SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA: PROBLEMS AND PROSPECTS

ABSTRACT
The main purpose of this study is to investigate small and medium scale enterprises in Nigeria in
order to identify their problems and prospects in Enugu metropolis. Sample size of 270 was
drawn from the population of 828 registered companies in Enugu State in which a total of two
hundred and seventy (270) copies of the questionnaire were administered out of which two
hundred and forty (240) copies representing (89%) of the questionnaire were properly completed
and retrieved while thirty (30) copies representing (11%) were not retrieved. The instruments
used to gather information for this study includes both primary and secondary sources. The main
instrument of data collection was the questionnaire. The data were presented in tables as
frequency distribution in the data analysis, the techniques of percentage frequencies were used.

The hypothesis was tested with chi-square method at 5% significance level. Having analysed the
data, the following were the major findings, that there is improper implementation of its policies
towards small and medium scale enterprises in Nigeria; that small and medium scale enterprises
provide effective means of stimulating indigenous entrepreneurship; that poor management
practices, financial problems, lack of capital, lack of infrastructural facilities etc, hinder the
performance of small and medium scale enterprises in Nigeria. The study concludes
that the role played by the government towards promotion and development of small and
medium scale enterprises in Nigeria is highly effective, in the sense that government supported
small and medium scale enterprises through favourable investment policies, institutional and
fiscal policy, protective business law and financial incentives; that small and medium scale
enterprises had immensely contributed to the economic growth and development in Nigeria for
they have been recognized as indispensable components of national development in both
developed and developing economies; that there are various confronting constraints to the
development of small and medium scale enterprises such as lack of planning, inimical
government regulations, poor marketing strategies etc; that there is significant support given to
small and medium scale enterprises in Nigeria by government and other individual bodies.
Hence, it therefore recommends that government should ensure that there will be no improper
implementation of its policies towards small and medium scale enterprises and should not in the
area of incentive and infrastructural development neglect business activities to facilitate small
and medium scale enterprises in Nigeria.

That government should also adequately support small
and medium scale enterprises financially to avoid lack of capital. Moreso, small and medium
scale enterprises should ensure that they solve their internal problems which hinder the success
of the small and medium scale enterprises. For instance, they should ensure that there is effective
management practices or expertise, effective accounting standards, adequate manpower and
avoid financial indiscipline and corruption in order to boost their performances.

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