EFFECT OF BUDGETARY CONTROL ON THE FINANCIAL PERFORMANCE OF SMALL AND MEDIUM-SIZED ENTERPRISES IN LAGOS STATE

📄 Project Abstract

For both developing and developed economies, small and medium sized firms play substantial roles in the process of industrialization and economic growth. The contribution of Small and Medium Scale Enterprises (SMEs) has been acknowledged as the economy's primary support due to their ability to boost the economy's production and improve human welfare (Akingunola, 2011). History has shown that the idea of small and medium-sized enterprises was introduced into the development landscape as soon as the late 1940s and the primary objective was to increase trade and industrialization in the present advanced countries (OECD, 2004). According to the Central Bank of Nigeria (CBN), a small and medium-sized enterprise is one whose capital excluding land ranges from 1 million to 150 million and employs no more than 500 persons (Ebitu, Ufot, & Olom, 2015). Similarly, the National policy on MSMEs, defined small enterprise as an enterprise with a total asset (excluding land and building) worth five m...