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African Research Review by International Association of African Researchers and Reviewers is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
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Options for Sustaining Small and Medium Scale Enterprises in Nigeria: Emphasis On Edo State
Abstract
Small and Medium Scale Enterprises (SMEs) generate growth and development for any economy. These enterprises are faced with diversity of
problems in Nigeria due to numerous domestic and global economic problems, and policy inconsistencies. The result is a high mortality rate. The
objective of this paper therefore is to critically examine the problems facing the SMEs in Nigeria and identify the option strategies utilised by these SMEs
as demonstration alternatives. The manufacturing sector’s contribution to national income till today remains low. For industrialisation, this picture has
to be changed quickly. The paper therefore focuses on three business activities in manufacturing: poultry farming, Garri processing and bakery
industries in Edo State of Nigeria. Major findings include lack of management skill, poor record keeping, weak access to financing, multiple taxation, and inconsistent policies. Seminars and workshops are recommended to improve SMEs’ management capabilities, as well as the institutional co-ordination of the efforts of relevant agencies and institutions, and the streamlining of the myriad of taxes stifling SMEs.
problems in Nigeria due to numerous domestic and global economic problems, and policy inconsistencies. The result is a high mortality rate. The
objective of this paper therefore is to critically examine the problems facing the SMEs in Nigeria and identify the option strategies utilised by these SMEs
as demonstration alternatives. The manufacturing sector’s contribution to national income till today remains low. For industrialisation, this picture has
to be changed quickly. The paper therefore focuses on three business activities in manufacturing: poultry farming, Garri processing and bakery
industries in Edo State of Nigeria. Major findings include lack of management skill, poor record keeping, weak access to financing, multiple taxation, and inconsistent policies. Seminars and workshops are recommended to improve SMEs’ management capabilities, as well as the institutional co-ordination of the efforts of relevant agencies and institutions, and the streamlining of the myriad of taxes stifling SMEs.
