Small and medium enterprises (SMEs) and macroeconomic policy environment in Nigeria

Purpose
The paper seeks to examine the role of guidance and counselling in entrepreneurial development and women empowerment in Nigeria.

Design/methodology/approach
This paper conducts a narrative literature review of significant entrepreneurial development and women empowerment literature. There is a focus on the role of guidance and counselling in developing the entrepreneurial abilities of women, while acknowledging other notable influences.

Findings
Entrepreneurial development is found to be a multifaceted and evolving field, which continues to produce further research fields. One of such fields is women entrepreneurial development. There is arguably scope for this field to be developed in a contemporary context.

Findings from prior studies (e.g. Akanu, 2007; Omoboloji, 2010; Sanjay, 2012) indicate that entrepreneurial development is a necessary factor for women empowerment of any nation in this modern world. Education is a viable tool for any meaningful women empowerment to be actualised in Nigeria. Giving guidance and counselling their proper place in the society will help to effectively propel entrepreneurial development among women in the Nigerian society.

Research limitations/Implications
Women entrepreneurial development is a vast research area with numerous contributions to its body of work; therefore, this review has focused on prominent contributions and has not attempted to include all available literature. The focus was on the Federal Capital Territory, Abuja, Nigeria. The dissemination of women entrepreneurial development literature has allowed for research gaps to emerge and future research recommendations to be drawn.

Practical Implications
Institutions and organs saddled with the responsibility of fashioning Macroeconomic policies need to do so with the understanding of the need to develop SMEs as they are key to realising macroeconomic objectives of the government. Accordingly, policies specific to SMEs and directed at creating enabling environment for the SMEs to thrive, need to be conceived.

Social Implications
The outcome of this study is relevant first to the Policy makers because it reminds them of the need to create enabling environment for SMEs to thrive. If the policy environment incentivises the SMEs, the society will benefit by way of jobs and variety of goods and services. The government will benefit on the long run by way of revenue from tax (personal and corporate tax). The economy will witness new investments, growth and development.

Originality/Value of a paper
While there is an extensive body of women entrepreneurial development literature, there are few reviews of the literature within the context of Nigeria. This paper has created the awareness that guidance and counselling can play in helping women develop and showcase their entrepreneurial skills. This paper has further proven that if proper guidance and counselling is put in place, women will be better developed.