibleness theoretical account are met by some little houses, others are non met at all, therefore for Bankss to impart, they need to develop loaning regulations that accommodate the peculiar features both for the SMEs and their proprietors.
In add-on, many SMEs do non keep sedimentation histories in the formal banking sector, which the Bankss require from loan appliers. Another ground SMEs were non given any grants in footings of loan conditions was that in Nigeria no jurisprudence exists to protect bankers against default. Yet another ground Bankss resist loans to SMEs is the involuntariness of owner/managers to get formal preparation. Such preparation is utile in supplying added expertness and competency in a chosen field of concern and in bettering opportunities of obtaining loans. ( Mambula, 2002 )
4.7 The Nigerian loan Scheme to SMEs
The Small and Medium Industries Equity Investment Scheme ( SMIEIS ) was introduced by the CBN and the Bankers ‘ Committee in 2001, with the aim of supplying both finance and managerial expertness to the little and average industries ( SMIs ) in the Nigerian economic system. The guidelines for the strategy require all sedimentation money Bankss in Nigeria to put aside 10 per cent of their pre-tax net income for equity investing in the SMIs. They besides provide, among others, that financess set aside be invested within 18 months in the first case and 12 months thenceforth. After the grace period, the CBN is required to debit the Bankss that fail to put the set aside financess and invest same in exchequer measures for 6 months. Thereafter, the un-invested fund would be bided for by successful investors under the strategy. Activities approved for funding under the strategy scope from fabrication and solid minerals extraction to building, information engineering, instruction, touristry and services. The financess set aside by Bankss under the strategy increased from N13.1 billion in 2002 to N41.4 billion in 2005. However, existent investings grew much slower from N2.2 billion in 2002 to N12.1 billion in 2005, stand foring merely 29.1 per cent of the financess set aside.
In February 2005, two major policy actions were taken by the Bankers ‘ Committee to reconstitute the strategy. First, with the exclusion of general commercialism and fiscal services, all concern activities can now be funded under the strategy. The strategy was restructured to suit non-industrial endeavors. Therefore, other major sectors of the economic system, such as agribusiness, lodging, conveyance and public-service corporations can be funded. The name of the strategy was, hence, changed to Small and Medium Enterprises Equity Investment Scheme ( SMEEIS ) , to reflect the expanded focal point. Second, the bound of Bankss ‘ equity investing in a individual endeavor was increased from N200 million to N500 million, therefore suiting the existent medium sized industries that constitute the losing center in Nigeria ‘s industrial construction. These two steps had an immediate impact on the strategy, as investing rose by 29.4 per cent in 2005 to N12.1 billion. The full impact of the liberalisation is expected from 2006, following the successful completion of the bank consolidation exercising in 2005. ( CBN Annual Report, 2005 )
The SMEEIS recorded improved public presentation in 2005. The cumulative sum set aside by the Bankss at end- December 2005 stood at N41.4 billion, compared with N28.8 billion at the terminal of the predating twelvemonth 2004. ( CBN Annual Report, 2005 )
Similarly, cumulative investing by Bankss increased by 41.3 per cent to N12.1 billion. Analysis of the investings showed that the existent sector received N6.9 billion in 136 undertakings, compared with N5.6 billion in 115 undertakings in 2004. Investings in the existent sector represented 57.5 per cent of entire amount invested by Bankss. The service sector received N5.1 billion in 76 undertakings. Assorted surveies indicated that unequal informations on SME potencies and the narrow range of economic activities funded were some of the major jobs restraining the expense of financess under the strategy. In response to the information job, the CBN contracted Nigerian universities to carry on a baseline economic study of SMI in Nigeria in 2003. In order to increase handiness to the Fund, the Scheme was restructured to suit non-industrial endeavors ( excepting trading ) . The name of the strategy was, hence, changed from SMIEIS to Small and Medium Enterprises Equity Investment Scheme ( SMEEIS ) in February 2005 to reflect the new focal point. Besides, the Bankers ‘ Committee approved the guidelines for the direction of the withdrawn un- invested SMEEIS fund during the twelvemonth.
Beginning: CBN Statistical Bulletin, 2008
Beginning: CBN Statistical Bulletin, 2008