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Impediments of Govt Regulations on Small and Medium Scale Enterprises (PDF)

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Impediments of Government Regulations on Small and Medium Scale Enterprises

ABSTRACT

This special workshop explored the various impediments of government regulations on small and medium scale enterprises. The impediments as listed in this paper include; fiscal and monetary policies, government taxes, political instability and excise duties.

There impediment are effectively discussed in this paper and become pertinent for the growth and profitability of small and medium sale enterprise even in an unstable economic environment.

Based on the finding, it is concluded that fiscal and monetary policies, government taxes, political instability and excise duties are the challenges affecting the growth and profitability of SMEs and adequate attention are not paid to these challenges.

It is recommended among others that the government should enact favourable policies and regulations to bring about favourable business environment that engender the thriving spirit of business enterprises and attract more foreign investment.


TABLE OF CONTENTS

Cover Page      –           –           –           –           –           –           –           –           –           –           i

Certification    –           –           –           –           –           –           –           –           –           –           ii

Table of Contents       –           –           –           –           –           –           –           –           –           iii

Abstract          –           –           –           –           –           –           –           –           –           –           iv

Introduction    –           –           –           –           –           –           –           –           –           –           1

Concept of Small and Medium Scale Enterprises      –           –           –           –           –           2

The Role of Small and Medium Scale Enterprises

In Nigeria Economic Development –  –           –           –           –           –           –           –           4

Concept of Government Regulations –           –           –           –           –           –           –           5

Impediment of Fiscal and Monetary Policies on Small and Medium Scale Enterprises – –    7

Impediment of Political Instability on Small and Medium Scale Enterprise  –  –    –  – –      8

Impediment of Government Taxes on Small and Medium Scale Enterprises –   –      –     –    9

Impediment of Government excise Duties on Small and Medium Scale Enterprises –   –    10

Conclusion      –           –           –           –           –           –           –           –           –           –    –    12

Summary         –           –           –           –           –           –           –           –           –           –    –    12

Recommendation        –           –           –           –           –           –           –           –           –   –     13

References      –           –           –           –           –           –           –           –           –           –   –     14


INTRODUCTION

Small and medium scale enterprises choose different models, styles and types of growth,

but they are still structured and directed by government regulations. Government regulations are regulations imposed by the government to guide business operations .  From time to time, change regulations forcing small and medium scale enterprises to change the way they operate, for  example a rise in corporate tax on business profits.

Entrepreneurship activity in developing countries like Nigeria is primarily based on necessity. Sathe (2006) argued that government regulations and their bureaucratic procedures can hinder small and medium scale enterprises activity such as new business development.

Government can likewise seem to hinder SME firm performance when it introduces regulation which can restrict the autonomy, as well as the entrepreneurial freedom of some variety.

The present government often amend laws in line with its political policies, therefore, SMEs regularly has to be compelled to alterations in the legal framework. These regulations will cause

a substantial impact on the competitiveness, ambitiousness and expediency of SMEs.

Onwukwe and Ifeanacho (2011) stated that red-tape or costs for complying with government regulations are extremely high in Nigeria. Oji (2006) observed that Nigeria has no explicit regulation for the SMEs sector, the closest being the small and medium enterprises development agency which was established in 2003 to facilitate the growth of small and medium enterprises in the country.

Also, it was argued that the poor implementation of government regulations concerning SMEs had resulted in confusion and quandary in business as well as enervates the credence in the government’s capacity to execute conscientiously its programmes (Omoruyi and Okonfua, 2005).


REFERENCES

Aderibigbe K. and Zachariah O (2014) Developing Effective Policy for SMEs Development in    Nigeria, international Journal Of Social Science and Public Policy 5(2):92-102

Ajayi G. O. (2001), Entrepreneurship Development in Nigeria, Ajayi Publishers, Abeokuta, Nigeria

Anyanwu C. M. (2001), Financing and Promoting Small Scale Industries, Concepts, Issues and

 Prospects. Billion Publishers of CBN Vol. 25 NO.3 pp 12-15

Ayozie O. (2005). Small Scale Business and National Development, Conference Paper delivered

 at the CAB. Kaduna [Polytechnic, Management Conference, Kaduna Nigeria

l3asil A. N. (2005), Small and Medium Enterprises (SMEs) in Nigeria: Problems and Prospects,

 PhD Thesis, St. Clement’s University

Crystalynn S. (2017), Excise Taxes: a Guide for Small Businesses, Crystalynn Pens, New York

Dandago K. and Usman Y. (2011), Assessment of Government Industrialization Policies on Promoting the Growth of Small Scale Industries Paper presented at the BEN Africa Conference, Tanzania

Oji K. O. (2006). Transformation of Micro Finance Scheme from Subsistence Living to Small

 Scale Enterprise in igcria. Nairobi.

Okeke M. I and Eme O. I. (2014), Challenges Facing Entrepreneurship in Nigeria, Sinaporean Journal of Business Economics and Management Studies 3(5), 18-34 .

Omuruyi O. 0.. and Okonfua B. A. (2005), Cottage Industries: a Tool for Rural Development and

 Poverty Reduction in Nigeria, Benin Journal ofS.ocial Sciences 13(1)13-26

Onwuchruba U. (2010), Marketing Management ~trategic Planning Approach Services, Lagos

 NigeriaOnwukwe I. and Ifeanacho E. (2011) Impact of Government intervention on the growth of SMEs in Imo State, International Journal of Research in Commerce, Economics 1 (7 November), 1-5 

Opuni A. and Edward A. (2017), Monetary versus Fiscal Policy Effects on SMEs Growth in

 Africa. Evidence from Ghana, University of Ghana Business School

 Rogers B. A. (2003), Funding of SMEs: Sourcing of Funds and Problems Limiting Access,

 ICAN Journal, Nigerian Accountant Vol 35 No. I January/March

Sathe C. (2006), Corporate Entrepreneurship: Top Managers and New Business Creation,

 Cambridge. Cambridge University Press.

Shokan O. (2007), Small Scale Business in Nigeria, Shona Publishers, Lagos Nigeria

Singh B. (2017), How GST will be a Turning Point for SMEs, Economic Times, India

Udofot P. O. and Etim E. O. (2017),  The Effect of Tax Revenue Components from SMEs on the

Economic Growth of Nigeria from 1980-2015, Research Journal of Finance and Accounting Vol 8, No. 20, 2017

CSN Team.

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