Title: The Place of Small and Medium Scale Enterprises (SMEs) in Nation Building: A Nigerian Perspective
Authors: Ugwuanyi Stephen Chigozie, Nwoye Christina Ogochukwu and Orji Chibuzo David
Volume: 8
Issue: 8
Pages: 189-196
Publication Date: 2024/08/28
Abstract:
Despite the importance of small and medium-scale enterprises (SMEs) in the economic growth and development of nations, it has been observed that most of these businesses suffer consistent early demise, and sometimes remain perpetually small in size. It is against this backdrop that this study examined the place of SMEs in nation-building in Nigeria. The study explored the SMEs from different perspectives and also ascertained the role they play in economic development. Also, the reasons for their potential rapid growth were determined, along with the critical challenges facing them. In the end, the study concluded that despite the sterling role SMEs play, a lot still needs to be done to make sure they survive, in order to continue playing the role of economic growth agent in nations, especially in Nigeria. Among others, the study recommended that tax holidays and exemptions should also be extended to SMEs in Nigeria just like it is given to foreign businesses to come into the country and that infrastructural facilities need to be given to SMEs by making them stay in clusters so that they will be adequately provided for at either a subsidised rate or free of charge as this could have a multiplier effect on the economy.