ENTREPRENEURSHIP AS A TOOL FOR SUSTAINABLE EMPLOYMENT FACTOR INFLUENCING BEHAVIOR AND PERFORMANCE OF INDIGENOUS ENTREPRENEURS IN LAGOS STATE (A CASE STUDY OF OSHODI/ISOLO INDUSTRIAL ESTATE)

ENTREPRENEURSHIP AS A TOOL FOR SUSTAINABLE EMPLOYMENT FACTOR INFLUENCING BEHAVIOR AND PERFORMANCE OF INDIGENOUS ENTREPRENEURS IN LAGOS STATE (A CASE STUDY OF OSHODI/ISOLO INDUSTRIAL ESTATE)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

One of the fundamental objectives of a responsible government is to ensure optimum standard of living. The post independence government adopted import substitution; large-scale industries by investing on large capital project which is predicated on the notion that “big is better” while “small is bad”. Small and medium enterprises were considered as outmoded and synonymous with technological backwardness. (Nnanna 2001). Even the Structural Adjustment Programme (SAP) introduced to restructure and diversify the production and consumption pattern of the Nigerian economy created painful effects on small and medium enterprises and forced many operators in this sector to fold up their operation (Oni 2002).

After many years of neglect, most developing countries have appreciated the linkage between technological and the role of indigenous entrepreneurs (i.e. small business enterprises). In Nigeria, assistance from national and international institutions are rendered for promotion of this subsector. Despite the substantial assistance of these institutions and the various restructuring programmes adopted by the successive Nigerian Governments, little progress has been made in improving the standard of living, a lot of Nigerian are yet to leave poverty, the Nigeria’s per capita income had been growing at 20.% annually hence it would take 35 years for the capita income to double from US$400 dollar to USD800 dollars (Lawal 2003). The decision of the federal government to withdraw from International Monetary Fund (IMF) in the interest of democracy, accountability and good. governance has created the need for the government to look inward and exploit the opportunities offered by these indigenous entrepreneurs through various programme initiated and supported by them.

Meanwhile studies on micro, small and medium scale enterprises have shown that entrepreneurs in these categories of business is a viable means of promoting self-reliance economic development as well as in accelerating the pace of industrial technology (Anyanwu 2000; Obitayo 2001; Lawai and Kio., 2001).

ENTREPRENEURSHIP AS A TOOL FOR SUSTAINABLE EMPLOYMENT FACTOR INFLUENCING BEHAVIOR AND PERFORMANCE OF INDIGENOUS ENTREPRENEURS IN LAGOS STATE (A CASE STUDY OF OSHODI/ISOLO INDUSTRIAL ESTATE)