Role Of The Organized Private Sector In The Socio-Economic Development
(A Study Of Amason Industries Nigeria Limited)
The organized private sector plays a crucial role in fostering socio-economic development by actively participating in various facets of the economy. With a focus on innovation and entrepreneurship, the private sector serves as a catalyst for economic growth, driving job creation, and contributing significantly to wealth generation. Through strategic investments in key industries, businesses within the private sector stimulate technological advancements and enhance productivity, thus propelling the nation towards prosperity. Additionally, their engagement in corporate social responsibility initiatives addresses social challenges, promoting sustainable development. By collaborating with government entities and advocating for policies that facilitate a conducive business environment, the private sector becomes an instrumental force in shaping the socio-economic landscape. In essence, the private sector’s dynamism and adaptability are integral to advancing the socio-economic agenda, embodying a symbiotic relationship with the overall development of the nation.
It is a factual fact that this work conducted a forensic research study on the topic “the role of the organized private sector in the socio-economic development of Nigerian, a study of Amason Industries Nigeria Limited, Umuaka in Njaba Local Government Area of Imo State of Nigeria. The research exercise actually paid a first class attention to the said topic, in order to identify how private sector in Nigeria, has contributed significantly to the socio-economic development of Nigeria, through engaging into various fruitful policies geared towards socio-economic development of Nigeria. The meaty role of private sector in Nigeria in the area of encouraging the spirit of entrepreneurship and combating unemployment problems was brought into a sharper focus in the research exercise. The Nigeria economy is ranked as the largest economy in African today, not because of the efforts of the public sector alone but the entire efforts of the private sector of the Nigeria economy. However, the data collection for this research exercise were systematically catalogued, presented and analyzed in numerical, arithmetical and statistical manners, to publish the statistics of data collection and the opinions of various respondents in the study. Finally, summary, conclusion and recommendations were made.
Title Page
Approval Page
Dedication
Acknowledgments
Abstract
Table of Contents
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the study 5
1.2 Statement of the problem 8
1.3 Purpose of the study 10
1.4 Research questions 11
1.5 Research hypothesis 12
1.6 Significance of the study 13
1.7 Scope of the study 15
1.8 Assumptions of the study 15
1.9 Definitions of terms 16
1.10 Background history of Amason Industries Nig. Ltd. 16
CHAPTER TWO
2.0 Review of related literature 19
2.1 Introduction 19
2.2 Conceptual framework 20
2.3 Theoretical framework 39
2.4 Empirical framework 41
2.5 Researcher’s position 42
CHAPTER THREE
3.0 Research methodology 46
3.1 Research design 46
3.2 Sources of data collection 47
3.3 Population of the study 48
3.4 Sample size and sampling techniques 48
3.5 Instruments of data collection 49
3.6 Validity and reliability of measuring instrument 49
3.7 Techniques of data analysis 50
3.8 Area of the study 50
CHAPTER FOUR
4.0 Data Presentation and analysis 51
4.1 Introduction 51
4.2 Data Presentation 51
4.3 Data Analysis 53
4.4 Testing of hypothesis 58
4.5 Postulation and proof of hypothesis 60
4.6 Discussion of findings 61
CHAPTER FIVE
5.0 Summary of findings, Conclusion and
Recommendations 62
5.1 Introduction 62
5.1 Summary of findings 62
5.3 Conclusion 63
5.4 Recommendations 64
Bibliography 67
Appendices 69-72
INTRODUCTION
It is a believable fact that this research exercise is commissioned to carry out a research survey or strictly on the subject matter. The role of the organized private sector in the socio-economic development of Nigeria, a study of Amason’s Industries Nigeria Limited, in Umuaka Njaba Local Government Area of Nigeria. The research work tends to investigate the way and manner by which organized private sector helps to enhance the process of socio-economic development in the Nigeria context. The research project exercise seeks to diagnose and analyze the fundamental roles of the private sectors towards the socio-economic development of Nigeria.
