Micro Small and Medium Scale Enterprises: Catalyst for

Economic Development in Nnewi, Anambra State, Nigeria

OBISI Chris (P.hD)
Faculty of Business Administration,
Department of Industrial Relations and Personnel Management
University of Lagos, Akoka, Yaba, Lagos, Nigeria
cobisi@unilag.edu.ng
+2348062775730
OKWY Okpala (P.hD)
Faculty of Business Administration,
Department of Accounting
University of Lagos, Akoka, Yaba, Lagos, Nigeria
okwyokpalap@yahoo.com
+2348033060763

ABSTRACT
The development of micro small and medium scale enterprises is critical for the growth of the
economy. It plays a significant role in the manufacture and processing of intermediate goods,
generation of employment, income and increase in GDP and GNP. The performance of micro small
and medium scale enterprises in Nigeria has not been satisfactory due to poor funding, lack of
institutional support, high cost of capital and technology acquisition. This study tries to examine the
role of this form of business enterprises and this extent to which they have contributed in the growth
of the economy. The study adopted a survey design and a case study. Sample size of 98 employees
were drawn through random sampling method from a total of two hundred and forty-five (245)
employees of four micro small and medium scale enterprises identified in Nnewi, Anambra State
Nigeria. Research data were developed through the administration of questionnaires to this sample
size. Pearson Correlation coefficient was applied in the analysis to determine the statistics relevance
of the study. The study found that the business activities of micro small and medium scale enterprises
have significant relationship with employment creation, size of raw material stock and level of
economic development. The study therefore recommends that strong institutional support coupled
with ethical and legal support should be extended to this subsector to make it productive to the
economy.
Keywords: Micro small and medium scale enterprises, economic development, employment
creation, entrepreneurship, income generation

1. Introduction
The Nigerian economy has not been free from substantial short-period fluctuations in economic
activity. The growth vale in our economic income is largely restricted and impeded by the over
reliance and excessively dependence on imported finished goods. It is the transmission of foreign
ideas, culture and preferences that has created cyclical negative impulse on our desire to develop our
agricultural sector both from micro small, medium scale and large scale perspectives. Regrettably
large number of key economic processes such as industrial productions, factory employment, fixed
capital formation, financial markets, interest rates, exports, imports and human capital assets, etc.
show less synchronous movements around their respective development processes.

These movements appear to be sufficiently retrogressive and temporarily and permanently, in some
instances, self-reversing to justify our viewing them as reflecting the awkward growth cycle in entire
economic activity. It is therefore important to highlight that different policy measures put in place to
strengthen the benefits accruing from large internal market and possibly external demand from the
West African sub-region, Europe and Asia for other have sectors have not served as a strong linkage to
compel them to produce a high index of industrial production that will support their development. We
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have recorded significant statistical decrease in policy response to local growth stimuli in agriculture
and other sectors due to poor development of our micro, small and medium scale enterprises.

Deflating ideas and knowledge of what constitutes the micro, small and medium scale or economic
measures that can induce impetus to encourage their growth will continue to smack gross inertia on
our march towards their development and growth. The mechanism for transmission of favourable
macro-economic inputs into their development process from local or abroad through backward
integration and foreign technology acquisition must design, control and regulate structures and
policies that will generate zero mobility of useable capital out of their operating system. To have a
proper understanding of how to mitigate the negative implications of macro-economic disturbances
commonly associated with the developmental process of small and medium scale firms the
characteristics of traditional small and medium scale enterprises must be well defined to include
localized market, low capital requirements, relatively simple technology and one person
entrepreneurial leadership, etc.

Commenting on the proper definition, the importance of small and medium scale enterprise to the
growth of an emerging economy. Must be highly emphasized and integrated as a modifying factor
capable of deleting contractionary influences. A small and medium scale enterprise in the country is
higher than the weighted growth rate of the domestic component of inputs in their operating process.
This is true of SMEs in view of their flexible nature and ability to with stand adverse economic
conditions. They are more labour intensive than larger business organizations and as such have lower
capital costs associated with job creations.

