THE ROLE OF SMALL SCALE BUSINESS IN ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA
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TITLE PAGE
THE ROLE OF SMALL SCALE BUSINESS IN ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the role of small scale business in economic growth and development in nigeria" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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Small scale business occupies a unique position in the economy of any nature and they are the bedrock of any economic development. They constitute of the cornerstone of any competitive economy and by far outnumber the large scale business. Also, they provide large scale business, more fertile ground for creativity and entrepreneurship. Hence, as a result of easy entry into the market, small scale business spring up all the time keeping the competition environment lively, a phenomenon that leads to productivity gains and real economic growth, apart from the fact that they generate employment opportunities, they are closer to the grass root and so on, ginger rural development. They are less capital intensive and do not require gigantic infrastructure for their operation.
Being part of the economic system, small business entities are faced with numerous problems, particularly funding and many ways these are very different from the financial problems on large concern. However, the principles underlying financial decision are similar irrespective of the size of the business, hence, the basic goal so financial management through acquisition, anticipation and allocation of funds equally apply to small scale business.It is widely known in business circles that small scale business find it difficult to secure funds from financial institutions due to the fact that they have difficulty in meeting the collateral requirement that would qualify them for the financial assistance from the back. This is not withstanding every business whether small or large needs funds. Funds constitute the life blood of any business while other things follow.
Small scale business serves as an engine room for economic development and government recognize the fact that small business is the second largest employers of labor apart from government. Government is also encouraging the establishment of small scale business by forming such bodies like Small and Medium Enterprises (SME). Government has also provided monetary incentive for small scale industries. As stated earlier, small scale industries play very important roles in the economic development of any country, state or local government. For instance, in any depressed unemployment is the increase, where the available resources are under-utilized and where raw-material supply to our big industries is inadequate, establishment of small scale business is considered as an alternative means of earning a living and providing raw-materials to our big industries. The aim of this study is to study impact of small business scale in the sustenance of any economy
TABLE OF CONTENTS
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
PROPOSAL
TABLE CONTENTS
CHAPTER ONE
- Introduction
- Identification of Problems
- Objectives of the Study
- Scope and Limitations of the Study
- Significance of the Study
- Development of Small-Scale Enterprises
CHAPTER TWO
- Literature
- Review of Related Literature
- Characteristics of Small-Scale
CHAPTER THREE
- Research Methodology
- Introduction
- Sources of Data
- Characteristics of the Study Population
- Samples and Sampling Techniques
- Data Collection Instruments
- Administration of Data Collection
- Procedure for Data Analysis
- Limitation of the Methodology
CHAPTER FOUR
- Data presentation and Analysis
- Data Presentation
- Data Analysis
CHAPTER FIVE
- Summary of Findings
- Conclusions
- Recommendations
- Suggestions for Further Study
REFERENCES
APPENDIX I
CHAPTER ONE
1.0 INTRODUCTION
The dynamic role of small-scale business as an engine of growth in developing countries has long been recognized. It acceleration effect in achieving macro object, such as full employment, income distribution and development of local technology as well as diffusion of management skills and stimulation of indigenous entrepreneurship have been well documented in economic literature. In Nigeria, the small-scale business sub-sector has been expanding, especially since the mid-1980s following the introduction of SAP which forced many large enterprises to lay-off large proportions of their work force. The sector account for about 70% of industrial employment, chains World Bank (1995).
The thrust of this research is to review the experiences of other countries in economic growth and development through small-scale business and proffer a way forward for Nigeria.
One major lesson Nigeria has learnt is putting the private sector at the centre of growth, while the government concentrates on what t is best suited to do. Creating the right environment for business to thrive.
This should translate into faster and make stable growth.
This sector offers the best promise of sustainable economic growth to any nation because of its inherent ability to:
a. Tap into people's capacity for creativity and resourcefulness.
b. Achieve higher managerial efficiency and wealth creation.
c. Strike reasonable balance between risks and returns in virtually all cases of resource deployments.
d. Create employment, especially at a time when the public sector in most African countries s downsizing.
e. The wrong attitude of government business is nobody business has no place in the private sector.
1.1 IDENTIFICATION OF PROBLEMS
I found out the Nigeria has been having the problem relating to poor standard of living of the people for the past years ago with clear observation, the economic recession that had lead to depression of growth and development is partly due to any factor, like lack of qualified personnel, modern technology etc. and also lack of effective institutional framework to promote and develop small-scale enterprises n Nigeria and inherent in consistently of government policies towards promotion and developing small-scale enterprises are attributable to poverty situation in Nigeria.
