Socio-Economic Development: the Impacts of Micro, Small, and Medium Scale Enteprises in Nigeria
This paper is prepared to assess the role played by micro, small, and medium scale enterprises on socio-economic development aspects in Nigeria through secondary data of related studies while content analysis was used to arrive at reliable judgment. In Nigeria there are large number of such kind businesses that place greater role in the country’s economic activities. It is found that, areas of country’s gross domestic product (GDP), employment generation, poverty alleviation, mitigation against rural-urban drift, utilization of local skills/resources, provision of goods and services for continues economic activities in the country remain the contributory factors to the socio-economic development in Nigeria. It is recommended that the owners and managers of the micro, small, and medium scale enterprises to establish and implement policies and strategies that will enhance the activities of the businesses that make it possible to sustain the above contributions so also the government should come in and serves as helping hand in order to ease the associated challenges.
Keywords: Enterprises, employment, poverty alleviation, rural-drift, development.