Analyses of Major Business Constraints in Nigeria

Umaru Musa; Olutope Olufunso Adetoba; Ndagwakwa David Wazamari; Daniel Oluwaseun Mimiko; Yakubu Musa; Amechi Henry Igweze; Uyu Eyo Ita

doi:doi:10.11648/j.ebm.20210706.13

Analyses of Major Business Constraints in Nigeria

Umaru Musa, Olutope Olufunso Adetoba, Ndagwakwa David Wazamari, Daniel Oluwaseun Mimiko, Yakubu Musa, Amechi Henry Igweze, Uyu Eyo Ita

Published in European Business & Management (Volume 7, Issue 6)

Received: 18 July 2021 Accepted: 29 July 2021 Published: 23 November 2021

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Abstract

The giant stride of the Central Bank of Nigeria in development financing is receiving serious commendation locally and internationally. However, the need to identify major target areas of intervention remains major research concerns in terms of constraints and challenges of businesses in Nigeria. This study therefore was aimed at identifying major business constraints in Nigeria. The stratified random sample of 1070 small, medium and large manufacturing and non-manufacturing firms in all 36 states in Nigeria and the Federal Capital Territory (FCT) was used for the study. The study found that lack of technical know-how constitutes about 37.4% of business constraints in Nigeria, followed by unfavorable business climate contributing about 12.3% and access to finance constituting about 6.5%. Based on these findings, the study recommends more intervention in the area of technical know-how in terms of material input, equipment and labour related concerns. Improving policies as well as political system in the country will further improve business survival in Nigeria. Further studies may be required to determine other business constraints bedeviling Nigerian businesses that were not captured in this study.

Published in	European Business & Management (Volume 7, Issue 6)
DOI	10.11648/j.ebm.20210706.13
Page(s)	176-183
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Business Fluctuations, Economic Growth, Business Equipment, Business Condition

References

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Umaru Musa, Olutope Olufunso Adetoba, Ndagwakwa David Wazamari, Daniel Oluwaseun Mimiko, Yakubu Musa, et al. (2021). Analyses of Major Business Constraints in Nigeria. European Business & Management, 7(6), 176-183. https://doi.org/10.11648/j.ebm.20210706.13

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ACS Style

Umaru Musa; Olutope Olufunso Adetoba; Ndagwakwa David Wazamari; Daniel Oluwaseun Mimiko; Yakubu Musa, et al. Analyses of Major Business Constraints in Nigeria. Eur. Bus. Manag. 2021, 7(6), 176-183. doi: 10.11648/j.ebm.20210706.13

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AMA Style

Umaru Musa, Olutope Olufunso Adetoba, Ndagwakwa David Wazamari, Daniel Oluwaseun Mimiko, Yakubu Musa, et al. Analyses of Major Business Constraints in Nigeria. Eur Bus Manag. 2021;7(6):176-183. doi: 10.11648/j.ebm.20210706.13

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@article{10.11648/j.ebm.20210706.13,
  author = {Umaru Musa and Olutope Olufunso Adetoba and Ndagwakwa David Wazamari and Daniel Oluwaseun Mimiko and Yakubu Musa and Amechi Henry Igweze and Uyu Eyo Ita},
  title = {Analyses of Major Business Constraints in Nigeria},
  journal = {European Business & Management},
  volume = {7},
  number = {6},
  pages = {176-183},
  doi = {10.11648/j.ebm.20210706.13},
  url = {https://doi.org/10.11648/j.ebm.20210706.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20210706.13},
  abstract = {The giant stride of the Central Bank of Nigeria in development financing is receiving serious commendation locally and internationally. However, the need to identify major target areas of intervention remains major research concerns in terms of constraints and challenges of businesses in Nigeria. This study therefore was aimed at identifying major business constraints in Nigeria. The stratified random sample of 1070 small, medium and large manufacturing and non-manufacturing firms in all 36 states in Nigeria and the Federal Capital Territory (FCT) was used for the study. The study found that lack of technical know-how constitutes about 37.4% of business constraints in Nigeria, followed by unfavorable business climate contributing about 12.3% and access to finance constituting about 6.5%. Based on these findings, the study recommends more intervention in the area of technical know-how in terms of material input, equipment and labour related concerns. Improving policies as well as political system in the country will further improve business survival in Nigeria. Further studies may be required to determine other business constraints bedeviling Nigerian businesses that were not captured in this study.},
 year = {2021}
}

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TY  - JOUR
T1  - Analyses of Major Business Constraints in Nigeria
AU  - Umaru Musa
AU  - Olutope Olufunso Adetoba
AU  - Ndagwakwa David Wazamari
AU  - Daniel Oluwaseun Mimiko
AU  - Yakubu Musa
AU  - Amechi Henry Igweze
AU  - Uyu Eyo Ita
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ebm.20210706.13
DO  - 10.11648/j.ebm.20210706.13
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 176
EP  - 183
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20210706.13
AB  - The giant stride of the Central Bank of Nigeria in development financing is receiving serious commendation locally and internationally. However, the need to identify major target areas of intervention remains major research concerns in terms of constraints and challenges of businesses in Nigeria. This study therefore was aimed at identifying major business constraints in Nigeria. The stratified random sample of 1070 small, medium and large manufacturing and non-manufacturing firms in all 36 states in Nigeria and the Federal Capital Territory (FCT) was used for the study. The study found that lack of technical know-how constitutes about 37.4% of business constraints in Nigeria, followed by unfavorable business climate contributing about 12.3% and access to finance constituting about 6.5%. Based on these findings, the study recommends more intervention in the area of technical know-how in terms of material input, equipment and labour related concerns. Improving policies as well as political system in the country will further improve business survival in Nigeria. Further studies may be required to determine other business constraints bedeviling Nigerian businesses that were not captured in this study.
VL  - 7
IS  - 6
ER  -