I also discovered that before the structural adjustment policy programmes of the Federal government, there has been so much unemployment to the extent that the large population so much dependent on import substitution industries which are based on a large scale.
Thus, I believe my contribution is necessary by focusing my attention to this important areas looking more promotion and development.
It is the view that dragged me to up an idea of researching on the role of small-scale enterprises in economic growth and development in Nigeria that I found out that above problem are the cases of setback in small-scale enterprises, which is adversely affecting the growth and development in Nigeria.
CHALLENGES/CONSTRAINTS OF FUNDING SOME IN NIGERIA
- Insufficient personal saving/funds resulting / one low initial promoter equity.
- Uncoordinated business ideas and plans.
- Non bankable project by entrepreneurs.
- Inability of the customers (SMEs) to satisfy high credit risk standards, including collateral security.
- Inability of banks to provide long-term funds due to mismatch between tenor of bank deposits and loans being sought.
- Fluctuating and prohibitive interest rate regime and
- Volatile exchange rate regime. The main concern achieving sustainable development and improved living conditions for the citizens Nigeria a late starter because of excessive driving favour, various man- made disasters. A few natural disasters (in relative terms). This makes globalization looks more like a threat than an opportunity but there s an advantage of learning from the mistakes as well as the good and tested strategies of early starters.
1.3 OBJECTIVES OF THE STUDY
The major aim of this research is to find out the major contributions of small-scale enterprises to the economic growth and development of Nigeria.
Other aims and objectives are:
- To investigate into the problems faced by small-scale enterprises.
- To determine the extent of involvement of both the government and financial institution in financing small-scale enterprise.
- To find out the limitations inherent towards expansion of small-scale enterprises.
- To suggest and recommend measures that may help in solving problems.
1.4 SCOPE AND LIMITATIONS OF THE STUDY
The scope of small-scale enterprises is so wide that thousand of researchers cannot even cover the Kwara State talkless of Nigeria as a country.
With regards to this philosophy, I limit my studies to some selected small-scale enterprises reside in Ilorin area.
As a student talking up this expensive job, since my resources are limited, I have decided to limit y studies to small-scale enterprises in Ilorin in other to reduce cost and expenses and march-up with my financial resources. But, this is not to say I will not sight equally good example of small-scale enterprises in other locations.
1.5 SIGNFICANCE OF THE STUDY
If small-scale enterprises are promoted and properly financed it will accelerate the economic growth and development of Nigeria in the following ways:
- It will generate employment opportunities.
- Standard of living of people will be improved,
- To discover another way by which small-scale enterprises can develop an economy.
- The recommendation that will be given can be a source to end the problems affecting the growth and development of Nigerian economy.
The projects finding can help other students who love to do research n the area of small-scale enterprises in future (it can be used are reference).
1.6 DEVELOPMENT OF SMALL-SCALE ENTERPRISES
The precise data of the establishment of small-scale enterprises in Nigeria is not available, but the fact still remains that small-scale enterprises has been in existence some years back during the colonial era (pre-independence).
What led to the birth and development of small-scale enterprises then and up till now was due to the poor standard of living in Nigeria The government found out that there is poverty here and there especially in the rural area of the country, level at villages and towns is causing an inflow of rural people that suppose to care for their households at home and villages now migrate to urban area like Lagos, Kano, Ibadan etc. This migration has caused over population in all these large towns, therefore the standard of living of people has dropped. The only and best way has to check this abnormality is to establish small-scale enterprises in other to improve the standard of living of people.
However, the development of small-scale enterprises in Nigeria has an important element in the strategic point in developing Nigeria as a country, Federal Government is adopting in its efforts to industrialize the country and to build a self-reliant economy.
1.7 ORGANIZATION OF THE STUDY
The study is divided into five chapters,;.
chapter one; is the introduction which contains background of the study, statement of the research, research question, objectives of the study, research hypothesis, significance of the study, scope and limitation of the study, definition of key terms and organization of the study.
Chapter two: is the literature review which contains literature review.
Chapter three:- is the research methodology which contain research design, sources of data collection, population and sample size, sampling technique, method of data analysis and limitation of the study.
Chapter four:-is the data presentation, analysis and interpretation which contains data presentation, data analysis and data interpretation.
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CHAPTER THREE: The complete chapter three of "the role of small scale business in economic growth and development in nigeria" is available. Order full work to download. Chapter three of "the role of small scale business in economic growth and development in nigeria" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
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