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Iloh, Joseph Vc ILOH, JOSEPH V.C PG/Ph.D/ 07 /46852 EFFECT OF BANK CONSOLIDATION ON PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA DEPARTMENT OF BANKING AND FINANCE FACULTY OF BUSINESS ADMINISTRATION Digitally Signed by: Content manager’s Name DN : CN = Webmaster’s name Paul Okeke O= University of Nigeria, Nsukka OU = Innovation Centre i EFFECT OF BANK CONSOLIDATION ON PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA BY ILOH, JOSEPH V.C PG/Ph.D/07/46852 DEPARTMENT OF BANKING AND FINANCE FACULTY OF BUSINESS ADMINISTRATION UNIVERSITY OF NIGERIA, ENUGU CAMPUS ENUGU OCTOBER, 2014 ii TITLE PAGE EFFECT OF BANK CONSOLIDATION ON PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA BY ILOH, JOSEPH V.C PG/Ph.D/07/46852 BEING A THESIS PRESENTED IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF DOCTOR OF PHILOSOPHY (Ph.D) IN BANKING AND FINANCE TO THE DEPARTMENT OF BANKING AND FINANCE, FACULTY OF BUSINESS ADMINISTRATION, UNIVERSITY OF NIGERIA, ENUGU CAMPUS SUPERVISORS: PROF. C. U. UCHE OCTOBER, 2014 iii DECLARATION I, Iloh Joseph V.C, a postgraduate student in the department of Banking and Finance with Registration Number PG/Ph.D/07/46852 hereby declare that the research embodied in this thesis is my original work. It has not been submitted in part or full to this or any other University, for the award of any Degree or Diploma. ………………………………………………………. Iloh, Joseph V.C PG/Ph.D/07/46852 (Student) iv APPROVAL PAGE This Thesis has been approved by the Department of Banking and Finance, Faculty of Business Administration, University of Nigeria, Enugu Campus, by …………………………………….. Professor C.U Uche (Supervisors) …………………………………………… Assoc. Prof. Chuke E. Nwude (Head of Department) v DEDICATION This thesis is dedicated to God. vi ACKNOWLEDGMENTS I wish to express my profound gratitude to my supervisor, Professor C.U Uche for his contributions toward the completion of this programme. My special thanks also goes to Professor J.U.J Onwumere, the Head of Department, Banking and Finance, University of Nigeria, Enugu Campus for his patience, mentoring and encouragement during the course of my study here in the University. Make God continually use you to bless other as you did to me. My special thanks go to the lecturers and staff of the Department of Banking and Finance, University of Nigeria, Enugu Campus, particularly Assoc. Prof Chuke Nwude, Dr (Mrs) N.J Modebe, Dr. (Mrs) E. Ogamba, Dr. B.E Chikeleze, Dr. Austin Ujunwa, Dr. O. Egbo, Dr. Onah, Dr. (Mrs) Chinwe Okoyeuzu and Mrs Ifeoma Nwakoby for their support and encouragement. I also wish to appreciate my friends, Mrs Onyinye Okeke, Pastor Ezekiel Ajugu, Pastotr Emaeka Ossai, Dr Mrs Rose Ike Anikwe. My thanks go to Prof M.U Iloeje, the Rector and Mr Slyvanus Nzute Asogwa, the Registrar all of the IMT Enugu, Nigeria. Also, my colleagues in the Office are also worthy of mention. Thanks you all for your support. I also appreciate in a very special way my Wife, children, mother, brothers and mother-in-law for their love for their distractions which served as a motivation. There were more supportive. Joseph V.C Iloh PG/Ph.D/07/46852 vii ABSTRACT The central tenet of banking sector consolidation was to develop a strong, reliable and diversified banking sector that is capable of playing effective developmental roles in the economy, such as funding of small and medium scale enterprises and becoming a competent and competitive player in the African regional and global financial system. In essence, the reform was expected to create big banks by increasing bank capital base through the capital market and/or mergers and acquisitions. The bank consolidation in Nigeria has generated raging debates on different frontiers such as; the effect of the consolidation on the financial crisis; the desirability of universal banking; and on whether more capital could translate to banking system stability among others. One area that has received little or no attention among scholars and policy makers is the effect of the consolidation on the lending and performance of small and Medium Scale Enterprises (SMEs) in Nigeria. Specifically, SMEs are generally perceived as a catalyst for economic and development, given that the economy draws its strength from strong internal dynamics rooted in its large population, resilient SMEs, large and vibrant informal sector. A priori, the emergence of bigger banks is expected to translate into more lending to SMEs. However, some scholars have argued that as small banks transformed to become bigger banks, they tend to lose their existing bonding relationship with smaller customers such as SMEs. They supported this postulation by arguing that bigger banks will have strong preference for high profile investment with higher returns, while displaying strong