THE STRATEGIES FOR ENHANCING AND PROMOTING CAPITAL FORMATION AMONG SMALL SCALE ENTERPRISES IN NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
EXCERPT FROM THE STUDY
According to Tolentino (2016), small businesses are the backbone of national growth. A country cannot afford to disregard the value of its indigenous micro and small scale companies (MSEs) and the contributions they make to the country's economy if it is to attain its full potential in terms of economic and social development. In this regard, trade liberalization and the facilitation of foreign direct investment must go hand in hand with a concerted effort to support the growth and development of small businesses in order to boost development (Tolentino, 2016).
For example, according to a 2004 research conducted by the Federal Office of Statistics, 97 percent of all enterprises in Nigeria employed less than 100 people. As a result, 97 percent of all businesses in Lagos State fell under the category of "small business." On average, the micro and small firm sector employs half of Nigeria's workforce and generates half of its industrial production. No government can afford to overlook such a significant economic contributor. The number of micro and small businesses in Nigeria, as well as their influence on the economy, is comparable to that of other nations throughout the world, particularly advanced economies. These together employed more than half of the private labor force and generated more than half of the nation's revenue (Taiwo, Ayodeji, & Yusuf, 2017).
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