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Small and Medium Enterprises' Challenges of Accessing Microfinance in Nigeria

Atsede Woldie,Uruemuesiri Ubrurhe

Published 2021 in Research Anthology on Small Business Strategies for Success and Survival

ABSTRACT

Despite the fact that small and medium enterprises have been viewed as a major promoter of technological development and employment generation in Nigeria, the sector has been neglected by successive governments (Gideon, 2015). This has resulted in unpalatable consequences on the economy (Gideon, 2015). The major challenge of the sector is poor funding (Afolabi & Ehinomen, 2015). Consequently, policies and efforts should be geared towards accelerating the growth and development of the sector (Afolabi & Ehinomen, 2015). According to Onwumere, (2000) a lack of funding has been a specific obstacle to investment and growth in the sector. The need to contribute to the current debate, update knowledge on the subject matter and make informed recommendations when implemented will lead to a change in fortune for the small and medium enterprise sector in the Nigerian economy which has informed this study. The chapter sets out to explore the qualitative relationship between small and medium enterprises and banks. Despite the fact that small and medium enterprises have been viewed as a major promoter of technological development and employment generation in Nigeria, the sector has been neglected by successive governments. This has resulted in unpalatable consequences on the economy. The major challenge of the sector is poor funding. Consequently, policies and efforts should be geared towards accelerating the growth and development of the sector. A lack of funding has been a specific obstacle to investment and growth in the sector. The need to contribute to the current debate, update knowledge on the subject matter and make informed recommendations when implemented will lead to a change in fortune for the small and medium enterprise sector in the Nigerian economy which has informed this study. The chapter sets out to explore the qualitative relationship between small and medium enterprises and banks.

PUBLICATION RECORD

  • Publication year

    2021

  • Venue

    Research Anthology on Small Business Strategies for Success and Survival

  • Publication date

    Unknown publication date

  • Fields of study

    Business, Economics

  • Identifiers
    DOI 10.4018/978-1-5225-2700-8.CH012
  • External record

    Open on Semantic Scholar

  • Source metadata

    Semantic Scholar

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