Exploring Regulatory Constraints to the Growth of Small and Medium-Scale Enterprises in Delta State (Published)
This study investigated the intricate landscape of regulatory constraints and their impact on SME growth in Delta State. Through a comprehensive review of existing literature, empirical data analysis, and qualitative insights, this study seeks to identify, analyze, and understand the key regulatory challenges faced by SMEs operating in Delta State. The study explored a range of regulatory factors including bureaucratic procedures, taxation policies, access to finance, compliance burdens, and the interplay between formal regulations and informal practices. Furthermore, this study accessed the implications of regulatory constraints on SME performance, competitiveness, innovation, and overall economic contribution within the region. It also examined the effectiveness of existing government policies, regulatory frameworks, and institutional mechanisms in addressing these constraints and fostering an enabling environment for SME growth. The theoretical frameworks of this study hinged on the institutional theory which provides valuable insights into the regulatory dynamics shaping the SME sector in Delta State. The findings of this study show that while regulatory constraints are a key challenge, they are not lethal. Despite the divergence in ratings, SMEs face significant challenges and should be given special consideration for development through targeted interventions and constraint removal. It was therefore recommended that streamline regulatory processes for small and medium-sized enterprises (SMEs) to streamline registration, licensing, and financing. Government departments should introduce digital enablers to simplify compliance and expedite the start-up process
Keywords: Challenges, Constraints, Policy, SMEs, bureaucratic, regulatory