Small and Medium Scale Enterprises in Nigeria: Challenges and Prospects for National Economic Development

Cite this:
Eze, N. M., Eberechi, O. O., Chibueze, A. Z., Osondu, N. M., & Ayegba, S. F. (2016). Small and Medium Scale Enterprises in Nigeria: Challenges and Prospects for National Economic Development. Journal of Business Management and Economics, 4(01), 23–37. https://doi.org/10.15520/jbme.2016.vol4.iss01.173.pp23-37
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Abstract

Small and Medium Scale Enterprises have played and continue to play significant roles in the growth, development and industrialization of many economies the world over. In Nigeria, SMEs have performed below expectation due to a combination of problems which ranges from attitude and habits of SMEs themselves through environmental related factors, instability of governments and frequent government policy changes and somersaults. Determining why SMEs in Nigeria have not performed as in other economies is still a subject of debate in most jurisdictions. The paper investigated the performance of the Small and Medium Enterprises sub sector of the Nigerian economy, its challenges and prospects for National Economic Development. Analysis was undertaken using the statistical package for social sciences (SPSS). Findings indicate that SMEs have performed below expectation in the development of Nigeria economy due to a combination of factors. The paper recommends that the realization of these require a paradigm shift from paying lip service to a practical radical forward approach to issues and focus on this all-important sector of the economy and realistically addressing the identified problems by the key operators.

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