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Author Information

Umaru Musa

Central Bank of Nigeria, Abuja, NigeriaCentral Bank of Nigeria, Abuja, Nigeria
Olutope Olufunso Adetoba

Central Bank of Nigeria, Abuja, Nigeria
Ndagwakwa David Wazamari

Central Bank of Nigeria, Abuja, Nigeria
Daniel Oluwaseun Mimiko

Central Bank of Nigeria, Abuja, Nigeria
Yakubu Musa

Central Bank of Nigeria, Abuja, Nigeria
Amechi Henry Igweze

Central Bank of Nigeria, Abuja, Nigeria
Uyu Eyo Ita

Central Bank of Nigeria, Abuja, Nigeria

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APA Style

Umaru Musa, Olutope Olufunso Adetoba, Ndagwakwa David Wazamari, Daniel Oluwaseun Mimiko, Yakubu Musa, et al. (2021). Analyses of Major Business Constraints in Nigeria. European Business & Management, 7(6), 176-183. https://doi.org/10.11648/j.ebm.20210706.13

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ACS Style

Umaru Musa; Olutope Olufunso Adetoba; Ndagwakwa David Wazamari; Daniel Oluwaseun Mimiko; Yakubu Musa, et al. Analyses of Major Business Constraints in Nigeria. Eur. Bus. Manag. 2021, 7(6), 176-183. doi: 10.11648/j.ebm.20210706.13

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AMA Style

Umaru Musa, Olutope Olufunso Adetoba, Ndagwakwa David Wazamari, Daniel Oluwaseun Mimiko, Yakubu Musa, et al. Analyses of Major Business Constraints in Nigeria. Eur Bus Manag. 2021;7(6):176-183. doi: 10.11648/j.ebm.20210706.13

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@article{10.11648/j.ebm.20210706.13,
  author = {Umaru Musa and Olutope Olufunso Adetoba and Ndagwakwa David Wazamari and Daniel Oluwaseun Mimiko and Yakubu Musa and Amechi Henry Igweze and Uyu Eyo Ita},
  title = {Analyses of Major Business Constraints in Nigeria},
  journal = {European Business & Management},
  volume = {7},
  number = {6},
  pages = {176-183},
  doi = {10.11648/j.ebm.20210706.13},
  url = {https://doi.org/10.11648/j.ebm.20210706.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20210706.13},
  abstract = {The giant stride of the Central Bank of Nigeria in development financing is receiving serious commendation locally and internationally. However, the need to identify major target areas of intervention remains major research concerns in terms of constraints and challenges of businesses in Nigeria. This study therefore was aimed at identifying major business constraints in Nigeria. The stratified random sample of 1070 small, medium and large manufacturing and non-manufacturing firms in all 36 states in Nigeria and the Federal Capital Territory (FCT) was used for the study. The study found that lack of technical know-how constitutes about 37.4% of business constraints in Nigeria, followed by unfavorable business climate contributing about 12.3% and access to finance constituting about 6.5%. Based on these findings, the study recommends more intervention in the area of technical know-how in terms of material input, equipment and labour related concerns. Improving policies as well as political system in the country will further improve business survival in Nigeria. Further studies may be required to determine other business constraints bedeviling Nigerian businesses that were not captured in this study.},
 year = {2021}
}

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TY  - JOUR
T1  - Analyses of Major Business Constraints in Nigeria
AU  - Umaru Musa
AU  - Olutope Olufunso Adetoba
AU  - Ndagwakwa David Wazamari
AU  - Daniel Oluwaseun Mimiko
AU  - Yakubu Musa
AU  - Amechi Henry Igweze
AU  - Uyu Eyo Ita
Y1  - 2021/11/23
PY  - 2021
N1  - https://doi.org/10.11648/j.ebm.20210706.13
DO  - 10.11648/j.ebm.20210706.13
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 176
EP  - 183
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20210706.13
AB  - The giant stride of the Central Bank of Nigeria in development financing is receiving serious commendation locally and internationally. However, the need to identify major target areas of intervention remains major research concerns in terms of constraints and challenges of businesses in Nigeria. This study therefore was aimed at identifying major business constraints in Nigeria. The stratified random sample of 1070 small, medium and large manufacturing and non-manufacturing firms in all 36 states in Nigeria and the Federal Capital Territory (FCT) was used for the study. The study found that lack of technical know-how constitutes about 37.4% of business constraints in Nigeria, followed by unfavorable business climate contributing about 12.3% and access to finance constituting about 6.5%. Based on these findings, the study recommends more intervention in the area of technical know-how in terms of material input, equipment and labour related concerns. Improving policies as well as political system in the country will further improve business survival in Nigeria. Further studies may be required to determine other business constraints bedeviling Nigerian businesses that were not captured in this study.
VL  - 7
IS  - 6
ER  -

Copy | Download