Medium Scale Enterprises In Nigeria Research Articles

Entrepreneurial Orientation: A Remedy for Receding Productivity of Small and Medium Scale Enterprise: A Nigeria Perspective.

Nigeria is experiencing immense structural changes which are affecting the economy. Entrepreneurial orientation (EO) is a vital force in the economy of any nation because of the strategic role it plays in the achievement of productivity. The aim of this paper is to provide more insight into EO as a remedy for productivity for small and medium scale enterprises in Nigeria by providing in-depth knowledge of the nature and behavior of an entrepreneur and its dimensions toward risk taking, proactiveness and the aggressiveness. How all these can lead to entrepreneurship through (EO) also formed the vanguard of modern enterprises. The creation of a country’s wealth and dynamism depends upon the entrepreneurial orientation of its firms and this, in turn, relies fundamentally on the capabilities of its entrepreneurs and managers.

Challenging the Challenges of Small and Medium Scale Enterprises in Nigeria: New Perspectives

This paper attempted to investigate how to solve the challenges confronting Small and Medium Scale Enterprises (SMEs) in Nigeria. The SMEs, the world over, has been recognized as the engine and catalyst for growth and development for any economy. And despite this unique and important role they play they have continued to experience persistent challenges to their survival in Nigeria.The objectives of the paper are to examine why Small and Medium Scale Enterprises cannot access the needed funds for their operations from the Nigerian financial system, Investigate the factors responsible for lack of adequate human capacity development required for their sound operational and developmental needs and evaluate the various policy initiatives put in place by government to improve the performance of Small and Medium Enterprises.In line with the design of the study, primary data were collected through the use of questionnaires, and regression analysis was used to analyze the data. The findings of this study revealed that there is positive relationship between the growth and development of SMEs and adequate provision of required funding from financial institutions through subsidized funding and credit schemes provided at favourable interests. The paper recommends among other things, that the Central Bank of Nigeria (CBN) should encourage the Nigerian banks to play active part in the funding of Small and Medium Enterprises at reasonable rates, and government should develop a lasting solution to the state of infrastructural deterioration especially, the provision of regular electricity supply amongst others, to enable SMEs bring down their operational cost and contribute their quota to the economy.

The Impact of Internal Control Mechanism on the Operational Efficiency of Small and Medium Scale Enterprises in Nigeria

It is pertinent to understand the impact of Internal Control Mechanism on the Operational Efficiency of Small and Medium Scale Enterprises of any Country. The Internal Control Mechanism refers to all the policies and procedures adopted by the management of an entity to assist in achieving management objectives as much as practicable, the orderly and efficient conduct of its businesses including adherence to its own rules and regulations and policies. In other words, Internal control system implies that all expenditures are properly authorized; ensure that all incomes and revenues to which the company is entitled are properly documented. Small and Medium Scale Enterprises is defined by the Nigerian Central Bank as those whose capital investment does not exceed N 5 million including land and working capital or whose turnover are not more than N 25 million annually.Data were collected and analyzed using the Chi Square Analysis. The result of the study shows that if the Internal Control Mechanism of Small and Medium Scale Industries functions effectively it must have great impact on the operations and growth of Small and Medium Scale Industries. And it also shows that management of Small and Medium Sized Industries should have various measures in place of improving and strengthening their internal control system.On the strength of these evidences, this paper recommends that Small and Medium sized enterprises should endeavor to send its workers on training so as to improve the workers skill and broaden their knowledge thereby improving their internal control system. Also, access to assets should be limited to only authorized persons and the company should try as much as possible to always reconcile its bank statements promptly so that any error can be rectified immediately.

Impact of Total Quality Management Practice on Small and Medium Scale Enterprises in Nigeria. (A Case Study of Small Business Owners in Lagos).

