The Nature of Small and Medium Scale Enterprises (SMEs): Government and Financial Institutions Support in Nigeria

The role play by Small and Medium Scale Enterprises (SMEs) in economic growth and sustainable development of any nation cannot be downsized. Nigeria, in particular, SMEs serves as the major employer of labour and represent about 95% of its enterprises, This statistic is a pointer to the expected contribution of this segment to the economy. This study discusses the nature of SMEs: Government and financial institutions supports in Nigeria. This study discovers that despite Government and financial institutions support towards SMEs in Nigeria, SMEs fall short of expectations that make the Nigerian economy un-stable than what it is expected. Therefore, this study recommends that the SMEs entrepreneurs should re-strategize the ways there do carry out operations from as-usual to un-usual. The Government should appoint competent people to handle ministries and parastatals, provide adequate funds to SMEs and make sure it gets to the right people that are in need of it for its potentials to revive back, and the financial institution should subsidize the loan requirement and interest rate to SMEs entrepreneurs. Therefore, with this SMEs will have a comfortable place to play around in Nigeria as it serves as the major mover of the economy.