Title Page




Table of content



1.1     Background to the Study

1.2     Significance of the Study

1.3     Statement of the Problems

1.4     Objectives of the Study

1.5     Research Hypotheses

1.6     Research Questions

1.7     Method of Data Collections

1.8     Method of Data Analysis

1.9     Scope and Limitation of the Study

1.10     Definition of Terms

1.11     Brief History Of Cadbury Nigeria Plc (Case Study)



2.1        Introduction

2.2        History of the Nigerian Capital Market

2.3     Structure of the Nigeria Capital Market  

2.4     Meaning of Capital Market:

2.5     Importance and Functions of Capital Market

2.6     Classification of Capital Market

2.7        Securities and Exchange Commission   

2.8     The Control over the Nigeria Stock Exchange by the Commission           

2.9     Functions of the Nigeria Securities and Exchange Commission

2.10  The Nigerian Stock Exchange (Nse)

2.10.1Clearing, Delivering and Settlement:

2.11   Function of the Nigerian Stock Exchange

2.11.1Membership of Nigerian Stock Exchange

2.11.2The Market Levels of Nigeria Stock Exchange

2.11.3Techniques of Going Public or Bringing Securities to the Stock Exchange (SSM)

2.11.4Benefits of Public Quotation

2.12   Definitions of Small Scale Businesses

2.13   Small Scale Businesses in Nigeria

2.14   Operational Definition of Small Scale Businesses

2.15   Social Desirable Effects of Small Scale Businesses

2.15.1 Socio – Economic Contribution of Small Business Firms to Development Process

2.16   Problems of Small Scale Business

2.17   Involvement of Small Scale Business In Nigerian Stock Exchange (NSE)

2.18   Relevance of Nigerian Stock Exchange to Small Scale Businesses



3.1        Introduction    

3.2        Research Design

3.3         Population of the Study

3.4        Sample and Sampling Techniques

3.5        Method of Data Collection

3.6        Method of Data Analysis

3.7     Scope and Limitation to the Study  

3.8        Validity and Reliability of Data Collection Instruments.



4.1        Introduction

4.2     Bio – Statistical Data of Cadbury Nigeria Plc

4.3     Test of Hypotheses

4.4        Summary



5.1        Summary of Findings

5.2        Conclusion

5.3     Recommendations

5.4     Suggestion for Further Studies


Appendix: Questionnaire




For any economy to remain afloat in its bid for survival in today’s globalization, deregulation and liberalization of markets, it needs to have an efficient business financial to direct the allocation of its resources, capital markets and institutions, of which the development is an integral part of paramount importance in a dynamic economy as Nigeria.

Capital market is a market for securities (Equity or debt), where business enterprises and government can raise long-term funds. It is also defined as a market in which money is provided for period of longer than a year, as the raising of short term funds take place on market e.g. Money market. The capital market includes stock market (equity securities and bond market, debt). Securities and Exchange Commission (SEC) oversees the capital market in their designated jurisdiction to ensure the investors are protected against fraud among other duties.

Nigeria is still grapping with the problems of low earnings with its attendant balance of payment problems, weak technological industries base resulting in massive importation of machinery and raw material, high rate of unemployment.

Actually, the economic turn down which started in 1978 is very much with us. The decline in Gross Domestic Product (GDP) from N26.9 billion in 1984 to N3.6 billion in 1985 marked the beginning of importation of the world’s cast away goods into our country making Nigeria a dumping ground.

Small scale business is the only way to boost export and redress the gloomy of balance of payment deficit.

Nigeria government recognized this fact in 1971; small scale industries credited scheme was introduced and followed up with the establishment of Nigeria Bank for commerce and industry in 1978. The Central Bank of Nigeria also introduced its small scale business.

Despite all these measure, it is still obvious that small scale business problem is funding. And the actual fact, the growth of the small scale business still centre on proper funding which is missing today.

