Problems and Prospect of Small, Medium Scale Enterprises

Small and medium-sized enterprises (SMEs) have a long history of success, often evolving from small family businesses into large multinational companies over many decades. Contrary to the common perception of SMEs as small retail trades run by family units, they actually encompass a wide range of activities including production, distribution, retailing, and services.With the right support, SMEs in Nigeria could spark an industrial revolution within the next twenty years, similar to what’s happening in Asian countries like India, Singapore, Korea, and Taiwan. In these countries, small factories managed in villages produce significant goods and provide support services to large industrial giants.This study aims to highlight the nature and scope of SMEs, their challenges, and prospects. It seeks to address their problems and explore how Nigeria can leverage the potential of SMEs to improve its socio-economic situation.