bias against credits to SMEs. While each of these groups has propounded theories to support their positions, empirical study that reconciles these theories with reality is non-extent. It was against this background that the main objective of this study was to investigate the effect of pre and post bank consolidation on the performance of SMEs in Nigeria. The specific objectives of the study therefore were to examine the impact of bank consolidation on number of registered SMEs, growth and access to fund for SMEs in Nigeria. This study adopted the ex-post facto design and time series data from 1991-2012 (22years) for pre and post consolidation era were collated from Nigerian Corporate Affairs Commission database, Central Bank of Nigeria Statistical Bulletin and Small and Medium Scale Enterprises Development Agency of Nigeria database. The Ordinary Least Square (OLS) regression was used to estimate the three hypotheses formulated for the study. The result emanating from this study indicates that Bank consolidation had positive and non-significant impact on number of registered SMEs in pre consolidation era in Nigeria while it was found to have positive and significant impact on survival of SMEs in post consolidation era in Nigeria. Also Bank Consolidation had positive and significant impact on growth of SMEs in both pre and post consolidation banking era in Nigeria and lastly Bank consolidation have negative and non-significant impact on bank lending to SMEs in pre consolidation banking era in Nigeria but was positive and non-significant on banking lending to SMEs in post consolidation banking era in Nigeria. The study, thus, concludes that the consolidation exercise in 2005 was a welcome development aim at enhancing the growth of SMEs. We therefore, recommend among others that government should make policies that will strengthen and boost access to funds for small and medium scale enterprises. This will ensure continual survival and growth of SMEs which have been adjoined as the engine room for economic growth and development of nations. viii TABLE OF CONTENTS Title Page Declaration Approval Page Dedication Acknowledgments Abstract Table of Contents. List of Tables List of Figures Chapter One Introduction 1.1 Background of the Study 1.2 Statement of the Problem 1.3 Objectives of the Study 1.4 Research Questions 1.5 Research Hypotheses 1.6 Scope of the Study 1.7 Significance of the Study References Chapter Two Review of Related Literature 2.1. Theoretical Framework 2.1.1 Overview of the Role of the Banking Industry 2.1.2 Theoretical Basis for Banking Industry Consolidation 2.1.3 Theoretical Rationale for Banking System Consolidation 2.1.4 Strategies for Banking Sector Consolidation 2.1.5 Issues and Challenges Associated with Bank Consolidation 2.1.6 Post-Consolidation Challenges and Issues 2.2 Empirical Review 2.2.1 Small and Medium Scale Enterprises in Nigeria: A Brief Review ix 2.2.2 Problems of Small and Medium Scale Enterprises 2.2.3 Financing Options for Small and Medium Enterprises in Nigeria 2.2.4 Small and Medium Scale Enterprises and Poverty 2.2.5 Small and Medium Enterprises and Economic Growth 2.2.6 Small Business Lending and SMEs 2.2.7 Mergers and Acquisition and Small Scales Business Lending 2.2.8 Determinants of Mergers and Acquisitions and SMEs Lending 2.2.9 Relationship Lending and Financing of SMEs 2.2.10 History of Banking Sector Reforms in Nigeria 2.3 Summary of Review References Chapter Three Research Methodology 3.1. Research Design 3.2 Nature and Sources of Data 3.3 Model Specification 3.4 Explanatory Variables 3.4.1 Independent Variable 3.4.2 Dependent Variables 3.4.3 Control Variables 3.5 Techniques of Analysis References Chapter Four Presentation of Data and Analysis of Result 4.1 Presentation and Analysis of Data 4.2 Test of Hypotheses 4.2.1 Test of Hypothesis One 4.2.1 Test of Hypothesis Two 4.2.1 Test of Hypothesis Three 4.3 Implications of Results References x Chapter Five Summary of Findings, Conclusion and Recommendations 5.1. Summary of Findings 5.2 Conclusion 5.3 Recommendations 5.4 Contribution to Further Studies References Bibliography Appendix Assets Base of Registered SMEs in Nigeria xi LIST OF TABLES Table 4.1 Pre-Consolidation Shareholder’s Fund of Banks and Number of SMEs Table 4.2 Post Consolidation Shareholder’s Fund of Banks and Number of SMEs Table 4.3 Pre-Consolidation Shareholder’s Fund of Banks and Growth of SMEs in Nigeria Table 4.4 Post-Consolidation Shareholder’s Fund of Banks and Growth of SMEs in Nigeria Table 4.5 Pre-Consolidation Shareholder’s Fund of Banks and Bank lending to SMEs Table 4.6 Post-Consolidation Shareholder’s Fund of SMEs and Bank lending to SMEs Table 4.7 Pre-Consolidation of Absolute Values of the Controlled Variables Table 4.8 Pre-Consolidation
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