SOCIO-ECONOMIC IMPACT OF SMALL-SCALE INDUSTRIES IN OGBOMOSO TOWNSHIP, OYO STATE, NIGERIA

Abstract

The role of the small scale industries in peoples’ socio-economic development cannot be over emphasized. Small scale
industries play a considerable role in the employment of manpower and productivity, distribution of income through
increased investments and profits. This study evaluates socio-economic impacts of small scale industries in Ogbomoso
Township. It examines the adequacy, and dispositions of people towards the existence of small scale industry. The study
used primary data which were generated from random sampling of 145 residents using structured questionnaire. The data
collected were analysed using descriptive statistics inform of frequency counts in percentages. Regression analysis was used
to examine relationship between socio-economic characteristics of people and number of small scale industry. Findings
reveal that small scale industries were fairly in existence as noted by 2.6919 mean computation of respondents. It was also
found out that majority of small scale industries (60.7%) were owned by the private individuals. Results also indicated that 48.3% of respondents claimed that the small scale industries generated employment for the people of the town. Problem of
inadequate finance is one of the major challenges that residents described as militating against the development of small
scale industries in the study area. Finding from regression analysis (R =0.817) indicated that 81.7% of the variability in
observed number of small scale industries is explained by socio-economic characteristics. This implies that existence of
small scale industries has no doubt boosted the socio-economic characteristics of residents. Adequate funding and provision
of infrastructure among others by government were suggested for effective improvement of small-scale industries in the study area.