THE RELEVANCE AND ANALYSIS OF BUSINESS ADMINISTRATION GRADUATE TO THE ECONOMIC DEVELOPMENT OF NIGERIA
(A CASE STUDY OF IMT ENUGU)
The objective of this work demonstrated that business administration and management could develop business administration graduates to become small entrepreneurship after graduating although government previous perception of business administration and management was low, it now reawaked interest in graduating self reliance after graduation is in tandem with NEEDS, SEEDS and LEEDS policies. The work however enumerates some source of finance for a small scale business namely, private savings, friends and relations. Local loan houses, the qualities of a successful entrepreneur initiatives, organizing ability and steadfastness, viable business opportunities for business graduates and the problems they have such as inadequate financing, inability to cope with technological changes and poor management skills it therefore, recommended that government should assist business graduates, inadequate entrepreneur with micro credit facilities publicizes viable business opportunities and train them. This research work deals with the relevance and analysis of business administration graduates to the economic development of Nigeria Using Institute Of Management and Technology *IMT( Enugu State as its case study. The study aimed of knowing what roles business administration and management graduates can play in ensuring adequate economic development of Nigeria. The study was systematically structured into five chapters, chapter one deals with the introduction of the work, background of the study and son on. While chapter two deals extensively with the review of related literature. Chapter three made an exposition of the research methodology adopted in the study. Chapter four presented and also analyzed the result with the use of table and simple percentage analysis where as chapter five which is the last chapter of the study summarized, concludes as well as recommendation of the study. The research work was confirmed to the institute of management and technology (IMT) Enugu State.
TABLE OF CONTENTS
1.1 Background of the Study
1.2 Statement of the study
1.3 Purpose of the study
1.4 Research Questions
1.5 Significance of the Study
1.6 Scope of the study
1.7 Limitation of study
1.8 Definition of Terms
REVIEW OF RELATED LITERATURE
2.1 The Concept of Business Administration
2.2 Objective of Business Administration
2.3 The relevance of business administration
Graduates to National Economic Transformation
2.4 Viable business Opportunities for Prospective
Business Administration Graduates
2.5 An Entrepreneur
2.6 Business education
2.7 Problems Facing Business Graduates in
2.8 Sources of Finance for Business
2.9 Issues with Traditional Development Policies
3.1 Research Design
3.2 Area of the Study
3.3 Population of the Study
3.4 Sample and Sampling Techniques
3.5 Instrument for Data Collection
3.6 Validity of the Instrument
3.7 Method of Data Collection
3.8 Method of Data Analysis
3.9 Questionnaire Distribution and Retrieval
4.2 Data Analysis
4.3 Discussion of Results
5.1 Summary of the Study
It is pertinent to note that business administration is the process of managing every aspect of a business in order for it to maintain its growth or stability. Depending on the overall goal of the owner or owners. Business administration provides practical knowledge, skill and techniques for its graduates at all levels of training. According to the Nigeria National policy on education (1981:12), business subjects at the secondary school level includes, accounts, commerce, business methods, shorthand and type writing. At the tertiary educational level it involves accounting, financial management, marketing, (distributive education), secretarial studies (or office education) to mention just a few of them.
Graduates of business administration are expected to be relevant in business and add value to the economic development of Nigeria they are expected to be self reliant through job creation after graduation especially now that the federal government has initiated various economic reform programs, namely, Needs, Seeds, and Leeds at all levels of government ( federal, state and local) tit run the economy away from a dual public sector to that of an active private sector driven by the forces of supply and demand.
Previous negative publication and government perception about business education had vernment position. Is that functional education is the panacea to a virile economy.
It is therefore, the contention of this work that given the proper direction and encouragement by the government, business graduates can turn the Nigeria economy around to reflect the new government economics dreaming and visions encapsulated in NEEDS, SEEDS and LEEDS, by investing substantially in small scale industry (SSI), provision of employment opportunities to the unemployed youths and training them to become self-reliance, providing essential service to the public and assisting the government on proper formulation on functional business education. This study will therefore look at the various ways by which business administration graduates can add value to the economic development of Nigeria.
