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Abstract
Small-scale businesses have become major drivers of socio-economic change in developing societies of the world, but especially so in Nigeria, where they account for over 90% of businesses in the country and employ a significant part of the labor market. This research explored the role of small- scale businesses as contributors to economic development in Edo State, Nigeria. The objectives were to evaluate how small businesses contribute to employment generation, income generation, industrial development, and economic growth in Edo State. A descriptive survey research design was adopted, and data from 347 respondents made up of owners and managers of small-scale businesses across the three senatorial districts of Edo State were collected. Questionnaires' structured format was used to collect data, while descriptive statistics, frequency counts, percentages, and mean scores were employed as tools of data analysis.
The findings of the research confirmed a significant contribution of small-scale businesses to employment generation jobs, which were for skilled and unskilled laborers; thus, a reduction was achieved in the number of unemployed people in the state. The research also revealed that small businesses have significantly enhanced income generation leading to improved standards of living and promoted industrial dependent linkages through adding value and the use of local raw materials, but challenges such as inadequate access to finance, multiple taxation, poor infrastructure, and inconsistent government policies have negatively contributed to optimal performance. In addition, the research showed that government support such as training programs, access to loans, and tax incentives has a positive but limited impact on business sustainability
The findings of the research confirmed a significant contribution of small-scale businesses to employment generation jobs, which were for skilled and unskilled laborers; thus, a reduction was achieved in the number of unemployed people in the state. The research also revealed that small businesses have significantly enhanced income generation leading to improved standards of living and promoted industrial dependent linkages through adding value and the use of local raw materials, but challenges such as inadequate access to finance, multiple taxation, poor infrastructure, and inconsistent government policies have negatively contributed to optimal performance. In addition, the research showed that government support such as training programs, access to loans, and tax incentives has a positive but limited impact on business sustainability
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