Journal of Economic, Management, Accounting and Technology (JEMATech)
Vol 7 No 2 (2024): Agustus

Financing of Small and Medium-Scale Enterprises (SMEs) and Economic Growth in Nigeria

Soyemi, Kenny Adedapo (Unknown)
Olowofela, Olusola Enitan (Unknown)
Ariyibi, Mayowa Ebenezer (Unknown)



Article Info

Publish Date
22 Aug 2024

Abstract

The financing of small and medium-scale enterprises (SMEs) is a crucial aspect of economic development in Nigeria. However, SMEs often face significant challenges in accessing finance, hindering their growth and potential contributions to the economy. This study examines the role of deposit money banks in supporting SME financing in Nigeria using Central Bank of Nigeria (CBN) statistical bulletin and National Bureau of Statistics fact book (NBS) covering the period of 1990 – 2022 on yearly basis with E-view. The study found out that bank credit to small and medium scale enterprises, credit to private sector, lending rate, interest rate have positive and significant effect on gross domestic product. This study recommend that bank should enhance financial inclusion, simplify loan application processes, develop risk mitigation mechanisms, strengthen financial literacy and advisory services, foster collaboration in other to provide financing opportunities to small and medium-scale enterprises

Copyrights © 2024






Journal Info

Abbrev

jematech

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Economic, Management, Accounting and Technology (JEMATech) is a scientific journal published by the Faculty of Economics Qur’anic Science University (UNSIQ) Wonosobo, Indonesia since 2018. JEMATech scope is the science of economics, management, accounting and Technology with ISSN ...