Strategic Importance of the Nigerian Small and Medium Enterprises (SMES): Myth or Reality
This paper explores the empirical significance of the Nigerian SMEs on economic development. A survey of SME operators in Lagos State, Nigeria was undertaken by means of self-administered questionnaire and interview schedules. Stratified sampling technique was used to select samples from the state directory compiled by the Ministry of Commerce and Industry in 2013. The interview schedule was used to generate information for the development of three case studies. Data were analyzed by means of descriptive statistics, Pearson Product Moment Correlation and Regression analysis. The findings of the study revealed that participating responding firms made significant contributions to the Nigerian economy; also there exists significant correlations among the study variables and significant causal relationship between organizational characteristics and their perceptions on contributions to the Nigeria economy. The practical implication is that Nigerian SMEs have made the desired impact like their contemporaries in the developed economies. Therefore, well-articulated SME programmes, simplified operating rules, enabling environment, collaboration, financial incentives, cluster formation and capacity building are suggested for Nigerian SMEs to make more impactful contributions to industrial and technological development.
Strategic Importance, Small and Medium Enterprises (SMEs), International Small and Medium Enterprises (iSMEs), Domestic SMEs, Nigerian Economy, Newly Industrialised Economies (NIEs)
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