Effects of Socio-Cultural Realities on the Nigerian Small and Medium Sized Enterprises (SMEs): Case of Small and Medium Sized Enterprises in Lagos State

Felicia O. Johnson, Olusoji George, Oluwakemi Owoyemi, Mofope Adegboye

Abstract


Socio-cultural realities are importance components in the Nigerian business environment. There is a shortage ofliterature and studies that linked socio-cultural realities to business development and performance.Small-Medium Enterprises (SMEs) constitutes over 70 per cent of the Nigerian businesses and characteristicallyinformal. The objectives of this paper are in two-folds, namely (i) identify socio-cultural realities in the SMEbusiness environment in Nigeria and; (ii) examine the impact of these factors (in i) on the development of SMEs.Socio-cultural realities were measured from three major factors, namely attitude; religion and values: each ofthis factor were further categorised into several level of constructs. Responses from ten (10) SMEowners/representatives in the five (5) major districts of Lagos state identified the socio-cultural realities as keyfactors affecting their businesses. A further research is recommended to further establish whether these resultsreflect the general condition in other states of Nigeria.

Full Text: PDF DOI: 10.5539/ijbm.v9n1p90

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International Journal of Business and Management   ISSN 1833-3850 (Print)   ISSN 1833-8119 (Online)

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