FINANCIAL PROBLEMS OF NIGERIAN BREAD INDUSTRY
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FINANCIAL PROBLEMS OF NIGERIAN BREAD INDUSTRY
ABSTRACT OF THE FINANCIAL challenges OF THE NIGERIAN BREAD INDUSTRY His research study was aimed at compiling a list of recommendations for resolving the financial challenges of the Nigerian bread industry.
Using the liberty bakery Enugu-examined the bakery service’s commitment and improved advise on the suitable quality of financial service to be employed in order to increase the financial sector of the freedom backery business.
– Other goals include determining how this financial service quality contributes to the bakery’s patronage.
– Determine the dependability of the bakery’s financial service system.
– Determine how long it will take Freedom Bakery to create its product despite its financial difficulties.
– To do this, directly related literature was reviewed.
In addition, questionnaires were provided to both the management and personnel of the freedom bakery, and data was collected to test the study’s hypotheses.
This study’s population is limited to the relevant employees / management, which is approximately (100,000) Hundred thousand. The sample size (three hundred and ninety-eight) was determined.
The chi-square method of statistical analysis was utilised to assess and test hypotheses while analysing the research instrument used.
The study’s findings are as follows:
– The payment of salaries at the freedom bakery has contributed to the bakery’s patronage.
– The bread industry’s raw material delivery system is dependable.
– The freedom transit system meets the needs of clients.
Aside from the results of the hypothesis, the following findings were made:
– More than half of the clients who responded to the questionnaires said that the industry’s employees were unfriendly.
– The productivity of industrial employees is determined not just by monetary pay, but also by how their efforts are recognised and rewarded.
– Precisely 89.32% of customers considered that the industry had delivered on its promises.
Based on the findings presented above, the following recommendations were made:
– The performance of the freedom bread business can be improved if perceptivity in service delivery is maintained and improved.
– The sector’s employees are human, and while the industry is attempting to establish a hard standard, much should be done to ensure that the time employees spend working does not completely exhaust them, leaving nothing in them to boost productivity.
– The policies defining quality and serving as a guide to the quality assurance department should be regularly referred to in order to meet their ever-changing business environment, technological change, and human unexpected factor.
– The industry should maintain its position in terms of profitability, performance, and quality service delivery, leaving no stone left.
Finally, if the aforementioned instructions are carefully followed, the bakery will undoubtedly always involve on its highest expectations.
INTRODUCTION TO CHAPTER ONE OF THE FINANCIAL PROBLEMS OF THE NIGERIAN BREAD INDUSTRY
1.1 THE BACKGROUND OF THE STUDY
Many people have examined the performance of Nigeria’s bread industries through various lenses. Many people believe that assets, quality, and managerial efficiency are determinants of bread industry performance,
while a reasonable percentage of capital sufficiency is crucial for bread industry performance. Other factors, such as bread industry liquidity, have also been identified as predictors of industry performance.
A service is any act or performance that one party can provide to another that is essentially intangible. The recipient must hold on to something that he/she will term to be quality in order to encourage patronage, and patronage can only be increased when the recipient is satisfied with the services provided. (See also love locks 200-300.)
ENUGU -NGWO FREEDOM BAKERY INDUSTRY DEVELOPMENT.
On December 20, 1972, the Freedom Bakery Industry was licenced in Enugu – Ngwo in Enugu – State to operate and is currently capitalised at N5,000,000 million.
The industry is adamant that acquiring the right people and the right operating philosophy is critical in establishing a portion or bakery in the very competitive Nigerian baking business.
The bakery business is a private industry with seven members on its board of directors, led by the owner, Chief Ozokwo Isreal A. Enugu State has one branch.
The bakery industry’s goal / vision is “TO CREATE A UNIQUE NATIONAL, BAKERY MARKETING BUSINESS FOCUSED ON PROVIDING CREATIVE SOLUTIONS TO CUSTOMERS’ BUSINESS PROBLEMS WITH AN ABSOLUTE COMMITMENT TO QUALITY.” The bakery has a vision as well, which is “A SOLD BAKERY INDUSTRY WITH EFFECTIVE PRESENCE IN NIGERIA – ENUGU STATE.”
The Bakery Industry has goals, and they are aimed towards building a healthy working relationship based on a genuine understanding of the clients’ needs through efficient and responsive customer care.
Among the services provided are:
i. Sales and distribution.
Supermarkets are another example.
Caterers are the third category.
iv. Public Relationships.
v. Labour Availability.
vii. Industrial Materials.
viii. Poultry.
viii. Promotion of Farms and Crops.
1.2 STATEMENT OF THE PROBLEM:
The purpose of this research is to investigate the financial problems of the bread sector in Nigeria, utilising freedom bakery Enugu – Ngwo as a case study.
1.3 OBJECTIVES OF THE STUDY
– Essentially, to determine whether wage payment is one of the financial issues.
– Determine whether raw materials are a financial issue.
– Determine whether the use of N.E.P.A. power is one of the financial issues.
– Determine whether gasoline contributes to a financial concern.
– Determine whether transport is a financial issue.
– Determine whether transport is a financial issue.
– Determine whether taxes are a component of the financial problem.
1.4 RESEARCH THEORIES .
Ho: The cost of transportation is a personal cost in the baking sector.
Hi: In the bakery industry, transportation costs are not less than personal costs.
Ho: A bakery’s profit is a constituent profit.
Hi: ll A bakery’s profit is not a constituent profit.
1.5 SIGNIFICANCE OF THE STUDY
The need for this study came as a result of the increasing rate of financial troubles in Nigerian bakeries, which appear to be endangering the industry’s very existence, with consequential economic ramifications.
A successful economy is defined by an effective and efficient bakery system that is free of financial problems. Foreign and domestic investors are urged to diversify their investment portfolios, which leads to industrial manufacturing expansion, unemployment and inflation reduction, and restoration of public and general, social and economic growth.
Given this circumstance, there is a need to empirically establish the nature, ramifications, and influence on the Nigerian economy and the survival of the bakery business in general.
1.6 SCOPE OF THE STUDY
This research is limited to the Freedom Bread Industry’s main branch office in Ngwo, Enugu State.
This is due to the bakery industry’s service structure, which allows for a unique concentration of the bakery sector within a particular territory to meet the industry’s established objectives.
1.7 DEFINITION OF TERMS.
Financial difficulty: In financial difficulty due to a lack of funds.
Bakery: A place where bread for a large number of people is baked.
Industry: A subset of (trade or manufacturing, as opposed to distribution and commerce).
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