The paper takes a look at the impact of total Quality Management Practice on Small and Medium Scale Enterprises in Lagos State: a case study of Small business owners in Lagos. However, the paper makes use of primary data of questionnaire analysis and the objectives of the paper is to examine the impact of total quality management practices on Small and Medium Enterprises in Nigeria and to identify the challenges encountered by the SME in adopting successful quality management programmes within their organization. Moreover, two hypotheses were tested using the spearman's rank correlation coefficient and the result revealed that total quality management practices have a significant effect on Small and Medium Enterprises in Nigeria and challenges encountered by the SME has lead to successful total quality management programmes within their organizations. The paper concludes that Quality management is focused not only on product/service quality, but also the means to achieve it Quality management, therefore uses quality assurance and control of processes as well as products to achieve more consistent quality. Finally, the paper then recommends that Good quality management programmes should be in place in the organization to enable all the staffs to learn and undergo the process of quality management in their organization. Keyword: Quality Management Practice, Small and Medium Scale Enterprises, Small Business Owner, Spearman's rank correlation coefficient, Product/service quality, Quality Assurance, Management programme. I. Introduction In todays world, organizations are facing the growing challenges from global competition and more sophisticated customers in terms of what they want and their changing needs. The ever-increasing global competitive nature of the business environment has forced corporations to develop strategies to become low cost producers and to differentiate their goods and services from their competition. Through customer-focused quality programmes, quality lowers the cost and will become a powerful product differentiation to customers. (Ajayi, 2013). In order to be successful, firms must view quality as an essential part of their strategic process. Quality is a term that carries important meaning to both producer and customer. In the global market place today, many organizations realized that its survival in the business world depend highly on producing high quality product and services. Indeed, a lot of organizations have emphasized that quality should have to be put in place, integrated within the management system, especially in terms of bringing the end products or services to the customers, especially with the intense competition arriving from the rivals. (Oluseye, 2014). Accordingly, quality management (QM) has become increasingly prevalent as one of the management strategies in ensuring customer satisfaction and loyalty, improving products and service quality and reinforcing continuous improvement. This paper is tailored along this line, and seeks to evaluate the level of awareness of quality management practices of small and medium scale enterprises (SMEs) in Nigeria. Small and medium size enterprises (SMEs) are the life blood of modern economies. play a unique role in countries industrial development in terms of employment creation, income generation and ensuring equitable distribution of limited resources. Unfortunately, while an overwhelming percentage of Nigeria businesses are SMEs, the performance of the SME sector has remained dismal towards the drive for economic development and this has in turn contributed to low performance of larger businesses as well (Onugu, 2005). In Nigeria, the SME sectors contribution has fallen short of its potential due largely to lack of effective quality management and coordinated effort to support SMEs operations. Most Nigerian struggle to operate, manage and improve their businesses efficiently in order to consistently deliver quality products and services on time (Osuagwu, 2008). Among the numerous challenges to increase performance and growth of most of these companies include quality management practices. That they should remain competitive and

Financial Reporting By Small and Medium Scale Enterprises in Nigeria

Financial Reporting By Small and Medium Scale Enterprises in Nigeria

Analysing Financing Challenges to Medium and Small Scale Industries in Nigeria: An Empirical Investigation

Inadequate funding has been the major challenge to Small and Medium Scale enterprises in Nigeria since independence till date.Every political administration, including military and civilian governments attempted to make an issue of unaccomplishable wild propaganda out of this critical economic matter of national concern, but they were all talking and instituting policies on paper, more than achieving results by practically implementing the policies and turning the much ado about empty storytelling to action and results. The 1st to the 3rd Nigerian Economic Summits sponsored by the Babangida military Junta, focused more aggressively on Economic Development through industrialisation with increased concern for the expected impact of the Medium and Small Scale Industries in Nigeria. In spite of all the inactivated, unproductive policy statements, establishments of various “Development Financial institutions”, and the ultimate technically unprofessional “liberalisation of banking institutions licensing”, which made total mockery of the institution of banking in Nigeria, including its ethics and professionalism, the consequences, of which the industry is yet to recover from. As a result of all the political interferences in the banking industry, and consequent failure of the financial system to provide appropriate financing for MSSI'S (the back bone of industrialization), since attaining independence in 1960, Nigeria is yet to experience any remarkable achievement in industrialization. On the foreign scene, the World Bank, initiated three different tranches of subsidised credit to Medium and Small Scale industries in Nigeria, administered through deposit money banks, all of which totally failed to achieve their objectives. Small and Medium Scale Industries Equity Investment Scheme (SMEEIS) was initiated and established by the Obasanjo administration, plus an additional sum of 500 billion naira budgetary provision, to support MSSI's; In spite of these and other myriads of multilateral financial supports administered through Nigerian governments and the financial system, the good intentions of the foreign governments aids and multilateral financial institutions supports, were thwarted by the corruption and fraudulent tendencies of the Nigerian authorities, and the operators of the financial system.The findings of this research effort proved that there is a positive relationship between the appropriate financing of MSSI's and a systemic development and growth of industries which is also a required condition for national economic growth and development. Poor industrialization and stunted economic growth and development in Nigeria are direct consequences of the poor funding of Medium and Small scale Industries since independence, yet there is no evidence of any promising solution in sight in the immediate future.

