THE CONTRIBUTIONS OF SMALL BUSINESS ENTERPRISES TO THE GROWTH AND DEVELOPMENT OF NIGERIA’S ECONOMY (A CASE STUDY OF SELECTED SBES WITHIN IKEJA LOCAL GOVERNMENT AREA)

THE CONTRIBUTIONS OF SMALL BUSINESS ENTERPRISES TO THE GROWTH AND DEVELOPMENT OF NIGERIA’S ECONOMY (A Case Study of Selected SBEs within Ikeja Local Government Area)

ABSTRACT

The main purpose of this research project is basically to determine whether small business enterprises contribute to the growth and development of Nigerian’s economy and to identify the problems and challenges of small businesses in Nigeria. It also identifies the extent of government financial assistance to the small business enterprises.

The core research questions and hypotheses for this study were: are small businesses contributing towards improving the Nigeria’s economy? To what extent is the availability of credit facilities contributing to the survival of small business enterprises, small business enterprises do not contribute towards improving the Nigeria’s economy, the availability of credit facilities do not contribute to the survival of small business enterprises.

A hundred and ten questionnaires were distributed randomly to stratified groups within Ikeja Local Government Area. Hundred respondents duly filled and returned the questionnaires. This constitutes the sample size. Out of this number, eighty-seven were male while thirteen were female. A 5 – point likert scale was developed and validated to collect information from the respondents.

The data collected was analyzed with basic descriptive statistics such as frequency and simple percentages. Chi­-square analysis was also made. The core findings from the results obtained show that small business enterprises are faced with numerous problems like inadequate capital, inadequate raw materials, inconsistency in government policies and a host of others. It was discovered that there is a prospect for the small business enterprises because of various schemes put in place by the government and also if government’s good policies are well implemented, the sky will be the limit for small businesses enterprises in Nigeria. A survey was carried out by means interviews and questionnaire. This showed that the contributions of small business enterprise to the growth and development of Nigeria’s economy is positive. There are also various remarks and recommendations in the study and if all these are strictly adhere to there will be a great improvement in the performance of small business enterprises which will be for the betterment of all.

THE CONTRIBUTIONS OF SMALL BUSINESS ENTERPRISES TO THE GROWTH AND DEVELOPMENT OF NIGERIA’S ECONOMY (A Case Study of Selected SBEs within Ikeja Local Government Area)