The Masonry Block Industry in Akwa Ibom State: Challenges and Prospects of Entrepreneurial Development

Abstract

The study investigates the challenges and prospects of entrepreneurial development of Small and Medium scale Enterprises (SMEs). The focus is on the masonry block industry in Akwa Ibom State. Data used for the analyses were collected through 139 returned and valid structured questionnaires, administered on the respondents including, owners/managers of masonry block industry, small and medium size contractors. Data collected was analysed using percentage, mean item score and Kruskal Wallis Rank test. The results reveal a high level of patronage and prospect for entrepreneurship growth of SMEs masonry block industry. The further reveal ready availability of products, time/energy savings, material efficiency, quality control, and employment opportunities among the major prospective advantages of SMEs masonry block industry. Major challenges confronting entrepreneurial growth and development of SMEs masonry block industry in the study area include inadequate funding, high cost of production, inflation, unstable patronage, and poor managerial skill. The study recommends that government should provide an enabling business environment and infrastructures through its Support Initiatives and Policies for masonry block industry to thrive in addition to the provision of business enabling infrastructure in ensuring increased productivity, reduction in production cost and profit optimization. Keywords: Economic Growth, Employment, Developing Nation, Entrepreneurship, SMEs. DOI : 10.7176/CER/11-10-04 Publication date: November 30 th 2019