REVAMPING NIGERIA’S RECEDING ECONOMY THROUGH SMES FOR SUSTAINABLE NATIONAL DEVELOPMENT
Abstract
The study investigated ways forward for revamping Nigeria’s receding economy through Small and Medium Enterprises (SMEs) for Sustainable National Development. The Nigerian economy has been worse hit by Corona Virus Disease (Covid-19) and recession, caused by excessive imports, plunging oil revenue and low investment in flows. It is in response to the realization of the very role played by SMEs in sustainable national development as evidenced in the use of capacity for job creation and national development, self-reliance and poverty eradication. Small and medium enterprises are seen as the engine room that promote sustainable national development, and the bedrock of economic development of any country, Nigeria inclusive. The paper concluded that economic recession has serious negative implications on government revenue, employment generation, income vulnerability, inflation, human health, poverty and natural resources management in the country. Recovery and sustainable national development are dependent on effective SMEs. It was recommended among others that the government should assist intending entrepreneurs or small and medium entrepreneurs to have access to finance and necessary information relative to business opportunities, modern technology, raw materials, and machinery which would enable them to reduce their operating cost and be more efficient to meet the everyday level of competition. The development of a strong nation and commitment towards adequate funding and investment can only be achieved through SMEs.
Keywords: Revamping, Recession, SMEs, Sustainable National Development
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