Full Project – Impact of business environment on the economic development of Nigeria

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CHAPTER ONE

INTRODUCTION

1.1     Background of the Study

         Trade and industry associations, chambers of commerce, small medium, and large business, domestic or foreign business, publicly quoted firms and other types of business coalitions in a good environment can play an important role in helping to address development challenges that are beyond the scope, capacity or mandate of any individual company. Such group action can increase both the leverage and legitimacy of business sector involvement in facilitating national development.

The specific contribution that different companies and business association can make varies according to the industry sectors, environment and ownership structure; the operating unit, and the number of companies involved, for example, whether the company is acting in an individual capacity or in partnership with other companies or other sectors such as government and non-governmental organizations.

Specifically, creating an enabling business environment can contribute to the attainment of national development on eradication of poverty and hunger in three broad ways; through their primary or core business activities, their social investments and charitable activities or their involvement in public policy discourse and advocacy activities (Nelson and Prescoh, 2013).

However, through a core business activities, in a conclusive and productive environment, company or business can contribute to the eradication of poverty and hunger in the following ways: creating jobs, developing human resources, social investments and charitable activities, public policy discourse and advocacy, and support public policy effort is to build the domestic private sector and attract foreign investment among others.

1.2     Statement of the Problem

         Business, particularly large companies can work collectively to help create a more enabling environment for business. This may be through building effective business association and support structures, lobbying government and, or, helping to build private/public/government (PPP), and, or, helping to build public capacity for necessary regulatory and financial  reform, but the crux of the problem bedeviling these efforts are: –

• Problem of unfavorable and unstable government policy;
• Problem of macroeconomic instability;
• Problem of insufficient basic infrastructure;
• Problem of over – reliance on foreign materials and other inputs;
• Inadequate management abilities.

1.3     Purpose  of the Study

The broad objective of this study is an appraisal of the strategies for creating an enabling business environment for national development, focusing on Lokoja Local Government area as a case study.

Other specific objectives are:

1. To examine the effect of unfavorable and unstable government policy

on the strategies for creating an enabling business environment.

2. To examine the causes of macro-economic instability?
3. To examine the significant effect of over reliance on domestic business
4. To identify management abilities in business at enhancing national development.
   • RESEARCH QUESTIONS
5. What are the effects of unfavorable and unstable government policy on the strategies for creating an enabling business environment?
6. What are the causes of macro-economic instability?
7. What are the significant effects of over reliance on domestic business?
8. What are management abilities in business at enhancing national development?
   • Significance of the Study

         Appraising the strategies for creating an enabling business environment for national development will be of great benefit for business organization to properly regulate the conducts of the business, protect the interest of society from unethical business behaviour to enhance National development.

The research study will also benefit the business organization as it helps them to know the impact of social responsibility as one of the organization/strategy to create an enabling business environment.

The research study will also be an immense benefit to the public as they get to know that allowing peaceful co – existence, and business to thrive will better their society improve their economic creating job and reduce poverty and hunger.

The research work will also serve as reference tools for future researchers having related research work to carry out.

1.6     Scope of the Study

         This study focuses on strategies for creating an enabling business environment for national development. It covers the meaning of business and it’ effect on national development, economic planning for national development and impact of environment on business operation among others.

This scope is limited to Lokoja local government area in Kogi State.

1.7     LIMITATIONS AND CONSTRAINTS OF THE STUDY    

However, certain factors act as a limited and constraints to the study, these are;

• Time Constraints:- The time frame for this research study is inadequate in the sense that examination is barely month a head and in such a situation, the student will have to attend lectures, do assignment, and study for the forthcoming examination.
• Financial constraints:- The current inflation in the country which has led to triple increase the price of items in the market has hindered the purchasing power of the researcher to get some materials that would have help the researcher in this study.
• Poor response and wrong fillings, of information or misleading information in the questionnaire has being limitation factor.
• Institutional bottleneck:- This is another constraints in the sense that, the staffs of the organization always refused to divulge the necessary information due to the fear of official sanction.

1.8     Definition of Key Terms

Business:-Abdulkarim (2014), defined business as an individual or a group of people whose goal is to make a profit by selling product or services.

Business Environment: – This is an environment or society where an organization is situated.

National Development:-Todaro (2012) defines National Development as a multi-dimensional process involving the re – organization and re-orientation of the entire economic and social system. This involves in addition to improvement of income and output, radical change institutional social administrative structures as well as in popular attitudes, customers and beliefs.

Public: – These are the masses living within the environment of business.

Regulatory Role:-This is the role-play by government to protect the interest and welfare of the general citizenry, preserve the environment and ensure fair dealing especially in competitive acting of business.

Social responsibility: According to Rectuer (2016) can be defined as the nation that corporation have a obligation to constituent group in society other than stock holders and beyond that prescribed by law or union conduct.

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Full Project – Impact of business environment on the economic development of Nigeria