MICRO, SMALL SCALE BUSINESS AS A STRATEGY FOR ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA AMONG SOME SELECTED MICRO, SMALL SCALE BUSINESSES IN LAGOS ISLAND AREA OF LAGOS STATE
Abstract
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ABSTRACT
Several problems affecting the inability of SMEs to generate employment in Nigeria seem to be
common and unattended to. Some of these problems were low market access to credit, poor
information flow, discriminatory legislation, poor access to land, weak linkages among different
sectors, weak operating capabilities in terms of skills, lack of knowledge and attitudes, lack of
infrastructural facilities among others. It was on this note the study examined micro, small scale
business as a strategy for entrepreneurship development in Nigeria among some selected micro,
small scale businesses in Lagos island area of Lagos state. Survey research design was
employed and questionnaire was used as the research instrument. Stratified sampling technique
was used to determine the sample size of two hundred and one (201) from the population of
residents in Lagos West Senatorial District in Lagos state. One hundred and ninety (190)
questionnaires were fully completed and returned. Simple percentage was employed to analyze
the responses of the questionnaires while Pearson Moment Correlation was used to test the
hypotheses formulated. However, it was found that there is significant effect of financing
techniques of micro, small scale business on entrepreneurship development, there was
significant effect of social infrastructures on entrepreneurship development, there was
significant effect of managerial skills of micro, small medium enterprises on unemployment
abatement and also there was significant effect of taxation policy of micro, small scale business
on entrepreneurship development and there was significant effect of taxation policy of micro
small business on entrepreneurship development. It was recommended that there should be an
urgent need by the State government to fund SMEs operation with long-term, low interest rate
facilities. This will enable SMEs set long-term plans, embark on multiple and high yield
investment projects that enhances macro-economic growth and development.
Keywords: Micro, Small Scale Business, social infrastructures, entrepreneurship development
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