MICRO MEDIUM AND SMALL ENTERPRISE AND POVERTY ALLEVIATION IN BOKI LGA IN CROSS RIVER STATE
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Educators
- NGN 3000
BACKGROUND STUDY
Poverty alleviation in any country may make a significant contribution to the betterment of people's lives and the country's economic progress (Akpata 2016). This necessitates industrialization, with micro and small business as one of the packages and instruments to help speed economic growth, socioeconomic advancement, and, ultimately, the nation's overall poverty reduction. They provide a significant contribution to employment in many developing nations where high unemployment and poverty are a problem (Waboi 2017). Small and micro enterprises are well-known around the world for their significant contributions to poverty alleviation, development, and as engines of economic growth. They are a critical segment of the manufacturing sub-sector, as well as an effective strategy for reducing unemployment, diversifying output, and achieving trade and balance of payment goals (Akpata 2016).
According to Hagen (2019), Nigeria ranks 132th out of 187 nations in the global poverty index, suggesting that it is one of the world's poorest countries. This is why most developing countries face multi-dimensional problems such as unemployment, low per capita income, unequal income distribution, a lack of credit, poor farming practices and soil unproductivity, deforestation and soil erosion, people's willingness to invest in MSEs, and low agricultural productivity (Hagen 2019).
According to Ezeh (2017), micro and small enterprises in Nigeria have been seen as basically backward and a gear in the wheel of the country's overall economic growth for decades. As a result, there is a widespread perception that such firms should only be supported for social reasons, rather than as a potential possibility for national growth. Clearly, the advantages of assisting small businesses to modernize and flourish have received much too little attention. This attitude originated from a combination of citizen and government attitudes, as well as the tiny business's inherent character, which made it difficult for its effect to be seen in the economy (Ezeh 2017).
Micro and small scale business enterprises are seen as the most essential alternative sector in both developed and developing nations for supporting socioeconomic development and poverty alleviation. It is the primary sector responsible for achieving the aim through creating jobs, increasing savings and wealth, and raising living standards. Because poverty and unemployment rates in these nations are far greater than in rich ones, MSEs are critical (Akpata 2016). Furthermore, MSEs may play a role in improving the socioeconomic status of the poor by allowing them to access socioeconomic benefits such as education, improved health, excellent housing, and nutrition through the generation of money (Akpata 2016).
The hidden contributions that small businesses may make are gaining attention. This understanding is shown in the growing number of Nigerians who attempt to put their personal ideas and talents to practical use [by beginning small business] operations on a daily basis (Ezeh, 2017). Evidence from throughout the world suggests that small scale enterprise is an effective strategy of fostering indigenous entrepreneurship, increasing job possibilities per unit of capital spent, and assisting in the development of technology. They provide an efficient technique of moderating rural-urban migration and resource usage due to their extensive spread. Furthermore, small firms contribute to the building of industrial connections by creating intermediary items for usage in big size organizations (Ezeh, 2017).
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