Corporate Social Responsibility in Small and Medium Scale Enterprises in Nigeria: An Example from the Hotel Industry

Corporate social responsibility (CSR) is the promise by business organizations to behave in a way that is ethicallyacceptable and at the same time contributing to the economic development and improvement of the livingconditions of the employees, the catchment community and the larger society. Small and medium scale enterprises(SMEs) can serve as the engine room for corporate social responsibility in developing countries, like Nigeria, sincea high proportion of economic activity is generated through them. Hotel industry, belonging to this group hasexpanded rapidly since the return to democratic rule in 1999 primarily due to government’s interest in tourismdevelopment. Such expansion of the hotel industry calls for an enquiry into how socially responsible its activitiesare. Hence, this study explored the corporate social responsibility of the hotel industry in Nigeria. Primarily, thestudy made use of quantitative data obtained though questionnaire administered on the management officers inthese hotels. It was found out that corporate social responsibility practices are minimal and at an informal level. Itis recommended that corporate social responsibility should be embraced by the small and medium scale enterprisesin order to fast track the country’s overall development.

Effect of Planning on the Performance of Small and Medium Enterprises in South-Western Nigeria

The study analysed the processes involved in business planning, examined the challenges and problems faced by Nigerian entrepreneurs in business planning of Nigeria's Small and Medium Enterprises (SMEs); and how proper planning can promote their businesses. Primary data was used for this study and they were sourced from Small and Medium scale businesses in Ile-Ife through administration of structured questionnaire. The data collected were analysed using descriptive statistics such as tables, charts, frequencies, percentages. Findings showed that most entrepreneurs find out the demand of the market more than setting goals and objectives. Also results showed that economic instability and access to source of finance are major challenges facing SME's; and proper planning can increase the productivity and profitability of Small and Medium scale Enterprises in Nigeria. The study concluded that effective planning has a significant effect on the performance of small and medium enterprises in Nigeria. It is also recommended that specialised government sponsored institutions should be set up to help small firms by providing planning packages to entrepreneurs tailored to customised needs.

Entrepreneurs’ Characteristics and Service Quality of Micro, Small and Medium Scale Enterprises in Nigeria

Service quality is essential for turnover and profitability of SMEs. The characteristics that improve service quality of SMEs are education, experience and interest in business of entrepreneurs operating SMEs. The objectives of the study were to identify whether education, experience and interest in business of entrepreneurs affect the service quality of SMEs in Nigeria. The study was conducted in Zaria metropolis of Kaduna state. Random samples of 100 entrepreneurs that are involved in services oriented SMEs were selected and distributed questionnaire. Eighty two (82) completed and returned questionnaires were presented in tables of descriptive statistic and analyzed with the aid of chi-square statistical tool. The results indicate that education and experience of entrepreneurs significantly affect service quality of SMEs. But, interest of entrepreneurs in business significantly does not affect service quality of SMEs in Nigeria. The paper recommends that entrepreneurs should be formally educated and acquired minimum of OND/NCE qualification before engaging in any form of business. This is because entrepreneurs' educational qualification affects service quality of SMEs. Secondly, they should acquire experience in any entrepreneurship skills they are involved. The reason is that entrepreneurs' experience affects service quality of SMEs. Thirdly, in spite entrepreneurs' interest in business does not affect service quality of SMEs; there is a need to develop interest in entrepreneurship skills because it initiates changes in the activities of SMEs in Nigeria.

Technopreneurship and Enterprise Growth in Nigeria: An Exploration into the Latent Role of Microfinance Banks

Blend of technology prowess and entrepreneurial skills are known to be the important drivers of enterprise growth in many nations. In Nigeria new policies, structures and strategies are being explored and formulated to help technology-based small and medium-sized enterprises grow and to offer a promising future for the country's businesses within the global market place. In the same vein, Central Bank of Nigeria recently intensified effort to further promote the development and expansion of Microfinance banking activities in the country with a view to availing Nigeria's entrepreneurs the opportunity to exploit economic benefits of such banks. This article explores the role microfinance banks can play in promoting technoprenuership derive and growth among micro, small and medium scale enterprises in Nigeria by employing Pearson Correlation to establish relationship between the variables and Multivariate Analysis of Variance to show causal effects. The coefficients results show strong positive association between the variables as well as significant causal effect between the predictor variable and the two criterion variables. Hence it is recommended that creating favourable financial conditions for entrepreneurs will hasten the development of technopreneural drive and subsequent enterprises growth in Nigeria

