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Financing and Successful Micro, Small and Medium Scale Enterprise Development in Nigeria

Author

Listed:
  • Supper Roland Okijie

    (Department of Sociology and Anthropology, University of Uyo, P.M.B. 1017, Uyo, Akwa Ibom State, Nigeria)

  • Ubong Edem Effiong

    (Department of Economics, University of Uyo, P.M.B. 1017, Uyo, Akwa Ibom State, Nigeria)

Abstract

This study explored entrepreneurial development as it relates to micro, small and medium-size enterprises (MSMEs) development in Nigeria. The evolution of entrepreneurship which is regarded as an engine for growth is being viewed from the perspective of economic, sociological, political, psychological, and composite perspectives. Entrepreneurial development in Nigeria is observed to be hampered by some factors including financing, management, infrastructure inadequacy, socio-cultural problems, strategic planning problems, multiple taxation, and unstable policy environment. In averting these problems to stir entrepreneurial spirit, this study suggested that Nigeria needs to resort to the 1999 United Nations work plan on National Enterprise Promotion Agency; plus, establishment of an anchor scheme to bring together MSMEs and provide capacity building and training programs on subjects such as corporate governance and having correct documentation in place to obtain credit.

Suggested Citation

  • Supper Roland Okijie & Ubong Edem Effiong, 2024. "Financing and Successful Micro, Small and Medium Scale Enterprise Development in Nigeria," East African Finance Journal, East African Finance Journal, vol. 3(1).
    • Handle: RePEc:cwk:eafjke:2024-01
    DOI: 10.59413/eafj/v3.i1.1
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    References listed on IDEAS

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    Cited by:

    1. Keremah, Sydney Clever, 2026. "Financial Deepening and Entrepreneurial Development in Nigeria: Evidence from 1981–2024," East African Finance Journal, East African Finance Journal, vol. 5(1).
    2. Jeff Koome Kinyua, 2024. "Mobile Accounting Software and Financial Performance of Small-Scale Hotels in Mombasa, Kenya," African Journal of Commercial Studies, African Journal of Commercial Studies, vol. 4(4).

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