The Effect of Financial Management Practices on Business Sustainability in Dangote Sugar Refinery, Zamfara State
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Background of the Study
Financial management practices play a critical role in ensuring business sustainability by optimizing resource allocation, minimizing financial risks, and enhancing profitability (Olawale & Hassan, 2024). Effective financial strategies help organizations maintain stability, withstand economic fluctuations, and achieve long-term growth.
Dangote Sugar Refinery, one of Nigeria’s leading sugar producers, operates in a sector characterized by price volatility, production costs, and regulatory challenges. Ensuring business sustainability requires sound financial management practices, including budgeting, investment planning, and risk assessment (Eze & Adeola, 2023). However, there is limited research on how financial management strategies influence the sustainability of Dangote Sugar Refinery, particularly in Zamfara State.
This study examines the impact of financial management practices on business sustainability, identifying key factors that contribute to long-term profitability and stability.
Statement of the Problem
Many businesses in Nigeria, including Dangote Sugar Refinery, face financial sustainability challenges due to ineffective financial planning, cash flow mismanagement, and market fluctuations (Nwachukwu & Salisu, 2024). Poor financial decisions can lead to liquidity crises, reduced profitability, and even business failure.
Despite existing financial management frameworks, there is a lack of empirical evidence on their direct impact on business sustainability in Nigeria’s sugar industry. This study aims to bridge this research gap.
Objectives of the Study
1. To analyze the financial management practices used by Dangote Sugar Refinery.
2. To assess the impact of financial management on business sustainability.
3. To identify challenges affecting financial sustainability in the sugar industry.
Research Questions
1. What financial management practices are adopted by Dangote Sugar Refinery?
2. How do financial management practices influence business sustainability?
3. What are the challenges affecting financial sustainability in the sugar sector?
Research Hypotheses
1. Financial management practices significantly impact business sustainability.
2. Effective budgeting and cost control enhance long-term business success.
3. Poor financial planning negatively affects business sustainability.
Scope and Limitations of the Study
The study focuses on financial management and business sustainability in Dangote Sugar Refinery, Zamfara State. Limitations include restricted access to financial data and possible reluctance of management to share sensitive information.
Definitions of Terms
• Financial Management: The strategic planning and control of an organization’s financial resources.
• Business Sustainability: The ability of a business to maintain long-term profitability and stability.
• Budgeting: The process of planning financial expenditures to achieve business objectives.
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