The Impact of Working Capital Management on the Profitability of Small and Medium Scale Enterprises in Nigeria

The Impact of Working Capital Management on the Profitability of Small and Medium Scale Enterprises in Nigeria

Development of Small and Medium Scale Enterprises : The role of Government and other Financial Institutions

Small and Medium Scale Enterprises constitute essential ingredients in the lubrication and development of any economy. In Nigeria, the story makes no remarkable difference as Small and Medium Scale Enterprises dominate the economy. Government over the years has formulated a number of policies aimed at developing Small and Medium Scale Enterprises. While most policies actually failed due to poor implementation, others however, succeeded. Efforts have been made in the past to identify the role of Small and Medium Scale Enterprises to the development of Nigeria’s economy, its problems and prospects which created a vacuum on the role of government and other financial institutions in the development of Small and Medium Scale Enterprises. It is this vacuum created by previous researchers that prompted this write up. It is therefore the thrust of this paper to identify the role of government and other financial institutions particularly micro finance institutions in the development of small and medium scale enterprises in Nigeria. Relevant literatures were reviewed to bring out salient issues on the subject matter of this paper. The chief source of information for this write up is secondary method of data collection. It was discovered that financial institutions provide the necessary financial lubricant that facilitate the development of Small and Medium Scale Enterprises, but, a lot still need to be done by the government in terms of policy formulation in order to complement the efforts of financial institutions. This paper recommends among others, further establishment of micro finance institutions to serve the grass root financial needs, sensitization of the general public on how to access funds for SMEs development, public private partnership should also be

Environmental Audit Practices in Small and Medium Scale Enterprises in Nigeria

Environmental Audit Practices in Small and Medium Scale Enterprises in Nigeria

Assessing the Effects of Employee Turnover on the Performance of Small and Medium-Scale Enterprises in Nigeria

The significant role small and medium-scale enterprises (SMEs) plays in growth and development is acknowledged universally. As a group, they generate more new jobs and introduce innovative ideas, products, and business methods. However, this important group is incapacitated by numerous factors militating against their growth, particularly in Third World countries such as Nigeria. In this study the authors identified major factors that affect the productivity of SMEs thereby hindering their growth. Their findings relate factors such as the dearth of skills, absence of managerial talents, and employee turnover to enterprise performance, productivity, and growth ability. Employee turnover is found to have a significant and negative correlation with SME performance. This indicates that the lower the employee turnover, the higher the performance of SMEs, and vice versa.

Options for Sustaining Small and Medium Scale Enterprises in Nigeria: Emphasis On Edo State

Small and Medium Scale Enterprises (SMEs) generate growth and development for any economy. These enterprises are faced with diversity ofproblems in Nigeria due to numerous domestic and global economic problems, and policy inconsistencies. The result is a high mortality rate. Theobjective of this paper therefore is to critically examine the problems facing the SMEs in Nigeria and identify the option strategies utilised by these SMEsas demonstration alternatives. The manufacturing sector’s contribution to national income till today remains low. For industrialisation, this picture hasto be changed quickly. The paper therefore focuses on three business activities in manufacturing: poultry farming, Garri processing and bakeryindustries in Edo State of Nigeria. Major findings include lack of management skill, poor record keeping, weak access to financing, multiple taxation, and inconsistent policies. Seminars and workshops are recommended to improve SMEs’ management capabilities, as well as the institutional co-ordination of the efforts of relevant agencies and institutions, and the streamlining of the myriad of taxes stifling SMEs.

Innovation and corporate growth: a study of small and medium scale enterprises in Nigeria

It is the usual policy of Inderscience to retract from publication any paper if, subsequent to publication, it becomes a matter of dispute about intellectual property, publishing ethics or legal issues. Each case is judged on individual circumstances. In this case, Professor Bryan Gere asked that this paper be removed from the journal because it has substantial similarities to his thesis which was submitted to Rivers State University of Science and Techology Port Harcourt on 26 February 2008 using the title "The Effect of Corporate Innovation on Corporate Growth and Success: A Study of SMES." This paper has therefore been retracted.