scholarly journals MSMEs as Engine of Economic Growth in Nigeria: Challenges and Prospects of Scalability

2018 ◽  
Vol 2 (1) ◽  
pp. 1-10
Author(s):  
Emmanuel Okokondem Okon
Keyword(s):  
Economic Growth ◽  
Growth And Development ◽  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Business Environment ◽  
Technological Systems ◽  
Economic Growth And Development ◽  
Area Of Concern ◽  
Medium Enterprises ◽  
A Company

Growing or expanding the Micro, Small and Medium Enterprises (MSMEs) sector of the economy is one key strategy to achieve economic growth and development. Micro, Small and Medium Enterprises (MSMEs) scalability (growth or expansion) have become an area of concern for economic growth in developing economies. People use the term in reference to computer or other technological systems, but those in business also use the word to describe the adaptability of a company (Thibodeaux, 2015) in today‘s fast-paced business environment where the focus on customer satisfaction is at an all-time high. This article discusses the concept of scalability as it relates to business and non-scalable components of business process as well as the importance of being scalable. It also looked at some of the challenges and practices that prevent effective scalability of MSMEs in Nigeria and the way forward.

Impact of Small and Medium Enterprises on Economic Growth and Development

2013 ◽  
Vol 2 (1) ◽  
pp. 18 ◽  
Author(s):  
Muritala A Taiwo ◽  
Awolaja M Ayodeji ◽  
Bako A Yusuf
Keyword(s):  
Economic Growth ◽  
Local Government ◽  
Growth And Development ◽  
Raw Materials ◽  
Small And Medium Enterprises ◽  
Operating Cost ◽  
Modern Technology ◽  
Survey Method ◽  
Economic Growth And Development ◽  
Medium Enterprises

This paper seeks to investigate Small and Medium Enterprises as a veritable tool in Economic Growth and Development. A survey method was used to gather data from 200 SME/Entrepreneurial officers and Managers from five selected local government in Nigeria namely; Ijebu North, Yewa South, Sagamu, Odeda and Ogun Waterside Local government. Data was collected with a structured questionnaire and analyzed with several descriptive statistics to identify the perception of the roles of SMEs in Nigeria. The results of the study therefore reveals that the most common constraints hindering small and medium scale business growth in Nigeria are lack of financial support, poor management, corruption, lack of training and experience, poor infrastructure, insufficient profits, and low demand for product and services.  Hence, it therefore recommends that Government should as matter of urgency assist prospective entrepreneurs to have access to finance and necessary information relating to business opportunities, modern technology, raw materials, market, plant and machinery which would enable them to reduce their operating cost and be more efficient to meet the market competitions.

scholarly journals Small and Medium Enterprises (SME’s) Funding and Deposit Money Banks in Nigeria

2020 ◽  
pp. 64-73
Author(s):  
Okere, Peter .A ◽  
Njoku, Gospel O ◽  
Nwosu Eleazar C
Keyword(s):  
Economic Growth ◽  
High Risk ◽  
Growth And Development ◽  
Electricity Generation ◽  
Small And Medium Enterprises ◽  
Job Creation ◽  
Economic Growth And Development ◽  
Sustainable Water Supply ◽  
The Government ◽  
Medium Enterprises

This study theoretically investigated the reasons why banks are reluctant in granting credit facilities to the Small and Medium Enterprises (SMEs) in Nigeria. The study identified the indispensable roles of SMEs as the most viable engine for job creation, economic growth and development, and the need for the development of the Small and Medium Scale Enterprise (SMEs) in Nigeria. Adopting the theoretical approach, the study observed that banks are willing and capable to provide the necessary funds needed by SMEs but so many factors have hampered them. SME operators are compelled to provide their own electricity, water and, in some cases access roads to offset deficiencies in public infrastructural facilities. This is detrimental to viability and efficiency in production and is considered as high risk by the banks. Banks as a business entity have to make profit and maintain enough liquidity needed to meet up with other obligations of other stakeholders. The inability of the deposit money banks to extend the needed credits to the SMEs is due the unfriendly environment in which these SMEs operate. This study therefore recommends that government should totally adopt the Indian Model of SMEs development. Again, the environment for doing in Nigeria should be improved by the government most especially the electricity generation, sustainable water supply, quality roads.

scholarly journals Innovation indicators in the context of Romanian SMEs: A research agenda

2020 ◽  
Vol 14 (1) ◽  
pp. 149-158
Author(s):  
Ioana Alexandra Onea
Keyword(s):  
Economic Growth ◽  
Small And Medium Enterprises ◽  
Innovation Management ◽  
Descriptive Analysis ◽  
Business Environment ◽  
Regional Innovation ◽  
Actual Application ◽  
Medium Enterprises ◽  
Key Terms ◽  
Innovation Indicators

