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This study examined the trend of lending to SMEs in Nigeria and the impact of lending to
SMEs on economic growth in Nigeria over the period 1992 to 2011 using ordinary least
squares methodology. The results indicate that lending to SMEs increases the rate of
economic growth in Nigeria. Unfortunately, the trend analysis indicates that lending to the
SMEs sector in Nigeria had been on the decline since 1992. Accordingly, the study
recommends that various credit schemes targeted at SMEs in Nigeria should be re-
energized, coordinated and monitored so that they can effectively impact on the growth and
development of the economy. Also, basic infrastructure, such as adequate power supply
and passable roads, and satisfactory security of lives/property should be provided for SMEs
to thrive in Nigeria.
