“…The financial indicators are: sales growth, growth in profits, changes in assets by gross value plant and machinery, return on assets to measure capital efficiency. The non-financial indicators are: growth in market share; product success; increase in number of employees and labour productivity (Gakure, Kimemia, & Waititu, 2014;Hu, Zheng, & Wang, 2011;Kongmanilaa & Takahashib, 2009;Marimuthu, Arokiasamy, & Ismail, 2009;Nwokocha & Madu, 2015;Ongonga & Abeka, 2011;Tuan & Yoshi, 2010). This was used by this paper to probe whether innovations of SMEs contributed to their performance in Nigeria.…”