SMEs perform useful roles in ensuring income stability, growth and employment. Since they are
labour intensive they are more likely to succeed in smaller urban centres and rural areas where they
can contribute to the more even distribution of economic activity in a region and predominantly
continue to serve raw material multiplier institutions. One could therefore hope to obtain more
functions and importance of SMEs as we make efforts to substitute our supposedly weak stand and
structures with proper sectoral output segregation.

Problem analysis
Micro small and medium scale enterprises development is fundamental for the growth of every
economy. In advanced economy like USA it contributes more than 90 percent of the Gross Domestic
Product (Scarborough & Zimmerer, 1996) and more than 80 percent of the business organisations in
developing countries (Todaro, 2000). The business activities of micro small and medium scale
enterprises are recognized and incorporated in the economic policy framework of the government
because of their catalytic importance. Development of these firms are meant to support economic
stabilization programmes through employment creation, poverty reduction, raw material stock
utilisation and production, foreign exchange earnings, technology adaptation and provide intermediate
goods for large business organisations.

Given this range of functions the MSMEs may have been viewed to possess the vital alternative to
support largely the economic growth of this country. Much of the reasoning underlying this perception

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is supported by the number of MSMEs that spring up on a daily basis and different policy
prescriptions aimed to stimulate their growth. The difficulties often complained by entrepreneurs in
this subsector pose serious questions as to the genuineness of government role in this subsector. The
basic question of whether the MSMEs can perform their economic function in Nigeria has been
fraught with skepticism in view of the incidence of high mortality, inadequate capital base, lack of
training and skill for their owners and workers, inappropriate institutional support, inadequate
technological acquisition, low raw material utilisation among others. Due to all these, the question of
the type of relationship between economic growth and productivity of MSMEs remain unresolved.

Objectives of the study

The objectives of this study are designed to

1. examine the role of micro small and medium scale enterprises in employment creation in
Nigeria

2. determine the extent to which micro small and medium scale enterprises can assist in
production of intermediate goods in the country

3. investigate the importance of micro small and medium scale enterprises in income generation
and poverty reduction in Nigeria

Research Questions

The following research questions have been developed to aid data collection and analysis
1. How has the business activities of micro small and medium scale enterprises contributed to
the rise of employment level in Nigeria
2. How has the level of business activities of micro small and medium scale enterprises
influenced the raw material stock in Nigeria
3. What is the relationship between the income-generating capacity of micro small and medium
scale enterprises and level of poverty in Nigeria

Research Hypotheses

The study adopts the following hypotheses

H1: There is no significant relationship between the scope of business activities of micro small
and medium scale enterprises and level of employment creation in Nigeria.
H2: The scope of business activities of micro small and medium scale enterprises has no influence
on the size of raw material stock in Nigeria.
H3: There is no significant relationship between income-generating capacity of MSMEs and level
of poverty in Nigeria.

2. Literature Review
It is generally argued that changes in the survival and growth rate of micro, small and medium scale
enterprises in the country are often influenced by policy measures. The International Finance
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Corporation (2004) posits that a major factor that is believed to have worked strongly for the survival
and growth of SMEs in the world is largely connected with its proper definition because there is no
universal definition of SMEs. It differs from countries to countries due to internal economic dynamics
of each country and conditions to attract financial supports. In the view of SME department of the
international finance corporation SMEs can be categorized according to the following yardsticks.

- Up to 10 employees with total assets and annual sales of to &100,000 are known as micro
enterprises up to 50 employees with total assets and annual sales up to $3million are regarded
as small enterprises up to 300 employees with total assets and annual sales of up to $15
million are regarded as medium enterprise. While these definitions are admittedly subjective,
efforts are on the way to review them so that they can be consistent with those adopted by
other countries.

