FINANCIAL MANAGEMENT PRACTICES AND THE GROWTH OF SMALL AND MEDIUM SCALE ENTERPRISES IN KOGI STATE

The study examined financial management practices on the growth of Small and Medium Enterprises in Kogi state Nigeria. The target population for the study comprises of registered owners of SMEs in Kogi State. Based on SMEDAN’s (2021) report, registered SMEs in Kogi state is 12,517. Krejcie & Morgan (1970) was employed to determine the sample size. The sample size of the study is 380. The research utilized the survey research design with the distribution of 380 questionnaire in order to elicit responses from the target respondents. Data generated for the study was analyzed using multiple regression analysis. The study found that Investment decisions (?= .1372951; p-value= 0.05) has positive and significant effect on the growth of SMEs in Kogi State. It was also revealed that financing decision (?= .233861; p-value< 0.05) has a positive and significant effect on the growth of SMEs in Kogi State. The study concluded that financial management practices affect the growth of small and medium enterprises in Kogi State positively. The study recommended that small and medium enterprises owners should frequently make investments decisions that will help their enterprises grow rapidly. It was also recommended that small and medium enterprises owners and policy makers should be committed to effective financing decision so as to boost and sustain the financial growth of SMEs in Kogi State.

1 19 Jan, 2024

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