Examine the significance of small businesses in Nigeria
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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In Nigeria, it is well-known that small businesses serve a great purpose towards its economic growth and development. This is so because they contribute to the creation of jobs, reduce poverty amongst the people and they also foster innovation. However these businesses face a number of challenges namely; infrastructure, lack of access to finance among so many others. Therefore to enhance their performance, they ought to be given adequate support and incentives. The support and incentives will help them overcome challenges and exploit their potentials to the fullest. It is very important to improve and support small businesses in Nigeria because they will foster economic growth and they will eventually diversify the economy.
Small businesses play a vital role in the economic development of Nigeria. They contribute to the creation of employment, income generation, poverty reduction, and innovation. However, small businesses face many challenges and constraints that limit their growth and performance. This paper analyzed the importance of small businesses to Nigeria's economy and society, and identified the factors that affect their success and sustainability. The paper also discussed the policies and strategies that can support and enhance the development of small businesses in Nigeria.
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Examine the significance of small businesses in Nigeria Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the significance of small businesses in the Nigerian economy.
- Analyze the challenges and opportunities faced by small businesses in Nigeria.
- Evaluate the impact of small businesses on the social and environmental aspects of sustainable development in Nigeria.
1.0 INTRODUCTION
Small businesses are the economic backbones of any economy most especially in developing countries. This paper is going to focus on the significance of small businesses in Nigeria. Basing on the findings of the World Bank, small businesses make up about 90% of the economy and that 50% of employment come from these same businesses. They enhance poverty reduction, income generation, innovation, and social inclusiveness.
Significance of small businesses in Nigeria
Small businesses are very influential mechanisms of economic growth and stabilization of world economy. One feature of such businesses is that they are established on the capacity of their managers, government support, and environmental influence for success their growth and development. (Porter, 2004).
According to the Central Bank of Nigeria, small businesses are those that have a workforce of 11-100 workers and a total value of not more than 50 million Naira. These businesses make up a significant portion of the country's economic activity and provide livelihoods for a large segment of the population. Small scale businesses also foster entrepreneurship and innovation, as they create opportunities for new products, services, and markets. Furthermore, small scale businesses promote financial inclusion, as they enable access to credit, savings, and insurance for low-income households. Therefore, small scale businesses play a vital role in the Nigerian economy and should be supported and encouraged to thrive.
Notwithstanding the enormous benefits of these businesses in Nigeria, about 80 percent fail as early as their establishment. It was clearly stated by the National Population Commission of Nigeria that the large failure of small businesses highly increased the unemployment levels which later increased the poverty rates in the country and negatively affected the livelihood of the people (Gumel, 2017). The paper provided insights that can be applied by small business owners and managers to design tactics that will enable them to establish, grow, and sustain small businesses successfully. The paper discussed the challenges and opportunities faced by small businesses in different sectors and regions, and offered recommendations based on best practices and empirical evidence. The paper also highlighted the importance of innovation, customer satisfaction, and social responsibility for small business competitiveness and survival.
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