For the economic survival, it has been felt essential in nearly all countries to break up their
characteristics into number of employees, turnover and balance sheet total and make them operate and
compete within their categories. European countries have adopted this policy both in their legislation
as a condition for financial support as stated below (Mordi, 2005)

Table 2.1: Definition of Micro, Small and Medium Scale Enterprises

Enterprise Category Number of Employees Turnover (equal or Balance sheet total
(head Count equal or lower amount) (Equal or lower
lower amount)
Micro firms 10 2 million 2 million
Small firm 50 10 million 10 million
Medium scale firms 250 50 million 43 million
Source: Mordi, 2005
No real competition is possible between countries in the definition of micro, small and medium scale
enterprises. Until most of the things they use and sell are set by the market there can be no reliable
definition. For instance, National Board of Small-Scale Industries (NBSSI) in Ghana defines small-
scale enterprise as one with not more than 9 workers, has plant and machinery (excluding land and
building and vehicles) not exceeding 10 million cedis (US. $9506 using 1994 exchange rate). The
implication of fluctuations both in fixed asset value and foreign exchange rate makes this definition a
subject of controversy.

From the perspective of this definition, some examination of the structure and pattern of operation of
the SMEs should be a necessary preliminary to more detailed definition. As a first step, we look
therefore, at the operating structures comprising assets and liabilities in a comparative framework
where comparisons are made for different countries. Relying on this understanding four types of
definitions are considered for this study (Mordi, 2005).
(i) Central Bank of Nigeria in 1993 defined small-scale enterprises as firms whose total
cost excluding cost of land but including working capital is above N1 million but not
exceeding N10 million (CBN, 2005).

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 (ii) National Economic Reconstruction Fund (NERFUND) defines small-scale enterprises
as firms whose fixed assets plus cost of new investment (excluding land) does not
exceed N10 million.
(iii) Companies and Allied Matters Act 1990 (CAMA 90) in section 37 (2) defines a small
company as a company with turnover not exceeding N 2 million and its assets (value)
not exceeding N1 million.
(iv) National Council on Industries (NCI) adopted at its 13 th meeting in Markurdi in 2001
a different form of definition which was later adopted by the Small and Medium
Enterprises Equity Investment scheme (SMEEIS). This is stated as below:
(a) Micro-Enterprises: Defined as an enterprise having asset worth not more than N1.0
million (excluding land) and employing not more than 10 people
(b) Small enterprises: defined as enterprises having asset worth not more than N50
million and employing not more than 100 people.
(c) Medium Enterprises: defined as enterprises having assets worth not more than N200
million and employing not more than 300 people.

The raison detre for this form of classification stems from the fact of the need to beyond asset
structure and human capital investment evaluation and lay emphasis on status that delineate the broad
changes that have taken place over the past couple of years in their operating patterns. With this in
mind, we have no option than to look carefully the emerging competitiveness of the complementary
infrastructures without which one will be poorly equipped to predict their survival and growth.

3. Importance of SMEs in Economic Development

Logically, the first review to be explained is the significance of Micro, small and medium scale
enterprises in the global context and whether there are striking contributions from its relative
performance over the past couple of years. According to Lanipekun (2004) in a dynamic and growing
economy such as Nigeria small businesses are one of the most useful ingredients of economic growth.
Deakins (1999) backed by an European study between 1988 and 1993 explained that small firms
especially micro firms were responsible for creating about 3 million jobs where as other firms were
net losers of jobs Daniel (1994), Daniels and Ngiwa (1992); Fisseha and Macpherson (1991) posit that
SMEs are the potential sources of employment and income in many developing countries. In their
views SMEs employ 22 percent of adult population in developing countries.

Presumably assuming that we are right in our speculations about the importance of micro, small and
medium scale enterprises globally we can predict that with the present transformation programme in
our country, this potential expectation is likely to gather further momentum in our economy. The
development in the next few decades would indicate when this expectation would take place so that
we can start to witness the curious spectacle for income and employment generation from them
Markarfi (2006) observed in this regard that SMEs in Nigeria had the potential of driving economic
growth in the desired direction if they get adequate support from various stakeholders.

