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A Review of the Impacts of SMEs as Social Agents of Economic Liberations in Developing Economies

Motilewa, Deborah B. and Ogbari , M. E. and Aka, D. (2015) A Review of the Impacts of SMEs as Social Agents of Economic Liberations in Developing Economies. International Review of Management and Business Research, 4 (3). ISSN 2306-9007

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Abstract

The benefits a .booming SME:~ector can be seenin ihe.creation of a sound i~dustriaiiJt;se for an emerging ·economy . . It ranges from the provision of employment, sources of subsistence, equitable distribution of incomes to its citizens:· to deployment of domestic savings for in:vestments. It also include1 but not limited, to the increase in capital jinancia[ gains, important contribution to Gross Domestic Product (GDP), harnessing of native raw materials, curtailing rural-urban migration and efficient utilization of a nation's resource, as can be seen in the case ofTailt-'an, South Korea, Singapore, etc. These are countries that weri built on a dynamic SlifE sector. Howf!'o.•er, many less developed economies have not been able to folly utilize the many benefits of this sector, perhaps due to ignorance. This review examined the exterit to which these social agents (SMEs) which have liberalized several economies of the developed countries, such as the United States, United Kingdom, Wider Europe and the BRICS countries (Brazil, Russia, India, China and South Africa) is being treated with levity within the developing economies. The study however, focuses on the SMEs operating with.'fJ thf Nigerian state, lt employed in its entirc:y the review ofsccondmy data. And findings revealed a plethora of issues. Of note was the fact that despite t!te benefits of this vibrant sector to the Nigerian economy, the government policies, infrastructures, jinanc.1s amongst others are not favorable for its growth and sustainabitity. The authors recommend that the Nigerian government as well as government of other developing economies must im1esl substantially to the growth. development and sustainability of SMEs through the provision of essential infrastructures, manpower! micro.finance, security and adequate policy framework.

Item Type: Article
Uncontrolled Keywords: Small and Medium Scale Enterprises, Entrepreneurship, Economic development, Nigeria BRICS.
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 17 Dec 2015 14:12
Last Modified: 17 Dec 2015 14:12
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/5722

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