AN EVALUATION OF THE IMPACT OF SMALL SCALE BUSINESS ON ECONOMIC DEVELOPMENT.
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- BACKGROUND OF THE STUDY
The guest for economic development ensure overall improvement in individual well being of citizen as been the pre occupation of every nation. The process involves a number of approaches. One of these is the adoption of an industrialization strategy at a point in time relevant to the prevailing needs of development.
Developing countries are under much pressure in this regard because of their general peculiar features which among other include concentration of high proportion growth low level of savings, general poverty of various dimension, poor credit and marketing facility etc (on wumere, 2000)
in fact many developing countries have attached high priority to the industrial sector in their development plans possibly as a result of their attraction to many development theories that have tended to see industrialization as the gateway to modernization Nigeria, like many of them had on gaining political independence, adopted import substitution as her industrialization strategy. Thus should not be surprising, because even as at today. Most of the rich advanced countries are rich because they are industrialized.
Incidentally, the past policies and strategies failed to generate self sustaining growth largely because of their reference establishment of large scale firm. Resources (human and material) had largely idled in the face of mounting problems
Since the 1970s, therefore, developing countries have been compelled, in the face of thus problems to look for alternative approaches to development. One of these approaches has been the redirection o f efforts and encouragement of small and medium scale enterprises (SMES).
Since the introduction. However, the role of small scale industries on the economic development of Nigeria has help the economy to improve to a maximum level unlike when Nigeria use to import all her need from the overseas countries which of course made the economy worse that time (Oshagbemi, 2000).
The contribution of SMES to the development process are such that any country are such that any country can only ignore its own peril. Hence, there is need to evaluate the impact of small scale business on economic development
- STATEMENT OF THE PROBLEM
Development strategies in the past had favoured large scale concerns which had not yielded much desired not returns to their economic. The quest for economic development to ensure over all improvement in individual well-being of citizens then become the occupation of every nation, hence an attempt to incorporate the small and medium scale industries then become important with the incorporation, has thus been able to foster economic development in the Nigerian own situation? This become a problem which this study tries to proffer solution to, so as to evaluate its importance on the economic development of Nigeria.
- OBJECTIVE OF THE STUDY
The major objective of carrying out this research is to evaluate small scale industry impact on the economic development of Nigeria.
I will also focus on the following areas
- To identify constraints such as fund and management of SMES
- To identify strategies that would be used in operation of MES in kwara state
- To examine the economic potential of SMEs on gross domestic products and creations
- To establish the importance of SMES as an option of economic developing recovery growth in Nigeria.
- To identify the role played in government towards the promotion and developing of SMEs
- To examine and identify the constraints such as funding and managing of SMEs
Finally, the research work will lay emphasis on the various agencies established by government to promote small- scale industries in Nigeria.
1.4 SIGNIFICANT OF THE STUDY
The research work carried out on the evaluation of small scale business on the development of Nigeria is of significant important to the academic world in various institutions.
The study is also helpful to small scale business enterprises as it would burden their knowledge efficiency and effectiveness in small scale business management.