The Impact of Government Intervention Funds on SME Growth in Nigeria: A Case Study of the Central Bank of Nigeria’s SME Fund
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Background of the Study
Government intervention funds have emerged as critical tools for promoting SME growth in Nigeria. The Central Bank of Nigeria (CBN), through its SME fund, aims to provide affordable credit to small businesses, address funding gaps, and stimulate economic development. This initiative is particularly significant in a context where traditional financial institutions often overlook SMEs due to perceived risks (Onyema & Chukwuma, 2024).
While the CBN SME fund has supported many businesses, challenges such as delays in disbursement, stringent eligibility criteria, and misuse of funds have limited its impact. Evaluating the effectiveness of this intervention is essential for identifying areas for improvement and ensuring that the fund achieves its intended objectives (Ekene & Nduka, 2025).
Statement of the Problem
Despite the introduction of the CBN SME fund, many SMEs in Nigeria still face funding challenges. Issues such as low awareness, bureaucratic hurdles, and limited access to funds have reduced the effectiveness of this initiative. This study seeks to assess the impact of the CBN SME fund on SME growth and explore ways to optimize its implementation.
Objectives of the Study
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To evaluate the impact of the CBN SME fund on SME growth in Nigeria.
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To identify challenges in accessing the CBN SME fund.
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To recommend strategies for enhancing the effectiveness of government intervention funds.
Research Questions
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What is the impact of the CBN SME fund on SME growth in Nigeria?
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What challenges do SMEs face in accessing the CBN SME fund?
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What strategies can improve the effectiveness of government intervention funds?
Research Hypotheses
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H₀: The CBN SME fund does not significantly impact SME growth in Nigeria.
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H₀: Challenges in accessing the CBN SME fund do not significantly affect its effectiveness.
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H₀: Strategies for enhancing government intervention funds do not significantly improve SME growth.
Scope and Limitations of the Study
This study focuses on SMEs benefiting from the CBN SME fund across Nigeria. It excludes other government programs and non-SMEs. Limitations include potential biases in respondents’ perspectives and variability in fund implementation.
Definitions of Terms
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Government Intervention Funds: Financial resources provided by the government to support businesses.
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CBN SME Fund: A financial initiative by the Central Bank of Nigeria to support SME growth.
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SME Growth: The expansion and development of small and medium-sized enterprises.
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