Small And Medium Scale Enterprises In Nigeria

The definitions of small and medium enterprises are as follows.

Small and medium scale enterprises in nigeria. Between 10 and 49 employees. The attraction to the owners include being less capital intensive and flexibility in filling the need in niche markets. Thus small scale industries activities and innovative ingenuity in nigeria have developed enterprises in the following areas agricultural agro allied activities where there are foodstuffs restaurants fast food vending etc. This contribution is significant for both the developed and developing world.

Hence it is of no doubt that small firms are the backbone of any economy. Small and medium scale enterprises smes form the bulk of the businesses in nigeria. According to the nigeria sme survey conducted and published by pricewaterhousecoopers smes account for a staggering 96 of all businesses in nigeria and contributes 48 of the. According to the central bank of nigeria report 2003 small scale firms are firms with a workforce of 11 100 workers and a total cost of not more than 50 million naira including working capital and excluding cost of land while medium scale firms was defined as firms that have a labour force of between 101 300 workers with a total cost of over n50 million naira but not less than n200 million naira including working capital but excluding cost of land.

The problems and prospects. Small and medium scale enterprises otherwise known as smes are the major backbone of every developing and developed economy and the case is so true for nigeria. Small and medium scale enterprises in nigeria. Promoting and facilitating development programmes instruments and support services to accelerate the development and modernization of msme operations.

In the area of information and telecom business there are manufacturing and repairs of gsm accessories and the printing and setting of recharge cards. According to the enterprise baseline survey in the year 2012 it was revealed that there are 17 million small and medium scale enterprises in nigeria employing 32 41 million persons and makes a contribution of about 46 54 per cent to the nation s gdp in nominal terms. Introduction the contribution of small and medium sized enterprises smes to the economic growth and development has been enormous. Initiating and articulating policy ideas for small and medium enterprises growth and development.

Between 1 and 9 employees.