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AN EVALUATION OF THE CHALLENGES AND PROSPECTS OF MICRO AND SMALL SCALE ENTERPRISES DEVELOPMENT IN NIGERIA
Abstract
Micro and small scale enterprises have been accepted worldwide as instrument of economic growth and development. No wonder that government, particularly in the developing countries has made tremendous efforts and establish policies to enhance the capacity of micro and small scale enterprises (MSEs). However, despite government institutional and policies support to enhancing the capacity of small and medium scale enterprises, small and medium scale enterprises has fallen short of expectations. This, then, generated serious concern and skepticism on whether SMEs can bring about economic growth and national developments in Nigeria. SMEs are faced with significant challenges that compromise their ability to function and to contribute optimally to the economy. This study examines the challenges and prospects of micro and small scale enterprises development in Nigeria. Most business enterprises in Nigeria by classification are grouped under micro and small scale enterprises, hence, the scope of study. This study was conducted in Lagos State, South Western Nigeria with the use of questionnaire and interview to gather relevant data that was statistically analyzed. The phenomenal growth of small and medium enterprise in Nigeria is mainly due to the people’s quest to be self employed and not because it is easy to establish or manage. Financial constraints and Lack of management skill hamper the efficient performance of micro and small scale enterprises in Nigeria. In view of this, we recommend that government and other non-governmental organization should regularly organize seminars for potential and actual small and medium enterprise operators on how to plan, organize, direct and control their businesses, and that micro, small and medium enterprises operators’ should device effective marketing strategies and good management customers relations at all times.
Keywords: MSE, Problems, Prospect, Development, Lagos, South-Western Nigeria.