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THE ROLE AND CHALLENGE OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN BOOSTING THE NIGERIAN ECONOMY IN THE 21ST CENTURY

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THE ROLE AND CHALLENGE OF SMALL AND MEDIUM SCALE ENTERPRISES (SMES) IN BOOSTING THE NIGERIAN ECONOMY IN THE 21ST CENTURY

 

 

Abstract

This paper tries to examine how the development of small and medium scale enterprises (SMES) is germane to job creation and boosting of the Nigerian economy in the 21st century. Developing countries such as Nigeria have a lot to gain by helping the SME culture to thrive. This is because the country can only develop better and survive economically under a thriving SME culture. The paper also tries to explain that despite the widely acknowledged role of small and medium scale enterprises in fostering economic growth and development, the SMES in Nigeria have continued to face a variety of challenges and constraints. Some of the challenges which the SME are facing were mentioned and strategies to curb them were discussed.

 

Keywords: The role of SME, job creation, boosting the Nigerian economy, challenges of SMEs, inadequate infrastructure, and lack of funding.