Impact of Crowdfunding Practices on Sales Growth of Selected Small Businesses in Lagos State: Role of Investor Attitude and Government Policy

Akeem Atanda Garuba, John Akinbiyi Oyetade and Babatunde Diekolola Osinupebi
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Akeem Atanda Garuba: Department of Accounting, College of Applied Social Sciences, Lagos State University of Science and Technology, Ikorodu, Lagos State, Nigeria
John Akinbiyi Oyetade: Department of Accounting, College of Applied Social Sciences, Lagos State University of Science and Technology, Ikorodu, Lagos State, Nigeria
Babatunde Diekolola Osinupebi: Department of Accounting, College of Applied Social Sciences, Lagos State University of Science and Technology, Ikorodu, Lagos State, Nigeria

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 1, 5175-5188

Abstract: The main objective of this study was to examine the impact of crowdfunding practices on sales growth of small businesses in Lagos State, Nigeria. The study adopted survey research design. Data were collected using questionnaire administered to 484 small businesses in Lagos State across the five (5) divisions (Ikeja, Ikorodu, Lagos Island, Badagary and Epe) and analysed using descriptive frequencies and regression analysis via SMARTPLS 3.0. The results revealed that DB, EB, ITC, and LB positively and significantly impact on sales growth ((β = 0.594; t-stat = 8.660; p 0.05); (β = -0.062; t-stat = 1.054; p>0.05) however, both impact were insignificant on sales growth of small businesses in Lagos. In view of the findings of the study, the researcher recommended that owners of small businesses should identify and focus on crowdfunding practices that enables it to achieve sales growth by extension guarantees survival of the business. Furthermore, study recommended that investors and fund raisers should be transparent in their engagements and try as much as possible to adhere to rules and regulations by Security and Exchange Commission (SEC) and other agencies to enable getting the needed financial resources that will enhance small business survival.

Date: 2025
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