Financing and Successful Micro, Small and Medium Scale Enterprise Development in Nigeria

Abstract

This study explored entrepreneurial development as it relates to micro, small and medium-size enterprises (MSMEs) development in Nigeria. The evolution of entrepreneurship which is regarded as “an engine for growth” is being viewed from the perspective of economic, sociological, political, psychological, and composite perspectives. Entrepreneurial development in Nigeria is observed to be hampered by some factors including financing, management, infrastructure inadequacy, socio-cultural problems, strategic planning problems, multiple taxation, and unstable policy environment. In averting these problems to stir entrepreneurial spirit, this study suggested that Nigeria needs to resort to the 1999 United Nations work plan on National Enterprise Promotion Agency; plus, establishment of an anchor scheme to bring together MSMEs and provide capacity building and training programs on subjects such as corporate governance and having correct documentation in place to obtain credit.