THE IMPACT OF REVAMPING NIGERIA’S RECEDING ECONOMY THROUGH SMES FOR SUSTAINABLE NATIONAL DEVELOPMENT
ABSTRACT
This research project examines the impact of revamping Nigeria’s receding economy through the promotion and support of Small and Medium Enterprises (SMEs) for sustainable national development. The study aims to assess the role of SMEs in revitalizing the Nigerian economy, promoting job creation, fostering innovation, and contributing to sustainable economic growth and development.
A mixed-methods research design will be employed, combining quantitative data analysis and qualitative interviews with SME owners, policymakers, industry experts, and relevant stakeholders. The research objectives include evaluating the current state of Nigeria’s economy, exploring the challenges faced by SMEs, assessing the contributions of SMEs to job creation and economic development, and identifying strategies for revamping and supporting SMEs for sustainable national development.
The findings of this research project will contribute to the existing body of knowledge by providing insights into the impact of revamping Nigeria’s receding economy through SMEs for sustainable national development. The research will evaluate the current state of Nigeria’s economy and the specific challenges faced by SMEs, such as limited access to finance, inadequate infrastructure, bureaucratic hurdles, and policy inconsistencies. Additionally, the research will highlight the contributions of SMEs to job creation, income generation, poverty reduction, innovation, and overall economic growth and development. Furthermore, the research will identify strategies and policy recommendations for revamping and supporting SMEs, including access to finance, capacity building, infrastructure development, favorable regulatory frameworks, market access, and public-private partnerships.
The implications of this research extend to policymakers, government agencies, business support organizations, and SME owners in Nigeria. The findings will inform policymakers and government agencies about the significance of SMEs in revitalizing the economy and promoting sustainable national development, aiding in the formulation of effective policies and initiatives to support SME growth. Business support organizations can utilize the research findings to design and implement targeted programs and initiatives that address the specific challenges faced by SMEs. SME owners can benefit from the research findings by gaining insights into the potential strategies and opportunities for enhancing their businesses and contributing to sustainable economic development.
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