NAN-HE-6
Enterprises
By Ajibola Olaniyi
Osogbo, Oct. 17, 2016 (NAN) An economist and social critic, Dr Akin Babalola, on Monday said that developing small enterprises will reduce unemployment.
Babalola told the News Agency of Nigeria (NAN) in Osogbo that the small scale enterprises sub-sector could employ a large amount of labour, if developed.
According to the economist, the basic strategy for economic growth and development in any developing country is small scale enterprises where individuals contribute according to their economic strength.
He noted that capitalism gave room for individual contributions to national economic growth.
“The capitalist system of government anywhere in the world promotes individualism.
“It tends to bring out creativity in every member of a political enclave with sizeable Gross Domestic Product (GDP),’’ he said.
Babalola added that capitalism curbed joblessness in no small way, as long as priority would be given to small businesses which served as the bedrock of the macro-economy in developing nations.
“This has made scholars in different parts of the world to canvass for development of small scale enterprises in emerging economies, especially third world countries where GDPs are not enviable,’’ he said.
Babalola said that development of small enterprises would boost national economy and contribute immensely to the development of the real sector.
He called on policy makers to formulate policies that would favour small enterprises and improve living standards of commoners.
He said that the economic conditions of individuals in a particular political environment would determine their consciousness.
Babalola added that individuals’ consciousness could be improved by developing the smallest economic units. (NAN)
DOO/COF/IGO
============
Edited by Oluyinka Fadare/Ijeoma Popoola