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THE ROLE OF FEDERAL
GOVERNMENT IN THE PROMOTION OF SMALL SCALE BUSINESS IN NIGERIA
CHAPTER ONE
1.0 INTRODUCTION
Small and medium scale business constitute an important
component of the Nigerian industrial sector. The importance of this sector
cannot be over emphasized, especially in a typical developing country like ours
where the level of youth unemployment is rising beyond control. Hence small and
medium scale industries generate employment opportunities per unit of capital
investment because they are generally more labour intensive which are more
capital in nature. A large scale industry that cost N20million for instance,
may employ a mere 70 (seventy) workers or less. Where as a small and medium
scale industry that cost just N150,000 (one hundred and fifty thousand naira)
may employ about 20-30 workers.
Small and medium scale business specialized in the production
and marketing of various products and services ranging from food, beverages,
drinks/sachet water, cosmetics, spare parts and many others.
Kilby (1969) acknowledge the diversity of terms of the degree
of specialization and division of labour and the quantity of raw materials and
output and the character of markets being served by small and medium scale
businesses. As a result the bulk of Nigerian business falls within the small
and medium scale business which account for over 80% of the number of enterprises
in the country. (Ekunna 1992 Pg.160)
Several number of small and medium scale business are
successful while other fail or are staggering for survival due to poor
background management, lack of qualified manpower, poor capital base, lack of
marketing research and appropriate technology and credit rating among banks and
other lenders. These problems continue to militate against the establishment,
survival and growth of small and medium scale business in Nigeria. Although
successful government in Nigeria have been emphasizing on the importance of
small and medium scale business and have established institutional support
agencies to facilitate industrialization.
However, small and medium scale business still operate in
uncertainty and are faced with serious obstacles, this raises the questions of
whether the federal government is
actually up to the responsibility in the promotion of small and medium scale
business in Nigeria.
1.1 OBJECTIVE OF
THE ESSAY
The main objectives of this study is to evaluate the impact
of federal government in the promotion of small and medium scale business in
Nigeria. This study will specially seek to achieve the following:
a. To evaluate the
marketing challenges facing small and medium scale businesses.
b. To identify the sources
of funds to the activities of the industry.
c. To find out the
extent of government involvement in
promoting the activities of the business.
d. To bring to light
the contribution of the industry to the development of national diploma in
marketing.
Finally, it is myhope that the students of marketing and
others in related discipline will find this study very informative and useful
tool in their respective studies.
1.2 SCOPE OF THE
STUDY
As the title of this essay indicates, the study focuses its
attention to federal government support to small and medium scale business
enterprises in Nigeria, it causes various policy, guidelines, direct and
indirect financial assistance and other programs and initiatives designed to
promote this vital sector of the country.
1.3 SIGNIFICANCE
OF THE ESSAY
The significance of this study lies basically on its
contribution to knowledge and its benefits to individual and organization. The
current economic crises in Nigeria has deciminated the growth of infant industries
and encourages the establishment of similar business venture in both small and
large scale proportions.
Although successful governments have vowed to support
individuals and group initiatives in the establishment of small and medium
scale businesses.
The current state of most small and medium scale business in
Nigeria is a far cry particularly when structural adjustment programme (SAP)
was introduced, which brought about the problem of devaluation of the naira and
the scarcity of foreign exchange of raw materials from abroad which has
adversely affected production unit especially under a depressed economy.
This study is an attempt to evaluate the role of government
in the promotion of small and medium scale business in Nigeria as a country.
1.4 DEFINITION OF
TERMS
The following terms and abbreviations used in the extended
essay are defined below:
a) (SSICS) Small and
medium scale Industries Credit Scheme
(SME) Enterprises
(NIDB) Nigerian Industrial Development Bank
(NERFUND) National Economic Reconstruction Fund
(NDE) National Directorate of Employment
b) Small and medium
scale enterprise: Apart from size, it is a type of business that is self
initiated, largely self financial, closely self managed and is of relatively
small in size when considered as part of the industry.
c) Management: Is the
part of loaning organizing, directing and motivating others so as to enhance
productivity with maximum utilization of available resources and achieving the
organizational goals or objectives.
d) Resources: These
are the primary inputs that needs to be put together into function before the
proper management activities really take place. These activities include; men,
materials , money and machines.
e) Enterprises: This
is one of the fundamental principles of management that is concerned with the
division of labour and assigning of responsibilities with authority for the
well being of business unit.
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