It is a growing fact that the socio-economic development of Nigeria, does not rest upon the public organizations and government agencies alone, but the private sector of the Nigerian economy has a reasonable proportion in the process of general development of Nigeria. Private sector has done astronomically to the socio-economic development of Nigeria, because of its active participation to the development process. It is a factual fact that the private sector is an able and a strong assistance to the public sector in the process of socio-economic development of Nigeria.
However, it is worthy to underline the fact that the private sector has provided an enabling environment for job creation exercise, through the employment of teeming unemployed people in Nigeria, which the public or government institutions cannot provide. The unemployment rate is in a higher proportion which has coursed different hardships and sufferings to the jobless class in Nigeria. Accordingly, private sector is there to rescue the class of unemployment people from drowning into the boiling employment sea. As a matter of fact, unemployment syndrome in Nigeria is in a high increase it only requires the involvement of the private sector through the entrepreneurship.
This research exercise tries to identify the roles of an organized private sector to the socio-economic development of Nigeria, which specifically focused its attention on an industrial outfit, Amason’s industries Nigeria limited, by which research investigation and analysis rested upon. This work is affected to unveil the significant and meaty role of the organized sector towards the process of nation building and national development, through industrial development, commercial activities, development of downstream sector, transportation, communication services, information technologies, aviation services, educational services, mass media services entertainment industries and a host of other corporate institutions, geared towards socio-economic development of Nigeria. The aforesaid business outfits have holistically reformed and transformed the Nigeria economy to a higher proportion.
Most of these private firms have global status and most of them have strong affiliation with celebrated blue-chips firms across the national frontier. Nigeria is regarded as a developing nation in the world today, not only because of the involvement of the public sector but the strong participation of the private organized institution, which help to boost the economy of Nigeria.
Nigerians are not afraid of entrepreneurial activities, because they believed that only the government or public institutions cannot develop the nation alone. These philosophies of self employed has short the average Nigeria investor to a high level. Entrepreneurship is the hallmark efforts towards the socio-economic development of Nigeria. The entrepreneurial values or philosophies have made the average Nigeria not to depend on white collar jobs alone, but to engage themselves into entrepreneurial activities, which help them to eke out their livings or to sustain themselves in all human endeavours.
Consequently, it is worthy to note here therefore, that since the public agencies cannot provide the required efforts to develop Nigeria, the Nigeria investors took the bull by the horn, in area of entrepreneurship, which serves a big source towards socio-economic development of Nigeria. This brilliant policies and ideas are the time reflection of the establishment of private firms, which are actually providing an enabling entrepreneurial environment to the socio-economic development of Nigeria. In the light of the above development, such firms like Dangote organization Oando oils, global communication firm, capital oil, Ibeto business empire, A.B.C Transport Company and many other high profile firms have contributed immensely towards the socio-economic development of Nigeria. It is an agreeable fact that Nigeria is on the league of developing nations of the globe today, due to the active participation and involvement of the private sector, both in local and global areas.
It carryout a research survey, investigation and analysis on the subject matter under a forensic study, in order to define and refine the fundamental and relevant roles of the private sector towards the process of socio-economic development in Nigeria, where a research study is carefully carried out. It also identified the sincere and practical efforts of the private organizations and agencies through entrepreneurship, which has consolidated and solidified the socio-economic development of Nigeria.
1.1 BACKGROUND OF THE STUDY
The entire background of the study focused specifically on the role of organized sector in the socio-economic development in Nigeria, a study of Amason Industries Nigeria Limited, Umuaka in Njaba Local Government of Imo State of Nigeria. It is fairly believed that there are many economic forces or factors that are responsible for the socio-economic development in Nigeria, which sees the private sector as the chief bride and pride of Nigeria’s economic development and growth. There have been questions on how the general development of Nigeria is sustained, but this research exercise aspires as inform that private establishments through the practices of the principles and element of entrepreneurship has been scored above average in the socio-economic development of Nigeria, which paid a first class attention on Amason Industries (Nig.) Limited, which constitutes a graphic representative to the Nigeria organized private sector, which permits the doctrines of entrepreneurship.
