However, this potential has remained relatively untapped over the years. In the 1960s, nigeria was on a par, in terms of aspirations to attain a very high level of economic growth and development, with its fellowoil producing and exporting countries such as malaysia and indonesia, but has since failed to keep pace with them. The results of the study therefore reveal that the most common constraints hindering small and medium scale business growth in nigeria are lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand. Infrastructure development and economic growth nexus in nigeria owolabimerus, o une business school, university of new england, armidale, nsw, 2351, australia email.
The media, with specific reference to the collective entity of. Naude 2011 draws the conclusion that entrepreneurship will contribute to growth and employment creation in advanced, emerging and least developed economies alike. Financial system strategy 2020 fss 2020 international conference sme. Get free research paper on contribution of small and medium scale enterprises to economic development of nigeria research project topics and materials in nigeria. Growth vs development since growth and development are two words in the english language that can be used with some difference although they appear to have the same connotation, it is useful to know the difference between growth and development so that they can be used correctly in the right context. Dec 12, 2010 growth vs development since growth and development are two words in the english language that can be used with some difference although they appear to have the same connotation, it is useful to know the difference between growth and development so that they can be used correctly in the right context.
Between 2000 and 2014, nigeria s gross domestic product gdp grew at an average rate of 7% per year. The study investigated the impact of strategic management on organizational growth and. The role of government in supporting entrepreneurship. Several empirical works, however, have shown the importance of economic freedom in explaining crosscountry differences in economic performance see an. This theoretical article aimed to identify the understandings of the phenomenon of the growth of small. Conceptual framework poverty, unemployment, and high crime rates in nigeria have been of great concerns to the. This online research paper is approved and well researched for final year students and under graduates in accountancy, business administration, computer science, economics, electrical and electronics. The nigerian business environment and growth constraints. Nigeria s ranking in the 20 human development index at 0.
The impact of strategic management on organisational growth and development a study of selected manufacturing firms in anambra state muogbo u. International journal of business and social science vol. The effect of international business on smes growth in nigeria. In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem. D department of political science, benue state university, makurdi abstract the paper examines rural or community development in nigeria with emphasis on the. In this post, we will look at the problems of nigeria development plan and possible solutions. As far as the development of the rural and urban areas in nigeria is concerned. Introduction the environment of going concerns, like the habitats of animals, contributes to their development. This paper examines the role expected of the building and construction sector in actualising the goals and objectives of the nigeria s vision 20. The mdg survey report for 2014 provides the most recent education indicators. The rsquared value coefficient of determination indicates that smes contribute up to 98.
It depends on implementing the economic recovery and growth plan 201720, which emphasizes economic diversification. Nigerian government to discuss the impact of business environment of smes. Training and development in the oil and gas industry. Pdf small and medium enterprises and economic growth in nigeria.
Again the study reveals that trade partner of nigeria appears to be gaining more than the country. Infrastructure development and economic growth nexus in nigeria. This includes digitizing processes that were previously handled with paper money and human interaction. The aim of this thesis is to determine the factors that limit the success and growth of small businesses in tanzania and eventually make suggestions on how to deal with the factors limiting small business growth. The impact of entreprenurship on economic development in nigeria a case study salami akeem olanrewaju akinbode, s. Difference between growth and development compare the.
What is the best business to start in a harsh environment like nigeria or lagos for 2020. What are the best small business opportunities for nigerians investment opportunities living in diaspora or oversea. Essentially, economic growth is associated with policies aimed at. Industrial development and growth in nigeria brookings institution. This informs why in nigeria growth continuously dominates the main policy thrust of government s development objectives. Economic development is constrained by inadequate infrastructure, electricity.
