THE PLACE, PROBLEM AND PROSPECT OF ENTREPRENEURSHIP IN DEVELOPING COUNTRIES: A CASE STUDY OF SMALL AND MEDIUM SCALE ENTERPRISES IN BADAGRY, LAGOS STATE, NIGERIA

C. Amire, G. Osifeso

Crawford University (NIGERIA)
The dominant role of Entrepreneurship in promoting Economic Growth and Development in Nations cannot be overstressed. It is now becoming more relevant in the areas of job creation, reduction in un-employment, youth crime rate and its attendant factors. An entrepreneur embarks on productive activities to make profit. A profitable business has to do with rendering services or producing marketable goods to create utility. Entrepreneurs in Nigeria are currently making waves in the area of Small and Medium Scale Enterprises (SME) sub sector. Apart from providing opportunities for employment generation, SMEs help to provide effective means of curtailing rural-urban migration and resource utilization. One of the major problems of SMEs is the inability to have access to necessary funds needed to carry out their operations.

This paper investigated the relationship between microcredit availability and the growth of SMEs in Badagry, Lagos State, Nigeria. The hypotheses tested shows that accessing finance from banks and other micro-credit financial institutions had a positive significance on the growth of SMEs in Badagry, Lagos State, Nigeria. . In view of the findings, the following recommendations were made: Stringent conditions required by banks should be trimmed down for SMEs to have access to loans and the Government should also create more awareness and extend the services of newly established micro credit funds to artisans and young entrepreneurial graduates from higher institutions to set up SMEs, on their acquired skills.