Project Writing Essay

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CHAPTER 1 1.0 Introduction Nigerian economy survived majorly from oil and contributions of the personal sector. Family businesses coated a wider a part of the personal sector, thereby conducive a major quantity to the value and development of Nigeria economy in general. Nigerian was one amongst the richest fifty countries within the early Nineteen Seventies however has retrogressed to become one amongst the twenty fifth poorest countries at the brink of the twenty first century. It’s ironic that Nigerian is one amongst the biggest exporters of crude-oil and at a similar time inhibits the third largest range of poor individuals China and Bharat (Igbuzor, 2006). Adogamhe (2007) claimed that despite Nigeria’s huge oil wealth and bumper human resources, unsteady oil costs, endemic corruption and mismanagement of resources have undermined economic progress and created the bulk of the population sleep in abysmal financial condition. Kurato and Richard (2004) opined that, today, most of the companies we tend to see square measure family businesses and these businesses are noted to account for the biggest share of the companies in several nations. Family companies square measure essential for the economic process and development through new business start-ups and growth of existing family companies (Kellermanns, Eddleston, Barnett, Pearson, 2008). Family businesses square measure essential in enhancing economic development and growth by making and funding new businesses yet as growing existing companies (Kellermanns, Eddleston, Barnett, Pearson, 2008). The impact of family companies on the event associate degreed growth of an economy can't be overemphasized because it helps to cut back percent by making job chance and contribution to government income in variety of taxes. However family businesses, despite size, face vital challenges of continuity, longevity, and success
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