A REVIEW ON THE CONTRIBUTIONS OF SMALL SCALE BUSINESS ENTERPRISES TO ECONOMIC DEVELOPMENT (A CASE STUDY OF OIL FIELD TRANSPORT)
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- 1-5 Chapters
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- Chi-Square
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKROUND OF THE STUDY
Before the onset of oil exploration in the early 1970s, the Nigerian economy was primarily agricultural. Nigeria was not considered a wealthy country at the time, but the country could feed itself enough and the economy was thriving. At the time, agricultural products accounted for 85% of the country's export earnings. During this time, Nigeria has also made a concerted effort toward the autonomous nation's economic growth. Most enterprises propelling the nation's activities were primarily large-scale enterprises set up by the federal government that were capital intensive, and these enterprises were mostly operated by foreigners. Other industrial plants in the economy at the time were owned by Europeans and managed by their experts.
Nwoye (2015) opined that the oil boom era moved the nation's focus away from agriculture and toward crude oil. Nigeria had a lot of money, but that was only the beginning of the country's economic problems. Due to mismanagement by the country's leadership, which resulted in conspicuous extravagant spending, the economy was unable to move forward, and the country began to suffer from economic depression symptoms such as inflation, mass unemployment, high foreign debts, money devolutions, and many others.
In reaction to these shortcomings of large-scale firms, as well as the overall economic downturn, the government attempted to encourage small-scale enterprises as a strategy for achieving self-sufficiency and the only way to compete in an industrialised economy. The government has championed a campaign encouraging citizens, particularly the unemployed, to be innovative and self-employed. In addition, several funding programmes and employment schemes have been developed at both the state and federal levels. Some of these programmes include the National Economic Empowerment Development Strategy (NEEDS), the Small Scale Industry Credit Scheme (SSICS), the National Directorate of Employment (NDE), the Federal Office of Statistics, and the Niger Delta Development Commission (NDC), which provide loans to small scale industrial owners.
To demonstrate the importance of this sector and the potential it has in promoting an industrialised and self-sufficient economy, the government national development plan of (2000-2010) explicitly stated the main objectives of the programme geared toward the development of small scale industries as job creation and mobilisation of local resources. According to Nzelibe (2016), these will be accomplished by providing small-scale entrepreneurs with complementing aid in financial management, technical conceptualization, and human relations skills. The primary vehicle for managing development centres (ADC) and the state's small-scale industrial strategy.
Smaller businesses are more adaptable and eager to capitalise on new opportunities. As a result, a small-scale firm supports indigenous entrepreneurship, which aids in the development of our rural regions and the reduction of rural-urban migration. As a result, it is unquestionably understood that small-scale private enterprise is the bedrock of any nation's industrialization.
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