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The Nigerian Business Environment and Growth Constraints of Micro and Small Scale Manufacturing Industries

Micro and small scale businesses play significant role in socio- economic development of any nation with Nigeria inclusive. But despite the significant role they play in national development, they are usually faced with some challenges that constraint their growth. Hence, this study examines growth constraints of Micro and Small Scale Manufacturing Industries (MSMI) in Akwa Ibom State. The study adopts a descriptive survey design. The study population comprised operators of manufacturing micro and small scale businesses in Akwa Ibom State and sample of 234 operators of manufacturing micro and small scale businesses were selected through stratified random sampling and “Nigerian Business Environment and Growth Constraints Questionnaire “developed by the researcher was used in data collection. This instrument was duly validated and tested to be reliable. Of the 234 copies of the questionnaire administered, 225 useable copies were retrieved. Frequencies and simple percentage as well as factor analysis were used to analyze data. Data analysis was facilitated with the use of the Statistical Package for Social Sciences (SPSS version 20.0) Results showed that the dimensionality of the MSMI’s constraints can be explained by 7 factors. These include problem of infrastructure particularly-power (factor 1), strict rules on credit (factor2), high interest rates on loan (factor3), multiple taxation (factor 4), absence of tax holiday (factor 5), trade liberalization (factor 6) and poor patronage of made in Nigeria goods (factor 7). It was identified that problem of infrastructure (power), inaccessibility of credit, high interest rate on loans, multiple taxation respectively were the major constraints that affected the growth of micro and small scale manufacturing businesses in Akwa Ibom State. Hence, to stabilize power, the Akwa Ibom State government should geared efforts toward generating electricity through Ibom IPP; the use of immovable assets as criterion to access business funding by banks should be reviewed; tax regimes should be harmonized. Also, ensuring product quality by SON, and promoting awareness of made in Nigeria products through trade fairs and exhibitions by MAN and NACCIMA will address trade liberalization and poor patronage factors.