A STATISTICAL EXAMINATION OF THE IMPACT OF SMALL AND MEDIUM ENTERPRISE DEVELOPMENT AGENCY IN NIGERIA
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- Quantitative
- Chi-Square
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- Reference Style: APA
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- NGN 5000
Background information
In recent years, statistical analytic methods have proven to be beneficial. It is now a vital instrument for exploration and research in almost every aspect of human activity. The majority of statistical analysis approaches are focused with drawing conclusions from observable data. That is, extracting meaningful conclusions from sample data. Surprisingly, the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) is a prominent body created to give institutional assistance for small and medium-sized businesses. It was founded in Nigeria in 2003. SMEDAN's tasks, according to Schiffer and Weder (2015), include originating and expressing ideas for SME policy thrust, overseeing, monitoring, and co-coordinating SME sector growth, promoting and giving access to industrial infrastructure such as layouts, and policy creation. Nonetheless, the scarcity of trustworthy and accurate MSME databases is one of the major impediments to developing a strategic action plan for an efficient and sustainable MSME sector.
According to Ojo (2019), Micro, Small, and Medium Enterprises (MSMEs) play an important role in national economic growth. MSMEs serve a critical role in the growth of an economy, which cannot be overstated. MSMEs serve as training grounds for local talents and entrepreneurs, and they have the potential to become avenues for mobilising local savings, guaranteeing more fair income distribution, and minimising labour migration from rural to urban regions. Reduced rural-urban movement is desirable, and if MSMEs are provided the necessary assistance, this will contribute to long-term growth of rural regions.
To buttress further Chukwuemeke (2017), MSMEs provide jobs, money, and ultimately contribute to poverty alleviation. According to the World Business Council for Sustainable Development (WBCSD, 2004: 2), in OECD nations, Small Medium Enterprises and Micro Enterprises account for over 95% of firms, 60-70% of employment, 55% of GDP, and create the lion's share of new jobs. SMEs and microenterprises account for more than 90% of all companies in developing nations, accounting for a major share of Gross Domestic Product (GDP). Morocco is highlighted as an example, with 93% of industrial enterprises classified as SMEs, accounting for 38% of output, 33% of investment, 30% of exports, and 46% of employment. The agency SMEDAN trained a total of 16,379 existing business owners and startups under its various Entrepreneurship Development Programmes (EDPs) such as general EDP,
Youth EDP, Corper‟s EDP, Women EDP and other Enterprise support services. The EDP is necessary to encourage enterprise development in the country which in turn is expected to trigger entrepreneurial activities among groups and individuals to improve and sharpen their business skills. This will ultimately provide employment for the nation‟s growing population
The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) is the first major attempt to tackle the problems in the SMEs sector in a coordinated manner in the sense that it is not only concerned with the provision of financial services, it is also meant to take care of the non financial services required by MSMEs to enhance their development. Before this period, most government efforts in the SMEs sector have been on the financial aspect but
SMEDAN was formed with a view to facilitating access to credit, technology and market for the SMEs .The agency is meant to support and develop the SME sector in the country.
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