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Small and Medium Enterprises and Economic Growth in Nigeria

Author

Listed:
  • 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)

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.

Suggested Citation

  • Muritala Taiwo A & Awolaja Ayodeji M & Bako Yusuf A, 2012. "Small and Medium Enterprises and Economic Growth in Nigeria," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 3(3), pages 45-53, June.
    • Handle: RePEc:dug:actaec:y:2012:i:3:p:45-53
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    File URL: http://journals.univ-danubius.ro/index.php/oeconomica/article/view/1283/1172
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    References listed on IDEAS

    as
    1. Levy, Brian, 1993. "Obstacles to Developing Indigenous Small and Medium Enterprises: An Empirical Assessment," The World Bank Economic Review, World Bank, vol. 7(1), pages 65-83, January.
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    Cited by:

    1. Victor Chukwunweike Nwokocha & Christopher Emmanuel Nwankwo & Ijeoma Gladys Nwosu & Ignatius Ani Madu, 2020. "An Appraisal of Production Subcontracting Toward Small and Medium Scale Enterprises Development in the Nigeria Industrial Sector: A Review Approach," SAGE Open, , vol. 10(3), pages 21582440209, July.
    2. Morongwa Ramasobana & Olawale Fatoki, 2018. "Business Attributes and Marketing Communication Strategies of SMEs in South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 9(6), pages 90-97.
    3. Makinde Olubisi G & Asikhia Olalekan U, 2018. "Strategic Planning and Performance of Nigerian SMEs: The Moderating Role of Entrepreneurial Characteristics," Journal of Economics and Behavioral Studies, AMH International, vol. 9(6), pages 98-108.
    4. Foluso Olugbenga Aribaba & Rotimi Oladele & Abdul-Lateef Olamide Ahmodu & Saliu Adesina Yusuff, 2019. "Tax policies and entrepreneurship sustainability in Ondo State, Nigeria," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-13, December.
    5. Victor Chukwunweike Nwokocha & Ignatius Ani Madu, 2020. "Strategic Alliance and Its Influence on the Performance of Small- and Medium-scale Enterprises in Enugu State, Nigeria," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(2), pages 199-216, May.
    6. Olalekan Asikhia & Vannie Naidoo, 2020. "SMEs Management Success Determinants and its Implications on Their Performance in South West, Nigeria," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 1057-1072.
    7. Amadin Victor Idehen & Osarumwense Vincent Iguisi, 2020. "Effect of foreign private investment on the development of small and medium enterprises in Nigeria," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(7), pages 257-266, December.
    8. Otugo Nkiru Esther & Edoko Tonna David* & Ezeanolue Uju Scholastica, 2018. "Effect of Small and Medium Enterprises on Economic Growth in Nigeria," Sumerianz Journal of Business Management and Marketing, Sumerianz Publication, vol. 1(2), pages 73-78, 05-2018.

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