Promoting Small And Medium Scale Enterprises In Nigeria: A Panacea For Realization Of Financial Systems Strategy (Fss) 2020

Abstract

The Financial System Strategy (FSS) 2020 is a strategic plan geared towards
unveiling the roadmap to economic greatness of Nigeria through a vibrant and robust financial system. This study explained the objective of this lofty plan and the imperativeness of revamping the small and medium scale enterprises subsector which is the most essential element in the growth strategy. A survey of small and medium scale enterprises was done to appraise their contributions toward macro economic objectives realization and their peculiar problems especially those anchored on government policies and programmes. An overview of policies and incentives for promoting the sub-sector by government over the years was equally assessed, upon which policy proposals for creating enabling environment for SMEs operations were proffered which include fiscal incentives and support, infrastructural development, strengthening of rural access to financial
services, enactment of enabling laws in line with modern realities.