ABSTRACT
The main purpose of this research work was to study the rate of industrial development in developing nations, considering a case of Nigerian small and medium scale business enterprises (SMEs) in order to unlock the potentials that are eminent in the manufacturing sector. Hence, in the absence of basic social amenities and infrastructures (good road for easy access to the market, low interest source of financing and so on) which aided the actualization of industrialization amidst other industrial developmental challenges; this study intended to understudy what strategies have been designed by the new Small and Medium scale Enterprises (SME) for survival and how these strategies can be improved with respect to Nigeria.
A total of 600 SMEs owners and managers were administered questionnaires to. The analysis of this research work was based on the opinion of the successful 517 respondents.
The result obtained from this research suggested that there are no special techniques employed by the SMEs other than the fact that they were able to manage the situation and still ensure business profitability despite the huge economic deficiencies present in the economy.
It was recommended that the government should ensure that there is positive atmosphere for business development and growth by providing basic infrastructural facilities that ensures the actualization of this aim.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 Background of the study
1.2 Purpose of the thesis
1.3 Research Problem
1.4 Research Approach
1.5 Limitation and scope of the study
1.6 Structure of the thesis
2 THEORETICAL BACKGROUND OF THE STUDY
2.1 Industrial Development
2.1.1 Definitions and Explanation
2.1.2 Rostow’s Industrial Development Theories
2.1.3 Roles of Industrialization in economic development
2.2 Developing Nation
2.2.1 Definition and characterics of developing Nation
2.2.2 Definition and characterics of developed Nation
2.3 Industrial development in Nigeria
2.3.1 Nigerian Industrial development history
2.3.2 Problem of Nigerian industrial development policies
2.4 Small and Medium Enterprises (SMEs)
2.4.1 Definition and Explanation
2.4.2 SMEs and its challenges in Nigeria
3 RESEARCH METHODOLOGY
3.1 Introduction
3.2 Qualitative and Quantitative methods of research
3.2.1 Qualitative Research Method
3.2.2 Quantitative Research Method
3.3 Research questions and Research hypothesis
3.3.1 Research Questions
3.3.2 Research Hypothesis
3.4 Data collection Techniques
3.4.1 Primary Methods
3.4.2 Secondary Methods
3.4.3 Test of reliability of the collected data
3.4.4 Test of Validity of the collected data
3.4.5 Data collection methodology for this research
4.0 DATA ANALYSIS, RESULT AND DISCUSSION
4.1 Introduction
4.2 Data Analysis
4.3 Result and Discussion
5.0 CONCLUSION AND RECOMMENDATION
5.1 Conclusion
5.2 Recommendation
REFERENCES
TABLES
FIGURES
APPENDICES
1 INTRODUCTION
Industrialization has been the basis for economic development of any serious minded nation; this is the reason why it is obvious that no advanced nations reached the developed stage without industrialization. ‘’Industrialization has been seen as a veritable channel of attaining the lofty desirable conception and goals of improved quality of life and the populace. This is because; industrial development involves extensive technology-based development of the productive (manufacturing) system of the economy. In other words, it could be seen as a deliberate and sustained application and combination of suitable technology, management techniques and other resources to move the economy from the traditional low level of production to a more automated and efficient system of mass production of goods and services’’(Ayodele and Falokun, 2003). As clearly stated by Falokun and Ayodele, industrialization involves developing the economy from its presently low state to a more efficient system of mass production of goods and services in order to improve that quality of life and standard of life of the citizenry.
1.1 Background of the study
The main goal of industrialization is to increase output using the more mechanized system of production. It is evident from above that industrialization is the central them of economic development and growth.
One of bottlenecks facing emerging countries and which has impeded economic growth over the years is how to improve her industrial capabilities. Nigeria as a nation is a typical example of this incident. Industrialization is an increase of manufacturing sector in the Gross Domestic Product (GDP) via better utilization of technologies, materials and good labour capabilities. The industrial development comprises of good communication, basic infrastructural facilities and transportation networks as well as all other resources for better production operations (Iwuagwu, 2011). Developing nations lack the basic infrastructural facilities needed to launch them into industrialization as a result of improper and unimplemented policies, thereby make their industrial development slow (Adejumo and Olaoye, 2012; Iwuagwu, 2011). The bureaucratic nature of government policies set up and likewise delay or non-implementation of government approved projects are some of the factors that robbed Africa, Nigeria as a case its destined place in industrialization in global economic stage.
Furthermore, the roles of small and medium size business enterprises in a nation’s industrialization are eminent. These due to the fact, these small firms contribute significantly to the GDP and many of Nigerian government tiers have developed policies and programs to facilitate their activities but surprisingly this industrial sector confront many challenges like inadequate of resources such as absence of financing from the government and also from the banks, political influences (interferences), and poor readiness of entrepreneurs (Adejumo & Olaoye, 2012).
Similarly, Agboli & Ukaegbu (2006) outlined that the business environment appeared to be frustrating for entrepreneurs and thereby made difficulties for industrial development; among the problems stated are official corruptions, regulation for new businesses and business expansion, bureaucratic burden, low access to credit and poor or lack of basic amenities. It is also claimed by Agboli & Ukaegbu (2006) that these problems might not only decelerate Nigeria industrial sector development but also accelerate negative attitude to entrepreneurial activities and industrial improvements.
The above stated problems of industrial development in the developing nations (but specifically Nigeria as a case study) seems to hinder the progress of industrial sector, meanwhile, the previous scholars like Adejumo & Olaoye (2012), Agboli & Ukaegbu (2006), Anderson (1982), Iwuagwu (2011) and Stanley (1985), only to mention few, have argued that industrial development is an important issue for the national development especially for economical purposes. The Nigerian Representative and Regional Director of United Nations Industrial Development Organization (UNIDO) – Dr. Kormawa - states that many manufacturing firms are emerging in Nigeria yearly and there are still many “unlocking potentials” in the country. In view of this, it seems reasonable and relevant to know how the new manufacturing companies start and cope despite the industrial developmental challenges that are eminent in the country and it is worthy to know how their strategies can be improved with the hope of helping other intending business entrepreneurs in other to attain a sustainable developmental programme. Thus, understanding of this phenomenon will contribute to industrial and entrepreneurial developments in Nigeria and thereby reduces the poverty, standard of living of the people and unemployment problems facing the developing nations.
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Item Type: Project Material | Size: 59 pages | Chapters: 1-5
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