Contribution and Performance of Small and Medium Scale Businesses on Socio Economic Development in Damaturu Yobe State

Lawan Garba¹ , Hafiz Usman Ahmed² , Shittu Oladipupo Ibrahim³

Section:Research Paper, Product Type: Journal-Paper
Vol.12 , Issue.3 , pp.56-64, Sep-2024

Online published on Sep 30, 2024

Copyright © Lawan Garba, Hafiz Usman Ahmed, Shittu Oladipupo Ibrahim . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

View this paper at   Google Scholar | DPI Digital Library

XML View     PDF Download

How to Cite this Paper

Abstract :
The goal of the study is to evaluate small and medium-sized enterprises` performance and contribution to the socioeconomic development of Damaturu, Yobe State. Additionally, the purpose of the study is to determine the contribution of small and medium-sized businesses to socioeconomic development in Damaturu, Yobe State, as well as to evaluate how well these businesses are performing in this regard. The investigation was guided by both classical and current notions. The research design used in the study was descriptive. The SMEs in Damaturu are the research`s target population. A questionnaire was employed in the study as a data gathering tool. Using a straightforward random sampling method, eighty (80) SMEs were chosen from this population pool. The data are examined using the table and percentages way of presentation analysis, and the researcher uses the statistical tool chi-square to examine and assess the study`s hypothesis. The study found that small and medium-sized business performance and socioeconomic development are significantly correlated, which is therefore acknowledged. It also found that small and medium-sized businesses specifically contribute to Yobe State`s socioeconomic development. The study makes several recommendations, including that the federal government should work harder to ensure that banks established to support the revival of the SME sector—like NIRSAL—are always operating as expected in order to achieve the desired outcome; business organizations, particularly SMEs, should work toward registering their companies; maintaining proper records and developing strong business plans are also necessary in order to be eligible for government grants and aid.

Key-Words / Index Term :
Contribution, Performance, Small and Medium Scale, Businesses, Socio Economic Development

References :
[1] Onugu, B., “Small and medium enterprises in Nigeria (SMEs): Problem and prospect”, A dissertation submitted to St. Clement University in partial fulfilment of the award of the degree of Doctor of Philosophy in Management, 2020.
[2] Phillips, B.D., “The effect of industry deregulation on the small business sector,” Business Economics, Vol. 20, Issue. 7, pp. 28-37, 1985.
[3] Popoola, T., “Entrepreneurship and Self-reliance: Building an Entrepreneurial Economy”. A Conference Paper-in The Nigerian Accountant Journal of the Institute of Chartered Accountants of Nigeria, Vol. 5, Issue. 3, pp. 47- 63, 2014.
[4] Odubanjo, et al., “The Role of Entrepreneurship in Economic Development: The Nigerian Perspective”. European Journal of Business and Management. Vol. 8, Issue. 4. pp. 95-105, 2012.
[5] Naude, W., “Entrepreneurship and Economic Development: Theory, Evidence and Policy”. Discussion Paper. Institute for the Study of Labor, Germany.
[6] Akinwura et al., “Entrepreneurial developments and small scale industry contribution to Nigerian national development”, Marketing Interface, Vol. 1, Issue. 2, pp. 51-68, 2023.
[7] UNCTAD, “Entrepreneurship and Economic Development: The Empretec Showcase. May, 2004,” A Publication of United Nations Conference on Trade and Development, 2004.
[8] World Bank, “Regional program on entrepreneurial development,” World Bank Discussion Paper, No. 53. World Bank, Washington D. C, 2001.
[9] Abiola, R., “Small and Medium Scale Enterprises in Nigeria: The problems and Prospects,” Journal of Management Science, Vol. 4, No. 3, pp.242-253, 2014.
[10] Ogujiuba, K. K., Ohuche, F. K., & Adenuga, A. O., “Credit availability to small and medium scale enterprises in Nigeria: Importance of new capital base for banks – background and issues,” Department of Economics, Ebonyi State University Abakaliki-Nigeria, 2004.
[11] Nwakobi, F., “Africa’s aborted industrialization, modernisation strategies impede organic industrial growth,” D+C development and cooperation No. 1, January/February,Vol. 12, Issue. 2, pp. 15-17, 2002.
[12] Ogbo and Nwachukwu, A.A, “Entrepreneurship and Intrapreneurship. Principles and Practice,” (A Book of Readings) Abakaliki: Ebonyi State University Press, 2012.
[13] Ayozie, H., “Implications of Small and Medium Scale Enterprises (SMEs) on Socio-Economic Development in Nigeria”, Journal of Business Studies, Vol.3, Issue. 2, pp. 207-215, 2013.
[14] Okongwu, S.P., “The Nigerian Economy: ?Anatomy of a Traumatized Economy with some Proposals _for Stabilization?,” Yobe; fourth Dimension Publishing Co. Ltd, 2001.
[15] UNCTAD, “Promoting small and medium enterprises for sustainable development. Development Focus,” Issue Brief. World Business Council for Sustainable Development, Switzerland. Accessed from, 2004.
[16] Muritala, et al., “The role of Entrepreneurship Towards Employment Generation and Poverty Reduction. A theoretical Discourse,” A lecture presented at first Annual Students Entrepreneurship lectures, Umaru Musa Yaradua, University, Katsina 2012.
[17] Ikpor, R., Nnabu, B.E., & Itumo, O.S., “Bank lending to small and medium scale enterprises and its implication on economic growth in Nigeria,” IOSR Journal of Humanities and Social Science (IOSR-JHSS), Vol. 22 Issue. 12, pp. 14-28, 2017.
[18] World Bank, “World development indicator database”, 2006.
[19] ADB., “Micro, small and medium enterprise: A collection of published data. In Newberry, Derek (2006),” The role of small and medium sized enterprise in the future of emerging economies. Earth Trends 2006. World Resources Institute under a Creative Common License, pp. 45- 58, 2002.
[20] Izedomi, A., “Principles of Management, Nigeria: Benin,” Alfred-Joe Publishers, Vol.11, Issue. 5, pp.73-78, 2011.
[21] Mambula, C., “Perceptions of SME growth constraints in Nigeria Global Perspective,” Vol.40, Issue. 1, pp. 58-65, 1997.
[22] OLUBA, A. O., “Effective financing of small/medium scale enterprises as an impetus for poverty alleviation in Nigeria: An analytical approach,” International Journal of Economics and Development, Vol.13 Issues. 5, pp. 51-62, 2009.
[23] Mutula, S.M., “Digital divide and economic development: case study of sub-Saharan Africa,” The Electronic Library, Vol. 26 No. 4, pp. 468-489, 2008.
[24] Bacdon, C.T., “Small Scale Industries and Economic Development in Ghana: Business and Strategies in informal sector Economics,” VerlagBreitenbech,Saarbruckh, Germany, pp.19-23, 2004.
[25] Kriss, E., “Impact of Small and Medium Scale Enterprises on the Economy, Ebsu Journal of Business Education, Vol. 2, pp. 1-22, 2012.