FELICITY ( PROJECT ON SOLVING UNEMPLOYMENT PROBLEM THROUGH THE ESTABLISHMENT OF SMALL SCALE INDUSTRIES.
1.1 BACKGROUND OF THE STUDY
The small scale industries (SSIs) form the bedrock of the economic growth in every nation. No country achieves a viable economic growth and development without the establishment of small scale business firms. They have always been in the forefront of development strategies. Nigeria’s quest for development must be hinged on industrialization. This is because of the great role industries play in terms of production activities, employment generation and the overall improvement in the quality of life.
Small scale industries are seen as veritable instruments for the industrial development of a nation. Industrial development involves the development of a technical arrangement that moves an economy from traditional method of production to a more complex system of mass manufacture of variety of goods and services involving technology and management techniques (Anyanwu, C. M. 2001).
Industrialization propels growth and quickens the achievement of structural transformation and diversification of economies. It enables a country to utilize fully its factor endowments and depend less on the external sector for its, growth and sustenance.
Beyene (2002), avers that SSIs have been important economic catalysts in the industrialized countries. The industry provides employment and earning opportunities, which contribute to economic growth and increase in the standard of living of the populace. Davis et al (1996) views small scale industries as the engine of development strategies in the promotion of economic growth and development. The Nigerian industrial promotion council, NIPC, confirms this by stating that “the Advent of small and medium scale enterprises in Nigeria was necessitated by the need to stimulate the establishment and growth of industries in order to launch the country’s industrial development. Small scale industries perform vital roles in economic development of any nation. They are the bedrock upon which industrial development could be achieved. This is because SSIs promote stable industrial base and ensure a balanced distribution of industrial development of any nation.