Financing Small Scale Business in Nigeria; Challenges and Potentials of Animal Products Processing

Abstract

In Nigeria, Agriculture is the largest sector for decades that has employed nearly 60% of its workforce and its growth rate is still below the potentials of the country’s natural and human resources due to high cost of agricultural inputs, poor funding , inadequate functional and infrastructural facilities, inconsistencies in government agricultural policies, inadequate private sector participation, poor mechanized farming and little or no adoption of simple agricultural technologies developed by scientists. Small scale business has played a vital role in reducing unemployment and adding to the country’s gross domestic product (GDP) but is still faced with a lot of problems such as poor electricity, high cost of agricultural processing machines
and most recently poor funding. A lot of reviews have been written on small scale enterprises, however, financing small scale businesses in Nigeria, challenges and potential of Animal products processing sector has not been complied. Therefore this review is focused on the challenges facing the development of small scale businesses, the role and contribution of government in facilitating the growth of small business enterprise as well as the potentials of the animal product and processing sector.