However, the work is expected to examine and evaluate the role of the organized private sector towards the process of Nigerian economy. The high rate of unemployment in Nigeria has been sharply shot down the employment opportunities provided by the private sector organization. One is tempted to believe that the private provides statistically about fifty percent of the Nigerian workforce, to assist the public sector in area of employment. As a matter of fact, the research exercise centrally anchors it attention the subject matter on ground, in order to identify and find out the significant contributions of the private sector to the socio-economic development of Nigeria.
Nigeria’s economic policy of privatization and commercialization is structured around the seriousness or sincere commitment of the privately owned industries and parastatals that constitute of fertile source to the socio-economic development. Unemployment syndrome practically ravaging the corporate existence of Nigeria, to an unbearable proportion and this research exercise deems it very necessary to define and refine the factors adopted by the Nigeria entrepreneurial community towards the nation building and national development. We shall not divorce the fact that peripatetic exercise, to x-ray and analyze the lofty contributions of the private owned establishments to the socio-economic development. The product of these privately owned organizations. Produces products of international standard, which gives them the full background to export their products, thereby attracting foreign exchange, which is a strong motivator or booster of the Nigerian economy. Accordingly, the major focus of this research outing is to identify and define the significance of the entrepreneur in a narrow perspective and the entire private sector in a wider scope, in order to quantify the role of the organized private sector towards the Nigerian national development and nation-building.
1.2 STATEMENT OF THE PROBLEMS
As a matter of fact, this work is effected to proffer solutions to the high unemployment rate in Nigeria and retrogressive socio-economic development in Nigeria/ and a greatly mark on the level of unemployment syndrome in the Nigerian context, and the fundamental role of the privately owned establishment to the socio-economic development, and it deems it necessary to evaluate and assess the socio-economic inputs of the private sector to the socio-economic development of this great nation.
One has to appreciate the fact that despite the growing participation or involvement of the private sector in the socio-economic development of the nation, Nigeria is still on the league of developing and under-development nations of the world, which is highly characterized with a high unemployment proportion. There are many private investors, entrepreneurs, business men and women in the Nigerian private sector, but the hydra-headed unemployment rate and under development syndrome are still brutally boxing Nigeria into a corner of the ring. As a result of this ugly socio-economic development in Nigeria, this research exercise or study deems it appropriate to carry out a research autopsy or investigation on the role of organized private sector in the socio-economic development in Nigeria, meant to define and refine the contributions of the private sector to the socio-economic development of Nigeria. Accordingly, the question remains what is the impact of the private sector to the socio-economic development of Nigeria? Base on this premise, this research exercise is embarked upon, to actually identify the problems and roles of the private sector to the socio-economic development in Nigeria.
1.3 OBJECTIVES OF THE STUDY
It is an appreciable fact that the researcher of this scholastic work has reasons of engaging into this work. Some certain purposes or ideas must have provoked to involve himself into this brand of academic research. However, the research has the following objective to accomplish.
1. To identify the role of the organized private sector in the socio-economic development in Nigeria.
2. To know the impact of the private sector to the socio-economic development in Nigeria.
3. To showcase the high unemployment rate in Nigeria.
4. To understand extend the private sector has contributed to the socio-economic development of the nation.
5. To showcase if the active participation of the private sector has made a great difference in the socio-economic development of the country.
6. To evaluate the extent of socio-economic development, courtesy of the private sector.
7. To examine whether the role of the private sector is really moving the economy of Nigeria very forward.
8. To identify if the strong participation of the private sector has reduced unemployment syndrome in Nigeria.
9. To create an enabling entrepreneurial environment in Nigeria.
10. To charge the Nigerian entrepreneurs to put more efforts to develop Nigeria.
1.4 RESEARCH QUESTIONS
Ogbazi and Okpala (1994) in Iwueke O.C. (2014), research questions are related to the purpose of the study, because they are the objectives of the study turned into question. Thus, research questions of this study boil to:
1. What is the extent role of the private sector to the socio-economic development of Nigeria?
2. What are the impacts of the private sector to the socio-economic development of Nigeria?
3. What is the level of unemployment in the Nigeria nation?
4. To what extent has the private sector contributed to the socio-economic development in Nigeria?
5. To what level has active participation of the private sector in Nigeria, made any difference in the socio-economic development?
