Authors :
Odom Kenneth Adikeibe, Omele Chioma Peace Profound.
Volume/Issue :
Volume 3 - 2018, Issue 12 - December
Google Scholar :
https://goo.gl/DF9R4u
Scribd :
https://goo.gl/Qu789k
Thomson Reuters ResearcherID :
https://goo.gl/KTXLC3
Abstract :
Micro, small and medium scale enterprises are the driving force for any economy to develop. Many economies rely on this sector to boost their development as they translate to increase GDP, job creation, poverty alleviation, income redistribution and generally industrial revolution. This study was aimed at identifying those roles played by these MSME’s to national development and the challenges they encounter in growth. To achieve these objectives, 50 MSME’s were randomly selected from the 4 communities of ONELGA including; 30 MSME’s from Omoku, 10 MSME’s from Egbema, 6 MSME’s from Ndoni and 4 MSME’s from Egi. The data was analyzed using a simple mean (average). The findings revealed that Micro, Small and Medium scale industries (MSME’s) play a vital role as a base for national development through job creation, poverty alleviation, income redistribution, establishment of indigenous industries. The findings also revealed that MSME’s face serious challenges that affect their growth and development. These challenges include; short term loans, high interest rates, stringent collateral security, insecurity, infrastructural decay, lack of patronage and managerial problems.
Keywords :
Micro, Small and Medium Scale Enterprise, Formal, Semi-Formal and Information Institution.
Micro, small and medium scale enterprises are the driving force for any economy to develop. Many economies rely on this sector to boost their development as they translate to increase GDP, job creation, poverty alleviation, income redistribution and generally industrial revolution. This study was aimed at identifying those roles played by these MSME’s to national development and the challenges they encounter in growth. To achieve these objectives, 50 MSME’s were randomly selected from the 4 communities of ONELGA including; 30 MSME’s from Omoku, 10 MSME’s from Egbema, 6 MSME’s from Ndoni and 4 MSME’s from Egi. The data was analyzed using a simple mean (average). The findings revealed that Micro, Small and Medium scale industries (MSME’s) play a vital role as a base for national development through job creation, poverty alleviation, income redistribution, establishment of indigenous industries. The findings also revealed that MSME’s face serious challenges that affect their growth and development. These challenges include; short term loans, high interest rates, stringent collateral security, insecurity, infrastructural decay, lack of patronage and managerial problems.
Keywords :
Micro, Small and Medium Scale Enterprise, Formal, Semi-Formal and Information Institution.
