CHAPTER ONE
1.0 INTRODUCTION
The Nigerian capital market has always played significant role in the economic growth and development of the nation. In time of economic boom, it assist in the provision of finance for expansion, retooling and establishment of production facilities. Also incurrent period of recession it has been providing finance for maintaining existing facilities diversification and acquisitions. The capital market spearheads the ongoing prudential structural adjustment of our national economy which will call for huge financial commitments of a reasonable proportion of the financial needs. Under this structure re arrangement will certainly be met through the assistance of the Nigerian capital market.
A said feature of the Nigerian economic landscape is the large number of industrial projects of the federal and state government as well as the compelling if an unequipped private sector to assume greater responsibilities in the economy in order to who may concern reduced the domineering status of foreign bodies.
The oil boom of the 1970;s made it possible for government to embark on various industrial projects.
However, the non- completion or under utilization cases where some of them are sully executed of these projects an owners to waste of scare services resources under the government industrialization programme consideration are given to the small and medium scale enterprises (SME) which form the center or the industrial development of the country. Unfortunately, the SME are only living in the shadows of large business for so long hence their importance as roots to the economic health of a nation have been forgotten the problems of SME ranges from improper policies which has been constitutes by the authorities guiding them to the problems of taste of the Nigerians citizens with regards to foreign products as well as the problems of finances for the formation and sustenance or SME’s.
1.1 STATEMENT OF THE PROBLEM
The Nigerian industrial sector in spite of the grate potential has failed to achieve the great aim of converting Nigeria into industrialized country, on like (1994) stated that there is apathy of our indigenous companies to see quotation on the stock exchange second tier securities market was established to remove the obstacles that militate against indigenous companies seeking quotation and to provide wider and cheaper long term source if financing for small and medium indigenous companies. In spite of this most indigenous companies still sly away from the stock market, come cause of these are the requirements if the stock change as been developed over the year. Based on the above analysis these question arise why do our industrialist sly away from capital market in spite of its numerous benefits?
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