FACTORS RESPONSIBLE FOR THE CONTRIBUTIONS OF SMALL AND MEDIUM SCALE BUSINESS TO ECONOMIC DEVELOPMENT (A CASE STUDY OF OIL FIELD TRANSPORT)
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BACKROUND OF THE STUDY
The economy of Nigeria was mostly based on agriculture for a long time until oil drilling began in the country in the early 1970s. At the time, Nigeria was not seen as a particularly wealthy nation; yet, the country was able to sufficiently feed itself, and the economy was in a relatively healthy state (Godan, 2022). Agricultural goods accounted for 85 percent of the country's total revenue from exports at this period. In addition, during this time period, Nigeria has been making serious efforts toward the economic growth of the independent country. These enterprises were being operated by mostly outsiders at the time, and some other industrial plants in the economy at the time were owned by Europeans and also masterminded by their experts. The majority of the enterprises that were driving the activities of the nation were primarily on a large scale and were set up by the federal government. These enterprises required a significant amount of capital (Nwoye, 2021).
During the time of the oil boom, the nation's primary focus changed from agriculture to the production of crude oil. Although Nigeria has a large amount of money available, the country's economic woes could be traced back to this fact. The economy was unable to advance due to mismanagement by the country's leadership, which led to conspicuous extravagant spending. As a result, the nation began to suffer from economic depression, manifesting itself in a variety of symptoms including inflation, mass unemployment, high foreign debts, money devolutions, and a great number of other problems (Writer , 2022).
Because of these flaws in large-scale businesses as well as the overall economic depression, the government decided to prioritise the growth of small businesses as a means of achieving self-sufficiency and the only way to transition into an industrialised economy. This was done in response to the combination of the two factors. The government has been a strong supporter of an initiative to encourage people, particularly those without jobs, to pursue creative endeavours and become self-employed (Kuhn , 2022).
In addition to this, quite a few funding programmes and employment schemes have been initiated at both the state and the federal level. 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), all of which have been providing loan facilities for proprietors of small scale industrial enterprises.
In order to provide further evidence of the significance of this sector and the potentials it possesses in the promotion of an industrialised and self-reliant economy, the government national development plan of (2000-2010) explicitly stated the main objectiveivities of the programme geared toward the development of small scale industries as the creation of employment opportunities and the mobilisation of local resources. This was done in order to provide further evidence of the importance of this sector and the potentials it possesses in the promotion of an industrialised and self-reliant economy. In order to accomplish these goals, supplemental help will be provided to small-scale entrepreneurs in the areas of financial management, technological conceptualization, and human relations skills. Small enterprises are often more adaptable and more eager to take advantage of new possibilities. The primary vehicle designated for managing development centres (ADC) and the states small scale industrial strategy (SSIS). As a result, a small-scale business promotes indigenous entrepreneurship, which assists in the growth of our rural regions and lessens the flow of people from the countryside to the cities. Because of this, it is universally acknowledged that the establishment of small businesses on a local level is essential to the successful launch of an industrial sector in every country.
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