The central bank of nigeria s recent decree that banks hold loandeposit ratios of 60% bodes well for increasing lending to the real sector. A guide to strengthening business development services in rural areas 3 chapter 1. Entrepreneurial development focuses on the individual who wishes to start or expand a business. The study will also help in identifying why people dont go into small scale enterprise despite its numerous advantages. Establishing the factors affecting the growth of small and mediumsized enterprises in algeria asma benzazoua bouazza1 phd scholar, school of management. Department of business administration anambra state university igbariam campus nigeria abstract. Nigeria becomes africas largest economy get the data. This will be achieved by giving answers to questions such as. The data showed that smes contributions are very essential to improving economic development especially in the areas of job creation, poverty alleviation and standard of living of people. Nergp nigeria economic recovery and growth plan ngos nongovernmental organizations nhis national health insurance scheme.
Nigeria has been ruled by poor leaders over time from the onset. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. Thus, the objective of this study is to examine the effect of international business on smes growth in nigeria. Developing economy a developing economy is one where people have a lower standard of living and less developed industries than other countries. Impact of marketing strategy on business performance a study of selected small and medium enterprises smes in oluyole local government, ibadan, nigeria. Theory and practice of business development services 4 trends in agricultural development 4 farmer segmentation 10 conclusions from these trends 10 chapter 2. Assessing the prospects and problems of entrepreneurship. The prospects of small and medium scale enterprises in this 21st century africa include economic growth and development, source of employment and improvement in the welfare of people. Oluyombo 2011 attempt to investigate the contributions of microfinance banks to nigeria s economic growth and employs credits disbursed by the microfinance institutions as a. This study examines how these small scale business enterprises have been.
For most, the concept remains abstract and theoretical. Nigeria has overtaken south africa as the continents largest economy after it overhauled its gross domestic product data for the first time in more than two decades official figures for 20. Impact of marketing strategy on business performance a study. From the exploratory literature, the study discovered that multinational corporations have contributed to the economic development of nigeria, though varies, the.
Operationalization of infrastructure support bane of small business growth in nigeria. Strategy toward subsaharan africa, under which the united states will pursue four objectives in the region. However, the role played by smes, notwithstanding their development, is everywhere constrained by. Does entrepreneurship play any significant role in economic development during a recession. Federal republic of nigeria implementation of the sdgs. The work studies the extent to which capital formation affects economic growth in nigeria. This article is useful for policy makers, public office holders and researchers. The impact of strategic management on organisational.
When the word development comes to mind, you think of growth, change for the better, advancement, significant progress and such. Department of economics joseph ayo babalola university, ikeji arakeji, osun state, nigeria email. Infrastructure development and economic growth nexus in. Nigeria, in addition to the fact that it would contribute to the body of. Given the sickening current trend of graduate unemployment in nigeria, it is surprising that research efforts have been passive in this area of study which is of strategic importance to sustainable growth and development in the country. Efforts to achieve the millennium development goals have paid off in some areas but challenges remain. Pdf financial development and economic growth in nigeria. A small scale enterprise is defined as a business which is independent, small in size.
Entrepreneurship and economic development in nigeria. Economic growth in nigeria has largely been accounted for by resilient agricultural growth associated with performance in four constituent subsectors. What are the factors limiting the success andor growth of. Theories developed to explain the growth of large companies are not adapted to explain the phenomenon in small companies davidsson et al.
The environment of going concerns, like the habitats of animals, contributes to their development. What are the best small scale business ideas in nigeria. The study established that the widely used strategies by the professionals for business development in nigeria included market penetration and organizationinternal development. Agricultural production and economic growth in nigeria. Financial system strategy 2020 central bank of nigeria. Assessment of business development strategies in the nigerian.
The nigerian business environment and growth constraints of. Macroeconomic determinants of economic growth in nigeria. For example, in 1998 gdp growth rate was relatively high amidst the. Growth and development in nigeria a case study of small scale. Pdf effect of business on economic development in nigeria.
Problems of nigeria development plan and possible solutions. The study examines the effect of the businesses in nigeria on the economic development of the country. Published 30 november, 2015 while technological advances in the oil and gas industry have improved the recovery of hydrocarbons. Nigeria has enjoyed relatively strong economic development over the past seven years but poverty is still a major concern. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Nigeria, among other subsaharan african countries, is a focus market under the u. Entrepreneurial development barriers in a developing nation a case study of the nigerian printing smes masters thesis masters of business administration business management and entrepreneurship visamaki spring 2015 ayodeji michael adewale. International journal of academic research in business and social sciences january 2015, vol. The paper applied harrod domar model to nigerian economic development and tested if it has a significant relationship with nigerian economy. In countries at same levels of development with nigeria, smescontribute a much higher proportion to gdp than currently observed in nigeria.
