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1.1 Background To The Study
The role of Small and Medium-Scale Enterprise (SMEs) in the national economy cannot be underestimated. These enterprises are being given increasing policy attention in recent years, particularly in third world countries partly because of growing disappointment with results of development strategies focusing on large scale capital intensive and high import dependent industrial plants. The impact of SMEs is felt in the following ways: Greater utilization of local raw materials, employment generation, encouragement of rural development, development of entrepreneurship, mobilization of local savings, linkages with bigger industries, provision of regional balance by spreading investments more evenly, provision of avenue for self-employment and provision of opportunity for training managers and semi-skilled workers. The vast majority of developed and developing countries rely on dynamism, resourcefulness and risk tasking of small and medium enterprises to trigger and sustain process of economic growth. In overall economic development, a critically important role is played by the small and medium enterprises. Small and medium enterprises advocates, firstly, it endurance competition and entrepreneurship and hence have external benefits on economy wide efficient, and productivity growth. At this level, perspectives are directed towards government support and involvement in exploiting countries social benefits from greater completion and entrepreneurship. Secondly, proponents of SME support frequent claim that SMEs are generally more productive than large firms but financial market and other institutional improvements, direct government financial support to SMEs can boost economic growth and development. Some argued that SMEs expansion boosts employment more than large firm growth because SMEs are more labour intensive thereby subsidizing SMEs may represent a poverty alleviation tools, by promoting SMEs and individual countries and the international community at large can make progress towards the main goal of halving poverty level by year 2020 i.e to reduce poverty by half and becoming among 20 largest World Economies (Nigeria Vision 20:2020). Entrepreneurial development is therefore important in the Nigeria economy which is characterized by the following heavy dependence on oil, low agricultural production, and high unemployment, low utilization of industrial capacity, high inflation rate, and lack of industrial infrastructural base. These constraints limit the rate of growth of entrepreneurial activities in Nigeria. Hence, this paper seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development.
1.2 Statement Of Problem
The Nigerian economy since the attainment of political independence in 1960 has undergone fundamental structural changes resulting to structural shifts which have however not resulted in any significant sustainable economic growth and development to ensure adequate employment opportunity for her youths. Recently, available data show that the Nigerian economy grew relatively in the greater parts of the 1970s, with respect to the oil boom of the 1970s whose extreme profits resulted to wasteful expenditures in the public sector leading to dislocation of the employment factors and also distorted the revenue bases for policy planning. This among many other crises resulted in the introduction of the structural adjustment programme (SAP) in 1986 and the recent economic reforms. The core objective of the economic structural reform is a total restructuring of the Nigerian economy in the face of population explosion (Douglason et al, 2006).
This paper seeks to explore the relationship between small as a platform toward reducing youth unemployment and the promotion of socio-economic growth and development in Nigeria. Specifically, it assesses past government efforts aimed at reducing unemployment, as well as examine the major factors/constraints that hinder entrepreneurship. It concludes by proposing some strategies that can promote effective entrepreneurship culture.
1.3 Objectives Of The Study
The objective of this study can be stated as follows:
1.4 Research Questions
The questions for this research are
1.5 Statement Of Hypotheses
Formulation of hypothesis
H1: there is a role played by small scale business to economic development
H1: There is a significant effect of small scale business on Nigeria economy
H1: That small scale business contribute to economic development.
1.6 Significance Of The Study
The significance of this research work is to evaluate and analysis the role of small scale business in the economic development of ogun state. It is hoped that it would contribute to the promotion of the existing frontier or boundary between human knowledge.
1.7 Limitation To The Study
The limitations of this research work were time constraints and financial assistance inability to reach poor rural households (Robinson, 2001).
1.9 Operation Definition Of Terms
BUSINESS: – According to R.F Abban (1989:2) designed business as on institution or organization established to supply. The aim of the organization may be either to make profit or to provide certain services to the people. Also, business is exchange of goods, money or services for mutual benefit.