INSTITUTIONAL SUPPORT FOR ENTERPRISES DEVELOPMENT IN EMERGING MARKETS- EVIDENCE FROM BANK OF INDUSTRY LAGOS NIGERIA

Abstract

Objectives: The enormous impact of the micro small and medium enterprises (MSMEs) sector in emerging economies is invaluable vis-à-vis competitiveness of national economies, productivity, growth, employment prospects, poverty reduction and sustainable livelihood has long been recognised widely. This paper critically examines the Bank of Industries (BOI) initiatives to facilitate the development of entrepreneurial activities within the MSMEs sector in Nigeria. The study selected 128 agribusiness entrepreneurs within Lagos metropolis using structured questionnaires and interview schedules for BOI officials.   Methodology: The paper espouses mixed methodology incorporating qualitative and quantitative approaches relying on primary and secondary data with empirical evidence presented and analysed using SPSS.   Findings: The core motives of this paper are to appraise extensively the disbursement of MSMEs intervention funds to entrepreneurs, the BOI supportive mechanism to extensively support MSMEs sector and to ascertain the effectiveness of BOI monitoring and evaluation (M&E) systems on programs if any.   Results and Discussions: The study revealed the constraints impeding the BOI capacity to overhaul the MSMEs sector vis-à-vis internal and environmental influences. Likewise, the institution initiatives to support the MSMEs sector embraces capacity building and capital available for entrepreneurs to harness the bank’s programs characterised by numerous factors revealed within the study. The paper uncovered the BOI meaningful role which includes business linkages, jobs opportunities and poverty alleviation with significant impact to stimulate economic development and recommended that the BOI should circumvent political interference and partisan politics, incorporate result-based monitoring and evaluation systems for the institution programmes, publicity and awareness of the BOI programmes and initiatives, the removal of stringent loan conditions to enable fund accessible to entrepreneurs.   Conclusion: If the findings from the study are well harnessed, the recommendations will reposition BOI policies and programs for effectiveness and vastly boost the entire MSMEs sector and the nation’s economy at large.