THE IMPACT OF STRATEGIC PLANNING TO THE DEVELOPMENT OF SMALL SCALE AS A MEANS OF REDUCING UNEMPLOYMENT
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- NGN 5000
Background Of Study
Nigeria is bedeviled by a myriad of problems which, despite her oil wealth, inhibit her development and even threaten her continued existence as a sovereign state. Nigeria’s socio-political and economic circumstances give the significant indication that many of her problems stem from an origin of artificial colonial construct which lumped together a variety of separate peoples. Fragmentation of the nation is seen as a distinct possibility unless its citizens can be induced to accept a new sense of Nigerian identity, involving a commitment to the survival of the present state as a cohesive entity. This would necessitate a number of radical changes, not only in the political and economic structure of the country but also in the psychology of the people.
\Nigerians have lived through series of administrations underdifferent governments, and the question still arises, ‘is Nigeria a nation at all?’ A critical look at what the government calls reform reveals a personally instituted concept of governance, filling the seats of power with those they believe to be their kin, rather than have professionals in the positions of merit, and a breed of people typified by their integrity of heart, ingrained in the training and qualifications they have received in the course of service to the nation. The increasing number of those who are not gainfully employed or adequately educated in the country, remain preys as political tools of violence as it has been seen in the history of violence occurring in the country over a period of time. The country has depended much on oil as its major source of revenue for years, however, the current administration also fails to recognize that the future of the country may very well depend on the economy of its people(the youths), which is possibly the only untapped, ill harnessed, most lucrative resource of the country. If it remains this way in the next ten years, putting into consideration the effect of increased poverty, lack of employment, poor educational system, it is unpredictable what the result will be. The table below shows the statistical data of the rate of unemployment and the population rate from 2006 to 2011 in Nigeria. It is the result of a survey carried out by the National Bureau of Statistics and shows that persons aged 0-14 years constituted 39.6%, those aged between 15-64 (the economically active population), constituted 56.3%, while those aged 65 years and above constituted 4.2%. Analysis of employment data for the past 5 years show that the rate of new entrants into the labour market has not been uniform in the past five years.
The rate was on the increase from 2007 to 2009 but declined significantly from 2009 to 2010. The rate increased again from 2010 to 2011. Within the five year period, there has been an average of about 1.8 million new entrants into the active labour market per year.
Governments, or local leaders, who are generally not held accountable for how much money is spent, and how education systems are managed. Sufficiency attitude – What is provided for the poor is not good enough
Inadequate pro-poor infrastructure or support systems this makes it difficult to implement successful poverty eradication interventions
A lack of systematic tracking of pro-poor interventions – in this way, it is extremely difficult to know if the activities and programmes implemented have had any impact at all. Nigeria cannot combat the ills of the society just by raising its budget; there should be a strategic systematic approach to education that would bridge the gap between its service delivery and its effectiveness in the country.
1.2 Statement Of The Problem
Akingbolu (2014), Okezie, Odii, and Njoku (2013) has documented that 70% of SMEs fail in their first three years of operations in Nigeria because of their economy of scale. This is coupled with the dynamic nature of the environment, greater competitive firms and the need for continuous innovation. Product customization and growing use of ICT, forces firms to face challenges of improving their competitiveness. These difficulties are greater for the highly competitive environment for small scale businesses which negatively affect their Return on Investment (ROI). The inability of top management of SMEs to properly analyze the market is one of the leading causes of reduction in Return on investment (ROI) for SMEs (Aaker, Kumar & Day, 2008). This is as a result of their inability to formulate and implement appropriate competitive strategies for diversification, to fulfill their role of being an industry low cost provider, developing expertise and creating a niche for their companies that will allows for SME Development.
1.3 Purpose Of The Study
The general aim of this study is to critically evaluate the impact of strategic planning to the development of small scale as a means for reducing unemployment. Specifically, the study is set;
1. To appraise if there are SMEs business strategies that differentiate them from competition.
2. To explore the SMEs competitive priorities that outperform competitors.
3. To ascertain ways in which SMEs contribute to the reduction of unemployment in Nigeria.
4. To see if the current strategic planning of SMEs has reduced unemployment
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