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ABSTRACT
It also paid attention to the foundling of the small-scale business in Nigeria. Whereas failure of the large-scale import department assembly to propel the country into a satisfactory course of industrialization necessitate the demagnification of strategy to embrace the promotion of small-scale enterprises achievement under the new strategy has not been adequate with expectations of the stated objectives which were economic growth and development through the mobilization of available local resources, employment generation and industrial dispersal as well as mitigation of rural urban migration. Out of a population of eighty drawn from the selected bakeries, sixty seven were selected as the sample size using statistical sample tools (Taro Yamani). A questionnaire was designed and distributed to elicit information from the sample population; also data was sourced through primary and secondary sources. These data collected were presented and analyzed by means of tables and percentages. The hypotheses adduced were tested using such tools as chi-square. It was observed that to achieve economic growth and development to use, such as increasing availability of credit by raising interest rate ceiling and permitting a “spread” that makes it worthwhile for banks to lend to small-scale business or by increasing the number and range of investment etc. problems of small-scale business will be a thing of the past.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The contribution of small –scale business in fostering economic growth
and development has been well articulated in different areas of this
study .the specific attention on them based on their expected impact and
potential contribution on broad and diversified production base, as
well as their accelerative effect in achieving macro objectives
pertaining to full employment, income distribution and the development
of local technology. They are particularly most conducive for diffusion
of management skills and emulation of indigenous entrepreneurship
overtime.
Small business provides financial opportunity and a chance to develop
wealth. It is a place where creative, motivated individuals can use
their talents and expertise to the fullest, because it provides
satisfying careers and job opportunities and it’s also the back bone of
the market economy of the word. Every big business starts as a small
business, and it started with an entrepreneur (small business), who at
first, earns little or no profit. It was the new ideas of small business
that brought about Ekene Dili Chukwu Transport, the FAN Milk, Nnewi
“Tokumbo” parts, and even the many commercial banks in Nigeria. Untried
ideas become annulations that become concepts that changed the business
world. And so it goes. Small business is the basis for the economic well
being many developed nations including USA/Japan.
Entrepreneurship is what makes a small business successful.
Entrepreneurship occurs when an individual develops a new venture, a new
approach to an old business or idea, or a unique way of giving the
market place a product or service by using resources in a new way under
conditions of risk. Small business triumphs and entrepreneurship are
closely related to it. It is difficult to separate them.
The unemployment situation in the country coupled with the new
government instinctive towards easing social tensions among unemployed
youths, through the programmed of the National Directorate of Employment
(NDE), were intended to lure a lot of unemployed Nigerians, including
graduates into self determination through self employment. Graduates and
school leavers are now realizing that government and the established
private companies are not ready to come to their aid directly, through
paid employment due to the dividing state of the economy. Short of the
alternatives, Nigerians including our graduates are therefore launching
themselves into various small-scale business ventures, such as cottage
soap and cosmetics production, fairing, restaurants, fast food,
publishing, writing, block making, garri processing, food processing,
refuse disposal, taxi driving, cleaning services, weaving, baking
tailoring, advertising and other same business venture which depends
mostly on local raw materials. The determination to succeed is also fast
becoming the order of the day.
Government has been playing appreciative role in promoting the survival
and growth of small-scale enterprise in recognition of them flexible and
adaptive nature as well as their re-generative power in promoting
economic growth and development. Government also encourages people to
establish their own small business so as to reduce the problem of
unemployment in the country and also reduce the problem of importation
of goods, more so, to produce exportation products.
Government in believing that a dynamic and growing small manufacturing
sub-sector can contribute significantly to the implementation of a wide
range development effectives, has thus enunciated various policies to
encourage their proliferation and make them veritable engines of growth
and development. In the third and for the development plans and the
on-going three years rolling plan, priority has been accorded
industrialization with greater emphasis on small-scale enterprises. The
basic activities of government policies as maintained in the monetary
and fiscal policy measures, are to improve the financing and other
supportive services of small-scale business by expanding and improving
access to credit and infrastructural facilities, reducing their
production costs, boosting their profitability, enhancing their survival
and growth capacities as well as expanding their contributions to
non-oil exports by making their products competitive in the export
markets.
Hardly could any major industry succeed without the services of
small-business enterprise. The major goals of any profit oriented
business are to make profit. A company will make more profit if
statistics its customers need better them the competitors. Therefore in
the contribution of small-scale business, bakeries would produce what
the customers want and by so doing they maximize profit and only
bakeries that are effective and efficient can satisfy customer’s needs.
In reality, it is possible to run a business without profit for a time,
but it is not possible for to survive for one day without customers.
Customers are the central theme of any business. Without a total
commitment to them, contribution to economic growth and development will
have limited and brief effects.
1.2 STATEMENT OF THE PROBLEM
Bakery is in the production industry the quality of products rendered by
our Bakeries have been attracting criticisms from people in all works
of life. The civil servants, business men and the general public are all
very critical of production of cookies like bread, chi-chin, cake, meat
pie, boons etc. The complaints ranges from those of poor quality of
products, poor packages, high prices, poor delivery, shortage of skilled
manpower which affects productivity and restrain expansive the use of
potassium bromated which National Agency for food and Drug
Administration Commission (NAFDAC) banned for health purpose.
