External Environmental Factors and Failure of Small and Medium Enterprises in Lagos Metropolis, Nigeria

Dr Salihu Abubakar
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Dr Salihu Abubakar: Department of Business Administration and Management, Waziri Umaru Federal Polytechnic, Birnin Kebbi, Kebbi State, Nigeria

International Journal of Research and Innovation in Social Science, 2019, vol. 3, issue 3, 139-144

Abstract: This study examines the relationship between external environmental factors and failure of SMEs in Lagos metropolis, using samples of failed SMEs in Lagos metropolis. Questionnaire was used to collect primary data from the sampled failed SMEs using snow ball method. The data was analyzed using both descriptive and inferential statistics. The outcome reveals that external environmental factors have significant impact on the failure of SMEs in Lagos metropolis, and financial inadequacy (FI) is the major contributing factor to the failure of SMEs in the Lagos metropolis; followed by market competition (MC), market demographics (MD), and inadequate infrastructure (II). In order to reduce SMEs failure and achieve significant positive contribution of SMEs sub-sector to the economic development of the state, the study recommends that government and relevant stakeholders should create an enabling business environment with financial support to SMEs, fair competition, sound market places and adequate infrastructures.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:3:y:2019:i:3:p:139-144

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