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SMES FINANCING AND ITS EFFECTS ON NIGERIAN …
European Journal of Business, Economics and Accountancy Vol. 4, No. 4, 2016 ISSN 2056-6018 Progressive Academic Publishing, UK Page 37 smes FINANCING AND ITS EFFECTS ON NIGERIAN ECONOMIC GROWTH Taiwo, PhD, ACIB Department of Banking & Finance, Covenant University, Ota, Ogun State, NIGERIA Falohun, Temitope, O. MSc Banking and Finance & Agwu M. Edwin PhD, MSc, MBA, BSc (Hons), NCE Associate Professor of Strategic Management and Marketing, School of Business, Covenant University, Ogun State, Nigeria AND Adjunct Lecturer and External dissertation supervisor for Global MBA students at Manchester Business School, UNITED KINGDOM BACKGROUND OF THE STUDY Small and Medium Enterprises play key roles in transition and developing countries (OECD, 2002). These firms typically account for more than 90% of all firms outside the white-collar jobs sector, constituting a major source of employment and generates significant domestic and export earnings.
SMEs constitute essential ingredients in the lubrication and development of any economy. SMEs play a major role in economic growth in the OECD area, providing the source for most new jobs. Over 95% of OECD enterprises are SMEs, which account for 60%-70% of employment in most countries (OECD, 2005).
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