Services of Small and Medium Enterprises Development Agency of Nigeria ( Smedan ) and Small Business Survival In Ogun State , Nigeria

Abstract

Against a background of serious unemployment and dwindling fortunes of small and medium scale businesses all over Nigeria, the study has a main objective of evaluating the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in her support role to cooperative-financed small and medium scale enterprises in Ogun State, Nigeria. The study, designed as a survey, utilized a two-pronged approach in sourcing primary data through the use of questionnaires. Out of the 140 questionnaires administered, 135 were returned representing 96.4% response rate. 27 respondents were officials of Ogun State Cooperative Federation Limited (OGSCOFED), while the remaining 108 were cooperative members who are owners of small businesses in the State. With a Cronbach α coefficient of 0.902, the internal consistency and reliability of the questionnaire was confirmed while the data were analyzed using inferential and descriptive statistics such as simple percentages, rating indices, and the Students t distribution. The study revealed that the services of SMEDAN did not significantly enhance the survival of cooperative-financed small businesses in Ogun State within the study period of 2005-2010. Among the study's recommendations are that the Federal Government of Nigeria should encourage the small and medium enterprise sector which is the nerve centre of most nations' industrial sector. Expectedly, this would serve to encourage and engage the army of the nation's fresh university graduates and subsequently reduce unemployment.

The Mediating Impact of the Small and Medium Enterprises Development Agency of Nigeria on the Relationship Between the Critical Success Factors and SMEs' Success

“…A study of the impact of SMEDAN on the survival of SMEs in Nigeria revealed that the agency did not improve the survival of cooperative-financed SMEs from 2005-2010 (Oduyoye et al, 2013). A similar study found that SMEDAN did not link SMEs with cheaper finance (Oduyoye et al, 2013B).…”

“…Owners/managers of SMEs must understand the influence of adopting technology on success. Therefore, the researcher hypothesizes that, Even though there are studies that suggest SMEDAN did not improve SMEs' performances (Oduyoye et al, 2013), there is evidence that SMEDAN mediates in improving the performance and success of SMEs (Akpoviroro et al, 2019;Ilori, 2017;Nadada, 2013;Nwekeaku and Ossai, 2019;Peter et al, 2018). Since the SMEDAN initiative is a government support agency, its programs must be appreciated by owners/managers of SMEs to accomplish their mandate.…”

Construction Micro, Small, and Medium Enterprises (CMSMEs) Innovations

“…Be that as it may, half of CMSMEs in Nigeria are wiped out within their initial five years of presence, thusly, just about 10% of Nigerian CMSMEs endure, flourish, and develop to successful growth. Ventures collapsing within so short a period conjecture a tremendous issue encompassing innovation (Oduyoye et al, 2013). A review consequence further shows that over 70% of CMSMEs are not inventive.…”

Manufacturing micro, small and medium enterprises and gross domestic product in Nigeria

“…Although growth persisted notwithstanding at a slower pace (UNIDO, 2002). The downturn caused by the fall in oil prices in in the international market during the early 1980's prompted policy attention to the manufacturing sector, with major emphasis on steel production (Okonkwo and Abidike, 2016; Oduyoye, Adebola, and Binuyo, 2013) [15,16] . However, the Nigerian Enterprises Promotion Decrees of 1972 and 1977 had converted the bulk enterprise ownership from foreign to Nigerian, restricting foreign capital inflows.…”

“…Beside price manipulation through export and import subsidies reinvigorated the importation of intermediary inputs and thus the expansion of assembly based industry. A momentary spike in manufacturing output was witnessed in the early 1980's so that it contributed to 7.83% of total economic output (Oduyoye et al 2013) [15] . However, the price manipulation discouraged domestic manufacture of inputs, as well as the investment in the infrastructure and human capital required to do so in the future and this share soon began to decline.…”