RELEVANCE OF FINANCIAL MANAGEMENT TO BUSINESS GROWTH IN NIGERIA
The Financial Function has always been important in business management. Irrespective of dierences
in structure, ownership and size, the Financial
Organisation of the enterprise ought to be capable of ensuring that the various finance functions: – Budgeting and controlling are carried out with the highest degree of efficiency.
The profit ability of any business depends largely upon the manner the financial functions are performed and related to other business
During the developing stage, financial management involves only the obtaining of funds to finance the business. Overtime, financial function has increased in
its scope to include not only the planning of finance, but incorporate the management and control of the available resources within the firm. This also
involves the external generation, flow and uses of funds and, the study and evaluation of the capital market.
When talking of the capital market, its operations within the economy cannot be over emphasized. Thus, the demand for and supply of funds for business
organizations, become a fundamental management function. Therefore, financial management play an important role both in increasing operational efficiency within the firm and allocating funds to productive or inestimable sector within and outside the organization.
These functions can only be achieved when there is proper planning and controlling, coordinating and other elements of management combined eectively
with the finance function.
1.2. HISTORICAL BACKGROUND
Jomfol Investment Company Nigeria limited was incorporated in 1989. The main business of the company as contained in the memorandum and Articles of
association amongst others is to carry on business as farmers, farm developers Livestock and poultry business, fisheries hatchery, producers and process or
grains and all manners of crops, manufacturer of Livestock feed and concentrates etc.
The nature of the business activities includes; – manufacture, distribution and sales of poultry feeds and poultry raw materials and other related activities.
The raw materials concerns in the providing these activities includes; maize, soya beans, Soya cake, groundnut beans, and cake, wheat brain, maize brain,
sorghum, palm kernel cake, spent grain, Bone meal, Fish meal, cottonseed cake, methionine, lysine, premixes, salt etc.