Strategies for Economic Growth: Micro, Small and Medium Enterprises in Rural Areas of NigeriaCarl Osunde*
Dean of Studies, Onitsha Business School, Anambra State, Nigeria
- *Corresponding Author:
- Carl Osunde
Dean of Studies, Onitsha Business School
Anambra State, Nigeria
E-mail: [email protected]
Received Date: September 24, 2016; Accepted Date: October 21, 2016; Published Date: October 31, 2016
Citation: Osunde C (2016) Strategies for Economic Growth: Micro, Small and Medium Enterprises in Rural Areas of Nigeria. Bus Eco J 7: 259. doi: 10.4172/2151-6219.1000259
Copyright: © 2016 Osunde C. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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.