Performance of sme firm in nigeria: malaysia experience

Abstract

Malaysia and Nigeria fall within the paradigm of developing countries seeking greater economic competitiveness in a global business environment. Both have developed policy framework and implemented strategic plans for the development of small and medium scale enterprises (SMEs) as an indispensable part of economic growth, employment creation and economic transformation towards evolving into an advanced nation by the year 2020.Malaysia through SME has moved from efficiency-driven to innovation-driven economy through effective mechanisms. While Nigeria SMEs is still facing tremendous challenges and threats in achieving economic transformation, despite the strategic policies, institutional framework sets as a priority by the Nigerian Government in ensuring SMEs performance This paper focuses on how Nigeria can learn from Malaysia experience in enhancing SMEs growth for economic transformation and government support through the blend of technology expertise and entrepreneurial skills. This is essentially a general review paper using a descriptive method for the assessment of the Government’s support to SMEs performance focusing on sources of financing and technological programs that have been put through for economic transformation. Following assessment, Malaysia duplications of SME success can be sought from Nigeria in achieving his economic blueprints of vision 20: 2020. This will be proposed as a guide for policy makers in Nigeria and for the people in helping and encouraging SMEs and youths by creating enabling and conducive environment to execute.