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Small and Medium Enterprises and Sustainable Economic Development in Nigeria

Author

Listed:
  • Micheal Segun Ogunmuyiwa

    (Department of Business Administration, Olabisi Onabanjo University, Ago-Iwoye, Ogun State. Nigeria)

  • Babatunde Adekunle Okuneye

    (Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State. Nigeria)

Abstract

This paper investigates the impact of Small and Medium Enterprises (SMEs) on sustainable economic development in Nigeria using time series data. Annual time series data collected from the statistical bulletin of Central Bank of Nigeria (CBN) and the Bureau of Statistics (BOS) from 1986 to 2016 are fitted into the regression equation using appropriate econometric techniques such as the VECM and VEC based causality test among others. Results from the empirical analysis shows that a positive and significant relationship exists between small and medium enterprises investment and Nigeria’s economic growth. It is recommended that to achieve the desired socio-economic development, more investments should be directed towards Small and Medium Enterprises while not eroding the role of enabling environment through the provision of needed infrastructures and a stable political environment.

Suggested Citation

  • Micheal Segun Ogunmuyiwa & Babatunde Adekunle Okuneye, 2019. "Small and Medium Enterprises and Sustainable Economic Development in Nigeria," Business & Management Compass, University of Economics Varna, issue 3, pages 171-182.
    • Handle: RePEc:vrn:journl:y:2019:i:3:p:171-182
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    Citations

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    Cited by:

    1. Timothy Ayomitunde Aderemi & Adedayo Mathias Opele & Johnson Ifeanyi Okoh & Mamdouh Abdulaziz Saleh Al‐Faryan, 2023. "An econometric analysis of small‐ and medium‐scale enterprises and employment creation in Nigeria," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1624-1633, April.

    More about this item

    Keywords

    small enterprises; medium enterprises; relationship; economic growth; sustainability;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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