A Multivariate Analysis of Variance Approach to Business Success Factors of SMEs in Nigeria

Olamide Ebenezer G and F.T. Daisi
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Olamide Ebenezer G: Department of Banking and Finance, Osun State Polytechnic, Iree, Osun State, Nigeria
F.T. Daisi: Department of Banking and Finance, Osun State Polytechnic, Iree, Osun State, Nigeria

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 14, 161-173

Abstract: This study examined the success factors affecting the activities of SMEs in Nigeria, using the Multivariate Analysis of Variance (MANOVA) approach. The outcome variable of the study is business factors with marketing strategy, business plan, financial resources, and skill acquisition as the explanatory variables. With the exception of business plan with mixed response, all the variables suggest positive effects on SMEs activities in Nigeria. It was suggested that governments at all levels should continue to give priority attention to these variables in policy formulation. This is to sustain the positive contributions of SMEs to the developmental aspirations of the governments, especially in the areas of job creation and poverty reduction.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:9:y:2025:i:14:p:161-173

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