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Osa-afina (2003) disclosed that the importance of SMEs can be so much appreciated from its ability
to stem the rural urban population drift, expand the scope of industrial development and achieving a
more effective utilization of local raw materials. Gaining by these tentative analyses, the in
controvertible issue of gender neglect may be resolved. As more women are involved in micro-
enterprises the tendencies are thus towards more of a healthy competition between the various gender
groups rather than that of a docile and dependent group being victims of nascent predators supporting
this view Todaro (2000) said that many women run small business ventures called micro enterprises
which require little or no start-up capital and usually involve the marketing of homemade food stuffs
and handle crafts.

According to him womens restricted access to capital leads to high rates of return on their tiny
investment while the extremely low capital-labour ratios confine them to low productivity
undertakings the further revealed that studies in Latin America and Asia have found that where credit
is available to women with informal-sector micro enterprise, repayment rates have been as high as or
higher than those for men and because women are able to make more productive use of capital their
rates of return on investments often exceed those of men. The corollary of this is that integration of
the larger groups in the country provides greater resources and variety of demand for accelerated
growth via greater efficiency and productivity. As new technology emerges and factor mobility made
possible internally, the development of our SMEs become our attainable objectives.

Our economic stability however depends on the convergent character of our economic fundamentals
taking a cue from the successful history of the U.S. Weston and Brigham (1982) survey of the U.S.
economy in the past can be a good lesson for us today. They revealed that small business is a key
element of the U.S economy. First, of the approximately 8.5 million firms in the United States about
8.0 million are defined by the government as small. Thus small businesses are quantitatively
important, second, and of perhaps even greater significance small businesses often serve as the
vehicle through which ideas for new products and services make their way to the consuming public
many of the large electronics firms of the 1970s were new, small businesses in the 1950s. Third, the
very existence of small businesses and the fact that new ones are continually being started provides
continuous stimulation to competition in the economy.

The economic significance of a country is measured by the share of that country in the intra-
community trade, the national product of the community and the quotas in the monetary support
arrangements. To achieve all to remain relevant in world economy and politics we have to consistently
and continuously engage in viable economic policies that can review, develop or relate our micro,
small and medium scale enterprises.

4. Taxonomy of SMEs Origin

Origin of micro small and medium scales take many stages in the history of this country for analytical
convenience, they can be classified in one way as pre-independence and post-independence.

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The pre-independence version drew its support from the achievement motivation theory of
McClelland (1961). This theory provides good predictions of entrepreneurial success. People with
strong achievement motivation like to make decisions themselves and receive clear feedback on how
well they have done-to be able to say I did it myself. They tend to plan for the future and make
decisions that will get their plans accomplished. They search out new information whenever possible.
The trend and ingenuity set in motion by this concept thus might be associated with the development
of pottery, mats, basket, hides and skin tannery, handloom in Nigeria before independence (Ashionye,
1996). The inter communal trade occasioned by this discovery thus directly contributed to the
increasing attention being given to mass production of these products within and outside the enclave
where it was originally produced.

The post-independence thesis boom was highly motivated by the sufferings associated the Nigeria
civil war. Persons especially in the Brafran enclave were compelled to resort to forced economic
dependence in almost everything. Crude oil was locally refined, guns and agricultural implements,
clothings, edibles like salt were all locally manufactured. The favourable moderate effect of all these
transform to a certain specific people in Nigeria dealing on one form of products or the other. After
the civil war and in 1974 to be precise the Federal government realizing the importance of small scale
industries made deliberate effort to help the SMEs industry with the introduction of small-scale
industries credit Scheme (SSICs) where each state was encouraged to set-up funds from which loans
were made available to small-scale industries.

