EFFECTS OF SMALL SCALE BUSINESS IN THE DEVELOPMENT OF NIGERIAN ECONOMY

EFFECTS OF SMALL SCALE BUSINESS IN THE DEVELOPMENT OF NIGERIAN ECONOMY

ABSTRACT

The main purpose of this study is to know the roles and efforts of Small Scale Business Enterprises in the Nigerian Economic Development. Every nation no matter the nature and rate of available human and material resources under its disposal can hardly attain growth and economic development if the small scale business sectors of such nature is neglected or not given adequate financial supports cum other incentives that makes for the survival of these business. Therefore, the study has tried to unfold the fundamental ways through which both the government and every other persons concerned should put hands together towards the encouragement and development of the small scale business which have been argued to provide not less than ninety percent (90%) of the available employment opportunities to any nation that knows the best way to optimally support these neglected sector of the economy. In view of this, the researcher have carried out a detailed survey on this subject with the use of questionnaire, oral interview and close look at the view of other scholars; which serve as immense help to this project. The result of the study was presented and analyzed using tables of the study, recommendations and conclusions were made, the APA style was used in the bibliography.

CHAPTER ONE

1.0 INTRODUCTION 
1.1 BACKGROUND OF THE STUDY
Most of the world renowned companies and organizations started as a small scale business with skills and efforts they grew up to the conglomerated and multinational companies of today.
Small scale business occupies a unique position in the economy of any nature and they are the bedrock of any economic development. They constitute of the cornerstone of any competitive economy and by far outnumber the large scale business. Also, they provide large scale business, more fertile ground for creativity and entrepreneurship. Hence, as a result of easy entry into the market, small scale business spring up all the time keeping the competition environment lively, a phenomenon that leads to productivity gains and real economic growth, apart from the fact that they generate employment opportunities, they are closer to the grass root and so on, ginger rural development. They are less capital intensive and do not require gigantic infrastructure for their operation.
Being part of the economic system, small business entities are faced with numerous problems, particularly funding and many ways these are very different from the financial problems on large concern. However, the principles underlying financial decision are similar irrespective of the size of the business, hence, the basic goal so financial management through acquisition, anticipation and allocation of funds equally apply to small scale business.

EFFECTS OF SMALL SCALE BUSINESS IN THE DEVELOPMENT OF NIGERIAN ECONOMY