Empirical Investigation of the Factors Affecting Micro, Small and Medium Scale Enterprises Performance in Borno State, Nigeria

Abstract

Past studies have documented the relevance of strong industrial base to economic development. Although several measures have been put in place to develop the industrial sector, the performance of Micro, Small and Medium Scale Businesses (MSMEs) leaves much to be desired. This study examines socio-economic factors affecting Micro, Small and Medium Scale Enterprises Performance in Maiduguri Borno State, Nigeria. Data was generated from a survey of 84 Micro Small Medium Enterprises operators in Maiduguri and analyzed with the aid of Statistical Package for Social Sciences (SPSS) version 23. Descriptive and Inferential Statistics were used to analyze the data collected. The results from the Exploratory Factor Analysis, Correlation and Multiple Regression Analysis show that insecurity and inadequate infrastructural facilities are the most significant factors affecting MSMEs performance in Borno state. The study therefore recommends that government should provide better security and improve infrastructural facilities such as power supply in order to enhance MSMEs performance.

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