effect SMEs on nigeria economy

Effect SMEs on Nigeria Economy

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CHAPTER ONE

INTRODUCTION

1.1       Background to the Study

It is a matter of fact that there are a lot of things in which large companies are experts while the small firms can better do some things also. If both, small and large firms do their business in which they get advantage, the welfare of the economy can be maximized and the state of specialization can be attained. When we focus on the impact of small as well as medium firms on the whole economy, it is difficult rather impossible for us to segregate their impacts from the impact of large corporations.

This issue remained a hot topic for centuries. Economists were of the view that it is a large firm, which participates actively in the economy and also shares a large amount of foreign exchange earnings. But their point of view changes when the countries like Taiwan, Japan and Korea developed on their small and medium based business. It is the crystal clear that these economies developed through the grass root level as small and medium enterprises belong to grass root.

Those who believe that the large firms are only responsible for economic growth should keep in mind that the small vendors and small suppliers contribute heavily in the production of large firms. The reality on ground is that small firms are held responsible for making large firms to attain their targets.

The progress and prosperity, which take place from the lower level, benefit all the classes of the society. The spill over impacts of SMEs proves to be ever lasting on the world’s economy.

The situation differs in Pakistan. It is not more that 10 years that Govt. of Pakistan has established an institution named small and Medium Enterprise Authority (SMEDA) which is considered responsible to promote small and medium enterprises. SME sector is being neglected in Pakistan and so as the impacts of small and medium firms of Pakistan’s economy.

Pakistan is very potential market for SMEs and if undertaken in systematic way can prosper economy within no time. Pakistan has a considerable advantage in some areas which needs to be explained quickly to reap the benefits of exports. Such benefits can increase foreign exchange rates very positively to develop a favorable framework in all areas of progress.

The awareness like fishing, education, fruit, crops, garments, cotton, sugar cane, dates ginning, wood, auto and many other areas are the basic startups for many people. This research explains the potentialities of some areas and knowledge of how these areas can contribute towards Pakistan’s economy by increasing the foreign exchange rates with reference to Sindh province.

The high authorities and ministry of development and product should formulate some strategies to design practical policies with the cooperation of stakeholders, such policies will be flexible in enhancing the SMEDA plans and flourish SMEs activities at the larger scale. This will give a big boost to startup ideas and create cordial atmosphere of businesses. This will aid a lot more in understanding the export of Pakistan specially Sindh sector and improve our foreign exchange earnings.

The role of Small and Medium-Scale Enterprise (SMEs) in the national economy cannot be underestimated. These enterprises are being given increasing policy attention in recent years, particularly in third world countries partly because of growing disappointment with results of development strategies focusing on large scale capital intensive and high import dependent industrial plants.

The impact of SMEs is felt in the following ways: Greater utilization of local raw materials, employment generation, encouragement of rural development, development of entrepreneurship, mobilisation of local savings, linkages with bigger industries, provision of regional balance by spreading investments more evenly, provision of avenue for self-employment and provision of opportunity for training managers and semi-skilled workers.

The vast majority of developed and developing countries rely on dynamism, resourcefulness and risk tasking of small and medium enterprises to trigger and sustain process of economic growth. In overall economic development, a critically important role is played by the small and medium enterprises.

Small and medium enterprises advocates, firstly, it endurance competition and entrepreneurship and hence have external benefits on economy wide efficient, and productivity growth. At this level, perspectives are directed towards government support and involvement in exploiting countries social benefits from greater completion and entrepreneurship.

Secondly, proponents of SME support frequent claim that SMEs are generally more productive than large firms but financial market and other institutional improvements, direct government financial support to SMEs can boost economic growth and development.

Some argued that SMEs expansion boosts employment more than large firm growth because SMEs are more labour intensive thereby subsidizing SMEs may represent a poverty alleviation tools, by promoting SMEs and individual countries and the international community at large can make progress towards the main goal of halving poverty level by year 2020 i.e to reduce poverty by half and becoming among 20 largest World Economies (Nigeria Vision 20:2020). Entrepreneurial development is therefore important in the Nigeria economy which is characterized by the following heavy dependence on oil, low agricultural production, high unemployment, low utilization of industrial capacity, high inflation rate, and lack of industrial infrastructural base. These constraints limit the rate of growth of entrepreneurial activities in Nigeria. Hence, this paper seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development. This paper seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development in Nigeria.

