Quite a lot has been said by various entities of the importance of SMEs in the economy. SMEs are known to lead innovations as well as employment generation and they play a major real in adding to be vitality, debt and growth of the economy.
In as much they help strengthen the economy, there is still need for assenting action which is to be taken to help them flourish and grow. Government institutions are expected to address the needs of SMEs through policies.
This is one of the government’s strategic plans; to diversify the economy from oil dependence and a separate Ministry of SME is also put into consideration.
It is also said that this sector is only likely to grow if and only if the right environment is created. Which means ease of doing business, infrastructure, costs, finance and knowledge.
One of the major problems is the admittance to finance.