This study was embarked upon to ascertain problems of working capital management in the manufacturing industries in Nigeria. The study has a total of three chapters and the first chapter titled the introduction started with a preamble.

          The aims and objectives of the study were duly light-lighted in chapter one. The objectives of the study include; to discuss how working capital is managed, discussing the problems of working capital management in the manufacturing industries in Nigeria, it is likely to inform us of the avoidance of indebtedness in working capital management with the use of determinant of adequate amount of working capital. And finally, to make recommendations on ways of strengthening the positive contributions of the manufacturing industrial sector to the national economy.

          The more manufacturing industries manage working capital, the greater the tendency to reduce indebtedness.

          Also, the significance of the study includes both the theoretical and piratical significance explained.

Chapter two included the literature review. Here the earlier works of erudite scholars, theories, and analysts and their relevance to the study were analyzed.

          Chapter threes where the finding of the research was lightly lighted which included, that heavy working capital should be invested in raw material for a firm to continue in production. Indispensably, manufacturing industries should maintain a good working capital cycle,  because it gives an insight into the amount of cash investment required to finance current assets.

          I equally recommended that the study should be undertaken further and that working capital management should be the basis of granting a loan to any manufacturing industry if a profitable investment is to be made. I also recommended and verified before credit for than is granted. I finally concluded the chapters and the project by admonishing the importance of utilizing the finding of the research.

CHAPTER ONE1.0 INTRODUCTION1.1 BACKGROUND OF THE STUDY          The term working capital originated with the old Yankee peddlers, who would load up his wagon with goods and then go off on his route to peddle his wares.  The merchandise was called working capital because it was what he actually sold, or turn over” to produce his projects. He generally owned the Avalon around the horse, so that they were financed with ‘equity capital, but he borrowed the funds to buy the merchandise these borrowings were working capital loans, and they had to be repaid after each trip to demonstrate to the bank that the credit was sound. If the peddler was able to repay the loan, then the bank would make another loan.          From this, working capital is conceptualized as the provision of sufficient current assets that will be able to sustain the normal process of acquisition of raw materials and supplies, turning out the finished product, and collection of payments.          Working capital management deals with the determination of the ratios at which to hold the current assets and current liabilities in the overall valuation of the firm. Working capital broadly refers to current assets and current liabilities. Networking capital is the deduction of current liabilities from the current assets.          Therefore, working capital is one of the most strategic asset holdings of firms.  It is a circulating capital that flows and changes form as the firm pursues its goals and performs,  its operation is a financial lubricant or live stream for the firm and maintains the constant process of circulation throughout the firm.          Current assets as the gross working capital, therefore, represent those assets that can be converted into cash within an accounting period. Current assets are constantly varying in the life of a firm i.e it changes from a cash to inventions, to receivable, and then back to cash.  If a lot of funds are field down in the form of current assets, it will constitute a problem to the management as there may be little or no funds for the other operational sectors.          The purpose of the research is to assess the problem of working capital management in the development of manufacturing industries in Nigeria. In order to accomplish this study, Emenite Nigeria limited has been selected as a case organization. 1.2 STATEMENT OF PROBLEM          In Nigeria today, some manufacturing industries are facing obsolescence, deterioration, pilferage, mishandling, high insurance and carrying cost, idle funds, and accounts receivable due to unnecessary accumulation of inventories. This study is aiming at finding whether there is excessive working capital.          Also, some manufacturing industries in Nigeria, are facing the problem of independence due to liquidity problems.  This study is aiming at finding also whether there is insufficient working capital available to manufacturing industries in Nigeria.          Moreover, some are facing the problem of stagnation and sluggish rate of return on investment. This study is also aiming at finding whether there is more availability of working capital to undertake profitable investments. 1.3 OBJECTIVES OF THE STUDY          In this study, the researchers intend to achieve the following objective.    To discuss how working capital is managed in manufacturing industries in Nigeria.    To discuss the problems of working capital management in the manufacturing industries in Nigeria.    To highlight the damages of poor management of working capital in manufacturing industries in Nigeria.    To find how inventory could be controlled and managed in the manufacturing industries in Nigeria.    To ascertain how indebtedness could be managed in manufacturing industries in Nigeria. 1.4 SIGNIFICANCE OF THE STUDY          This work will be very useful to the managers, directors, and financial analysts, and students in financial schools. It will enable the managers in the manufacturing industries to know how to manage working capital properly.  Management, through this research, could evaluate the profitability of working capital management that is to know whether the revenue for gaited by way of working capital management is justifiable or otherwise. In other words, it will enable management to know whether working capital management has actually helped to redirect investment pattern,  bankruptcy, idle funds, unnecessary accumulation of inventories, stagnation, sluggish rate of return on investment, and short term maturing objections of the management towards the development of manufacturing industries I Nigeria.          This study will also enable management to compare the effect of the different areas of working capital management in other to identify those that are profitable to the management and manufacturing industries.          This study will serve as good reference material to students of financial schools, who may wish to throw more light on this particular project topic. 1.5  SCOPE AND LIMITATIONS          For the purpose of this study, the researcher will restrict himself to the management of working capital in the manufacturing industries in Nigeria with particular reference to Ememite Nigeria Limited as a case study.          Also, the time allowed for this research was too short considering the fact that the research covers a broad area. 1.6 DEFINITION OF TERMS          ASSETS: According to the oxford advanced learner’s dictionary, “Asset” is defined as a thing of value, especially property, that a person or a company owns, which can be used or sold to pay debtors.EQUITY CAPITAL: This is the capital owned by the owner of a company.GROSS WORKING CAPITAL: This is the totality of a firm's investment in Current Assets such as inventory, account receivable, short-term marketable securities, and cash.INVESTMENT: This refers to economic activities designed to increase, improve or maintain the productive quality of the existing assets.CAPITAL: A stock of money, possed by a person or firm which may be invested from time to time in order to cam income which is intended to be diminished.INDUSTRY: The Award illustrated Dictionary (C02A), defined “industry” as a branch of trade or manufacture, especially one employing much labor and capital, in fact, manufacturing in general.MANUFACTURE:  The same dictionary defined “manufacture as making of articles by physical labor or machinery especially on a large scale, a branch of industry.NETWORKING CAPITAL: This is the totality of a firm's investment in current assets less the totality of the firm's current liabilities.MANAGEMENT: This is the application of human and material resources to achieve the objectives of an organization effectively and efficiently.FINANCE: This deals with the ways business man’ investors, government, financial institutions, individuals, and families handled money.





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