1.2       Statement of Problem

Many scholars have written widely on entrepreneurship and its potency to generate employment, thus, underscoring the quintessence, significance and relevance of this sub-sector in the development of any given economy. The experiences of developed economies in relation to the roles played by entrepreneurship buttresses the fact that the importance of entrepreneurship cannot be overemphasized especially among the Developing Countries.

In order to highlight its significance in relation to the growth and development of a given economy, entrepreneurship has been variously referred to as a “source of employment generation”. This is because Entrepreneurial activities have been found to be capable of making positive impacts on the economy of a nation and the quality of life of the people (Adejumo, 2000).

Studies have established its positive relationship with stimulation of economic growth; employment generation; and empowerment of the disadvantaged segment of the population, which include women and the poor (Oluremi and Gbenga, 2011; Thomas and Mueller, 2000; Reynolds, 1987).

Given the importance of entrepreneurship in this regard, it is somewhat surprising that in recent times few researches are carried out about practical approaches in developing entrepreneurship in Nigeria inspite of the fact that entrepreneurship is the engine that entrepreneurship remains the main engine that will push Nigeria economy to it destination.

However, the challenge confronting entrepreneurship in the field of entrepreneurship is that of finding an appropriate and effective entrepreneurial approach that could produce and assist in the nurturing and achieving a called for change in the current approach in addressing the problems of entrepreneurial development in Kaduna State, Nigeria.

In addition to the comparative lack of attention given to entrepreneurship in emerging economics, particularly those in Sub-Saharan Africa, there is also a relative lack of diversity. In theoretical and practical approach to African entrepreneurship previous research that has explored the variation in entrepreneurial activities in Nigeria has focus on the standard economic

 

This article highlights various college of education, polytechnics, universities website in Nigeria.

 

Adeyemi College of Education, Ondo,

Alvan Ikoku College of Education, Owerri,

Alvan Ikoku College of Education, Owerri,

Federal College of Educ. Abeokuta,

Federal College of Education, Eha-Amufu,

Federal College of Education, Kano,

Federal College of Education, Katsina,

Federal college of Education, Kontagora,

Federal College of Education, Obudu,

Federal College of Education, Okene,

Federal College of Education, Okene,

Federal College of Education, Pankshin,

 Federal College of Education, Yola,

Federal College of Education, Zaria,

Federal College of Education (Technical), Akoka,

Federal College of Education (Technical), Asaba,

Federal College of Education (Technical), Bichi,

Federal College of Education (Technical), Gombe,

Federal College of Education (Technical), Gusau,

Federal College of Education (Technical), Omoku,

Federal College of Education (Special) Oyo,

State college of education

College of Education, Agbor,

Akwa-Ibom State College of Education, Afaha-Nsit,

College of Education, Akwanga, ., form and admissions list

College of Education, Akwanga,

Cross River State College of Education, Akamkpa,

Adamu Augie College of Education, Argungu,

College of Education, Azare,

Bayelsa State College of Education, Okpoama,

Emmanuel Alyande College of Education, Oyo,

Enugu State College of Education (Tech.) Enugu,

College of Education, Ekiadolor,

Umar Suleiman College of Education, Gashua,

College of Education, Gindiri,

Michael Otedola College of Primary Education, Moforiji,

College of Education, Port Harcourt,

Adeniran Ogunsanya College of Education, Otto,

Tai Solarin College of Education, Ijebu-Ode,

Tai Solarin College of Education, Ijebu-Ode,

Ebonyi State College of Education, Ikwo,

College of Education, Ikere,

College of Education, Ilesha, .

College of Education, Ilesha,

College of Education, Ilorin,

College of Education, Jalingo,

Kano State College of Education, Kumbotso,

College of Education, Benue,

Kebbi State College of Education, Argungu,

College of Education, Minna,

Nwafor Orizu College of Education, Nsugbe,

College of Education, Oju,

College of Education, Oro,

College of Education, Oro,

Oyo State College of Education, Oyo,

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College of Education, Warri,

College of Education, Warri,

FCT College of Education, Zuba,

Private college of education in Nigeria

Angel Crown College of Education, Gidan-Daya, .

Elder Oyama Memorial College of Education, Ofat-Adun,

Assanusiyah College of Education, Odeomu,

African Thinkers Community of inquiry College of Education,

Best Legacy College of Education, Ikirun,

Bauchi Institute for Arabic and Islamic Studies, .

