FACTORS DETERMINING THE GROWTH OF YOUTH OWNED SMALL AND MEDIUM ENTERPRISES IN NIGERIA: A STUDY OF ABUBAKAR TAFAWA BALEWA UNIVERSITY, BAUCHI
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Abstract
The study was necessary to determine the elements affecting SMEs' growth at Abubakar Tafawa Balewa University, Bauchi in order to improve their chances of growth. The study was directed by four research questions. The factors considered were market access, legal and regulatory environment, capital access, and technological adoption. The primary source of information was a self-administered questionnaire. SMEs operating within Abubakar Tafawa Balewa University in Bauchi, Bauchi State, made up the target population. The population of the study was 150 SMEs registered with Hostel Allocation Committee of the Student Affairs Division of the University, and a sample size of 119 was obtained including 10% non-response or error in filling questionnaires. Simple random sampling was used to administer questionnaires to youth owned SMEs. The study utilized Statistical Package for Social Science to perform multiple regression (SPSS). Inferential statistical techniques were used to interpret and present the data. The findings of the study revealed that, consumer access, legal and regulatory environment, capital access, and technological adoption all have a major impact on technological adoption. Thus, financial and other lending institutions should be aware of the costly and difficult lending conditions that youth-owned SMEs face in the country. They can then discuss the crucial problem of lending rates, namely how to reduce the cost of credit by lowering interest rates. The process of obtaining credit should also be easy and straightforward. To reduce the cost of doing business for SMEs, government should review its taxation scheme, which includes both the federal and state governments. Given their small scale financial strength, youth-owned SMEs should be given consideration.
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References
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