A SURVEY ON THE CHALLENGES FACING SMALL AND MEDIUM ENTERPRISES IN NIGERIA

ABSTRACT: The purpose of this study was to investigate the various obstacles encountered by small and medium-sized enterprises (SMEs) in Nigeria. The study utilised a survey-based descriptive research design. The population of this study consists of 15 selected small and medium-sized enterprises (SMEs) located in Lagos State. A total of 300 responses were collected from these SMEs and were subsequently confirmed through the survey. Based on the collected and analysed replies, the findings indicate a notable impact of the obstacles encountered by small and medium-sized enterprises (SMEs) on their development within the Nigerian context. The study suggests that it is advisable for the government to prioritise the development of small and medium enterprises by ensuring that expenditures aimed at their growth are appropriately allocated. Additionally, it is imperative for the government to formulate regulations that are conducive to the functioning of Small and Medium Enterprises (SMEs) inside the nation. Furthermore, it is crucial for the government to extend financial support to these enterprises in order to facilitate their growth.