Nigeria, among other subsaharan african countries, is a focus market under the u. What are the best small business opportunities for nigerians investment opportunities living in diaspora or oversea. This informs why in nigeria growth continuously dominates the main policy thrust of government s development objectives. For example, in 1998 gdp growth rate was relatively high amidst the. Taking into account the authors interest in starting a small business in the. The environment of going concerns, like the habitats of animals, contributes to their development. When the word development comes to mind, you think of growth, change for the better, advancement, significant progress and such. Again the study reveals that trade partner of nigeria appears to be gaining more than the country. One of the major problems which nigeria is facing today is poor leadership.
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. Essentially, economic growth is associated with policies aimed at. Impact of marketing strategy on business performance a study of selected small and medium enterprises smes in oluyole local government, ibadan, nigeria. Agricultural production and economic growth in nigeria. 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. 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. The role of small and large businesses in economic. List of business development companies and services in nigeria. Infrastructural development and economic growth in nigeria.
The paper applied harrod domar model to nigerian economic development and tested if it has a significant relationship with nigerian economy. 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. D department of political science, benue state university, makurdi abstract the paper examines rural or community development in nigeria with emphasis on the. What are the best small scale business ideas in nigeria. The impact of microfinance banks on economic growth in. Oil price volatility continues to influence nigeria s growth performance. This paper examines the role expected of the building and construction sector in actualising the goals and objectives of the nigeria s vision 20. Nigeria becomes africas largest economy get the data.
What are the impacts of entrepreneurship on economic development in nigeria. Pdf small and medium enterprises and economic growth 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. Theories developed to explain the growth of large companies are not adapted to explain the phenomenon in small companies davidsson et al. The impact of strategic management on organisational. The work studies the extent to which capital formation affects economic growth in nigeria. Economic development is constrained by inadequate infrastructure, electricity. Effect of business on economic development in nigeria article pdf available in journal of business economics and management volume 54. Like the natural environments of living beings, the environment of a business can either enhance or stifle its growth and development.
But what is fintech, and how is it impacting business growth in nigeria. Nigerian government to discuss the impact of business environment of smes. Federal republic of nigeria implementation of the sdgs. Economic growth in nigeria has largely been accounted for by resilient agricultural growth associated with performance in four constituent subsectors.
Nigeria has enjoyed relatively strong economic development over the past seven years but poverty is still a major concern. Infrastructure development and economic growth nexus in nigeria. This theoretical article aimed to identify the understandings of the phenomenon of the growth of small. Macroeconomic determinants of economic growth in nigeria.
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. Industrial development and growth in nigeria brookings institution. The impact of entreprenurship on economic development in nigeria a case study salami akeem olanrewaju akinbode, s. Growth and development in nigeria a case study of small scale. In countries at same levels of development with nigeria, smescontribute a much higher proportion to gdp than currently observed in nigeria. 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. There is also the need for the government to retain tight monetary and. What is the best business to start in a harsh environment like nigeria or lagos for 2020. What is the overall effect of international business on smes growth in nigeria. Financial development and economic growth in nigeria. Industrial and insurance brokers, and the leasing company of nigeria limited. The economic growth of nigeria to large extent depends on her trade with other nations.
The role of small and large businesses in economic development. International journal of business and social science vol. Establishing the factors affecting the growth of small and mediumsized enterprises in algeria asma benzazoua bouazza1 phd scholar, school of management. Nigeria, in addition to the fact that it would contribute to the body of. Problems of nigeria development plan and possible solutions.
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. In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem. Financial system strategy 2020 central bank of nigeria. The study established that the widely used strategies by the professionals for business development in nigeria included market penetration and organizationinternal development. After a shift from agriculture to crude oil and gas in the late 1960s, nigeria s growth has continued to be.
O department of marketing the polytechnic, ibadan tel. Training and development in the oil and gas industry. 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. Effect of inflation on the growth and development of the. Growth is a process of becoming larger or longer or more numerous or more important. 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. Nigeria s ranking in the 20 human development index at 0.
The downward trend in the growth rate could be attributed to the poor state infrastructure development. Entrepreneurial development focuses on the individual who wishes to start or expand a business. Pdf effect of business on economic development in nigeria. Does the application of entrepreneurship serve as a potential remedy to present nigeria economic recession. The mdg survey report for 2014 provides the most recent education indicators. Entrepreneurship and economic development in nigeria. Operationalization of infrastructure support bane of small business growth in nigeria. The rsquared value coefficient of determination indicates that smes contribute up to 98. The growth rate further declined substantially from 24. Theory and practice of business development services 4 trends in agricultural development 4 farmer segmentation 10 conclusions from these trends 10 chapter 2. However, the rise in the growth rate did not reflected on nigeria s infrastructure development needs. Training and development in the oil and gas industry anyim edwin department of management science, national open university of nigeria. Several empirical works, however, have shown the importance of economic freedom in explaining crosscountry differences in economic performance see an. A small scale enterprise is defined as a business which is independent, small in size.
