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SMALL AND MEDIUM SCALE ENTERPRISES AND ECONOMIC GROWTH IN NIGERIAN
Abstract
The study assesses the SMEs contribution to the growth of Nigerian economy. The population of 17.3million SMEs and the value represents the aggregates of all the SMEs in Nigeria. The study used time series data which was collected from CBN statistical bulletin, NBS, and SMEDAN. The study period covered 2006-2017 (. The study used different statistical tools ranging from descriptive statistics, correlation analysis, Unit Root Test and Multiple Regressions. The study found that SMEs contributes insignificantly to the Nigerian economy in terms of SMEs productive output, SMEs sales turnover and an increase in gross domestic product growth rate. The study recommended that SMEs in Nigeria should operate their business by trying to increase their productive output as well as ensuring the increase in sales turnover to see if in the future their efforts will add to an increase in the gross domestic product in Nigeria.
Keywords: Business, Domestic product growth rate, Economic growth, Financing, SMEs