6. How does the role of the private sector actually moving Nigerian forward in area of economic development?
7. How does the identification of the strong participation of the private sector has reduced unemployment syndrome in Nigeria?
8. To what level has the enabling entrepreneurial environment motivated the Nigeria entrepreneurs?
9. How do the more efforts of the Nigeria entrepreneurs, motivate the socio-economic development?
1.5 RESEARCH HYPOTHESIS
In the view of Ogunna (2003:6) hypothesis is an indispensable element of a scientific social research. Hypothesis can be said to be a statement of idea that is based on known fact which is utilized as a basis for further research, whereas Iwueke (2014:20) stated that a good hypothesis should be reasonable, consistent with known facts, theories, tested and stated in clear and simple sentence. Accordingly, the hypotheses of this study structured around three key corresponding hypotheses.
Ha: There is a significant role played by the private sector to the socio-economic development of Nigeria.
Ha: There are great and meaningful impacts made by the private sector towards socio-economic development of Nigeria.
Ho: The identification of the active participation of the private sector in the Nigerian economy has not actually reduced the high proportion of unemployment in Nigeria.
1.6 SIGNIFICANCE OF THE STUDY
This is the key and fundamental benefits one derives from the study, which is specifically in a systematic approach. Owing this study, the significances or the benefits of this study may include:
a. The federal and state government will now be on the fertile ground to pay prompt attention to the private sector of the Nigerian economy.
b. The public is aware of the significant roles of the organized private sector towards socio-economic development of Nigeria.
c. The rate of unemployment in the Nigeria nation is now being published.
d. Private sector has identified its economic inputs to the socio-economic development of Nigeria.
e. Government authorities should now consider the motivation of private sector worthy, in order to enable it boost the process of socio-economic development in Nigeria.
f. Entrepreneurs have been given a golden opportunity to put more efforts in the socio-economic development in Nigeria.
g. The entire third world nations will be in a position to know that private is a great catalyst to socio-economic development.
h. The appropriate authorities should not rest their focus on the public sector alone.
i. The great impact created by private sector in the development of socio-economic development has been brought into a sharp focus.
j. The relevant contributions of the private sector towards the socio- economic development in Nigeria have been clearly televised.
1.7 SCOPE OF THE STUDY
Delimitation here therefore, the scope and nature of the study, which exposes the content and limit of the study. Consequently, this research study on the role of the organized private sector is delimited to Amason Industries (Nig.) Limited Umuaka in Njaba Local Government Area of Imo State of Nigeria, where research investigation, survey and analysis rooted upon. It also x-rayed the contributions of the private sector towards socio-economic development of Nigeria and the institutional ecologies encountered by the entrepreneurial organization in Nigeria.
1.8 ASSUMPTIONS OF THE STUDY
These represent the legal loopholes of any research study, Iwueke (2014), which the researcher itemizes before initiating the study. Base on this presence the assumption of this study are structured around:
– The great impacts of the private sector to the socio-economic development.
– The negative attitude of the government towards the private sector.
– The consequences of the high rate of unemployment in the Nigeria society.
– To create the awareness that the private sector is a great catalyst to the socio-economic development of Nigeria.
1.9 DEFINITION OF TERMS
The definition of terms in this study includes:
Role: The contribution or impact of the organized private sector to the economic development of Nigeria.
Organized Private Sector: This is the arranged privately owned business organizations that are not accountable to the government.
Socio-Economic Development: This is the development or improvement of the non-political sector of Nigeria.
