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EFFECT OF MICRO, SMALL, AND MEDIUM ENTERPRISES’ PERFORMANCE ON THE POVERTY LEVEL IN NIGERIA
Abstract: The study examined the effect of Micro, Small, and Medium Enterprises (MSMEs)’ Performance on the Poverty level in Nigeria with a concentration on the Northcentral Nigeria. The mixmethod research strategy was adopted in this study which entails the collection and analysis of both the qualitative and quantitative data. The population of this study includes; all the 5, 757,817 micro, small and medium enterprises in the six states of northcentral Nigeria, out of which a sample size of 384 was selected also the staff of the Bank of Industry in the six states under consideration and the Head office in Lagos. The study employed the use of a twostage cluster sampling technique to compute the sample size, the Cochran sample size formula (1977) was employed. The findings revealed that the MSMEs turnover has a significant and negative effect on the poverty level in Northcentral Nigeria and MSMEs profitability has a negative and significant effect on the poverty level in Northcentral Nigeria. The study concluded that poor availability of funds, limited access to the market, lack of capacity to cope with the latest technological innovations, lack of a winning business model, and banks’ reluctance to grant loan facilities to MSMEs are among the primary reasons impeding the growth of MSMEs and the problems are directly under the control of MSMEs organizations if they possess adequate managerial skills to handle them. The study, therefore, recommended that the government need address and monitor the activities of loan provided by the bank of industry and the bank of the industry should promote and give more loans to MSMEs which will improve their business and in the long run reduces poverty in the region.
Keywords: Profitability, Turnover, MSMEs, Nigeria