CHALLENGES AND OPPORTUNITIES FOR SMALL BUSINESSES IN NIGERIA

Abstract

Small scale enterprise plays a significant role in the development of the country. The sector is acknowledged to have huge potential for poverty alleviation, employment generation, and wealth creation in any economy. Small scale enterprise also contributes to the country’s Gross Domestic Product. In spite of its significance, it still faces many obstacles that limit their long term survival and growth. In carrying out the study, a quantitative research method was adopted as the methodology. Questionnaire was constructed using likert scale and the data collected were analyzed, grouped into frequency, computed and arranged in the statistical tools for data analysis.  The simple percentage and multiple regression technique were appropriately applied at 5% level of significance. The study concluded with some recommendations that proper monitoring of agencies in charge of loans for SMEs should be put in place and business owners should have proper planning for their business for sustainability.