EFFECTS OF SMALL SCALE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF LAGOS)

EFFECTS OF SMALL SCALE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF LAGOS)

ABSTRACT

The main purpose of this study is to know the roles and efforts of Small Scale Business Enterprises in the Nigerian Economic Development. Every nation no matter the nature and rate of available human and material resources under its disposal can hardly attain growth and economic development if the small scale business sectors of such nature is neglected or not given adequate financial supports cum other incentives that make for the survival of this business. The total population for the study is 200 staff of selected farms in Lagos State. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up farm managers, farm officers, insect fumigators and farm supervisors was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies. The study concluded that the role of small scale businesses in the development of Nigeria economy cannot be over-estimated. Firstly, the continuing growth in the economy of any nation depends to a large extent on the startups of small businesses, which depends on locally fabricated machinery and local raw material inputs. Secondly, it is a considerable solution to balance of payment problems resulting from less dependence on imported inputs and also serves as a training school for the indigenous entrepreneurs and provides grounds for the acquisition of skill for a large number of workers.

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