Calvin Foundation College of Education, Naka,

Harvard Wilson College of Education, Aba,

Hill College of Education, Akwanga,

Institute of Ecumenical Education, Enugu,

College of Education, Foreign Links Campus Moro,

College of Education, Foreign Links Campus Moro,

Diamond College of education aba

Muhyideen College of Education, Ilorin,  

ONIT College of Education, Abagana, .

The African Church College of Education, Lagos,

St. Augustine College of Education, Yaba,

Yewa Central College of Education, Ogun,

List of Federal Universities in Nigeria

Abubakar Tafawa Belewa University,

Ahmadu Bello University, Zaria,

Bayero University, Kano,

Federal University, Gashua,

Federal University of Tech, Akure,

Federal University of Petroleum Resources, Effurun,

Federal University of Technology, Minna,

Federal University of technology, Owerri,

Federal University Dutse,

Federal University Dutsin-Ma,

Federal University, Ndufu-Alike,

Federal University, Otuoke,

Federal University, Wukari,

Federal University, Birnin Kebbi,

Federal University, Gusau

Michael Okpara Univeristy of Agric, Umudike, .

Modibbo Adama University of Tech, Yola, .

National Open University of Nigeria,

Nigeria Police Academy Wudil, .

Nigeria defense Academy, Kaduna, .

Nnamdi Azikiwe University, Awka,

Obafemi Awolowo University, Ile-Ife, .

University of Abuja, Gwagwalada, .

University of Agriculture Abeokuta,

University of Agriculture Markurdi,

University of Benin,

University of Calabar,

University of Lagos,

University of Maiduguri,

University of Nigeria Nsukka,

University of Port-Harcourt

University of Uyo, .

Usmanu Danfodiyo University,

List of State Universities in Nigeria admission list

Abia State University, Uturu,

Adamawa State University, Mubi,

Adekunle Ajasin University, Akungba,

Amrose Alli University, Ikot Akpaden,

Anambra State University of Sc. & Tech, Uli,

Anambra State University of Sc. & Tech, Uli,

Bauchi State Unibversity, Gadau,

Benue State University Markurdi,

Bukar Abba Ibrahim University, Damaturu,

Cross River State University of Sc. & Tech, Calabar, .

Delta State University Abraka,

Ebonyi State University, Abakaliki,

Ekiti State University,

Enugu State University of Sc. & Tech. Enugu,

Gombe State University, Gombe

Ibrahim Badamasi Babangida University,

Ignatius Ajuru University of Education,

Imo state University,Owerri,

Jigawa State University,

Kaduna State University, Kaduna

Kano University of Sc. & Tech, Wudil

Kebbi State University, Kebbi,

Kogi State University, Anyigba,.

Kwara State University, Ilorin, .

Ladoke Akintola university of Tech,

Lagos State University Ojo,

Nasarawa State University, Keffi,

Niger Delta University, Yenagoe,

Olabisi Onabanjo University Ago-Iwoye,

Ondo State University of Sc. & Tech, Okitipupa,

Osun State University, Oshogbo,

Plateau State University, Bokkos,

Rivers State University of Sc. & Tech,

Tai Solarin University of Education, Ijebu-ode,

Taraba State University, Jalingo,

Umaru Musa Yar’Adua University,

Private Universities

Achievers University, Owo,

Adeleke University, Ede,

Afe Babalola University, Ado- Ekiti,

African University of Sc. & Tech, Abuja,

Al-hikmah University, Ilorin,

Ajayi Crowther University, Ibadan,

Al-Qalam University, Katsina,

American University of Nigeria, Yola, .

Babcock University, Ilishan,

Baze University,

Bells University of Technology, Otta,

Benson Idahosa University, Benin,

Bingham University, New Karu,

Bowen University, Iwo,

Caleb University, Lagos, .

Caritas University, Enugu,

CETEP City University, Lagos,

Covenant University, Ota,

Crawford University, Igbesa,

Crescent University,

Elizade University, Ilara-mokin, .

Fountain University, Oshogbo,

Gregory University, Uturu,

Hallmark University,

Igbinedion University, Okada

Joseph Ayo Babalola University,Ikeji,

Kwararafa University, Wukari,

Lead City University, Ibadan,

Madonna University, Okija

Mcpherson University, Seriki

Nigerian-Turkish Nile University, Abuja,

Novena University, Ogume,

Obong University, Obong Ntak, .

