...ECONOMIC IMPLICATIONS OF CONSTANT POWER OUTAGES ON SMES IN NIGERIA International Centre for Basic Research, 20 Limpopo Street, FHA, Abuja College of Engineering and Engineering Technology, Department of Electrical and Electronic Engineering, Michael Okpara University of Agriculture, Umudike, Abia State been identified [2]. A particular finding revealed the high cost of providing back-up energy (partly infrastructural) for SMEs which sometimes is as critical as three times the cost of publicly supplied electricity [3], [4]. In Nigeria and perhaps generally, SMEs classification is done on the basis of capital investment and employed labour force while other criteria could be the annual turnover or gross output [5]. Until very recently, energy was rarely cited as one of the problems militating against the development of SMEs in Nigeria and elsewhere. This study is built on the argument that, unlike larger businesses, the establishment and operation of SMEs promotes economic development which by extension, boosts a country’s GDP number [6] (see Fig. 1). A separate study identifies this link (between SMEs and GDP) but could not establish if it is actually responsible for economic growth [7] while another study presents a decreasing link of 51%, 39% and 16% of GDP being produced by SMEs in high-income, medium income and low-income countries respectively [8]. Elsewhere, it has been confirmed that SMEs were responsible for pulling the US out of economic slump and can therefore, serve...
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...CHAPTER ONE BACKGROUND OF THE STUDY 1.0 INTRODUCTION The invention of computers has brought tremendous change into various aspects of human endeavor. In the 1960s computers were used by relatively few people but presently computer has great impact on our society than any other device invented in the second half of the 20th century. The impact of computer is felt in all professions for example, in medical line, computer is used in management information system, billing system and drug administration. Likewise in education computers are useful in teaching the basic skills. In office management the use of computer has made great impact on the area of our modern office equipment which had been automated such as typewriters, communication system and language translation. In business and professional office, computer is used in inventory. Control information processing, accounting programs payroll, designing and so on to mention but a few. Man enjoys entertainment, of the computer at home after a number of advantages, it allows on to practice in private keeps one of the street and it teaches one so many things in the area of Government, taking decision planning forecasting and budgeting and so on, the use of computer to process information and to make logical decision much faster than man is steadily being exploited. Computer have become an integral part of our lives having more advantage than disadvantage. Apart from the positive impacts of computers in our world, they affect our...
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...Journal of Sustainable Development Studies ISSN 2201-4268 Volume 2 (2013), Number 2, 197-215 Entrepreneurship for Sustainable Economic Growth in Nigeria Oyelola, O. T. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Ajiboshin, I. O. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Raimi, L. (Corresponding author) Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Raheem, S. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Igwe, .C. N. Centre for Entrepreneurship Development, Yaba College of Technology, P.M.B 2011, Yaba, Lagos, Nigeria Abstract. This paper underscores the importance of entrepreneurship as a realistic mechanism for sustainable economic growth in Nigeria considering the experiences of developed nations like the United States and vibrant economies like China and India. The paper discusses that entrepreneurship has been instrumental in economic growth, balanced regional development and job creation in most dynamic economies, where technology is changing at a faster rate and the product lifetime cycle is shrinking. The methodology adopted in this paper is the narrative-textual case study (NTCS); it is a social science research method that relies on the information and data from several sources for problem-solving or problem-identification. The paper...
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...CHAPTER ONE BACKGROUND OF THE STUDY 1.0 INTRODUCTION The invention of computers has brought tremendous change into various aspects of human endeavor. In the 1960s computers were used by relatively few people but presently computer has great impact on our society than any other device invented in the second half of the 20th century. The impact of computer is felt in all professions for example, in medical line, computer is used in management information system, billing system and drug administration. Likewise in education computers are useful in teaching the basic skills. In office management the use of computer has made great impact on the area of our modern office equipment which had been automated such as typewriters, communication system and language translation. In business and professional office, computer is used in inventory. Control information processing, accounting programs payroll, designing and so on to mention but a few. Man enjoys entertainment, of the computer at home after a number of advantages, it allows on to practice in private keeps one of the street and it teaches one so many things in the area of Government, taking decision planning forecasting and budgeting and so on, the use of computer to process information and to make logical decision much faster than man is steadily being exploited. Computer have become an integral part of our lives having more advantage than disadvantage. Apart from the positive impacts of computers in our world, they affect our...
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...Impact of Microfinance Institution on Nigeria Economy Ghana Christian University College SDM 201222101014 Introduction to Microfinance Mr. Sam Quinn Word Count: 2241 Dec. 2, 2014 Table of Content Pg Introduction 3 Definition of Terms 3 Concept of Microfinance 3 The Goals of Microfinance Institutions 5 Impact of Microfinance on the Economy of Nigeria 6 Negative Impact of MFIs on the country (Nigeria) 10 Conclusion Introduction Since the advent of microfinance institution in Bangladesh in the mid 1970’s, several countries have copied this financing model. The Nigerian governments over the years have had to grapple with poverty and unemployment. The realization that many of these poor and/or unemployed persons are not without skills, ideas and willingness to work, must have propelled the government to make finance accessible to them. The seeming popularity of this model among developing countries is predicated on poverty reduction prospect it offers. The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance institution scheme. This was founded to provide finance to economically active poor excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty. The introduction of microfinance institutions in Nigeria is the inability of Nigerian Deposit Money Banks to provide sufficient financial service to the...
