Journal for Studies in Management and Planning Available at http://internationaljournalofresearch.org/index.php/JSMaP e-ISSN: 2395-0463 Volume 01 Issue 07 August 2015 Available online: http://internationaljournalofresearch.org/ Page | 11 The Growth of Small and Medium Scale Enterprises in Nigeria: The Impact of Central Bank and Other Institutions Apanisile Olumuyiwa Tolulope 1 and Ajayi Adeola 2 Department of Economics, Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria 2. Email: ajayifunso4christ@gmail.com Abstract Small and Medium Scale Enterprises are the engine of economic growth. They have been accepted worldwide as instruments of economic growth and development. SMEs not only contribute to improved living standard they also bring about substantial local capital formation and achieve high level of productivity and capability. In Nigeria, Central Banks and Other Institutions are the financiers of Small and Medium Scale Enterprises. These institutions have made tremendous efforts towards the realization of sustainable industrial growth of Small and Medium Scale Enterprises in Nigeria. In spite of the contributions of these institutions to facilitate its growth, numerous problems have continued to hinder the optimal performance of the SMEs. This necessitated the study of the impact of Central Bank of Nigeria and Other Institutions to the growth of Small and Medium Enterprises in Nigeria. The paper concluded that Federal Government, Central Bank of Nigeria and Other Institutions should address these endemic problems militating against the optimal development of the sub-sector in order for them to contribute to economic growth and development of the country. Keywords: Central Bank, Development, Economic Growth, Support Institutions, Small and Medium Scale Enterprises Introduction Small and Medium Enterprises occupy a place of pride in virtually every country or state. Because of their (SMEs) significant role in the development and growth of various economics, they (SME) have aptly been referred to as the engine of growth and catalysts for socio-economic transformation of any country (Ihua, 2009). Apulu (2012) opined that SMEs represent a veritable vehicle for the achievement of national economic objectives of employment generation and poverty reduction at low investment cost as well as the development of entrepreneurial capabilities. Since the adoption of economic reform programme in 1986, there has been a decisive shift from capital projects based on import substitutions to Small and Medium Scale Enterprises with immense potential for developing domestic linkages for sustainable industrial development. For over two decades, the Central Bank of Nigeria and Other Institutions has been the major financiers of SMEs. They have also been mobilizing efforts towards the realization of sustainable industrial growth and the creation of mass employment