Oduduwa University, Ipetumodu,

Pan-African University, Lagos,

Paul University, Awka,

Redeemer’s University, Mowe,

Renaissance University, Enugu,

Salem University, Lokoja,]

Tansian University, Umunya, .

University of Mkar

Veritas University, .

Wellspring University, Edo, .

Wesley University of Sc. & Tech, Ondo,

Western Delta University, Oghara

List of all the Federal Polytechnics in Nigeria

    Air Force Institute of Technology Nigerian Air Force,

    Air Force Institute of Technology Nigerian Air Force,

    Akanu Ibiam Federal Polytechnic, Unwana,

Nigeria Army School of Military Engineering,

     Auchi Polytechnic .

     Auchi Polytechnic .

    Federal Polytechnic, Ado-Ekiti

Federal Polytechnic, Ado-Ekiti .

Federal Polytechnic, Bauchi, .

    Federal Polytechnic, Bida,

 Federal Polytechnic, Bida,

   Federal Polytechnic, Damaturu,

     Federal Polytechnic, Ede, Osun State,

 Federal Polytechnic, Ede, Osun State,

 Federal Polytechnic, Ida,

   Federal Polytechnic, Ida, .

  Federal Polytechnic, Ilaro,

     Federal Polytechnic, Ile-Oluji, Ondo State,

    Federal Polytechnic, Mubi,

   Federal Polytechnic, Namoda,

   Federal Polytechnic, Nassarawa,

  Federal Polytechnic, Nekede,

    Federal Polytechnic, Nekede,

Federal Polytechnic, Offa,

 Federal Polytechnic, Offa,

 Federal Polytechnic, Oko,

Federal School of Dental Technology and Therapy,

Kaduna Polytechnic, Kaduna,

Hussaini Adamu Federal Polytechnic,

Nigeria Army School of Military Engineering,

Federal College of Animal Health and Production Technology

Waziri Umaru Federal Polytechnic Birnin Kebbi,

Yaba College of Tech,

List of State Polytechnics in Nigeria

 Abraham Adesanya Polytechnic, Ijebu-Igbo,

Abia State Polytechnic, .

Adamawa State Polytechnic,

Akwa-Ibom State Polytechnic, Ikot-Osurua,

Benue State Poly, Ugbokolo,

Gateway Polytechnic, Igbesa,

Rufus Giwa Polytechnic,

Rufus Giwa Polytechnic,

The Polytechnic, Ibadan, .

Institute of Mgt. and Tech,

Imo State Polytechnic, Umuagwo

Kano State Polytechnic,

Kogi State Polytechnic, Lokoja,

Kwara State Polytechnic, Ilorin,

Lagos State Poly, Ikorodu,

Moshood Abiola Poly,

Nasarawa State Polytechnic

Nuhu Bamalli Polytechnic,

Delta State Polytechnic, Ogwashi-Uku,

Osun State Poly, Iree,

Osun State Poly, Iree,

Osun State College of Tech, Esa-Oke,

Delta State Polytechnic, Ozoro,

Plateau State Polytechnic, Barkin-Ladi,

Adamawa State Poly,

Rivers State College of Arts and Science,

Rivers State College of Arts and Science

Rivers State Polytechnic,

Gateway Polytechnic Saapade

Edo State Inst. of Tech and Mgt, Usen,

Niger State Poly, Zungeru, Niger State,

List of Private Polytechnics in Nigeria

Allover Central Polytechnic,

Crown Polytechnics,

Covenant Polytechnic,

Dorben Polytechnic, Bwari-Garam Road,

Fidei Polytechnic, Gboko,

Grace Polytechnic,

Grace Polytechnic,

Igbajo Polytechnic,

The Polytechnic, Ile-Ife, NITEL Road

Lagos City Poly, Ikeja, Lagos State,

Light House Polytechnic, Eubuobanosa,

Interlink Polytechnic,

Kings Polytechnic, Ubiaja,

RONIK Polytechnic,

Shaka Polytechnic, Polytechnic, Benin city,

Temple-Gate Polytechnic,

Wolex Polytechnic

Prime Polytechnic

The Polytechnic Imesi-Ile, Osun

Heritage Polytechnic, Ikot Udota

Ibadan City Polytechnic