INFLUENCE OF SOCIAL MEDIA ON SMALL AND MEDIUM SCALE ENTERPRISE IN NIGERIA
Keywords:
Social media, small and medium scale, enterpriseAbstract
Small and medium-scale enterprise account for the vast majority of businesses worldwide, and they are critical to job creation and global economic development. SMEs are perceived as an engine of socio- economic transformation in both developed and developing countries. However, poor marketing strategies, low capital base and high interest on payback loan have become the major challenges facing the development of SMEs particularly in developing countries like Nigeria. Sequel to this, social media have become a major platform for advertising and promoting SMEs. This paper, therefore, discusses the influence of social media on small and medium-scale enterprises. Furthermore, the paper x-rayed the concept of SMEs,described what social media is all about, and emphasized the roles and benefits of social media to SMEs. Interestingly, the findings revealed that, social media is a powerful tool that can be leveraged to boost SMEs.It was concluded that social media plays a pivotal role in enhancing the development and profitability of SMEs, thereby promoting the Gross Domestic Product (GDP) of a nation. It was recommended, among others, that the government and other stakeholders should provide the necessary modalities and establish a level playing field to enable owners of SMEs launch their businesses on various social media platforms for further growth and development, since they are integral to the growth of any economy.References
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