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MEDIUM SCALE
BUSINESSES: ISSUES, CHALLENGES AND PROSPECTS
ABSTRACT
The research
work aimed at examining the issues, challenges and prospects of the Nigerian
Medium Scale Businesses. The main instrument used to generate data for the
study was the questionnaire.
The key
issues uncovered by the research study are that respondents agreed that medium
scale enterprises have played a significant role in the Nigerian economy. Also
most of the barriers to the growth of medium scale businesses include poor
managerial skill, lack of feasibility studies, lack of timely information, inconsistent
government policies and inadequate infrastructural facilities.
However, the
findings of the study, the following recommendations are proffered. The Federal
Government should provide enabling environment like the provision of
infrastructures such as good roads, electricity supply, water to enable the
operations of SMEs in Nigeria.
Bank
officials should be mobilised to base investment on potential rather than
security and collateral only. The nation’s government should guarantee both
political and economic stability which will help in the growth of survival and
expansion f medium scale enterprise.
Finally,
Government regulations should be such that from time to time will not hinder
the establishment of new and growth of existing small and medium scale
enterprise in any part of the country.
TABLE OF
CONTENTS
CHAPTER ONE:
INTRODUCTION
1.0
Background to the Study
1.1
Statement of the Problem
1.2
Objectives of the Study
1.3
Significance of the Study
1.4 Research
Questions
1.5 Research
Hypothesis
1.6 Scope
and Limitations of Study
1.7
Definition of terms
1.8 Outlines
of Other Chapters
References
CHAPTER TWO:
LITERATURE REVIEW
2.0 Preamble
2.1
Historical Background of Medium Scale Enterprises in Nigeria
2.2 Review
of Relevant Entrepreneurial Theories
2.3 Meaning
and Definition of Medium Scale Business
2.3.1
Characteristics of Medium Scale Business
2.4
Management and Operations of Medium Scale Businesses
2.5 A Review
of the Nigerian Economic – Buoyant and Depressed
2.5.1
Buoyant Economy
2.5.2
Depressed economy
2.6 Problems
of Medium Scale Industries in the Nigerian Economy
2.7
Prospects of Medium Scale Businesses
2.8 Some
Development Programmes Assisting the Development of Medium Scale Enterprises in
Nigeria
2.9 Medium
Scale Business Success in Nigeria
References
CHAPTER
THREE: RESEARCH METHODOLOGY
3.0 Preamble
3.1 Research
Design
3.2 Research
Methodology
3.3 Scope of
Data
3.4 Data
Collection Methods
3.4.1 Questionnaire
3.4.2
Interview
3.5
Population and Sample Size
3.6 Filed
Work
3.7
Analytical Procedure
References
CHAPTER
FOUR: PRESENTATION AND ANALYSIS OF DATA
4.0 Preamble
4.1 Analysis
of Bio-Data
4.2 Analysis
and Interpretation of Responses to Questions
in the
Questionnaire
4.3 Testing
and Interpretation of Hypothesis
4.4 Findings
CHAPTER
FIVE: SUMMARY
5.0 Preamble
5.1 Summary
of Findings
5.3
Conclusions
5.4
Recommendations
5.5
Suggestion for Further Studies
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.0
BACKGROUND TO THE STUDY
Historical
facts has show that prior to the late 19th century, cottage industries, mostly
small and medium scale businesses controlled the economy of Europe. The
industrial revolution changed the status quo and introduced mass production.
The twin oil shocks during the 1970s undermined the mass production model,
which triggered an unexpected reappraisal of the role and importance of small
and medium sized enterprises in the global economy. Findings by economists over
the years show that small firms and entrepreneurships play a much more
important role in economy growth and development. (www.wiki.answer.com).
Many
economies, developed and developing, have come to realize the value of small
businesses. They are seen to be characterized by dynamism, witty innovations,
efficiency and their small size allows for faster decision-making process.
