THE ECONOMIC IMPACTS AND PROSPECTS OF CAMA LAW 2020 ON SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA
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- NGN 3000
ABSTRACT
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations and the World Trade Organization (WTO). SMEs have proven to enhance the economic growth of any country. They are being regulated and managed by a recognized government body known as the Corporate Affairs Commission (CAC).
The uneasy regulations, costs of setting up and management of SMEs in the country affects the proper running of businesses in Nigeria. These government regulations tailored by CAC hampers on the production and growth of SMEs in the country.
Following concerns on the CAMA 1990 becoming outdated, Buhari in November 2019, wrote to the Senate seeking an amendment for the Act to be repealed or re-enacted. This study aim to examine the economic impacts and prospects of CAMA law 2020 on small and medium scale enterprises in Nigeria. A sample of 370 SME owners was used for the study. A total of 240 questionnaires was returned for the study. Finding showed that CAMA law affects the performance of SMES in nigeria, it was also discovered that CAMA law impacts economic growth and development of Nigeria through SMEs development.
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