Contribution of Small and Medium Scale Enterprises Essay

IntroductionThe production of goods and operate in the most economic manner has continue to be the solely viable and alternative for using of wasted weighing machine enterprises in Nigeria and for the growth, yield and survival of any delivery. The development of olive-sized surmount enterprises not lonesome(prenominal) contri more everywherees significantly to imposed standard, they also bring substantial local corking formation and achieve high level of productivity. Small and medium scales argon crucial to the development of all economies of the world. They are the modern days incubators of duty opportunities, they provide the way for developing local technologies, raw materials and reply as the foundation of self-reliance to more countries of the world. Small and medium enterprises prevail all over the world with labor intensive method of production. The function of small and medium enterprises not only requires less capital per worker, but also per unit labor ad ded.Hence, cost industrialization and industrial job are not high SMEs offer the most efficient form of business. The definition of small and medium enterprises tends to differ among countries. Thus on that point is no universally accepted definition. This arises from difference in industrial geological formation of the countries at different level of economic development in originate of the same country. It is also important to recognize that the definition change over time. For the purpose of this inquiry however, small and medium scale enterprises is defined as a term used broadly to cover industries consisting of small firms ranging from place and cottage establishment to medium sized industries that are not boastful enough to be classified as large. In other words, small and medium enterprises are classified as enterprises embracing factories, farming and non-farming disposal ranging from household to cottage enterprises.Small and medium scale enterprises are a dynamic, growing, profitable and innovative sector. It is in recognition of this that the government over the age initiated various programmes to address this crucial issue. If the strategies used where appropriate and relevant, entrepreneurship and SMEs would have striven in Nigeria at that placeby, contributing optimally to individual well(p)being and the economy in general. answer it to say that the strategy of industrialization with focus on large scale business has proved inadequate and of serious socioeconomic and environmental consequences. This thusly calls for redefinition of strategies to correct the imbalances in economic development policies.STATEMENT OF THE RESEARCH enigmaDespite the abundant human and material resources, Nigeria has fai guide to develop into economic to be reckoned with from within and outside world, partnership sprits in Nigeria is at its infancy, partners in many small scale enterprises pursue individualistic goals at the expense of the overall interes t of the SMEs, consequently mortality rate among SMEs is high as a result of mistrust that often develops among the owners. Beside poor partner spirit, regulatory environment, form _or_ system of government instability and reversals, inadequate infrastructure etc. and the misused of resources have led to the country losing it position of a promising developing nation to that of underdeveloped status. Small scale enterprises was made possible to assist and encourage Nigerians toward screen background up small scale industries for the realization of self-reliance and rapid step-up of the Nigeria economyPURPOSE OF THE STUDYThis investigate effort to analyze the lineament of small and medium scale enterprises in achieving economic growth and development through generating employment for youth in the country. Nigeria is endowed with the population tolerate both in rural and urban areas with no employment and depressive disorder income. Genuine encouragement of the populace to us e their own initiative to plant up Small and medium enterprises, using the local raw materials and engine room testamenting have a positive wallop on the socioeconomic of Nigeria and thus help in alleviating the problems of unemployment.SIGNIFICANCE OF THE STUDYThe role of small scale enterprises in the overall economic development is well accept in every economy. This is because of the role the sector can play as a source of gainful employment. More than ever before, the country necessarily to fine tune its industrial form _or_ system of government to align it with development strategies so that small scale enterprises could compete favorably with the product of emerging economies. The logical implication of this study therefore lies on the importance the government of Nigeria attached to development of small scale industries and the study will be useful to policy makers in taking decisions which affect small and medium enterprises. This study will also serve as a blue pr int for the government, entrepreneurs and students similar in apprehension the economics of small and medium scale enterprises.In the past various policies and measures were taken by successive governments in an attempt to foster development via small scale establishments, but most of them failed. This is because there is lack of clear understanding of the actual problems that hinder or check into the development and growth of small scale industries. Therefore, this study with the definite accounting and precision about problems will help government to make requisite adjustment in making policies or taking certain measures to alter small scale industries in the country. It is therefore intended that the findings and recommendations of this study will enable the owners of small scale enterprises, future potential enterprises as well as the both similar bodies to assess the importance of small scale enterprises toward economic development, how to establish, manage as well as fun d and spot areas of their survival thereby achieving the objectives of establishing them.AIMS AND OBJECTIVESThe main aim of this study is to examine the broad spectrum covered by the small and medium scale enterprises, their survival in relation to youth and employment generation The broader specific objectives are as follows1.To analyze the role and impact of small scale industries to Nigerian economy 2.To examine the problems which hinder the impact 3.To assess the role of developmental policy program of small scale enterprises undertaken in Nigeria. In a nutshell, this investigate study is to assess the performance of policies on small scale enterprises and its impact on youth and employment generation.SCOPE AND LIMITATIONS OF THE STUDYThis study is an sagaciousness of the role of small and medium scale enterprises in general and its contribution to youth and employment generation in Nigeria. Writing a research of this nature cannot be done without some limitations Data has t o be hive away from a reasonable number of respondents. However, some info may be missing, looking at the numerous numbers of small and medium enterprises. air in mind that, the business world in the developing countries is dictated in revealing certain information which they regard as secret.The research shall be limited to areas where entrepreneurs are willing to give necessary information needed. In addition to this problem, there are also problems of limited functionary statistics on the number of small and medium scale enterprises, their size, and range and how they operate. As a student, time, financial constraint, lack of cooperation on the part of entrepreneurs, hastily retort to questions which may reflect adequate information couple with the respondents lack of understanding and appreciation of the research topic may affect the effort to the rigour of this research work.