Bank Financing Operations and Growth of Micro Business in Lagos State Nigeria

Abstract

The study examined bank financing operations on the growth of micro business in Balogun, Oke Aarin, Tinubu, Idumota International markets in Lagos Island, Lagos state. Nigeria, so as to show whether Nigeria Government policies through the Central bank of Nigeria in order to promote micro and small businesses growth for economic development is yielding expected results.

Primary data was collected using structured questionnaires and analyzed to obtain percentages and frequency distribution tables. 

Findings revealed that adequate financing does not have a significant effect on the sales turnover of micro business in Balogun, Oke Aarin, Idumota, Tinubu, International markets. This implies that adequate financing does have effect(s) on sales turnover but not at the same rate with which business is accessing finance. Also, it was confirmed that credit expansion for micro businesses among business owners in these markets had significant effect on micro business expansion and diversification from the initial business

The study concludes that bank financing operations for micro and small businesses is having significant effects on the growth of micro business in the various markets.