Asian Journal of Economics, Finance and Management

6(4): 17-26, 2022; Article no.AJEFM.751

Financial Market and Business Growth; Perspective

of Small and Medium Size Enterprises in Nigerian
Chinyere Faith Ekwunife a*, Samuel Ngozichikanma Nwosu b,
Anagha Oduneka c, Chukwuma Nnate Eke b and Udoka Stephen Otika d
a
Department of Banking and Finance, Evangel University, Akaeze, Ebonyi State, Nigeria.
b
Department of Accounting, Evangel University, Akaeze, Ebonyi State, Nigeria.
c
Department of Economics, Evangel University, Akaeze, Ebonyi State, Nigeria.
d
Department of Marketing, Evangel University, Akaeze, Ebonyi State, Nigeria.

Authors’ contributions

This work was carried out in collaboration among all authors. All authors read and approved the final
manuscript.

Received 22 December 2021

Original Research Article Accepted 28 February 2022
Published 12 March 2022

ABSTRACT
In recent years, the significance of financial market on business growth in Nigeria has attracted
continued attention among researchers and policymakers. There has not being scientific evidence
explaining how financial market impacted business growth in Nigeria. The objective was to
investigate the impact of financial market on small and medium size enterprises business growth in
Nigeria. Sample size of 439 respondents were employed, while the simple random sampling
technique was adopted. The validity and reliability of the research instruments were confirmed by
content validity and Cronbach Alpha test respectively. The hypotheses were tested using the
ordinary least square regression analysis. The finding explained that, money market was available
to support sales volume of small businesses in Nigeria. The outcome of the result further show that
capital market has not supported market share of small and medium scale businesses. It is
recommended that money market should be amended to increase the duration of repayment or
increase the moratorium period. It is also recommended that, the government should embark on
adequate sensitization of small businesses on availability of various credit intervention schemes
and also reduce the conditions required to access these loans; this will enable small businesses
acquire needed technology to revolutionize business operations and facilitate business growth.

Keywords: Financial market; money market; capital market; sales volume; market share; business
growth.

1. INTRODUCTION strong banks and vibrant stock markets exist in

the Nigeria financial ecosystem. Furthermore,
The financial sector in Nigeria has been on the other financial institutions like industrial
steady increase since independence. Presently, development banks, agricultural and rural
_____________________________________________________________________________________________________

*Corresponding author: Email: cf.ekwunife@gmail.com;

