EFFECTS OF FEDERAL GOVERNMENT FINANCIAL POLICIES ON SMALL BUSINESS DEVELOPMENT IN NIGERIA
Abstract
Small business stood out to be one activity, noticed anywhere, at different level of measures and trend in Nigeria. The development of small business in Nigeria was predicated on the financial policies of the Federal Government of Nigeria. If only the Federal Government could make financial policies tailored towards the development of small business, then the development of small business would be achieved. However, some financial policies made by the Federal Government were recognized. The capacity of small business to attract attention for development could not be overemphasized. The operations of small business were critically tied to the financial policies of the Federal Government to the extent that small business developments were sometimes at a retrogressive stage or progressive stage, depending on the government financial policies. This research understudied the effects of Federal Government financial policies on small business development in Nigeria. The research adopted the descriptive survey design with primary data. The population of the study was 1,870, made up of small business owners. Yamane formula was adopted to arrive at a sample size of 330. Simple random sampling method was used for the selection of small business owners with a distribution of 365 copies of questionnaire as self-administered. However, 354 responded and retrieved from small business owners. The five-point Likert-scale was adopted. The questionnaire was applied and validated by four very senior lecturers and professionals in the field of small business and government financial administration. Data were analyzed by the use of chi square, employed to test the hypothesis. Finding revealed that the Federal Government financial policies in existence on small business development had no positive and significant effect in the development of the business. In conclusion, the Federal Government financial policies had direct interest in the development of small business but lacked more strategies. More need to be done to have effects on small business. This research recommended that the Federal Government should directly involve and carry along, as never before, vast majority of small business owners when enacting policies for the development of small business and initiate a monthly assessment method of its financials policies on small business.
Keywords:
Effects, Federal, Government, Financial, Policies, Small, Business, DevelopmentPublished
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