Finance and business publication: FINANCE AS A HINDRANCE TO THE GROWTH OF SMALL AND MEDIUM SCALE ENTERPRISE IN NIGERIA
The growth of SMEs in Nigeria is paramount as it is required to bolster economic development. SMEs contribute up to over eighty percent (80%) percent of firms in the country. They are equally responsible for a substantial percentage of the labour force in the country. As important as it is to economic growth, it is rather worrisome that it remained in the developing stage because financing has remained one of the key managerial challenges that keeps confronting SMEs in Nigeria today. Studies have shown that finance (capital) when in short supply most times due to mis-management greatly affects the growth of a business entity. Where there is no proper flow of fund to run and sustain a business entity, it is definitely destined for a premature collapse. Finance for the purpose of this content is the money invested in a business entity to start up and sustain a business. A small and medium scale enterprise within the context of Nigeria is a business entity whose asset base and...