Most bakeries do not put their customers in the prime place as they
supposed to be. There is now keen competition and to compete means to
contribute to economic growth and development. Dickson (1971:4), agreed
with this view when he said that small scale enterprises are ploughed by
inadequacies and serious miss-uses of business records and business
information. The problem of poor or wrong location of an industry
affects its production. Such as nearness to raw materials, market,
sources of power and access to supply of labour and transport facilities
etc.
Government incentive in industries has previously directed to public
investment neglecting private initiative. But a diversified and
self-sufficient economy must take into consideration the importance of
private sector in capital formation.
1.3 OBJECTIVE OF THE STUDY
Based on the fact that one cannot build a house on a platter of gold
without encountering one or two hassles here and there, so in the
genesis and revelation of this work as the researcher encountered
several problems the course of writing, which ranges from lack of time,
financial and material constraints to the inability of reaching all
members of the sample due to transport problems and even those reached
tend not to render full co-operation thus the total number of people
interviewed became smaller.
Other limitations which the researcher encountered in the course of
writing are that some of questionnaires distributed to the respondents
were not returned despite one or two reminders sent to them, while those
that were delivered by hand were non-challantly filled. As such, there
have been criticisms about the bakery industries in the way they render
services to their customers. i.e. They do not see the customers as king
lot in terms of national output and employment. Moreover, Nigeria has
various policies on small-scale enterprises in recent National
development plan and also in the structural Adjustment programmed (SAP).
The researcher wants to carry out a research on what bakeries do and
the role they play in economic growth and development the researcher
also wants to have an idea base either to support all the sources about
the poor impression people have on how to improve their production so as
to contribute effectively in national economic growth and development.
Bakeries can do more individualized jobs for customers and thereby
attract them on the basis of specialty product quality and personal
services rather than on the impersonal of price or mass production of
largely identical business. Based on the above, the need for studying
this topic is to show the effectiveness of small-scale business in
national economic growth and development.
1.4 RESEARCH QUESTIONS
The importance of small scale business in the promotion of economic
growth and development has always been at the forefront of development
strategies. However, many developing countries have failed to adopt this
strategy owing to their belief that it is a relatively show process of
industrialization which may not be very compatible with their desire to
“catch up” with the industrial countries. This along with the relative
availability of foreign exchange (particularly through foreign grants
and export of basic commodities) in the early days of independence has
encourage many of those countries to follow a different mode of
industrialization for transition from a largely gravis ion society to a
modern industrial sector including Nigeria, adopted import substitution
strategy of industrialization aimed mainly at producing domestically
consumer goods that were erstwhile imported. This strategy of
industrialization often requires continuous dependence on major
supplier’s over-seas for the provision raw materials and spare parts
needed for uninterrupted production in these industries.
Therefore, the aim of this study is to know:
1. Whether or not small scale business provides opportunities for individual freedom and economic growth and development.
2. To know if small business community makes a significant contribution to our total economic system as suggested earlier
3. To find out whether or not bakery industry contribute to the economic growth and development of the country.
4. If customers are satisfied by the services tendered by bakeries
5. To formulate business strategies and make recommendations that would be more effective in bakery industries.
1.5 RESEARCH HYPOTHESES
To guide the investigation of the issue raise in the problem definition. It is hypothesized that:
HYPOTHESIS 1
H0: Small-scale industry does not contribute to economic growth & Development
H1: Small-scale industry contributes to economic growth development.
HYPOTHESIS 2
Ho: Lack of finance is the major problem facing small-scale business
Hi: Small-scale business does not have any problem in terms of Finance.
HYPOTHESIS 3
Ho: Bakeries do not encourage the use of local resources in larger Scale in Nigeria
Hi: Bakeries encourage the use of local resources in larger scale in Nigeria
1.6 SIGNIFICANCE OF THE STUDY
This study is very timely, especially today that all hand is on desk to
enhance the development and growth of the Nigeria’s economy through the
small scale enterprises. This study will be of immense benefits to
cottage enterprises as well as other small and medium scale enterprise.
Furthermore, the research work will serve as a secondary data to future researches on small and medium scale enterprises.
Finally, this work is of importance to the researcher in the following ways.
2. It will expose and enable him to know more about the organization. Enterprises under study.
3. It will enable him to more about the role, which small and medium scale enterprises play in Nigeria.
4. It will also enable him to know the different meaning/definitions and classifications of small and medium scale enterprises.
1.7 SCOPE OF THE STUDY
The scope of this study i.e. small scale enterprise is very wide it had
to be carried out in all small-scale industries in Nigeria.
1.8 LIMITATION OF THE STUDY
The study is therefore limited to bakeries industries in Enugu Urban
because of time and material resources to see to the whole nation.
1.9 DEFINITION OF TERMS
NAFDAC: National Agency for Food and Drug Administration Commission
SAP: Structural Adjustment Programmed
REFERENCES
Aguolu, P. S. (1998). Financial Management, 2nd Edition, Aba: Model Academic Publishers Ltd
Harry, D. & Melane, E. (1993). Core Business Studies Finance, London: Mike Mardes Publishers Ltd
Uche, C. (1996). Principle of Public Finance, 1st Edition, Onitsha: Constrag Communication Ltd
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