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Effects Of Small Scale Business In The Development Of Nigerian Economy
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1.2 STATEMENT OF PROBLEM
There is no
doubt that small and medium scale enterprises is the principal catalyst
of entrepreneurship and it constitute the real fabric of nation’s
economy. And to say that the present and future economic advancement of
this out great country- Nigeria lies in the dynamics and growth of the
Small and Medium Scale (SME) is not an overstatement.
At least, this
is the unanimous opinion of an economic conference at the instance of
the three bodies; Nigeria Institute of Social and Economic Research
(NISER), the national Association of Industries (NASSI) and the Fredrick
Albert Foundation in Lagos in 1989. In other words, SMEs constitute a
vital force to economic growth and development (Onuoha 1994:1). Economic
development is a nation wise problem which the small scale industries
are capable of solving effectively these include:
1. Development of raw materials
2. Sourcing of raw materials
3. Providing training places for workers and students on industrial attachment.
4. Problems of capital for large establishment
5. Problems of unemployment
6. Under-utilization of scare resources
7. Lack of linkage effect among several factors in the economy
8. Lack of provision of import substitution goods.
In
the light of the above mentioned problems, the fact that small scale
business are vital for economic development of any country, state or
local government and numerous problems which small scale business are
capable of solving motivated me to research or write on this topic.
1.3 OBJECTIVES OF THE STUDY
The
purpose of this study is to evaluate the role of small scale business
in the economic development with particular reference of Renny’s Fast
Food, with the view of achieving the following aims and objectives.
1. Determine the roles which the small scale business have played in economic development.
2. Determine the problems small scale business like Renny’s Fast Food are facing.
3. To identify how to solve those problems.
4. To suggest the future prospect of small business in economic development.
5.
To establish linkage between small scale business and the economic
development of the state in particular and the national in Diaspora.
1.4 RESEARCH QUESTIONS
The
role of small scale business in the economic development of any country
needs not to be over emphasized. Small scale businesses are therefore
necessary for economic development of any country, state or local
government.
Based on the above, a number of research questions as an aid to this study are developed thus:
1. Has small scale business helped the nature in its unemployment problems?
2. Has small service outlets like the Renny’s Fast food played any role in the economic development of the state?
3. Has small scale business played any role in the entrepreneurship development?
4. Has the government done anything to encourage the establishment of small scale business?
5. Do you think this country can do without the existence of the small scale business enterprise?
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ABSRACT - [ Total Page(s): 1 ]The main purpose of this study is to know the roles and efforts of Small Scale Business Enterprises in the Nigerian Economic Development. Every nation no matter the nature and rate of available human and material resources under its disposal can hardly attain growth and economic development if the small scale business sectors of such nature is neglected or not given adequate financial supports cum other incentives that makes for the survival of these business. Therefore, the study has tried to u ... Continue reading---
