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PROJECT TOPIC- ROLE OF SMALL SCALE INDUSTRY IN NATIONAL DEVELOPMENT IN NIGERIA

PROJECT TOPIC- ROLE OF SMALL SCALE INDUSTRY IN NATIONAL DEVELOPMENT IN NIGERIA

CHAPTER ONE

  • INTRODUCTION

Okufolami (2003:4) examined that the production of goods and services in the most efficient manner has continued to be the only viable and reliable option for development, growth and survival of any economy. The development of small scale enterprises (SMEs) in Nigeria is therefore an essential element in the growth strategy. SMEs not only contribute significantly to improved living standards, they also bring substantial local formulation form and achieve high level of productivity.

In the same view, Sani Doguwa, Olorunsola E. Olowofeso and Sunday Ession in butteressing Okufolani averred that the small and medium Enterprises (SEMs) sub-sectors plays a very important role in economic growth and is considered as the backbone of industrial development. Apart from providing opportunities for employment generation, SMEs help to bring effective means of curtailing rural-Urban migration and also help in strengthening industrial inter-linkage and integration.

Corroborating the above obvious facts, the internet source posted on the 25th August, 2003, page 1 stated that prior to the late 19th century century, cottage industries, mostly small and medium scale business controlled the economy of Europe. The industrial revolution changed the status and introduced mass production. The twin oil shocks during the 1970’s undermined the mass production model which triggered can unexpected reappraisal of the role and importance of small and medium sized enterprises in the global economy.

Findings by the years show that small firms and entrepreneurship play a much more important role in economic growth and development. Similarly Bukola Oriola supported that small scale business in Nigeria is a common means by which many are making a living in the country. Known as the most populous country in Africa with about 30 million people, Nigeria churns out graduates from various institutions with little or no jobs waiting for them on the labour market.

Many, therefore, turn to the establishment of small scale businesses to sustain themselves. However, many who do not have formal education but are business-minded are finding their way into the small scale business as well. A small scale business in Nigeria could range from hawking plastic sealed water, popularly known as pure water on the streets to leasing or renting an office space for wholesale, retail or services.

However, inspite of government efforts in Nigeria to promote small medium and large scale enterprises ,SMEs performed rather below expectations. Ahukannah L.I. Ndinaechi G.I., and Arukwe O.W. formally maintained that SEMs performed rather below expectations because the problem of raising capital is enormous, the personal risk involved is high, in most cases the sole proprietor is not able to retain professionals and managers, the ease and cheapness of starting small scale medium industry makes it attractive to many people, who thus overcrowd the business, making it highly competitive, if the business fails, the proprietor runs the risk of losing his personal assets as well as his personal possessions and lastly, the death of the sole proprietor may bring the business to an end, especially if direct services are involved.

It is against this backdrop that research work on SMEs was considered an idea of time to stimulate Nigerians into investing in SEMs.

The work also exposes the roles which SEMs play in economic development of the nation. It equally identities its sources of funding and the likely problems that affect the success of SEMs in Nigeria situations

PROJECT TOPIC- ROLE OF SMALL SCALE INDUSTRY IN NATIONAL DEVELOPMENT IN NIGERIA

  • PURPOSE OF STUDY
  1. To examine the role of small scale industry in national development in Nigeria.
  2. To examine to some extent the relationship between small and large scale industries.
  3. To discover the enabling environment for small medium enterprises operations and survival.
  4. To unveil why small scale industries thrive inspite of the large scale industry.
  5. To discover the problems and way forward for small and medium-scale industries in Nigeria
  6. To ascertain the implications of small, medium and large scale enterprises for monetary policy in Nigeria
  7. To discover the best ways of financing small scale industries in Nigeria.
  8. To unveil small scale business ideas and opportunities in Nigeria.
    • SIGNIFICANCE OF STUDY
  9. The result of the study would to a large extent unveil the positive impact of small scale medium in the economic development in Nigeria
  10. The result of the study would also give Nigerians the reasons why they should start a business
  11. The result of the study would also provide enough strategy for tackling problems affecting the establishment of small scale medium in enterprises in Nigeria.
  12. Most Nigerians think that university education is a career, this study will help to sanitize such mental misconceptions, as it would teach undergraduates how to start with something small and somewhere because no one would gain reputation for what he intends to do which he has not stated.
  13. Researchers in this topic would find this work a partnership in progress.
    • LIMITATION OF STUDY

The scope of this study is concisely small scale medium enterprises (A panacea for sustainable economic development in Nigeria) only very reference was made to large scale enterprises.

PROJECT TOPIC- ROLE OF SMALL SCALE INDUSTRY IN NATIONAL DEVELOPMENT IN NIGERIA

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