Proceedings of 33rd International Business Research Conference

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Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
Small and Medium Scale Enterprises and Sustainable
Economic Development in Nigeria
Dimoji F. A and Onwuneme L. N
Interest in the development of small and medium- sized enterprises (SMEs) and their
contribution in the development process have continued to be in the forefront of policy
debates in developing countries. Small and medium scale enterprises remain a veritable
tool for achieving sustainable economic development in Nigeria by their role of
encouragement of entrepreneurship, creating immediate employment opportunities,
promoting inter and intra-regional trade, breaking monopoly of larger enterprises as well
as alleviating poverty. In fact the foundation of growth and development in many
developed countries of the world is usually attributed to the contribution of the small and
medium enterprises. This work therefore assessed the impact of small and medium
enterprises in achieving sustainable economic development as well as the challenges
facing their optimal performance. Descriptive method of analysis was employed and the
major source of information for this study was from secondary method of data collection.
Relevant literatures were reviewed accordingly. It was discovered that small and medium
scale enterprises provide the necessary tool for a needed sustainable economic
liberation in Nigeria. The recommendation among other things are, more financial
encouragement and support from the government and relaxation of stringent and
conflicting policies, sensitization of the general public on how to access funds set aside
for SMEs development, and the need to ensure strict compliance to inclusion of
Entrepreneurial studies in our higher institutions in Nigeria.
Keywords: sustainable, economic development, small and medium scale enterprises.
Track: Economics
Introduction
Small and Medium Enterprises Development (SMEs) has continued to be a popular
phrase in the history of economic development around the world today. As a result, both
the developed and the developing countries are actively engaged in and continue to
seek pragmatic ways of improving the activities of SMEs. According to the World Bank
(2010), micro, small and medium-sized enterprises constitute 99% of an estimated 19.3
million enterprises in the European Union (EU), and provide about 65 million jobs
representing two-thirds of all employment. In the context of the developing world, SMEs
in Africa constitute the larger proportion of businesses and employ a significant portion
of the population, while Ojo (2003) also attributes the economic success of the Asian
countries to the activities of SMEs. In Ghana, official statistics indicate that about 70%
of enterprises are micro and small sized and that about 40% of Ghana’s Gross National
Income is contributed by the private sector which is dominated by SMEs (Ghana
Statistical Service, 2012).
In Nigeria the SMEs account for the largest group of businesses in terms of number.
They generate the largest employment opportunities in the nation, thereby acting as a
panacea to the high unemployment rate in the nation.
_____________________________________________________
Dimoji F.A & Onwuneme L.N, Department of business administration and management, School of
business management and technology, Abia state polytechnic, aba, Email: Favour.Dimoji@Yahoo.Com
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
In fact the foundation of growth and development in many developed countries of the
world is usually attributed to the contribution of the small and medium enterprises.
The place of small and medium Enterprises (SMEs) in achieving economic development
in Nigeria can never be over-emphasized. It is a well known fact that SMEs act as the
driving force in the attainment of industrial growth and development. This basically is
predicated on their great potential in ensuring diversification and expansion of industrial
production as well as the economy at large.
Odubanjo (2000), Onwumere (2000), and Nnanna (2001) affirm that SMEs help in the
achievement of improved rural infrastructure, improved living standard, utilization of
indigenous technology, production of intermediate technology and increase in revenue
base of private individuals and government. China that has understudied and realized
these facts has aggressively capitalized and invested in her SMEs. Other nations have
also joined in this wise venture.
The SME sector has moved some Asian countries into world leaders with
unprecedented economic and industrial expansion (Kuwait Chapter of Arabian Journal
of Business and Management Review Vol. 1, No.9; May 2012)
Ahmed (2006) opined that Small and Medium Scale Enterprises are sub-sectors of the
industrial sector and they play crucial roles in ensuring industrial development. Nigeria
in 1981 adopted economic reform programmes and ever since there have been several
decisions to switch from capital intensive and large scale industrial projects, to small
and medium scale enterprises that have better prospects for developing domestic
economy. Based on this argument, Osuagwu (2009), opined that a panacea to the
challenges of development in developing countries particularly in Nigeria, is the
encouragement of entrepreneurial development programme at all levels in the nation.
