IMPEDIMENTS TO THE CONTRIBUTIONS OF SMEs TOWARDS INDUSTRIAL GROWTH IN AFRICA

Abstract

SMEs, meaning Small and Medium Scale Enterprises, is an over-used acronym in the business world. SMEs are non-subsidiary, independent organizations having a specified number of employees that varies from country to country, though with an upper limit of 250 employees, especially in the European Union. The industrialization of the African continent has been greatly impacted by the activities of the SMEs both positively and negatively over time. This paper discusses the enormous impediments that have bedeviled industrialization and industrial growth in Africa despite the contributions of SMEs towards her development. It critically reviews industrialization in Africa with the aim/objective of enhancing industrial growth. It analyses the impediments that have challenged this strategic objective and recommends means of achieving successful industrialization with great industrial growth in Africa, as well as routes through which Africa will emerge as a competitive industrial continent globally.