SMEs: Role of retail banks in development, sustainability and growth

18


IN developing countries and emerging markets like Nigeria, small and medium scale enterprises (SMEs) wield a significant impact on economic growth and development. In Nigeria, where unemployment statistics are at an all-time high, these small businesses continue to rescue the economy and the citizens with gainful employment, money generation and provision of marketable goods and services. According to a recent report by the Nigeria Bureau of Statistics, SMEs in Nigeria have contributed about 48 per cent of the national GDP in the last five years. With 17.4 million, they account for 84 per cent of employment and nearly 90 per cent of the manufacturing sector regarding the number of…



Source: Nigerian Tribune