Reckoning with an ever enduring, stable economic situation is an untiring desire of
every nation under the globe today and this has brought about the word sustainability. A
sustainable economy simply speaks of an economy that has the potentials/features to
last well into the future. Achievement of economic sustainability takes a collective effort
of several interacting forces and elements. Such economic contribution are obvious in
the mobilization of idle financial resources, the conservation of foreign exchange,
utilization of local raw materials, specialist supplies to large companies, adding varieties
and choice for the consumers, checking the monopolistic tendency power, providing a
source for innovation, breeding ground for new industries and above all, employment
creation (Bamidele, 2012). At some point the government has formulated policies aimed
at facilitating, empowering the growth and development and performance of the SMEs,
at some other point, it had focused on assisting the SMEs to grow through soft loans
and other fiscal incentives in order to enhance the socio-economic development of the
economy like alleviating poverty, employment generation, enhancing human
development and improving the social welfare of the people (Oreoluwa, 2011).
Despite her abundant natural resources, the country still finds it very difficult to discover her
developmental bearing since independence. Quality and adequate infrastructural provisions has
remained a night-mare, as the real sector among others has witnessed downward performance
while unemployment rate is on the increase.
Evidently, most of the poor and unemployed Nigerians in order to better their lots have resorted
to the establishment of their own businesses with lean personal savings. Consequently,
entrepreneurship is fast becoming a household name in Nigeria. This of course is due to the
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
obvious fact that the so called white collar jobs that people clamour for are no longer there. One
could notice also that in some sectors such as Banks and companies known to be the largest
employer of labour are on the downturn following the consolidation crisis and fraudulent
practices of the high and mighty in the banking sector. The companies of course are folding up as
a result of erratic power supply, insecurity and persistent increase in interest rate which has led to
high cost of production and, undermines profit making potentials of companies in Nigeria. As a
result of banking sector practices and continuous folding up of companies, a lot of Nigerians are
thrown back into unemployment which inevitably is not favourable to the economic situation of
the country. Given the fact that office jobs which people desire more are no longer there for the
teeming population, and the few ones that succeeded in getting the jobs are incessantly thrown
out as a result of some of the factors identified above, the need for the government and the
people to have a rethink on the way forward becomes absolutely necessary.
Ipso facto, the need for Small and Medium scale Enterprises (SMEs) has become a necessary and
effective means of ensuring self independence, employment creation, import substitution,
effective and efficient utilization of raw materials and, contribution to the economic development
in Nigeria.
Over the years a number of policies have been formulated by the government with a view to
developing Small and Medium Scale Enterprises. The Nigerian government under the leadership
of Olusegun Obasanjo endorsed the micro-finance policy and other regulatory and supervisory
framework in 2005. It was in pursuit of a sustained economy through SMEs that the Small and
Medium Scale Enterprises Development Agency of Nigeria (SMEDAN) was established.
Among the functions of SMEDAN is to ensure adequate encouragement, support and protection
of SMEs. This was in sheer recognition of the inevitable roles that SMEs play in achieving
economic development and sustainability.
CONCEPT OF SMEs
According to Obitayo (2001), the concept of small scale enterprises v a r i e s f r o m o n e
country to another. He said statistically small scale enterprises
were d e f i n e d a s t h o s e e m p l oyi n g 1 0 - 9 9 w o r k e r s . H e n c e ,
enterprises employing less than ten (10) workers were classified as micro and those employing
more than 100 persons were classified as large scale. Anyanwu (2001) believed that each country
derives its own definition based on the role small scale enterprises are expected to play in such
economy and the programmes designed to achieve such goals
T h e C e n t r a l B a n k o f N i g e r i a ( C B N ) i n i t s c r e d i t a n d monetary
guidelines, defined small scale enterprises as those whose capital investment does not
exceed N5,000,000 (including land and working capital) or whose turnover are not more than
N25,000,000 annually. Nigerian Bank for Commerce and Industry (NBIC) defined small
scale enterprise as “an establishment whose capital investment does not exceed N500,000
this including building, machines and equipment and working capital but excluded cost
of land.
