Essay Nigerian Business Environment – Small and Medium Enterprises in Nigeria – Enterprise Systems Assignment Help

Assignment Task

ABSTRACT:

This research work examines improving the tools for increasing the efficiency of Small and Medium Enterprises in Nigeria using the mixed research method. It shows that strict compliance, implementation, and enforcement with the aid of severe penalties for defaulters, political, and economic looters is key to help improve the tools needed for the efficiency of small and medium enterprises in Nigeria and not just identifying the problems, benefits, recommendations, and solutions only.

Nigeria is a typical example of a developing economy that has been rated as one of the growing economies in Sub-Saharan Africa, the world, and also the biggest market in Africa as it has provided a place where advanced economies like the United States of America, China, Germany, etc, display their products to be sold. Despite the fact that the major source of income for Nigeria is oil, the economy is also grown by pockets of corporate organizations covering almost all spheres of activities within the country, ranging from multinational corporations with offices within the country, indigenous companies, and largely by small and medium scale businesses. These independent organizations usually employ fewer numbers of employees which varies across countries.

Studies also show that it is hard for SMEs to access finances from financial institutions since they lack proper financial records as a requirement (William, 2008). However, Small and Medium Enterprises (SMEs) have been identified as being beneficial in alleviating poverty through wealth and job creation. This sector has the capacity to grow a country’s GDP, generate taxes and other revenue, as well as assist in bringing stability in the polity of a country. Despite these challenges, SMEs have immense benefits which can be harnessed to better the Nigerian economy. This forms the subject of analysis in this paper.