CHALLENGES FACING SMALL AND LARGE SCALE ORGANIZATIONS IN NIGERIA
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CHALLENGES FACING SMALL AND LARGE SCALE ORGANIZATIONS IN NIGERIA
Chapter one
Introduction
Background of the study.
Small and large-scale organisations are often considered as the driving force behind any country’s economic success, and they are seen as justified methods of propelling global development. Small and large-scale businesses are both labour-intensive and capital-saving.
They have the potential to empower individuals and create billions of new employment around the world (Abeh, 2017a,b; Kadiri, 2012). They are also identified as significant drivers of economic progress and poverty reduction (Agwu & Emeti, 2014).
Small and big scales are important components that connect, reinforce, and increase the growth of countries. Their performance and expansion in industry, agriculture, and services, among other things, have been seen as key drivers of the Nigerian economy.
Sustainable growth and improved small and large-scale performance promote competitiveness, which offers up multiple prospects for employment, tangible and intangible assets, and environmental investment (Eniola & Ektebang, 2014).
Nigeria’s independence in 1960 was a watershed moment in the growth and development of small and large scale industries, resulting in a strong emphasis on small and large scale as a cure for reducing poverty and joblessness or unemployment in Nigeria as a whole.
The 1986 Economic Reform Programme (ERP) marked a watershed moment in the transition from impressive, capital-intensive, large-scale industrial projects based on import substitution to small-scale industries with enormous potential for developing domestic linkages for long-term economic and industrial development (Agwu & Emeti, 2014).
As a result, both small and large-scale businesses play an essential role in the Nigerian economy. Despite these limitations, Nigeria has progressed on both a small and large scale over time.
Dr. Ade Oyedijo, a financial expert, stated in a study titled “Nigeria’s Economy and its Career Promise for the Mature Employee” that the plights of small and big scale businesses in Nigeria are related to major variables and difficulties that characterise the country’s economy.
These include, but are not limited to, a very high unemployment rate, which is likely to rise as a result of current public sector reforms, high unemployment, high poverty levels, disease, hunger, and so on.
Dr. Oyedijo also mentioned a drastic shift from the production of non-oil traded goods (mostly agricultural) to traded goods, while approximately 95 million Nigerians are reported to be living below the poverty line
despite the fact that 19 of her citizens are ranked among the 500 wealthiest men in modern capitalist economies, as one of the characteristics of our nation’s economy that exacerbates Nigerian small and large-scale problems.
He also stated that since independence, the main thrust of Nigeria’s development strategies and objectives has been the development of industrialization, education, and a self-sufficient economy
but that the human capital expected to support the industrialization process and propel other sectors to maturity has not demonstrated the necessary mix of knowledge, attitude, and skills.
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