5. Method
The study adopted a survey design and a case study. The survey method allows the researcher to
assess peoples thoughts, opinions and feelings and offers opportunity to generalize findings from the
sample to the population (Shaughnessy, Zechmeister & Zechmeister, 2003). The structure of the
questionnaire was designed as open-ended and close-ended either to restrict the respondents to certain
line of thought or allow them to express freely their views as they may deem fit. The questionnaires
consist of two sections: demographic variables and research variables. demographic variables include
age, gender, educational qualification, experience in business management, length of years of
operation among others while research variables comprise employment creation, raw material stock
utilisation rate, income-generating capacity, poverty level, technology acquisition, training and skill
acquisition, productivity and capital funding. Simple random sampling was applied in the
determination of the sample size. This is to allow for equal representation of respondents found in the
population.

Micro, small and medium scale enterprises in Nnewi, Anambra State represent the case study. The
choice of the state in Nnewi in particular was because of the concentration of many MSMEs in this
area. The following MSMEs Innoson Motors, Ibeto Groups, Chi Di Ebere Quarry and Orient Oil and
Gas with a total of two hundred and forty-five employees distributed as follows Innoson Motors (60),
Ibeto Groups (55), Chi Di Ebere Quarry (80) and Orient Oil and Gas (50). Out of this number a total
of ninety-eight (98); employees were selected as sample size; Innoson Motors (24), Ibeto Groups (22),

7
Chi Di Ebere Quarry (32) and Orient Oil and Gas (20). Pearson Correlation were employed in the
analysis. The Correlation Coefficient explains how the variables co-vary. If at 0.05 level of
significance the test statistics will be able to determine accept or reject decisions of the null
hypothesis depending on the positivity or otherwise of the outcome.

7. Results
H1: There is no significant relationship between the scope of business activities of micro, small
and medium scale enterprises and level of employment creation in Nigeria.

Pearson Correlations Test of Hypothesis

Micro, small and medium scale enterprises Employment
creation
Pearson Correlation 1 .727**
Micro, small and medium
Sig. (2-tailed) .000
scale enterprises
N 98 98
Pearson Correlation .727** 1
Employment creation Sig. (2-tailed) .000
N 98 98
**. Correlation is significant at the 0.01 level (2-tailed).

From the test result above it was revealed that the Pearson results in research hypothesis above, is
0.727** which established that there is correlated relationship between micro, small and medium
scale enterprises and level of employment creation in Nigeria. Also the p-value of Pearson correlation
is (0.000) which is less than 0.01 using 1% level of significance, we then accept alternative
hypothesis in hypothesis one and reject the null, therefore can conclude that there is correlated
relationship between micro, small and medium scale enterprises and level of employment creation in
Nigeria.
H2: The scope of business activities of micro, small and medium scale enterprises has no
influence on the size of raw material stock in Nigeria.
Pearson Correlations Test of Hypothesis
Micro, small and medium scale enterprises Raw material
Pearson Correlation 1 .862**
Micro, small and medium
Sig. (2-tailed) .000
scale enterprises
N 98 98
Pearson Correlation .862** 1
Raw material Sig. (2-tailed) .000
N 98 98
**. Correlation is significant at the 0.01 level (2-tailed).
From the hypothesis two result above it was revealed that the Pearson results in research hypothesis
above, is 0.862** which established that there is correlated relationship between micro, small and
medium scale enterprises and size of raw material stock in Nigeria. Also the p-value of Pearson
correlation is (0.000) which is less than 0.01 using 1% level of significance, we then accept
alternative hypothesis in hypothesis one and reject the null, therefore can conclude that the scope of
business activities of micro, small and medium scale enterprises has influence on the size of raw
material stock in Nigeria..

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H3: There is no significant relationship between income-generating capacity of MSMEs and level
of poverty in Nigeria.
Pearson Correlations Test of Hypothesis
Micro, small and medium Poverty Reduction
scale enterprises
Pearson Correlation 1 .685**
Micro, small and medium
Sig. (2-tailed) .000
scale enterprises
N 98 98
Pearson Correlation .685** 1
Poverty Reduction Sig. (2-tailed) .000
N 98 98
**. Correlation is significant at the 0.01 level (2-tailed).

