Financial Market and Business Growth; Perspective of Small and Medium Size Enterprises in Nigerian
Chinyere Faith Ekwunife *
Department of Banking and Finance, Evangel University, Akaeze, Ebonyi State, Nigeria.
Samuel Ngozichikanma Nwosu
Department of Accounting, Evangel University, Akaeze, Ebonyi State, Nigeria.
Anagha Oduneka
Department of Economics, Evangel University, Akaeze, Ebonyi State, Nigeria.
Chukwuma Nnate Eke
Department of Accounting, Evangel University, Akaeze, Ebonyi State, Nigeria.
Udoka Stephen Otika
Department of Marketing, Evangel University, Akaeze, Ebonyi State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
In recent years, the significance of financial market on business growth in Nigeria has attracted continued attention among researchers and policymakers. There has not being scientific evidence explaining how financial market impacted business growth in Nigeria. The objective was to investigate the impact of financial market on small and medium size enterprises business growth in Nigeria. Sample size of 439 respondents were employed, while the simple random sampling technique was adopted. The validity and reliability of the research instruments were confirmed by content validity and Cronbach Alpha test respectively. The hypotheses were tested using the ordinary least square regression analysis. The finding explained that, money market was available to support sales volume of small businesses in Nigeria. The outcome of the result further show that capital market has not supported market share of small and medium scale businesses. It is recommended that money market should be amended to increase the duration of repayment or increase the moratorium period. It is also recommended that, the government should embark on adequate sensitization of small businesses on availability of various credit intervention schemes and also reduce the conditions required to access these loans; this will enable small businesses acquire needed technology to revolutionize business operations and facilitate business growth.
Keywords: Financial market, money market, capital market, sales volume, market share, business growth
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