ABSTRACT
This study examines SME financing in Lagos, Nigeria, with a specific focus on the perspectives of 45 respondents from the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) Lagos Zonal Office. The research seeks to comprehend the accessibility, effectiveness, and challenges of different financing sources for SMEs in the region. The study examines the demographic characteristics of a cohort aged between 25 and 44 years, revealing a predominantly educated and self-employed group. The presence of demographic diversity in this study highlights its ability to capture a wide range of perspectives on financing for small and medium-sized enterprises (SMEs). The findings emphasise a diverse range of funding sources. Respondents highly value and find government grants and loans to be effective, while traditional avenues such as bank loans and microfinance institutions are accessible to varying degrees. The importance of government support in complementing traditional financing options for small and medium-sized enterprises (SMEs) in Lagos is highlighted. The ratings of financing sources indicate nuanced perceptions of their effectiveness. The perception of government interventions is generally positive, whereas traditional financial institutions struggle to consistently meet the expectations of small and medium-sized enterprises (SMEs). The utilisation and perceived effectiveness of emerging sources such as venture capital and crowdfunding show promise but also reveal areas for improvement. The respondents have identified significant barriers in accessing finance, such as high collateral requirements, high-interest rates, and limited financial literacy. The complex application procedures and limited awareness of financing options pose additional barriers for SMEs seeking capital for growth and sustainability. The study highlights the intricate relationship between policy, financial institutions, and the needs of small and medium-sized enterprises (SMEs) in Lagos. Policymakers should consider the following recommendations to improve financial literacy, streamline application procedures, and encourage private sector investment in small and medium-sized enterprises (SMEs). It is recommended that SMEDAN enhance collaborations with financial institutions and offer focused assistance through training and advocacy. Small and medium-sized enterprise (SME) owners are recommended to diversify their sources of funding, improve their financial management skills, and actively engage with industry stakeholders. Possible future research areas include investigating the effects of digital finance innovations on small and medium-sized enterprise (SME) financing, evaluating regional disparities within Lagos, and examining the long-term economic consequences of successful SME financing strategies. This study provides valuable insights into the challenges and opportunities of SME financing in Lagos, Nigeria, despite limitations in sample size and reliance on self-reported data. The findings offer a basis for policy interventions and further research to support SME growth and economic development in the region.
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