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The Impact Of Small And Medium Scale Industries On The Economic Growth Of Nigeria (1986 – 2010)
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Nigeria’s major manufacturers produce food and beverages, cigarettes,
textiles and clothing, soaps and detergents, footwear, wood products,
motor vehicle parts, chemical products and metals while small and medium
scale manufacturing engage in leather making, poultry making and wood
carving. The smaller industries are often organized in craft guides
involving particular families who pass the skill from generation to
generation.
People have lived in what is now known as Nigeria since
at least 9000BC, evidence indicated that since at least 5000BC, some of
them have practiced settled agriculture. In the early (centuries (AD),
kingdoms emerged in the drier northern savanna, prospering from trade
with north Africa. At roughly the same time, the western and southern
forested areas yielded city- state and looser federations sustained by
agriculture and coastal trade. These systems changed radically with the
arrival of the Europeans in the late 15th century, the rise of the slave
era in the 16th Century through the 19th Century. Nigeria achieved
independence in the 1960, but has since been plagued by an unequal
distribution of wealth and inflation.
The first well documented
kingdom was the Yoruba kingdom, which was observed between the 11th
-12th centuries. Over the next few centuries, they spread their
political and spiritual influence beyond the borders of its small city
states. Its artisans were highly skilled, producing among other things,
bronze castings of heads in a very naturalistic style. Terra- cotta,
wood and Ivory were the common media instruments used.
Shortly after
the 12th century, the kingdom of Benin emerged in the mid-western south
region. Although it was separate from the Yoruba kingdoms; Benin legends
claim that the kingdoms first rulers were descendant from an Ife
prince. By the 15th century, the Benin kingdom was large, wood designing
was what sustained the city’s trade (both within the region and later
with Europe). Its legacy includes a wealth of elaborate bronze plagues
and statues recording the nation’s history and glorifying its rulers.
From
the above paragraphs, it can be noted that small and medium scale
industries are indeed necessary for the development of any economy.
Small and medium scale industries act as the major stepping stone to
economic growth. In Nigeria today, small and medium scale industries are
common but have no efficiently achieved or attained her goals.
Therefore,
to encourage local businessmen and institutions in buying small and
medium sized businesses, the government established the Nigerian bank
for industry and commerce, which had an initial operating capital of 50
million naira. There was some concern in Nigeria that Nigerians might
not be able to raise enough capital to take over the foreign owned
businesses affected by the decree and that there might not be enough
Nigerians with the technical and managerial skills necessary to replace
extricate personnel.
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ABSRACT - [ Total Page(s): 1 ]The study investigates the impact of small and medium scale industries on the Nigerian economy, spanning from 1986 to 2010. The study adopted Ordinary Least Square (OLS) Linear Specification model. Using unit root test, the work shows that small scale industries significantly contributed to the economic growth in Nigeria despite poor funding by commercial banks. The work recommends among others that government should improve its monetary policies so as to reduce to an acceptable level, the rate ... Continue reading---