 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751
development banks, bank of industry and
mortgage banks, insurance companies, finance
companies etc. are also providing the needed
financial assistants to the development of Nigeria
financial sector. Notwithstanding the financial
sector liberalization and speedy growth of the
banks and non-bank financial institutions in
Nigeria, the Nigeria business growth is stunted.
Given to the above situation, it is pertinent to ask
if Nigeria financial market is underdeveloped to
support the investment required to improve
business growth. The financial system in Nigeria
are money and capital markets. The essence of
the financial system is to mop-up excess funds
from where it is not needed to where it is needed
in other to stabilize the economy. However,
money market focuses on short term money
market instruments, the capital market deals on
long term instruments. Mutually, they are
essential for the enhancement of the economy as
they develop the long-term and short-term capital
requirements of the business growth.
Money market is a market where instruments
that mature under a year are traded. Also short
term funds pooled from excess sector to deficit
area to stimulate the economy are sold in form of
treasury bills, treasury certificate, call money,
certificate of deposit and commercial papers.
However, it is noted that money market in Nigeria
are still immature. In view of this, there has not
being a well-developed money market in Nigeria,
this presents a challenge in assembling enough
funds to finance the SMEs. It is anticipated that
the money market will provide required liquidity
needed by banks. Ndugbu et al., [1] stated that
most banks are unwilling to invest in money
market instruments because they offer low rate
of return on financial assets. In Nigeria, money
market has failed to perform its role of
intermediating funds between surplus and
production which has impede business growth.
Furthermore, Ikpefan and Osabuohien [2] stated
that, money market lacks strategy and adequate
financial instruments needed to easy operations
in the market. Isedu [3] in corroborated asserted
that the market has not been able to attract
enough financial assets from companies and
institutions while the available securities lack
depth in terms of availability of securities.
According to Pavtar [4], money market remains
undeveloped and shallow when compared to
advanced and emerging countries because the
market is characterize by undiversified
instruments, lack of coordination in providing
debt instruments and undersupplied information
movement among others.
18
On the other hand, capital market is seen as a
system of financial institutions and infrastructure
that interrelate to assemble and distribute long-
term funds in the economy. It is an avenue were
businesses and governments transact stocks
and bonds, to mobilize for long-term funds
through the savings of other economic agents.
Capital market according to Iyola [5] is capable to
provide a long-term self-sustained economic
growth. Furthermore, Nyong [6], Chinwuba and
Amos [7] assert that capital market can stimulate
the economic growth. Akingbohungbe [8] view
capital market as an avenue where medium and
long term funds can be acquired. Over the years,
Nigeria business sector rely only on short term
funds like overdraft to execute long term capital.
Due to maturity marching concept, such funds
might be dangerous. According to Demirgue-
Kunt and Levine [9] SMEs needs to acquire
suitable mix of short and long term capital
market. Extant literature on Nigeria capital
market performance fails to empirically marshal
out the critical significant of capital market on
business growth. The created gap is to be filled
through this study.
Small and medium enterprises (SMEs) propel the
economic wheel to drive growth and
development worldwide, including Nigeria.
According to Oyebamiji, Kareem and Ayeni [10]
SMEs drive the self-sustaining industrial
development in Nigeria. However, Oyebamiji,
Kareem and Ayeni [10] discover that (SMEs) in
Nigeria have underperformed to propel business
growth in Nigeria. This study is undertaken to
investigate the impact of money and capital
market on business growth among SMEs in
Nigeria.
1.1 Object of the Study
The main objective of the study is to investigate
the impact of financial market on small and
medium size enterprises business growth.
Specifically, the study seeks to:
1. Identify impact of money market on sales
volume of small and medium size
enterprises in Nigeria.
2. Ascertain impact of capital market on
market share of small and medium size
enterprises in Nigeria.
1.2 Hypotheses of the Study
H01: Money market has not been available to
support sales volume of small and medium size
enterprises in Nigeria.
 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751
H02: Capital market has not enhanced market
share of small and medium size enterprises in
Nigeria.
2. LITERATURE REVIEW
2.1 Financial Market
The significance of financial sector towards
promoting business growth has been a debate
amongst traditional and contemporary
economists [11]. Patrick [12] started
investigations to identify import of financial sector
as a vehicle for business growth. Financial
market represents where surplus funds are
mobilized and transferred where it is needed.
However the structure necessary to intermediate
the transfer of funds are created for effective
performance Nzotta and Okereke [13]. According
to Porter [14] the growth of financial institutions is
an indication of economic growth of a given
nation. Furthermore, Goldsmith [15] aver that
contends that vibrant financial institution
represents progressive business growth.
However, Robinson [16] study did not support
that financial system positively influence
economic growth, but respond to financial
system development in the real sector.
Divergently, Goldsmith [16], Mckinnon [17],
Levine and Zervos [18] express in positive lightb
the important role of financial system in business
growth. De Gregorio and Guidotti [19] study
proved realistically the procedures of banking
growth are significantly interrelated with business
growth. In summary a functional financial system
is a prerequisite for business growth.
2.1.1 Money market and sales volume
Money market can be explained as a market
where securities not more than one year are
transacted in a view to mobilize fund for business
purposes. It is not conducted in a certain
location; it can be carried out through telephone,
fax, telex, and so on [2]. Nwosu & Hamman, [20]
argue that a vibrant money markets exist among
developed economies but not so strong among
less developed economies. They concluded that
the strength of the money market has significant
positive correlation to vibrant business
performance and growth. Senbet and Otchere
[21], strongly agree that money market
significantly perform vital role in the acquisition of
short term financial resources for investment
through financial intermediation. A structured and
performing money markets are necessary for the
elevation of global integration. Secondly, an
19
efficiently functioning domestic financial market
can better position a country’s competitiveness in
