Being an entrepreneur can often be stressful, and while you have managed to bring your brand into the market, you might currently be struggling from a financial point of view, and monetary support may be required to keep your business going, or to obtain growth. Regardless of the exact purpose you currently need financing for, … Continue reading How SME owners can secure funding
ABSTRACT Entrepreneurial development is every nation’s inexorable route to economic development. Policymakers and researchers around the world have therefore invested time and resources in studies aimed at developing better strategies for poverty reduction, job creation, wealth distribution and equitable development, which rely mostly on the competitiveness, productivity level and growth of Small and Medium-scale Enterprises … Continue reading Problems and prospects of small and medium-scale enterprises in Nigeria
Cashew farming and Nigeria’s diversification from oil and gas Nigeria's continuous decline in cashew production between 1970 to 2000 was a result of many factors, particularly unavailability of loans from financial institutions due to collateral. Olomola (1999) cited inadequate storage facilities as one of the major setbacks. On the other hand, the Nigerian economy has … Continue reading Cashew farming and Nigeria’s diversification from oil and gas
Dubai has already established itself as a thriving hub for major global firms, and now it is opening the doors to new business development, in a nod to potential disruptors. Dubai's rapid economic growth is rooted in real estate, with dizzying skyscrapers housing some of the city's top financial and consulting firms. It's an image … Continue reading Dubai, a new haven for startups
More than two-thirds of startup firms faced financial challenges in the past year, according to the 2016 Small Business Credit Survey: Report on Startup Firms. The survey, which was a collaboration of all 12 Federal Reserve banks, provides an in-depth look at startups and their financing and credit experiences, covering the second half of 2015 through … Continue reading Financial constraints of startups in the US
The Lagos State government, in collaboration with relevant agencies and through special programmes, projects and policies, is committed to confronting infrastructural challenges to SME growth. Its 14-year Lagos State Development Plan (LSDP) (2012-2025) which aims at developing the non-oil sector, where SMEs are key players, has enhanced business processes and assisted entrepreneurs in the manufacturing … Continue reading Statistical analysis of SME performance in Lagos, Nigeria
During the 2005 commissioning of SMEDAN headquarters in Abuja, then-president Olusegun Obasanjo called on CBN to ensure optimal functioning of SMIEIS and other SME-friendly banks like the Bank of Industry (BOI) and Nigerian Agricultural Cooperative & Rural Development Bank (NACRDB). Subsequent reforms in the banking sector, which was expected to boost performance of SMEs in … Continue reading A Comparative study of SMEs in Nigeria and India
PROBLEMS OF SMEs IN NIGERIA Results from this research show these as the major setbacks: Inflation: This refers to the overall increase in price of goods and services. SMEs rely on raw material supplies from local manufacturers and, during economic downturns, businesses have to adapt by accepting reduction in profits or passing the extra costs … Continue reading Obstacles to SME development in Nigeria
THE ROLE OF NIGERIAN GOVERNMENT IN DEVELOPING SMALL AND MEDIUM SCALE ENTERPRISES The government of Nigeria has an obligation to create a conducive environment that stimulates growth of the real sector through infrastructure development, enactment and implementation of result-oriented economic policies, increased budgetary allocations to productive sectors, and establishment of responsive production and trade control … Continue reading The role of Nigerian government in developing SMEs
In his keynote address for fiscal year 2018, President Muhammadu Buhari acknowledged Nigeria’s poor economic performance while Governor Atiku Bagudu of Kebbi State blamed the lingering insecurity, food shortage, inflation and unemployment on the elite class. However, the president expressed hopes in the roles of agriculture and SMEs but stressed on CBN’s connivance with policymakers … Continue reading Current situation of SMEs in Nigeria
If considered a country, Lagos would be one of Africa’s largest or diversified economies. There are huge investment opportunities in Lagos and, buoyed by a desire to promote industrial growth, Lagos State Governor, Akinwunmi Ambode, established Lagos Global which has since provided satisfactory investment services to stakeholders. Lagos Global is a one-stop multi-agency establishment for … Continue reading Ease of Doing Business in Lagos State, Nigeria
Successful entrepreneurs are dynamic, visionary and relationship-oriented. Their flexibility enables adaptation to strategic business management approaches and, as Christensen (2013) noted, the importance of people, process and technology to business growth is better understood by the 21st century advancements in ICT, changing consumer preferences and constantly-evolving business management ideas. SMEs in Nigeria therefore collapse because … Continue reading Socio-political aspects of SMEs in Nigeria
Anyanwu (2001) defined entrepreneurship as the act of organizing and effectively managing risk-prone factors of production for profitability and sustainable growth of businesses. SMEs in Nigeria started with private-sector indigenization in 1956, when the British Colony established Federal Loans Board to control credit facilities. In early 1970s, FG initiated the small-scale industries scheme, including … Continue reading Brief history of small and medium-scale enterprises in Nigeria
Entrepreneurs often lack human and material resources needed for multidisciplinary activities in accounting, HR, marketing and sales. Innovative leaders thus need to strategize on optimizing use of people, process and technology (Schaupp & Bélanger., 2014). According to Asomaning and Abdulai (2015), businesses in the SME sector appear similar but have different challenges which may … Continue reading The impact of SMEs on technological development
SMEs, AGRICULTURE AND ECONOMIC GROWTH Before the oil boom, agriculture was a major National Income (NI) earner through cash crops such as rubber, palm produce, cocoa and groundnuts. According to Adeyemi & Abiodun (2014), the agricultural sector thrives on SMEs. The two sectors offer over 90% of total jobs in Nigeria, contribute immensely to … Continue reading Small and Medium-scale Enterprises (SMEs), Agriculture and Economic Growth
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