Small and medium business enterprises (SMEs) form the backbone of economy for any nation. Large multinational corporations are necessary for exploiting natural resources and manufacturing and marketing fast moving consumer goods. However, it is the SMEs who play a pivotal role in sustaining the economy through thick and thin.
Misrule compounded by corruption and uncertainty are wrecking chances for development in Nigeria (Iba, Louis; 2009).
The image of Nigeria is one of poverty and anarchy. This is largely due to unemployment and political uncertainty. Except for oil and gas the country is known for little else although natural resources are in abundance.
Population below poverty line is shown as 70%. The country keeps showing results and returning to shambles in turns. Nigeria has not shown consistency in economical reforms although it has made attempts to project oil and other natural resources for potential foreign investments (Doing Business in Nigeria, 2007).
There is inconsistency in the business environment. It has not shown any progress in clearing IMF debts. IMF had instructed stringent measures to revive economy that included reforms in the banking sector (Nigeria Economy 2010).
Well-informed Nigerians rue the years of instability since the 1950s when oil was discovered in Nigeria. However, people are poor and spend more time on earning for their daily necessities. Revenues from oil are spent on balancing for various loans taken for infrastructure.
Talking of infrastructure, the country's aspirations for establishing railway network has not resulted in any concrete action. This has given rise to facilitating transportation by roads. ...