Manufacturing SMEs and Macroeconomic Indicators: Empirical Evidence from Nigeria

Manufacturing SMEs and Macroeconomic Indicators: Empirical Evidence from Nigeria

Author(s) by Ganiyu Biodun Bakare
Pages 45-54
Keywords Manufacturing small and medium enterprises, economic growth, employment, export Production, empirical analysis.
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Abstract


Small and Medium Enterprises (SMEs) have been shown to be relevant in sustaining desirable macroeconomic indicators in many economies. This aroused the curiosity to examine the manufacturing SMEs in relation to selected macroeconomic indicators and, thus, contribute to literature and the quest for appropriate SME sector-oriented policies and programmes in Nigeria. The study employed empirical method of analysis on secondary data via a time series research design. Data were sourced from the Statistical Bulletin of the Central Bank of Nigeria (CBN) and the Annual Abstract of Statistics of the National Bureau of Statistics (NBS). Hence, the SMEs considered were those whose contributions to the selected macroeconomic indicators were published in the data sources. The analysis was anchored on an analytical model that expressed economic growth indicator (GDP) in terms manufacturing SMEs’ contributions to employment (MSCEMP), gross domestic product (MSSGDP) and exports (MSCEXP). From the proposition of no significant effects of the contributions, the SMEs were analysed in the relation to the indicators. Results showed that while the SMEs made positive contributions to the indicators, significance was established only for SGDP at the 0.05 level of significance (p-value 0.0167). However, significance was also established for aggregate effect of the SMEs’ contributions to the indicators as evidenced by the F-statistic p-value of 0.001347. Further, the model proved good fit at 87.9% explanatory power as evidenced by the R-Squared of 0.879486. The study concluded manufacturing SMEs are sine qua non for sustaining desirable macroeconomic indicators in Nigeria. Consequently, the study emphasised the need for the SMEs to be more export-oriented to drive international markets penetration and global competitiveness. The study also recommended appropriate SME-oriented policies and programmes to drive sustainable growth, development, favourable balances of trade and payments to foster international liquidity.

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