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...Introduction The introduction of microfinance banks in Nigeria is the inability of Nigerian Deposit Money Banks to provide sufficient financial service to the rural poor. Microfinance banks have taken up the challenges of the gap created by the Nigerian Deposit Money Banks. Microfinance banks can be seen as an economic growth method intended to advantage the low income part of a given country like Nigeria, both rural poor and urban poor. Since the advent of microfinance banking in Bangladesh in the mid 1970’s, several countries have copied this financing model. The Nigerian governments over the years have had to grapple with poverty and unemployment. The realization that many of these poor and/or unemployed persons are not without skills, ideas and willingness to work, must have propelled the government to make finance accessible to them The seeming popularity of this model among developing countries is predicated on poverty reduction prospect it offers. The Nigerian government cued into this popular thinking in 2005 when it inaugurated the microfinance banking scheme. This was founded to provide finance to economically active poor excluded from financing by conventional banks, provide employment, engender rural development and reduce poverty. This paper theoretically examines the impact of this institutions to Nigeria as a country. International Journal of Finance and Accounting Concept of Microfinance Microfinance...
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...CHALLENGES FACING E-LEARNING (ELECTRONIC LEARNING) IN TEACHING BUSINESS EDUCATION COURSES: STRATEGIES FOR IMPROVEMENT BY JIMOH-KADIRI SIDI OSAMUEDE (MRS.) AND BUPO GODWIN OMONI Dept of Vocational Education, Nnamdi Azikiwe University, Awka BEING A PAPER PRESENTED AT THE ANNUAL NATIONAL CONFERENCE (THEME: E-LEARNING IN NIGERIA: PROBLEM AND PROSPECTS) ORGANISED BY THE FACULTY OF EDUCATION, NNAMDI AZIKIWE UNIVERSITY, AWKA. 31ST AUGUST – 3RD SEPTEMBER, 2010. CHALLENGES FACING E-LEARNING (ELECTRONIC LEARNING) IN TEACHING BUSINESS EDUCATION COURSES: STRATEGIES FOR IMPROVEMENT Abstract Electronic learning (e–learning) which is one of the by-products of information and communication technology has changed many aspects of life and opened a wide vista of opportunities for people. This paper discusses the challenges facing e-learning in teaching business education courses. The need for e-learning in business education is also discussed. Subsidized or free in-house computer literacy training programmes for business teachers and students and provision of adequate info-tech facilities to academic Institutions are among the recommendations made for improvement in the teaching and learning of Business Education courses through e-learning technology. Introduction One challenge that faces the profession and practice of business education and indeed the whole of mankind is the progress and innovation offered by technological developments since mid 1990s. The emergence of information and communication...
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...(Ict) Compliant Librarians On Library Services Delivery In Academic Library: The Case Of National Open University Of Nigeria(Noun)Library By Nebeolise, Lucy Ndidiamaka National Open University of Nigeria,Victoria Island , Lagos -----------------------------------------------------ABSTRACT----------------------------------------------------- The study aimed at examining the impact of information and communication Technology (ICT) compliant librarians on library services delivery on NOUN library. The paper traces briefly the history of National Open University Library. The e-resources, staff strengths are highlighted. The study adopted the descriptive survey method. The questionnaire was used as instrument for data collection. A total of fifty (50) questionnaires were distributed and collected back. The data collected were analyzed with the use of tables and simple percentages. From the analysis of the data collected, it was found that the use of ICT compliant librarians on library service delivery aids immensely in the development of NOUN library, quick delivery of information services, access and easy retrieval of information by users. The study shows thatInadequate ICT skilled professional Librarians, Inadequate provision of ICT training programmes, Inadequate Power supply and inadequate ICT infrastructures hinder the effective use of ICTs in NOUN library. Therefore, it was recommended that...
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...The main striking features of the Nigerian economy today is that available infrastructures of all types fall far below the quantities and qualities required. This naturally results in overstretching of most facilities. Despite huge potentials in almost every sector, poor overall economic performances have made it inevitable to tap unduly and at high cost and less profit than they should be. According to Alaofin (2003), “operating costs are high in Nigeria inspite of relatively cheap labour hence, running any business according to international standards is therefore costly”. He further stated that facilities management as an area is just evolving in Nigeria through janitorial services which is the best development component, has been around for nearly (5) five decades. Security services are in the stage of development. He stated that there are various merits of outsourcing which include better focus, economics of scale in purchasing and specialization. Dalhat(2009) in analyzing the development of a service industry coalition in Nigeria stated that services regulatory bodies exist, and active with existence of a strong professional class. That a well developed services sector enhances competition, leading to stimulation of economic activities and ultimately...