S m a l l a n d M e d i u m S c a l e E n t e r p r i s e s a r e g e n e r a l l y r e g a r d e d a s t h e driving
force of economic growth, job creation and poverty reduction and a l l e v i a t i o n i n
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
d e v e l o p i n g c o u n t r i e s . T h e y h a v e b e e n t h e m e a n s t h r o u g h which accelerated
economic growth and rapid industrialization have been achieved .
REVIEW OF RELEVANT LITERATURE:
In the previous years, both in Nigeria and in overseas, several studies have been carried out to
examine the roles, and or contributions of SMEs in the achievement of sustainable economic
growth and development. Generally speaking, there seems to be a consensus from most of these
studies that SMEs, when adequately funded, contribute adequately to the desired economic
growth and development. A review of some of the empirical literatures that support this
argument and validates this paper is provided below.
Onokoya, Fasanya and Abdulrahman,( 2013) examined the place of small and medium scale
Enterprises in sustaining economic growth in Nigeria. The findings showed that SMEs, when
adequately funded, contribute meaningfully to economic growth and development. The greatest
problem confronting SMEs in Nigeria is not only limited access to capital or finance but also
lack of efficient managerial capacity for successful entrepreneurial development.
A study carried out by Bamidele (2012), on the pattern of financing of small and medium scale
enterprises (SMEs) in Amuwo Odofin Local Government Area of Lagos State, Nigeria, revealed
that not so much has been done by the government and other support agencies in advancing the
growth and development of SMEs through loans and credit disbursement. The recommendation
therefore is that more loans should be given with an appropriate extension of deadlines for
payment, existing SMEs should be encouraged and supported by making policies that are
beneficial to SMEs, creating enabling environment for investment, and ensuring effective
infrastructural development could be an added boost.
Qureshi (2012), from the international angle examined the problems and constraints that small
and medium-sized enterprises (SMEs) in Pakistan face with regards to access to financing. The
study found out that one of the biggest problems facing SMEs is formal financing as a substantial
portion of SMEs lack the appropriate security required for collateral.
Nkwe (2012) discussed the impact of SMEs on the development of countries such as Botswana.
The study focused on the contributions of SMEs to the growth of the economy as well as their
limiting factors. In the course of the review, the researcher found out that SMEs contribution to
the growth and development of the economy of Botswana is enormous. SMEs contribute to
economic development in various ways: by creating employment for rural and urban growing
labour force and ensuring desirable sustainability and innovation in the economy as a whole. The
most desired development priority in Botswana has been to diversify the economy in general,
and to diversify production for exports in particular which SMEs have greatly contributed to.
Morenikeji and Oluchukwu (2012) did a study on the impact of small and medium scale
enterprises in the generation of employment in Lagos state and came up with interesting results.
The results show that SMEs and sustainable development of the Nigerian economy are related
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
just in the same way that promotion of SMEs and improvements in employment generation are
related. Their conclusion therefore is that for a nation irrespective of its economic ideology to
achieve meaningful and sustainable development, adequate and unwavering attention must be
given to wide spread economic activities through entrepreneurship and small and medium scale
enterprise promotion.
THE IMPACT OF SMES
DEVELOPMENT IN NIGERIA.
IN
ACHIEVING
SUSTAINABLE
ECONOMIC
The advantages claimed for SMEs in achieving sustainable economic development in Nigeria
are so many. Attempt is made here to list some of them as follows:
a)
Effective And Efficient Utilization of Local Raw Materials:
Scarcity of the resources available demands prudency in their usage to avoid wastages of the few
that are available. SMEs have been found to maximize the usage of resources hence, they
achieve cost reduction and profit maximization in business activities.
b)
Stabilization of Economic Activities
Available Statistics show that poverty has continued to increase in the country at alarming rates
due to increasing unemployment rates in the country. To avert this ugly trend; current wisdom
now tends towards the belief that contribution from the small and medium scale enterprises must
be energized. With the increased orientation and awareness of the gains of entrepreneurship,
majority of our people are engaged in SMEs as a rewarding option open to them for survival.
Following this there is therefore no narrow limit to the type and nature of economic activity any
one can involve in. This gesture obviously helps in stabilizing economic activity as the
expectations of both the individual and the government are met.
c)
Creation of Employment and Job Opportunities.
