CORRELATIVE ANALYSIS OF SMALL AND MEDIUM ENTERPRISES (SMEs) AND SOCIOECONOMIC DYNAMISM ON SOCIETAL DEVELOPMENT IN ESE-ODO LGA, ONDO STATE, NIGERIA

Authors

  • A. M. Oluwafemi
  • M. C. Onyebu

Keywords:

Development, SMEs, Societal Development, Socioeconomic, Dynamism

Abstract

This study was carried out to assess the correlation among SMEs, Socioeconomic dynamism and societal development in Ese-Odo LGA, Ondo state, Nigeria. The study looked into the specific objectives as to determine: the socioeconomic factors of the respondents in the study area, the effect of SMEs in societal development, the effect of socioeconomic variables on societal development. The study adopted casual design, with reference to survey method using well-structured questionnaire which were distributed to eighty (80) respondents selected from simple random sampling. The result of this study revealed that SMEs ensure Structural improvement through enterprises establishment, SMEs provide job opportunity in the society, ensure good relationship among societies through exchange, SMEs helps in corporate social responsibilities and ensure efficiency and effective utilization of resources at mean values 3.40, 4.27, 4.40, 4.31, 4.47 greater than the decision rule mean value 3.0. The result further showed that age affected societal development greatly at a mean value 4.53, marital status affected greatly at a mean value 4.60, years of SME experience affected greatly at a mean value 4.27, household size affected greatly at a mean value 4.47 and income level greatly and positively affected at a mean value 4.33. This implied that SMEs Orientation has a positive effect on societal development. Based on the finding, the study concluded that there was positive correlation among SMEs, Socioeconomic dynamism and societal development in Ese-Odo LGA of Ondo State, Nigeria. However, the study recommended that socioeconomic variables such as household size, education level, and access to credit should be adjusted the more so as to enhance greater development. Also, more of the inhabitants of the study area should embrace and engage more in SMEs development to enhance their standard of living and better societal development

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Published

2024-12-31

How to Cite

Oluwafemi, A. M., & Onyebu, M. C. (2024). CORRELATIVE ANALYSIS OF SMALL AND MEDIUM ENTERPRISES (SMEs) AND SOCIOECONOMIC DYNAMISM ON SOCIETAL DEVELOPMENT IN ESE-ODO LGA, ONDO STATE, NIGERIA . FULafia International Journal of Business and Allied Studies, 2(4), 233–244. Retrieved from http://fijbas.org/index.php/FIJBAS/article/view/143

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