Title: The Role of Small Scale Industry in the Development of Nigerian Economy
Authors: Eborka, M.C.C and Prof. Olannye, A.P
Volume: 9
Issue: 5
Pages: 138-146
Publication Date: 2025/05/28
Abstract:
It has been observed that many developing countries, including Nigeria, have recently realized the important roles of SMEs in economic development; and in view of this expressed interest has not been matched with concrete actions. The study examined role of small scale industry in the development of Nigerian economy. Cross sectional survey research design method was used in the study. The population of the study was made up of individuals (owners and employees) who are involved in SME activities in Delta State. A sample size of 60 respondents was drawn for the study, out of which a total of 57 copies of the questionnaire representing of the sample were returned and used in the data analysis. Statistical Package for Social Sciences (SPSS) was used to run Pearson's correlation coefficient test on the hypotheses of the study. The study found that a positive statistical effect exist between poverty reduction, emplacement generation and high standard of living towards economic development in Nigeria. The study concluded that connection between employment generated through SMEs and reduction or alleviation of poverty is blur as poverty is still ravaging the land regardless of engagements or involvement of employees and employers in SMEs. The study recommended that unfriendly business climate should be avoided because Nigeria requires great determination as practicing and potential business owners, microfinance and small and medium Industry are faced with countless challenges. Nigerian's business climate should be made welcoming to those in the micro, small and medium Industry because the role played by this small and medium Industry should not be underestimated since majority of the thriving businesses fall in this category and for us to achieve our goals, adequate attention and support must be directed towards these institutions.