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The Role of Cost Accounting in Improving the Competitiveness of Nigerian Fashion SMEs: A Case Study of Aba Garment Industry

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  • Table of Content: Available
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Background of the Study
The Nigerian fashion industry has witnessed tremendous growth in recent years, with SMEs playing a significant role in shaping the sector. Aba, located in southeastern Nigeria, is known for its vibrant garment industry, which serves both domestic and international markets. However, fashion SMEs in Aba face significant challenges related to cost management. Cost accounting, which involves tracking, analyzing, and controlling costs, is essential for these SMEs to remain competitive in a crowded marketplace. By properly implementing cost accounting practices, fashion businesses can identify areas of inefficiency, control production costs, and improve pricing strategies. However, many fashion SMEs in Aba struggle with inadequate knowledge of cost accounting principles, which hampers their ability to compete effectively. This study seeks to examine the role of cost accounting in improving the competitiveness of fashion SMEs in Aba, identifying the benefits, challenges, and potential solutions to enhance cost management practices.

Statement of the Problem
Fashion SMEs in Aba face intense competition both locally and internationally. The lack of effective cost accounting practices is a major hindrance to their ability to price products competitively, manage expenses efficiently, and maximize profitability. Many businesses in Aba rely on traditional or outdated methods of cost management, which leads to inefficiencies and inaccurate financial reports. The absence of a structured cost accounting system means that these SMEs cannot effectively assess their profitability or make informed financial decisions. This study will explore how the adoption of proper cost accounting practices can enhance the competitiveness of fashion SMEs in Aba.

Objectives of the Study

  1. To assess the role of cost accounting in improving the competitiveness of fashion SMEs in Aba.

  2. To identify the cost management challenges faced by fashion SMEs in Aba.

  3. To propose strategies for improving cost accounting practices in fashion SMEs in Aba.

Research Questions

  1. How does cost accounting improve the competitiveness of fashion SMEs in Aba?

  2. What are the major cost management challenges faced by fashion SMEs in Aba?

  3. What strategies can fashion SMEs in Aba adopt to improve their cost accounting practices?

Research Hypotheses

  1. H₀: Cost accounting does not significantly improve the competitiveness of fashion SMEs in Aba.

  2. H₀: Fashion SMEs in Aba do not face significant cost management challenges.

  3. H₀: Implementing cost accounting strategies will not significantly enhance the competitiveness of fashion SMEs in Aba.

Scope and Limitations of the Study
The study will focus on fashion SMEs based in Aba, specifically those involved in garment production and related services. Limitations of the study may include the reluctance of SMEs to share detailed financial data, as well as the challenge of measuring the direct impact of cost accounting practices on competitiveness. Furthermore, findings may not be applicable to all fashion SMEs across Nigeria.

Definitions of Terms

  • Cost Accounting: The process of recording, analyzing, and controlling costs associated with the production of goods or services.

  • Competitiveness: The ability of a business to offer products or services at a lower cost or higher quality than its competitors.

  • Fashion SMEs: Small and medium-sized enterprises engaged in the production and sale of fashion goods, including garments, accessories, and footwear.

  • Aba: A major commercial city in southeastern Nigeria, known for its garment and fashion industries.





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