Capital market is seems as an alternative way of raising funds. The enhancement of an advance and vibrant capital market can lead to utilization of financial resources.  The developed capital market also provides access to the foreign capital for domestic industry. In this way, capital market plays a constructive role in the over-all development of an economy generally.


Capital market has a great interest to the researcher which will help in increasing g my knowledge and skills. Also, this sector of the economy is one of the important factors and also plays a significant role in the natural economy.

A developed, dynamic and vibrant capital market can immensely contribute for speedy and economic growth and development.


The Nigeria small scale business is faced with the problems of inadequate and low working capital. This aspect of small has really slowly down their growth and development of small scale business to be at a small-pace consequently.

Mostly they depend mainly on self finance (saving  and borrowing from friends and family) and loan from willing providers (bank) who are always reluctant of providing loans for them due to weak financial background or history. Small scale businesses in Nigeria also face the challenges of concentrating risk in the hand of the owner. Thus, such risk can be spread by bringing their business to the stock exchange.

The capital market is also having a fair share of the problems because of the in adequate supply of securities and fall in stock exchange market. Most companies especially the indigenous ones are still reluctant in raising funds through the capital market.


To inquire the development of the Nigeria Capital Market in the small scale businesses To determine the trend/development of Capital Market To inquire the factors that solely determines the Capital Market. To make appropriate recommendation on the development of the Nigerian Capital Market.


The following will be formulated and tested for the study.

Ho:   Small Scale businesses methods are not used in the Nigerian Capital Market for the development of the firm

Hi:    Small Scale businesses methods are used in the Nigerian Capital Market for the development of the firm?

Ho:   Shareholders do not place reliance on small scale business in the Capital Market

Hi:    Shareholdersdo place reliance on small scale business in the Capital Market

Note: H0 = NULL HYPOTHESIS      



This research work will attempt to answer the following questions:

How does the development of small scale business related to Capital Market? How relevant are the method of small scale business used in the Nigeria Capital Market? To what extent do shareholders place reliance on small scale business in the Capital Market? To what level the role of the capital market motivate the growth and development of the small scale business has been met?


Both primary and secondary source of data collection will be applicable for this study.


This data will be obtained through interview investigation and questionnaires and face to face discussion


This data will be obtained mainly from the literature review or the ready made materials like written down documents which includes textbooks, bulletins and write-up by experts in this field and also from the internet.


This chapter aim at breaking down fully how the data collection are used in the research work gathered,  the data gathered is not an end itself rather it stands to be analyzed into meaningful and use information. The purpose of this chapter is to analyze an evaluation.

The statistical tool to be used is the chi square (x2) technique. This will enable the following to be formed and its validity verified by presentation of findings to test the two hypotheses, stated above will be explained better in chapter four.


The scope of the study will be limited the role of capital market in the development of small scale business in Nigeria on the capital market and how the efficient utilization of available domestic capital resources could evolve positive changes in their performance.

As the topic suggest, this study focuses on capital market in the development of small scale business in Nigeria.

1.12                 DEFINITION OF TERMS

Capital Market  

This is the market for long term capital i.e. long term financing assets. It is a market where long term financing assets are traded including preference and common stock debentures and bonds.

Primary Market

This refers to the new issues market when a firm issues new security either bonds or common stock, the securities are sold in primary market since they are new issues. Once the securities have been sold, any future sales occur in the secondary market. The primary market also exists in the money market.

Secondary Market 

This is the market which exists as a result of future sale of securities which had initially been traded upon in the primary market.

The Securities Market

This refers to the market where, the purchase and sale of securities takes place. It has three dimensions i.e. the capital market, money market, and secondary market.  

Right Issues

This is the raising of more funds by quoted companies through special issues of shares to existing shareholders of the issuing company. It is typified by the on going privatization exercise.


Is a part of stock issued, appointed or assigned by an in vestment company to purchase or subscriber of its shares, stock or securities.


