IMPACT OF SMALL AND MEDIUM ENTERPRISES ON NIGERIAN ECONOMIC DEVELOPMENT: AN EMPIRICAL ANALYSIS

Abstract

The paper is entitled “Impact of Small and Medium Enterprises (SME’s) on Nigerian Economic Development: An Empirical Analysis. Small and medium enterprise is a catalyst for Nigerian’s economic growth and Development. SMEs have been identified as the muscle behind economic development in many countries of the world. This evidenced by their contributions is so eminent to our development economically. As the country struggles to escape economic recession, SMEs have been identified as a forefront of output expansion, employment generation, income redistribution, promotion of indigenous entrepreneurship, human capital development and production of good and service and make enabling efficient allocation of resources to strengthen industrial development survival tool to reshape the economy. Data were generated from both primary and secondary sources. The paper sampled the opinions of 209 respondents which constitute both the key players in SMEs and other government officials that make
economic policies in Nigeria. The paper found out that tremendous
contributions have been made by the SMEs to boost Nigeria’s
economic and to revamp the economic from recession. Many far
reaching recommendations have been forwarded for
implementations by the government since SMEs now is been used
as the springboard for lifting the economy out of the woods of
depression.