Skip to main content

Financial and Non-financial Performance of Small Businesses in Nigeria: An Empirical Evidence of the Role of Environmental Factors | Chapter 8 | Current Perspective to Economics and Management Vol. 1

The role small businesses play in the economy of countries are very germane. They enhance the growth and development of nations through massive job creation, contribution to the Gross Domestic Product (GDP) and consequently reducing poverty and crime rates. Despite their importance, small businesses all over the world especially developing countries face diverse challenges that affect their performance. The objective of this study is to investigate the environmental factors that impact the financial and non-financial performance of small businesses. A survey method was used to gather data from two hundred and four small business owners and managers located in selected cities in Nigeria. Descriptive statistics and correlation analysis were conducted to identify the relationship between internal and external environmental factors and the performance of small  businesses in Nigeria. The results of the study reveal that inadequate finance, inadequate infrastructure and poor managerial skills have significant and negative relationship with small businesses' performance. Meanwhile, inadequate finance is the most significant factor while, inadequate infrastructure is the least significant factor.

This study emphasizes the need for favourable government policies to support small scale businesses in easy access to finance and training. Small business owners are advised to regularly attend workshops, training and seminars for skills update. Government is also implored to fix dilapidated infrastructure in the country. In the case of this study revealed, inadequate infrastructure least affects MSEs performance. This appears to be the availability of substitutes for many infrastructural deficits. For example, there is no stable electricity in Nigeria, but most MSEs can afford at least a small generator popularly called "I pass my neighbour" to power their businesses. Also it is scarce to get pipe borne water, but many alternative exists e.g. bottled water, sachet water, buying water in large quantity from private borehole water suppliers or fetching from wells.

Author(s) Details

Olakunle Jayeola
Department of Business Administration, Faculty of Social and Management Sciences, Adekunle Ajasin University, Akungba Akoko, Ondo State, Nigeria.

Akintan Akinyemi Akindele
Department of Business Administration, Rufus Giwa Polytechnic, PMB 1019, Owo , Ondo State, Nigeria.

Akinnigbagbe, Victor Makinde
Department of Social sciences. Rufus Giwa Polytechnic, PMB 1019, Owo, Ondo State, Nigeria.


Popular posts from this blog

Consensus Summit: Lipids and Cardiovascular Health in the Nigerian Population | Chapter 09 | Current Trends in Food Science Vol. 1

Aims: To issue a consensus statement on Lipids and Cardiovascular Health and the impact of their interrelationship in Nigerian Population. Study Design: Experts from a range of relevant disciplines, deliberated on different aspects of Lipids and Cardiovascular Health in the Nigerian Population at a Summit. Place and Duration of Study: The Summit was held in April 2016 at the Nigerian Institute of Medical Research. Methodology: Presentations were made on central themes after which expert participants split into four different groups to consider the questions relevant to different sub themes of the title. Consensus was arrived at, from presentations of groups at plenary. Conclusion: With the increase in the prevalence of NCDs, especially Cardiovascular Disease in Nigeria, and the documented evidence of deleterious effects of lipids, the expert panel called for an urgent need to advocate for the general public and health professionals to make heart-friendly

A Review on Gongronema latifolium, an Extremely Useful Plant with Great Prospects | Chapter 11 | Recent Advances in Biological Research Vol. 3

Gongronema latifolium is a plant that has a wide range of nutritional and ethnomedical uses in different tropical African communities. Scientific reports on the chemical composition and bioactivity (anti-inflammatory, antimicrobial, antidiabetic, antioxidant, anticancer and allelopathic properties) of the plant material by different authors are discussed in this review. Future prospects of the plant extracts in the areas of herbal formulations, food preservation, alcoholic fermentation and beer production, drug discovery and allelopathy are also highlighted. Author   Details: Olugbenga Morebise Faculty of Basic Medical Sciences, All Saints University School of Medicine, Roseau, Commonwealth of Dominica. Read full article: View Volume:

An Overview of Ultrasonic Technology and Its Applications in Food Processing, Preservation and Quality Control | Chapter 03 | Current Research in Science and Technology Vol. 3

Ultrasound is one of the emerging technologies that were developed to minimize processing, maximize quality and ensure the safety of food products. In recent years, ultrasound technology has been used as an alternative processing option to conventional thermal approaches. Although Ultrasonication methods have been used for years in research and diagnostics, major advances have been made in the last decade. The applications for which high power ultrasound can be used range from existing processes that are enhanced by the retrofitting of high power ultrasonic technology, to the development of processes up to now not possible with conventional energy sources. The present paper reviews the generation, principle mechanism, properties, process parameters, applications, merits and demerits and future trends of the ultrasound technology in the food processing. Author(s) Details Er. Bogala Madhu Department of Processing and Food Engineering, College of Technology and Engineering, MP