Small and Medium Scale Enterprises an Economic Growth Mechanism in Ihala Local Government Area of Anambra State

Abstract:

This paper examined Small and Medium Scale Enterprises and Economic Growth in Ihiala LGA. The study identified sources of capital as one of the problems or challenges of SMEs. Objectives were raised in consonance with the hypotheses and useful information needed for the survival of SMEs were suggested. Relevant data for carrying out this research was collected using questionnaire. Stratified random sampling was used for the study. Data was analysed using frequency distribution and Chi-square. Based on the analysis, it was found that SMEs boost economic growth and enhance development in Ihiala LGA of Anambra State. The study concluded that it is imperative that those in rural areas develop ideas and look for opportunities offered by small and medium scale businesses. Based on the findings of this study, recommendations were made that managers and owners of these SMEs should explore business opportunities in Ihiala Local Government Area and make use of them; managers of SMEs used in the study should utilize economic opportunities available or provided by the government; and owners of the SMEs used should provide employment opportunities for people in that environment because it is one of the essence of entrepreneuship.