A portion of the net profit that has been officially declared by the board of directors of a company for distribution to the ordinary shareholders of the company and approved by them at the company’s general meeting.


This is used to describe the ordinary share capital of a company.

Stock Broker:

Is a regulated professional broker who buys and sells share and other securities through market sells shares and other securities through market make or agency only firms on behalf of investors.


This is a stock or bond’s admission to trading right on the stock exchange based on its size, profitability and number of shareholders.      


The highest bid to buy and the lowest offer to sell a security in a given market and at a particular time.

Issuing House:

Is a financial institution such as a merchant bank which provides its services to launch the shares of new companies on a stock exchange? It also ensures that the listing of such issues complies with exchange regulation.


A unit of equity ownership in a company.

Share Price:

Is the price of a single share of a number of a saleable stock of a company.


Is a person who buys share/shares of any company and by acquiring share or shares in the company becomes one of the owners of the company.

Ordinary Share

Representing part of the capital issued  by a company and entitling their holders to a dividend that varies according to the prosperity of the company to vote at all meeting of members and to a claim on the assets of the company after the holders to preference shares.

Share Certificate

Is a written document signed on behalf of a company and serves as a legal proof of ownership of the number of shares indicated.


Cadbury Nigeria commenced operations in the 1950’s as an enterprise established to source cocoa beans whilst simultaneously prospecting for opportunities to serve local consumer markets with their famous Cadbury products. An initial packing operation established in the early 1960’s grew rapidly into a full-fledged manufacturing operation. The Company was incorporated as a limited liability company in January 1965, when the Company’s current 42-hectare factory was also opened. Its shares were listed on The Exchange on 26 November 1976.

The core business of the Company is in two categories, namely confectionery and food drinks, which are manufactured in a dedicated facility within the factory site in Lagos.

The Company has grown to become one of the leaders in the confectionery and food drinks markets within Nigeria, with a portfolio of branded offers that are targeted to meet real needs of consumers. The Company’s quality brands are enjoyed throughout Nigeria as well as in the Company’s export markets in West Africa. This rich heritage has been carefully nurtured over the years.

The Company’s lead brand in the food drinks business is BOURNVITA, which holds a strong market share in the Nigerian market. In addition, the brand offers nutritional benefits that help to supplement the dietary intake of consumers. The main brands in the Company’s confectionery business include TOM TOM and BUTTERMINT, for sale in Nigeria, and HACKS and AHOMKA GINGER, which are exported to neighbouring countries. Each brand has grown to become a household name and each holds a strong market share in their respective segments.

Cadbury Nigeria has a 93% shareholding in SCPCL, a company located in Ondo State which processes cocoa beans into cocoa butter and liquor aimed at international markets, as well as cocoa powder for domestic consumption. The Company’s entire cocoa powder requirement is sourced from SCPCL.

Following a major strategic review in 2008, the Company has commenced an extensive restructuring exercise to restore its path to profitable growth. The Company has also identified significant growth potentials from its core brands, BOURNVITA and TOMTOM, as they appeal to a very wide spectrum of Nigerian consumers having been available in the market place for almost  years. A review of the Company’s route to market commenced in 2008, with a thorough re-appraisal of its existing distributor partnerships and operational procedures. This has resulted in a strong and rejuvenated distribution channel with additional partners, a new key account structure and a growing retail sales team building distribution and display. project topics   final year project topics and research materials 

Research on Nigerian consumers consistently endorses the popularity of the Company’s famous brands. In this regard, the Company is committed to a programme of continuous improvement and modernisation that has already seen a number of popular innovations over the last year. This commitment to innovation and renovation will also be maintained in the future.

The strategy review also focused on opportunities to improve efficiency and quality of products through a disciplined approach to international benchmarking and investing in infrastructure projects. This approach is expected to yield both productivity benefits as well as provide opportunities to streamline production processes and align the factory for future growth.



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