வணிகம் மற்றும் பொருளாதார இதழ்

Strategies for Economic Growth: Micro, Small and Medium Enterprises in Rural Areas of Nigeria

Abstract

Carl Osunde

This paper examines the contributions of Micro, Small and Medium Enterprises (MSMEs) in rural areas of Nigeria as crucial drivers of economic growth. Micro, Small and Medium Enterprises are crucial to the development of a country’s economy, especially countries in emerging economies like China, Brazil, Thailand, India, Nigeria, South Africa, Indonesia etc. Micro, Small and Medium Enterprises is sine qua non to national development, poverty eradication and employment generation. This article is a research into the concept of Micro, Small and Medium Enterprises in rural areas given the wide spread misconception that rural areas in Africa are synonymous with agricultural food and animal production which is far from reality. The study collected data from a sample of Micro, Small and Medium Enterprises in the tie and dye industry in the rural communities of Ogun State, Nigeria to determine the relationship between MSMEs and Nigeria’s economic growth. This paper deals with the following four issues: firstly, it sets out the reasons why promoting MSMEs in rural areas are vital strategies to promote the economic growth of Nigeria; secondly it examines the policies by the Federal Government of Nigeria to create enabling environment for micro enterprises in rural areas to thrive; thirdly, this article explores the successes and challenges of Micro, Small and Medium Enterprises in rural communities of Ogun State. Fourthly, this article deals with the global implications of Micro, Small and Medium Enterprises in the rural areas of Nigeria.