This paper highlighted and discussed issue and challenges on repositioning small and medium enterprises in Nigerian economy. The small and medium scale enterprises are essential element in providing a solid base for a country economic development. The small and medium scale enterprises produce goods and services for both end and intermediate users and also utilize low capital cost for creating jobs especially in a fast growing services sector of the economy. Some of the issues and challenges that militate against the operations of Small and Medium enterprises in Nigeria are; Multiple taxation, poor management, financial problems, inadequate information base, location etc. Government over the years has formulated a number of policies aimed at developing small and medium Enterprises. While most policies actually failed due to poor implementation, others however, succeeded. The following recommendations among others are suggested by the authors; Policies initiated by the government should be funded efficiently. Government and financial institution should develop a holistic approach to schemes initiated by them. Nigerian should encourage locally made goods and government should continue to make SMEs a central focus of industrial policy in order to achieve economic growth and development.
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