Enhancing the Growth of Small and Medium Scale Enterprises (SMEs): The Nigeria Paradox

Small and Medium Scale Enterprises (SMEs) is an essential element in the growth strategy of most economies and Nigeria in particular, by representing a vehicle for the achievement of natural economic objectives of employment generation and poverty reduction at low investment cost as well as the development of entrepreneurial capabilities including indigenous technology. The paper examined some enviable policies and funding channels put in place by the Nigeria government over the years at boosting SMEs and it was discovered that all the attempts have not yielded the desired result. This is due to the fact that policies initiated are not being properly implemented and funds not properly monitored from the concerned sources to the ultimate users. Hence the growth and the development of SMEs has been marred by corruption and structural decadence ravaging the economy. Suggestions were therefore made on the way forward in revamping SMEs sub sector so that the economy can benefit maximally from the sector like other nations of the world.