Human Capital Development and Small-Medium Scale Enterprises Growth: A Critical Appraisal of Empirical Studies


  • Folake Olubunmi Lanre-Babalola Osun State University, Osogbo
  • Olufemi Aina Ajose Lagos State University
  • Nancy Izegbuwa Tongo Bells University of Technology
  • Olufemi Samuel Omoyele Osun State University
  • Timothy Ayomitunde Aderemi Bells University of Technology, Ota


Human Capital Development; SMEs; Growth


Human capital is one of the most strategic input for the expansion of the organization`s growth. In view of this, the study critically appraised the submission of various scholars regarding the contributions of human capital development to SMEs growth over the time. Consequently, studies regarding the nexus between human capital development and SMEs growth are ongoing currently. Based on the perspectives of various studies it could be submitted that the majority of these studies are in support of the argument that human capital development has advanced the growth of SMEs significantly in the recent times. The growth of SMEs have been in terms of the production of novel goods, productivity, better profit margins, profitability, output significance and capital base. Therefore, this study recommends that the policymakers, the SMEs owners, shareholders and strategic managers should place maximum priority to development of their human resources whenever they have a plan to expand the growth of their organization.

Author Biographies

Folake Olubunmi Lanre-Babalola, Osun State University, Osogbo

Department of Sociology and Criminology

Olufemi Aina Ajose, Lagos State University

Department of Marketing

Nancy Izegbuwa Tongo, Bells University of Technology

Department of Business Administration

Olufemi Samuel Omoyele, Osun State University

Department of Entrepreneurial Studies


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How to Cite

Lanre-Babalola, F. O., Ajose, O. A., Tongo, N. I., Omoyele, O. S., & Aderemi, T. A. (2023). Human Capital Development and Small-Medium Scale Enterprises Growth: A Critical Appraisal of Empirical Studies . EuroEconomica, 42(1), 183–190. Retrieved from




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