The development of small and medium scale enterprises is a sin quo non for employment
generation, solid entrepreneurial base and encouragement for the use of local raw materials and
tecshnology, Hayatu-Deen, (2002) asserted. SMEs create more employment opportunities per
unit of investment because of their labour intensive operations and they achieve a much more
relative high value added operations because they are propelled by basic economic activities that
depend mostly on locally sourced raw materials. One major index used to assess the level of
performance and growth of an economy, including the unemployment rate in an economy is the
position of the SMEs. SMEs have the priority task of making individuals self-dependent ( selfemployment); and by extension open up a wide horizon of activities which provide jobs for
majority of the people. This gives a good footing for the development of entrepreneurial spirit,
removes the burden of government employment and also leads to economic liberation to the
economy.
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
d)
Promotion of Self-Independence
By every indication, SME owners and operators are lords of their own. Because people are selfdependent they take no un-supposed orders/directives from nobody, and on their own decide the
future of their businesses without waiting for anybody’s instructions. They are confident of
themselves and depend on their ingenious and innovative capabilities.
e)
Alternative to Import Substitution:
Almost all our local markets are flooded with all kinds of goods from the SMEs, which
ordinarily would have been imported from outside. SMEs are sure surrogates to importation
especially on consumables. Economies that have many well encouraged, performing and
flourishing SMEs have almost a zero need for imported goods. In fact, the contributions of SMEs
in Nigeria indicate great potentials for the emergence of the long sought industrial transformation
which has been difficult for the large industries to achieve over the years.
f)
Conservation of Foreign Exchange:
When the nation spends less on importation it automatically encourages local production through
the SMEs. This transcends to encouragement for exports. Through this, foreign exchange is
earned and conserved for later use.
g)
Specialist Suppliers to Large Companies:
Most large companies who operate within an economy largely depend on materials from SMEs
in order to carry-on with their own activities. SMEs provide feeder industry services as they
serve as major suppliers of intermediate goods and components to large-scale industries as well
as major agents for the distribution of final products of such industries.
h)
Limitation of Monopoly Power:
Our society today is a dynamic one and people have access to varieties of products and
right to make choice on products, their perceived quality/content, price, etc. Based on this, the
power of monopoly is grossly limited.
I)
Basic Foundation for new Companies
Despite her abundant natural resources, the country still finds it difficult to discover her
developmental bearing since independence. Thanks to the SMEs and their profound
contributions to economic growth and development. SMEs remain the foundation for the big
industries today in Nigeria. Most big companies of today were SMEs of yesterday. The growth
and expansion of SMEs into bigger companies is a clear function of the owners or operators.
This means, an expansion in the activities of the SMEs, their business operations, product,
market coverage, grossly depends on the operator’s ability.
j)
Encouragement of Innovation for Entrepreneurship Development: SMEs are
seedbed of innovation for entrepreneurship development. This means that new things, new ideas,
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
new methods, new processes and new approaches are constantly being adopted and adapted by
most SMEs operators in the execution of economic tasks. This breeds the spirit of
entrepreneurship. Innovation is an inseparable characteristic of entrepreneurship and
development. Igniting the spirit of SME implies a spark-off of innovation, entrepreneurship and
sustainable development. More generally, the development of SMEs is seen as accelerating the
achievement of wider economic and socio-economic objectives, including poverty alleviation
(Cook & Nixon, 2000).
Challenges Faced By SMEs In Nigeria
The challenges confronting SMEs in Nigeria are centered around the following points associated
with their peculiar nature which are as follows:
1) Concentration of management on the owner of the enterprise, making many SMEs very
much focused on the person of the owner, where their success and market position
depends on the vision and entrepreneurial talent of the owners.
2) Labour-intensive production processes.
3) Limited access to long term funds.
4) High cost of funds as a result of high interest rates and bank charges.
5) High mortality rates,
6) Poor inter and intra-sectoral linkages making it difficult for them to enjoy economies of
scale benefits.
7) Poor managerial skills due to inability to pay for skilled labour.
8) Poor product quality output.
9) Absence of Research and Development application.
10) Little or no training and development for SMEs’ staff.
11) Poor documentations of policy, strategy, financial and operational plans. Others are:
12) Low entrepreneurial skills and inadequate educational background for the SMEs owners.
