MSMEs as Engine of Economic Growth in Nigeria: Challenges and Prospects of Scalability

  • Emmanuel Okokondem Okon Department of Economics, Kogi State University, Anyigba, Kogi State, Nigeria
Keywords: MSMEs, challenges, scalability, economic growth, Nigeria

Abstract

Growing or expanding the Micro, Small and Medium Enterprises (MSMEs) sector of the economy is one key strategy to achieve economic growth and development. Micro, Small and Medium Enterprises (MSMEs) scalability (growth or expansion) have become an area of concern for economic growth in developing economies. People use the term in reference to computer or other technological systems, but those in business also use the word to describe the adaptability of a company (Thibodeaux, 2015) in today‘s fast-paced business environment where the focus on customer satisfaction is at an all-time high. This article discusses the concept of scalability as it relates to business and non-scalable components of business process as well as the importance of being scalable. It also looked at some of the challenges and practices that prevent effective scalability of MSMEs in Nigeria and the way forward.

Published
2018-01-19
How to Cite
Okon, E. O. (2018). MSMEs as Engine of Economic Growth in Nigeria: Challenges and Prospects of Scalability. Australian Finance & Banking Review, 2(1), 1-10. https://doi.org/10.46281/afbr.v2i1.75
Section
Original Articles/ Review Articles/ Case Reports/ Short Communications