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PROMOTION OF SMALL
SCALE ENTERPRISES AND THEIR CONTRIBUTION TO THE ECONOMIC GROWTH OF NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
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. SMEs have been fully recognized by
government and development experts as the main engine of economic growth and a
major factor by extension in promoting the realization of the financial systems
strategy 2020. This is because the development of this sub-sector is an
essential element in the growth strategy, not only in contributing to improved
standard of living; they also bring substantial local capital formation and
achieve high level of productivity and capacity.
From a planning stand point, SMEs are increasingly recognized
as the principal catalysts for achieving equitable and sustainable industrial
diversification and dispersal and in most countries SMEs account for well over
half of the total share of employment, sales and value added (Udechukwu, 2003).
This is not surprising because the industrial sector in Nigeria has no
significant record of meaningful contribution to economic development since
independence in 1960 because it has not experienced any notable growth,
traceable to indigenous industrial entrepreneurship (Adewale, 2007). The
Nigerian economy, since the early seventies, has been dependent on oil
products. As a result of the enormity of revenue generated from oil, very
little attention has been paid to proper development of the industrial sector.
The reason for the lacklustre performance of the industrial sector is mostly
associated with the poor attention paid to the promotion and development of the
small and medium scale sub-sector, which is accepted worldwide to be the engine
of economic growth and the basic foundation for the industrialization process
of any nation that desires to experience solid development. This is more so
because entrepreneurship development is a critical aspect of skills development
and keystone for economic revival and growth.
Furthermore, the vital role of small and medium scale enterprise
(SMEs) as the only authentic foundation for accelerated industrialization,
growth and development, as witnessed in all the Newly Industrialized Countries
of South East Asia, referred to as Asian Tigers, is recognized for its
accelerative effect in achieving macro-economic objectives such as full
employment, income distribution, development of local technology and
stimulation of indigenous entrepreneurship, mitigation of rural-urban
migration, support and linkage of the entire industrial sector by training of
semi-skilled and non-skilled manpower as well as the manufacturing and supply
of spare parts and raw materials to large scale industries.
1.2 STATEMENT OF THE PROBLEM
Several studies have identified financial constraint as the
major obstacle to Small and Medium Scale Enterprises Development in developing
countries including Nigeria. For instance, Adelaja (2003) argued that the
access to institutional finance has always constituted a pandemic problem for
SME development in Nigeria. He recalled that in the past, a number of schemes
have been put in place to provide special credit lines/windows for SMEs but
this achieved very limited impact.
The primary focus of this study emanates from the fact that
small scale enterprises owners do not have sufficient finance to carry on their
due to the low saving culture of the people in this part of the world. The
reason for this is not far fetch: low level of income basically. While it is an
established fact that Small and Medium Scale Enterprises face financial challenges,
no research has been conducted to investigate the effect the financial problem
on their contribution to economic development. Asaolu et al (2005) and many
other authors and researchers have deduced that the financial challenges mar
the developmental role of Small and Medium Scale Enterprises. But this may not
be true especially in the case of Nigeria where the informal sector, which is
constituted largely by the Small and Medium Scale Enterprises play a very
important role in the development of the nation’s economy. Therefore, this
study seeks to evaluate the promotion of Small and Medium Scale Enterprises
(SMEs) in Nigeria and their contribution to economic growth.
1.3 OBJECTIVES OF THE STUDY
The main purpose of this study is to identify and consequently
analyze the most effective and efficient way through which Small and Medium
Scale Enterprises could be financed and promoted.
In view of the above, the researcher intends to find out the
following:
The role played by government towards promotion and
development of Small and Medium scale Enterprises (SMEs).
1. To examine the
contribution of Small and Medium scale Enterprises (SMEs) to the economy of
Nigeria.
2. To identify the
financial constraints confronting the promotion of Small and Medium scale
Enterprises (SMEs).
3. To find suitable
strategies that will improve the development, growth and survival of Small and
Medium scale Enterprises (SMEs).
1.4 RESEARCH QUESTIONS
The study would examine the following questions:
1. What is the trend of financial support given to SMEs in
Nigeria?
2. What impact do Small and Medium Scale Enterprises make to
Nigeria’s economic growth?
3. What contribution has the financial system made to the
growth of SMEs in Nigeria?
4. How could the growth of Small and Medium Scale Enterprises
be enhanced in Nigeria?
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