Small and Medium Scale Enterprises and National Development in Nigeria a Case Study of Akwa Ibom State
Abstract
Small and Medium Scale Enterprises (SMSEs) have been widely acknowledged as essential elements for economic and national development. In effort to encourage the growth of SME’s in Nigeria, successive governments have adopted different strategies and policies to strengthen the sector. But the impact of the sector and its contribution to the economic development of Akwa Ibom State remains sub-optimal. The main objectives of this research were to identify the problems of SMSEs in Akwa Ibom State and also to suggest ways of addressing these problems to enhance the performance of the sector in the State. Methodology used for the study was a combination of the descriptive and survey techniques while questionnaire was used for collecting the data for the study. The study revealed that though SMSEs abound in Akwa Ibom State and have the potential to bring about economic development in the State, the major problem faced by operators in the state include lack of funds; that though governments have severally put up policies to strengthen the growth of SMSEs sector in the state, most of the policies fail at the implementation stage; and that there is a significant relationship between economic development policies and the growth of SMSEs in Akwa Ibom State. The paper therefore recommended that government should not only take appropriate steps to duly implement SMSE policies in order to create the enabling environment for investment in the state, but should also review the existing policies on SMSEs to meet the needed standard, as well as employ capable personnel to implement and monitor policies effectively.
Authors
- Namso E. Mbon
Department of Public Administration
Akwa Ibom State University - Inemesit M. Akpan (Postgraduate Student)
Department of Public Administration
Akwa Ibom State University