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WORKING CAPITAL FINANCING UNDER THE STRUCTURAL ADJUSTMENT PROGRAMME (SAP): A CASE STUDY OF QUOTED MANUFACTURING FIRMS IN NIGERIA
ABSTRACT
The Structural Adjustment Programme (SAP) is a house hold word in, Nigeria. It represents an economic “War” on households and firms who supply the households w i t h goods and services. Two years after the introduction of the structural adjustment programme in 1986, it became obvious that many manufacturing firms had collapsed while some reduced their levels of activity such that plant capacity Utilisation in this sector was input at an average of 32.5 percent. The Manufacturing Association of Nigeria attributed the low capacity utilisation inadequate working capital. The purpose of this study therefore, is to identify factors that will enhance working capital flow to the manufacturing sector within the context of the structural adjustment programme.. A sample of twenty (20) firms was selected from the Stock Exchange Official list. Data were collected through questionnaires. The variables studied include: Business operating cycle, volume of Investment in working capital, sales volume, Bank Credits and source of raw materials. Tools of analysis were the simple correlation, Mann-whitney U-Test, i i i Kendall Coefficient of concordance, percentages and proportions. Base on the data, collected and tested, we confirmed that there is a positive and significant relationship between business operating cycle and working capital requirement. Our analysis revealed that firms still depend on bank Loans and overdrafts to finance working capital needs while others such as debt – factoring and invoice discounting are yet to be fully exploited. Base on our findings we have recommended measures that could shorten the manufacturing and operating cycles so as to reduce the quantum of funds required for working capital purpose. We also recommend actions that could be taken by the controlling agencies of government and the Nigeria Stock Exchange which would enhance the flow of shortterm funds to the: manufacturing sector. Such recommendations include, the establishment of Industrial Credit Guarantee Scheme and greater equity participation Commercial Bank in manufacturing ventures.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
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