THE ROLE OF SMALL-SCALE ENTERPRISES IN THE ACHIEVEMENT OF ECONOMIC GROWTH IN NIGERIA

Obi, James (2015) THE ROLE OF SMALL-SCALE ENTERPRISES IN THE ACHIEVEMENT OF ECONOMIC GROWTH IN NIGERIA. International Journal of Social Sciences and Humanities, 3 (1). ISSN 2141-1162

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Abstract

This article examined the role of small scale enterprises in the achievement of economic growth in Nigeria. The problems hindering the small scale enterprises from achieving their full potentials as the agents of growth and development were highlighted. Suggestions and recommendations were made with a view to solving the identified problems. One essential function of small scale enterprises is that they provide employment to large number of Nigerians residing in both the rural areas and the urban centres thereby helping to solve the nagging problem of unemployment in the country. When unemployed people are given gainful employment, it reduced the spate of social ills, such as, robbery, prostitution, advance fee fraud (419) and kidnapping in the society. The operation of numerous small scale enterprises also boosts trading activities because the employed people are earning money which they can spend in obtaining good and services. Descriptive research method was adopted in this article. The study population used consists of 50 small-scale enterprises chosen through simple random sampling from businesses operating in two states (Lagos and Anambra States). A total of 250 questionnaires were administered (that is five questionnaires for each of the 50 enterprises). Tables and percentages were subsequently used to analyze the data extracted from the completed questionnaires. Apart from other supportive facts and figures, more than 77.7% of the respondents strongly believed that small-scale enterprises in Nigeria serve as veritable instrument for achieving economic growth.

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