An empirical evaluation of barriers hindering the growth of Small and Medium Sized Enterprises (SMEs) in a developing economy

Abstract

Small and Medium sized Enterprises (SMEs) are key to economic development due to their recognized role in wealth and job creation. However SMEs face enormous challenges in developing quality products and services to enhance their competitiveness as compared to larger and more well-established companies. Because of their flexibility and quick adaptability to change, SMEs are viewed as instruments capable of responding to globalization and poverty alleviation in Africa. The purpose of this paper is to evaluate the factors constraining the growth and success of small businesses in Nigeria. A survey method was used to gather data from 311 small businesses in Nigeria. Several statistical analyses were conducted to identify the factors constraining the growth of small businesses Nigeria. Results reveal that the most common factors hindering small business growth in Nigeria include lack of financial support, poor management, corruption, poor infrastructure, demand for products and services among others.

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