External Funding Possibilities for SMEs in Nigeria
Akpabio, Idorenyen (2015)
Akpabio, Idorenyen
Laurea-ammattikorkeakoulu
2015
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2015120719765
https://urn.fi/URN:NBN:fi:amk-2015120719765
Tiivistelmä
Small and Medium Enterprises play a pivotal role in the economic growth of any nation, thereby increasing productivity, GDP, and employment opportunities. One major challenge to the growth and development of this sector of the economy is poor funding. It is on this premise that this re-search is based upon, finding the external funding possibilities for SMEs in Nigeria.
This study briefly talks about the importance of the SME sector to the Nigerian economy and also extensively explains the major external funding possibilities available to SMEs in Nigeria. Funding initiative by governments (Federal and States) as well as those of Non-Governmental Organizations, and International Development Agencies were also adequately considered.
The qualitative method was used in this research, thereby data was collected from both primary and secondary data. The primary data was obtained by interviewing two key officers of a SME business in Nigeria. Two senior officers at two lending institutions were also interviewed. Most of the secondary data used in this research were obtained by consulting articles, journals and other publications.
During the course of this research study, the researcher found that there are numerous sources of external funding possibilities with relatively cheap, available and accessible medium to long term funds for SMEs in Nigeria but are not aware of them because their existence and services were not adequately given enough publicity by the media.
The findings identified new initiatives springing up to support the sector. In the light of the above, the SMEs need to get acquainted with the knowledge of external funding initiatives available to them. It should also be noted that the entrepreneur’s attitude towards external funding should be taken into consideration.
This study briefly talks about the importance of the SME sector to the Nigerian economy and also extensively explains the major external funding possibilities available to SMEs in Nigeria. Funding initiative by governments (Federal and States) as well as those of Non-Governmental Organizations, and International Development Agencies were also adequately considered.
The qualitative method was used in this research, thereby data was collected from both primary and secondary data. The primary data was obtained by interviewing two key officers of a SME business in Nigeria. Two senior officers at two lending institutions were also interviewed. Most of the secondary data used in this research were obtained by consulting articles, journals and other publications.
During the course of this research study, the researcher found that there are numerous sources of external funding possibilities with relatively cheap, available and accessible medium to long term funds for SMEs in Nigeria but are not aware of them because their existence and services were not adequately given enough publicity by the media.
The findings identified new initiatives springing up to support the sector. In the light of the above, the SMEs need to get acquainted with the knowledge of external funding initiatives available to them. It should also be noted that the entrepreneur’s attitude towards external funding should be taken into consideration.