The Effect of Small and Medium Businesses on Growth Perfomance for Nation Building in Nigeria

Abstract

This study investigated the effect of small and medium business for Nation building in Edo state Nigeria. In today’s’ world, the contributions and potential of rural business as instrument for sustainable economic development cannot be overemphasized especially in the cases of developing nations. Over the years rural business has contributed greatly as a vehicle for sustainable development and also has led to many countries economic growth. The potential in rural businesses in most develop nations have been greatly explored and used for the achievement of sustainable growth. The same cannot be said for some developing countries like Nigeria. If rural business potentials are tapped and explored by developing countries, it will bring about development to the nations.. Nigeria State still has enormous potential for economic growth and sustainable development, with vast areas of natural resources in agricultural lands and minerals, yet economic growth and sustainable development is slow. Presently in Nigeria, these rural businesses still grapple with challenges to carry out their activities, ranging from poor cash(capital), lack of basic infrastructural facilities (good roads, electricity, pipe borne water, health facilities), lack of access to credit, inadequate or lack of information and communication technology, rural to urban migration, etc. Thus, rural business in South -South Nigeria, is faced with poor business planning and technological density and geographical distance with agents of a productive chain.. The population of the study was 140 businesses in Edo state Nigeria. The sample size 89 was obtained using the Freund and Williams sample size determinant of which questionnaire and oral interview was used for the data gathering. A test and re-test was used and thereafter the Crombach alpha correlation coefficient was applied to find the relation between the variables. The finding reveals that planning had a significant positive effect on technological sustainability of selected businesses in Edo state Nigeria (R=0.99, P=0.000). The study recommends that the government should provide adequate technology as it will increase the inflow of business opportunity in Nigeria. . There should be adequate asses to loan facility so as to address the practical problem of rural business management in the South Southern Nigeria. It will also go a long way in enlightening them on the potential of rural business management as well as the best strategies to be adopted for sustainable development.