Abstract
Small and medium enterprises (SMEs) are notably the engines that drive economic development. The businesses account for almost 90% of businesses in both leading and developing economies through job creations, employment, tax provision and contribution to Gross Domestic Product (GDP). However, in Nigeria, besides their critical and positive role, many SMEs face numerous challenges ranging from power shortage, lack of capital, poor management skills and competencies, and inadequate information and corruption. It is notable that most Nigerian governments give very little support to SMEs thereby neglecting a vital economic trigger and should form pillars of development. This paper explored the role played by SMEs, their contributions, challenges, and solutions. The paper is based on empirical evidence and current research on SMEs worldwide with a major focus on Nigerian SMEs and how to improve their operations and profitability. The paper calls for Nigerian governments to develop policies favorable to SMEs development and put them in their development agenda. With an appropriate legal framework, business infrastructure, continual power supply and accessible financial supply, SMEs stand to contribute to Nigerian development and position the continent as a competitive and innovative and create jobs to unemployed communities thereby providing income and essential goods and services to some population of Nigerians, forming a huge market.
Keywords: SMEs, Employment, Challenges, Economic Driver.
Daniel, I. (2018). CONTRIBUTIONS, CHALLENGES AND SOLUTIONS OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGERIAN ECONOMY (International Journal Publication). Afribary. Retrieved from https://afribary.com/works/contributions-challenges-and-solutions-of-small-and-medium-enterprises-smes-in-nigerian-economy
Daniel, Innocent Ndubuisi "CONTRIBUTIONS, CHALLENGES AND SOLUTIONS OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGERIAN ECONOMY (International Journal Publication)" Afribary. Afribary, 14 May. 2018, https://afribary.com/works/contributions-challenges-and-solutions-of-small-and-medium-enterprises-smes-in-nigerian-economy. Accessed 22 Nov. 2024.
Daniel, Innocent Ndubuisi . "CONTRIBUTIONS, CHALLENGES AND SOLUTIONS OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGERIAN ECONOMY (International Journal Publication)". Afribary, Afribary, 14 May. 2018. Web. 22 Nov. 2024. < https://afribary.com/works/contributions-challenges-and-solutions-of-small-and-medium-enterprises-smes-in-nigerian-economy >.
Daniel, Innocent Ndubuisi . "CONTRIBUTIONS, CHALLENGES AND SOLUTIONS OF SMALL AND MEDIUM ENTERPRISES (SMEs) IN NIGERIAN ECONOMY (International Journal Publication)" Afribary (2018). Accessed November 22, 2024. https://afribary.com/works/contributions-challenges-and-solutions-of-small-and-medium-enterprises-smes-in-nigerian-economy