The aim of this research is to investigate the impediments to Small and Medium Enterprises Development (SMEs) in Nigeria. This study adopted a survey research instrument through administration of questionnaire to samples of SMEs studied. Multiple Regression analysis was used to analyze data. Four objectives were raised and four hypotheses were formulated and tested. Based on the result of the four hypotheses, it was found that skill acquisition, exchange and interest rates have significant and

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... ositive relationship with SMEs development. Government policies have significant and negative relationship with SMEs development. It is concluded that absence of skill acquisition, high exchange and interest rates impede SMEs development and that obnoxious and inconsistent government policies also impede SMEs development. The study recommended that government should provide the necessary infrastructure and economic climate to enable SMEs thrive, and that inconsistent policies of government such as multiple taxation by the three tiers of government should be discouraged.