AbstractThe purpose of this paper is to present an overview of the theoretical connection between key terms such as innovation indicators and entrepreneurship, highlighting the main trends of innovative activities and practices in the context of Romanian small and medium enterprises. Innovation management has gained an increased interest nowadays since it provides tools for creating competitive advantage and economic growth for enterprises. In this sense, at global and European Union level, innovation indicators have been identified in order to measure the efficiency of innovation. In addition, innovation and entrepreneurship have been connected by scholars, since their application provides business opportunities. Starting from the Europe 2020 Strategy that has innovation as a pillar for reaching economic growth, the present study provides a descriptive analysis of the Regional Innovation Scoreboard 2019 report, followed by a comparative analysis of the European Innovation Scoreboard reports published in the last 5 years. The present paper contributes to the existing knowledge regarding the actual application of innovation indicators in Romanian SMEs. The paper provides an answer to the research questions, which focus on depicting what are the exact innovation indicators that characterize the activities of Romanian SME and what are the trends and weaknesses in the actual business environment in terms of innovative endeavors. This paper provides some recommendations in terms of improvement of innovative efforts for the enterprises that operate in the Romanian market.

E-Commerce Contribution to Economic Growth

2011 ◽  
pp. 140-154
Author(s):  
Ing-wei Huang ◽  
Songsak Vanichviroon
Keyword(s):  
Economic Growth ◽  
21St Century ◽  
Growth And Development ◽  
Developing Economies ◽  
Past Research ◽  
Developed Countries ◽  
Economic Growth And Development ◽  
Research Findings ◽  
Ict Development

As the trend of ICT development is gaining larger influence over countries’ development and growth, e-commerce plays an important role in enhancing the growth of several developed and developing economies over the 21st century. This paper aims to build the analytical base to support the importance of the development of e-commerce. This is by investigating the role and contribution of e-commerce to economic growth and development. The paper first investigates past contribution of e-commerce to economic growth in developed countries. Second, past research findings and framework are utilized to investigate the contribution of e-commerce towards economic growth focusing on the case of e-commerce in Thailand. The study found that e-commerce plays an important role in enhancing economic growth of Thailand. Two important findings had supported the growth of e-commerce. First is the increase in sales generated by the use of e-commerce. Second, e-commerce induces productivity development of firms through higher competition and innovation.

scholarly journals NEED FOR GROWTH AND DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES TOWARDS PRODUCTIVITY AND SELF RELIANCE IN THE NIGERIAN ECONOMY

2021 ◽  
pp. 104-111
Author(s):  
Dr. Adebowale I. O
Keyword(s):  
Growth And Development ◽  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Economic Empowerment ◽  
Developing Economy ◽  
Present Level ◽  
Tertiary Institutions ◽  
Security Challenges ◽  
To Come ◽  
Medium Enterprises

The present level of unemployment in the nation is worrisome, to say the least. Graduates of tertiary institutions are roaming the streets in search of never - to- come jobs. There can be no real economic empowerment in any developing economy until certain fundamental issues have been put right. The growth and development of Small and Medium Enterprises (SME’S) present a way out of this doldrums. Aggressive efforts are needed to bring about the sustenance and survival of these SME'S paramount of which is a peaceful environment. This paper highlighted the significance of SME subsector in developing economies, challenges and prospects of SMEs in Nigeria as a developing economy in order to enhance economic empowerment by sustaining the growth and development of SME'S with a view to reducing unemployment and decisively address security challenges that has been a source of serious concern to potential foreign and indigenous investors alike, thereby setting in motion an unprecedented growth and development in this all-important sub-sector. KEYWORD: Unemployment, SME’s, Productivity, Entrepreneurial.

scholarly journals Competitive Intelligence and Resilience of Small Medium Enterprises (SMEs) in Developing Economies

2021 ◽  
Vol 20 (2) ◽  
pp. 112
Author(s):  
Ngboawaji Daniel Nte ◽  
Nduka Kenneth Omede
Keyword(s):  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Business Environment ◽  
Competitive Intelligence ◽  
Holistic View ◽  
Benin City ◽  
Moment Coefficient ◽  
Innovative Products ◽  
Edo State ◽  
Medium Enterprises

Small and Medium Enterprises SMEs hold the key to economic progress and development in developing economies including Nigeria.  This study therefore examined the effect of competitive intelligence on the survival of SMEs in Benin City, Edo State, Nigeria. To achieve these objectives three hypotheses were formulated to establish whether or not there is a relationship existing between the two intervening variable i.e. competitive intelligence and the survival of SMEs in Benin City, Edo State and by extension Nigeria. Survey research design was adopted, while data were obtained from structured questionnaire and analyzed using Pearson’s product-moment coefficient of correlation. From the analysis, the results indicated that there is an existing relationship between the variables. Based on the findings it was concluded that for SMEs to survive and expand its market frontiers in the face of the escalating competition in the business environment, there is the need to take a holistic view of their strategies and offer innovative products that can provide customers with valued and satisfying benefits better than the ones offered by competitors and engaging in superior marketing strategies to enhance performance and productivity. The study recommended among others that SMEs should identify and prune down unwarranted business expenses without necessarily impacting negatively on the operations of the firm. Keywords: Innovative Products, Performance, Productivity, Satisfying Benefits, SMEs, Survival.