1.1 BACKGROUND OF THE STUDY
In the year 1873, (IMT) Institute of Management and Technology was established by the ministry of education of the state. This institution is indeed a brain work of the ministry of education who then saw the need for the institution to exist in order to ensure that the children of the state must acquire basic education to the graduate level. The process that led to the establishment of this institution was very rigorous mainly due to its complication as there was some internal factors that served as an impediment towards the establishment of the school. The problem ranging from political crises, ideological diversity, economic problems among others which would have prevented the realization of this institution by the house of Assembly and the Ministry of education having seen the need for education of their children agreed in 1972 that the proceeding year shall witness that birth of the institution and for now come to pass at the designated year 1973.
The institute of management and technology Enugu is consisted of many departments ranging from, business administration, public administration, marketing department, mass communication department, department of accountancy, electrical engineering, agric engineering among many others.
The Institution is also hierarchically structured for effective execution of its goals and objectives. The head of the Institution is the Rector followed by the Deputy Rector, registrar, Deputy Registrar, Bursar, Chief Security, senate, Heads of department and Lecturers among many others who work interrelated to achieve the goals of the institution.
The school was formally situated at Abakiliki road Enugu state but has moved to the permanent site at Independence Layout Enugu to continue its assignment.
The school has recorded several success which has boasted the image of the institution. But recently, the institution experienced some set back over managerial incompetence which the students revolted during in leadership of Prof. Edwin Onyenege. But a new management crew has emerged to pilot the affairs of the institution under the leadership of Mike Iruege and the peace of the institution is seriously working hard to attain its pre-determined goals and objectives.
1.2 STATEMENT OF THE PROBLEM
In spite of the numerous courses undertaken by the business administration graduates and the knowledge they acquire from it, yet they display low level of business acumen in the business world. Obviously, business administration graduates are expected to be self reliance through job creation after graduation to turn the economy away from a docile public sector to that at an active private sector driven by the forces of supply and demand realized. They have mainly expected government to provide jobs for them.
Other factors that serve as problem are lack of adequate funds to start up a business, poor economic environment poor attitude at business graduates towards business operation, lack of motivation by government. Again the monotonous nature of Nigeria business environments another factor wehich tends to dissuade world, but making business environment predominantly for non graduates to operate proudly.
1.3 PURPOSE OF THE STUDY
The purposes of the study are:
a. The primary purpose of this study is to examine the relevance of business administration graduates to the economic development of Nigeria
b. To know how business administration graduates can turn the economy around in order to ensure economic development
c. Finding out the principle guiding business graduates and economic development of a nation.
d. To evaluate the importance of business administration scholars in Nigeria.
e. Providing adequate information
f. To asses and evaluate why people should study business administration and management
g. To know the relationship between business administration students and economic development
1.4 RESEARCH QUESTION
This research seeks to know the various research question put forward.
a. Can business administration graduates add importance to the economic development of Nigeria?
b. Is a business administration graduate competent enough to develop the economy of Nigeria?
c. How do business administration graduates operate in the business world?
d. Are the special areas where business administration graduates can operate in business?
e. Is government given the necessary support for business administration graduates to succeed in business world?
1.5 SIGNIFICANCE OF THE STUDY
a. it will increase and expand the knowledge of prospective student of business administration on economic development.
b. it will proffer solution thereby helping to solve problems arising from business operation as well economic development of Nigeria.
c. it will definitely serve as a reference point of criticism for further research.
d. it will suggest and also proffer solution which will moderate and regulate business operation and economic development of Nigeria.
1.6 SCOPE OF THE STUDY
The study was concentrated on the relevance and analysis of business administration graduates to the economic development of Nigeria. The study will also go further to deal with the concept of business administration objectives of business administration, viable business opportunities for prospective graduates, sources of finance for business administration graduates, problems of business administration graduates to wards realizing the economic development of Nigeria among many other areas that will be treated.
1.8 DEFINITION OF TERMS
This section seeks to know the key terms used in the study.
a. Business this is defined as any undertaking in which one involves in order to ear a living.
b. Graduate: this is defined as a person who has passed through university or polytechnic or any other higher institution of learning and has been approved by the institution of being learned in a particular field of study
c. Business: this is defined as any undertaking in which one involves in order to earn living.
d. Business Administration: consist of the performance or management of business operations and thus the making or implementing of major decision.
e. Administration: This is defined as the universal process of organizing people and resources efficiently so as to direct activities towards common goal and objectives.
f. Economic Development: this occurs when there are quantitative and qualitative improvement in all or almost all sector of an economy and which can be sustained.
g. Development: Goulet (1998) is a normative experience. It involves for those who propose it as for those to whom it is proposed, central value choices about the meeting of life (p. 301).
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