Today’s competitive business environment requires that for organizations to survive the fierce competition in the business environment, the organization must invest heavily on human resources training and development to stay up-to-date on the best industry business practices across the globe. One such way to improve and increase the available skill sets, knowledge, and capabilities of the employee to meet all the important needs of the organization customers is through training and development. Thus, this study evaluates the impacts of training and development on employee performance using quantitative research methods. To achieve the objectives of the study, the research a quantitative research design was employed, and a questionnaire research instrument was used in collecting relevant data from either owners or managers of 260 Small and Medium Scale Enterprises in Lagos Nigeria. The study concludes that both off-the-job and on-the-job training are effective towards improving employee performance and that training and development not only improves the skill set of the employees but also a source of motivation for the employees.