Micro and Small Scale Enterprises in the Management of Economic Development in Nigeria
GATA, ELIZABETH. G. ODEBIYI, ITUNUIYABO & EMMANUEL, ADESOLA OLUREMI
1, 2 &3 Department Of Business Administration and Management
Federal Polytechnic, Bida, Niger State, Nigeria
Email: gataelizabeth1972@gmail.com, samsonare@gmail.com & dessybjay@yahoo.com
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 micro and small scale enterprises, micro and small scale enterprises has fallen short of expectations. This, then, generated serious concern and skepticism on whether MSEs can bring about economic growth and national developments in Nigeria. MSEs are faced with significant challenges that compromise their ability to function and to contribute optimally to the economy. The objective of this study is to examine 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. The phenomenal growth of micro and small 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. The source of information for this study is secondary method of data collection from various authors and other institutional publications.The main problem of this study is financial constraints and Lack of management skill as it hampers 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.