SCRAP METAL BUSINESS: A VIABLE CHANNEL OF INCOME GENERATION IN KWARA STATE
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Date
2018
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A publication of the Department of Employment Relations and Human Resource Management, Lagos State University, Nigeria.
Abstract
Abstract
Scrap metal industry is a lucrative business. The income obtained from the scrap business is sufficient
and reliable to provide basic necessities such as food, clothing, shelter etc .This study investigated scrap
metal as a viable channel for income generation in Kwara State. The specific objective was to investigate
the impact of entrepreneurial practices on the income generation on metal scrap business in some
selected Local Government in Kwara State. Primary source of data was used to obtain data for the study.
Regression analysis was employed to test the formulated hypothesis while statistical package for Social
Sciences (SPSS) version 16 was adopted in the analysis of data. Findings revealed that scrap metal
contributed significantly to income generation and job creation in the area of study which invariably
has led to economic development. The study also recommended that youth should be creative in their
thinking and optimize entrepreneurial competencies. It was suggested that metal scavenging is a viable
key to getting cheaper raw materials for steel industries, and that government should encourage the
scavengers by formulating enabling laws for formalizing the group and providing them with soft loans to
buy and sell the scraps scavenged.
Description
Scrap metal industry is a lucrative business. The income obtained from the scrap business is sufficient and reliable to provide basic necessities such as food, clothing, shelter etc. This study investigated scrap metal as a viable channel for income generation in Kwara State. The specific objective was to investigate the impact of entrepreneurial practices on the income generation on metal scrap business in some selected Local Government in Kwara State. Primary source of data was used to obtain data for the study. Regression analysis was employed to test the formulated hypothesis while statistical package for Social Sciences (SPSS) version 16 was adopted in the analysis of data. Findings revealed that scrap metal contributed significantly to income generation and job creation in the area of study which invariably has led to economic development. The study also recommended that youth should be creative in their thinking and optimize entrepreneurial competencies. It was suggested that metal scavenging is a viable key to getting cheaper raw materials for steel industries, and that government should encourage the scavengers by formulating enabling laws for formalizing the group and providing them with soft loans to buy and sell the scraps scavenged.
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