Table of Contents
The relative importance of small and medium scale business in developed and developing countries cannot be over-emphasized. It has led and would continue to lead to a reconsideration of the role of Small-Scale businesses in the economy of nations. Economic development of many countries is often measured by such indices as:
- the level of industrialization,
- modernization & urbanization,
- gainful and meaningful employment for all those who are able and willing to work,
- the income per capital,
- equitable distribution of income, and
- the welfare and quality of life enjoyed by the citizenry.
There is no doubt that small-scale businesses exist in most economic environments. The historical background of small and medium scale businesses in Nigeria can be traced back to 1946. During which the essential paper No. 24 of 1945 on “A Ten-year plan of development and welfare of Nigeria 1946” was presented (Aremu and Adeyemi, 2011).
Since then, small-scale businesses have gained prominence and will increase their importance till tomorrow. This is simply dictated by the developmental needs of Nigerian society.
The depth and breadth of the consequences of small-scale businesses in alleviating poverty and national development have been recognized. There has been a deep-self interest in recent years in the development of Nigerians small-scale businesses particularly since the adoption of the economic reform in 1986.
The small and medium scale industry is seen as a key to Nigeria’s growth and alleviation of poverty and unemployment in the country.
 Aremu, Mukaila Ayanda and Adeyemi, Sidikat Laraba (2011). “Small and Medium Scale Enterprises as A Survival Strategy for Employment Generation in Nigeria.” Journal of Sustainable Development. Vol. 4, No. 1; February 2011.