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

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  • Dr Salihu Abubakar

    (Department of Business Administration and Management, Waziri Umaru Federal Polytechnic, Birnin Kebbi, Kebbi State, Nigeria)

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.

Suggested Citation

  • Dr Salihu Abubakar, 2019. "External Environmental Factors and Failure of Small and Medium Enterprises in Lagos Metropolis, Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 3(3), pages 139-144, March.
    • Handle: RePEc:bcp:journl:v:3:y:2019:i:3:p:139-144
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    References listed on IDEAS

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    1. Aderemi Ayinla Alarape, 2007. "Entrepreneurship programs, operational efficiency and growth of small businesses," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 1(3), pages 222-239, August.
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