Techniques for Re-Positioning Small and Medium Scale Business Enterprises in Nigeria for Economy Revitalization (Published)
This paper highlighted techniques for re-positioning small and medium scale business enterprises in Nigeria for economy revitalization. Small and medium business enterprises are the engine of growth and development of a nation. SMEs contribute to industrial development; promote growth, technological acquisition and reduction of unemployment. The paper also highlights techniques for re-positioning Small and Medium Scale business enterprises in Nigeria for economy revitalization. Financial problems, inadequate basic infrastructure, socio-cultural problems, planning problems, location/economic problems, poor accounting system: multiple taxation and unstable policy environment are the major problems militating against the success of SMEs. It was recommended among others that there should be a practical effort in encouraging SMEs to access long-term, low rate funds from the capital market. Incentives should be given in the form of tax holidays and awards to SMEs that excel in using the capital market as an avenue of external funding and the government should continue to make SMEs a central focus of industrial policy in order to achieve economic growth and development. The monetary and fiscal policies should be made to incorporate good framework that would enhance the activities of SMEs towards development and sustenance.