Options for Sustaining Small and Medium Scale Enterprises in Nigeria: Emphasis On Edo State

Abstract

Small and Medium Scale Enterprises (SMEs) generate growth and development for any economy. These enterprises are faced with diversity of problems in Nigeria due to numerous domestic and global economic problems, and policy inconsistencies. The result is a high mortality rate. The objective of this paper therefore is to critically examine the problems facing the SMEs in Nigeria and identify the option strategies utilised by these SMEs as demonstration alternatives. The manufacturing sector's contribution to national income till today remains low. For industrialisation, this picture has to be changed quickly. The paper therefore focuses on three business activities in manufacturing: poultry farming, Garri processing and bakery industries in Edo State of Nigeria. Major findings include lack of management skill, poor record keeping, weak access to financing, multiple taxation, and inconsistent policies. Seminars and workshops are recommended to improve SMEs' management capabilities, as well as the institutional coordination of the efforts of relevant agencies and institutions, and the streamlining of the myriad of taxes stifling SMEs.