From the last hypothesis, it was shown that the Pearson results in research hypothesis above, is
0.685** which established that there is correlated relationship between income-generating capacity
of MSMEs and level of poverty in Nigeria. Also the p-value of Pearson correlation is (0.000) which
is less than 0.01 using 1% level of significance, we then accept alternative hypothesis in hypothesis
one and reject the null, therefore can conclude that there is a statistical significant link between
income-generating capacity of MSMEs and level of poverty reduction in Nigeria. The implication is
that the consistent reliance of the economy on the products of these business enterprises will
definitely boost the economy. On the ability of these business enterprises to survive harsh economic
background and market shocks was analysed using the mortality rate, managerial competencies and
application of information technology. The implication of this analysis tends to explain their
productivity and viability scope within their level of operation.

8. Discussion
Studies on micro small and medium scale enterprises have been conducted to ascertain either their
productivity or viability (Delucca, 2000). There is always serious contention about their compliance to
the dictates of managerial concepts. The argument has been that most of them suddenly experience
liquidation due to unresolved ownership squabble, family feuds, inadequate capitalization, high cost
of capital and macroeconomic distortion (Okpechi, 2002). Again, it is viewed that wrong policy
application such as faulty accounting principles, loan diversion, negative cultural influence, unethical
practices and corporate feudalism remain their bane; maintaining a strong grip and not permitting
strong growth leverage.

The study revealed strong linkage between economic development and micro small and medium scale
enterprises in the country. The study points to economic factors as only components affecting the
growth of these business enterprises. This is traceable to the dependence of proprietors and families
members on the cash-flows of the enterprise. However these variables constitute minor distractions
especially when there is intervention mechanism from the venture capital programmes. The results
obtained from this study will definitely provide a sound background for future literature and analysis.

9. Conclusion
In most developing countries, the small and medium scale enterprises have grown dramatically over
the past many decades, now accounting more than ninety percent of the GDP and some 80% to 90%

9
of total investments. However, this growth has been accompanied by considerable inefficiency, waste
and lack of public support. The basic economic argument to justify large investment in small and
medium scale firms is that these firms present a strong platform for reducing unemployment and
promoting economic development. The study revealed that there is a positive statistical relationship
between the growth and development of micro small and medium scale firms and economic
development. The study can conclude therefore that promoting rapid economic growth and reducing
poverty and inequality through the development of small and medium scale enterprises are not
mutually conflicting objectives. With appropriate policies, the poor and less capitalized persons and
firms can participate in growth promoting micro small and medium scale firms in the country.

10. Recommendations

Statistical studies as is presently revealed through this study have in a broad spectrum provided strong
support for the development of micro small and medium scale sector. Moreover, this study has
confirmed the strong association between micro small and medium scale enterprises and economic
growth. To maximise the productivity of these forms of business organisations, government policy
should be directed more toward the occupation requirements of rural inhabitants whether small farm
agriculture, non-farm artisan and entrepreneurial activities or public and commercial services.

Furthermore, emphasis must be expanded to include such priorities as curricula and task-related
orientations of rural learning systems. However, these measures cannot be effective in eliciting
popular support unless rural and urban economic opportunities are created so that small farmers,
artisans and entrepreneurs can make use of their vocational knowledge and training. It is also
important to disclose that many programmes set in motion to raise the level of micro small and
medium scale firms in the country have suffered because of failure to provide adequate insurance both
financial credit and physical buffer stocks against the risks of corporate mortality.

An understanding of the major impact that risks and uncertainties play in the economics of micro
small and medium scale firms would have prevented early and unfortunate exit of these firms.
Without these incentives, people will justifiably view such campaigns, policy statements formal and
non-formal occupational training programmes in micro small and medium scale enterprises with
considerable skepticism.

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