the market for global capital. Money markets can
expand through an efficient intermediation
process to increase investment by directing
resources profitable investment projects that
cumulate into economic growth.
On the other hand, Sales volume can be
achieved through improved market share and
applying strategies to wrestle customers from
competitors through trade promotions in a view
capture sales and maximize shelf space in retail
outlets. According to Encyclopedia of Small
Business, (2012), identifying and leveraging on
new market is an avenue to capture substantial
sales growth. Developing product variations
especially in an entirely new areas can further
spur significant growth level in SMEs. The
turnover rate and sales volume is dependent on
the level of sales made by the middlemen, whom
have strong relationship with the final consumers
than the manufacturers themselves [22].
Bamiduro, (2001) aver the existence of positive
substantial correlation between sales promotion
dimensions and sales volume in beverage
industry. Furthermore, (Wayne, 2002) in his
study establish relationship between sales
volume and promotional activities which are
anchored on the level of budget. Pauwels et al,
(2002) in the same vein, confirmed relationship
between sales promotion dimensions and sales
volume. Given the above situation, it is expected
that money market will positively influence SMEs
business growth.
2.1.2 Capital market and market share
Osaze [23] described capital market as vehicle to
stimulate economic growth and development
because it is vital for long period growth capital
development. The capital market offers the
needed stimulation in improving business growth.
Anyanwu [24] opine that operation of capital
market influence liquidity, acquisition of
information concerning firms, risk variation,
savings mobilization and corporate control.
Consequently, by changing the value of these
services, the performance of stock markets can
change the degree of economic growth [25].
Okereke- Onyiuke [26] believed that the cheap
funds acquired from capital market provides
basis for stimulation of economic development.
Nyong [6] established collective index of capital
market development and equate it with long-run
economic growth in Nigeria. Furthermore, Obreja
Brasoveanu et al. [27] investigated the
 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751
connection between capital market development
and economic growth and the result show a
positive correlation capital market economic
growth, with feedback effect. The study of Ewah
et al. [28] examined the influence of capital
market effectiveness on the growth of economic
activities in Nigeria applying time series data
beginning 1961 to 2004. The outcome indicate
that capital market has potential of stimulating
the economy but has suboptimal contribution to
business growth due to low market capitalization,
low absorptive capitalization, illiquidity, misuse of
resources among others. The study summarized
by admitting that capital market has the capacity
to propel the growth of business activities in
Nigeria. However, Donwa and Odia [29]
empirically evaluated the influence of capital
market on socio-economic development in
Nigeria from 1981 to 2008 and identified that
capital market indices have not significantly
influence the GDP growth.
Woo [30] specified the connection between
market share and business growth and how it
has been sustained over the years. A pertinent
question is whether creating a high market share
would entrench greater profits. Scholars who
explored this question have not arrived at a
logical conclusion hence the question is
unanswered. Managers and management
scholars have recognized the connectivity
between market share and business growth as a
basic evidence of business strategy. Considering
the cost and risk associated with acquiring share,
managers must be cautious to have stronger
indications of potential benefits before
commitments and it is adequately imprecise to
permit attention against a market share strategy
to improve growth. O’Regan [31] describes
market share as a firm’s sales volume in relation
to entire industry sales for a given time.
Furthermore, Pearce and Robinson [32]
expanded the definition by asserting that market
share is sales volume in comparative with other
competitors in the market. Placed in a shot form,
market share is a total sales of a firm compared
with the rival competitors sales and it is used to
express competitive position. It is pertinent to
note that an increase market share is a success
story for businesses while less market share is
an indication to failure. To buttress why high
market share indicates higher profitability are
because higher economies of scale, experience
and market power [33]. Economies of Scale
afford larger firms with cost rewards [34].
However, some studies show that economies of
scale dispel at a minor percentage of the market.
20
Substantial number of scholars propose that the
identified significant positive relationships amid
market share and business growth is a credit to
quality management [35]. According to Mueller,
[36] the positive relationship between market
share and profitability are direct result of the
expertise in the economics and competitive
environment.
2.1.3 Small and medium size enterprises
business growth
It is on the front burner among the researchers
and policy makers over the globe on the growth
and sustenance of SMEs businesses. In
entrepreneurship and economic literature, SME
growth remains major focus on extensively
studied topics. According to Shepherd and
Wiklund [37], Levie & Autio, [18] pointed out the
positive relationship between business growth
and availability of fund. To create wealth,
employment and economic development in
around the globe, SME growth is the key driver
to achieve [38]. Furthermore, Wiklund,
Davidsson and Delmar [39] assert that new jobs
are created is the business growth is sustained.
Davidsson et al. [38] aver that through
expansion, SMEs can develop into lager
organizations and further explain that growth is
interconnected with job creation, which stimulate
the economy [40]. Dobbs and Hamilton [41] in
their study confirmed that SME growth is
associated with job creation and employment
opportunities in society spur the economy. In
another study, Gundry and Welsch [42]
presented contrary view that SME growth do not
sometimes support the economy but vary
considerably in their intentions to grow their
business. Levie and Autio [18] assert that growth
which is difficult acquire can come only when
much effort is applied. Tan, Menkhoff, and Chay
[43] and Davidsson et al. [38] found that the
attitude of SME owners of not able to think and
work towards growth of their business.
2.2 Theoretical Framework
2.2.1 Financial growth theory
Berger and Udell [44] recommended a theory on
the financial growth strategy to enable SMEs
understand at each stage of their life. The theory
further advocate that businesses lie on a
size/age/information continuum where the
smaller/younger/more impervious businesses lie
closer the left termination of the range
suggestion that they suppose depend on original
 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751

