An Evaluation of Challenges Facing Small and Medium Scale Enterprises in Nigeria and Suggested Solutions: Further Evidence from Ekiti State

Abstract

This paper addresses two critical issues namely, what are the challenges facing small and medium scale enterprises in Nigeria, and what are the likely solutions to these problems to enable small and medium scale enterprises compete favourably with their counterparts in other developed economies? The study analyses the challenges focusing on Ekiti State as a case study and proffers solutions to the identified challenges. A critical analysis of primary data collected from field survey and questionnaires administered on about five hundred and forty (540) respondents in Ekiti State shows that a myriad of problems still beset the effective performance of SMEs in the state. It therefore suggests a number of solutions that can make the sector continue to play prominent role in harnessing the much needed output for sustainable development in the State and country at large.