Public-Private Synergies in SME Development: The Nigerian Experience

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@article{1712951,
      author = {Tolulope A Shokunbi},
      title = {Public-Private Synergies in SME Development: The Nigerian Experience},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {7},
      number = {12},
      pages = {620-631},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1712951.pdf},
      abstract = {As part of Nigeria?s economic diversification, SMEs play an important role in employment, innovation and GDP. But, there are persistent barriers?failing access to finance, infrastructure deficits, and fragmented policies?that limit their growth potential. In examining the impact that public-private synergies can have on SME growth in Nigeria, I review the link between state interventions and private sector dynamic. Based on the theoretical foundations of public?private partnerships and Institutional Synergy Theory, the study presents a conceptual model for understanding collaborative governance in SME ecosystems. In contrast, a mixed-methods analysis utilizes secondary data obtained from reports of the Central Bank of Nigeria, Bank of Industry, SMEDAN and World Bank reports as well as primary interviews with policymakers and entrepreneurs. The results show that while Nigeria has established many PPP initiatives such as BOI intervention funds, LSETF and NIRSAL credit guarantees, their impact has little to do with any of them because of coordination failures, regulatory absence, and data fragmentation. But, existing opportunities for hybrid institutional collaboration include fintech-led SME financing, digital incubation networks, and state-level innovation clusters. As part of their policy approach, this research suggests a Policy Framework for Sustainable SME Synergies that emphasizes institutional coherence, accountability, performance-based partnerships. As it concludes, effective SME development in Nigeria entails moving away from isolated interventions to integrated public-private ecosystems that promote resilience, innovation and inclusive growth.},
      month = {June},
      doi = {https://doi.org/10.64388/IREV7I12-1712951}
  }