PROSPECTS AND CHALLENGES OF SETTING UP SMALL SCLAE BUSINESSES IN NIGERIA

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PROSPECTS AND CHALLENGES OF SETTING UP SMALL SCLAE BUSINESSES IN NIGERIA

TABLE OF CONTENTS

Table of contents ………………………………………………………………vii

Abstract …………………………………………………………………………x

CHAPTER ONE: INTRODUCTION

1.1 Background to the study …………………………………………………1

1.2 Statement of the Problem…………………………………………………………4

1.3 Research objectives………………………………………………………7

1.4 Research Questions……………………………………………………….8

1.5 Research Hypotheses……………………………………………………..9

1.6 Significance of the Study…………………………………………………9

1.7 Scope of the study…………………………………………………………11

1.8 Chapter summary………………………………………………………..11

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Introduction……………………………………………………………..13

2.2 The Concept of Small Scale Business……………………………………13

2.3 Historical Development of Small Scale Businesses in Nigeria………..18

2.4 The Benefits of Small Scale Businesses to the Economic Development of Nigeria……………………………………………………………………………21

2.5 Government Measures in Promoting Small Scale Businesses in Nigeria…………………………………………………………………………….27

2.6 Challenges of Small Scale Businesses in Nigeria……………………….31

2.7 Prospects of Small Scale businesses in Nigeria…………………………36

2.8 Chapter Summary……………………………………………………….40

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction……………………………………………………………….41

3.2 Research Design…………………………………………………………………….41

3.3 Population of the Study………………………………………………….41

3.4 Sample and Sampling Techniques……………………………………….42

3.5 Techniques of Data Analysis………………………………………………43

3.6 Justification for the use of the Techniques……………………………….45

3.7 Sources of Data……………………………………………………………..45

3.7. 1 Primary Sources of Data………………………………………………….45

3.7.2 Secondary Sources of Data………………………………………………..46

3.8 Weaknesses of the Methodology……………………………………………46

3.9 Chapter Summary……………………………………………………………47

CHAPTER: DATA PRESENTATION AND ANALYSIS

4.1 Introduction………………………………………………………………48

4.2 Data Presentation and Analysis…………………………………………48

4.3 Testing of Hypotheses……………………………………………………56

4.4 Interpretation of Findings………………………………………………65

4.5 Chapter Summary……………………………………………………….67

CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

5.1 Summary of Findings……………………………………………………68

5.2 Conclusions………………………………………………………………72

5.3 Recommendations ………………………………………………………76

5.4 Limitations………………………………………………………………..83

5.5 Areas for Further Research……………………………………………..83

Bibliography…………………………………………………………………..85

Appendix I…………………………………………………………………….94

Appendix II……………………………………………………………………95

ABSTRACT

The rising failure rate of small scale businesses in Nigeria is a serious problem demanding for urgent attention. In respect of this, the research project examined small scale businesses in Nigeria and in relation to those challenges which affect small scale businesses from realizing their full potentials as well as the prospects for improvement and development. The chi-square(X2) model test was applied on the data obtained through questionnaires from some selected small scale businesses in Aliade town. The findings indicate that inadequate infrastructure, paucity of finance, lack of qualified personnel ,and poor accounting records ,in that order, are the major challenges affecting small scale businesses in Nigeria. Out of the 90 respondents that participated, 41%, 28%, 17% and 14% respectively considered poor infrastructure, paucity of finance, unqualified personnel and poor accounting records as the greatest impediment to the survival of small scale businesses respectively. It is suggested therefore that reviving the small scale businesses with strengthened commitment to economic reform would offer a turning point in facilitating the recovery of Nigeria economy and national development. The collective efforts of both the government, Non-Governmental Organizations, stakeholders, and small scale businesses’ operators is advocated.

CHAPTER ONE

INTRODUCTION

1.1 Background to the study:

The process of industrialization is very important to all nations, both developed and developing (Allah, 1988). In achieving economic growth and development, the establishment of vibrant businesses becomes an issue of emphasis. This, as noted by Oyeyide (1973), is in recognition of the fact that industrialization seems much easier to push when the vibrancy of businesses is maintained.

1.2. Statement of the Problem.

The rising failure rate of small scale businesses in Nigeria is a serious problem demanding for urgent attention (Fabayo, 2009). This problem is deeply felt considering the fact that small scale businesses, which are adjudged the engine of economic growth and development have lost their pride of place in the Nigerian

1.3 Objectives Of the study:

Given the vital roles and contributions which small scale businesses play in other developed and developing economies and considering the ongoing reforms by the government of Nigeria, which are essentially targeted at creating wealth, alleviating poverty, generating employment, re-orientating values, and stimulating real economic growth, it becomes compelling for the small scale businesses to be revamped, overhauled, and energized toward playing their expected roles. This research comes in with the intention of identifying the challenges militating against the success of small scale businesses in Nigeria. This will pave the way for recommendations for addressing and, if possible, eliminating them so that small scale businesses could occupy their pride of place. To achieve this, the project will attempt the following:

1.4 Research Questions:

The questions this research intends to answer revolve around proffering solutions to the critical challenges hindering small scale businesses in Nigeria from improving and stabilizing their performance and hence attending their expected roles in the economic development of Nigeria. The questions to be answered include:

1.5 Research Hypotheses:

In line with the above questions, the following conjectural statements which are subject to verification are made:

1.5 Significance of the study:

This research work, when successfully completed, will be uniquely relevant in a number of ways. This is highlighted hereunder.

Considering the incessant dwindling of small scale businesses, it becomes urgent that measures be embarked upon to restore them to their pride of place as the engine to the economic development of Nigeria. However, it is contended that, the first step to problem solving is the identification of the problem itself. Hence, the challenges so identified will help in revamping, overhauling and energizing small scale businesses to restore them to their pride of place in reducing crippling poverty, embarrassing high unemployment rate, and economic stagnation. In this wise, the solutions proffered will be of a useful guide. This study will also be of great benefits to the small scale business entrepreneurs, owners, present or potential in creating awareness as to those challenges. The recommendations given will be of immense help to them in combating the challenges.

This study will also be of tremendous benefits to researchers, students, who would want to advance knowledge in the pursuance of further research works relating to this work.

Above all, the study, upon completion, will contribute knowledge aimed at complementing stakeholders’, Non-governmental Organizations’, and governments’ efforts to improving the economic development of the country. The project is therefore, a “must read” to all and sundry.

1.7 Scope of the study

This research work is centered on the challenges and prospects of small scale businesses in Nigeria. However, this is considerably vast. Therefore, for easier and smooth conduct of the study, efforts will be made to dwell mostly on some selected small scale businesses in Aliade town, Benue state.

The above becomes necessary as the project work is constrained by limited time and lack of sufficient funds. However, regardless of the limitations, possible generalizations can be made as the small scale businesses under focus would be used to represent the entire small scale businesses in Nigeria.

1.8 Chapter Summary

The incessant dwindling of small scale businesses in Nigeria is worrisome. This must be investigated upon, considering the cardinal position these businesses occupy in relation to the economic growth and the development of the Nigerian economy. Poised by the desire to unravel the challenges facing the small scale businesses sub-sector, the researcher delves into this project work. Accordingly, chapter one sets the ball rolling with the background to the study, statement of the problem, objectives of the study, research questions, the research hypotheses, significance of the study, as well as the scope of the study.

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