THE CONTRIBUTIONS OF PRIVATE OWNED BUSINESS ON EMPLOYMENT AND ECONOMIC GROWTH (A CASE STUDY OF AQUA RAPHA LIMITED, ENUGU)

ABSTRACT The project topic titled “The contributions of Private Owned Business on employment and economic growth: A case study of Aqua Rapha Limited. The study highlighted the importance of Private Owned Business to economic development and growth in Nigeria. The objective of the research work is to analysis the contributions of Private Owned Business units towards economic development and growth. It also examined the problems associated with private owned establishments in Nigeria. The literature review further discussed various ways private business has contributed in development of different sectors of the economy and their roles towards economic growth. All aspect of this work is very relevant to the management of Private Owned Business and individuals who may be interested in carrying out further study on this topic. The researcher intended to source materials through primary and secondary sources, the primary data include questionnaire distribution and oral interview, while secondary data include textbooks, journal, internet articles etc. The population of the study comprises the staff and customers of Aqua Rapha. Data collected were analyzed using simple table and percentage analysis. The study observed that Private Owned Business has contributed to economic development of Nigeria positively and that there are difference in the number of Private Owned Business who used Microfinance Institutions and those who do not. It also indicated that financial institutions are not adequately financing private owned business. The researcher recommended that to achieve a desired sustainable Private Owned Business led growth of the economy, it is imperative for government to continuously put in place policies and programmes that will encourage Private Owned Business participation and contribution to the development process. In addition to government policies presently being implemented appropriate fiscal and monetary policies within the context of economic reforms should be initiated, developed and adopted. This will amongst others improve access to banking services and available credit facilities to the private owned business.