An Evaluation of the Impact of Small and Medium Enterprises (SMES) Development on Economic Growth in Nigeria (Published)
This study evaluated the impact of small and medium enterprises development on economic growth in Nigeria. The study used aggregate asset base and aggregate capitalization of SMEs as the independent variables, while gross domestic product (proxy for economic growth) was adopted as the dependent variable. Secondary time series data were collected from the Central Bank of Nigeria Statistical Bulletin 2018, National Bureau of Statistics 2018, and National Survey of Micro Small and Medium Enterprises (MSMEs) 2013 & 2017 conducted by the Small & Medium Enterprise Development Agency of Nigeria (SMEDAN) for the period 2000 to 2018. Descriptive statistics and multiple regression analysis based on the OLS technique (with the aid of SPSS version 19) were employed as methods for data analysis. The findings show that the aggregate asset base and aggregate capitalization of SMEs have little or no significant effect on the GDP. It was also discovered that there exists a long-run relationship among the variables even though the overall regression model was not statistically significant at 5%. It was recommended amongst others that more efforts should be put in place by Government to gather enough information on SMEs through the responsible. The Federal and /State Ministries of Industry in collaboration with SMEDAN should work out strategies for reporting the operations of SMEs in Nigeria, highlighting the asset base and aggregate capitalization of the sector and put in places policies to resuscitate the sector.
Keywords: Capitalization, Small and Medium Enterprises, asset base, economic growth
Venture Capitalization and Wealth Allocation: The Experience of Piggery Entrepreneurs in Abia State, Nigeria (Published)
This research work analysed venture capitalization and wealth allocation, the experience of piggery entrepreneurs in Abia State, Nigeria. The specific objectives analysed included the examination of the socio-economic characteristics of piggery entrepreneurs; source of venture capital, analyses of entrepreneur’s wealth status, estimation of the factors affecting wealth allocation, analysis of the determinants of venture capital and also, to ascertain the relationship between wealth allocation and venture capitalization of piggery entrepreneurs. Data collections were carried out through a simple random sampling technique and forty (40) piggery operators were chosen from the sample frame. The means of information sourcing was via well-structured questionnaire and oral interview. The analytical techniques were achieved via descriptive statistics, correlation modelling and multiple regression. The result obtained showed that majority of the piggery entrepreneurs were young, married and had household size ranging from 6-10 person with business experience of 11-20 years. Source of venture capital was mainly formal source. Firm size, access to credit value of stock and amount of equity shares were significant factors affecting wealth allocation. The major determinants of venture capitalization included personal savings, value of assets and availability of financial institution issuing the venture capital. There was a strong positive relationship between wealth allocation and venture capitalization. Entrepreneurs wealth status is high relevant in venture capitalization. Thus, it is recommended that piggery entrepreneurs should give attention to attention to building up adequate personal savings, enhance stock value and a strengthened linkage with capable financial institutions, with the essence that these would imbue better wealth allocation and venture capitalization capacity.
Keywords: Allocation, Capitalization, Entrepreneurs, Piggery, Venture, Wealth