Full Project – Achieving the sustainable development goals (SDG) through small and medium enterprises

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CHAPTER ONE

INTRODUCTION

1.1   Background to the Study                         

Small and medium scale enterprises have made great contributions to sustainable development goals (SDG). SMEs are regarded as the engine of economic growth to any nation’s development. The main advantage of the sector is its ability to employ at low capital cost. The labour intensity of the SMEs is much higher than that of the large enterprises. SMEs as a nursery of entrepreneurship are often driven by individual’s creativity and innovation. Besides the growth potentials and its critical role in the manufacturing and value chains, there wide spread in Nigeria and the multiple effects they have on the rest of the economy enable them to be the engine of economic progress. SMEs are main drivers of sustainable development goals which includes: innovation, job creation, poverty reduction, wealth creation, income distribution and reduction in income disparities. After the economic reform on 1986, the small and medium scale Enterprises are seen as a key to Nigeria’s growth, poverty alleviation and unemployment in the country.

Therefore, there is need to promote such enterprises in developing economies like Nigeria because since it brings about a great distribution of income and wealth, economic self-dependence, Entrepreneurial development employment and a host of other positive economic uplifting factors. In Nigeria where adverse Balance of payment situation is low, the growing activities of the small scale industries sector in its export portfolio goes a long way in generating foreign exchange and smoothening out the adverse balance of payment situation and helping in the achievement of sustainable goals.

Awosika (2011), posited that small scale enterprises provides income, saving and employment generation. They are seen as veritable engines for the development of entrepreneurial capabilities and indigenous technology which will generate employment in the country. It has been estimated that SMEs employ 22% of the adult population in Nigeria (World Development Report (2011). Because of the SMEs roles in the development and growth of various economies, they have aptly been referred to as “the engine growth” and catalysts for socio-economic transformation of any country. The various activities of small business firms have resulted in the mobilization of the resources of the environment and thereby improving on the standard of living of the population or people.

They have contributed a lot to the labour market by absorbing on ever growing supply. In doing this, they have sufficiently helped to curtail the rising unemployment rate in Nigeria. Other impacts of this sector are its contribution to the development of indigenous entrepreneurs in the state.

SMEs can be said to be a good agent for disposal of industrial products and some service and have immensely increase the production of raw-materials in the form of semi-processed goods for use by bigger industries. It is also a base for the development of appropriate technology and provides a veritable ground for skilled, unskilled and semi-skilled workers.

The research chooses to embark on the topic, achieving the sustainable development goals (SDG) through small and medium scale enterprises in Kogi State.

1.2   Statement of the Research Problem

Generally, the Small and Medium Scale Enterprises (SMEs) have become very popular entity in Nigeria due to their important role they play in terms of reducing unemployment rate among people. Concern with employment creation and with the welfare of the least advantaged can therefore lead to policies to raise labor standards and employment levels and stability in this sector on microeconomics and distributional grounds (Anyanwu, 2014).  Despite all this benefit, there are some problems that serve as hindrance to SMEs in Nigeria. This includes:

They have problems of assessing in obtaining finance and at the same time have fewer sources from which finance can be obtained. Financial institutions perceive higher risks investors in small business enterprises and because of the relatively higher cost of smaller transactions, the small enterprises faces problems in securing loans.

Most of the frequent causes of small business failure such as high debt ratio, inadequate sales, excessive   overheads and poor locations are the manifestations of inadequate business management skills of the owner manager (Hamza, 2018). This factor hindered the growth of small business as a result of not being able to cope with the modern day business demand in all the essential areas of business such as production, marketing, finance and personnel. This entrepreneur who must carry out several management functions often lack professional training in business management with little or no outside managerial advice.

1.3   Objectives of the Study                                                        

The main objective of this study is to determine how sustainable development goal can be achieve through small and medium scale enterprises. Other specific objectives are:

1. To determine whether small and medium scale enterprises has no potential for achieving sustainable development goals in Kogi State.
2. To determine if there is significant relationship between small and medium Scale enterprises and sustainable development goals in Kogi State.
3. To access whether small and medium scale enterprises contribute positively in the achievement of sustainable development goals in Kogi State

1.4    Research Hypotheses

Hypothesis is a tentative answer to the research problem. The parameter to be used in the researcher is represented as the Ho and Hi . The Ho shall be referred to as the null hypothesis while Hi is the alternative hypothesis. The null hypothesis is the hypothesis under test or being challenges with regards to the alternative hypothesis.

