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| Impact of Small Medium Scale Business on Economic Growth of Nigeria
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OLATEJU Idowu Adegboyega and IBIKUNLE, Oladipo Ibidokun
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Abstract:
This study examined the impact of Small Medium Scale business on economic growth in Nigeria using secondary data of annual time series for a period of Twenty One (21) years (2000-2020). The data was collected from the World Bank Database and Central Bank of Nigeria Statistical Bulletin 2020 and National Survey of Micro Small and Medium Enterprises (MSMEs) 2020 conducted by the Small & Medium Enterprise Development Agency of Nigeria (SMEDAN). The study made use of an Expo Factor Research Design. The result of the correlation shows a positive significant between Aggregate SME and GDP ( r = .445, p<.05). The result of the hypothesis showed that Aggregate SME and Capitalization of SME jointly significantly influenced GDP [(R2 = .305; F (2,20) = 3.943; p < .05)] accounting for about 30.5% of the variance observable in GDP. Furthermore, the coefficients of multiple determination for the model shows that the independent contribution of Aggregate SME was significant ((? = .806; t = 2.752; p< .000), while the independent contribution of Capitalization of SME was not statistically significant. It was recommended that the federal government should put more effort to see that banks created for the resuscitation of the SME sector are always active as expected in order to produce the needed result and contribute positively to the growth of the economy.
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