Globalization, Competition and Survival of Small and Medium Sized Enterprises in the Nigerian Business Environment

Abstract

The purpose for this study was to contribute to the burgeoning literature on globalization and highlight its competitive impact of SMEs in the Nigerian business environment. Consequently, it addressed three questions: “Does globalization create or accentuate competition?”; “What is the impact, if any, on SMEs in Nigeria?” and “what efforts have been made to cope with the competitive onslaught of globalization?” It was found that capitalist globalization has been accompanied with hyper-competition within a collapsed relational space; competitive advantage by multinational enterprises and centres of capitalism are sought and sustained through technological imbalances and use of unfair competitive practices; and that the Nigerian business environment does not provide enabling circumstances to nurture local competitive response (strategy). Policy directions were suggested to combat these negative impacts. Finally directions were suggested for future research.