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Chapter one


1.0 Background of the Study

Small business enterprises have an important role in growing and diversifying industrial production, as well as contributing to goals such as job creation, poverty eradication, improved income distribution, and meeting the fundamental necessities of most emerging countries.

Small business businesses are described by the Central Bank of Nigeria in its guidelines as any commercial organisation with an annual revenue of less than five hundred thousand naira. (CBN Guide, 2002).

A small business enterprise can be defined as one that is independently owned and managed and does not dominate its relevant market area of interest (Gryphon and Ebert, 1999). Unemployment is clearly a major concern for every government, development planner, corporate sector, and society as a whole.

This is why it is critical to prioritise job creation since, according to Tomori (1998), the consequences of unemployment (whether long or short-term) leave a mark on every individual, family, or country that is confronted with the issue.

In the first place, the degree of frustration and hardship experienced by a jobless person who is willing to work but unable to find work is significant. His or her discontent may manifest as violence or criminality, which, whether collective or individual, has the potential to shake up any political structure and create instability.

Second, the loss of revenue to people and households is significant; under-utilization of labour resources creates a severe situation for society in terms of wasting human resources that may have been expensively educated.

Small businesses have been favoured as entities capable of addressing the country’s high unemployment rate. modest business firms are independent businesses that are controlled by their owners or partners and have a modest market share (Bolton Report, 2006).

Today, the unemployment problem has eaten even deeper into the fabrics of Nigerian society and threatened her economic growth, much more than was bargained for and has left little to be desired.

Indeed, the situation has deteriorated to the point that graduates of higher institutions spend up to three to four years at home after graduation with no sign of “white-collar” jobs coming their way, thus, it has been argued that people who lose their jobs or are premature

Small businesses are regarded as the engine room for economic development because they account for the majority of company operations in a growing economy such as Lagos State’s. This is expressed in the following ways.

1. Employment generation capacity of approximately 50% of the global working population

2. Small businesses provide important sources of income and participation in economic activities in low-income and developing countries.

3. National economic development possibilities are dependent on the entrepreneurial energy of lively small businesses, just as most large corporations grew from small businesses to become household names.

4. As they expand, they safeguard nations from the geographical cost-benefit permutations of a few multinational corporations that are always ready to close their doors and relocate at the first provocation or indication of an economic collapse.

1.1 Statement of the Problem

To develop an economy, people must be willing to invest their money or resources in both short-term and long-term projects, as well as take on commercial risks.

In Nigeria, there was a shortage of authentic up-to-date information on the role played by small business enterprises in economic growth and development, particularly through the creation of work possibilities for people (AJALA E.M 1999).

The irregular government policies, insufficient financial aid, and bad infrastructure that raise the cost of manufacturing cause small businesses to struggle with survival rather than job creation as expected. As a result, the researcher seeks to determine the rate at which SBEs in Nigeria produce jobs.

1.2 Objectives of the Study

The primary goal of this research is to determine the role of small businesses in creating job opportunities for the people of Lagos State in order to promote economic growth and development.

1. To investigate the extent to which small businesses generate job possibilities in Lagos State.

2. Research the mechanisms that assist and support small businesses, as well as their contribution to job creation.

3. To investigate how small businesses generate job opportunities in the manufacturing sector.

4. Determine whether financial institutions enable small businesses to reach their predetermined goals.

5. Determine whether infrastructural supply aids the growth of small business firms in Lagos State.


1.To what extent have small business enterprises created job opportunities in Lagos State?

2. How do Small Business Enterprises improve the level of living for the typical Nigerian?

3. Do financial institutions assist small businesses in achieving their specified goals?

4. To what extent have small businesses helped to reduce unemployment in Lagos State?

5. How can infrastructural provision help small businesses flourish in Lagos State?

1.4 Research Hypotheses

Ho: Small businesses have little good impact on job development in Lagos state.

Hi: Small Business Enterprises have a good impact on job development in Lagos state.

Ho: The availability of infrastructure for Small Business Enterprises will have little impact on job creation in Lagos State.

Hi: The availability of infrastructure for small business enterprises would have an impact on job creation in Lagos State.

1.5 Significance of the Study

This study has significant implications for individuals, groups, businesses, and the nation as a whole. What were some of the study’s significant findings?

1. The study would help to understand how small businesses contribute to job creation in Lagos State.

2. The study would help individuals, firms, and nations plan their businesses by revealing all facets of the proposed business.

3. The study will also help prospective investors understand the requirements for starting a small business.

1.6 Scope and De-Limitation of Work

The study would focus on a few selected Small Business Enterprises in the Ojo and Amuwo Odofin areas of Lagos State.

1.7 Outline of Chapters

Chapter one: Introduced us to the corpus of study work. In this chapter, numerous textbooks and periodicals will be reviewed to determine diverse perspectives on small business businesses and job creation in Lagos State.

Chapter Two: The literature research will be conducted mostly through textbooks and periodicals to gain an understanding of what small company businesses are all about and how they contribute to job prospects.

Chapter Three: research methodology is the word used to describe how research will be conducted using primary and secondary data, as well as the research design, which will include the collection of varied and relevant information about small business companies and job creation in Lagos State.

The fourth chapter, Data Analysis and Interpretation, focuses on data presentation, analysis and outcomes, hypothesis testing, and results discussion. It specifies how data will be analysed using a statistical framework.

Chapter five will conclude with a summary of the main results and recommendations.

1.8 Definition of Terms

Small businesses are those that are locally owned and operated, typically with a small number of employees. Small business organisations have a minimal structure and frequently exhibit attitudes and behaviours.

Unemployment: A condition in which capable men and women are unable to find work.

Economic development refers to the maturity of a country’s output in terms of both quantity and quality.

Economic growth refers to the quantitative increase in a country’s input and output over a given period of time.

Working capital refers to funds for acquiring and sustaining a small firm.

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