1.10 BACKGROUND HISTORY OF AMASON’S INDUSTRIES (NIG.) LIMITED
Amason’s Industries Nigeria Limited is an incorporated and registered organization in Nigeria, situates at kilometer 13 along Owerri /Orlu Road Umuaka in Njaba Local Government Area of Imo State of Nigeria. Amason Industries Nigeria Limited started in 1987 in Umuahia Abia State, as a little business organization that deals with motor spare parts and transport company, which indulged itself into buying, selling, supplying and generate merchandizing.
However, it is to be registered that Amason Industries Nigeria Limited, is now a private firm with its headquarters at Umuaka has branch offices in different parts of the country. Amason Group of Companies produces different products, such as: director paints, a high profile paint, liberty tissues, its tissue products are beyond standard, director table water, nylon products etc. The firm under study has a civil engineering consultant provider of estate services, haulage facilities, realtors and general merchandise.
Having permitted to conduct a research survey or study on this high profile business institution by the chairman and chief executive officer (CEO) of the company, high chief Dr. Leonard Amagwula, an erudite scholar in the discipline of marketing, the research survey revealed that as a corporation, Amason Group has over 450 workers employed by it, who eke out their livings from the said company. The firm maintains the principles of bureaucracy, hierarchy and other principles of an organization. Over 300 unemployed youths and other unemployed class of people have been offered employment opportunities by Amason Group, a reputable business organization.
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Role Of The Organized Private Sector In The Socio-Economic Development
The organized private sector plays a crucial role in the socio-economic development of a country. Its contributions are multifaceted and impact various aspects of the economy and society. Here are some key roles that the organized private sector plays in socio-economic development:
Job Creation: The private sector is a major generator of employment opportunities. Small, medium, and large businesses create jobs for a significant portion of the population. This not only reduces unemployment but also improves the standard of living and overall well-being of individuals and families.
Economic Growth: Private sector businesses contribute to economic growth by producing goods and services, increasing productivity, and fostering innovation. This growth leads to an expansion of the tax base, which in turn can fund public services and infrastructure development.
Investment: Private sector firms often invest in research and development, technology, and infrastructure, which can lead to advancements in various sectors of the economy. Investment in capital and technology can lead to increased efficiency and competitiveness.
Foreign Direct Investment (FDI): The organized private sector attracts FDI, which can bring in capital, technology, and expertise. FDI can stimulate economic development by creating jobs, improving infrastructure, and increasing production capacity.
Income Generation: Private sector participation enables individuals to earn income through entrepreneurship, skilled employment, and business ownership. This income generation helps reduce poverty and income inequality.
Innovation: Private companies are often at the forefront of innovation. They develop new products, services, and technologies that can drive economic growth and improve the quality of life. This innovation can lead to the creation of entirely new industries and markets.
Trade and Export: Private sector firms are essential for international trade and exports. They produce goods and services that can be sold abroad, leading to foreign exchange earnings for the country and the expansion of markets.
Social Responsibility: Many private sector organizations engage in corporate social responsibility (CSR) activities. They invest in community development, education, healthcare, and environmental conservation. These initiatives can have a positive impact on the well-being of society.
Infrastructure Development: In some cases, private sector participation through public-private partnerships (PPPs) can lead to the development of critical infrastructure such as roads, ports, airports, and utilities. This can improve the overall quality of life and facilitate economic activities.
Government Revenue: Taxes and other revenue generated from private sector businesses contribute to government finances. This revenue can be used to fund public services, including education, healthcare, and social welfare programs.
Skills Development: Private sector firms often provide training and skill development programs for their employees. This helps build a skilled workforce that can contribute to economic growth and innovation.
Market Competition: Competition in the private sector can lead to improved product quality, lower prices, and greater consumer choice, benefiting the overall population.
In conclusion, the organized private sector plays a pivotal role in the socio-economic development of a country. Its contributions go beyond economic growth and extend to job creation, innovation, infrastructure development, and social responsibility. Effective collaboration between the public and private sectors can help maximize the positive impact on society and the economy.