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...PRODUCTIVITY IN THE NIGERIAN MANUFACTURING INDUSTRY BY C. M. ANYANWU ASSISTANT DIRECTOR, RESEARCH DEPARTMENT, CENTRAL BANK OF NIGERIA. INTRODUCTION Prolonged economic recession occasioned by the collapse of the world oil market from the early 1980 and the attendant sharp fall in foreign exchange earnings have adversely affected economic growth and development in Nigeria. Other problems of the economy include excessive dependence on imports for both consumption and capital goods, dysfunctional social and economic infrastructure, unprecedented fall in capacity utilization rate in industry and neglect of the agricultural sector, among others. These have resulted in fallen incomes and devalued standards of living amongst Nigerians. Although the structural adjustment programme (SAP) was introduced in 1986 to address these problems, no notable improvement has taken place. From a middle income nation in the 1970s and early 1980s, Nigeria is today among the 30 poorest nations in the world. Puttingthecountrybackonthepathofrecoveryandgrowthwillrequireurgently rebuilding deteriorated infrastructure and making more goods and services available to the citizenry at affordable prices. This would imply a quantum leap in output of goods and services. The path to economic recovery and growth may require increasing production inputs - land, labour, capital and technology - and or increasing their productivity. Increasing productivity should be the focus because many other countries that have...
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...Bioenergy Technology Development in Nigeria – Pathway to Sustainable Development TERM PAPER SUBMITTED BY ATTABO, AMEH M.Engr Mechnical Engineering Covenant university ota Nigeria ABSTRACT A major factor affecting Nigeria’s economical progress is power. And this has been a major discuss in the country for a long time. A reliable and sustainable energy source is greatly desired to power the nation’s economy and this need cannot be overemphasized, due to the epileptic power supply to the national grid, it has become absolutely important to explore other cheap sources of power to meet our urban and rural energy need. This will in no small measure support our national grid and reduce rural-urban drift. The heavy dependence on gas generated by the Nigeria National Petroleum Co-operation (NNPC) to power our turbines at our gas plants often exposes the country to power outage due to high cost of maintenance and vandalism. Applying biomass technology to generate power can help the country develop its energy sector more rapidly as the raw material needed to feed the Bioenergy plants are almost everywhere in the country some are mere waste such as agricultural and domestic waste. The focus of this paper is on the use of bioenergy to alleviate the poverty rate in Nigeria especially in the rural areas where there is large amount of Lands and biomass material. Developing the bioenergy strength of the country also creates wealth and employment...
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...management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding for its operations. The major findings of this study include the following: SMEs have played and continue to play significant roles in the growth, development and industrialization of many economies the world over. In the case of Nigeria, SMEs have performed...
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...management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding for its operations. The major findings of this study include the following: SMEs have played and continue to play significant roles in the growth, development and industrialization of many economies the world over. In the case of Nigeria, SMEs have performed...
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...CHAPTER ONE 1.1 Background to the Study Health is central to the development of any human society, thus an adequate healthy society can improve the social status of the people (Akanbi, 2014). Though healthcare is a vital service, however, it is often treated from symptoms rather than the causes of the poor health. WHO (1948) affirms that, health is a state of complete physical, mental and social well-being and not mere absence of disease and infirmity. Health is a positive concept emphasizing social and personal resources, as well as physical capacities. In recent years, much evidence has been accumulated which shows just how important the planning of physical, social, and economic environment in which we live and work is to our health. Conversely, physical planning systems are the methods used by the public sector to influence the distribution of activities in spaces of various scales (Andreas and Bas, 2002). Also, it is a process intended to promote sustainable development and is defined as goingbeyond traditional land use planning to bring together and integrate policies for the development and use of land with other policies and programmes which influence the nature of places and how they function.In the developing countries, a substantial and growing population lives in or around metropolitan areas and megacities (Adesina,2007). The urban sector of any country is never static. It changes with time, in fact as the days and years go by, the urban landscape is altered...
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...between different financial institutions, enabled new financial, products and services and made existing financial services available in different packages. Some analysis argue that electronic banking is revolutionizing the banking industry, others see it as simply complementing the physical banking branches; irrespective of its own merits there are diverse challenges and problems associated with this form of banking in Nigeria. The main research instruments used are questionnaires and personal interview for staff and customers of various banks, primary and secondary method of data collection were used. The simple frequency percentage was adopted as the statistical measure and hypothesis testing was analyzed using chi-square. In conclusion, the study revealed that electronic banking despite its challenges has led to increased efficiency in banking and its service ,cost-reduction in banks, and reduction of waiting time experience in the banks. The research recommended that banks should follow the stipulated electronic banking guidelines of the central bank of Nigeria. Government should accelerate actions that will enable a good environment and the growth of the banking sector. CHAPTER ONE INTRODUCTION 1.0 BACKGROUND TO THE STUDY. Wikipedia ( 2010 ) defined Electronic banking as a banking in which funds are transferred through an exchange of electronic signals over a network connecting financial institutions rather than the exchange of cash,...
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