ROLE OF SMALL SCALE BUSINESS ON THE ECONOMIC DEVELOPMENT IN NIGERIA
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ROLE OF SMALL SCALE BUSINESS ON THE ECONOMIC DEVELOPMENT IN NIGERIA
ABSTRACT
This study aims to explore the impact of small-scale enterprises on Nigerian economic development. The first chapter of this study contains the introduction, which discusses the study’s goal in detail. Enumeration of problems in Nigerian small businesses.
The second chapter reviews the literature connected to the topic. The evaluation mostly focused with the historical backdrop of Alaba International Market, its meaning, problem, planning, and launch.
Small-scale businesses in Nigeria, etc.
Chapter three was devoted to questionnaire design and study technique. The questionnaire has fifteen questions. Chapter four discusses data analysis, including the best hypothesis. Three hypotheses were explored to reach a conclusion on the research work.
The hypotheses are:
Small business businesses play an important part in economic development. Small company enterprises create jobs for economic progress. Small business enterprises in the market drive economic progress.
Chapter five includes a summary of findings, conclusions drawn, and recommendations based on the findings.Chapter one
INTRODUCTION
1.1 Background of the Study
The impact of Small Scale Enterprises on development cannot be overlooked in any economy, particularly in developing countries where sustainable economic development is highly desirable. Small business enterprises play such an important role in the development of an economy that they cannot be ignored.
According to Osuagwu (2001), small business businesses incorporate the utilisation of both human and non-human resources to attain specific aims and objectives.
Small business enterprises should be one of the development goals because they can serve as a source of impact for multinational corporations, thereby replacing existing foreign resources.
They can also serve as a training ground for local skills, ensuring a more equitable distribution of income and reducing manpower migration from rural to urban areas.
Small-scale firms are critical to economic growth, poverty alleviation, and wealth creation. In an economy like Nigeria, small business companies have always been plagued with credibility challenges, planners have dissatisfaction when they make their forecast because they did not turn out as predicted,
while no business planner would conceive of claiming:In terms of fallibility, the most important thing for business planners to consider is not whether their internal predictions are correct or incorrect, but rather what the forecast can deliver.
Economic history is replete with glimpses into the humble beginnings of today’s great corporations; evidence abounds that nearly all multinational giant corporations in America, Europe, and even Nigeria began as cottage enterprises,
growing as their industry grew and through their own sheer ability, marketing skills, and effort to reproduce and produce existing products more cheaply.
Traditional industries, cottage firms, and many SMEs dominated Japan’s economy, which drew strength not just from an abundance of capital, but also from marketing’s role in ensuring the expansion of small-scale enterprises.
Small-scale firms have made significant contributions to Nigerian development by creating jobs, marketing goods and services, and promoting rural growth and development. It has also contributed to the rise of indigenous entrepreneurship in Nigeria.
1.2 Statement of Problem
This study was motivated by the ineffective and inefficient performance of small-scale firms in Nigeria due to inadequate environmental conditions.
It is vital to remember that, regardless of other management considerations, the success or failure of a small-scale organisation is largely influenced by environmental conditions.
Poor or insufficient knowledge about a small enterprise’s working environment has a negative impact on its performance, survival, growth, and eventual success.
1.3 GOALS OF THE STUDY
· The government’s support for small and medium-sized firms.
Examine the effectiveness and ineffectiveness of government or environmental issues such as financial institutions, electricity sectors, and corruption in the stage.
· Assess the impact of small and medium-sized firms on economic development.
1.4 RESEARCH QUESTIONS.
To meet the study’s objectives, it will attempt to address the following research questions:
What role do small and medium-sized firms play in economic development?
· How do small and medium-sized firms contribute to economic development by creating jobs?
· Do small and medium-sized enterprises in the market drive economic development?
· How do small and medium-sized firms improve the level of living?
1.5 Research Hypothesis
The research questions can be answered by testing the following hypothesis:
1. Ho: Small-scale enterprises do not have any part in
Economic development.
Hi: Small-scale enterprises have an important part in the economy.
development
2. Ho: Small-scale firms don’t produce jobs.
Opportunities in economic development.
Hi: Small-scale enterprises generate work possibilities in the
Economic development.
3. Ho: Small-scale enterprises in the market are not the engine.
of economic progress.
Hi: Small-scale businesses in the market are the engine.
of economic progress.
1.6 Scope of the Study
The research endeavour will cover the role of small scale in the economic development. The focus of this research will be limited to small-scale enterprises in the Alaba International Market.
1.7 Limitations of the Study
The following are the limits on the research work:
· Financial constraints: Insufficient funding can hinder the smooth execution of research projects.
· Time constraints: Limited time for study can hinder effective data collection and analysis.
· Attitude constraint: Lack of proper response from experts and stakeholders can negatively impact research work.
1.8 Significance of Study
This research has the following significance:
· The study will help the government create more jobs.
· This would help Nigerians assess the impact of small-scale enterprises on economic development.
· The research serves as a valuable reference for future research on the topic.
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