CONTRIBUTION OF SMALL AND MEDIUM SCALE ENTERPRISES TO ECONOMIC DEVELOPMENT OF NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
The contribution of Small and Medium Scale Enterprises (SMEs) has been recognized as main sustenance of the economy because of their capacity in enhancing the economy output and enhance human welfare. On this basis, this research assesses the contribution of small and medium scale enterprises to the economic development of Nigeria. Multiple regression analysis was employed to determine the significant contribution of SMEs to the economic development of Nigeria. The R-squared value (coefficient of determination) indicates that SMEs contribute up to 98.2 percent to the economic growth and development of Nigeria. The result of the regression analysis reveals that capital investment, Labor force, and investment in SMEs have a significant effect on economic growth and development. Hence it was concluded that long run relationship exist between performance of SMEs and economic development. The relationship between these variables were also tested using pearson correlation which also reveals same finding. Based on the findings of this study, it is recommended that Government should provide more capital funding to the young ones who present viable business ideas in order to reduce the rate of unemployment in Nigeria.
Also the government should also provide enabling environment in terms of constant power supply to encourage SMEs in Nigeria. The Central Bank of Nigeria (CBN) and other financial institutions should embark on extensive sensitization of entrepreneurs on the operations of the banks and high interests which deter people with genuine business ideas should be reduced to a bearable level so as to make borrowing cheaper.
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