The Challenges of Small and Medium Enterprises Based on Vision 20:2020

Description

– The Challenges of Small and Medium Enterprises Based on Vision 20:2020 –

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Abstract

Nigeria Vision 20:2020 Economic Transformation Blueprint is a long-range plan that aims at launching Nigeria in the league of the top twenty developed economies of the world by the year 2020.

However, the SME sub-sector has been identified by government and development experts as the main engine of economic transformation. This is because the SME’s contribution towards economic growth and development is numerous and multifaceted.

An active SME sub-sector is the principal means by which a society stimulates indigenous entrepreneurship, generates employment, wealth creation, poverty reduction, and promotes the material well-being of its populace. SMEs in Nigeria have been constrained by a number of factors.

Introduction

The vision 20:2020 policy was articulated during the Olusegun Obasanjo administration (1999 – 2007) to make Nigeria one of the twenty largest economies in the world by the year 2020.

At the inception of this policy, it was argued that the Nigerian government had no intention, strategy, and execution capacity to make Nigeria one of the largest economies by 2020.

On assumption of office in May 2009, the  Yar’Adua administration set up the National Council on Vision 20:2020 to develop a blue print for the vision 20: 2020 in collaboration with the National Planning Commission.

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