13) Lack of adequate financial record keeping.
14) Poor capital base.
15) Inability to distinguish between personal and business finance.
16) High cost of production due to poor and inadequate infrastructure.
17) Use of outdated and inefficient technology with regards to processing, preservation and
storage.
18) Lack of access to international market.
19) Lack of future succession plan and poor access to useful and current information.
The relatively small size of SMEs often leads to disadvantages of their economies of scale.
Ekpenyong (1997) and Utomi (1997) identified inadequate capital and inaccessible credit
facilities as challenges facing SMEs. Indeed, there is dearth of long term loans for adequate
financing of SMEs. This discouraging and unpleasant scenario has continued over time definitely
because many financial institutions are not satisfied with the credibility and viability of SMEs
and therefore consider it a high risk to extend credit facility to them.
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
Evobuomwam, Ikpi, Okoruwa, and Akinyosoye, (2012) also identified poor power
supply and inadequate infrastructure as challenges facing the SMEs. This is true
because no business including SMEs can efficiently and profitably operate in the
absence of relevant infrastructure.
Again, government attention, commitment and support for S MEs in Nigeria have
been irregular, unstable and unpredictable, as well as its stringent and conflicting
regulations. This is without doubt a serious setback to the optimal performance of
the SMEs.
The following have been identified by Onugu (2005) as barriers to SMEs: lack of effective
investment and technology promotion policies, inappropriate legal and regulatory frameworks,
inadequate capabilities of investment promotion and technology support institutions, lack of
access to potential investors and sources of new technology, limited technical and managerial
skills, difficulty in obtaining financial assistance, and insufficient knowledge about laws and
regulations.
CONCLUSION,
SMEs remain major contributors to sustainable economic development in Nigeria. Business in
Nigeria has been classified as small, medium and large. In both the developed and developing
countries, the government is turning to small and medium scale industries, as a means of
economic development and a veritable means of solving problems. It is a seedbed of innovations,
inventions and employment.
The place and role of SMEs in our national development cannot be under-rated. They are
instrumental to a lot that has happened positively in our economic annals and as such, needs to
be given prioritized attention by the government and all concerned. For the SMEs to succeed,
Lukas (2005) has pointed out that all concerned must be effectively involved.
SMEs are pillars to the government diversification drive and therefore should be given adequate
attention by all if the needed economic liberation in Nigeria would be actualized.
RECOMMENDATION
In view of the fact that SMEs are major contributors to sustainable economic development, the
following recommendations are made:
The government should strengthen all its institutions and agencies charged with issues and
responsibilities of establishing, encouraging and supporting the operations and growth of SMEs
in Nigeria.
Adequate and coordinated financing with relatively low interest rate should be made available
and accessible to SMEs across Nigeria, as paucity of funds has remained the major challenge to
their successful operations.
Proceedings of 33rd International Business Research Conference
4 - 5 January 2016, Flora Grand Hotel, Dubai, UAE, ISBN: 978-1-922069-94-8
The government should make available the needed infrastructure and incentives such as regular
power supply, good roads, tax holidays as a way of enhancing and encouraging them.
The government should Endeavour to relax the stringent and conflicting policies to enable the
SMEs operators operate with less hurdles. There should be a sensitization of the general public
on how to access funds set aside for SMEs development, and there is need to ensure strict
compliance to inclusion of Entrepreneurial studies in our higher institutions in Nigeria.
Since SMEs source their initial business capital form the informal financial sources which
they believe are largely inadequate, there is the urgent need for the government to integrate
the operations of the formal financial institutions with that of the informal financial agents
so as to broaden the credit base of the latter institutions. The banks should rely on the
informal agents for loan repayment by the SMEs since they have inbuilt mechanism to
ensure full repayment of loans as at the due date.
As a matter of urgency, there is the need to establish formal financial institutions just like the
Bank of Industry (BOI) with the mandate of providing financial support specifically to the
SMEs. The Bank if established should provide loans and other financial support at the barest
minimum interest rate. This is purposive so as to encourage the SMEs to patronize these
institutions. The current effort of the government in fighting corruption needs be re-examined
and strategized. The EFCC, ICPC and so on need be re- energized to ensure transparency and
complete eradication of corruption in the economy.
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