Small Scale Business as a Key Factor to National Economic Growth in Nigeria
Journal Title: Scholars Bulletin - Year 2015, Vol 1, Issue 10
Abstract
Abstract: The Small scale business has been recognized as one of the key factor for national economic growth which measure the country business activities that shaped the country balance of payment, and improve standard of living of citizens, Small scale Business (SME) which is considered as sound foundation for industrial take up where it preserves societal culture and value that are so paramount to economic growth and Development. This paper further analyzed the role of small-scale business to National Economic Growth and Development that lead to employment generation, providing source of innovation and other transformation of localization to modernization among others, however, the paper also paid attention to the problems/environmental challenges which in one way or another hinders the progress/ survival of Small scale business. Severe lack of technical and managerial skill, inadequate financial support among others.. Some suggestions/recommendations were drown, if properly implemented it go along way in improving the activities of Small Scale Business in the country. such as, increasing availability of credit by reducing interest rate to single digit and permitting a “spread” that makes it worthwhile for banks to lend to small-scale business or by increasing the number and range of investment etc. if Government should find a way of dignifying labour, problems of small-scale business will be a thing of the past. Keywords: Small scale Business (SME), economic growth, financial support
Authors and Affiliations
Abubakar Shehu Jibrin, Maryam Usman Salisu, Ibrahim Dalladi Musa
Keywords
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