The Problems of Small-Scale Business on the Nigerian Economy (A Case Study of Ola-Olu Ventures Taiwo, Ilorin)

TABLE OF CONTENTS

TITLE PAGE                                                                                                                 

CERTIFICATION                                                                                           

DEDICATION                                                                                                

ACKNOWLEDGEMENT                                                                              

TABLE OF CONTENTS                                                                                

CHAPTER ONE

1.0         Introduction                                                                                                

1.1         Statement of the problem                                                                      

1.2         Aims and objectives of the study                                           

1.3         Scope of the study                                                                     

1.4         Limitation of the study                                                              

1.5         Definition of terms                                       

1.6         Plan of the study                                                                                        

CHAPTER TWO

2.0         Literature Review                                                                                      

2.1         Definition of Small - Scale Business                                       

2.2         Characteristics of Small - scale Business                

2.3         Roles of small - Scale Business                                 

2.4         Problems of Small - Scale Business                                        

2.5         Government Contribution Towards the   Development of Small–Scale Business

2.6         Prospects for the Development of Small-Scale Industry in Nigeria                                            

CHAPTER THREE

RESEARCH METHODOLOGY

3.0         Research Methodology                                                             

3.1         Research Design                                                                                        

3.2         Sampling Procedure                                                                                  

3.3         Mode of Data Collection                                                                          

3.4         Method of Data Analysis                                                                         

3.5         Sources of Data                                                                                          

CHAPTER FOUR

HISTORICAL BACKGROUND AND ANALYSIS

4.0         Historical Background of Ola-Olu Venture Taiwo, Ilorin                                                               

4.1         Analysis and Interpretation of Data                                       

4.2         Information about the industry from data collected                                                                     

4.3         Organizational structure of Global soap                

4.4         Findings (An overview)                                                              

CHAPTER FIVE

SUMMARY, RECOMMENDATIONS AND CONCLUSION

5.0         Summary                                                                                      

5.1         Recommendations                                                                     

5.2         Conclusion                                                                                                   

REFERENCE                                                                                                  

APPENDIX                                                                                                

CHAPTER ONE

1.0         INTRODUCTION

A business, either small or big, simple or complex, private or public is created to provide employment opportunity and self dependence business in Nigeria has been classified as small medium and large. However a small scale industry can be defined by such criteria as to projects cost, capital cost turnover by the employee etc. the federal and state ministries of industry and commerce have adopts the criterion of value of installed fixed capital to determine what a small scale industry is. In this respect the value has been varied from #60,000 in 1972, #159,000 in 1975, #250,000 in 1979, #500,000 in 1986, to fixed investment of not more than #2,000,000 (two million naira) in 1992. This figure is exclusive of the. building and subject to government determination and prevailing objectives of public policy. In the wake of SFEM, this value have been reviewed and subsequently increased to #5,000,000(five million naira).  If that is the case, there may be a need to classify the small scale industry into MICRO and MACRO business with a view of providing adequate incentives and protection for the former. In the main time, any business or enterprises below the upper limit of #250,000 and whose annual turnover exceeds that of cottage industry currently put at #5,000 per annum is a small scale industry. The National Directorate of Employment INDE] concepts of a small scale industry has fixed to a maximum of #35.000. In addition, the state has defined a small scale business as one that has basic capital value of less than #500.00- as at September 2010. Small scale industry orientation is part and parcel of Nigeria industry orientation is part and parcel of Nigeria. Evidence abounds in over respective communities of what successes our great grandparents made of their respective trading concerning yam — burn, iron smelting, farming, cottage industries and the likes. So that secret behind their success of self reliant strategy does not like in any particular political philosophy, so much as in the people’s attitude to enterprises and in the right to which the right incentive is adequate enough to make risk worth taking are provided. Back home in Nigeria, the respective government policies accorded and gave priority to the country’s small scale enterprises. This has been in recognition that they constitute the fountain head of vitality for the variational economy and consequently their problems have been viewed as those of the nation, by virtue of their number, diversity, penetration in all sectors of production and marketing contribution to employment and to the prosperity of the particular areas in which they operate. In concrete terms, small scale industries constitute a greater percentage of all registered companies in Nigeria, and they have been in existence for a quite long time. Majority of the small scale industries developed from cottage industries to small enterprises and from small scale to medium and large scale enterprises. To understand the problems, we have to look at the mutual relationship of all the parts in the industry. The functional problems are buying of raw materials, processing of finished goods, financial inequalities and secures rendered to the local community by the industries. To understand this, we have to understand the validity of functionalism theory; finally, the study seeks to know lf the element of industries structures are functioning.