ENCOURAGING MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) FOR ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA AND OTHER DEVELOPING ECONOMIES: THE ROLE OF ‘THE IGBO APPRENTICESHIP SYSTEM’

Abstract

This research critically discussed how the Igbo apprenticeship system encourages the growth of MSMEs for economic growth and development. The paper looked at the meaning of MSMEs and the challenges facing the sector, Igbo apprentices, how it can grow the MSMEs and the challenges facing the system. The research concluded that in spite of the challenges facing the micro, small and medium enterprises in Nigeria and other developing economies, the Igbo apprenticeship system still remains a major catalyst in reducing unemployment, wealth redistribution, insecurity, increased GDP and diversification of the economy. Based on the challenges facing the MSMEs and the Igbo apprenticeship system, the following recommendations were made; the apprenticeship system can be fused into the educational systems of developing and underdeveloped economies, a license or certificate issued. This can curb the challenges abandonment of education and lack of training and development. The license certificate can aid the apprentice to secure a loan or fund where and when necessary. The government should provide the enabling environment, needed infrastructures for MSMEs to strive in order to drive the economy. The government should provide if there is none, the necessary legal legislations regarding the apprenticeship system, especially terms of agreement, settlement and abuse of children. Funds should be made available at low cost of acquisition to the would-be and existing entrepreneurs for start-up and expansion. The government and organizations responsible for the disbursement of the fund should also ensure that the funds get to the right people and for the right purpose.