Tag Archives: Micro

Internal Audit Outsourcing Practices among Micro, Small and Medium Sized Enterprises (MSMEs) in Lagos State (Published)

Micro, small and medium scale enterprises (MSMEs) are recognized globally as the engine of growth in any development oriented economy. MSMEs significantly contribute to employment and the Gross Domestic Product (GDP) in emerging economies. As a result of the adverse effect of the COVID-19 pandemic, the Federal Government through the Central Bank of Nigeria (CBN) inaugurated a N75 billion (Seventy-five billion naira) survival fund to revitalize and reinvigorate the MSMEs in the country. Consequently, to ensure effective utilization of the fund, the study investigated the impact of internal audit outsourcing on audit quality of MSMEs in Lagos State. The study adopted survey research designs, using purposive sampling technique to select 170 respondents among the registered MSMEs in Lagos State. A structured questionnaire was used to collect data, validated using Cronbach alpha with 85% response rate. The data was analyzed using descriptive and inferential statistics. Majority of the MSMEs, indicated that the extensively outsourced the function of ensuring compliance with established policies, plans and procedures. The study recommended that owners and managers of MSMEs should ensure that the internal auditors’ functions of their firms are outsourced to external audit firms in order to achieve audit independence and high audit quality at a reduced cost.

Keywords: Internal Audit Outsourcing, Micro, Small and Medium Sized Enterprises (MSMEs)

An Empirical Analysis of Covid-19 Realities Influencing Small Business Behavior (Published)

The novel coronavirus otherwise known as Covid-19 has opened the world to new abnormal “realities” that are posing serious business-related challenges to both national and global economies. This study examines the various realities–in the form of variables–associated with the Covid-19 pandemic and determines the influence of these realities on the behavior of micro, small and medium scale businesses. The data was collected using interview and structured questionnaire. The questionnaire was administered to 1883 respondents across five states in Nigeria using convenient sampling. Twenty-four variables were identified and Exploratory Factor Analysis was used to examine these variables reducing the number to sixteen influencing variables. Multiple Regression was used to determine the contributions of these variables to the behavior of micro, small, and medium scale businesses. The study findings indicate that eleven of these variables were statistically significant and eight significantly influence the behavior of these businesses.

Keywords: Micro, Small, and medium scale businesses, business behavior, coronavirus (Covid-19)

Current Advances in Strategies to Mitigate the Impacts of Micro/Nano Plastics (Published)

With the increasing demand for and reliance on plastics as an everyday item, and rapid increase in their production and subsequent indiscriminate disposal, the environmental implications of plastics are of growing concern. Given that plastic polymers are highly resistant to degradation, the influx of these persistent, complex materials is a risk to human and environmental health. Microplastics is described as a truly heterogeneous mixture of particles ranging in size form a few microns to several millimetres in diameter; including particles of various shapes from completely spherical to elongated fibres. Microplastic pollution has been reported on a global scale from the poles to the equator. The main route of concern is currently as a consequence of ingestion, which could lead to physical and toxicological effects on aquatic organisms. To this end, in order to minimize the negative impacts posed by plastic pollution (microplastics), a plethora of strategies has been developed at various levels to reduce and manage the plastic wastes. The main objective of this paper is to review some of the published literatures on management measures of plastic wastes.

Keywords: Micro, Nano Plastics, Strategies.

An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects (Published)

This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.

Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise

An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES) (Published)

This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.

Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise

An Appraisal of Nigeria’s Micro, Small and Medium Enterprises (MSMES): Growth, Challenges and Prospects. (Published)

This paper took a critical appraisal of the Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The major focus of this work was to expatiate on the growth, challenges and prospects of the MSMEs in the country. While attempting to give an appropriate definition for Micro, Small and Medium Enterprises using employment strength and asset base criteria, the work revealed that SMEs contribute significantly to economic development in the provision of goods and services, creation of employment and contribute to a high standard of living. There are some setbacks facing the over 17,284,671 Micro, Small and Medium Enterprises in Nigeria. These setbacks include; limited financing, lack of action plan to deal with eventualities, lack of managerial and marketing skill, and lack of research appreciation and technical expertise. The study concluded that entrepreneurship is regarded as the catalyst in most developing economies and that it is very crucial to the economic growth and development of Nigeria. As such, it was recommended that government policies should support the establishment, nurturing and growth of SMEs by curtailing or banning importation of certain products, training of young entrepreneurs, establishment of Centers for Entrepreneurial Development and promoting entrepreneurial spirit through the provision of conducive entrepreneurial environment, funding and empowerment programmes. This will facilitate the training and retraining of entrepreneurs and also help Nigerian youths to develop interest in entrepreneurship.

Keywords: Economic Development, Micro, Nigeria, Small and Medium Enterprises, Technical Expertise

The Effect of Entrepreneurship on Economy growth and development in Nigeria (Published)

This paper discusses the evolution and current development of principles and practice of entrepreneurship in Nigeria. It also examines the effect of entrepreneurship in fostering economic growth and development. The methodology adopted was the narrative-textual case study (NTCS) method, which is preferred because of the absence of sequential data related to entrepreneurship and sustainable economic growth in Nigeria. However, interviews were also conducted. We used simple percentages, graph and chart in analyzing and interpreting the collated secondary data. We found that Nigeria’s economy has continued to grow over the last decade- with the real GDP growth rate hovering around 7%. It was also found that entrepreneurship can enhance economic growth and development primarily by generating employment and foster the growth of micro, small and medium enterprises in Nigeria. We recommend that there should be proper policy coordination and policy stability; reforms in the educational curriculum to prepare students for self-reliance; and fixing the power sector-Nigeria’s basic infrastructure. When we have flourishing micro, small and medium enterprises (MSMEs), gainful employment will be created, wealth created will be distributed evenly and economy is developed.

Keywords: GDP growth rate, Micro, Narrative-Textual Case Study (NTCS) and interview, small and medium enterprises (MSMEs)