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THE EFFECTS OF INFRASTRUCTURE ON THE OPERATIONAL PERFORMANCE OF SMALL SCALE INDUSTRIES
CHAPTER ONE
INTRODUCTION
BACKGROUND TO THE STUDY
Before the pandemic, the Nigerian government had been grappling with weak recovery from the 2014 oil price shock, with GDP growth tapering around 2.3 percent in 2019. IMF (202) revised the country’s GDP growth rate from 2.5 percent to 2 percent, as a result of relatively low oil prices and limited fiscal space. Equally, the country’s debt profile has been a source of concern for policymakers and growth experts as the most recent estimate puts the debt serviceto-revenue ratio at 60 percent, which is possible to worsen amid the steep decline in revenue associated with falling oil prices.
In December 2019, a cluster of pneumonia cases from an unknown virus surfaced in Wuhan, China. Based on initial laboratory findings, the disease named Coronavirus disease 2019 (abbreviated as COVID-19) was described as an infectious disease that is caused by severe acute respiratory syndrome coronavirus 2. The COVID-19 outbreak has since spread to about 196 countries and territories in every continent and one international conveyance across the globe. While there are ongoing efforts to curtail the spread of infection which is almost entirely driven by human-to-human transmission, it has accounted for a huge number of confirmed cases and deaths around the world.
Beyond the tragic health hazards and human consequences of the COVID-19 pandemic, the economic uncertainties, and disruptions that have a significant cost to the global economy. The United Nations Trade and Development Agency (UNCTAD) put the cost of the outbreak at about US$2 trillion in 2020. In Nigeria, due to the constraining factors which will aggravate the economic impact of the COVID-19 outbreak, makes it more difficult for the government to upset the crisis. Despite positive economic growth in the last 3 years, Nigeria’s GDP trajectory still falls short of the projections set in the Economic Recovery and Growth Plan (ERGP) of 4.5% and 7% for 2019 and 2020 respectively. The coronavirus pandemic has also generated a major economic crisis, with a halt in production in affected countries such as Nigeria, a collapse in consumption and confidence, and stock exchanges responding negatively to heightened uncertainties. While worldwide, the number of COVID-19 continues to increase in many countries and the lockdown containment measures are gradually being lifted.
Infrastructure is one of the most critical factors for economic development because it interacts with the economy through the production processes which will have a great impact on the production and performance of SMEs in terms of output, income, and profits in the economy (Adenikinju 2005; Kessides 1993). Despite the direct link between the availability and quality of infrastructures such as electricity, potable water, and poor road maintenance to economic development (Oseni and Pollitt, 2013). The availability of infrastructure in most developing countries especially in the sub-Saharan African region leaves much to be desired (World Bank, 2014). The gap in the availability of infrastructure in Nigeria for instance has a great impact on the production processes in the manufacturing sector, especially SMEs globally.
The Small and Medium-Sized Enterprises(SMEs) are those businesses operating in the formal manufacturing sector with the number of employees not above 300 or their capital base not above N200 million. The interest in manufacturing SMEs is driven by their high sensitivity to external shock because of their limited resources (OECD, 2020). These SMEs are critical to the Nigerian economic development. According to the National Bureau of Statistics, SMEs in Nigeria have contributed about 48% – on average – to the national GDP in the last five years. Totaling about 17.4 million enterprises, they account for about 50% of industrial jobs and nearly 90% of activities in the manufacturing sector, in terms of the number of enterprises. Notwithstanding the significant contribution of SMEs to the Nigerian economy, the infrastructure deficit persists among others.
It is forth being reason that this study examined the effect to the state of infrastructure deficit on small and medium-sized enterprises in Nigeria. The study also investigates the effect of infrastructure on the operational costs of SMEs in the study area. The study is significant because it will serve as an immense benefit to policymakers by providing baseline information on the infrastructure that requires immediate attention to the improvement of small and medium scale enterprises. The study will also help to provide insight into how best government can re-address the infrastructure deficit up-scale SMEs performance.
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