Small and Medium Enterprises and Economic Growth in Nigeria

Muritala Taiwo A (), Awolaja Ayodeji M () and Bako Yusuf A ()
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Muritala Taiwo A: College of Management and Social Sciences, Fountain University Osogbo
Awolaja Ayodeji M: College of Management and Social Sciences, Fountain University Osogbo
Bako Yusuf A: Federal Polytechnic Ilaro, Nigeria

Acta Universitatis Danubius. OEconomica, 2012, issue 3(3), 45-53

Abstract: This paper seeks to critically investigate the impact of small and medium enterprises as a veritable tool on Economic Growth. A survey method was used to gather data from 200 SME/Entrepreneurial officers and Managers from five selected local government in Nigeria. Data was collected with a structured questionnaire and analyzed with several descriptive statistics to identify the perception of the roles of SMEs in Nigeria. The results of the study concludes that lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand for product and services are seen as the most common constraints hindering small and medium scale business growth in Nigeria. Hence, it therefore recommends that Government should assist prospective entrepreneurs towards having access to finance and necessary information relating to business opportunities, modern technology, raw materials, market, plant and machinery which would enable them to reduce their operating cost and be more efficient to meet the market competitions.

Keywords: SMEs; Entrepreneurial Enterprise; Economic Growth; Development; local Government (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (8)

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