Industrial Development in Developing Nations : A case study of Nigerian small and medium business enterprises

Abstract

The main purpose of this research work was to study the rate of industrial development in developing nations, considering a case of Nigerian small and medium scale business enterprises (SMEs) in order to unlock the potentials that are eminent in the manufacturing sector. Hence, in the absence of basic social amenities and infrastructures (good road for easy access to the market, low interest source of financing and so on) which aided the actualization of industrialization amidst other industrial developmental challenges; this study intended to understudy what strategies have been designed by the new Small and Medium scale Enterprises (SME) for survival and how these strategies can be improved with respect to Nigeria. A total of 600 SMEs owners and managers were administered questionnaires to. The analysis of this research work was based on the opinion of the successful 517 respondents. The result obtained from this research suggested that there are no special techniques employed by the SMEs other than the fact that they were able to manage the situation and still ensure business profitability despite the huge economic deficiencies present in the economy. It was recommended that the government should ensure that there is positive atmosphere for business development and growth by providing basic infrastructural facilities that ensures the actualization of this aim.