The gains and pains of small and medium-scale enterprises (SMEs): the way forward for entrepreneurship development in Nigeria

Gbemi Oladipo Olaore · Bimbo Onaolapo Adejare · Ekpenyong Ekpenyong Udofia

23 citations0/0 files storedRajagiri Management Journal

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Entrepreneurship Studies and Influences Economic and Industrial Development Vocational and Entrepreneurial Education

Abstract

Purpose The purpose of this study is to assess the role of small and medium-scale enterprises (SMEs) as a catalyst to all things good in great economies; however, sadly, Nigeria has been unable to unlock SME development and the many benefits. The paper’s examination revolves around SMEs and entrepreneurial development, employment generation, government policies and financial aid and its availability. With the intention of establishing the relevance of government role in creating vibrant economies via thriving SMEs and its ripple effect on employment generation. Design/methodology/approach The study adopts a survey design, using a questionnaire for data gathering and percentile, confirmatory factor analysis (CFA) and structural equation modelling (SEM) for data analysis. Findings The study established a significant direct relationship between entrepreneurship development and infrastructure development and employment generation. Also, there was a significant direct relationship between government policies and infrastructure development. However, surprisingly, there was an insignificant relationship between government policy and financial aid and accessibility. Practical implications The government’s role in SMEs’ survival and entrepreneurship development is invaluable. The government must live up to their bidding and create an enabling environment to promote SME and entrepreneurship growth. Only this will transform the economy and minimize unemployment to its barest minimum. Originality/value The study’s research model is an interesting contribution to the body of work in SME and entrepreneurship development. The study is also an original attempt at having a good representation of the South-Western part of Nigeria, as research in high impact journals is usually domiciled in one state.

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References

2011Specification, evaluation, and interpretation of structural equation models 2010Institutional Theory and Entrepreneurship: Where Are We Now and Where Do We Need to Move in the Future?2013Entrepreneurship as a solution to poverty 2012Entrepreneurship in Innovation Ecosystems: Entrepreneurs’ Self–Regulatory Processes and Their Implications for New Venture Success 2013Entrepreneurship, economic growth, and innovation: Are feedback effects at work?2009Comparative assessment of structural equation modeling and multiple regression research methodologies: E-commerce context 2017Developing entrepreneurship in Africa: investigating critical resource challenges 1990Some methodological problems associated with researching women entrepreneurs

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2024RETRACTED: Magnitude of digital adaptability role: Stakeholder engagement and costless signaling in enhancing sustainable MSME performance 2023Perceived organisational support and performance of small and medium scale enterprises in Nigeria.

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