Growth is a process of becoming larger or longer or more numerous or more important. Nigerian business environment, company performance, nigeria. List of business development companies and services in nigeria. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate.
The impact of microfinance banks on economic growth in. The nigerian business environment and growth constraints of micro and small scale manufacturing industries essien, blessing stephen phd department of sociology and anthropology university of uyo akwa ibom state nigeria abstract micro and small scale businesses play significant role in socio economic development of any nation with nigeria. Furthermore, over the years, development economists have long recognized the role of trade in the growth process of national economies as trade provides both foreign exchange earnings and market stimulus, for accelerated economic growth. What are the impacts of entrepreneurship on economic development in nigeria. Does the application of entrepreneurship serve as a potential remedy to present nigeria economic recession. The economic growth of nigeria to large extent depends on her trade with other nations. But what is fintech, and how is it impacting business growth in nigeria.
Entrepreneurship is not synonymous with small business. In terms of size, the private sector in the nigerian. The growth rate further declined substantially from 24. The result of the regression analysis reveals that capital investment, labor force, and investment in smes have a significant effect on economic growth and development. Infrastructural development and economic growth in nigeria. Financial development and economic growth in nigeria. The role of small and large businesses in economic development.
Taking into account the authors interest in starting a small business in the. Business development services bdscs business development support centres. What is the overall effect of international business on smes growth in nigeria. Multinational corporations and economic development in nigeria. Like the natural environments of living beings, the environment of a business can either enhance or stifle its growth and development. The economic recovery and growth plan ergp, a medium term plan for 2017 2020, builds on the sip and has been developed for the purpose of restoring economic growth while leveraging the ingenuity. O department of marketing the polytechnic, ibadan tel. Financial sector development and economic growth in nigeria adelakun, o.
In terms of size, the private sector in the nigerian economy is substantial. This study in line with has tried to evaluate infrastructural development and economic growth of nigeria, using simultaneous analysis. Effect of inflation on the growth and development of the. A guide to strengthening business development services in. Economic growth is a fundamental requisite to economic development. There is also the need for the government to retain tight monetary and. This national micro, small and medium enterprises policy is our concerted response to the. After a shift from agriculture to crude oil and gas in the late 1960s, nigeria s growth has continued to be. Oil price volatility continues to influence nigeria s growth performance. Impact of capital formation on the economic development of. Fintech, or financial technology, refers to new technology or innovation that disrupts traditional ways of conducting financial transactions. Establishing the factors affecting the growth of small and. O department of business administration email address. Nigeria overview international development, poverty.
However, the rise in the growth rate did not reflected on nigeria s infrastructure development needs. Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resource endowments. Nigeria s federated structure gives significant autonomy to states. The role of small and large businesses in economic. These aspects of economic development are very strategic to transiting economies, like nigeria. Effect of business on economic development in nigeria article pdf available in journal of business economics and management volume 54.
Industrial and insurance brokers, and the leasing company of nigeria limited. Contribution of small and medium enterprises to economic. Business development nigeria list of nigeria business. Training and development in the oil and gas industry anyim edwin department of management science, national open university of nigeria. Essentially this means the acquisition of skills that will enable an entrepreneur to function appropriately and adequately in. Exports and government revenues are driven largely by oil, while most nigerians work in agriculture. The downward trend in the growth rate could be attributed to the poor state infrastructure development. What are the challenges of business startups smes in. One of the major problems which nigeria is facing today is poor leadership. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The trend between inflation and economic growth in nigeria the facts and figures obtained from the imf world economic outlook report 2011 revealed that the nigerias gdp tends to be low when the inflation rates are high apart from a few years of the 80s.
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