Small And Medium Scale Enterprises Are Veritable Tool For Economic Growth And Development Impact On The Economy

BACKGROUND OF THE STUDY The small and medium scale enterprises (SMEs) have been generally acknowledged as the bedrock of the industrial development of any country. Apart from the numerous goods and services, they provide a veritable means of large scale employment as they are usually labour intensive. (Yerima et al 2007). In developing countries, Nigeria have since the 1970‟s shown increased interest in the financing and promoting small and medium scale enterprises from three main reasons. According to Owuallah, (19999:9), these reasons are: i. Transformation of traditional or indigenous indus…