Almost daily, Nigeria Newspapers Larry prominent reports of new manufacturing ventures soon to be launched by individual or by local groups. Perhaps, tomorrow a state government will be telling us how college industries will stem the flow of youths from rural to urban areas. From the headlines alone Nigerians cannot escape the feeling that the rest of the 1990s holds great promise for unprecedented economic and social progress. But these expectations will be fulfilled only if most of the specific projects survive their early lives. Besides, not all those new projects will be completed. Some that get completed will not prove profitable and may soon close down. According to Nwoko (1988:34) summits that in simple terms one reason for which new projects may not be completed but have to be abandoned or profitable ventures may get choked up by controllable environmental factors and circumstance is that proper feasibility analysis was not conducted abinitio, before take –off of project.
According to Ume 91977:10).. stated that proposals schemes or projects for social, environmental and economic development demand feasibility and viability appraisal. In fact the two fundamental questions which feasibility and viability appraisal seek to answer are inevitable for prudent decision – making at all levels in the society.
The entrepreneur must have a long range outlook on the intended business investment, examine the alternative uses of capital and account for inflation in future value of cash flows, and forecast future events and financial requirements and carry sensitivity and risk analysis.
These are highly technical areas of knowledge that calls for expertise skills. Therefore this category of valuation (no doubt) holds out limitless opportunities and boundless scope for service and rewards for the accountants economists, valuers or appraisers.
This study provides an analysis and illustration of the principles of feasibility and viability appraisals and highlights the essence of the subject matter. If also brings into sharp focus the accountants essential contributions which have hitherto tended to be lost in wide diffusion
1.1 BACKGROUND OF THE STUDY
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