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FINANCING WORKING CAPITAL IN A DEPRESSED ECONOMY – A CASE STUDY OF PVC MANUFACTURERS NIGERIA LIMITED
A B S T R A C T Working Capital represents the excess of Current assets over Current Liabilities, Current Assets comprise Stocks Accounts Receivable, Cash, Marketable securities. Current Liabilities are Notes Payable, Trade Creditors, Bank Overdrafts, Short-term Loans, Accruals. PVC Manufacturers (Nig) Ltd commenced operation in 1989 in a depressed Nigerian Economy characterised by high inflation, low capacity utilisation, massive unemployment, depreciating Naira value, high interest rate, weak purchasing power, etc. The technique adopted in this project was examination of Company’s records and documents coupled with direct observation of its day- to – day activities. The following problems and weaknesses are highlighted in the study:- i. Enormous amount required for raw materials ii. Scarcity of foreign Exchange iii. Frequent stock-outs and factory closures iv. Virtual dependence on the imported materials because NNPC is yet to commence production of its major raw mater ials. v. Long delay in securing bank facilities, vi. Poor debt servicing. 7 Adequate working capital is essential to an organisation’s survival. Improved debt servicing will facilitate the company’s ability to raise finance in future.
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
FINANCING WORKING CAPITAL IN A DEPRESSED ECONOMY – A CASE STUDY OF PVC MANUFACTURERS NIGERIA LIMITED