insider finance, trade credit and/or angel finance.
In the growth circle model, it predicted that as
firm expands, the opportunity to acquire venture
capital as basis of transitional equity and mid-
term loans as a source of intermediate debt. In
the last stage of the expansion, as the firm
mature, it will have more access to public equity
or long-term debt. The challenges faced by
Nigeria SMEs in sourcing for funds to grow and
sustain business has attracted the attention of
the researchers. According to Coleman, [45,46]
Confirmed that SMEs failures are caused by
inadequate financing. The small firms first use of
internal financing creates a unique situation in
which capital structure decisions are made based
on partial financing decisions. Affirmed that small
firms financing is different from big firms and the
need for finance is deferent in each stage of their
life [44]. Found that attributes of firms determine
the type of fund to source for (Romano et al.,
2001).

2.3 Empirical Review

S/N Author(s)/Year Topic Country Method Findings

1 Akarara and Money Market Nigeria Autoregressive Money market variables
Eniekezimene Instruments and Distributive positively related with
(2018) Growth of the Nigerian Lag (ARDL) economic growth rate.
Economy.
2 Suryadevara Assessed the effect of Kenya correlation and MFI credit financing helps
(2017) [47] credit accessibility on regression business performance
the sustainability of analysis
SMEs
3 Obokoh, Relationship impact Nigeria ordinary least positive contribution of
Monday and between current square microfinance lending to the
Ojiako (2016) microfinance lending multiple development of such
[48] and indigenous SME regression enterprises
access to finance in
Nigeria.
4 Agbada and Impact of money Nigeria ordinary least Treasury bills (TBs), treasury
Odejimi (2015) market instruments on square certificates (TCs); certificate of
[49] economic viability of multiple deposits (CDs), commercial
Nigeria for the period regression papers (CPs) and bankers’
1981 to 2011 acceptances (BAs) are
significant to economic viability.

3. METHODOLOGY

This study adopted survey design and population covered four thousand six hundred and thirty five
(4,635) small businesses registered with the Enugu State Small and Medium Enterprises
Development Agency (ESMSMA) and have accessed credits from licensed microfinance institutions in
the state. The Bartlett, Kotrlik and Higgins [50] sample size estimation model developed from the work
of Cochran [51] was employed to determine a minimum returnable sample size of 65% from the given
population. The sample size was 439 and simple random sampling technique was adopted to avail
every member of the population an equal opportunity to be selected. The data was collected through
the administration of a structured and close-ended questionnaire. The structured questionnaire was
administered to small business owners operating in Enugu state. The questionnaire being the
instrument of data collection was structured in a close-ended five-point Likert scale to answer the
research questions. Data was analyzed using descriptive analytical methods, which included simple
percentage frequency distribution tables, ordinary least square regression was applied to test the
formulated hypotheses.

3.1 Model Specification

Business Growth (BG) was regressed on explanatory variables of Financial Market (FM). The
coefficient of the variables measured the impact of all the proxies of the independent variable (FM) on
each proxy of the dependent variable (BG).

