Problems and Prospects of Private Sector Organizations in Nigeria

Abstract

This paper focused on the challenges and prospects of private sector organizations as the main engines of economic growth and development in Nigeria. It discussed the concepts of organization, the prospects and challenges of private sector-led growth in Nigeria. The study examined the current business environment and discussed ways of encouraging the private sector organizations in Nigeria to act as a catalyst of economic growth and development. The paper posits that to achieve a desired sustainable private sector led growth of the economy, it is imperative for government to continuously put in place policies and programs that will encourage private sector participation and contribution to the development process. Finally it concluded that there is growth in the financial performance of private sector organizations and its sustained prospects and success hinged on all those series of initiatives and policies of the government to advances private sector led growth and transform the country into an economy that is robust, stable, dynamic, export-led and competitive.

The Impact of Investment Climate Constraints on Manufacturing Industry Performance: The Case of Dire Dawa City, Eastern Ethiopia

“…As theorists (Keynesian, 1936; and regional economic development theory) argue, there is a positive relationship between investment and infrastructure. They argue that the government should spend on infrastructure, thus it is critical enhancing the manufacturing firms (Imoisi and Ephraim, 2015;Osemeke, 2011;and Adugna et al, 2015;Lemma (2014) and Ihugba, O. A., et al, 2013) emphasize inadequate infrastructure adversely affects the manufacturing industries.…”

Family Owned Business in Anambra State; Issues, Problems and Prospect

“…A significant part of SMEs is Family Owned Businesses (FOBs) as having been observed by extant literature. Corroborating this, Osemeke states that FOBs are within the category of micro, small and medium enterprises (MSMEs) globally whether in USA, South America, Europe, Asia and Africa [4].…”

“…The economic landscape of most nations remains dominated by FOBs which constitute a greater percentage of the private sector (Klein) [10]. It is estimated that the total economic impact of FOBs to global GDP is over 70% (Osemeke) [4]. Specifically, it is estimated that 90 percent of all businesses in the US, Canada and Europe are family owned and operated (Ibrahim, Jean & Soufani) [11].…”

“…In terms of distribution by size, 75% (2.2 million) of these firms were micro businesses with no employees, with a further 639,000 (or 22%) family businesses employing between one and nine employees. Using the British SME size definitions of small, medium and large, family businesses made up the balance of the sector with 3.1%, 0.5% and 0.3% respectively (Osemeke) [4]. In India, Confederation of Indian Industry (CII) in 2011 reports that the gross output of these family run businesses accounts for 90% of India's industrial output, 79% of organised private sector employment and 27% of overall employment superseded only by the government and public sector undertakings, companies in which the government own the majority of shares (Confederation of Indian Industry Report) [12].…”

“…Corroborating this statement, Alaye-Ogan, opine that FOBs and small businesses irrefutably remain critical to the development of any nation's economy as they are an excellent source of employment generation, help in the development of local technology, and develop indigenous entrepreneurs [25]. They have been an integral part of the international economy for centuries and have continued to play an important role (Osemeke) [4].…”