Role of SMEs as Tools in a Competitive Economy for the National Industralization Development in Nigeria
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Date
2011-09
Authors
Adebayo, O.K
Ajayi, T.B
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Abstract
Small and Medium-scale Enterprises' - SMEs - contributions have been significant in the industrial and economic growth of the globe. For instance in Nigeria, SMEs provide 70% of the industrial employment and 60% of agricultural sector employment. Despite the vital contribution of SMEs to economic development, the potentials of SME have not been fully exploited. The primary objective of this study therefore, is to determine the roles of SME in national development and the forces that are militating against its survival in Nigeria. The study employed a survey design and used questionnaire to collect data. The population of the study was made up of 236 respondents in twelve local government councils out of twenty local government councils in
Lagos State. The findings reveal that the importance of SMEs to the development of any nation is of high magnitude; that government does not attach much importance to the existence of SMEs; and that information has become the fifth factor of production for SMEs. The paper recommends conducive environment and support from the government to make SME take its proper place in the economy of the world,' and that business and business person should be dichotomized, while free access to information and technology must not be compromised.
Description
Staff Publications
Keywords
Small and Medium-Scale Enterprises , Industrialization , Information
Citation
Adebayo, O.K and Ajayi, T.B (2011) Role of SMEs as Tools in a Competitive Economy for the National Industralization Development in Nigeria. International Research and capacity Building Foundation, Journal of Social and management science, 1 (1).