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 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751

Independent Variable: The independent MS = f(CM1) (8)

variable is presented below:
Stated below is econometric equation model
FM = f (MM+CM) (1)
MS = B0 + B1CM1 + U1 . (9)
Where:
FM = Financial Market Where:
MM = Money Market B0 = Unknown constant to be estimated
SV = Capital Market B1 = Unknown coefficients to be estimated
Ui = Error Term
Dependent Variables: The dependent variables B1 = >0
is stated as follows:
The expectations is that independence variable
BG = f (SV + MS). (2) will have a positive relationship with Business
Growth (BG), measured by sales volume (SV)
Where: and market share (MS). Mathematically
expressed as; B1 – B5 > 0 indicating that any
BG= Business Growth increase in the independent variables will
SV= Sales Volume translate to unit increase in SME business
MS= Market Share growth.

Therefore, the model is presented thus: 4. RESULT AND DISCUSSION

BG = f(X1 + X2 + Xn) (3) 4.1 Test of Hypothesis One

BG = f (FM1) (4) H01: Affordable money market services have not
been available to support sales volume of small
Equation 4 translate into equation 5 thus: and medium size businesses in Nigeria.

BG = a + X1 + X2 +X3 + ………, + Xn + e (5) Model One: SV = B0 + B1MM1 + U1 (10)

BG = dependent Variable (Business Growth) SV =4.52 + 0.14 MM (11)

a= constant
X1, X2, X3, …,…,…,…,Xn represent independent
variables (FM = (MM1 + CM2))
e= residual or stochastic term (that show the
strength X1 … Xn; if e is low, this shows the
amount of unexplained factors is low, then the
residual R and R2 will be high and vice versa.
Model Specification for Hypothesis 1
H01: Affordable money market services have
not been available to support sales volume of
small and medium size businesses in Nigeria.
SV = f(MM) (6)
The econometric equation for the model is
specified as
SV = B0 + B1MM1 + U1 (7)
Model Specification for Hypothesis 2
H02: Capital market interventions has not
enhanced market share of small and medium
size businesses in Nigeria.
SEE = 0.57: 0.20
t* = 7.83 : 2.70
F* = 5.50 : Prob (F-statistic) = 0.006
2 2
R = 0.55 : Adj. R 0.45
DW = 2.21
Regression outcome in Table 4.1, indicate
that the calculated t-value for money market
(MM) is 2.70, while the tabulated value is given
as ±1.96. Since the calculated value is negative,
the null hypothesis (H01) is rejected; alternate
hypothesis is accepted. The F-statistic that
investigated the significance of regression
model show significant, which explain a high
value of the F-statistic, 5.50; significant at 5.0 per
cent level. That, F-statistic value of 0.006 is
2
lower than 0.05. The R (R-square) value of 0.55
indicates that money market have good
impact on sales volume. It explained that
approximately 55 per cent of difference in sales
volume is influenced by money market Services,
while the outstanding 45 percent is

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 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751

Table 4.1. Regression result on money market and sales volume

Dependent Variable: SV
Method: Least Squares
Date: 09/19/21 Time: 17:11
Sample: 185
Included observation: 185
Variable Coefficient Std. Error t-Statistic Prob.
C 4.521000 0.577524 7.835298 0.0342
MM 0.147654 0.208545 2.708212 0.0067
R-squared 0.552143 mean dependent var 4.363636
Adjusted R-squared 0.453234 S.D dependent var 0.460071
S.E. of regression 0.483374 Akaike info criterion 1.546912
Sum Squared resid 2.102850 Schwarz criterion 1.619256
Loge likelihood -6.508014 Hannan-Quinn criter. 1.501308
F-statistic 5.509084 Durbin-Watson stat 2.218277
Prob(F-statistic) 0.006757

