Effect of Government Policies on Small and Medium Enterprises (SMEs) Support Programs in FCT Abuja (Published)
This study examines the effect of government policies on SME support programs in Abuja, focusing on their impact on SME growth, sustainability, and contribution to economic development. The research aims to evaluate how policy frameworks, funding mechanisms, and regulatory environments influence the effectiveness of these programs. A survey method was employed to collect data from key stakeholders, including SME owners, government officials, and program coordinators. A total of 135 questionnaires were administered to experienced participants, providing detailed insights into the dynamics of government policies and their role in SME development. Linear regression analysis was used to analyze the data. The findings are expected to contribute to a comprehensive understanding of the strengths and challenges within existing SME support programs, highlighting gaps in policy implementation and areas requiring improvement. The study underscores the importance of aligning government interventions with the evolving needs of SMEs to enhance inclusivity, innovation, and competitiveness. Based on the findings, recommendations are proposed to optimize policy frameworks, promote efficient resource allocation, and foster a more enabling environment for SMEs in Abuja. These insights aim to strengthen government support programs and improve the overall performance and sustainability of SMEs in the region.
Keywords: Economic Development, Government Policies, SME growth, Sustainability
An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects (Published)
This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.
Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise
An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects. (Published)
This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.
Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise