small and medium enterprises in Nigeria: Problems and prospects

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Department of Business Administration, University of ilorin, ilorin, Nigeria


it is evident from literature that the role of small and medium enterprise (SMEs) development for employment generation, wealth creation, poverty reduction and economic development still need be investigated in developing economies of the world. the SMEs is believed to have played dominant role in the growth and development of the Asian Tiger and other developed economies of the world. it served as the engine room used to energize the economy for better performance. however, in the last two decades, overt efforts have been put in place in Nigeria to promote the sector in order to reposition the economy from its ailing state. various programmes were put in place to achieve these objectives. the paper observe that jack of adequate market. inadequate finance, lack of indigenous technology , dearth of research and development, unfavorable government policies and poor infrastructure facilities have often belittle these efforts. the paper is therefore, of the opinion that upgrading and expansion of infrastructures such as good roads and electricity must be vigorously pursued. also, there is the need by Banks to streamline and simplify the regulatory procedures so as assist the SMEs to obtain finance at the least costs. the paper is also of the view that SMEs should improve on its production process and quality control to meet export standard.



SMEs,, Economy development,, Problem, prospect