EFFECTS OF SOCIO-CULTURAL REALITIES ON THE NIGERIAN SMALL AND MEDIUM SIZEDENTERPRISES (SMES): CASE OF SMALL AND MEDIUM SIZED ENTERPRISES IN LAGOS STATE

Abstract

Socio-cultural realities are importance components in the Nigerian business environment. There is dearth of literature and studies that linked socio-cultural realities to business development and performance. This paper provides an analysis of the results of a qualitative Nigerian study regarding the effects of socio-cultural realities on small-medium sized enterprises (SMEs) in Lagos state. Socio-cultural realities were measured from three major factors, namely attitude; religion and values: each were further categorised into several level of constructs. A purposive non-random sampling technique of ten (10) SME owners/representatives cut across key industries and the five (5) major districts of Lagos state, respectively provided the primary data used in this study. The primary data were collected with the aid of semi-structured, pre-tested sets of interview timetables, administered through face-to-face interviews and discussions so as to produce the required information from the respondents. Responses from the ten (10) SME owners identified socio-cultural realities as the underlying factors affecting their businesses. The study concludes that socio-cultural realties play a major role in business performances and developments. Government, policy makers, regulators should collaborate with the SMEs operators within the socio-cultural realities of their values, religion and culture for entrepreneurial development in Nigeria.