A critical look at the necessity of small businesses in Nigeria. A theoretical review

Ikenna Franklin Eze*, Ephias Ruhode, Chux Gervase Iwu

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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Abstract

The significance of small businesses in any economy can no longer be ignored. As a result, it is necessary to continually seek ways of improving their outcomes. The objective of this paper is to identify major obstacles that hinder the growth of small and medium enterprises in Nigeria. The paper benefits from insights from extant literature to identify four key themes namely lack of business management skills; insufficient/non-functional infrastructure; regulatory demands; dissatisfaction with self-management of business; and inability to apply technology. These are discussed giving way to our concluding remarks which come in the form of an inventory of ‘to-do’ items that need to focused on in order to arrest the continual slippery slope state of small businesses in Nigeria. Our thesis is that nations without a vibrant small and medium enterprise ecosystem suffer from its absence.
Original languageEnglish
Pages (from-to)109-119
Number of pages11
JournalSocioeconomica–The Scientific Journal for Theory and Practice of Socio-economic Development
Volume7
Issue number13
DOIs
Publication statusPublished - 30 Jun 2018
Externally publishedYes

Keywords

  • small and medium enterprise
  • sustainability of small businesses
  • Nigeria
  • enterprise development

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