Small And Medium Scale Industrial Development In Nigeria Case Study
AU J.T. 13(3): 186-192 (Jan. 2010)
Table 1. Contributions of SMEs in Selected Asian Economies (in percentages) Industrial characteristics Contribution to total number of industrial establishment Contribution to total industrial employment Contribution to total industrial production Contribution to total industrial value addition
Source: CACCI (1994).
Malaysia (1985) 92.1 49.4 46.7 30
Singapore (1990) …show more content…
As laudable as these programs were, quite a few were able to have reasonable impacts on the development of SMEs. One of the newest initiatives is the Small and Medium Industries Equity Investment Scheme (SMIEIS). This was initiated by the Central Bank of Nigeria as a means of providing longterm finances and professional guidance through participating Nigerian banks that commits 10 percent of their annual pre-tax profits to equity investment in the SMEs. Small- and Medium-Scale Enterprises in Ondo State The statistics division of the Ministry of Finance and Economic Planning in Akure, Ondo State, provided the data used in preparing the graphical representation of the number of non-formal sectorial establishments in the old Ondo State, which is a combination of the present Ondo and Ekitti State, between 1993 and 1996. Fig. 1 showed that the highest number of 2080 was recorded in 1995 and the least was 1805 in 1993. Meanwhile, it is usual for the SMEs to claim up to 99% of the total number of these establishments in the nonformal sector of the state. Records from the Ministry of Finance and Economic Planning (Anon. 1995) also showed that in 1995 the old Ondo State (which is a combination of the present Ondo and Ekitti State) had about 3.2% of all the SMEs in the Federation (Anon.