By Uboma, Nkiru Uzoma
Nigeria Vision 20:2020 Economic Transformation Blueprint is a long range plan that aims at launching Nigeria in the league of 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 SMEs contribution towards economic growth and development are 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 material well being of its populace. SMEs in Nigeria have been constrained by number of factors. Consequently, this study has its objective to determining the challenges facing the Small and Medium Enterprises and the effects of these challenges in achieving Vision 20:2020. The researcher used the survey research design. Data were collected mainly from primary source. Questionnaires were administered to 70 respondents (the management staff of SMEs in manufacturing sub-sector that are members of MAN). Census was used for the study since the entire population of the management staff of SMEs (70) was small. Data were presented using tables. A non-parametric inferential statistics known as chi-square was used to test the hypotheses. The study showed that, there is a huge gap in infrastructures (power supply, roads networks, good healthcare delivery, ICT), poor access to finance and insufficient commitment to capacity building. It recommended that in pursuit of Vision 20:2020, both government and SMEs have important roles to play such as; intensive commitment should be made now more than ever by all levels of Government towards the provision of adequate basic and technological infrastructures in the area of power supply, roads, healthcare, ICT. SMEs should be committed towards acquiring entrepreneurial skills and staff training.