Small and Medium Scale Enterprises; Challenges and Prospects in Nigeria

ADELUSI, A.I and FATOGUN, O. I and AGU, C (2019) Small and Medium Scale Enterprises; Challenges and Prospects in Nigeria. Journal of Emerging Trends in Economics and Management Sciences, 10 (3). pp. 117-124. ISSN 2141-7024

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This research examined the Small and Medium Scale Enterprises (SMEs) with their challenges and prospects in Nigeria using Bakeries in Ogun state, Nigeria as case study, and the study use both primary and secondary source of data to carry out the work. The purpose of the study is identify the challenges faced by bakery owners in the Yewa south and Ifo local government area, and to identify the prospect of the business.The Statistical Package for Social Sciences was used to analyze the primary data gathered by the use of personal interview with the business owners. The study discovered that there are challenges plaguing the growth and development of SMEs in the country. These challenges include inadequate access to credit facilities, weak infrastructures, and inadequate management skills. Despite the challenges and the difficulties, our findings reveal that SMEs contributed to the employment generation, poverty reduction and increased standard of living of the people. The significance of the study is that it provide insight into the challenges peculiar to bakery owners in the locality and allow the government to know the area of intervention in terms of financing and training to help grow this form of SMEs in the State. The study therefore, recommended that government should make SMEs a focus for industrial policies, make funds available to these businesses, and improve on the level of infrastructure in the country such as road, rail lines construction to ease transportation system and provision of uninterrupted power supply. Non-government organizations and government agencies should conduct training programmes to assists in building the management skills of these business owners that can help in boosting their productivity and output that can lead to economic development of the state as well as that of country at large.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HF Commerce
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Miss Ayomikun Ogunbadejo
Date Deposited: 25 May 2020 19:51
Last Modified: 25 May 2020 19:51

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