Emerging Opportunities for Blockchain Use by Small and Medium Enterprises (SMEs) in Developing Economies

2020 ◽  
pp. 166-175
Author(s):  
Benjamin Kwofie ◽  
Emmanuel Dortey Tetteh
Keyword(s):  
Digital Technology ◽  
Growth And Development ◽  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Blockchain Technology ◽  
Medium Enterprises

The blockchain digital technology holds immense possibilities for the growth and development of developing economies such as Ghana. Since the emergence of blockchain technology, many developing economies have as yet to tap into its limitless possibilities with Ghana being no exception. In this chapter, the authors explore the possibilities for the blockchain for SMEs in developing economies like Ghana with a view to identifying the properties of a blockchain ecosystem that will facilitate their development, adoption, and use by SMEs.

scholarly journals INSTITUTITONS AND ECONOMIC DEVELOPMENT: THEORETHICAL PERSPECTIVE OF MISSED INSTITUTIONAL SUPPORT IN THE REPUBLIC OF CROATIA

2021 ◽  
Vol 37 (3-4) ◽  
pp. 201-224
Author(s):  
Katarina Marošević ◽  
Lorela Vukovac
Keyword(s):  
Economic Development ◽  
Growth And Development ◽  
Additional Data ◽  
Small And Medium Enterprises ◽  
Institutional Support ◽  
Economic Growth And Development ◽  
Primary Sector ◽  
The Republic ◽  
Medium Enterprises ◽  
National Economies

The activities of institutions have proven to be extremely important in achieving the economic growth and development of national economies. In addition, observed imbalances within the national economy can be minimized due to the contribution of institutions. Therefore, it is necessary to detect opportunities and activities that could, due to adequate institutional implementation, promote the development of a certain area. In the Republic of Croatia, in general, there is a low level of stimulating environment for small and medium sized enterprises as one of the economy drivers. Besides, the parts of the Republic of Croatia in which the primary sector predominates are generally much less developed (for instance, counties of Eastern Croatia). The aim of this paper is to examine the role and importance of institutions on economic development. In addition, it aims at detecting and describing the institutional obstacles in promotion of small and medium enterprises as well as in presenting the selected examples of missed institutional promotion within the primary sector, as an economic branch most represented in the parts of the Republic of Croatia whose development is much lower than the average or even the lowest. The paper predominantly uses theoretical descriptive methods with additional data given in order to confirm mentioned obstacles within the small and medium enterprises and primary sector.

Strategies for Consultancy Engagement for E-Business Development - A Case Analysis of Australian SMEs

2011 ◽  
pp. 227-245 ◽  
Author(s):  
Shirley Bode ◽  
Janice Burn
Keyword(s):  
Private Sector ◽  
Small Businesses ◽  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Case Analysis ◽  
Business Environment ◽  
Substantial Contribution ◽  
The World ◽  
Medium Enterprises ◽  
The Relationship

It is estimated that there are 1,004,200 private sector small businesses in Australia, of which almost 900,000 were non-agricultural businesses, and 104,500 in the agriculture, forestry and fishing businesses (DEWRSB, 1997). It is also estimated that Small and Medium Enterprises (SMEs)1 employ 51% of the private sector workforce (SBDC, 1999) and so make a substantial contribution to the nation’s economy and employment. This pattern is not unique to Australia but reflected in many developed and developing economies around the world. In general, therefore, SMEs have been strongly encouraged by government to embrace the new e-business environment and expand their global reach with enhanced productivity. However, the relationship between SMEs and e-business has been found to be an uncomfortable fit. SMEs have been reluctant to adopt electronic commerce principles and practices in their day-to-day business transactions (Beer, 1999; DIST, 1998; Shern, 1998; SBI, 1998; Yen, 1998) for a wide variety of reasons.

scholarly journals An empirical study on barriers of innovation in indian smes

2012 ◽  
Vol 1 (2) ◽  
pp. 131-137
Author(s):  
Poornima S ◽  
Nithya Kala K
Keyword(s):  
Developing Economies ◽  
Small And Medium Enterprises ◽  
Business Environment ◽  
Root Cause ◽  
Business Failures ◽  
Adoption Of Innovation ◽  
Manufacturing Sectors ◽  
The World ◽  
Policy Measures ◽  
Medium Enterprises

Small and Medium Enterprises (SMEs) have emerged as the drivers of growth in several developed and developing economies across the world. Innovation has become the vital factor for the growth of small and medium scale enterprises. Hence, Innovation has turned out to be nucleus issue of various studies all over the world. In today‘s competitive world, India is far behind in innovation. The slow growth of innovation across various manufacturing sectors in India is cited as root cause for business failures in turbulent business environment. This paper aims at highlighting the barriers faced by entrepreneurs in SMEs in India. This study further makes sector wise analysis and suggests policy measures to enhance the adoption of innovation in SMEs. This study would serve as a guide to theentrepreneurs to compete internationally.

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