explained by the error term. The outcome show
no autocorrelation between variables as
explained by Durbin Watson (DW) statistic of
2.21. This indicate that estimates are impartial
and can influence policy decisions.
4.2 Test of Hypothesis Two
H02: Capital market interventions has not
enhanced market share of small and medium
size businesses in Nigeria.
Model Two: MS = B0 + B1CM + u,
CM=0.39 + -0.08 MS
SEE = 1.59 : 0.35
t* = 2.49 : -0.24
F* = 0.05 : Prob (F-statistic) = 0.81
2 2
R = 0.006 : Adj. R 0.9935
DW = 2.25
Table 4.2. Regression result on capital market and market share
Table 4.2, show that calculated t-value for capital
market (CM) is -0.24, and tabulated value is
given as ±1.96, under 95% confidence levels.
Because the calculated t-value is lower than the
tabulated value (-0.24<-1.96), the null hypothesis
(H01) is accepted. The model did not show a
good fit when the overall fit and significance is
examined because less value of the F-
statistic, 0.05 and insignificant at 5.0 percent
level. The F-statistic value of 0.81 is higher than
2
0.05 probability levels. In addition, 0.006 R (R-
square) value indicates that capital market (CM)
(12) have negative good fit. The variation in market
share is explained by capital market in negative
(13) side 0.65 percent while the remaining 99.35
percent is taken by the error term. Durbin
Watson (DW) statistics show no presence of
autocorrelation on the variables as shown by
(DW) statistics of 2.25. This indicates that the
assessments are impartial and can be a bases
for policy decisions.

Dependent Variable: MS
Method: Least Squares
Date: 09/19/21 Time: 17:19
Sample: 185
Included observation: 185
Variable Coefficient Std. Error. t-Statistic Prob.
C 3.977549 1.595040 2.493698 0.0342
CM -0.086075 0.354115 -2.243072 0.8134
R-squared 0.006522 mean dependent 4.363636
var
Adjusted R-squared 0.993478 S.D dependent var 0.460071
S.E. of regression 0.483374 Akaike info criterion 1.546912
Sum Squared resid 2.102850 Schwarz criterion 1.619256
Loge likelihood -6.508014 Hannan-Quinn 1.501308
criter.
F-statistic 5.509084 Durbin-Watson stat 2.258277
Prob(F-statistic) 0.813399

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 Ekwunife et al.; AJEFM, 6(4): 17-26, 2022; Article no.AJEFM.751
4.3 Discussion of Findings
The regression result for hypothesis one shows
that, the calculated t-value for money market
(MM), being 2.70 is higher than the tabulated
value of ±1.96, which implies that the null
hypothesis (H01) was rejected; hence, the
acceptance of the alternate hypothesis which
states that, money market services have been
available to support sales volume of small
businesses in Nigeria. This finding is in
agreement with result of Obokoh, Monday and
Ojiako’s [48] study, which examined how money
market influence local SME sales volume in
Nigeria; the outcome indicate positive influence
between money market and development of such
enterprises.
The regression result for hypothesis two
indicates that, the calculated t-value for capital
market (CM) , being -0.24 is lesser than the
tabulated value of ±1.96, which implies the
acceptance of the null hypothesis (H01), which
states that, capital market has not enhanced
market share of small businesses in Nigeria. This
is largely due to the inaccessibility of this medium
term loan/credit intervention finds by small
businesses, which can significantly boost their
businesses if available for equipment and
expansion financing. The finding aligns with the
result Jibrilla’s [52] study which indicate that
capital market are not readily available for SMEs
to access funds for business expansion and
growth. Due to the above, SMEs operators have
negative feeling about adequacy capital market
interventions.
5. CONCLUSION AND RECOMMENDA-
TION
The outcome of the study show clear that
financial market were designed to enable the
poor but economically active and small
businesses have access to credits and other
medium term credit interventions being denied by
the formal banking services in Nigeria. The
affordable financial market has supported sales
volume of SME businesses; however,
inaccessibility of capital market is significantly
inhibiting the growth of small business sector and
the capacity to diversify. Based on the above, it
is therefore recommended that;
i. Small businesses supported by various
Microfinance banks should availed with
larger financing windows or linked with
strategic partners (in various areas), to
24
boost and ensure sustainable sales
volume to stimulate desired business
growth. Also, the micro-financing policy
objective should be amended to increase
the duration of repayment period. This will
allow SMEs efficiently utilize the credits
accessed in a ling time.
ii. It is also recommended that, the
government should embark on adequate
sensitization of small businesses on
availability of various credit intervention
schemes and also reduce the conditions
required to access these loans; this will
enable small businesses acquire needed
technology to revolutionize business
operations and facilitate economic
diversification.
COMPETING INTERESTS
Authors have declared that no competing
interests exist.
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