Hypothesis I

Ho:    Small and medium scale enterprises has no potential for achieving sustainable development goals in Kogi State

Hi:     Small and medium scale enterprises has potential for achieving sustainable development goals in Kogi State

Hypothesis II

Ho:    There is no significant relationship between small and medium scale enterprises and sustainable development in Kogi State.

Hi:     There is significant relationship between small and medium scale enterprises and sustainable development in Kogi State.

Hypothesis III

Ho:    Small and medium scale enterprises does not contribute positively in the achievement of sustainable development goals in Kogi State.

Hi:     Small and medium scale enterprises contributes positively in the achievement of sustainable development goals in Kogi State.

1.5    Significance of the study

This study would be of immense interest and benefit to SMEs if they would adopt whatever viable recommendation that comes out of this research assiduously in order to maximize their productivity and make a more positive impact.

Entrepreneurs and business individuals shall benefit from the findings of the study particularly as it affects legal and other operational frameworks and benefits accruable to investors. Information derived from this study will be valuable to small and medium enterprises in the area of accessing bank loans and credit facilities since these pose the greatest problems to the industrialists.

It will also be beneficial to government and the policy makers in Nigeria in policy formulation especially on those policies that are meant to promote the performance of small and medium enterprises.

Entrepreneurs will gain valuable information regarding those numerous problems and solutions in line with skilled management and administration and growth of small and medium scale enterprises.

This research work will equally portray the usefulness of small and medium enterprises to the people on its employment generation ability  and this will help to reduce the level of  unemployment in the country and as well lift many people out of poverty line.

1.6     Scope of the Study

This study is focused on how the sustainable development goals could be achieved through small and medium scale enterprises in Kogi State with particular reference to LAPO Micro Finance Bank, Lokoja)

1.7     Limitations and Constraints of the Study

The research work has not been with limitations as faced by the researcher include:

1. Time Constraints:- This is as a result of the limited time given to cover this research work. For instance, a student is required to attend lectures, prepare assignments, test, and examination and in such engagement the students have to create time for personal needs.
2. Financial Constraints: There is no adequate fund for the researcher to carry out the research effectively and so have used limited resources at their disposal.
3. The investigation is therefore exposed to all irrelevant weakness of questionnaires such as, the respondent who may falsely or wrongly filled the questionnaire.
4. Problem of insufficient Data: Accessibility to data is another factor that constituted hindrance as most staff refused to released some of their vital documents for me, which they tagged” confidential document”.

1.8     Definition of Key Terms

Enterprises: This refers to an organization, the purpose which is to perform certain commercial activities aimed at producing, processing and providing something to the market for profit (Yusuf, 2018).

Development:  Development to Khaka (2016) is an increase in real capital income of a person resulting in improvement in the levels of living.

Small Scale Business: The Bolton Committee (2018) defined small scale as those that have small- share of the market, managed by the owners or part owners in a personalized ways and independent of large enterprises.

Small and Medium  Scale Enterprises: Ajose (2010) has defined small and medium enterprises as an enterprise that has an asset base (excluding land) of between 5 million naira and 500 million naira and labour force of between 11and 300 in its employ.

Sustainable Development: The World Commission on Environment and Development (2018) defines Sustainable Rural Development as “development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs”. It refers to the process of continuous improvement in human well-being, without undermining the natural resource base upon which future generations will have to depend for creating their welfare.

Sustainable Development Goals:  The term sustainable development became common currency or the tasks confronting the global community in the effort to protect the natural environment while sustaining a level of growth necessary for prosperity.  It is also a concept that attempt to harmonize the benefits of development with the minimal destabilization and disturbance of the environment (Oboro & Ighoroje, 2018).

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Full Project – Achieving the sustainable development goals (SDG) through small and medium enterprises