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SMALL AND
MEDIUM ENTERPRISES AND EMPLOYMENT GENERATION
CHAPTER ONE
INTRODUCTION
Background
of the Study
Unemployment,
both of the educated and the uneducated manpower, has become one of the most
topical and thorny issues in contemporary Nigeria. The unemployment situation
has changed from previous position marked by prolonged period of unemployment
and misemployment, to one in which graduates of tertiary institutions have to
normally wait for a long time before getting a first job – if at all. At the
beginning of this millennium, employment crisis have emerged as the most challenging
issue confronting many world economies. The continuing global economic slowdown
and uncertain economic prospects have resulted in a grim global economic
landscape. This plunged many economies into deep recession, the ripple effects
of which have affected the job markets(Hassan, 2013).
Nigeria has
one of the highest levels of youth unemployment in the world with 60-65%
(Federal Ministry of Labour and Productivity Report, 2008). These are mostly
young adults that have graduated from universities and polytechnics or
institutions of higher learning. Available estimate shows that about 1.6
million persons, mostly young adult, graduate annually. In addition to this
number, about 3.8 million others are certificate carrying youths that have no
formal education, or have completed primary or secondary school, or dropped out
from tertiary institutions all of which are annually poured into an already
saturated labour market (Federal Ministry of Labour and Productivity Report,
2008).
Many of the
youths are not productive and have actually been reduced to petty traders and
smugglers; in many instances, the growth in the phenomenon of it is observable
that unemployment rate in Nigeria has reached unacceptable dimension. Indeed,
the labor market in Nigeria is dangerously close to saturation. Thereby giving
the government, parents, employers of labour some serious worries as concerned
economists and policy analysts today are calling on the government to create
enabling environment for the operation of the SME’s sector since it has the
potential to create employment opportunities for the teeming unemployed
Nigerians that roam the street in searching for inexistent white-collar jobs.
Small and
Medium Enterprises (SMEs) has continued to be a popular phrase in the Business
world. This is because the sector serves as a catalyst for employment
generation, national growth, poverty reduction and economic development. SMEs
world over can boast of being the major employers of labour if compared to the
major industries including the multinationals (Kadiri, 2012).
The
performance and growth of small and medium enterprises (SMEs) is a major driver
and indices for the level of industrialization; modernization; urbanization,
gainful and meaningful employment for all those who are able and willing to
work, equitable distribution of income, the welfare, income per capital and
quality of life enjoyed by the citizenry (Aremu and Adeyemi, 2011); this is
because SMEs contribute to employment growth at a higher rate than larger firms
(Farouk and Saleh, 2011). The SMEs sector with global recognition is view as an
important force of driving the economic growth and employment creation in both
developing and developed countries (Kpleai, 2009).
Previous
studies such as Ogujiuba, Fadila and Stiegher
(2013); Musa and Aisha (2012) agree that SMEs account for well over half of the
total share of employment sales and value added SMEs constitute the most viable
and veritable vehicle for self -sustaining industrial development, as they
possess the capability to grow an indigenous enterprise culture more than any
other strategy. SMEs represent the sub sector of special focus in any
meaningful economic restructuring program that targets employment generation,
poverty alleviation, food security, rapid industrialization and reversing rural
urban migration.
Definitely,
Nigeria’s vision of being counted among the first twenty economies in the world
by 2020 cannot be attained in a socio-economic milieu of hunger, poverty and
unemployment among a large segment of its population. Therefore, this study
seeks to explore the effect of Small and Medium Enterprises (SMEs) on
employment generation in Lagos State.
1.2 Statement of Problem
It is apt to
mention however that, the age-long formal education inherited from the
imperialist turned out graduates with job-seeking mind-sets as opposed to
job-creation; they thus lack entrepreneurial traits like self-motivation, drive
and innovation needed by the world of work and employers of labour (Towobola
and Raimi, 2011; Raimi et al., 2011; Simkovic, 2012).
Furthermore,
with rising population growing at geometric proportion relative to job
placement that is growing at arithmetic progression, it became obvious that the
nation’s formal education is fuelling unemployment, crime and cycle of poverty
as graduates could not be absorbed. It then dawn on government that there is
the dire need to redress the socio-economic implications of idleness and
hopelessness with policy observers calling on the government to think on entrepreneurship
education as a tool for reducing unemployment in Nigeria. It is against this
backdrop that this study evaluates the role of Small and Medium Enterprises
(SMEs) in employment generation in Lagos State.
1.3 Objectives of the Study
The major
objective of the study is to investigate the role of small and medium scale
enterprises on Employment generation in Lagos state. Other specific objectives
include;
1. To examine if there is a significant
relationship between entrepreneurial skill andemployment creation in Lagos
State
2. To find out the effect of the SMEs sector
on economic growth in Nigeria
3. To investigate the effect of financing
on SMEs growth and employment generation in Lagos State
4. To examine the role of the
SMEs sector in empowering youth with self reliance in Lagos State?
1.4 Research Questions
The undertaking
of this study will consider the following research questions,
1. Is there any significant relationship
between entrepreneurial skill and employment creation in Lagos State?
2. What is the effect of the SMEs’ sector on
economic growth in Nigeria?
3. Is financing related to SMEs growth and
employment generation in Lagos State?
4. What are the roles of the SMEs sector in
empowering youth with self reliance in Lagos State?
1.5 Research Hypotheses
The
researcher intends to test the following hypotheses:
1. Ho:
There is no significant different between entrepreneurial skill andemployment generation in Lagos
State.
2. Ho:
The SMEs’ sector has no effect on economic growth in Nigeria
3. Ho:
There is no effect of financing on SMEs growth and employment generation in Lagos State
4. Ho:
SMEs sector do not play any role in empowering youth with self reliance
in Lagos State.
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