AN INVESTIGATION INTO THE PROBLEMS OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
BACKGROUND OF THE STUDY
Generally speaking, small and medium-sized businesses (also known as SMEs) are considered to be the main power of every nation's economic progress, and they are also recognized as justified methods that promote development internationally. Small and medium-sized businesses (SMEs) need a significant amount of human labor despite their low capital requirements. They have the potential to empower individuals to become self-sufficient and create billions of new jobs around the world (Adebuiyi, 2022). They are also seen as the primary agents behind economic expansion and a decrease in levels of poverty (Adebuiyi, 2022). Small and medium-sized enterprises (SMEs) are important components that connect, reinforce, and increase the growth of nations. Their success and expansion in manufacturing, agriculture, and other service-oriented industries, amongst others, have been recognized to be the drivers of the Nigerian economy and have contributed to it. Competitiveness is created when there is both sustainable development and a rise in the performance of SMEs. This competitiveness then opens a plethora of doors for job possibilities, as well as physical and intangible assets (investment) in the environment (Ajakaiye, 2022). The year 1960 was a watershed moment in the history of Nigeria, marking a turning point in the growth and development of small and medium-sized enterprises (SMEs). As a result, a significant amount of emphasis has been placed on SMEs as a panacea for the reduction of poverty and joblessness or unemployment in Nigeria as a whole. The adoption of the Economic Reform Program (ERP) in 1986 signaled a pivotal shift away from impressive, capital-intensive, and large-scale industrial projects based on import substitution and toward small-scale industries with enormous potentials for the development of domestic linkages for sustainable economic and industrial development. This shift indicated a pivotal shift away from impressive, capital-intensive, and large-scale industrial projects based on import substitution (Alonge, 2019). As a result, small and medium-sized businesses (SMEs) play a very significant role in the Nigerian economy (Ani , 2019). Despite the difficulties that exist in the country, small and medium-sized enterprises in Nigeria have grown throughout the years.
In a paper titled "Nigeria's Economy and its Career Promise for the Mature Employee," a financial expert named Dr. Ade Oyedijo asserted that the plights of small and medium-sized enterprises (SMEs) in Nigeria have to do with key variables and challenges that characterize the economy of the nation. He said this in an interview. These include, but are not limited to, a very high unemployment rate, which is likely to rise as a consequence of the present ongoing changes in the public sector, a high degree of poverty, sickness, and hunger, among other problems. Dr. Oyedijo also mentioned a drastic shift from the production of non-oil traded goods (mostly agricultural) to traded goods as one of the characteristics of our nation's economy that aggravate the problems faced by Nigerian SMEs. This shift occurred at the same time that it was reported that approximately 95 million Nigerians were living below the poverty line. At the same time, 19 of Nigeria's citizens were ranked among the 500 wealthiest men in a modern capitalist economy. In addition to this, he was of the opinion that since the country's independence, the primary focus of Nigeria's development strategies and goals has been the development of industrialization, education, and a self-reliant economy. However, he lamented the fact that the human capital that is expected to support the process of industrialization and propel other sectors to maturity has not exhibited the right mix of knowledge, attitude, and skills required to accomplish this objective (Anyanwu, 2020).
In spite of the fact that small and medium-sized enterprises (SMEs) have been regarded as the cornerstone for the creation of new jobs and the advancement of technology in Nigeria, the sector has nevertheless experienced its fair share of neglect, which has had concomitant unfavorable effects on the economy. The General Manager of Enterprise and Financial Support Company Limited, Mr. Oluseyi Oluboba, presented a paper at a seminar titled "Career Crisis and Financial Distress- The Way Out." In his paper, he identified the following as the primary problems of SMEs, which are however not insurmountable: a low level of entrepreneurial skills, poor management practices, constrained access to money and capital markets, and low equity participation from the promoters as a result of insufficient personal savings due to (Ayodele,2021). It is fascinating to learn that certain small and medium-sized enterprises (SMEs) are able to triumph over the obstacles and difficulties they face, despite the fact that they are unquestionably considerable. This should offer a foundation for optimism and hope that there is a way out of this predicament, since it brings hope. There must be some survival techniques that the advocates of SMEs are not aware of, but there are probably not many. This study also aims to investigate and uncover some of the most important company survival techniques that have been successful for a select number of profitable SME businesses. Other small and medium-sized businesses (SMEs) who are in danger of going out of business might learn from them, along with newly established businesses and businesses that are still in the planning stages. This could have enormous advantages.
Related Project Materials
THE FUTURE OF FORENSIC ACCOUNTING: TRENDS AND INNOVATIONS
THE FUTURE OF FORENSIC ACCOUNTING: TRENDS AND INNOVATIONS
This research explores the future trends and innovations in forensic accounting...
THE PROBLEMS MILITATING AGAINST EFFECTIVE TEACHING AND LEARNING OF ACCOUNTING IN JUNIOR SECONDARY SCHOOLS (A CASE STUDY OF IGBO-EZE, ENUGU STATE)
ABSTRACT
The study centers on the problems militating against effective teaching and learning of Accounting education in...
THE ROLE OF STRATEGIC CORPORATE GOVERNANCE IN ACHIEVING ORGANIZATIONAL GOALS
Abstract:
The objectives of this research are to (1) explore the impact of strategic corporate governance...
EVALUATION OF KNOWLEDGE AND ATTITUDE OF NURSES TO INFORMATION TECHNOLOGY ON NURSING CARE DELIVERY IN ENUGU METROPOLIS
SIGNIFICANCE OF THE STUDY
The world has witnessed an information revolution, a combination of massive increase in the wo...
EXCHANGE RATE FLUCTUATION AND EXPORT PERFORMANCE IN NIGERIA (1961-2011)
ABSTRACT
This study “exchange rate fluctuation and export performances in Nigeria” aim to determine the effect of foreign exc...
THE IMPACT OF FINANCIAL ACCOUNTING ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATION
ABSTRACT
The research work “The impact of Financial Accounting Reporting on the corporate perform...
THE CONTRIBUTION OF BANK OF INDUSTRY (BOI) TO INDUSTRIAL DEVELOPMENT IN NIGERIA (1980-2010)
BACKGROUND OF THE STUDY
Industrial financing organizations have undergone a structural transformation during the last three decades in mo...
PHYTOCHEMICAL AND ANTI-INFLAMMATORY STUDIES OF N-BUTANOL SOLUBLE FRACTION OF THE METHANOLIC EXTRACT OF THE AERIAL PARTS OF INDIGOFERA HIRSUTA LINN (LEGUMINOSAE)
Abstract
Indigofera hirsuta Linn. (Leguminosae) is a well-known plant used in African traditional medicine as an anti-inflammatory, antib...
NUTRITIONAL, SENSORY AND STORAGE PROPERTIES OF SNACK PRODUCED FROM MAIZE (Zea mays Linn) AND AFRICAN YAM BEAN SEED (Sphenostylis stenocarpa Hochst Ex A. Rich) FLOUR BLENDS
ABSTRACT
Low nutritional value and inconsistent sensory qualities arising from crude and nonstandardised processing operations characteri...
A STATISTICAL REVIEW OF MALARIA CASES AMONG CHILDREN AND ADULT
Background of the study
The Malaria remains one of the most serious global health problems. There are an estimated one m...
