Economic and Social Factors Militating Against the Development of Micro, Small and Medium Enterprises as a Strategy of Industrial Development in Nigeria

Authors

  • Dorn Cklaimz Enamhe Department of Social Work, University of Calabar, Calabar, Nigeria
  • Victoria Antigha Bassey Department of Social Work, University of Calabar, Nigeria
  • Felicia Peterson Akpan Department of General Studies, Federal Polytechnic Ugep, Cross River State, Nigeria

Keywords:

Socio-economic Factors, MSMEs, Industrial Development

Abstract

Industrialization starts with micro, small and medium enterprises in most societies. Nigerian government in recognition of this fact introduced Small and Medium Enterprises Development Act of 2003 to promote and boost activities of such enterprises as an inroad to industrial development. Over the years, the enterprises are yet to usher the much-desired industrial growth and development. This study examines the influence of socioeconomic factors such as: educational background, access to credit and finance, experience of owners, business area and location, family business background, entrepreneurial training, social attitude, tax rules, inflation rate, corruption, value system, religious inclination, culture etc. on success of enterprises and concluded that all impacted negatively. Reengineering of Small and Medium Enterprises Development Agency (SMEDAN) will address these factors and position them to favour the development of SMEs in Nigeria.

 

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Published

2024-10-10

How to Cite

Enamhe, D. C., Bassey, V. A., & Akpan, F. P. (2024). Economic and Social Factors Militating Against the Development of Micro, Small and Medium Enterprises as a Strategy of Industrial Development in Nigeria. Journal of Public Administration, Policy and Governance Research, 2(4), 69–76. Retrieved from https://jpapgr.com/index.php/research/article/view/144

Issue

Vol. 2 No. 4 (2024): Journal of Public Administration, Policy and Governance Research (JPAPGR)

Section

Articles