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E3 Journal of Business Management and Economics

E3 Journal of Business Management and Economics Vol. 9 (2) pp. 030-037, October 2018; © E3 Journals; ISSN 2141-7482


SMES financing and its effects on Nigerian economic growth

Onoriode Humphery1 , Orubu Oghenerume Freeman1 *
1 Department of Business Administration and Management, Delta State Polytechnic, Ozoro, Delta State.
*Corresponding Author E-mail: oruburume@gmail.com
Accepted 30 June 2018

Abstract

The importance of SMEs is such that cannot be ignored by the government of any country especially in Nigeria. Consequently it has been agreed that the growth of SMEs constitutes one of the corner stone′s of economic development in the country. In other words, SMEs constitute the driving force of industrial growth and development in the country. It therefore makes it a sector that should be focused on and cared for, nurtured by the government by making funds more accessible to them at a low interest rate as they need funds to thrive and survive. However, financing SMEs is a major catalyst and a key success factor for the development, growth and sustenance of any economy. Most government and business circles have come to recognize the importance of financing SMEs and have consequently agreed that their growth constitutes one of the corner stone′s of economic development.

Keywords: SME′s, government financing, Economic growth

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