Impact of Public Policies on the Growth and Development of SMEs in Kogi State, Nigeria

Abstract

This study examined the impact of public policies on the growth and development of Small and Medium Enterprises (SMEs) in Kogi State, Nigeria, using a mixed-methods approach. The descriptive survey design collected quantitative data from SME owners and policymakers, while the documentary research design analyzed secondary data from government reports and policy documents. The target population included SME owners, managers, and policymakers, selected due to their direct experience with policy implementation. With approximately 895 registered SMEs in Kogi State, the study utilized primary data collection and multiple linear regression analysis was used to test the hypotheses at a 5% level of significance. Findings indicated that monetary policy (MP) has a strong positive correlation with entrepreneurship growth and a statistically significant effect on SME development. Findings revealed that monetary policy (MP) has a positive yet strong correlation with entrepreneurship growth. Findings also show that monetary policy has a highly statistically significant effect on the growth of Small and Medium Enterprises in Kogi State, Nigeria. The study reveals that government policies are the major challenges that affect SMEs' growth and development in the global competitive environment. The findings further show that this factor has a significant impact on SMEs' growth in Kogi State, Nigeria. To mitigate policy-related challenges, the study recommended that SME management adopt effective strategies, such as adapting to subsidy regimes and other government policies that affect business operations. The research underscores the need for policymakers to consider SME-friendly regulations to foster sustainable business growth in Kogi State and Nigeria.