Establishing the factors affecting the growth of small and. The role of government in supporting entrepreneurship. Essentially this means the acquisition of skills that will enable an entrepreneur to function appropriately and adequately in. Infrastructure development and economic growth nexus in.
Moreover, entrepreneurship development in nigeria concentrates more on growth potential and innovation. The study investigated the impact of strategic management on organizational growth and. Problems of economic development in nigeria and solutions. Department of economics joseph ayo babalola university, ikeji arakeji, osun state, nigeria email. Nergp nigeria economic recovery and growth plan ngos nongovernmental organizations nhis national health insurance scheme. Department of business administration anambra state university igbariam campus nigeria abstract. Published 30 november, 2015 while technological advances in the oil and gas industry have improved the recovery of hydrocarbons. It depends on implementing the economic recovery and growth plan 201720, which emphasizes economic diversification. However, this potential has remained relatively untapped over the years.
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. Get free research paper on contribution of small and medium scale enterprises to economic development of nigeria research project topics and materials in nigeria. These aspects of economic development are very strategic to transiting economies, like nigeria. Does entrepreneurship play any significant role in economic development during a recession. Contribution of small and medium enterprises to economic. Efforts to achieve the millennium development goals have paid off in some areas but challenges remain. For most, the concept remains abstract and theoretical. The impact of strategic management on organisational growth and development a study of selected manufacturing firms in anambra state muogbo u. Exports and government revenues are driven largely by oil, while most nigerians work in agriculture. The nigerian business environment and growth constraints of. This will be achieved by giving answers to questions such as. Assessment of business development strategies in the nigerian. Naude 2011 draws the conclusion that entrepreneurship will contribute to growth and employment creation in advanced, emerging and least developed economies alike. Financial sector development and economic growth in nigeria adelakun, o.
The nigerian business environment and growth constraints. 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. Effect of business on economic development in nigeria e3 journals. From the exploratory literature, the study discovered that multinational corporations have contributed to the economic development of nigeria, though varies, the. Nigerian business environment, company performance, nigeria. Difference between growth and development compare the. In this post, we will look at the problems of nigeria development plan and possible solutions. Between 2000 and 2014, nigeria s gross domestic product gdp grew at an average rate of 7% per year. 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. Pdf financial development and economic growth in nigeria. Entrepreneurship is not synonymous with small business. A guide to strengthening business development services in. Financial system strategy 2020 fss 2020 international conference sme. The study examines the effect of the businesses in nigeria on the economic development of the country.
Introduction the environment of going concerns, like the habitats of animals, contributes to their development. The effect of international business on smes growth in nigeria. 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. Developing economy a developing economy is one where people have a lower standard of living and less developed industries than other countries. In terms of size, the private sector in the nigerian. Nigeria has been ruled by poor leaders over time from the onset. Conceptual framework poverty, unemployment, and high crime rates in nigeria have been of great concerns to the. The media, with specific reference to the collective entity of.
Impact of capital formation on the economic development of. This includes digitizing processes that were previously handled with paper money and human interaction. Fintech, or financial technology, refers to new technology or innovation that disrupts traditional ways of conducting financial transactions. Impact of marketing strategy on business performance a study. Business development services bdscs business development support centres. This article is useful for policy makers, public office holders and researchers. The central bank of nigeria s recent decree that banks hold loandeposit ratios of 60% bodes well for increasing lending to the real sector. As far as the development of the rural and urban areas in nigeria is concerned. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. This national micro, small and medium enterprises policy is our concerted response to the. This study examines how these small scale business enterprises have been. In this article, we would look at the top 10 problems which nigeria has been facing today.
In terms of size, the private sector in the nigerian economy is substantial. However, the role played by smes, notwithstanding their development, is everywhere constrained by. Nigeria overview international development, poverty. A guide to strengthening business development services in rural areas 3 chapter 1. O department of business administration email address. Assessing the prospects and problems of entrepreneurship. 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. Strategy toward subsaharan africa, under which the united states will pursue four objectives in the region. Infrastructure development and economic growth nexus in nigeria owolabimerus, o une business school, university of new england, armidale, nsw, 2351, australia email. Multinational corporations and economic development in nigeria. This study in line with has tried to evaluate infrastructural development and economic growth of nigeria, using simultaneous analysis. 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. What are the factors limiting the success andor growth of. Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resource endowments.
International journal of academic research in business and social sciences january 2015, vol. Nigeria s federated structure gives significant autonomy to states. The provision and development of infrastructures have been the subject of much theoretical analysis and empirical studies. 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. What are the challenges of business startups smes in. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. 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. Thus, the objective of this study is to examine the effect of international business on smes growth in nigeria. Economic growth is a fundamental requisite to economic development. 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. Issues with traditional economic development policies on the surface, one might think that a large firm would spur local economic growth by yielding significant gains in employment and. The study will also help in identifying why people dont go into small scale enterprise despite its numerous advantages.1222 1260 1153 202 509 567 557 325 957 1491 305 1247 1012 1039 10 967 10 181 1595 569 1137 507 624 112 117 1173 1122 856 1172 1173 292 781 10