The relative importance of small scale industries in advanced and developing countries like Nigeria has led to a reconsideration of the role of Small Scale Enterprises in the economy of nations. The development of many countries is often measured by such indices as the level of industrialization, modernization, urbanization, gainful and meaningful employment for all those who are able and willing to work, income per capital, equitable distribution of income, and the welfare and quality of life enjoyed by the citizenry. There is no doubt that small scale industries exist in most economic environment. The historical background of small and medium scale industries in Nigeria can be traced back to 1946 when the essential paper No. 24 of 1945 on “A Ten year plan of development and welfare of Nigeria 1946 was presented. Small and Medium Scale Enterprise is an all-time necessity. In recognition of the depth and breadth of the consequences of small-scale industries in alleviating poverty and national development, there has been a deep-self interest in recent years for development of Nigerians small-scale industries particularly since the adoption of the economic reform in 1986. The small and medium scale industry is seen as a key to Nigeria’s growth and alleviation of poverty and unemployment in the country. Therefore, promotion of such enterprises in developing economies like Nigeria is of paramount importance since it brings about a great distribution of income and wealth, economic self-dependence, entrepreneurial development employment and a host of other positive, economic uplifting factors (Aremu, 2004). Moreover, in a country like Nigeria with an adverse Balance of Payment situation, the growing contribution of the Small Scale Industries sector in Nigeria’s export portfolio goes a long way in generating foreign exchange and smoothening out the adverse Balance of payment situation. Hence, this study will examine the role of small scale industries in economic development of Nigeria.

You either get what you want or your money back. T&C Apply

Talk to us right now: (+234)906-451-7926 (Call/WhatsApp)

---