THE ROLE OF SMALL SCALE INDUSTRIES IN ECONOMIC DIVERSIFICATION
DEFINITION OF TERMS
EC European Community
NCI National Council of Industry
SME Small Medium Enterprises
MSME Micro Small and Medium Enterprises GDP Gross Domestic Product
NCI National Council of Industry
NASME National Association of Small Medium Scale Enterprises CBN Central Bank of Nigeria
NERFUND National Economic Recovery Fund
NASSI National Association of Small Scale Industries
MASME National Association of Small and Medium Sized Enterprises SSE Small Sized Enterprises
SMIEIS Small and Medium Industries Equity Investment Scheme OPS Organized Private Sector
NISER Nigerian Institute of Social and Economic Research SAP Structural Adjustment Program
NIPC Nigerian Investment Promotion Commission FDI Finance Development Institute
IDC Industrial Development Centre
NIDB Nigerian Industrial Development Bank NBCI Nigerian Bank of Commerce and Industry NEXIM Nigerian Export and Import Bank
IFS Informal Financial System
FFS Formal Financial System
NAIRA Nigerian Currency
ABSTRACT
Small Scale Industries all over the world have been the engine room for viable economic growth and development. In the light of the above, this research work identifies the role of small scale industries (SSI) in the growth of the nation’s economy. Various related literatures were reviewed from which it was noticed that Small scale Industries are central to the growth of the nation’s economy.
This is evident in the policies created by government to accelerate the development of small scale industries through the establishment of agencies like DFRRI, NDE, NAPEP NERFUND SMIEIS SMEDAN etc.
In the course of this research, it can be concluded that SSIs are a sine qua non for economic growth. From the conclusion made above, this research wish to recommend that government should create the enabling environment for the growth of small scale industries such as macroeconomic stability, reduction in fiscal imbalances, stability in exchange rate, increasing small scale industries access to credit facilities etc. also, favorable policies should be made so
as to promote other infant industries in their strive for good standing so as to eradicate the evils of unemployment.
CHAPTER ONE:INTRODUCTION
This is an insight into the world of the small and medium scale industries and their relationship with financial institutions and government with the sole aim of bringing about economic development and relative growth to a nation.
Nigeria can be said to be a country which practices mono economy of which oil generate almost 85% of the revenue at the disposal of the federal government of Nigeria. Over the years, Nigeria has relied solely on oil sector thereby neglecting other minerals which could generate multiple streams of revenue for government investment and expenditure.
In addition, theoretically she can be said to be a mixed economy even though in the real sense it is almost a capitalist economy.
Citing from a write up by Aigbedion and Iyayi S.E (2007) as thus;‖ The growth of petroleum industry in Nigeria appears to have brought domestic changes in economic structure since 1970‖. It goes further to say that this is due to the fact that crude oil one of the world most sought after natural resource required as a crucial input in contemporary economic activities.
According to Anyanwu et al 1992, crude oil is a versatile , non renewable natural resource as it is highly recommended In both rich and poor countries due to global energy requirement and the evolving trend of technology.
THE ROLE OF SMALL SCALE INDUSTRIES IN ECONOMIC DIVERSIFICATION
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