Government all over the world have realized the importance of this category of
companies and have formulated comprehensive public policies to encourage,
support and fund the establishment of SMEs. Developments in small and medium
enterprise are a sin quo non for employment generation, solid entrepreneurial
base and encouragement for the use of local raw materials and technology. Giving
insight into the SME phenomenon, a paper delivered at a forum by Mallam
Mohammed Hayatu been, titled “Stakeholders Roles and the development benefits
in a virile small Enterprise Sector’s, pointed out that small business
operations are propelled by the dynamic theory, which makes them efficient and
prone to constant change. He gave a comparative statistics using 9 developed
countries on how SMEs create employment, increase job growth, induce change,
innovation and competitions. (www.wiki.answer.com).
The benefits
of SMEs, to any economy are easily noticeable, they include: contribution to
the economy in terms of output of goods and services, creation of jobs at
relatively low capital cost, especially in the fast growing service sector,
provide a vehicle for reducing income disparities, develop a pool of skilled
and semi-skilled workers as a basis for the future industrial expansion;
improve forward and backward linkages between economically, socially and
geographically diverse sectors of the economy, provide opportunities for
developing and adapting appropriate technological approaches; offer an
excellent breeding ground for entrepreneurial and managerial talent, the
critical shortage of which is often a great handicap to economic development
among others. (www.wiki.answer.com).
Now
government has seen the importance of small and medium scale enterprise in the
era of economic development of the nation and employment generation. As a
result of these realizations, programs and institutions were established for the
development of small and medium scale enterprises. Some of these programmes
includes, National Economic Reconstruction Fund (NERFUND). Small Scale Industry
Credit Scheme (SSICS), Nigerian Bank for Commerce and Industry (NBCI),
Directorate for Food, Roads and Rural Infrastructure (DFRRI). The Structural
Adjustment Programme (SAP) which was aimed basically at restructuring the
economy of the country during General Ibrahim Babangida’s administration was a
tremendous help in discussing matters concerning medium scale enterprises.
(Ojo, 1995;248).
Despite all
these programmes by the Federal Government to aid the growth and development of
small and medium scale enterprises, these businesses have not reached the
expected potentials in the country. Why? This is because there is no effective
and efficient policy formulations, implementation and clear frame work of the
programmers.
1.1
STATEMENT OF THE PROBLEM
The
challenges facing the growth and survival of Small and Medium Scale Enterprises
(SMEs) in many developing countries are monumental. The most worrying among
these challenges is funding. Most new small business enterprises are not very
attractive prospects for banks, as they want to minimize their risk profile.
The low level of SME development in Nigeria was generally attributed to the
poor implementation of government policies aimed at SME support facilities and
incentives, including loans, training facilitates, industrial estates,
infrastructure and the provision of raw materials at subsidized rates for SMEs
not until recently when the Banker’s committee intervened in 2001 with a scheme
themed the small and Medium Industries Equity Investment schemes (SMIEIS). The
scheme relegated to the background government credit schemes that are not well
thought out and implemented. (www.wiki.answer.com).
The economic
environment under SAP had almost certainly increased poverty levels and
resulted in a reduction in overall consumer spending as well as a decline in
savings and capital investment (Awoniyi 1996, Hambagda 1987). This in turn had
undermined plans for further accumulation and capital formation especially for
capital- intensive SMEs. The problem of an unstable political environment
(especially during periods of elections and after the annulled presidential election
results of 1993) was another factors. The politically risk climate made many
entrepreneurs especially foreign ones, increasingly uncertain of the business
environment and of their prospects. (www.all business.com).
The lack of
qualified entrepreneurs and employers in the absence of well-established
training centre are also impediments to the development of SME’s in Nigeria,
especially technically complex ventures are not likely to be sufficiently
competent in management, organization and quality production to adhere to
internationally competitive standards and such SME’s therefore cannot survive
without government protection from imports. There is also lack of adequate
information concerning areas of business in the sectors generally. Most people
with funds tend to use them in well-established sectors rather than seeking new
production and new market niches. (www.allbusiness.com).
However, not
all of the responsibility for the difficulties of SME’s in general can be
placed on the Nigerian government or on the small businesses. Nigeria’s
relatively short history of experience in industrial, mechanized and relatively
high-tech production is typical of most African economies and could account for
much of the lack of expertise in policy making and in management and
manufacturing operations. The present technological and scientific dependency
on the West should be seen as a legacy of the colonial past, and it will
certainly take sometime to develop competitive domestic production of machinery
and capital goods. Some long-term strategies goals are important in this
content, as well as the patience and determination to see such policies through
to the end, and this would require a high level of consistency in policy
making. (www.allbusiness.com).
1.2
OBJECTIVES OF THE STUDY
The
objectives of the study are to:
Determining
the performance of medium scale businesses in Nigeria.
Identifying
the problems faced by businesses and the prospects of these businesses.
Proffering
solutions by making necessary recommendations of reducing and eliminating the
problems that will be highlighted.
1.3
SIGNIFICANCE OF THE STUDY
It is
expected that the outcome of the study would be useful in the following areas:
i. The study
would be beneficial to individuals, especially those who may want to set up
their own businesses and also entrepreneurs who may want to improve the
survival rate of medium scale industries in a depressed economy like Nigeria.
ii. To give
an indepth information and analysis on the causes of their problems with a view
to suggesting and developing ways and other alternatives aside their prospects
which shall also be critically viewed to ensure the success of medium scale
enterprises in Nigeria.
iii. It
would also be an effective way to find lasting solution to the problem of
unemployment is for the government to encourage the growth and expansion of
small and medium scale business.
1.4 RESEARCH
QUESTIONS
The
following research questions were addressed drawn from the research work:
– How are
medium-scale businesses successful in Nigeria?
– Can
government assist medium-scale industries in developing nations?
– Can
medium-scale businesses serve as incubators to larger industries?
– Do medium
scale enterprises have access to adequate capital?
– Are there
any economic benefits derivable from the operation of medium scale businesses?
1.5 RESEARCH
HYPOTHESIS
The
following hypotheses are postulated from the study;
Hypothesis
one
Ho:
Medium-scale business cannot be successful in Nigeria
H1:
Medium-scale business can be successful in Nigeria
Hypothesis
Two
Ho:
Medium-scale enterprises cannot be beneficial to economic growth.
H1:
Medium-scale enterprises can be beneficial to economic growth.
Hypothesis
Three
Ho:
Medium-scale enterprises cannot obtain adequate capital to operate.
H1:
Medium-scale enterprises can obtain adequate capital to operate.
1.6 SCOPE
AND LIMITATIONS OF STUDY
The scope of
the study would cover the medium scale business challenges, prospects as well
as the issues with respect to the Nigerian economy. The findings of this study
may be relevant to other forms of incorporating or owning a business in
Nigeria.
Also
entrepreneur in Nigeria may find relevant or not to the findings of this
research. This may not be in consonance with some people’s peculiar orientation
and culture vis-à-vis the country’s distribution the level of interactions
between entrepreneur, their employees and the government and also the
privileged class.
Finally,
since the Nigerian economy is a bit improved, coupled with financial
constraints, the researcher might not have had access to relevant documents
that may perhaps have contributed in one way or the other to their research.
1.7
DEFINITIONS OF TERMS
The
following terms considered relevant to the study are explained thus:
Business:
Any endeavour engaged in aimed at making private profit. (Lawal; 1993:228)
Economic
growth: An increase in the economic conditions in any country characterized by
increased in per capital income. (Lawal 1998:13)
Growth of
medium scale enterprise: Determined by the rate of expression or increase in
the total income earned per annum. (Ojo, 1995:82)
Financial
institutions: Established institution to help and support small and medium
enterprises in funding and providing advice. (Lawal A.A 1998:13)
1.8 OUTLINES
OF OTHER CHAPTERS
The
remaining parts of the study is carried out as thus;
Chapter Two:
This chapter considers the relevant write-ups to the study. It involves the
review of previous literatures on the study as well as the current ones.
Chapter
Three: This chapter talks about the research methodology used in collecting and
analyzing necessary data.
Chapter
Four: This chapter is all about the presentation and analyses of data collected
in chapter three.
Chapter
Five: This chapter presents a comprehensive summary of findings of the study
and a conclusion which shall be drawn from the findings and it also includes
the researcher recommendations of the study.
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